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: April 25, 1997
SIGNET BANK
(Exact name of registrant as specified in its charter)
(Administrator of Signet Student Loan Trust 1996-A)
Virginia 33-94846-01 54-1088621
(State or other jurisdiction of (Commission (IRS Employer
incorporation) File Number) Identification No.)
7 North Eighth Street, Richmond, Virginia 23219
(Address of principal executive offices) (Zip Code)
(Registrant's telephone number, including area code):
(804) 771-7060
The exhibit index is located on page 4.
<PAGE>
Item 5 Other Events.
On April 25, 1997 the Signet Student Loan Trust 1996-A made
its quarterly distribution of funds to holders of the
Trust's Floating Rate Asset Backed Notes and Floating Rate
Asset Backed Certificates and distributed the Quarterly
Servicing Report, filed herewith as an Exhibit to this Form
8-K, to the Certificateholders and Noteholders of record.
Item 7 (c) Exhibits.
The following are filed as exhibits to this Report under
Exhibit 1:
Signet Student Loan Trust 1996-A Quarterly Servicing Report
for the period from November 1, 1996 to March 31, 1997.
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.
SIGNET STUDENT LOAN TRUST 1996-A
By: SIGNET BANK
By: /s/ Suzanne Bachman
--------------------------
Suzanne Bachman
Senior Vice President
Date: April 25, 1997
<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
EXHIBITS
TO
FORM 8-K
SIGNET BANK
(Exact name of registrant as specified in its charter)
(Administrator of Signet Student Loan Trust 1996-A)
<PAGE>
INDEX TO EXHIBITS
Exhibit
Number Exhibits
1 Signet Student Loan Trust 1996-A Quarterly Servicing Report
for the period November 1, 1996 to March 31, 1997.
Signet Student Loan Trust 1996-A
Quarterly Servicing Report
Distribution Date: 4/25/97
Reporting Period: 11/1/96-3/31/97
<TABLE>
<S><C>
- -------------------------------------------------------------------------------------------------------------------------
I. Deal Parameters
--------------------------------------------------------------------------------------------------------------
A Student Loan Portfolio Characteristics 11/1/96 3/31/97
--------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------
i Principal Balance 399,468,977.20 382,188,605.85
ii Interest to be Capitalized 5,121,821.58 3,587,331.87
------------------------------------------
iii Pool Balance 404,590,798.78 385,775,937.72
B i Weighted Average Coupon (WAC) 8.3280% 8.3573%
ii Weighted Average Remaining Term 130.43 130.00
iii Number of Loans 103,208 100,138
iv Number of Borrowers 50,613 49,469
---------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
C Notes and Certificates Spread Balance % of Pool Balance % of Pool
12/27/96 4/25/97
------------------------------------------------------------------------------------------------------------------------
i Class A-1 Notes 82668P AA3 0.09% $252,000,000.00 58.819% $ 226,725,195.46 56.237%
ii Class A-2 Notes 82668P AB1 0.15% $161,439,000.00 37.681% $ 161,439,000.00 40.043%
iii Certificates 82668P AC9 0.45% $ 14,996,000.00 3.500% $ 14,996,000.00 3.720%
========================================================================================================================
iv Total Notes and Certificates $428,435,000.00 100.000% $ 403,160,195.46 100.000%
========================================================================================================================
D Reserve Account 12/27/96 4/25/97
i Reserve Account Initial Deposit ($) $ 6,317,145.00
ii Specified Reserve Account Balance ($) $ 6,317,145.00 $ 5,977,392.81
iii Current Reserve Account Balance($) $ 6,317,145.00 $ 5,977,392.81
E Pre-Funding Account 12/27/96 4/25/97
i Pre-Funding Account Initial Deposit ($) $ 16,552,201.22
