BANC ONE ABS CORP
8-K/A, 1998-06-09
ASSET-BACKED SECURITIES
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================================================================================
                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

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

                                Amendment No. 1

                                       to

                                    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):            May 15, 1998
                                                            --------------

                       BANC ONE AUTO GRANTOR TRUST 1996-B
                    -----------------------------------------
                    (Issuer with respect to the Certificates)


                            BANC ONE ABS CORPORATION
             ------------------------------------------------------
             (Exact name of registrant as specified in its charter)


                                      Ohio
                  ---------------------------------------------
                  (State or other jurisdiction of organization)

         333-3457                               31-1467431
- ------------------------              ------------------------------------
(Commission File Number)              (IRS Employer Identification Number)



c/o Bank One, Arizona, N.A., as Servicer, Attn: Tom Lewis,
201 North Central Avenue, Phoenix, Arizona                             85004
- ------------------------------------------                           ----------
(Address of principal executive offices)                             (Zip Code)


                                 (602) 221-3704
               --------------------------------------------------
               Registrant's telephone number, including area code

================================================================================
<PAGE>



Item 5.    Other Events

           On May 15, 1998, the Banc One Auto Grantor Trust 1996-B (the "Trust")
           made a regular monthly distribution of principal and/or interest to
           holders of the Trust's Class A 6.55% Asset Backed Certificates and
           Class B 6.70% Asset Backed Certificates. Exhibit 99.1 of this Form
           8-K, the Monthly Statement and certain additional information, was
           distributed to the Certificateholders of record.

           This report on Form 8-K is being filed in accordance with a no-action
           letter dated August 16, 1995 issued by the staff of the Division of
           Corporate Finance of the Securities and Exchange Commission to Bank
           One, Texas, N.A., as originator and servicer of Bank One Auto Trust
           1995-A. Consistent with such no-action letter, the Trust is hereby
           filing the Monthly Statement and certain additional information
           reflecting the Trust's activities for the Interest Period from April
           15, 1998 through May 14, 1998 and for the Collection Period from
           April 1, 1998 through April 30, 1998.


Item 7.    Exhibits

           See page 4 for Exhibit Index.


<PAGE>




                                    SIGNATURE


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 hereunto duly authorized.


                                     BANC ONE AUTO GRANTOR TRUST 1996-B

                                     By:  Bank One, Arizona, N.A., as Servicer
                                            on behalf of the Trust


                                     By:  /s/  Tracie H. Klein
                                          ---------------------------
                                          Tracie H. Klein
                                          Vice President



Date:  May 12, 1998
       ------------

<PAGE>

EXHIBIT INDEX

<TABLE>
<CAPTION>
Exhibit         Description                                                             Page
- -------         -----------                                                             ----


<S>             <C>                                                                     <C>

99.1            Monthly Statements and Additional Information...........................5-13

</TABLE>



                                                                    Exhibit 99.1







                             Servicer's Certificate
                         (Pursuant to Section 3.9 of the
                        Pooling and Servicing Agreement,
                               dated June 1, 1996)


                           Banc One Auto Trust 1996-B


               Interest Period April 15, 1998 through May 14, 1998

             Collection Period April 1, 1998 through April 30, 1998


The undersigned officer of Bank One, Arizona, N.A., pursuant to the Pooling and
Servicing Agreement, as Servicer, does hereby certify to the best of his
knowledge and belief that the attached information is true and correct.



