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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
------------------
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (date of earliest event reported)
March 15, 1996
NATIONS CREDIT GRANTOR TRUST 1996 - 1
(Exact name of registrant as specified in charter)
Delaware 33-80837 75-2655744
(State or other (Commission File (IRS Employer Identification
jurisdiction of Number) Number)
incorporation)
225 E. John Carpenter Freeway, Irving Texas 75062-2731
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (972) 506-5026
Not Applicable
(Former name or former address, if changed since last report.)
<PAGE>
Item 5. Other Events
This Current Report on Form 8-K is being filed to file a copy of the
Certificateholders Statements relating to the Collection Periods ending the end
of each of January through December 1996 and January and February of 1997.
Capitalized terms not defined herein have the meanings assigned in the
Pooling and Servicing Agreement dated as of January 31, 1996 among Nations
Credit Securitization Corporation, Nations Credit Commercial Corporation of
America and Bankers Trust Company, as Trustee, which was previously filed as
an Exhibit to the Current Report on Form 8-K filed on behalf of the Trust by
Nations Credit Commercial Corporation of America on April 5, 1996.
<PAGE>
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(c) Exhibits
Exhibit No.
19.1 Certificateholders Statements
<PAGE>
SIGNATURES
Pursuant to the requirements 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.
NATIONS CREDIT GRANTOR TRUST 1996 - 1
(Registrant)
By: Nations Credit Commercial
Corporation of America, Servicer of
Nations Credit Grantor Trust 1996-1
Date: March 31, 1997 By: /s/ Dorothea Winston
---------------------
Name: Dorothea Winston
Title: Assistant Treasurer
EXHIBIT INDEX
Exhibit Number Description
19.1 Certificateholders Statements
<PAGE>
MONTHLY SERVICERS CERTIFICATE
NATIONSCREDIT GRANTOR TRUST 1996-1
Pursuant to the Pooling and Servicing Agreement, dated as of January 31,
1996 among NationsCredit Securitization Corporation (as Seller), NationsCredit
Corporation of America (as Servicer) and Bankers Trust Company (as Trustee and
Collateral Agent), the Servicer is required to prepare certain information each
month regarding distribution to Certificateholders and the performance of the
Trust. The information with respect to the applicable Distribution Date is set
forth below.
<TABLE>
<CAPTION>
Month Apr-96
Collection Period Mar. 1996
Determination Date 10-Apr-96
Deposit Date 12-Apr-96
Distribution Date 15-Apr-96
<S> <C>
Pool Balance
Pool Balance on the close of the last day of the preceding Collection Period 219,021,719.47
Principal Collections 4,887,119.95
Principal Collections Adjustment - Over Payment Since Inception
Purchase Amounts Allocable to Principal 12,385.37
Defaulted Receivables 8,367.79
Defaulted Receivables Adjustment Since Inception
Pool Balance on the close of the last day of the Collection Period 214,113,846.36
Original Pool Balance 223,194,105.12
Pool Factor 95.9316763%
Preference Amounts -
Certificate Pass-Through Rate 5.8500%
Servicing Fee Rate 0.7500%
Available Interest
Collections allocable to interest 1,977,964.93
Liquidation Proceeds -
Purchase Amounts allocable to interest -
Reserve Account Interest Withdrawal -
Surety Interest Drawing -
Reserve Account Preference Withdrawal -
Surety Preference Withdrawal -
Total Interest 1,977,964.93
Available Principal
Collections allocable to principal 4,887,119.95
Purchase Amounts allocable to principal 12,385.37
Reserve Account Principal Withdrawal -
Surety Principal Drawing -
Total Principal 4,899,505.32
Available Funds
Collections allocable to interest 1,977,964.93
Liquidation Proceeds -
Purchase Amounts allocable to interest -
Collections allocable to principal 4,887,119.95
Purchase Amounts allocable to principal 12,385.37
Total Available Funds 6,877,470.25
Deposit to Certificate Account
Available Funds allocable to interest 1,977,964.93
Available Funds allocable to principal 4,899,505.32
Reserve Account Interest Withdrawal -
Surety Interest Drawing -
Reserve Account Preference Withdrawal -
Surety Preference Withdrawal -
Reserve Account Principal Withdrawal -
Surety Principal Drawing -
Total Deposit to the Certificate Account 6,877,470.25
Interest Payment
Monthly Interest Payment 1,067,730.88
Carry-Over Monthly Interest -
Total 1,067,730.88
Principal Payment
Monthly Principal Payment 4,907,873.11
Carry-Over Monthly Principal -
Total 4,907,873.11
Servicing Fee
Servicing Fee 136,888.57
Carry-Over Monthly Servicing Fee -
Total 136,888.57
Distributions from the Certificate Account
Interest distributions 1,067,730.88
Principal distribution 4,907,873.11
Preference Amounts -
Servicing Fee distribution 136,888.57
Distributions to the Surety Bond Provider 21,902.17
Distributions to the Reserve Account 743,075.51
Distributions to the Seller -
Carry-Over Monthly Interest to the next Distribution Date -
Carry-Over Monthly Principal to the next Distributions Date -
Carry-Over Monthly Servicing Fee to the next Distribution Date -
Reserve Account
Reserve Account Balance as of the end of the preceding Collection Period
Add: Ajustment to Reconcile to actual account balance
Reserve Account Balance as of the end of the preceding Collection Period 7,349,732.14
Earnings from investments on the Reserve Account -
Reserve Account Interest Withdrawal -
Reserve Account Preference Withdrawal -
Reserve Account Principal Withdrawal -
Deposits to the Reserve Account 743,075.51
Adjment
Reserve Account Balance 8,092,807.65
Distributions of any excess amounts on deposit in the Reserve Account -
Ending Reserve Account Balance 8,092,807.65
Reserve Account Balance as a % of the Pool Balance 3.7797%
Specified Reserve Account Requirement 10,705,692.32
Amount needed to fully fund Reserve Account 2,612,884.67
Surety Bond
Required Surety Bond Amount (25% of the Pool Balance) 55,798,526.28
Surety Bond amount on the previous Distribution Date 55,798,526.28
Payments made with respect Surety Principal Draws Payments received with
respect to unreimbursed Surety Principal Draws Surety Bond Amount for
the current Distribution Date 55,798,526.28
Total Surety Interest Draws -
Total Surety Principal Draws -
Total Surety Preference Draws -
Total Draws -
Surety Bond Fee 21,902.17
Total unreimbursed Surety Interest Draws -
Total unreimbursed Surety Principal Draws -
Total unreimbursed Surety Preference Draws -
Amount Owed to Surety Bond Provider 21,902.17
Surety Bond Fee Paid 21,902.17
Total payments for Surety Interest Draws -
Total payments for Surety Principal Draws -
Total payments for Surety Preference Draws -
Payments made to the Surety Bond Provider 21,902.17
Surety Bond Fee Outstanding -
Remaining unreimbursed Surety Interest Draws -
Remaining unreimbursed Surety Principal Draws -
Remaining unreimbursed Surety Preference Draws -
Remaining Amounts Owed to the Surety Bond Provider -
Net Credit Loss Ratio
Net Credit Losses 8,368
Adjustement for Defaulted Receivables Since Inception
For the Current Collection Period 0.0039%
For the preceding Collection Period 0.0019%
For the second preceding Collection Period 0.0000%
Average Net Credit Loss Ratio 0.0019%
Delinquency Analysis
Number of Loans
30 to 59 days past due 225
60 to 89 days past due 36
90 or more days past due 26
Total 287
Principal Balance
30 to 59 days past due 2,682,073.19
60 to 89 days past due 362,613.60
90 or more days past due 291,117.41
Total 3,335,804.20
Delinquency Ratio
For the current Collection Period 1.5580%
For the preceding Collection Period 1.5934%
For the second preceding Collection Period 0.0000%
Average Delinquency Ratio 1.0504%
Weighted Average Computations
Weighted Average Coupon 10.6611%
Weighted Average Original Term (months) 123
Weighted Average Remaining Term (months) 104
Cash Settlement for the Trustee
Total Deposit to the Collection Account 6,877,470.25
Servicing Fee 136,888.57
Interest allocable to the Seller's Certificate 0.50
Principal amount allocable to the Seller's Certificate 2.31
Net Deposit to the Certificate Account 6,740,578.86
Wire Funds to the Certificateholders 5,975,601.18
Wire Funds to the Surety Bond Provider 21,902.17
Deposit Funds into the Reserve Account 743,075.51
Wire Funds to NationsCredit -
</TABLE>
Approved by:
Lawrence Angelilli
Vice President & Treasurer
<PAGE>
MONTHLY SERVICERS
CERTIFICATE
NATIONSCREDIT GRANTOR TRUST
1996-1
Pursuant to the Pooling and Servicing Agreement, dated as of January 31,
1996 among NationsCredit Securitization Corporation (as Seller), NationsCredit
Corporation of America (as Servicer) and Bankers Trust Company (as Trustee and
Collateral Agent), the Servicer is required to prepare certain information each
month regarding distribution to Certificateholders and the performance of the
Trust. The information with respect to the applicable Distribution Date is set
forth below.
