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Previous: TEXAS PETROCHEMICALS CORP, POS AM, 1997-09-26 |
Next: FLORIDA PANTHERS HOLDINGS INC, PRE 14A, 1997-09-26 |
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10 - K
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 (D) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the annual fiscal period ended June 30, 1997,
Commission File No. 333-06929-02
UACSC 1996-C AUTO TRUST
(Exact name of registrant as specified in its charter)
Delaware 35-1937340
State or other jurisdiction of (I.R.S. Employer
incorporation or organization Identification Number)
UAC Securitization
Corporation
250 Shadeland Avenue, Suite 210 A
Indianapolis, Indiana 46219
(address of principal (zip code)
executive offices)
UAC Securitization Corporation
Registrant's telephone number including area code (317) 231-6414
Securities registered pursuant to Section 12 (b) of the Act: None
Securities registered pursuant to Section 12 (g) of the Act: None
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15 (d) of the Securities Exchange Act
of 1937 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days.
Yes X No
DOCUMENTS INCORPORATED BY REFERENCE: None
<PAGE>
PART I
Item 1. Business.
The sole and only "business" of the Trust is the collection and
distribution of payments on the automobile and light truck
receivables, in the manner described in the Registration Statement.
Accordingly, there is no relevant information to report in response to
Item 101 of Regulation S-K.
Item 2. Properties.
The Trust does not have any physical properties. Accordingly,
this item 2 is inapplicable.
Item 3. Legal Proceedings.
There are no material pending legal proceedings involving either
the Trust, or, with respect to any Certificates or any other trust
property, involving the Trustee or the Company.
Item 4. Submission of Matters to a Vote of Security Holders.
No Votes or consents of Certificateholders are solicited during
the preceding fiscal year for any purpose.
<PAGE>
PART II
Item 5. Market Price or and Dividends on the Registrant's Equity and
Related Stockholder Matters.
There is no established public trading market for the Certificates.
As of June 30, 1997, there were thirty-five (35) registered
Certificateholders. The Trust pays no dividends. See Exhibit 99-1 and 99-2
for information with respect to distribution to Certificateholders.
Item 6. Selected Financial Data.
No financial data is required of UAC Securitization Corporation, as
Registrant (Registration Statement No. 333-06929-02 on form S-3), inasmuch
as the Registration Statement was filed for and on behalf of UACSC 1996-C
Auto Trust and, furthermore, because of UAC Securitization Corporation is
not a guarantor of any of the payments due from the Trust to
Certificateholders.
The regular monthly report form, which the Trustee is required to
include with each monthly distribution of Trust assets to
Certificateholders, sets forth for the prior calendar month, as well as
cumulatively, all of the relevant financial information required by the
applicable pooling and servicing agreement to be reportable to
Certificateholders.
The UAC Securitization Corporation UACSC 1996-C Auto Trust Monthly
Servicer's Certificate Reports for the months ending April 30, 1997, May
31, 1997; Consolidated Monthly Servicer's Certificate Report, for the
period August 31, 1996 through June 30, 19977; and the December 31, 1996
and 1995 Financial Statements of Capital Markets Assurance Corporation, the
surety bond issuer are incorporated herein by reference and attached hereto
as Exhibits (Exhibit No. 99-1, 99-2 and 99-3, respectively).
The foregoing presents all relevant financial information relating to
the Trust. Because of the limited business activity of the Trust, the
Selected Financial Data specified in Item 301 of Regulation S-K would not
provide meaningful additional information.
Item 7. Management's Discussion and Analysis of Financial Condition and
Results of Operation.
Because of the limited business activity of the Trust, the
presentation of Management's Discussion and Analysis of Financial Condition
and Results of Operations, as otherwise required by Item 303 of Regulation
S-K, would not be meaningful. All relevant information is contained in the
monthly statements and consolidated summary annual statement.
Item 8. Financial Statements and Supplementary Data.
As discussed above, furnishing the traditional financial information
required by Item 8 of Form 10-K would not add relevant information to that
provided by the foregoing statements.
Item 9. Disagreements with Accountants on Accounting and Financial
Disclosure.
Not applicable.
<PAGE>
PART III
Item 10. Directors and Executive Officers.
Not applicable.
Item 11. Executive Compensation.
Not applicable.
Item 12. Security Ownership of Certain Beneficial Owners and Management.