Signed by:   /s/ Tracie H. Klein
             -----------------------
             Tracie H. Klein
             Vice President


<PAGE>
<TABLE>

<S>                                                                                                       <C>            
A. ORIGINAL DEAL PARAMETER INPUTS
- ---------------------------------
(A) Total Receivable Balance                                                                              $305,686,731.00
(B) Total Certificate Balance                                                                             $305,686,731.00
(C) Class A Certificates
    (i)   Class A Percentage                                                                                        96.00%
    (ii)  Original Class A Principal Balance                                                              $293,459,000.00
    (iii) Class A Pass-Through Rate                                                                                  6.55%
(D) Class B Certificates
    (i)   Class B Percentage                                                                                         4.00%
    (ii)  Original Class B Principal Balance                                                               $12,227,731.00
    (iii) Class B Pass-Through Rate                                                                                  6.70%
(E) Servicing Fee Rate (per annum)                                                                                   1.00%
(F) Weighted Average Coupon (WAC)                                                                                   12.15%
(G) Weighted Average Original Maturity (WAOM)                                                                       60.12 months
(H) Weighted Average Remaining Maturity (WAM)                                                                       45.97 months
(I) Number of Receivables                                                                                          31,595
(J) Reserve Fund
    (i)   Reserve Fund Initial Deposit Percentage (of initial Certificate Balance)                                   1.50%
    (ii)  Reserve Fund Initial Deposit                                                                      $4,585,300.97
    (iii) Specified Reserve Balance:
          (a) On any Distribution Date: The greater of J(iii)(b or c) if 1.75% charge-off
                 and delinquency triggers not hit - otherwise J(iii)(d)
          (b) Percent of Initial Certificate Balance                                                                 1.00%
          (c) Percent of Remaining Certificate Balance                                                               3.25%
          (d) Trigger Percent of Remaining Certificate Balance                                                       8.00%
</TABLE>


<PAGE>


<TABLE>

<S>                                                                                                        <C>           
B. INPUTS FROM PREVIOUS MONTHLY SERVICER REPORTS
- ------------------------------------------------
(A) Total Receivable Balance                                                                               $90,572,211.85
(B) Total Certificate Balance                                                                              $90,572,211.85
(C) Total Certificate Pool Factor                                                                               0.2962909
(D) Class A Certificates
    (i)  Class A Certificate Balance                                                                       $86,949,245.32
    (ii) Class A Certificate Pool Factor                                                                        0.2962909
(E) Class B Certificates
    (i)  Class B Certificate Balance                                                                        $3,622,966.53
    (ii) Class B Certificate Pool Factor                                                                        0.2962909
(F) Reserve Fund Balance                                                                                    $3,056,867.31
(G) Cumulative Net Losses for All Prior Periods                                                             $9,455,783.03
(H) Charge-off Rate for Second Preceding Period                                                                      1.55%
(I) Charge-off Rate for Preceding Period                                                                             2.09%
(J) Delinquency Percentage for Second Preceding Period                                                               1.48%
(K) Delinquency Percentage for Preceding Period                                                                      1.57%
(L) Weighted Average Coupon (WAC)                                                                                  12.130%
(M) Weighted Average Remaining Maturity (WAM)                                                                       31.53 months
(N) Number of Receivables                                                                                          13,686

C. INPUTS FROM THE MAINFRAME
- ----------------------------

(A) Simple Interest Receivables Principal
    (i)   Principal Collections                                                                             $5,842,868.10
    (ii)  Prepayments in Full                                                                                       $0.00
    (iii) Repurchased Loan Proceeds Related to Principal                                                            $0.00
    (iv)  Other Refunds Related to Principal                                                                        $0.00
(B) Simple Interest Receivables Interest
    (i)   Interest Collections                                                                                $890,314.47
    (ii)  Repurchased Loan Proceeds Related to Interest                                                             $0.00
(C) Weighted Average Coupon (WAC)                                                                                   12.12% 
(D) Weighted Average Remaining Maturity (WAM)                                                                       30.87 months
(E) Remaining Number of Receivables                                                                                12,958 
                                                                             
</TABLE>

<TABLE>
<CAPTION>
(F) Delinquent Receivables                                               Dollar Amount                           # Units
                                                                         --------------                          -------
    <S>                                                                      <C>                  <C>         <C>
    (i)   30-59 Days Delinquent                                              $2,875,371           3.41%               443
    (ii)  60-89 Days Delinquent                                                $514,682           0.61%                77
    (iii) 90 Days or More Delinquent                                           $569,984           0.68%                74
                                                                                                         