Month Aug-96
Collection Period July 1996
Determination Date 12-Aug-96
Deposit Date 14-Aug-96
Distribution Date 15-Aug-96
<TABLE>
<CAPTION>
Pool
Balance
Pool Balance on the close of the last day of the preceding Collection
Period 198,824,312.57
<S> <C>
Principal Collections 4,733,094.46
Principal Collections Adjustment - Over Payment Since Inception (326,363.83)
Purchase Amounts Allocable to Principal 117,663.45
Defaulted Receivables 286,790.90
Defaulted Receivables Adjustment Since Inception 154,946.69
Pool Balance on the close of the last day of the Collection Period 193,858,180.90
Original Pool Balance 223,194,105.12
Pool Factor 86.8563176%
Preference Amounts -
Certificate Pass-Through Rate 5.8500%
Servicing Fee Rate 0.7500%
Available
Interest
Collections allocable to interest 1,797,169.07
Liquidation Proceeds 88,764.29
Purchase Amounts allocable to interest -
Reserve Account Interest Withdrawal -
Surety Interest Drawing -
Reserve Account Preference Withdrawal -
Surety Preference Withdrawal -
Total Interest 1,885,933.36
Available Principal
Collections allocable to principal 4,406,730.63
Purchase Amounts allocable to principal 117,663.45
Reserve Account Principal Withdrawal -
Surety Principal Drawing -
Total Principal 4,524,394.08
Available Funds
Collections allocable to interest 1,797,169.07
Liquidation Proceeds 88,764.29
Purchase Amounts allocable to interest -
Collections allocable to principal 4,406,730.63
Purchase Amounts allocable to principal 117,663.45
Total Available Funds 6,410,327.44
Deposit to Certificate Account
Available Funds allocable to interest 1,885,933.36
Available Funds allocable to principal 4,524,394.08
Reserve Account Interest Withdrawal -
Surety Interest Drawing -
Reserve Account Preference Withdrawal -
Surety Preference Withdrawal -
Reserve Account Principal Withdrawal -
Surety Principal Drawing -
Total Deposit to the Certificate Account 6,410,327.44
Interest Payment
Monthly Interest Payment 969,268.52
Carry-Over Monthly Interest -
Total 969,268.52
Principal Payment
Monthly Principal Payment 4,966,131.67
Carry-Over Monthly Principal -
Total 4,966,131.67
Servicing Fee
Servicing Fee 124,265.20
Carry-Over Monthly Servicing Fee -
Total 124,265.20
Distributions from the Certificate Account
Interest distributions 969,268.52
Principal distribution 4,966,131.67
Preference Amounts -
Servicing Fee distribution 124,265.20
Distributions to the Surety Bond Provider 19,882.43
Distributions to the Reserve Account -
Distributions to the Seller 330,779.62
Carry-Over Monthly Interest to the next Distribution Date -
Carry-Over Monthly Principal to the next Distributions Date -
Carry-Over Monthly Servicing Fee to the next Distribution Date -
Reserve Account
Reserve Account Balance as of the end of the preceding Collection Period 9,941,215.64
Add: Ajustment to Reconcile to actual account balance 117,679.98
Reserve Account Balance as of the end of the preceding Collection Period 10,058,895.62
Earnings from investments on the Reserve Account 39,461.90
Reserve Account Interest Withdrawal -
Reserve Account Preference Withdrawal -
Reserve Account Principal Withdrawal -
Deposits to the Reserve Account -
Adjment
Reserve Account Balance 10,098,357.52
Distributions of any excess amounts on deposit in the Reserve Account 405,448.48
Ending Reserve Account Balance 9,692,909.05
Reserve Account Balance as a % of the Pool Balance 5.0000%
Specified Reserve Account Requirement 9,692,909.05
Amount needed to fully fund Reserve Account -
Surety Bond
Required Surety Bond Amount (25% of the Pool Balance) 50,997,966.74
Surety Bond amount on the previous Distribution Date 52,278,300.24
Payments made with respect Surety Principal Draws -
Payments received with respect to unreimbursed Surety Principal Draws -
Surety Bond Amount for the current Distribution Date 50,997,966.74
Total Surety Interest Draws -
Total Surety Principal Draws -
Total Surety Preference Draws -
Total Draws -
Surety Bond Fee 19,882.43
Total unreimbursed Surety Interest Draws -
Total unreimbursed Surety Principal Draws -
Total unreimbursed Surety Preference Draws -
Amount Owed to Surety Bond Provider 19,882.43
Surety Bond Fee Paid 19,882.43
Total payments for Surety Interest Draws -
Total payments for Surety Principal Draws -
Total payments for Surety Preference Draws -
Payments made to the Surety Bond Provider 19,882.43
Surety Bond Fee Outstanding -
Remaining unreimbursed Surety Interest Draws -
Remaining unreimbursed Surety Principal Draws -
Remaining unreimbursed Surety Preference Draws -
Remaining Amounts Owed to the Surety Bond Provider -
Net Credit Loss Ratio
Net Credit Losses 198,026.61
Adjustement for Defaulted Receivables Since Inception 154,946.69
For the Current Collection Period 0.1009%
For the preceding Collection Period 0.0748%
For the second preceding Collection Period 0.0142%
Average Net Credit Loss Ratio 0.0633%
Delinquency Analysis
Number of Loans
30 to 59 days past due 322
60 to 89 days past due 44
90 or more days past due 91
Total 457
Principal Balance
30 to 59 days past due 3,753,309.85
60 to 89 days past due 500,723.33
90 or more days past due 1,009,318.78
Total 5,263,351.96
Delinquency Ratio
For the current Collection Period 2.7151%
For the preceding Collection Period 2.4588%
For the second preceding Collection Period 2.1495%
Average Delinquency Ratio 2.4411%
Weighted Average Computations
Weighted Average Coupon 10.6492%
Weighted Average Original Term (months) 123
Weighted Average Remaining Term (months) 101
Cash Settlement for the Trustee
Total Deposit to the Collection Account 6,410,327.44
Servicing Fee 124,265.20
Interest allocable to the Seller's Certificate 0.46
Principal amount allocable to the Seller's Certificate 2.34
Net Deposit to the Certificate Account 6,286,059.45
Wire Funds to the Certificateholders 5,935,397.40
Wire Funds to the Surety Bond Provider 19,882.43
Deposit Funds into the Reserve Account -
Wire Funds to NationsCredit 330,779.62
Approved by:
Lawrence Angelilli
Vice President & Treasurer
</TABLE>
<PAGE>
MONTHLY SERVICERS
CERTIFICATE
NATIONSCREDIT GRANTOR TRUST
1996-1
Pursuant to the Pooling and Servicing Agreement, dated as of January 31,
1996 among NationsCredit Securitization Corporation (as Seller), NationsCredit
Corporation of America (as Servicer) and Bankers Trust Company (as Trustee and
Collateral Agent), the Servicer is required to prepare certain information each
month regarding distribution to Certificateholders and the performance of the
Trust. The information with respect to the applicable Distribution Date is set
forth below.
Month Dec-96
Collection Period 1-Nov-96
Determination Date 11-Dec-96
Deposit Date 13-Dec-96
Distribution Date 16-Dec-96
Pool Balance
Pool Balance on the close of the last day of the preceding Collection
Period 182,250,706
<TABLE>
<CAPTION>
<S> <C>
Principal Collections 3,007,027
Principal Collections Adjustment - Over Payment Since Inception
Purchase Amounts Allocable to Principal 20,182
Defaulted Receivables 311,086
Defaulted Receivables Adjustment Since Inception
Pool Balance on the close of the last day of the Collection Period 178,912,412
Original Pool Balance 223,194,105
Pool Factor 80.1600076%
Preference Amounts -
Certificate Pass-Through Rate 5.8500%
Servicing Fee Rate 0.7500%
Available Interest
Collections allocable to interest 1,490,049.90
Liquidation Proceeds 125,090.02
Purchase Amounts allocable to interest -
Reserve Account Interest Withdrawal -
Surety Interest Drawing -
Reserve Account Preference Withdrawal -
Surety Preference Withdrawal -
Total Interest 1,615,139.92
Available Principal
Collections allocable to principal 3,007,026.61
Purchase Amounts allocable to principal 20,182.43
Reserve Account Principal Withdrawal -
Surety Principal Drawing -
Total Principal 3,027,209.04
Available Funds
Collections allocable to interest 1,490,049.90
Liquidation Proceeds 125,090.02
Purchase Amounts allocable to interest -
Collections allocable to principal 3,007,026.61
Purchase Amounts allocable to principal 20,182.43
Total Available Funds 4,642,348.96
Deposit to Certificate Account
Available Funds allocable to interest 1,615,139.92
Available Funds allocable to principal 3,027,209.04
Reserve Account Interest Withdrawal -
Surety Interest Drawing -
Reserve Account Preference Withdrawal -
Surety Preference Withdrawal -
Reserve Account Principal Withdrawal -
Surety Principal Drawing -
Total Deposit to the Certificate Account 4,642,348.96
Interest Payment
Monthly Interest Payment 888,472.19
Carry-Over Monthly Interest -
Total 888,472.19
Principal Payment
Monthly Principal Payment 3,338,294.69
Carry-Over Monthly Principal -
Total 3,338,294.69
Servicing Fee
Servicing Fee 113,906.69
Carry-Over Monthly Servicing Fee -
Total 113,906.69
Distributions from the Certificate Account
Interest distributions 888,472.19
Principal distribution 3,338,294.69
Preference Amounts -
Servicing Fee distribution 113,906.69
Distributions to the Surety Bond Provider 18,225.07
Distributions to the Reserve Account -
Distributions to the Seller 283,450.31
Carry-Over Monthly Interest to the next Distribution Date -
Carry-Over Monthly Principal to the next Distributions Date -
Carry-Over Monthly Servicing Fee to the next Distribution Date -
Reserve Account
Reserve Account Balance as of the end of the preceding Collection Period
Add: Ajustment to Reconcile to actual account balance
Reserve Account Balance as of the end of the preceding Collection Period 9,112,535.31
Earnings from investments on the Reserve Account 38,467.66
Reserve Account Interest Withdrawal -
Reserve Account Preference Withdrawal -
Reserve Account Principal Withdrawal -
Deposits to the Reserve Account -
Adjment
Reserve Account Balance 9,151,002.97
Distributions of any excess amounts on deposit in the Reserve Account 205,382.39
Ending Reserve Account Balance 8,945,620.58
Reserve Account Balance as a % of the Pool Balance 5.0000%
Specified Reserve Account Requirement 8,945,620.58
Amount needed to fully fund Reserve Account -
Surety Bond
Required Surety Bond Amount (25% of the Pool Balance) 45,562,676.57
Surety Bond amount on the previous Distribution Date 47,459,031.23
Payments made with respect Surety Principal Draws -
Payments received with respect to unreimbursed Surety Principal Draws -
Surety Bond Amount for the current Distribution Date 45,562,676.57
Total Surety Interest Draws -
Total Surety Principal Draws -
Total Surety Preference Draws -
Total Draws -
Surety Bond Fee 18,225
Total unreimbursed Surety Interest Draws -
Total unreimbursed Surety Principal Draws -
Total unreimbursed Surety Preference Draws -
Amount Owed to Surety Bond Provider 18,225
Surety Bond Fee Paid 18,225
Total payments for Surety Interest Draws -
Total payments for Surety Principal Draws -
Total payments for Surety Preference Draws -
Payments made to the Surety Bond Provider 18,225
Surety Bond Fee Outstanding -
Remaining unreimbursed Surety Interest Draws -
Remaining unreimbursed Surety Principal Draws -
Remaining unreimbursed Surety Preference Draws -
Remaining Amounts Owed to the Surety Bond Provider -
Net Credit Loss Ratio
Net Credit Losses 185,996
Adjustement for Defaulted Receivables Since Inception
For the Current Collection Period 0.1030%
For the preceding Collection Period 0.1287%
For the second preceding Collection Period 0.1352%
Average Net Credit Loss Ratio 0.1223%
Delinquency Analysis
Number of Loans
30 to 59 days past due 314
60 to 89 days past due 79
90 or more days past due 159
Total 552
Principal Balance
30 to 59 days past due 3,656,769.65
60 to 89 days past due 877,839.96
90 or more days past due 1,854,206.87
Total 6,388,816.48
Delinquency Ratio
For the current Collection Period 3.5709%
For the preceding Collection Period 3.4150%
For the second preceding Collection Period 3.3275%
Average Delinquency Ratio 3.4378%
Weighted Average Computations
Weighted Average Coupon 10.6254%
Weighted Average Original Term (months) 123
Weighted Average Remaining Term (months) 98
Cash Settlement for the Trustee
Total Deposit to the Collection Account 4,642,348.96
Servicing Fee 113,906.69
Interest allocable to the Seller's Certificate 0.42
Principal amount allocable to the Seller's Certificate 1.57
Net Deposit to the Certificate Account 4,528,440.28
Wire Funds to the Certificateholders 4,226,764.89
Wire Funds to the Surety Bond Provider 18,225.07
Deposit Funds into the Reserve Account -
Wire Funds to NationsCredit 283,450.31
Approved by:
Lawrence Angelilli
Vice President & Treasurer
</TABLE>
<PAGE>
MONTHLY SERVICERS CERTIFICATE
NATIONSCREDIT GRANTOR TRUST 1996-1
Pursuant to the Pooling and Servicing Agreement, dated as of January 31,
1996 among NationsCredit Securitization Corporation (as Seller), NationsCredit
Corporation of America (as Servicer) and Bankers Trust Company (as Trustee and
Collateral Agent), the Servicer is required to prepare certain information each
month regarding distribution to Certificateholders and the performance of the
Trust. The information with respect to the applicable Distribution Date is set
forth below.