ii Current Pre-Funding Account Balance ($) $ 16,552,201.22 $ 10,289,646.12
------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
II. Transactions from: 11/1/96 through 3/31/97
A Student Loan Principal Activity
i Regular Principal Collections $21,441,844.20
ii Principal Collections from Guarantor $250,163.35
iii Principal Reimbursements from Seller and/or Servicer $0.00
iv New Serial Loan Purchases (1) $0.00
v Liquidation Proceeds (principal) $0.00
vi Recoveries $0.00
vii Other System Adjustments $0.00
---------------------
viii Total Principal Collections $21,692,007.55
B Student Loan Non-Cash Principal Activity
i Capitalized Interest ($4,294,601.24)
ii Realized Losses $0.00
iii Other Adjustments ($117,034.96)
---------------------
iv Total Non-Cash Principal Activity ($4,411,636.20)
-----------------------------------------------------------------------------------------
C Total Student Loan Principal Activity $17,280,371.35
-----------------------------------------------------------------------------------------
D Student Loan Interest Activity
i Regular Interest Collections $8,100,470.06
ii Interest Claims Received from Guarantors $8,952.05
iii Interest Reimbursements from Seller and/or Servicer $0.00
iv Liquidation Proceeds (interest) $0.00
v Other Systems Adjustments $0.00
vi Special Allowance Payments $0.00
vii Subsidy Payments $0.00
---------------------
viii Total Interest Collections $8,109,422.11
E Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment 3,300.71
ii Capitalized Interest $4,294,601.24
---------------------
iii Total Non-Cash Interest Adjustments $4,297,901.95
-----------------------------------------------------------------------------------------
F Total Student Loan Interest Activity $12,407,324.06
-----------------------------------------------------------------------------------------
(1) No new Serial Loans were purchased during the current Collection Period.
- --------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
III. Collection Account Activity
A Principal Collections
i Principal Payments Received--Cash $21,692,007.55
ii Cash Forwarded by Administrator on behalf of Seller and/or Servicer $0.00
iii Cash from the Pre-Funding Account for new Serial Loan Purchases $0.00
------------------------
iv Total Principal Collections $21,692,007.55
B Interest Collections
i Interest Payments Received--Cash $8,109,422.11
ii Cash Forwarded by Administrator on behalf of Seller and/or Servicer $0.00
iv Cash Forwarded by Eligible Lender for Special Allowance and
Subsidy Payments $0.00
------------------------
v Total Interest Collections $8,109,422.11
C Capitalized Interest Amount 4,294,601.24
D Investment Earnings 550,517.05
E Funds Distributed on previous Interest Payment Dates 7,171,846.50
F TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT $27,474,701.45
G Purchases of New Serials After the Funding Period $0.00
H Servicing Fees Due for Collection Period
i Servicing Fee Due for Current Monthly Collection Period $405,255.41
ii Servicing Fee Due for prior Monthly Collection Period 408,263.06
iii Servcing Fee Due for Monthly Collection Period two months ago 412,440.09
iv Servcing Fee Due for Monthly Collection Period three months ago 421,448.75
iv Servicing Fee Paid for prior Monthly Collection Period 408,263.06
v Servicing Fee Paid for Monthly Collection Period two months ago 412,440.09
vi Servicing Fee Paid for Monthly Collection Period three months ago 421,448.75
I Unpaid Servicing Fees due from Prior Monthly Collection Periods $0.00
J Administration Fees Due for Collection Period
i Administration Fee Due for Current Monthly Collection Period $12,968.17
ii Administration Fee Due for prior Monthly Collection Period 13,064.42