D. INPUTS DERIVED FROM OTHER SOURCES
- ------------------------------------

(A) Reserve Fund Investment Income                                                                             $13,132.78
(B) Collection Account Investment Income                                                                            $0.00
(C) Realized Losses for Collection Period:
    (i)   Charge-offs for current Collection Period - Principal                                               $301,463.14
    (ii)  Realized Losses for Collection Period (B)(i)-(C)(i)                                                 $245,857.90
(D) Net Loss and Liquidated Receivables Information
    (i)   Liquidation Proceeds Related to Principal                                                            $55,605.24
    (ii)  Liquidation Proceeds Related to Interest                                                                  $0.00
    (iii) Recoveries from Prior Month Charge Offs                                                             $157,463.55
</TABLE>



<PAGE>

<TABLE>

<S>                                                                                                         <C>
E. COLLECTIONS
- --------------
Interest Collections:
(A) Interest Payments Received                                                                                $890,314.47
(B) Liquidation Proceeds Related to Interest                                                                        $0.00
(C) Repurchased Loan Proceeds                                                                                       $0.00
(D) Recoveries from Prior Month Charge Offs                                                                   $157,463.55
                                                                                                            -------------
(E) Interest Collections                                                                                    $1,047,778.02

Principal Collections:
(F) Principal Payments Received                                                                             $5,842,863.10
(G) Liquidation Proceeds Related to Principal                                                                  $55,605.24
(H) Repurchased Loan Proceeds                                                                                       $0.00
                                                                                                            -------------
(I) Principal Collections                                                                                   $5,898,468.34

(J) Total Collections                                                                                       $6,946,246.36


F. DISTRIBUTABLE AMOUNTS
- ------------------------
(A) Servicing Fee:
    (i)   Servicing Fee                                                                                        $75,476.84
    (ii)  Prior Collection Period unpaid Servicing Fees                                                             $0.00
                                                                                                            -------------
    (iii) Total Servicing Fee                                                                                  $75,476.84

Interest:
(B) Class A Certificates
    (i)   Class A Monthly Interest                                                                            $474,597.96
    (ii)  Class A prior period Interest Carryover Shortfall                                                         $0.00
                                                                                                            -------------
    (iii) Class A Interest Distribution                                                                       $474,597.96
(C) Class B Certificates
    (i)   Class B Monthly Interest                                                                             $20,228.23
    (ii)  Class B prior period Interest Carryover Shortfall                                                         $0.00
                                                                                                            -------------
    (iii) Class B Interest Distribution                                                                        $20,228.23

(D) Total Certificate Interest Distribution                                                                   $494,826.19
(E) Total Certificate Interest Distribution plus Total Servicing Fee                                          $570,303.04


Principal:
(F) Principal Collections                                                                                   $5,898,468.34
(G) Realized Losses                                                                                           $245,857.90
                                                                                                            -------------
(H) Total Monthly Principal                                                                                 $6,144,326.24

(I) Class A Certificates
    (i)   Class A Monthly Principal                                                                         $5,898,547.93
    (ii)  Class A prior period Principal Carryover Shortfall                                                        $0.00
                                                                                                            -------------
    (iii) Class A Principal Distribution                                                                    $5,898,547.93
(J) Class B Certificates
    (i)   Class B Monthly Principal                                                                           $245,778.31
    (ii)  Class B prior period Principal Carryover Shortfall                                                        $0.00
                                                                                                            -------------
    (iii) Class B Principal Distribution                                                                      $245,778.31

(K) Total Principal Distribution                                                                            $6,144,326.24

(L) Total Interest and Principal Distribution Amounts                                                       $6,714,629.28
       plus Servicing Fee

