SIGNET STUDENT LOAN TRUSTS
8-K, 1997-07-28
ASSET-BACKED SECURITIES
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                       SECURITIES AND EXCHANGE COMMISSION


                             Washington, D.C. 20549





                                    FORM 8-K
                                 Current Report


                     Pursuant to Section 13 or 15(d) of the
                         Securities Exchange Act of 1934


                          Date of Report: July 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 July 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 April 1, 1997 to June 30, 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:  July 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 April 1, 1997 to June 30, 1997.





Signet Student Loan Trust 1996-A
Quarterly Servicing Report
Distribution Date:                             7/25/97
Reporting Period:                              4/1/97-6/30/97
<TABLE>
<S> <C>
- -------------------------------------------------------------------------------------------------------------------------
I.         Deal Parameters
- -------------------------------------------------------------------------------------------------------------------------

           --------------------------------------------------------------------------------------------------------------
      A    Student Loan Portfolio Characteristics                                    11/1/96                 6/30/97
           --------------------------------------------------------------------------------------------------------------
           I    Principal Balance                                                 399,468,977.20          371,347,276.13
           ii   Interest to be Capitalized                                          5,121,821.58            3,201,849.87
                                                                              -------------------------------------------
           iii  Pool Balance                                                      404,590,798.78          374,549,126.00

      B    I    Weighted Average Coupon (WAC)                                            8.3280%                 8.3622%
           ii   Weighted Average Remaining Term                                          130.43                  129.04
           iii  Number of Loans                                                         103,208                  98,624
           iv   Number of Borrowers                                                      50,613                  48,563
           --------------------------------------------------------------------------------------------------------------



           ----------------------------------------------------------------------------------------------------------------------
      C    Notes and Certificates                       Spread          Balance         % of Pool          Balance      % of Pool
                                                                        12/27/96                           7/25/97
           ----------------------------------------------------------------------------------------------------------------------
           I    Class A-1 Notes         82668P AA3       0.09%   $  252,000,000.00       58.819%     $  209,437,307.37    54.276%
           ii   Class A-2 Notes         82668P AB1       0.15%   $  161,439,000.00       37.681%     $  161,439,000.00    41.837%
           iii  Certificates            82668P AC9       0.45%   $   14,996,000.00        3.500%     $   14,996,000.00     3.886%
           ======================================================================================================================
           iv   Total Notes and Certificates                     $  428,435,000.00      100.000%     $  385,872,307.37   100.000%
           ======================================================================================================================

      D    Reserve Account                                                            12/27/96                      7/25/97
           I    Reserve Account Initial Deposit ($)                            $     6,317,145.00
           ii   Specified Reserve Account Balance ($)                          $     6,317,145.00           $     5,751,732.99
           iii  Current Reserve Account Balance($)                             $     6,317,145.00           $     5,751,732.99

      E    Pre-Funding Account                                                        12/27/96                      7/25/97
           I    Pre-Funding Account Initial Deposit ($)                        $    16,552,201.22
           ii   Current Pre-Funding Account Balance ($)                        $    16,552,201.22           $     8,194,890.12

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

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

- -------------------------------------------------------------------------------------------------------------------------
II.        Transactions from:    4/1/97  through  6/30/97
- -------------------------------------------------------------------------------------------------------------------------

      A    Student Loan Principal Activity
           I    Regular Principal Collections                                            $11,934,023.28
           ii   Principal Collections from Guarantor                                      $2,690,317.57
           iii  Principal Reimbursements from Seller and/or Servicer                        $170,440.15
           iv   New Serial Loan Purchases (1)                                            ($1,925,095.71)
           v    Liquidation Proceeds (principal)                                                  $0.00
           vi   Recoveries                                                                        $0.00
           vii  Other System Adjustments                                                          $0.00
                                                                                -----------------------
           viii Total Principal Collections                                              $12,869,685.29


      B    Student Loan Non-Cash Principal Activity
           I    Capitalized Interest                                                     ($2,094,756.00)
           ii   Realized Losses                                                                   $0.00
           iii  Other Adjustments                                                            $66,400.43
                                                                                -----------------------
           iv   Total Non-Cash Principal Activity                                        ($2,028,355.57)


           --------------------------------------------------------------------------------------------
      C    Total Student Loan Principal Activity                                         $10,841,329.72
           --------------------------------------------------------------------------------------------


      D    Student Loan Interest Activity
           I    Regular Interest Collections                                              $4,970,962.56
           ii   Interest Claims Received from Guarantors                                    $168,821.32
           iii  Interest Reimbursements from Seller and/or Servicer                           $4,406.46
           iv   Liquidation Proceeds (interest)                                                   $0.00
           v    Other Systems Adjustments                                                         $0.00
           vi   Special Allowance Payments                                                  $195,761.74
           vii  Subsidy Payments                                                          $1,548,182.52
                                                                                -----------------------
           viii Total Interest Collections                                                $6,888,134.60


      E    Student Loan Non-Cash Interest Activity
           I    Interest Accrual Adjustment                                                  ($2,267.70)
           ii   Capitalized Interest                                                      $2,094,756.00
                                                                                -----------------------
           iii  Total Non-Cash Interest Adjustments                                       $2,092,488.30


           --------------------------------------------------------------------------------------------
      F    Total Student Loan Interest Activity                                           $8,980,622.90
           --------------------------------------------------------------------------------------------