iii Administration Fee Due for Monthly Collection Period two months ago 13,198.08
iv Administration Fee Due for Monthly Collection Period three months ago 13,486.36
iv Administration Fee Paid for prior Monthly Collection Period 13,064.42
v Administration Fee Paid for Monthly Collection Period two months ago 13,198.08
vi Administration Fee Paid for Monthly Collection Period three months ago 13,486.36
K Unpaid Administration Fees Due from Prior Monthly Collection Periods $0.00
-----------------------------------------------------------------------------------------------------------------
L Total Fees Due for Period $418,223.58
-----------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
IV. Portfolio Characteristics
---------------------------------------------------------------------------------------------
Weighted Average Coupon # of Loans %
- -------------------------------------------------------------------------------------------------------------------
3/31/97 11/1/96 3/31/97 11/1/96 3/31/97 11/1/96
- -------------------------------------------------------------------------------------------------------------------
STATUS:
In School 8.0352% 8.0248% 3,868 3,303 3.8627% 3.2003%
Grace 8.0338% 8.0237% 1,189 16,329 1.1874% 15.8214%
Repayment
Current 8.3872% 8.4068% 61,258 56,033 61.1736% 54.2913%
31-60 Days 8.3966% 8.3862% 4,837 5,070 4.8303% 4.9124%
61-90 Days 8.3578% 8.4011% 2,938 2,319 2.9340% 2.2469%
91-120 Days 8.3108% 0.0000% 2,330 0 2.3268% 0.0000%
> 120 Days 8.3951% 0.0000% 2,024 0 2.0212% 0.0000%
---------------------------------------------------------------------------------------------
Total Repayment 8.3844% 8.4051% 73,808 63,422 73.7063% 61.4507%
Deferment 8.3080% 8.3429% 12,921 12,139 12.9032% 11.7617%
Forbearance 8.3602% 8.3807% 8,349 8,015 8.3375% 7.7659%
Claims (1) 8.3476% 0.0000% 424 0 0.4234% 0.0000%
- -------------------------------------------------------------------------------------------------------------------
Totals 8.3573% 8.3557% 100,138 103,208 100.0000% 100.0000%
- -------------------------------------------------------------------------------------------------------------------
LOAN TYPE:
Consolidation 8.6769% 8.6756% 5,722 5,763 5.7141% 5.5839%
Subsidized Stafford 8.1381% 8.1046% 68,771 70,927 68.6762% 68.7224%
Unsub Stafford 8.2039% 8.1344% 13,381 13,895 13.3626% 13.4631%
SLS 8.7465% 8.7466% 5,864 6,100 5.8559% 5.9104%
PLS 8.7484% 8.7484% 6,400 6,523 6.3912% 6.3202%
- -------------------------------------------------------------------------------------------------------------------
Totals 8.3573% 8.3557% 100,138 103,208 100.0000% 100.0000%
- -------------------------------------------------------------------------------------------------------------------
SCHOOL TYPE:
2-year 8.2687% 8.2462% 6,942 7,065 6.9324% 6.8454%
4-year 8.2379% 8.2037% 74,575 75,773 74.4722% 73.4178%
Consolidation 8.6769% 8.6756% 5,722 5,763 5.7141% 5.5839%
Graduate 8.2209% 8.2068% 1,386 1,418 1.3841% 1.3739%
Proprietary/Vocational 8.3277% 8.2912% 10,037 10,267 10.0232% 9.9479%
Not Identified 8.2720% 8.1923% 1,476 2,922 1.4740% 2.8312%
- -------------------------------------------------------------------------------------------------------------------
Totals 8.3573% 8.3557% 100,138 103,208 100.0000% 100.0000%
- -------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------
Principal Amount %
- -----------------------------------------------------------------------------------------
3/31/97 11/1/96 3/31/97 11/1/96
- -----------------------------------------------------------------------------------------
STATUS:
In School 13,112,433.72 10,818,870.54 3.4309% 2.7083%
Grace 3,746,828.58 60,763,009.48 0.9804% 15.2109%
Repayment
Current 236,487,708.98 222,970,763.99 61.8772% 55.8168%