</TABLE>

<PAGE>
<TABLE>

<S>                                                                                                                  <C>

G. DISTRIBUTIONS
- ----------------

(A) Total Interest Collections available to be distributed                                                           $1,047,778.02
(B) Class B Percentage of Principal Collections                                                                        $235,943.78
(C) Servicing Fee:
    (i)    Total Servicing Fee                                                                                          $75,476.84
    (ii)   Servicing Fee paid                                                                                           $75,476.84
                                                                                                                     -------------
    (iii)  Unpaid Servicing Fee                                                                                              $0.00
(D) Total Interest Collections available to be distributed after Servicing Fee paid                                    $972,301.18
Interest:
(E) Class A Certificates
    (i)    Class A Interest Distribution                                                                               $474,597.96
    (ii)   Class A Interest Distribution paid from Interest Collections after Servicing Fee                            $474,597.96
    (iii)  Total Interest Collections available after Class A Interest Distribution paid                               $497,703.21
    (iv)   Class A Interest Distribution remaining to be paid                                                                $0.00
    (v)    Class A Interest Distribution paid from Class B Percentage of Principal Collections                               $0.00
    (vi)   Class A Interest Distribution remaining to be paid                                                                $0.00
    (vii)  Class A Interest Distribution paid from Reserve Fund                                                              $0.00
    (viii) Class A Interest Carryover Shortfall                                                                              $0.00
    (ix)   Class A Interest Distribution paid                                                                          $474,597.96

(F) Class B Certificates
    (i)    Class B Interest Distribution                                                                                $20,228.23
    (ii)   Class B Interest Distribution paid from Interest Collections after Class A Interest Distribution             $20,228.23
    (iii)  Total Interest Collections available after Class B Interest Distribution paid                               $477,474.98
    (iv)   Class B Interest Distribution remaining to be paid                                                                $0.00
    (v)    Class B Interest Distribution paid from Reserve Fund                                                              $0.00
    (vi)   Class B Interest Carryover Shortfall                                                                              $0.00
    (vii)  Class B Interest Distribution paid                                                                           $20,228.23

(G) Total Interest Paid                                                                                                $494,826.19
(H) Total Interest and Servicing Fee Paid                                                                              $570,303.04
(I) Total Interest Collections available after Servicing Fee and Class A and Class B Interest Distribution paid        $477,474.98

Total Collections available to be distributed:
(J) Total Principal Collections                                                                                      $5,898,468.34
(K) Excess Interest                                                                                                    $477,474.98
(L) Less: Class B Percentage of Principal Collections used to pay Class A Interest Distribution                              $0.00
(M) Total Collections available to be distributed as principal                                                       $6,375,943.32

Principal:
(N) Class A Certificates
    (i)   Class A Principal Distribution                                                                             $5,898,547.93
    (ii)  Class A Principal Distribution paid from total Collections available to be distributed                     $5,898,547.93
    (iii) Total Collections available after Class A Principal Distribution paid                                        $477,395.39
    (iv)  Class A Principal Distribution remaining to be paid                                                                $0.00
    (v)   Class A Principal Distribution paid from Reserve Fund                                                              $0.00
    (vi)  Class A Principal Carryover Shortfall                                                                              $0.00
    (vii) Total Class A Principal Distribution paid                                                                  $5,898,547.93

(O) Class B Certificates
    (i)   Class B Principal Distribution                                                                               $245,778.31
    (ii)  Class B Principal Distribution paid from total Collections available to be distributed                       $245,778.31
    (iii) Total Collections available after Class B Principal Distribution paid                                        $231,617.08
    (iv)  Class B Principal Distribution remaining to be paid                                                                $0.00
    (v)   Class B Principal Distribution paid from Reserve Fund                                                              $0.00
    (vi)  Class B Principal Carryover Shortfall                                                                              $0.00
    (vii) Total Class B Principal Distribution paid                                                                    $245,778.31