Month Feb-97
Collection Period 1-Jan-97
Determination Date 11-Feb-97
Deposit Date 14-Feb-97
Distribution Date 18-Feb-97
<TABLE>
<CAPTION>
Pool Balance
<S> <C>
Pool Balance on the close of the last day of the preceding Collection Period 175,874,027
Principal Collections 3,260,132
Principal Collections Adjustment - Over Payment Since Inception
Purchase Amounts Allocable to Principal 19,738
Defaulted Receivables 254,662
Defaulted Receivables Adjustment Since Inception
Pool Balance on the close of the last day of the Collection Period 172,339,495.25
Original Pool Balance 223,194,105
Pool Factor 77.2150748%
Preference Amounts -
Certificate Pass-Through Rate 5.8500%
Servicing Fee Rate 0.7500%
Available Interest
Collections allocable to interest 1,770,256
Liquidation Proceeds 81,866
Purchase Amounts allocable to interest -
Reserve Account Interest Withdrawal -
Surety Interest Drawing -
Reserve Account Preference Withdrawal -
Surety Preference Withdrawal -
Total Interest 1,852,122
Available Principal
Collections allocable to principal 3,260,132
Purchase Amounts allocable to principal 19,738
Reserve Account Principal Withdrawal -
Surety Principal Drawing -
Total Principal 3,279,870
Available Funds
Collections allocable to interest 1,770,256
Liquidation Proceeds 81,866
Purchase Amounts allocable to interest -
Collections allocable to principal 3,260,132
Purchase Amounts allocable to principal 19,738
Total Available Funds 5,131,992
Deposit to Certificate Account
Available Funds allocable to interest 1,852,122
Available Funds allocable to principal 3,279,870
Reserve Account Interest Withdrawal -
Surety Interest Drawing -
Reserve Account Preference Withdrawal -
Surety Preference Withdrawal -
Reserve Account Principal Withdrawal -
Surety Principal Drawing -
Total Deposit to the Certificate Account 5,131,992
Interest Payment
Monthly Interest Payment 857,386
Carry-Over Monthly Interest -
Total 857,386
Principal Payment
Monthly Principal Payment 3,534,532
Carry-Over Monthly Principal -
Total 3,534,532
Servicing Fee
Servicing Fee 109,921
Carry-Over Monthly Servicing Fee -
Total 109,921
Distributions from the Certificate Account
Interest distributions 857,385.88
Principal distribution 3,534,532.16
Preference Amounts -
Servicing Fee distribution 109,921.27
Distributions to the Surety Bond Provider 17,587.40
Distributions to the Reserve Account -
Distributions to the Seller 612,565.33
Carry-Over Monthly Interest to the next Distribution Date -
Carry-Over Monthly Principal to the next Distributions Date -
Carry-Over Monthly Servicing Fee to the next Distribution Date -
Reserve Account
Reserve Account Balance as of the end of the preceding Collection Period
Add: Ajustment to Reconcile to actual account balance
Reserve Account Balance as of the end of the preceding Collection Period 8,793,701.37
Earnings from investments on the Reserve Account 38,335.13
Reserve Account Interest Withdrawal -
Reserve Account Preference Withdrawal -
Reserve Account Principal Withdrawal -
Deposits to the Reserve Account -
Adjment
Reserve Account Balance 8,832,036.50
Distributions of any excess amounts on deposit in the Reserve Account 215,061.74
Ending Reserve Account Balance 8,616,974.76
Reserve Account Balance as a % of the Pool Balance 5.0000%
Specified Reserve Account Requirement 8,616,974.76
Amount needed to fully fund Reserve Account -
Surety Bond
Required Surety Bond Amount (25% of the Pool Balance) 43,968,506.85
Surety Bond amount on the previous Distribution Date 44,728,102.90
Payments made with respect Surety Principal Draws Payments received with
respect to unreimbursed Surety Principal Draws Surety Bond Amount for
the current Distribution Date 43,968,506.85
Total Surety Interest Draws -
Total Surety Principal Draws -
Total Surety Preference Draws -
Total Draws -
Surety Bond Fee 17,587
Total unreimbursed Surety Interest Draws -
Total unreimbursed Surety Principal Draws -
Total unreimbursed Surety Preference Draws -
Amount Owed to Surety Bond Provider 17,587
Surety Bond Fee Paid 17,587
Total payments for Surety Interest Draws -
Total payments for Surety Principal Draws -
Total payments for Surety Preference Draws -
Payments made to the Surety Bond Provider 17,587
Surety Bond Fee Outstanding -
Remaining unreimbursed Surety Interest Draws -
Remaining unreimbursed Surety Principal Draws -
Remaining unreimbursed Surety Preference Draws -
Remaining Amounts Owed to the Surety Bond Provider -
Net Credit Loss Ratio
Net Credit Losses 172,796
Adjustement for Defaulted Receivables Since Inception
For the Current Collection Period 0.0992%
For the preceding Collection Period 0.1160%
For the second preceding Collection Period 0.1030%
Average Net Credit Loss Ratio 0.1061%
Delinquency Analysis
Number of Loans
30 to 59 days past due 290
60 to 89 days past due 88
90 or more days past due 194
Total 572
Principal Balance
30 to 59 days past due 3,438,963
60 to 89 days past due 858,184
90 or more days past due 2,270,748
Total 6,567,896
Delinquency Ratio
For the current Collection Period 3.8110%
For the preceding Collection Period 5.0859%
For the second preceding Collection Period 3.5709%
Average Delinquency Ratio 4.1560%
Weighted Average Computations
Weighted Average Coupon 10.6191%
Weighted Average Original Term (months) 123
Weighted Average Remaining Term (months) 97
Cash Settlement for the Trustee
Total Deposit to the Collection Account 5,131,992.04
Servicing Fee 109,921.27
Interest allocable to the Seller's Certificate 0.40
Principal amount allocable to the Seller's Certificate 1.66
Net Deposit to the Certificate Account 5,022,068.70
Wire Funds to the Certificateholders 4,391,915.98
Wire Funds to the Surety Bond Provider 17,587.40
Deposit Funds into the Reserve Account -
Wire Funds to NationsCredit 612,565.33
Approved by:
Lawrence Angelilli
Vice President & Treasurer
</TABLE>
<PAGE>
MONTHLY SERVICERS CERTIFICATE
NATIONSCREDIT GRANTOR TRUST 1996-1
Pursuant to the Pooling and Servicing Agreement, dated as of January 31,
1996 among NationsCredit Securitization Corporation (as Seller), NationsCredit
Corporation of America (as Servicer) and Bankers Trust Company (as Trustee and
Collateral Agent), the Servicer is required to prepare certain information each
month regarding distribution to Certificateholders and the performance of the
Trust. The information with respect to the applicable Distribution Date is set
forth below.
Month Jan-97
Collection Period 1-Dec-96
Determination Date 13-Jan-97
Deposit Date 14-Jan-97
Distribution Date 15-Jan-97
<TABLE>
<CAPTION>
Pool Balance
Pool Balance on the close of the last day of the preceding Collection
Period 178,912,412 Principal Collections 2,653,280 Principal Collections
Adjustment - Over Payment Since Inception Purchase Amounts Allocable to
Principal 57,340 Defaulted Receivables 327,765 Defaulted Receivables Adjustment
Since Inception Pool Balance on the close of the last day of the Collection
Period 175,874,027
<S> <C>
Original Pool Balance 223,194,105
Pool Factor 78.7986884%
Preference Amounts -
Certificate Pass-Through Rate 5.8500%
Servicing Fee Rate 0.7500%
Available Interest
Collections allocable to interest 1,455,696
Liquidation Proceeds 122,023
Purchase Amounts allocable to interest -
Reserve Account Interest Withdrawal -
Surety Interest Drawing -
Reserve Account Preference Withdrawal -
Surety Preference Withdrawal -
Total Interest 1,577,719
Available Principal
Collections allocable to principal 2,653,280
Purchase Amounts allocable to principal 57,340
Reserve Account Principal Withdrawal -
Surety Principal Drawing -
Total Principal 2,710,620
Available Funds
Collections allocable to interest 1,455,696
Liquidation Proceeds 122,023
Purchase Amounts allocable to interest -
Collections allocable to principal 2,653,280
Purchase Amounts allocable to principal 57,340
Total Available Funds 4,288,339
Deposit to Certificate Account
Available Funds allocable to interest 1,577,719
Available Funds allocable to principal 2,710,620
Reserve Account Interest Withdrawal -
Surety Interest Drawing -
Reserve Account Preference Withdrawal -
Surety Preference Withdrawal -
Reserve Account Principal Withdrawal -
Surety Principal Drawing -
Total Deposit to the Certificate Account 4,288,339
Interest Payment
Monthly Interest Payment 872,198
Carry-Over Monthly Interest -
Total 872,198
Principal Payment
Monthly Principal Payment 3,038,384
Carry-Over Monthly Principal -
Total 3,038,384
Servicing Fee
Servicing Fee 111,820.26
Carry-Over Monthly Servicing Fee -
Total 111,820.26
Distributions from the Certificate Account
Interest distributions 872,198.01
Principal distribution 3,038,384.19
Preference Amounts -
Servicing Fee distribution 111,820.26
Distributions to the Surety Bond Provider 17,891.24
Distributions to the Reserve Account -
Distributions to the Seller 248,045.18
Carry-Over Monthly Interest to the next Distribution Date -
Carry-Over Monthly Principal to the next Distributions Date -
Carry-Over Monthly Servicing Fee to the next Distribution Date -
Reserve Account
Reserve Account Balance as of the end of the preceding Collection Period
Add: Ajustment to Reconcile to actual account balance
Reserve Account Balance as of the end of the preceding Collection Period 8,945,620.58
Earnings from investments on the Reserve Account 36,512.86
Reserve Account Interest Withdrawal -
Reserve Account Preference Withdrawal -
Reserve Account Principal Withdrawal -
Deposits to the Reserve Account -
Adjment
Reserve Account Balance 8,982,133.44
Distributions of any excess amounts on deposit in the Reserve Account 188,432.07
Ending Reserve Account Balance 8,793,701.37
Reserve Account Balance as a % of the Pool Balance 5.0000%
Specified Reserve Account Requirement 8,793,701.37
Amount needed to fully fund Reserve Account -
Surety Bond
Required Surety Bond Amount (25% of the Pool Balance) 44,728,102.90
Surety Bond amount on the previous Distribution Date 45,562,676.57
Payments made with respect Surety Principal Draws Payments received with
respect to unreimbursed Surety Principal Draws Surety Bond Amount for
the current Distribution Date 44,728,102.90
Total Surety Interest Draws -
Total Surety Principal Draws -
Total Surety Preference Draws -
Total Draws -
Surety Bond Fee 17,891
Total unreimbursed Surety Interest Draws -
Total unreimbursed Surety Principal Draws -
Total unreimbursed Surety Preference Draws -
Amount Owed to Surety Bond Provider 17,891
Surety Bond Fee Paid 17,891
Total payments for Surety Interest Draws -
Total payments for Surety Principal Draws -
Total payments for Surety Preference Draws -
Payments made to the Surety Bond Provider 17,891
Surety Bond Fee Outstanding -
Remaining unreimbursed Surety Interest Draws -
Remaining unreimbursed Surety Principal Draws -
Remaining unreimbursed Surety Preference Draws -
Remaining Amounts Owed to the Surety Bond Provider -
Net Credit Loss Ratio
Net Credit Losses 205,741
Adjustement for Defaulted Receivables Since Inception
For the Current Collection Period 0.1160%
For the preceding Collection Period 0.1030%
For the second preceding Collection Period 0.1287%
Average Net Credit Loss Ratio 0.1159%
Delinquency Analysis
Number of Loans
30 to 59 days past due 495
60 to 89 days past due 112
90 or more days past due 175
Total 782
Principal Balance
30 to 59 days past due 5,663,805.62
60 to 89 days past due 1,188,144.33
90 or more days past due 2,092,845.59
Total 8,944,795.54
Delinquency Ratio
For the current Collection Period 5.0859%
For the preceding Collection Period 3.5709%
For the second preceding Collection Period 3.4150%
Average Delinquency Ratio 4.0240%
Weighted Average Computations
Weighted Average Coupon 10.6216%
Weighted Average Original Term (months) 123
Weighted Average Remaining Term (months) 98
Cash Settlement for the Trustee
Total Deposit to the Collection Account 4,288,338.87
Servicing Fee 111,820.26
Interest allocable to the Seller's Certificate 0.41
Principal amount allocable to the Seller's Certificate 1.43
Net Deposit to the Certificate Account 4,176,516.77
Wire Funds to the Certificateholders 3,910,580.35
Wire Funds to the Surety Bond Provider 17,891.24
Deposit Funds into the Reserve Account -
Wire Funds to NationsCredit 248,045.18
Approved by:
Lawrence Angelilli
Vice President & Treasurer
</TABLE>
<PAGE>
MONTHLY SERVICERS CERTIFICATE
NATIONSCREDIT GRANTOR TRUST 1996-1
Pursuant to the Pooling and Servicing Agreement, dated as of January 31,
1996 among NationsCredit Securitization Corporation (as Seller), NationsCredit
Corporation of America (as Servicer) and Bankers Trust Company (as Trustee and
Collateral Agent), the Servicer is required to prepare certain information each
month regarding distribution to Certificateholders and the performance of the
Trust. The information with respect to the applicable Distribution Date is set
forth below.