31-60 Days 18,269,489.31 18,750,000.45 4.7802% 4.6937%
61-90 Days 10,903,605.98 8,558,148.00 2.8529% 2.1424%
91-120 Days 8,526,842.79 0.00 2.2311% 0.0000%
> 120 Days 7,191,778.12 0.00 1.8817% 0.0000%
-------------------------------------------------------------------
Total Repayment 282,659,749.50 250,278,912.44 73.9582% 62.6529%
Deferment 46,953,792.64 42,358,638.64 12.2855% 10.6037%
Forbearance 35,715,801.41 35,249,546.10 9.3451% 8.8241%
Claims (1) 1,280,324.32 0.00 0.3350% 0.0000%
- -----------------------------------------------------------------------------------------
Totals 382,188,605.85 399,468,977.20 100.0000% 100.0000%
- -----------------------------------------------------------------------------------------
LOAN TYPE:
Consolidation 98,831,063.59 100,126,524.58 25.8592% 25.0649%
Subsidized Stafford 192,485,596.71 204,829,429.72 50.3640% 51.2754%
Unsub Stafford 45,697,200.38 46,788,867.53 11.9567% 11.7128%
SLS 21,381,442.79 22,637,165.92 5.5945% 5.6668%
PLS 23,793,302.38 25,086,989.45 6.2255% 6.2801%
- -----------------------------------------------------------------------------------------
Totals 382,188,605.85 399,468,977.20 100.0000% 100.0000%
- -----------------------------------------------------------------------------------------
SCHOOL TYPE:
2-year 17,606,084.47 18,399,442.29 4.6066% 4.6060%
4-year 235,888,348.46 242,969,321.99 61.7204% 60.8231%
Consolidation 98,831,063.59 100,126,524.58 25.8592% 25.0649%
Graduate 6,673,511.62 7,033,051.51 1.7461% 1.7606%
Proprietary/Vocational 18,640,527.23 19,937,384.17 4.8773% 4.9910%
Not Identified 4,549,070.48 11,003,252.66 1.1903% 2.7545%
- -----------------------------------------------------------------------------------------
Totals 382,188,605.85 399,468,977.20 100.0000% 100.0000%
- -----------------------------------------------------------------------------------------
(1) Claims Information
- ---------------------------------------------------------------------------------------------------------------------------------
Claim Status 3/31/97 WAC # of Loans % of Loans Principal Amount % of Principal
- ---------------------------------------------------------------------------------------------------------------------------------
Claims Pending (2) 8.3476% 424 0.4234% 1,280,324.32 0.3350%
Aged Claims Rejected (3) 0.0000% 0 0.0000% 0.00 0.0000%
- ---------------------------------------------------------------------------------------------------------------------------------
Totals 8.3476% 424 0.4234% 1,280,324.32 0.3350%
- ---------------------------------------------------------------------------------------------------------------------------------
(2) Claims filed and unpaid; includes claims rejected aged less than 6 months.
(3) Claims rejected (subject to cure) aged 6 months or more; also includes claims deemed incurable pending repurchase.
- -----------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
V. Interest Calculation
A Borrower Interest Accrued During Last Month of Collection Period 2,392,870.02
B Interest Subsidy Payments Accrued During Last Month of Collection Period $330,387.60
C SAP Payments Accrued During Last Month of Collection Period $49,722.88
D Monthly Rebate Fees Accrued During Last Month of Collection Period ($80,140.46)
E Investment Earnings During Last Month of Collection Period 199,125.47
-----------------------
F Net Expected Interest Collections $2,891,965.51
G Student Loan Rate
i Days in Interest Period 3/25/97-4/24/97 31
ii Net Expected Interest Collections $2,891,965.51
iii Servicing Fee $405,255.41
iv Administration Fee $12,968.17
v Total Pool Balance at Beginning of the Collection Period $389,045,191.10
vi Student Loan Rate 7.38406%
Interest Dist.