(P)  Total Excess Cash to the Reserve Fund                                                                             $231,617.08
</TABLE>

<PAGE>

H. POOL BALANCE AND PORTFOLIO INFORMATION
- -----------------------------------------

<TABLE>
<CAPTION>
                                                                       Beginning                        End
                                                                       of Period                     of Period
                                                                       ---------                     ---------
<S>                                                                    <C>                           <C>

(A) Balances and Pool Factors
    (i)    Aggregate Balance of Certificates                           $90,572,211.85                $84,427,885.61
    (ii)   Aggregate Certificate Pool Factor                                0.2962909                     0.2761909
    (iii)  Class A Principal Balance                                   $86,949,245.32                $81,050,697.39
    (iv)   Class A Pool Factor                                              0.2962909                     0.2761909
    (v)    Class B Principal Balance                                    $3,622,966.53                 $3,377,188.22
    (vi)   Class B Pool Factor                                              0.2962909                     0.2761909
                                                                                                      
(B) Pool Information
    (i)   Weighted Average Coupon (WAC)                                         12.13%                        12.12%
    (ii)  Weighted Average Remaining Maturity (WAM)                             31.53 months                  30.87 months
    (iii) Remaining Number of Receivables                                      13,686                        12,958
    (iv)  Pool Balance                                                 $90,572,211.85                $84,427,885.61

I. RECONCILIATION OF RESERVE ACCOUNT
- ------------------------------------
(A) Beginning Reserve Account Balance                                                                 $3,056,867.31
(B) Less: Draw to pay Class A Interest Distribution                                                           $0.00
(C) Reserve Account Balance after draw                                                                $3,056,867.31
(D) Less: Draw to pay Class B Interest Distribution                                                           $0.00
(E) Reserve Account Balance after draw                                                                $3,056,867.31
(F) Less: Draw to pay Class A Principal Distribution                                                          $0.00
(G) Reserve Account Balance after draw                                                                $3,056,867.31
(H) Less: Draw to pay Class B Principal Distribution                                                          $0.00
(I) Reserve Account Balance after draw                                                                $3,056,867.31
(J) Total excess Collections deposited in the Reserve Fund                                              $231,617.08
                                                                                                  -----------------
(K) Reserve Fund Balance                                                                              $3,288,484.39
(L) Specified Reserve Account Balance                                                                 $3,056,867.31
(M) Reserve Account Release to Seller                                                                   $231,617.08
                                                                                                  -----------------
(N) Ending Reserve Account Balance                                                                    $3,056,867.31
                                                                                                  =================

J. NET LOSS AND DELINQUENCY ACCOUNT ACTIVITY
- --------------------------------------------
</TABLE>
<TABLE>

<S>                                                                                                                  <C>    

(A) Liquidated Contracts
    (i)   Liquidation Proceeds Related to Principal                                                                     $55,605.24
    (ii)  Liquidation Proceeds Related to Interest                                                                           $0.00
    (iii) Recoveries on Previously Liquidated Contracts                                                                $157,463.55
(B) Realized Net Losses for Collection Period                                                                          $245,857.90
(C) Charge-off Rate for Collection Period (annualized)                                                                        1.21%
(D) Cumulative Aggregate Net Losses for all Periods                                                                  $9,859,104.48
                                                                                                                   
(E) Delinquent Receivables

</TABLE>

<TABLE>
<CAPTION>

                                                                       Dollar Amount                           # Units
                                                                       -------------                           -------
<S>                                                                       <C>                     <C>              <C>

    (i)   30-59 Days Delinquent                                           $2,875,371              3.41%            443
    (ii)  60-89 Days Delinquent                                             $514,682              0.61%             77
    (iii) 90 Days or More Delinquent                                        $569,984              0.68%             74
</TABLE>

<PAGE>

K. TESTS FOR INCREASE IN SPECIFIED RESERVE ACCOUNT BALANCE
- ----------------------------------------------------------
<TABLE>
<S>                                                                                                            <C>           <C>