Month Jul-96
Collection Period June 1996
Determination Date 11-Jul-96
Deposit Date 14-Jul-96
Distribution Date 15-Jul-96
Pool Balance
<TABLE>
<CAPTION>
Pool Balance on the close of the last day of the preceding Collection
Period 203,821,207.54 Principal Collections 4,748,725.51 Principal Collections
Adjustment - Over Payment Since Inception Purchase Amounts Allocable to
Principal 101,673.16 Defaulted Receivables 146,496.06 Defaulted Receivables
Adjustment Since Inception Pool Balance on the close of the last day of the
Collection Period 198,824,312.81
<S> <C>
Original Pool Balance 223,194,105.12
Pool Factor 89.0813459%
Preference Amounts -
Certificate Pass-Through Rate 5.8500%
Servicing Fee Rate 0.7500%
Available Interest
Collections allocable to interest 1,739,844.64
Liquidation Proceeds 32,700.00
Purchase Amounts allocable to interest -
Reserve Account Interest Withdrawal -
Surety Interest Drawing -
Reserve Account Preference Withdrawal -
Surety Preference Withdrawal -
Total Interest 1,772,544.64
Available Principal
Collections allocable to principal 4,748,725.51
Purchase Amounts allocable to principal 101,673.16
Reserve Account Principal Withdrawal -
Surety Principal Drawing -
Total Principal 4,850,398.67
Available Funds
Collections allocable to interest 1,739,844.64
Liquidation Proceeds 32,700.00
Purchase Amounts allocable to interest -
Collections allocable to principal 4,748,725.51
Purchase Amounts allocable to principal 101,673.16
Total Available Funds 6,622,943.31
Deposit to Certificate Account
Available Funds allocable to interest 1,772,544.64
Available Funds allocable to principal 4,850,398.67
Reserve Account Interest Withdrawal -
Surety Interest Drawing -
Reserve Account Preference Withdrawal -
Surety Preference Withdrawal -
Reserve Account Principal Withdrawal -
Surety Principal Drawing -
Total Deposit to the Certificate Account 6,622,943.31
Interest Payment
Monthly Interest Payment 993,628.39
Carry-Over Monthly Interest -
Total 993,628.39
Principal Payment
Monthly Principal Payment 4,996,894.73
Carry-Over Monthly Principal -
Total 4,996,894.73
Servicing Fee
Servicing Fee 127,388.25
Carry-Over Monthly Servicing Fee -
Total 127,388.25
Distributions from the Certificate Account
Interest distributions 993,628.39
Principal distribution 4,996,894.73
Preference Amounts -
Servicing Fee distribution 127,388.25
Distributions to the Surety Bond Provider 20,382.12
Distributions to the Reserve Account 484,649.82
Distributions to the Seller -
Carry-Over Monthly Interest to the next Distribution Date -
Carry-Over Monthly Principal to the next Distributions Date -
Carry-Over Monthly Servicing Fee to the next Distribution Date -
Reserve Account
Reserve Account Balance as of the end of the preceding Collection Period
Add: Ajustment to Reconcile to actual account balance
Reserve Account Balance as of the end of the preceding Collection Period 9,438,069.93
Earnings from investments on the Reserve Account 76,038.15
Reserve Account Interest Withdrawal -
Reserve Account Preference Withdrawal -
Reserve Account Principal Withdrawal -
Deposits to the Reserve Account 484,649.82
Adjment
Reserve Account Balance 9,998,757.90
Distributions of any excess amounts on deposit in the Reserve Account 57,542.26
Ending Reserve Account Balance 9,941,215.64
Reserve Account Balance as a % of the Pool Balance 5.0000%
Specified Reserve Account Requirement 9,941,215.64
Amount needed to fully fund Reserve Account -
Surety Bond
Required Surety Bond Amount (25% of the Pool Balance) 52,278,300.24
Surety Bond amount on the previous Distribution Date 53,541,350.03
Payments made with respect Surety Principal Draws Payments received with
respect to unreimbursed Surety Principal Draws Surety Bond Amount for
the current Distribution Date 52,278,300.24
Total Surety Interest Draws -
Total Surety Principal Draws -
Total Surety Preference Draws -
Total Draws -
Surety Bond Fee 20,382.12
Total unreimbursed Surety Interest Draws -
Total unreimbursed Surety Principal Draws -
Total unreimbursed Surety Preference Draws -
Amount Owed to Surety Bond Provider 20,382.12
Surety Bond Fee Paid 20,382.12
Total payments for Surety Interest Draws -
Total payments for Surety Principal Draws -
Total payments for Surety Preference Draws -
Payments made to the Surety Bond Provider 20,382.12
Surety Bond Fee Outstanding -
Remaining unreimbursed Surety Interest Draws -
Remaining unreimbursed Surety Principal Draws -
Remaining unreimbursed Surety Preference Draws -
Remaining Amounts Owed to the Surety Bond Provider -
Net Credit Loss Ratio
Net Credit Losses 113,796.06
Adjustement for Defaulted Receivables Since Inception
For the Current Collection Period 0.0565%
For the preceding Collection Period 0.0110%
For the second preceding Collection Period 0.0080%
Average Net Credit Loss Ratio 0.0252%
Delinquency Analysis
Number of Loans
30 to 59 days past due 306
60 to 89 days past due 42
90 or more days past due 86
Total 434
Principal Balance
30 to 59 days past due 3,442,551.66
60 to 89 days past due 455,320.34
90 or more days past due 995,131.95
Total 4,893,003.95
Delinquency Ratio
For the current Collection Period 2.4610%
For the preceding Collection Period 2.1495%
For the second preceding Collection Period 1.9644%
Average Delinquency Ratio 2.1916%
Weighted Average Computations
Weighted Average Coupon 10.6510%
Weighted Average Original Term (months) 123
Weighted Average Remaining Term (months) 102
Cash Settlement for the Trustee
Total Deposit to the Collection Account 6,622,943.31
Servicing Fee 127,388.25
Interest allocable to the Seller's Certificate 0.47
Principal amount allocable to the Seller's Certificate 2.35
Net Deposit to the Certificate Account 6,495,552.23
Wire Funds to the Certificateholders 5,990,520.30
Wire Funds to the Surety Bond Provider 20,382.12
Deposit Funds into the Reserve Account 484,649.82
Wire Funds to NationsCredit -
Approved by:
Lawrence Angelilli
Vice President & Treasurer
</TABLE>
<PAGE>
MONTHLY SERVICERS CERTIFICATE
NATIONSCREDIT GRANTOR TRUST 1996-1
Pursuant to the Pooling and Servicing Agreement, dated as of January 31,
1996 among NationsCredit Securitization Corporation (as Seller), NationsCredit
Corporation of America (as Servicer) and Bankers Trust Company (as Trustee and
Collateral Agent), the Servicer is required to prepare certain information each
month regarding distribution to Certificateholders and the performance of the
Trust. The information with respect to the applicable Distribution Date is set
forth below.