As of June 30, 1997, there were a total of thirty-five (35) Registered
Certificateholders, all of whom maintained their security positions with
the Depository Trust Company. While some of these Certificateholders'
security positions in the Trust exceeded 5% of the outstanding Certificate
Balance; such securities do not constitute voting securities within the
meaning of Item 403 of Regulation S-K.
Item 13. Certain Relationships and Related Transactions.
Union Acceptance Corporation, as Servicer, and UAC Securitization
Corporation, as Class IC Certificateholder, receive payments from the Trust
in accordance with the terms of the applicable pooling and servicing
agreement.
PART IV
Item 14. Exhibits, Financial Statement Schedules, and Reports on For 8-K.
No reports on Form 8-K have been filed during the last quarter of the
period covered by this report. Incorporated herein and attached hereto as
Exhibit 99-1 is a copy of the Monthly Servicer's Certificate Reports to the
Trust, for the months ending April 30, 1997, May 31, 1997, and June 30,
1997; as Exhibit 99-2 the Consolidated Monthly Servicer's Certificate
Report for the period August 31, 1996 through June 30, 1997; and as Exhibit
99-3 the December 31, 1996 and 1995 Financial Statements of Capital Markets
Assurance Corporation, the surety bond issuer.
<PAGE>
Pursuant to the requirements of Section 13 or 15 (d) of the Securities
Exchange Act of 1934, the Registrant has duly caused this Report to be
signed on its behalf by the undersigned, thereunto duly authorized Servicer
of the UACSC 1996-C Auto Trust, for and on behalf of UACSC 1996-C Auto
Trust. UACSC 1996-C Auto Trust
By: Union Acceptance Corporation, as Servicer
Date: September 25 , 1997 By: /s/ Rick A. Brown
-------------------------
Rick A. Brown
Vice President
<PAGE>
EXHIBIT INDEX
No. Description
----- -----------
4 Pooling and Servicing Agreement Respecting UACSC 1996-C Auto Trust*
UACSC 1996-C Auto Trust Monthly
Servicer's Certificate Reports:
99-1(a) Month Ended April 30, 1997
99-1(b) Month Ended May 31, 1997
99-1(c) Month Ended June 30, 1997
99-2 UACSC 1996-C Auto Trust
Consolidated Monthly Servicer's
Certificate Report Period
08/31/96 Through 06/30/97
99-3 Capital Markets Assurance Corporation Balance Sheet as of
December 31, 1996 and 1995 and the Related Statements of
Income, Stockholders Equity and Cash Flows for each of the
years in the three-year period ended December 31, 1996
(Incorporated by reference from pages F-1 to F-20 of the
Current Report on Form 8-K of the UACSC 1997-C Auto Trust
(File #333-06929, C1K 000100392) as filed on or about September
12, 1997).
*Incorporated by Reference to Exhibit 4 to Form 8-K filed August 20, 1996.
<TABLE>
<CAPTION>
UNION ACCEPTANCE CORPORATION
(Servicer)
MONTH ENDING 4/30/97
PRINCIPAL BALANCE RECONCILIATION D O L L A R S NUMBERS
CLASS A-1 CLASS A-2 CLASS A-3 TOTAL CLASS A's
-------------- ------------- ------------- -------------- -----------
<S> <C> <C> <C> <C> <C>
Original Principal Balance 188,000,000.00 97,000,000.00 25,999,057.10 310,999,057.10 24,044
Beginning Period Principal Balance 121,269,093.66 97,000,000.00 25,999,057.10 244,268,150.76 20,263
Principal Collections - Scheduled Payments 3,297,758.45 0.00 0.00 3,297,758.45 0
Principal Collections - Payoffs 3,197,653.55 0.00 0.00 3,197,653.55 400
Principal Withdrawal from Payahead 18,570.47 0.00 0.00 18,570.47 0
Gross Principal Charge Offs 860,999.46 0.00 0.00 860,999.46 61
Repurchases 155,058.17 0.00 0.00 155,058.17 17
Ending Balance 113,739,053.56 97,000,000.00 25,999,057.10 236,738,110.66 19,785
============== ============= ============= ============== =============