(A) Charge-off Rate
    (i)   Second Preceding Collection Period                                                                                 1.55%
    (ii)  Preceding Collection Period                                                                                        2.09%
    (iii) Current Collection Period                                                                                          1.21%
    (iv)  Three Month Average (Avg(i,ii,iii))                                                                                1.62%
                                                                                                                            
(B) Delinquency Percentages                                                                                                 
    (i)   Second Preceding Collection Period                                                                                 1.48%
    (ii)  Preceding Collection Period                                                                                        1.57%
    (iii) Current Collection Period                                                                                          1.28%
    (iv)  Three Month Average (Avg(i,ii,iii))                                                                                1.44%
                                                                                                                          
(C) Loss and Delinquency Trigger Indicator                                                                     Trigger was not hit

</TABLE>

<PAGE>
<TABLE>
<CAPTION>
L.  STATEMENT TO CERTIFICATEHOLDERS
- ------------------------------------                                                                               Per $1,000 of
                                                                                                                Original Principal
(A)  Amount of distribution allocable to principal:                                           Dollars ($)             Balance
                                                                                          -------------------   -----------------
<S>                                                                                         <C>                      <C>  
    (i)    Class A Certificates                                                             $5,898,547.93            21.1000751
    (ii)   Class B Certificates                                                               $245,778.31            20.1000751

<CAPTION>

                                                                                                                 Per $1,000 of
                                                                                                                Original Principal
(B)  Amount of distribution allocable to interest:                                             Dollars ($)            Balance
                                                                                          -------------------   -----------------
<S>                                                                                        <C>                       <C>   

    (i)    Class A Certificates                                                               $474,597.96            1.6172548
    (ii)   Class B Certificates                                                                $20,228.23            1.6542914

(C)  Pool Balance as of the close of business on the last day of the Collection Period     $84,427,885.61
                                                                                           --------------

<CAPTION>

                                                                                                                         
                                                                                                                    Per $1,000 of  
(D)  Amount of the Servicing Fee paid to the Servicer with respect to the related                                Original Principal
      Collection Period                                                                          Dollars ($)          Balance
                                                                                            -------------------   -----------------
<S>                                                                                            <C>                   <C>

    (i)  Total Servicing Fee                                                                   $75,476.84
    (ii) Class A Percentage of the Servicing Fee                                               $72,457.70            0.2469091
    (ii) Class B Percentage of the Servicing Fee                                                $3,019.14            0.2469091


<CAPTION>

                                                                                                                   Per $1,000 of
                                                                                                                Original Principal
                                                                                                Dollars ($)           Balance
                                                                                           -------------------   -----------------
<S>                                                                                                  <C>             <C> 

(E)     (i)   Class A Interest Carryover Shortfall                                                   $0.00           0.0000000
        (ii)  Class A Principal Carryover Shortfall                                                  $0.00           0.0000000
        (iii) Class B Interest Carryover Shortfall                                                   $0.00           0.0000000
        (iv)  Class B Principal Carryover Shortfall                                                  $0.00           0.0000000
                                                                                                    
        Change with respect to immediately preceding Distribution Date:                             
        (v)    Class A Interest Carryover Shortfall                                                  $0.00           0.0000000
        (vi)   Class A Principal Carryover Shortfall                                                 $0.00           0.0000000
        (vii)  Class B Interest Carryover Shortfall                                                  $0.00           0.0000000
        (viii) Class B Principal Carryover Shortfall                                                 $0.00           0.0000000
                                                                                                 
(F) Pool factors for each class of certificates, after giving effect to all
      payments allocated to principal                                                                                Pool Factor
                                                                                                                  -----------------
    (i)    Class A Pool Factor                                                                                        0.2761909
    (ii)   Class B Pool Factor                                                                                        0.2761909