Month Jun-96
Collection Period May 1996
Determination Date 11-Jun-96
Deposit Date 14-Jun-96
Distribution Date 17-Jun-96
Pool Balance
<TABLE>
<CAPTION>
Pool Balance on the close of the last day of the preceding Collection
Period 209,006,395.11 Principal Collections 5,121,334.13 Principal Collections
Adjustment - Over Payment Since Inception Purchase Amounts Allocable to
Principal 49,733.04 Defaulted Receivables 14,120.40 Defaulted Receivables
Adjustment Since Inception Pool Balance on the close of the last day of the
Collection Period 203,821,207.54
<S> <C>
Original Pool Balance 223,194,105.12
Pool Factor 91.3201571%
Preference Amounts -
Certificate Pass-Through Rate 5.8500%
Servicing Fee Rate 0.7500%
Available Interest
Collections allocable to interest 1,867,909.84
Liquidation Proceeds -
Purchase Amounts allocable to interest -
Reserve Account Interest Withdrawal -
Surety Interest Drawing -
Reserve Account Preference Withdrawal -
Surety Preference Withdrawal -
Total Interest 1,867,909.84
Available Principal
Collections allocable to principal 5,121,334.13
Purchase Amounts allocable to principal 49,733.04
Reserve Account Principal Withdrawal -
Surety Principal Drawing -
Total Principal 5,171,067.17
Available Funds
Collections allocable to interest 1,867,909.84
Liquidation Proceeds -
Purchase Amounts allocable to interest -
Collections allocable to principal 5,121,334.13
Purchase Amounts allocable to principal 49,733.04
Total Available Funds 7,038,977.01
Deposit to Certificate Account
Available Funds allocable to interest 1,867,909.84
Available Funds allocable to principal 5,171,067.17
Reserve Account Interest Withdrawal -
Surety Interest Drawing -
Reserve Account Preference Withdrawal -
Surety Preference Withdrawal -
Reserve Account Principal Withdrawal -
Surety Principal Drawing -
Total Deposit to the Certificate Account 7,038,977.01
Interest Payment
Monthly Interest Payment 1,018,906.18
Carry-Over Monthly Interest -
Total 1,018,906.18
Principal Payment
Monthly Principal Payment 5,185,187.57
Carry-Over Monthly Principal -
Total 5,185,187.57
Servicing Fee
Servicing Fee 130,629.00
Carry-Over Monthly Servicing Fee -
Total 130,629.00
Distributions from the Certificate Account
Interest distributions 1,018,906.18
Principal distribution 5,185,187.57
Preference Amounts -
Servicing Fee distribution 130,629.00
Distributions to the Surety Bond Provider 20,900.64
Distributions to the Reserve Account 683,353.63
Distributions to the Seller -
Carry-Over Monthly Interest to the next Distribution Date -
Carry-Over Monthly Principal to the next Distributions Date -
Carry-Over Monthly Servicing Fee to the next Distribution Date -
Reserve Account
Reserve Account Balance as of the end of the preceding Collection Period
Add: Ajustment to Reconcile to actual account balance
Reserve Account Balance as of the end of the preceding Collection Period 8,758,909.80
Earnings from investments on the Reserve Account -
Reserve Account Interest Withdrawal -
Reserve Account Preference Withdrawal -
Reserve Account Principal Withdrawal -
Deposits to the Reserve Account 683,353.63
Adjment
Reserve Account Balance 9,442,263.43
Distributions of any excess amounts on deposit in the Reserve Account -
Ending Reserve Account Balance 9,442,263.43
Reserve Account Balance as a % of the Pool Balance 4.6326%
Specified Reserve Account Requirement 10,191,060.38
Amount needed to fully fund Reserve Account 748,796.95
Surety Bond
Required Surety Bond Amount (25% of the Pool Balance) 53,528,461.59
Surety Bond amount on the previous Distribution Date 54,755,429.87
Payments made with respect Surety Principal Draws Payments received with
respect to unreimbursed Surety Principal Draws Surety Bond Amount for
the current Distribution Date 53,528,461.59
Total Surety Interest Draws -
Total Surety Principal Draws -
Total Surety Preference Draws -
Total Draws -
Surety Bond Fee 20,900.64
Total unreimbursed Surety Interest Draws -
Total unreimbursed Surety Principal Draws -
Total unreimbursed Surety Preference Draws -
Amount Owed to Surety Bond Provider 20,900.64
Surety Bond Fee Paid 20,900.64
Total payments for Surety Interest Draws -
Total payments for Surety Principal Draws -
Total payments for Surety Preference Draws -
Payments made to the Surety Bond Provider 20,900.64
Surety Bond Fee Outstanding -
Remaining unreimbursed Surety Interest Draws -
Remaining unreimbursed Surety Principal Draws -
Remaining unreimbursed Surety Preference Draws -
Remaining Amounts Owed to the Surety Bond Provider -
Net Credit Loss Ratio
Net Credit Losses 14,120.40
Adjustement for Defaulted Receivables Since Inception
For the Current Collection Period 0.0068%
For the preceding Collection Period 0.0067%
For the second preceding Collection Period 0.0039%
Average Net Credit Loss Ratio 0.0058%
Delinquency Analysis
Number of Loans
30 to 59 days past due 278
60 to 89 days past due 56
90 or more days past due 61
Total 395
Principal Balance
30 to 59 days past due 3,054,912.77
60 to 89 days past due 735,561.80
90 or more days past due 594,355.62
Total 4,384,830.19
Delinquency Ratio
For the current Collection Period 2.1513%
For the preceding Collection Period 1.9654%
For the second preceding Collection Period 1.5580%
Average Delinquency Ratio 1.8916%
Weighted Average Computations
Weighted Average Coupon 10.6546%
Weighted Average Original Term (months) 123
Weighted Average Remaining Term (months) 102
Cash Settlement for the Trustee
Total Deposit to the Collection Account 7,038,977.01
Servicing Fee 130,629.00
Interest allocable to the Seller's Certificate 0.48
Principal amount allocable to the Seller's Certificate 2.44
Net Deposit to the Certificate Account 6,908,345.09
Wire Funds to the Certificateholders 6,204,090.82
Wire Funds to the Surety Bond Provider 20,900.64
Deposit Funds into the Reserve Account 683,353.63
Wire Funds to NationsCredit -
Approved by:
Lawrence Angelilli
Vice President & Treasurer
</TABLE>
<PAGE>
MONTHLY SERVICERS CERTIFICATE
NATIONSCREDIT GRANTOR TRUST 1996-1
Pursuant to the Pooling and Servicing Agreement, dated as of January 31, 1996
among NationsCredit Securitization Corporation (as Seller), NationsCredit
Corporation of America (as Servicer) and Bankers Trust Company (as
Trustee and Collateral Agent), the Servicer is required to prepare
certain information each month regarding distribution to Certificateholders
and the performance of the Trust. The information
with respect to the applicable Distribution Date is set forth below.
<TABLE>
<CAPTION>
Month Mar-96
Collection Period Feb. 1996
Determination Date 11-Mar-96
Deposit Date 14-Mar-96
Distribution Date 15-Mar-96
Pool Balance
<S> <C>
Pool Balance on the close of the last day of the preceding Collection Period 223,194,105.12
Principal Collections 4,141,585.05
Principal Collections Adjustment - Over Payment Since Inception
Purchase Amounts Allocable to Principal 26,528.34
Defaulted Receivables 4,272.26
Defaulted Receivables Adjustment Since Inception
Pool Balance on the close of the last day of the Collection Period 219,021,719.47
Original Pool Balance 223,194,105.12
Pool Factor 98.1306022%
Preference Amounts -
Certificate Pass-Through Rate 5.8500%
Servicing Fee Rate 0.7500%
Available Interest
Collections allocable to interest 1,908,068.24
Liquidation Proceeds -
Purchase Amounts allocable to interest -
Reserve Account Interest Withdrawal -
Surety Interest Drawing -
Reserve Account Preference Withdrawal -
Surety Preference Withdrawal -
Total Interest 1,908,068.24
Available Principal
Collections allocable to principal 4,141,585.05
Purchase Amounts allocable to principal 26,528.34
Reserve Account Principal Withdrawal -
Surety Principal Drawing -
Total Principal 4,168,113.39
Available Funds
Collections allocable to interest 1,908,068.24
Liquidation Proceeds -
Purchase Amounts allocable to interest -
Collections allocable to principal 4,141,585.05
Purchase Amounts allocable to principal 26,528.34
Total Available Funds 6,076,181.63
Deposit to Certificate Account
Available Funds allocable to interest 1,908,068.24
Available Funds allocable to principal 4,168,113.39
Reserve Account Interest Withdrawal -
Surety Interest Drawing -
Reserve Account Preference Withdrawal -
Surety Preference Withdrawal -
Reserve Account Principal Withdrawal -
Surety Principal Drawing -
Total Deposit to the Certificate Account 6,076,181.63
Interest Payment
Monthly Interest Payment 1,088,071.26
Carry-Over Monthly Interest -
Total 1,088,071.26
Principal Payment
Monthly Principal Payment 4,172,385.65
Carry-Over Monthly Principal -
Total 4,172,385.65
Servicing Fee
Servicing Fee 139,496.32
Carry-Over Monthly Servicing Fee -
Total 139,496.32
Distributions from the Certificate Account
Interest distributions 1,088,071.26
Principal distribution 4,172,385.65
Preference Amounts -
Servicing Fee distribution 139,496.32
Distributions to the Surety Bond Provider 22,319.41
Distributions to the Reserve Account 653,908.99
Distributions to the Seller -
Carry-Over Monthly Interest to the next Distribution Date -
Carry-Over Monthly Principal to the next Distributions Date -
Carry-Over Monthly Servicing Fee to the next Distribution Date -
Reserve Account
Reserve Account Balance as of the end of the preceding Collection Period
Add: Ajustment to Reconcile to actual account balance
Reserve Account Balance as of the end of the preceding Collection Period 6,695,823.15
Earnings from investments on the Reserve Account -
Reserve Account Interest Withdrawal -
Reserve Account Preference Withdrawal -
Reserve Account Principal Withdrawal -
Deposits to the Reserve Account 653,908.99
Adjment
Reserve Account Balance 7,349,732.14
Distributions of any excess amounts on deposit in the Reserve Account -
Ending Reserve Account Balance 7,349,732.14
Reserve Account Balance as a % of the Pool Balance 3.3557%
Specified Reserve Account Requirement 10,951,085.97
Amount needed to fully fund Reserve Account 3,601,353.83
Surety Bond
Required Surety Bond Amount (25% of the Pool Balance) 55,798,526.28
Surety Bond amount on the previous Distribution Date 55,798,526.28
Payments made with respect Surety Principal Draws Payments received with
respect to unreimbursed Surety Principal Draws Surety Bond Amount for
the current Distribution Date 55,798,526.28
Total Surety Interest Draws -
Total Surety Principal Draws -
Total Surety Preference Draws -
Total Draws -
Surety Bond Fee 22,319.41
Total unreimbursed Surety Interest Draws -
Total unreimbursed Surety Principal Draws -
Total unreimbursed Surety Preference Draws -
Amount Owed to Surety Bond Provider 22,319.41
Surety Bond Fee Paid 22,319.41
Total payments for Surety Interest Draws -
Total payments for Surety Principal Draws -
Total payments for Surety Preference Draws -
Payments made to the Surety Bond Provider 22,319.41
Surety Bond Fee Outstanding -
Remaining unreimbursed Surety Interest Draws -
Remaining unreimbursed Surety Principal Draws -
Remaining unreimbursed Surety Preference Draws -
Remaining Amounts Owed to the Surety Bond Provider -
Net Credit Loss Ratio
Net Credit Losses 4,272
Adjustement for Defaulted Receivables Since Inception
For the Current Collection Period 0.0019%
For the preceding Collection Period 0.0000%
For the second preceding Collection Period 0.0000%
Average Net Credit Loss Ratio 0.0006%
Delinquency Analysis
Number of Loans
30 to 59 days past due 256
60 to 89 days past due 40
90 or more days past due 1
Total 297
Principal Balance
30 to 59 days past due 3,047,732.87
60 to 89 days past due 417,690.50
90 or more days past due 24,374.75
Total 3,489,798.12
Delinquency Ratio
For the current Collection Period 1.5934%
For the preceding Collection Period 0.0000%
For the second preceding Collection Period 0.0000%
Average Delinquency Ratio 0.5311%
Weighted Average Computations
Weighted Average Coupon 10.6662%
Weighted Average Original Term (months) 123
Weighted Average Remaining Term (months) 104
Cash Settlement for the Trustee
Total Deposit to the Collection Account 6,076,181.63
Servicing Fee 139,496.32
Interest allocable to the Seller's Certificate 0.51
Principal amount allocable to the Seller's Certificate 1.97
Net Deposit to the Certificate Account 5,936,682.84
Wire Funds to the Certificateholders 5,260,454.43
Wire Funds to the Surety Bond Provider 22,319.41
Deposit Funds into the Reserve Account 653,908.99
Wire Funds to NationsCredit -
Approved by:
Lawrence Angelilli
Vice President & Treasurer
</TABLE>
<PAGE>
MONTHLY SERVICERS CERTIFICATE
NATIONSCREDIT GRANTOR TRUST 1996-1
Pursuant to the Pooling and Servicing Agreement, dated as of January 31,
1996 among NationsCredit Securitization Corporation (as Seller), NationsCredit
Corporation of America (as Servicer) and Bankers Trust Company (as Trustee and
Collateral Agent), the Servicer is required to prepare certain information each
month regarding distribution to Certificateholders and the performance of the
Trust. The information with respect to the applicable Distribution Date is set
forth below.