Certificate Factor 0.6049950 1.0000000 1.0000000 0.7612181
Pass Through Rate 6.190% 6.510% 6.630% 6.327%
</TABLE>
<TABLE>
<CAPTION>
CASH FLOW RECONCILIATION
<S> <C>
Principal Wired 6,518,749.00
Interest Wired 2,300,138.97
Withdrawal from Payahead Account 29,285.11
Repurchases (Principal and Interest) 159,868.55
Charge Off Recoveries 393,384.01
Interest Advances 84,428.85
Certificate Account Interest Earned 27,380.60
Spread Account Withdrawal 0.00
Class A Surety Bond Draw for Class I Interest 0.00
Class A Surety Bond Draw for
Class A Principal or Interest 0.00
Total Cash Flow 9,513,235.09
============
TRUSTEE DISTRIBUTION (5/08/97)
Total Cash Flow 9,513,235.09
Unrecovered Advances on Defaulted Receivables 26,629.16
Servicing Fee (Due and Unpaid) 0.00
Interest to Class A-1 Certificateholders 625,546.41
Interest to Class A-2 Certificateholders 526,225.00
Interest to Class A-3 Certificateholders 143,644.79
Interest to Class I Certificateholders 431,566.80
Principal to Class A-1 Certificateholders 7,530,040.10
Principal to Class A-2 Certificateholders 0.00
Principal to Class A-3 Certificateholders 0.00
Surety Bond Premium 29,592.26
Interest Advance Recoveries from Payments 26,789.54
Unreimbursed draws on Class A's
Surety Bond for Class I Interest 0.00
Unreimbursed draws on Class A's Surety
Bond for Class A Principal or Interest 0.00
Deposit to Payahead 28,187.79
Certificate Account Interest to Servicer 27,380.60
Payahead Account Interest to Servicer 1,397.68
Excess 116,234.96
Net Cash 0.00
============
Monthly Servicing Fee and the Spread Amount 1,215,791.94
============
Servicing Fee Retained from Interest Collections 203,556.79
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
SPREAD ACCOUNT RECONCILIATION
<S> <C>
Original Balance 0.00
Beginning Balance 2,605,879.05
Trustee Distribution of Excess 116,234.96
Interest Earned 11,285.79
Spread Account Draws 0.00
Reimbursement for Prior Spread Account Draws 0.00
Distribution of Funds to Servicer 0.00
Ending Balance 2,733,399.80
=============
Required Balance 11,836,905.53
FIRST LOSS PROTECTION AMOUNT RECONCILIATION
Original Balance 15,549,952.85
Beginning Balance 9,607,528.49
Reduction Due to Spread Account (127,520.75)
Reduction Due to Principal Reduction (376,502.01)
Ending Balance 9,103,505.73
=============
First Loss Protection Required Amount 9,103,505.74
First Loss Protection Fee % 2.00%
First Loss Protection Fee 15,172.51
SURETY BOND RECONCILIATION
Original Balance 310,999,057.10
Beginning Balance 242,989,829.89
Draws 0.00
Reimbursement of Prior Draws 0.00
Ending Balance 242,989,829.89
==============
Adjusted Ending Balance Based Upon Required Balance 235,265,380.87
==============
Required Balance 235,265,380.87
PAYAHEAD RECONCILIATION
Beginning Balance 327,572.10
Deposit 28,187.79
Payahead Interest 1,397.68
Withdrawal 29,285.11
Ending Balance 327,872.46
=============
</TABLE>
UACSC 96-C
UNION ACCEPTANCE CORPORATION
(Servicer)
MONTH ENDING 5/31/97
<TABLE>
<CAPTION>
PRINCIPAL BALANCE RECONCILIATION D O L L A R S NUMBERS
CLASS A-1 CLASS A-2 CLASS A-3 TOTAL CLASS A's
-------------- ------------- ------------- -------------- ------
<S> <C> <C> <C> <C> <C>
Original Principal Balance 188,000,000.00 97,000,000.00 25,999,057.10 310,999,057.10 24,044
Beginning Period Principal Balance 113,739,053.56 97,000,000.00 25,999,057.10 236,738,110.66 19,785
Principal Collections - Scheduled Payments 3,289,407.74 0.00 0.00 3,289,407.74 0
Principal Collections - Payoffs 3,409,412.73 0.00 0.00 3,409,412.73 416
Principal Withdrawal from Payahead 13,222.13 0.00 0.00 13,222.13 0