Factor (per $1,000) Accrual Period
H Class A-1 LIBOR Based Interest Rate 5.71500%
I Class A-1 Rate 4.921250000 3/25/97-4/24/97 5.71500%
J Class A-2 LIBOR Based Interest Rate 5.77500%
K Class A-2 Rate 4.972916643 3/25/97-4/24/97 5.77500%
L Certificate LIBOR Based Interest Rate 6.07500%
M Certificate Rate 5.231250333 3/25/97-4/24/97 6.07500%
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
VI. Inputs From Previous Servicing Reports 11/1/96
A Total Student Loan Pool Outstanding 11/1/96 2/28/97
i Current Principal Balance $399,468,977.20 $385,675,700.92
ii Interest to be Capitalized $3,068,390.13 $3,369,490.18
---------------------------------------------
iii Total Student Loan Pool Outstanding $402,537,367.33 $389,045,191.10
B Total Note and Certificate Factor 1.0000000
C Total Note and Certificate Balance $428,435,000.00
---------------------------------------------------------------------------------------------------------------------
D Balance 11/1/96 Class A-1 Class A-2 Certificates
---------------------------------------------------------------------------------------------------------------------
i Current Factor --- 11/1/96 1.0000000000 1.0000000000 1.0000000000
ii Principal Shortfall 0.00 0.00 0.00
iii Expected Balance 252,000,000.00 161,439,000.00 14,996,000.00
-------------------------------------------------------------------
iv Balance 252,000,000.00 161,439,000.00 14,996,000.00
E Interest Shortfall 0.00 0.00 0.00
F Interest Carryover 0.00 0.00 0.00
---------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
G Interest Payment Date 3/25/97
---------------------------------------------------------------------------------------------------------------
Accrued Int. Factor Accrual Period
Class A-1 LIBOR Based Interest Rate 5.46500%
Class A-1 Rate 4.250555556 2/25/97-3/24/97 5.46500%
Class A-2 LIBOR Based Interest Rate 5.52500%
Class A-2 Rate 4.297222233 2/25/97-3/24/97 5.52500%
Certificate LIBOR Based Interest Rate 5.82500%
Certificate Rate 4.530555481 2/25/97-3/24/97 5.82500%
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
H Interest Payment Date 2/25/97
---------------------------------------------------------------------------------------------------------------
Accrued Int. Factor Accrual Period
Class A-1 LIBOR Based Interest Rate 5.52750%
Class A-1 Rate 4.452708333 1/27/97-2/24/97 5.52750%
Class A-2 LIBOR Based Interest Rate 5.58750%
Class A-2 Rate 4.501041694 1/27/97-2/24/97 5.58750%
Certificate LIBOR Based Interest Rate 5.88750%
Certificate Rate 4.742708055 1/27/97-2/24/97 5.88750%
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
I Interest Payment Date 1/27/97
---------------------------------------------------------------------------------------------------------------
Accrued Int. Factor Accrual Period
Class A-1 LIBOR Based Interest Rate 5.75797%
Class A-1 Rate 4.958251944 12/27/96-1/26/97 5.75797%
Class A-2 LIBOR Based Interest Rate 5.81797%
Class A-2 Rate 5.009918611 12/27/96-1/26/97 5.81797%
Certificate LIBOR Based Interest Rate 6.11797%
Certificate Rate 5.268251944 12/27/96-1/26/97 6.11797%
---------------------------------------------------------------------------------------------------------------
J Reserve Account Balance $ 6,317,145.00
K Pre-Funding Account Balance $ 16,552,201.22
L Unpaid Servicing Fees from Prior Month(s) 0.00
M Unpaid Administration fees from Prior Month(s) 0.00
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
VII. Waterfall for Distributions
Remaining
Funds Balance
--------------
A Available Funds $27,474,701.45 $27,474,701.45
B Draws from Reserve Fund $0.00 $27,474,701.45
C Servicing Fees due for Current Monthly Period and unpaid from Prior Months $405,255.41 $27,069,446.04
D Administration Fees due for Current Monthly Period and unpaid from
Prior Months $12,968.17 $27,056,477.87
E Noteholders' Interest Distribution Amount
i Class A-1 $1,240,155.00 $25,816,322.87
ii Class A-2 $802,822.69 $25,013,500.18
-----------------
iii Total Noteholders' Interest Distribution $2,042,977.69
F Certificateholders' Interest Distribution Amount $78,447.83 $24,935,052.35
G Noteholders' Principal Distribution Amount
i Class A-1 $21,574,972.59 $3,360,079.76
ii Class A-2 $0.00 $3,360,079.76
-----------------
iii Total Noteholders' Principal Distribution $21,574,972.59
H Certificateholders' Principal Distribution Amount $0.00 $3,360,079.76