Month Mar-97
Collection Period 1-Feb-97
Determination Date 11-Mar-97
Deposit Date 14-Mar-97
Distribution Date 17-Mar-97
<TABLE>
<CAPTION>
Pool Balance
<S> <C>
Pool Balance on the close of the last day of the preceding Collection Period 172,339,495.25
Principal Collections 3,259,968.81
Principal Collections Adjustment - Over Payment Since Inception
Purchase Amounts Allocable to Principal 13,657.93
Defaulted Receivables 431,318.66
Defaulted Receivables Adjustment Since Inception
Pool Balance on the close of the last day of the Collection Period 168,634,549.85
Original Pool Balance 223,194,105.12
Pool Factor 75.5551092%
Preference Amounts -
Certificate Pass-Through Rate 5.8500%
Servicing Fee Rate 0.7500%
Available Interest
Collections allocable to interest 1,404,905.84
Liquidation Proceeds 260,936.33
Purchase Amounts allocable to interest -
Reserve Account Interest Withdrawal -
Surety Interest Drawing -
Reserve Account Preference Withdrawal -
Surety Preference Withdrawal -
Total Interest 1,665,842.17
Available Principal
Collections allocable to principal 3,259,968.81
Purchase Amounts allocable to principal 13,657.93
Reserve Account Principal Withdrawal -
Surety Principal Drawing -
Total Principal 3,273,626.74
Available Funds
Collections allocable to interest 1,404,905.84
Liquidation Proceeds 260,936.33
Purchase Amounts allocable to interest -
Collections allocable to principal 3,259,968.81
Purchase Amounts allocable to principal 13,657.93
Total Available Funds 4,939,468.91
Deposit to Certificate Account
Available Funds allocable to interest 1,665,842.17
Available Funds allocable to principal 3,273,626.74
Reserve Account Interest Withdrawal -
Surety Interest Drawing -
Reserve Account Preference Withdrawal -
Surety Preference Withdrawal -
Reserve Account Principal Withdrawal -
Surety Principal Drawing -
Total Deposit to the Certificate Account 4,939,468.91
Interest Payment
Monthly Interest Payment 840,155.04
Carry-Over Monthly Interest -
Total 840,155.04
Principal Payment
Monthly Principal Payment 3,704,945.40
Carry-Over Monthly Principal -
Total 3,704,945.40
Servicing Fee
Servicing Fee 107,712.18
Carry-Over Monthly Servicing Fee -
Total 107,712.18
Distributions from the Certificate Account
Interest distributions 840,155.04
Principal distribution 3,704,945.40
Preference Amounts -
Servicing Fee distribution 107,712.18
Distributions to the Surety Bond Provider 17,233.95
Distributions to the Reserve Account -
Distributions to the Seller 269,422.34
Carry-Over Monthly Interest to the next Distribution Date -
Carry-Over Monthly Principal to the next Distributions Date -
Carry-Over Monthly Servicing Fee to the next Distribution Date -
Reserve Account
Reserve Account Balance as of the end of the preceding Collection Period
Add: Ajustment to Reconcile to actual account balance
Reserve Account Balance as of the end of the preceding Collection Period 8,616,974.76
Earnings from investments on the Reserve Account 30,004.63
Reserve Account Interest Withdrawal -
Reserve Account Preference Withdrawal -
Reserve Account Principal Withdrawal -
Deposits to the Reserve Account -
Adjment
Reserve Account Balance 8,646,979.39
Distributions of any excess amounts on deposit in the Reserve Account 215,251.90
Ending Reserve Account Balance 8,431,727.49
Reserve Account Balance as a % of the Pool Balance 5.0000%
Specified Reserve Account Requirement 8,431,727.49
Amount needed to fully fund Reserve Account -
Surety Bond
Required Surety Bond Amount (25% of the Pool Balance) 43,084,873.81
Surety Bond amount on the previous Distribution Date 43,916,593.21
Payments made with respect Surety Principal Draws Payments received with
respect to unreimbursed Surety Principal Draws Surety Bond Amount for
the current Distribution Date 43,084,873.81
Total Surety Interest Draws -
Total Surety Principal Draws -
Total Surety Preference Draws -
Total Draws -
Surety Bond Fee 17,233.95
Total unreimbursed Surety Interest Draws -
Total unreimbursed Surety Principal Draws -
Total unreimbursed Surety Preference Draws -
Amount Owed to Surety Bond Provider 17,233.95
Surety Bond Fee Paid 17,233.95
Total payments for Surety Interest Draws -
Total payments for Surety Principal Draws -
Total payments for Surety Preference Draws -
Payments made to the Surety Bond Provider 17,233.95
Surety Bond Fee Outstanding -
Remaining unreimbursed Surety Interest Draws -
Remaining unreimbursed Surety Principal Draws -
Remaining unreimbursed Surety Preference Draws -
Remaining Amounts Owed to the Surety Bond Provider -
Net Credit Loss Ratio
Net Credit Losses 170,382.33
Adjustement for Defaulted Receivables Since Inception
For the Current Collection Period 0.0999%
For the preceding Collection Period 0.0992%
For the second preceding Collection Period 0.1160%
Average Net Credit Loss Ratio 0.1051%
Delinquency Analysis
Number of Loans
30 to 59 days past due 264
60 to 89 days past due 57
90 or more days past due 193
Total 514
Principal Balance
30 to 59 days past due 3,079,647.01
60 to 89 days past due 629,676.93
90 or more days past due 2,241,111.42
Total 5,950,435.36
Delinquency Ratio
For the current Collection Period 3.5286%
For the preceding Collection Period 3.8110%
For the second preceding Collection Period 5.0859%
Average Delinquency Ratio 4.1418%
Weighted Average Computations
Weighted Average Coupon 10.6149%
Weighted Average Original Term (months) 123.00
Weighted Average Remaining Term (months) 96.41
Cash Settlement for the Trustee
Total Deposit to the Collection Account 4,939,468.91
Servicing Fee 107,712.18
Interest allocable to the Seller's Certificate 0.40
Principal amount allocable to the Seller's Certificate 1.74
Net Deposit to the Certificate Account 4,831,754.58
Wire Funds to the Certificateholders 4,545,098.30
Wire Funds to the Surety Bond Provider 17,233.95
Deposit Funds into the Reserve Account -
Wire Funds to NationsCredit 269,422.34
Approved by:
Lawrence Angelilli
Vice President & Treasurer
</TABLE>
<PAGE>
MONTHLY SERVICERS CERTIFICATE
NATIONSCREDIT GRANTOR TRUST 1996-1
Pursuant to the Pooling and Servicing Agreement, dated as of January 31,
1996 among NationsCredit Securitization Corporation (as Seller), NationsCredit
Corporation of America (as Servicer) and Bankers Trust Company (as Trustee and
Collateral Agent), the Servicer is required to prepare certain information each
month regarding distribution to Certificateholders and the performance of the
Trust. The information with respect to the applicable Distribution Date is set
forth below.
Month May-96
Collection Period Apr. 1996
Determination Date 10-May-96
Deposit Date 14-May-96
Distribution Date 15-May-96
<TABLE>
<CAPTION>
Pool Balance
Pool Balance on the close of the last day of the preceding Collection
Period 214,113,846.36 Principal Collections 5,052,199.03 Principal Collections
Adjustment - Over Payment Since Inception Purchase Amounts Allocable to
Principal 41,033.07 Defaulted Receivables 14,219.15 Defaulted Receivables
Adjustment Since Inception Pool Balance on the close of the last day of the
Collection Period 209,006,395.11
<S> <C>
Original Pool Balance 223,194,105.12
Pool Factor 93.6433312%
Preference Amounts -
Certificate Pass-Through Rate 5.8500%
Servicing Fee Rate 0.7500%
Available Interest
Collections allocable to interest 1,879,358.84
Liquidation Proceeds -
Purchase Amounts allocable to interest -
Reserve Account Interest Withdrawal -
Surety Interest Drawing -
Reserve Account Preference Withdrawal -
Surety Preference Withdrawal -
Total Interest 1,879,358.84
Available Principal
Collections allocable to principal 5,052,199.03
Purchase Amounts allocable to principal 41,033.07
Reserve Account Principal Withdrawal -
Surety Principal Drawing -
Total Principal 5,093,232.10
Available Funds
Collections allocable to interest 1,879,358.84
Liquidation Proceeds -
Purchase Amounts allocable to interest -
Collections allocable to principal 5,052,199.03
Purchase Amounts allocable to principal 41,033.07
Total Available Funds 6,972,590.94
Deposit to Certificate Account
Available Funds allocable to interest 1,879,358.84
Available Funds allocable to principal 5,093,232.10
Reserve Account Interest Withdrawal -
Surety Interest Drawing -
Reserve Account Preference Withdrawal -
Surety Preference Withdrawal -
Reserve Account Principal Withdrawal -
Surety Principal Drawing -
Total Deposit to the Certificate Account 6,972,590.94
Interest Payment
Monthly Interest Payment 1,043,805.00
Carry-Over Monthly Interest -
Total 1,043,805.00
Principal Payment
Monthly Principal Payment 5,107,451.25
Carry-Over Monthly Principal -
Total 5,107,451.25
Servicing Fee
Servicing Fee 133,821.15
Carry-Over Monthly Servicing Fee -
Total 133,821.15
Distributions from the Certificate Account
Interest distributions 1,043,805.00
Principal distribution 5,107,451.25
Preference Amounts -
Servicing Fee distribution 133,821.15
Distributions to the Surety Bond Provider 21,411.38
Distributions to the Reserve Account 666,102.15
Distributions to the Seller -
Carry-Over Monthly Interest to the next Distribution Date -
Carry-Over Monthly Principal to the next Distributions Date -
Carry-Over Monthly Servicing Fee to the next Distribution Date -
Reserve Account
Reserve Account Balance as of the end of the preceding Collection Period
Add: Ajustment to Reconcile to actual account balance
Reserve Account Balance as of the end of the preceding Collection Period 8,092,807.65
Earnings from investments on the Reserve Account -
Reserve Account Interest Withdrawal -
Reserve Account Preference Withdrawal -
Reserve Account Principal Withdrawal -
Deposits to the Reserve Account 666,102.15
Adjment
Reserve Account Balance 8,758,909.80
Distributions of any excess amounts on deposit in the Reserve Account -
Ending Reserve Account Balance 8,758,909.80
Reserve Account Balance as a % of the Pool Balance 4.1907%
Specified Reserve Account Requirement 10,450,319.76
Amount needed to fully fund Reserve Account 1,691,409.95
Surety Bond
Required Surety Bond Amount (25% of the Pool Balance) 54,755,429.87
Surety Bond amount on the previous Distribution Date 55,798,526.28
Payments made with respect Surety Principal Draws Payments received with
respect to unreimbursed Surety Principal Draws Surety Bond Amount for
the current Distribution Date 54,755,429.87
Total Surety Interest Draws -
Total Surety Principal Draws -
Total Surety Preference Draws -
Total Draws -
Surety Bond Fee 21,411.38
Total unreimbursed Surety Interest Draws -
Total unreimbursed Surety Principal Draws -
Total unreimbursed Surety Preference Draws -
Amount Owed to Surety Bond Provider 21,411.38
Surety Bond Fee Paid 21,411.38
Total payments for Surety Interest Draws -
Total payments for Surety Principal Draws -
Total payments for Surety Preference Draws -
Payments made to the Surety Bond Provider 21,411.38
Surety Bond Fee Outstanding -
Remaining unreimbursed Surety Interest Draws -
Remaining unreimbursed Surety Principal Draws -
Remaining unreimbursed Surety Preference Draws -
Remaining Amounts Owed to the Surety Bond Provider -
Net Credit Loss Ratio
Net Credit Losses 14,219.15
Adjustement for Defaulted Receivables Since Inception
For the Current Collection Period 0.0067%
For the preceding Collection Period 0.0039%
For the second preceding Collection Period 0.0019%
Average Net Credit Loss Ratio 0.0042%
Delinquency Analysis
Number of Loans
30 to 59 days past due 276
60 to 89 days past due 41
90 or more days past due 46
Total 363
Principal Balance
30 to 59 days past due 3,245,452.11
60 to 89 days past due 378,946.57
90 or more days past due 483,486.82
Total 4,107,885.50
Delinquency Ratio
For the current Collection Period 1.9654%
For the preceding Collection Period 1.5580%
For the second preceding Collection Period 1.5934%
Average Delinquency Ratio 1.7056%
Weighted Average Computations
Weighted Average Coupon 10.6581%
Weighted Average Original Term (months) 123
Weighted Average Remaining Term (months) 103
Cash Settlement for the Trustee
Total Deposit to the Collection Account 6,972,590.94
Servicing Fee 133,821.15
Interest allocable to the Seller's Certificate 0.49
Principal amount allocable to the Seller's Certificate 2.41
Net Deposit to the Certificate Account 6,838,766.89
Wire Funds to the Certificateholders 6,151,253.35
Wire Funds to the Surety Bond Provider 21,411.38
Deposit Funds into the Reserve Account 666,102.15
Wire Funds to NationsCredit -
Approved by:
Lawrence Angelilli
Vice President & Treasurer
</TABLE>
<PAGE>
MONTHLY SERVICERS CERTIFICATE
NATIONSCREDIT GRANTOR TRUST 1996-1
Pursuant to the Pooling and Servicing Agreement, dated as of January 31,
1996 among NationsCredit Securitization Corporation (as Seller), NationsCredit
Corporation of America (as Servicer) and Bankers Trust Company (as Trustee and
Collateral Agent), the Servicer is required to prepare certain information each
month regarding distribution to Certificateholders and the performance of the
Trust. The information with respect to the applicable Distribution Date is set
forth below.