Gross Principal Charge Offs 1,081,363.17 0.00 0.00 1,081,363.17 79
Repurchases 76,737.59 0.00 0.00 76,737.59 14
Ending Balance 105,868,910.20 97,000,000.00 25,999,057.10 228,867,967.30 19,276
============== ============= ============= ============== ======
Certificate Factor 0.5631325 1.0000000 1.0000000 0.7359121
Pass Through Rate 6.190% 6.510% 6.630% 6.327%
</TABLE>
<TABLE>
<CAPTION>
CASH FLOW RECONCILIATION
<S> <C>
Principal Wired 6,748,341.72
Interest Wired 2,316,969.52
Withdrawal from Payahead Account 20,821.31
Repurchases (Principal and Interest) 79,629.39
Charge Off Recoveries 448,595.66
Interest Advances 93,286.25
Certificate Account Interest Earned 29,072.94
Spread Account Withdrawal 0.00
Class A Surety Bond Draw for Class I Interest 0.00
Class A Surety Bond Draw for
Class A Principal or Interest 0.00
Total Cash Flow 9,736,716.79
============
TRUSTEE DISTRIBUTION (6/10/97)
Total Cash Flow 9,736,716.79
Unrecovered Advances on Defaulted Receivables 32,326.07
Servicing Fee (Due and Unpaid) 0.00
Interest to Class A-1 Certificateholders 586,703.95
Interest to Class A-2 Certificateholders 526,225.00
Interest to Class A-3 Certificateholders 143,644.79
Interest to Class I Certificateholders 414,310.46
Principal to Class A-1 Certificateholders 7,870,143.36
Principal to Class A-2 Certificateholders 0.00
Principal to Class A-3 Certificateholders 0.00
Surety Bond Premium 29,562.11
Interest Advance Recoveries from Payments 48,299.98
Unreimbursed draws on Class A's Surety
Bond for Class I Interest 0.00
Unreimbursed draws on Class A's Surety
Bond for Class A Principal or Interest 0.00
Deposit to Payahead 54,904.08
Certificate Account Interest to Servicer 29,072.94
Payahead Account Interest to Servicer 1,524.05
Excess 0.00
Net Cash 0.00
============
Monthly Servicing Fee and the Spread Amount 1,266,049.59
============
Servicing Fee Retained from Interest Collections 197,281.76
============
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
SPREAD ACCOUNT RECONCILIATION
<S> <C>
Original Balance 0.00
Beginning Balance 2,733,399.80
Trustee Distribution of Excess 0.00
Interest Earned 12,575.89
Spread Account Draws 0.00
Reimbursement for Prior Spread Account Draws 0.00
Distribution of Funds to Servicer 0.00
Ending Balance 2,745,975.69
=============
Required Balance 11,443,398.37
-------------
FIRST LOSS PROTECTION AMOUNT RECONCILIATION
Original Balance 15,549,952.85
Beginning Balance 9,103,505.74
Reduction Due to Spread Account (12,575.89)
Reduction Due to Principal Reduction (393,507.17)
Ending Balance 8,697,422.68
=============
First Loss Protection Required Amount 8,697,422.68
First Loss Protection Fee % 2.00%
First Loss Protection Fee 14,978.89
SURETY BOND RECONCILIATION
Original Balance 310,999,057.10
Beginning Balance 235,265,380.87
Draws 0.00
Reimbursement of Prior Draws 0.00
Ending Balance 235,265,380.87
==============
Adjusted Ending Balance Based
Upon Required Balance 227,320,287.78
==============
Required Balance 227,320,287.78
PAYAHEAD RECONCILIATION
Beginning Balance 327,872.46
Deposit 54,904.08
Payahead Interest 1,524.05
Withdrawal 20,821.31
Ending Balance 363,479.28
=============
INTEREST ADVANCES 5/97 4,386.74
TO BE RECOVERED
</TABLE>
UACSC 96-C
UNION ACCEPTANCE CORPORATION
(Servicer)
MONTH ENDING 6/30/97
<TABLE>
<CAPTION>
PRINCIPAL BALANCE RECONCILIATION D O L L A R S NUMBERS
CLASS A-1 CLASS A-2 CLASS A-3 TOTAL CLASS A's
------------- ------------- ------------- -------------- ------
<S> <C> <C> <C> <C> <C>
Original Principal Balance 188,000,000.00 97,000,000.00 25,999,057.10 310,999,057.10 24,044
Beginning Period Principal Balance 105,868,910.20 97,000,000.00 25,999,057.10 228,867,967.30 19,276