I Excess to Reserve Account $3,360,079.76 $0.00
- ------------------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------------------
VIII. Distributions
-------------------------------------------------------------------------------------------------------------------------
A Distribution Amounts Class A-1 Class A-2 Certificates
i Monthly Interest Due $1,240,155.00 $802,822.69 $78,447.83
ii Monthly Interest Paid $1,240,155.00 $802,822.69 $78,447.83
-------------------------------------------------------------
Interest Shortfall $0.00 $0.00 $0.00
iii Interest LIBOR Carryover Due $0.00 $0.00 $0.00
iv Interest LIBOR Carryover Paid $0.00 $0.00 $0.00
-------------------------------------------------------------
Interest LIBOR Carryover $0.00 $0.00 $0.00
vi Interest Carryover Shortfall Due $0.00 $0.00 $0.00
vii Interest Carryover Shortfall Paid $0.00 $0.00 $0.00
-------------------------------------------------------------
Carryover Shortfall $0.00 $0.00 $0.00
viii Quarterly Principal Due $21,574,972.59 $0.00 $0.00
ix Quarterly Principal Paid $21,574,972.59 $0.00 $0.00
-------------------------------------------------------------
x Quarterly Principal Shortfall $0.00 $0.00 $0.00
xi Reserve Account Excess released to pay principal $3,699,831.95 $0.00 $0.00
-------------------------------------------------------------
xii Total Principal Distribution $25,274,804.54 $0.00 $0.00
xiii Principal Distribution Factor (per $1,000) 100.296843413 0.000000000 0.000000000
-------------------------------------------------------------------------------------------------------------------------
xiv Total Distribution Amount $26,514,959.54 $802,822.69 $78,447.83
-------------------------------------------------------------------------------------------------------------------------
B Principal Distribution Reconciliation
i Principal Balance-beginning of Collection Period $399,468,977.20
ii Principal Balance-end of Collection Period $382,188,605.85
iii Purchases of new Serial Loans after the Funding Period $0.00
iv Draw for Accrued Interest from Pre-Funding Account $4,294,601.24
v Principal used to pay clauses A through D of Section 2(d)(iii) or
Section 2(d)(iv) of the Administration Agreement $0.00
-------------------------
$21,574,972.59
vi Principal Distribution Amount $21,574,972.59
B Total Interest Distribution $2,121,425.52
------------------------
C Total Cash Distributions-Notes and Certificates $27,396,230.06
-----------------------------------------------------------------------------------------------
D Note & Certificate Balances 11/1/96 4/25/97
i A-1 Note Balance $ 252,000,000.00 $226,725,195.46
A-1 Note Pool Factor 1.0000000000 0.8997031566
ii A-2 Note Balance 161,439,000.00 161,439,000.00
A-2 Note Pool Factor 1.0000000000 1.0000000000
iii Certificate Balance 14,996,000.00 14,996,000.00
Certificate Pool Factor 1.0000000000 1.0000000000
-----------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
G Reserve Account Reconciliation
i Beginning of Period Balance $6,317,145.00
ii Draws for payment of:
Servicing Fees $0.00
Administration Fees $0.00
Noteholders' Interest Distribution Amount $0.00
Certificateholders' Interest Distribution Amount $0.00
Noteholders' Principal Distribution Amount $0.00
Certificateholders' Principal Distribution Amount $0.00
iii Deposits from Excess Servicing $3,360,079.76
-----------------------
iv Total Reserve Account Balance Available $9,677,224.76
v Specified Reserve Account Balance $5,977,392.81
vi Reserve Account Excess $3,699,831.95
vii Excess Reserve - Release to Noteholders $3,699,831.95
viii Excess Reserve - Release to Certificateholders $0.00
ix Excess Reserve - Release for Noteholders' Interest LIBOR Carryover $0.00
x Excess Reserve - Release for Certificateholders' Interest LIBOR Carryover $0.00
xi Excess Reserve - Release to Seller $0.00
xii Excess Reserve - Release to Company $0.00
-----------------------
xiii Ending Balance $5,977,392.81
H Pre-Funding Account Reconciliation
i Beginning of Period Balance $16,552,201.22
ii Draw for Accrued Interest $4,294,601.24
iii Draw for Serial Loan Purchases during Collection Period $0.00
iv Draw for Serial Loan Purchases after Collection Period $1,967,953.86
-----------------------
v Current Pre-Funding Account Balance $10,289,646.12
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