<TABLE>
<CAPTION>
Month Nov-96
Collection Period 1-Oct-96
Determination Date 12-Nov-96
Deposit Date 14-Nov-96
Distribution Date 15-Nov-96
Pool Balance
<S> <C>
Pool Balance on the close of the last day of the preceding Collection Period 186,092,628.24
Principal Collections 3,520,360.44
Principal Collections Adjustment - Over Payment Since Inception
Purchase Amounts Allocable to Principal 43,014.15
Defaulted Receivables 278,547.36
Defaulted Receivables Adjustment Since Inception
Pool Balance on the close of the last day of the Collection Period 182,250,706.29
Original Pool Balance 223,194,105.12
Pool Factor 81.6556988%
Preference Amounts -
Certificate Pass-Through Rate 5.8500%
Servicing Fee Rate 0.7500%
Available Interest
Collections allocable to interest 1,721,382.47
Liquidation Proceeds 41,494.00
Purchase Amounts allocable to interest -
Reserve Account Interest Withdrawal -
Surety Interest Drawing -
Reserve Account Preference Withdrawal -
Surety Preference Withdrawal -
Total Interest 1,762,876.47
Available Principal
Collections allocable to principal 3,520,360.44
Purchase Amounts allocable to principal 43,014.15
Reserve Account Principal Withdrawal -
Surety Principal Drawing -
Total Principal 3,563,374.59
Available Funds
Collections allocable to interest 1,721,382.47
Liquidation Proceeds 41,494.00
Purchase Amounts allocable to interest -
Collections allocable to principal 3,520,360.44
Purchase Amounts allocable to principal 43,014.15
Total Available Funds 5,326,251.06
Deposit to Certificate Account
Available Funds allocable to interest 1,762,876.47
Available Funds allocable to principal 3,563,374.59
Reserve Account Interest Withdrawal -
Surety Interest Drawing -
Reserve Account Preference Withdrawal -
Surety Preference Withdrawal -
Reserve Account Principal Withdrawal -
Surety Principal Drawing -
Total Deposit to the Certificate Account 5,326,251.06
Interest Payment
Monthly Interest Payment 907,201.56
Carry-Over Monthly Interest -
Total 907,201.56
Principal Payment
Monthly Principal Payment 3,841,921.95
Carry-Over Monthly Principal -
Total 3,841,921.95
Servicing Fee
Servicing Fee 116,307.89
Carry-Over Monthly Servicing Fee -
Total 116,307.89
Distributions from the Certificate Account
Interest distributions 907,201.56
Principal distribution 3,841,921.95
Preference Amounts -
Servicing Fee distribution 116,307.89
Distributions to the Surety Bond Provider 18,609.26
Distributions to the Reserve Account -
Distributions to the Seller 442,210.39
Carry-Over Monthly Interest to the next Distribution Date -
Carry-Over Monthly Principal to the next Distributions Date -
Carry-Over Monthly Servicing Fee to the next Distribution Date -
Reserve Account
Reserve Account Balance as of the end of the preceding Collection Period
Add: Ajustment to Reconcile to actual account balance
Reserve Account Balance as of the end of the preceding Collection Period 9,304,631.41
Earnings from investments on the Reserve Account 36,415.42
Reserve Account Interest Withdrawal -
Reserve Account Preference Withdrawal -
Reserve Account Principal Withdrawal -
Deposits to the Reserve Account -
Adjment
Reserve Account Balance 9,341,046.83
Distributions of any excess amounts on deposit in the Reserve Account 228,511.52
Ending Reserve Account Balance 9,112,535.31
Reserve Account Balance as a % of the Pool Balance 5.0000%
Specified Reserve Account Requirement 9,112,535.31
Amount needed to fully fund Reserve Account -
Surety Bond
Required Surety Bond Amount (25% of the Pool Balance) 47,459,031.23
Surety Bond amount on the previous Distribution Date 48,464,545.23
Payments made with respect Surety Principal Draws Payments received with
respect to unreimbursed Surety Principal Draws Surety Bond Amount for
the current Distribution Date 47,459,031.23
Total Surety Interest Draws -
Total Surety Principal Draws -
Total Surety Preference Draws -
Total Draws -
Surety Bond Fee 18,609.26
Total unreimbursed Surety Interest Draws -
Total unreimbursed Surety Principal Draws -
Total unreimbursed Surety Preference Draws -
Amount Owed to Surety Bond Provider 18,609.26
Surety Bond Fee Paid 18,609.26
Total payments for Surety Interest Draws -
Total payments for Surety Principal Draws -
Total payments for Surety Preference Draws -
Payments made to the Surety Bond Provider 18,609.26
Surety Bond Fee Outstanding -
Remaining unreimbursed Surety Interest Draws -
Remaining unreimbursed Surety Principal Draws -
Remaining unreimbursed Surety Preference Draws -
Remaining Amounts Owed to the Surety Bond Provider -
Net Credit Loss Ratio
Net Credit Losses 237,053
Adjustement for Defaulted Receivables Since Inception
For the Current Collection Period 0.1287%
For the preceding Collection Period 0.1352%
For the second preceding Collection Period 0.0783%
Average Net Credit Loss Ratio 0.1141%
Delinquency Analysis
Number of Loans
30 to 59 days past due 286
60 to 89 days past due 84
90 or more days past due 151
Total 521
Principal Balance
30 to 59 days past due 3,509,938.54
60 to 89 days past due 938,517.86
90 or more days past due 1,775,452.72
Total 6,223,909.12
Delinquency Ratio
For the current Collection Period 3.4150%
For the preceding Collection Period 3.3275%
For the second preceding Collection Period 2.9946%
Average Delinquency Ratio 3.2457%
Weighted Average Computations
Weighted Average Coupon 10.6305%
Weighted Average Original Term (months) 123
Weighted Average Remaining Term (months) 99
Cash Settlement for the Trustee
Total Deposit to the Collection Account 5,326,251.06
Servicing Fee 116,307.89
Interest allocable to the Seller's Certificate 0.43
Principal amount allocable to the Seller's Certificate 1.81
Net Deposit to the Certificate Account 5,209,940.93
Wire Funds to the Certificateholders 4,749,121.28
Wire Funds to the Surety Bond Provider 18,609.26
Deposit Funds into the Reserve Account -
Wire Funds to NationsCredit 442,210.39
Approved by:
Lawrence Angelilli
Vice President & Treasurer
</TABLE>
<PAGE>
MONTHLY SERVICERS CERTIFICATE
NATIONSCREDIT GRANTOR TRUST 1996-1
Pursuant to the Pooling and Servicing Agreement, dated as of January 31,
1996 among NationsCredit Securitization Corporation (as Seller), NationsCredit
Corporation of America (as Servicer) and Bankers Trust Company (as Trustee and
Collateral Agent), the Servicer is required to prepare certain information each
month regarding distribution to Certificateholders and the performance of the
Trust. The information with respect to the applicable Distribution Date is set
forth below.