Principal Collections - Scheduled Payments 3,287,566.37 0.00 0.00 3,287,566.37 0
Principal Collections - Payoffs 2,894,443.50 0.00 0.00 2,894,443.50 414
Principal Withdrawal from Payahead 13,466.55 0.00 0.00 13,466.55 0
Gross Principal Charge Offs 1,081,067.84 0.00 0.00 1,081,067.84 76
Repurchases 113,605.50 0.00 0.00 113,605.50 17
Ending Balance 98,478,760.44 97,000,000.00 25,999,057.10 221,477,817.54 18,769
============= ============= ============= ============== ======
Certificate Factor 0.5238232 1.0000000 1.0000000 0.7121495
Pass Through Rate 6.190% 6.510% 6.630% 6.327%
</TABLE>
<TABLE>
<CAPTION>
CASH FLOW RECONCILIATION
<S> <C>
Principal Wired 6,196,539.37
Interest Wired 2,350,496.13
Withdrawal from Payahead Account 20,634.52
Repurchases (Principal and Interest) 116,556.33
Charge Off Recoveries 415,852.80
Interest Advances 84,026.23
Certificate Account Interest Earned 28,876.03
Spread Account Withdrawal 0.00
Class A Surety Bond Draw for
Class I Interest 0.00
Class A Surety Bond Draw for
Class A Principal or Interest 0.00
Total Cash Flow 9,212,981.41
============
TRUSTEE DISTRIBUTION (7/09/97)
Total Cash Flow 9,212,981.41
Unrecovered Advances on Defaulted Receivables 27,720.18
Servicing Fee (Due and Unpaid) 0.00
Interest to Class A-1 Certificateholders 546,107.13
Interest to Class A-2 Certificateholders 526,225.00
Interest to Class A-3 Certificateholders 143,644.79
Interest to Class I Certificateholders 396,274.72
Principal to Class A-1 Certificateholders 7,390,149.76
Principal to Class A-2 Certificateholders 0.00
Principal to Class A-3 Certificateholders 0.00
Surety Bond Premium 27,684.73
Interest Advance Recoveries from Payments 70,566.19
Unreimbursed draws on Class A's Surety
Bond for Class I Interest 0.00
Unreimbursed draws on Class A's Surety
Bond for Class A Principal or Interest 0.00
Deposit to Payahead 19,542.10
Certificate Account Interest to Servicer 28,876.03
Payahead Account Interest to Servicer 1,596.07
Excess 34,594.71
Net Cash 0.00
============
Monthly Servicing Fee and the Spread Amount 1,334,513.08
============
Servicing Fee Retained from Interest Collections 190,723.31
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
SPREAD ACCOUNT RECONCILIATION
<S> <C>
Original Balance 0.00
Beginning Balance 2,745,975.69
Trustee Distribution of Excess 34,594.71
Interest Earned 12,405.99
Spread Account Draws 0.00
Reimbursement for Prior Spread Account Draws 0.00
Distribution of Funds to Servicer 0.00
Ending Balance 2,792,976.39
=============
Required Balance 11,073,890.88
FIRST LOSS PROTECTION AMOUNT RECONCILIATION
Original Balance 15,549,952.85
Beginning Balance 8,697,422.68
Reduction Due to Spread Account (47,000.70)
Reduction Due to Principal Reduction (369,507.49)
Ending Balance 8,280,914.49
============
First Loss Protection Required Amount 8,280,914.48
First Loss Protection Fee % 2.00%
First Loss Protection Fee 13,801.52
SURETY BOND RECONCILIATION
Original Balance 310,999,057.10
Beginning Balance 227,320,287.78
Draws 0.00
Reimbursement of Prior Draws 0.00
Ending Balance 227,320,287.78
Adjusted Ending Balance Based
Upon Required Balance 219,817,946.30
Required Balance 219,817,946.30
PAYAHEAD RECONCILIATION
Beginning Balance 363,479.28
Deposit 19,542.10
Payahead Interest 1,596.07
Withdrawal 20,634.52
Ending Balance 363,982.93
============
</TABLE>
99-2
UACSC 96-C
UNION ACCEPTANCE CORPORATION
(Servicer)
YEAR ENDING 6/30/97
<TABLE>
<CAPTION>
PRINCIPAL BALANCE RECONCILIATION D O L L A R S NUMBERS
CLASS A-1 CLASS A-2 CLASS A-3 TOTAL CLASS A's
------------- ------------- ------------- -------------- ------
<S> <C> <C> <C> <C> <C>