(G) Amount of the aggregate Realized Losses, if any, for such Collection Period ($)               $245,857.90
                                                                                            -----------------

(H) Aggregate principal balance of all Receivables which were more than 60 days
      delinquent as of the close of business on the last day of the preceding 
      Collection Period                                                                         $1,084,666.11

(I) Amount on deposit in the Reserve Fund on such Distribution Date, after
      giving effect to distributions made on such Distribution Date
                                                                                                $3,056,867.31
                                                                                            -----------------

(J) Aggregate outstanding principal balances for each class of certificates,
      after giving effect to all payments allocated to principal                                                 Principal Balance
                                                                                                                 -----------------
    (i)    Class A Principal Balance                                                                              $81,050,697.39
    (ii)   Class B Principal Balance                                                                               $3,377,188.22

(K) Amount otherwise distributable to the Class B Certificateholders that is being 
      distributed to the Class A Certificateholders on such Distribution Date                           $0.00

(L) Aggregate Purchase Amount of Receivables repurchased by the Seller or
      purchased by the Servicer with respect to the Related Collection Period ($)                       $0.00
                                                                                            -----------------
</TABLE>

<PAGE>
<TABLE>
<S>                                                                                  <C>                    <C>               <C>


M. INSTRUCTIONS TO THE TRUSTEE
- ------------------------------
On the Distribution Date, make the following deposits and distributions:

(A)  Withdraw from the Collection Account and distribute to the Servicer:
     (i)     Servicing Fee                                                              $75,476.84
     (ii)    Servicing Fees retained by the Seller                                      $75,476.84
                                                                                       -----------
     (iii)   Servicing Fees to be distributed to the Seller on the Distribution 
             Date (i-ii)                                                                                            $0.00
                                                                                                            -------------

(B)   Withdraw from the Collection Account and deposit in the Class A
       Distribution Account: 
      (i)    for the Class A Interest Distribution                                     $474,597.96
      (ii)   for the Class A Principal Distribution                                  $5,898,547.93
                                                                                     -------------
      (iii)  Total (i+ii)                                                                                   $6,373,145.89
                                                                                                            -------------

(C)   Withdraw from the Collection Account and deposit in the Class B
       Distribution Account: 
      (i)    for the Class B Interest Distribution                                      $20,228.23
      (ii)   for the Class B Principal Distribution                                    $245,778.31
                                                                                     -------------
      (iii)  Total (i+ii)                                                                                     $266,006.54
                                                                                                            -------------

(D)  Withdraw excess Collections from the Collection Account and deposit in the 
       Reserve Fund                                                                                           $231,617.08
                                                                                                            -------------

(E) Withdraw from the Reserve Fund and deposit in the Class A Distribution
     Account:
     (i)     Amount equal to the excess of the Class A Interest Distribution over
             the sum of Interest Collections and the Class B Percentage of
             Principal Collections                                                                                  $0.00
     (ii)    Amount equal to the excess of the Class A Principal Distribution over
             the portion of Principal Collections and Interest Collections
             remaining after the distribution of the Class A Interest Distribution
             and the Class B Interest Distribution                                                                  $0.00
                                                                                                            -------------
     (iii)   Total                                                                                                            $0.00
                                                                                                                          ---------

(F) Withdraw from the Reserve Fund and deposit in the Class B Distribution
     Account:
     (i)     Amount equal to the excess of the Class B Interest Distribution over
             the portion of Interest Collections remaining after the distribution
             of the Class A Interest Distribution                                                                   $0.00
     (ii)    Amount equal to the excess of the Class B Principal Distribution over
             the portion of Principal Collections and Interest Collections
             remaining after the distribution of the Class A Interest
             Distribution, the Class B Interest Distribution, and the Class A
             Principal Distribution                                                                                 $0.00
                                                                                                            -------------
     (iii)   Total                                                                                                            $0.00
                                                                                                                         ----------

</TABLE>




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