Month Oct-96
Collection Period 1-Sep-96
Determination Date 10-Oct-96
Deposit Date 11-Oct-96
Distribution Date 15-Oct-96
<TABLE>
<CAPTION>
<S> <C>
Pool Balance
Pool Balance on the close of the last day of the preceding Collection Period 189,836,124.91
Principal Collections 3,402,918.98
Principal Collections Adjustment - Over Payment Since Inception
Purchase Amounts Allocable to Principal 39,774.18
Defaulted Receivables 300,803.51
Defaulted Receivables Adjustment Since Inception
Pool Balance on the close of the last day of the Collection Period 186,092,628.24
Original Pool Balance 223,194,105.12
Pool Factor 83.3770355%
Preference Amounts -
Certificate Pass-Through Rate 5.8500%
Servicing Fee Rate 0.7500%
Available Interest
Collections allocable to interest 1,597,243.06
Liquidation Proceeds 46,661.59
Purchase Amounts allocable to interest -
Reserve Account Interest Withdrawal -
Surety Interest Drawing -
Reserve Account Preference Withdrawal -
Surety Preference Withdrawal -
Total Interest 1,643,904.65
Available Principal
Collections allocable to principal 3,402,918.98
Purchase Amounts allocable to principal 39,774.18
Reserve Account Principal Withdrawal -
Surety Principal Drawing -
Total Principal 3,442,693.16
Available Funds
Collections allocable to interest 1,597,243.06
Liquidation Proceeds 46,661.59
Purchase Amounts allocable to interest -
Collections allocable to principal 3,402,918.98
Purchase Amounts allocable to principal 39,774.18
Total Available Funds 5,086,597.81
Deposit to Certificate Account
Available Funds allocable to interest 1,643,904.65
Available Funds allocable to principal 3,442,693.16
Reserve Account Interest Withdrawal -
Surety Interest Drawing -
Reserve Account Preference Withdrawal -
Surety Preference Withdrawal -
Reserve Account Principal Withdrawal -
Surety Principal Drawing -
Total Deposit to the Certificate Account 5,086,597.81
Interest Payment
Monthly Interest Payment 925,451.11
Carry-Over Monthly Interest -
Total 925,451.11
Principal Payment
Monthly Principal Payment 3,743,496.67
Carry-Over Monthly Principal -
Total 3,743,496.67
Servicing Fee
Servicing Fee 118,647.58
Carry-Over Monthly Servicing Fee -
Total 118,647.58
Distributions from the Certificate Account
Interest distributions 925,451.11
Principal distribution 3,743,496.67
Preference Amounts -
Servicing Fee distribution 118,647.58
Distributions to the Surety Bond Provider 18,983.61
Distributions to the Reserve Account -
Distributions to the Seller 280,018.84
Carry-Over Monthly Interest to the next Distribution Date -
Carry-Over Monthly Principal to the next Distributions Date -
Carry-Over Monthly Servicing Fee to the next Distribution Date -
Reserve Account
Reserve Account Balance as of the end of the preceding Collection Period
Add: Ajustment to Reconcile to actual account balance
Reserve Account Balance as of the end of the preceding Collection Period 9,491,806.25
Earnings from investments on the Reserve Account 37,173.83
Reserve Account Interest Withdrawal -
Reserve Account Preference Withdrawal -
Reserve Account Principal Withdrawal -
Deposits to the Reserve Account -
Adjment
Reserve Account Balance 9,528,980.08
Distributions of any excess amounts on deposit in the Reserve Account 224,348.66
Ending Reserve Account Balance 9,304,631.41
Reserve Account Balance as a % of the Pool Balance 5.0000%
Specified Reserve Account Requirement 9,304,631.41
Amount needed to fully fund Reserve Account -
Surety Bond
Required Surety Bond Amount (25% of the Pool Balance) 48,464,545.23
Surety Bond amount on the previous Distribution Date 49,706,078.14
Payments made with respect Surety Principal Draws Payments received with
respect to unreimbursed Surety Principal Draws Surety Bond Amount for
the current Distribution Date 48,464,545.23
Total Surety Interest Draws -
Total Surety Principal Draws -
Total Surety Preference Draws -
Total Draws -
Surety Bond Fee 18,983.61
Total unreimbursed Surety Interest Draws -
Total unreimbursed Surety Principal Draws -
Total unreimbursed Surety Preference Draws -
Amount Owed to Surety Bond Provider 18,983.61
Surety Bond Fee Paid 18,983.61
Total payments for Surety Interest Draws -
Total payments for Surety Principal Draws -
Total payments for Surety Preference Draws -
Payments made to the Surety Bond Provider 18,983.61
Surety Bond Fee Outstanding -
Remaining unreimbursed Surety Interest Draws -
Remaining unreimbursed Surety Principal Draws -
Remaining unreimbursed Surety Preference Draws -
Remaining Amounts Owed to the Surety Bond Provider -
Net Credit Loss Ratio
Net Credit Losses 254,141.92
Adjustement for Defaulted Receivables Since Inception
For the Current Collection Period 0.1352%
For the preceding Collection Period 0.0783%
For the second preceding Collection Period 0.1009%
Average Net Credit Loss Ratio 0.1048%
Delinquency Analysis
Number of Loans
30 to 59 days past due 314
60 to 89 days past due 91
90 or more days past due 117
Total 522
Principal Balance
30 to 59 days past due 3,837,059.48
60 to 89 days past due 981,063.08
90 or more days past due 1,374,123.85
Total 6,192,246.41
Delinquency Ratio
For the current Collection Period 3.3275%
For the preceding Collection Period 2.9946%
For the second preceding Collection Period 2.7151%
Average Delinquency Ratio 3.0124%
Weighted Average Computations
Weighted Average Coupon 10.6357%
Weighted Average Original Term (months) 123
Weighted Average Remaining Term (months) 100
Cash Settlement for the Trustee
Total Deposit to the Collection Account 5,086,597.81
Servicing Fee 118,647.58
Interest allocable to the Seller's Certificate 0.44
Principal amount allocable to the Seller's Certificate 1.76
Net Deposit to the Certificate Account 4,967,948.03
Wire Funds to the Certificateholders 4,668,945.58
Wire Funds to the Surety Bond Provider 18,983.61
Deposit Funds into the Reserve Account -
Wire Funds to NationsCredit 280,018.84
Approved by:
Lawrence Angelilli
Vice President & Treasurer
</TABLE>
<PAGE>
MONTHLY SERVICERS CERTIFICATE
NATIONSCREDIT GRANTOR TRUST 1996-1
Pursuant to the Pooling and Servicing Agreement, dated as of January 31,
1996 among NationsCredit Securitization Corporation (as Seller), NationsCredit
Corporation of America (as Servicer) and Bankers Trust Company (as Trustee and
Collateral Agent), the Servicer is required to prepare certain information each
month regarding distribution to Certificateholders and the performance of the
Trust. The information with respect to the applicable Distribution Date is set
forth below.
<TABLE>
<CAPTION>
Month Sep-96
Collection Period August 1996
Determination Date 11-Sep-96
Deposit Date 13-Sep-96
Distribution Date 16-Sep-96
Pool Balance
<S> <C>
Pool Balance on the close of the last day of the preceding Collection Period 193,858,180.90
Principal Collections 3,772,177.91
Principal Collections Adjustment - Over Payment Since Inception
Purchase Amounts Allocable to Principal 62,000.80
Defaulted Receivables 187,877.28
Defaulted Receivables Adjustment Since Inception
Pool Balance on the close of the last day of the Collection Period 189,836,124.91
Original Pool Balance 223,194,105.12
Pool Factor 85.0542736%
Preference Amounts -
Certificate Pass-Through Rate 5.8500%
Servicing Fee Rate 0.7500%
Available Interest
Collections allocable to interest 1,726,737.54
Liquidation Proceeds 37,575.00
Purchase Amounts allocable to interest -
Reserve Account Interest Withdrawal -
Surety Interest Drawing -
Reserve Account Preference Withdrawal -
Surety Preference Withdrawal -
Total Interest 1,764,312.54
Available Principal
Collections allocable to principal 3,772,177.91
Purchase Amounts allocable to principal 62,000.80
Reserve Account Principal Withdrawal -
Surety Principal Drawing -
Total Principal 3,834,178.71
Available Funds
Collections allocable to interest 1,726,737.54
Liquidation Proceeds 37,575.00
Purchase Amounts allocable to interest -
Collections allocable to principal 3,772,177.91
Purchase Amounts allocable to principal 62,000.80
Total Available Funds 5,598,491.25
Deposit to Certificate Account
Available Funds allocable to interest 1,764,312.54
Available Funds allocable to principal 3,834,178.71
Reserve Account Interest Withdrawal -
Surety Interest Drawing -
Reserve Account Preference Withdrawal -
Surety Preference Withdrawal -
Reserve Account Principal Withdrawal -
Surety Principal Drawing -
Total Deposit to the Certificate Account 5,598,491.25
Interest Payment
Monthly Interest Payment 945,058.63
Carry-Over Monthly Interest -
Total 945,058.63
Principal Payment
Monthly Principal Payment 4,022,055.99
Carry-Over Monthly Principal -
Total 4,022,055.99
Servicing Fee
Servicing Fee 121,161.36
Carry-Over Monthly Servicing Fee -
Total 121,161.36
Distributions from the Certificate Account
Interest distributions 945,058.63
Principal distribution 4,022,055.99
Preference Amounts -
Servicing Fee distribution 121,161.36
Distributions to the Surety Bond Provider 19,385.82
Distributions to the Reserve Account -
Distributions to the Seller 490,829.45
Carry-Over Monthly Interest to the next Distribution Date -
Carry-Over Monthly Principal to the next Distributions Date -
Carry-Over Monthly Servicing Fee to the next Distribution Date -
Reserve Account
Reserve Account Balance as of the end of the preceding Collection Period
Add: Ajustment to Reconcile to actual account balance
Reserve Account Balance as of the end of the preceding Collection Period 9,692,909.05
Earnings from investments on the Reserve Account 42,111.96
Reserve Account Interest Withdrawal -
Reserve Account Preference Withdrawal -
Reserve Account Principal Withdrawal -
Deposits to the Reserve Account -
Adjment
Reserve Account Balance 9,735,021.01
Distributions of any excess amounts on deposit in the Reserve Account 243,214.76
Ending Reserve Account Balance 9,491,806.25
Reserve Account Balance as a % of the Pool Balance 5.0000%
Specified Reserve Account Requirement 9,491,806.25
Amount needed to fully fund Reserve Account -
Surety Bond
Required Surety Bond Amount (25% of the Pool Balance) 49,706,078.14
Surety Bond amount on the previous Distribution Date 50,997,966.74
Payments made with respect Surety Principal Draws Payments received with
respect to unreimbursed Surety Principal Draws Surety Bond Amount for
the current Distribution Date 49,706,078.14
Total Surety Interest Draws -
Total Surety Principal Draws -
Total Surety Preference Draws -
Total Draws -
Surety Bond Fee 19,385.82
Total unreimbursed Surety Interest Draws -
Total unreimbursed Surety Principal Draws -
Total unreimbursed Surety Preference Draws -
Amount Owed to Surety Bond Provider 19,385.82
Surety Bond Fee Paid 19,385.82
Total payments for Surety Interest Draws -
Total payments for Surety Principal Draws -
Total payments for Surety Preference Draws -
Payments made to the Surety Bond Provider 19,385.82
Surety Bond Fee Outstanding -
Remaining unreimbursed Surety Interest Draws -
Remaining unreimbursed Surety Principal Draws -
Remaining unreimbursed Surety Preference Draws -
Remaining Amounts Owed to the Surety Bond Provider -
Net Credit Loss Ratio
Net Credit Losses 150,302.28
Adjustement for Defaulted Receivables Since Inception
For the Current Collection Period 0.0783%
For the preceding Collection Period 0.1009%
For the second preceding Collection Period 0.0748%
Average Net Credit Loss Ratio 0.0847%
Delinquency Analysis
Number of Loans
30 to 59 days past due 332
60 to 89 days past due 69
90 or more days past due 97
Total 498
Principal Balance
30 to 59 days past due 3,776,982.72
60 to 89 days past due 815,422.09
90 or more days past due 1,092,455.40
Total 5,684,860.21
Delinquency Ratio
For the current Collection Period 2.9946%
For the preceding Collection Period 2.7151%
For the second preceding Collection Period 2.4588%
Average Delinquency Ratio 2.7228%
Weighted Average Computations
Weighted Average Coupon 10.6417%
Weighted Average Original Term (months) 123
Weighted Average Remaining Term (months) 100
Cash Settlement for the Trustee
Total Deposit to the Collection Account 5,598,491.25
Servicing Fee 121,161.36
Interest allocable to the Seller's Certificate 0.45
Principal amount allocable to the Seller's Certificate 1.89
Net Deposit to the Certificate Account 5,477,327.55
Wire Funds to the Certificateholders 4,967,112.28
Wire Funds to the Surety Bond Provider 19,385.82
Deposit Funds into the Reserve Account -
Wire Funds to NationsCredit 490,829.45
Approved by:
Lawrence Angelilli
Vice President & Treasurer
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