Original Principal Balance 188,000,000.00 97,000,000.00 25,999,057.10 310,999,057.10 24,044
Beginning Period Principal Balance 188,000,000.00 97,000,000.00 25,999,057.10 310,999,057.10 24,044
Principal Collections - Scheduled Payments 38,884,028.54 0.00 0.00 38,884,028.54 0
Principal Collections - Payoffs 41,976,878.46 0.00 0.00 41,976,878.46 4,596
Principal Withdrawal from Payahead 140,537.39 0.00 0.00 140,537.39 0
Gross Principal Charge Offs 7,709,412.72 0.00 0.00 7,709,412.72 563
Repurchases 810,382.45 0.00 0.00 810,382.45 116
Ending Balance 98,478,760.44 97,000,000.00 25,999,057.10 221,477,817.54 18,769
============= ============= ============= ============== ======
Certificate Factor 0.5238232 1.0000000 1.0000000 0.7121495
Pass Through Rate 6.190% 6.510% 6.630% 6.327%
</TABLE>
<TABLE>
<CAPTION>
CASH FLOW RECONCILIATION
<S> <C>
Principal Wired 81,355,584.31
Interest Wired 27,457,842.14
Withdrawal from Payahead Account 228,608.31
Repurchases (Principal and Interest) 833,893.39
Charge Off Recoveries 2,746,076.33
Interest Advances 746,459.25
Certificate Account Interest Earned 304,975.41
Spread Account Withdrawal 330,544.30
Class A Surety Bond Draw for Class I Interest 0.00
Class A Surety Bond Draw for Class A
Principal or Interest 0.00
Total Cash Flow 114,003,983.44
==============
TRUSTEE DISTRIBUTION (7/09/97)
Total Cash Flow 114,003,983.44
Unrecovered Advances on Defaulted Receivables 224,313.08
Servicing Fee (Due and Unpaid) 0.00
Interest to Class A-1 Certificateholders 7,644,486.99
Interest to Class A-2 Certificateholders 5,455,199.17
Interest to Class A-3 Certificateholders 1,489,117.66
Interest to Class I Certificateholders 4,987,705.88
Principal to Class A-1 Certificateholders 89,521,239.56
Principal to Class A-2 Certificateholders 0.00
Principal to Class A-3 Certificateholders 0.00
Surety Bond Premium 363,078.83
Interest Advance Recoveries from Payments 393,209.04
Unreimbursed draws on Class A's Surety
Bond for Class I Interest 0.00
Unreimbursed draws on Class A's Surety
Bond for Class A Principal or Interest 0.00
Deposit to Payahead 582,662.26
Certificate Account Interest to Servicer 304,975.41
Payahead Account Interest to Servicer 9,928.98
Excess 3,028,066.58
Net Cash 0.00
==============
Monthly Servicing Fee and the Spread Amount 16,129,965.95
==============
Servicing Fee Retained from Interest Collections 2,297,548.86
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
SPREAD ACCOUNT RECONCILIATION
<S> <C>
Original Balance 0.00
Beginning Balance 0.00
Trustee Distribution of Excess 3,028,066.59
Interest Earned 93,237.78
Spread Account Draws (330,544.30)
Reimbursement for Prior Spread Account Draws 2,216.32
Distribution of Funds to Servicer 0.00
Ending Balance 2,792,976.39
==============
Required Balance 11,073,890.88
FIRST LOSS PROTECTION AMOUNT RECONCILIATION
Original Balance 15,549,952.85
Beginning Balance 15,549,952.85
Reduction Due to Spread Account (2,792,976.39)
Reduction Due to Principal Reduction (4,476,061.98)
Ending Balance 8,280,914.48
==============
First Loss Protection Required Amount 8,280,914.49
First Loss Protection Fee % 2.00%
First Loss Protection Fee 199,359.17
SURETY BOND RECONCILIATION
Original Balance 310,999,057.10
Beginning Balance 310,999,057.10
Draws 0.00
Reimbursement of Prior Draws 0.00
Ending Balance 310,999,057.10
Adjusted Ending Balance Based Upon Required Balance 219,817,946.30
Required Balance 219,817,946.30
PAYAHEAD RECONCILIATION
Beginning Balance 0.00
Deposit 582,662.26
Payahead Interest 9,928.98
Withdrawal 228,608.31
Ending Balance 363,982.93
==============
</TABLE>
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