      (1)  Funds from the Pre-Funding  Account were used to purchase,
           during the current Collection Period, 531 new Serial Loans
           with an aggregate principal balance of $1,925,095.71.
- -------------------------------------------------------------------------------------------------------------------------

- -------------------------------------------------------------------------------------------------------------------------
III.       Collection Account Activity
- -------------------------------------------------------------------------------------------------------------------------

      A    Principal Collections
           I    Principal Payments Received--Cash                                                     $14,624,340.85
           ii   Cash Forwarded by Administrator on behalf of Seller and/or Servicer                      $170,440.15
                                                                                            ------------------------
           iv   Total Principal Collections                                                           $14,794,781.00

      B    Interest Collections
           I    Interest Payments Received--Cash                                                       $5,139,783.88
           ii   Cash Forwarded by Administrator on behalf of Seller and/or Servicer                        $4,406.46
           iv   Cash Forwarded by Eligible Lender for Special Allowance and
                   Subsidy Payments                                                                    $1,743,944.26
                                                                                            ------------------------
           v    Total Interest Collections                                                             $6,888,134.60

      C    Capitalized Interest Amount                                                                  2,094,756.00

      D    Investment Earnings                                                                            446,651.15

      E    Funds Distributed on previous Interest Payment Dates                                         4,800,380.61

      F    TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT                                              $19,423,942.14

      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                                  $395,440.64
           ii   Servicing Fee Due for prior Monthly Collection Period                                     400,496.72
           iii  Servicing Fee Due for Monthly Collection Period two months ago                            401,849.94

           iv   Servicing Fee Paid for prior Monthly Collection Period                                    400,496.72
           v    Servicing Fee Paid for Monthly Collection Period two months ago                           401,849.94

      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                              $12,654.10
           ii   Administration Fee Due for prior Monthly Collection Period                                 12,815.90
           iii  Administration Fee Due for Monthly Collection Period two months ago                        12,859.20

           iv   Administration Fee Paid for prior Monthly Collection Period                                12,815.90
           v    Administration Fee Paid for Monthly Collection Period two months ago                       12,859.20

      K    Unpaid Administration Fees Due from Prior Monthly Collection Periods                                $0.00

           ---------------------------------------------------------------------------------------------------------
      L    Total Fees Due for Period                                                                     $408,094.74
           ---------------------------------------------------------------------------------------------------------


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

- -------------------------------------------------------------------------------------------------------------------------
IV.        Portfolio Characteristics
- -------------------------------------------------------------------------------------------------------------------------

                      ------------------------------------------------------------------------
                      Weighted Average Coupon       # of Loans                  %             
- ----------------------------------------------------------------------------------------------
                         6/30/97   3/31/97       6/30/97    3/31/97    6/30/97      3/31/97   
- ----------------------------------------------------------------------------------------------
STATUS:
In School                 8.0243%   8.0352%        3,085     3,868      3.1280%      3.8627%  
Grace                     8.0072%   8.0338%        1,653     1,189      1.6761%      1.1874%  
Repayment
   Current                8.3878%   8.3872%       64,470    61,258     65.3695%     61.1736%  
   31-60 Days             8.4052%   8.3966%        3,662     4,837      3.7131%      4.8303%  
   61-90 Days             8.3963%   8.3578%        1,989     2,938      2.0168%      2.9340%  
   91-120 Days            8.4544%   8.3108%        1,154     2,330      1.1701%      2.3268%  
   > 120 Days             8.3594%   8.3951%        2,711     2,024      2.7488%      2.0212%  
                         ---------------------------------------------------------------------
   Total Repayment        8.3886%   8.3844%       75,120    73,808     76.1681%     73.7063%  

Deferment                 8.3178%   8.3080%       11,061    12,921     11.2153%     12.9032%  
Forbearance               8.3589%   8.3602%        7,705     8,349      7.8125%      8.3375%  
Claims (1)                8.3584%   8.3476%        1,134       424      1.1498%      0.4234%  
- ----------------------------------------------------------------------------------------------
             Totals       8.3622%   8.3573%       98,624   100,138    100.0000%    100.0000%  
- ----------------------------------------------------------------------------------------------

LOAN TYPE:
Consolidation             8.6766%   8.6769%        5,651     5,722      5.7298%      5.7141%  
Subsidized Stafford       8.1442%   8.1381%       67,616    68,771     68.5594%     68.6762%  
Unsub Stafford            8.2017%   8.2039%       13,260    13,381     13.4450%     13.3626%  
SLS                       8.7463%   8.7465%        5,712     5,864      5.7917%      5.8559%  
PLS                       8.7479%   8.7484%        6,385     6,400      6.4741%      6.3912%  

- ----------------------------------------------------------------------------------------------
             Totals       8.3622%   8.3573%       98,624   100,138    100.0000%    100.0000%  
- ----------------------------------------------------------------------------------------------

SCHOOL TYPE:
2-year                    8.2726%   8.2687%        6,820     6,942      6.9152%      6.9324%  
4-year                    8.2424%   8.2379%       73,988    74,575     75.0203%     74.4722%  
Consolidation             8.6766%   8.6769%        5,651     5,722      5.7298%      5.7141%  
Graduate                  8.2241%   8.2209%        1,367     1,386      1.3861%      1.3841%  
Proprietary/Vocational    8.3409%   8.3277%        9,787    10,037      9.9235%     10.0232%  
Not Identified            8.2975%   8.2720%        1,011     1,476      1.0251%      1.4740%  

- ----------------------------------------------------------------------------------------------
             Totals       8.3622%   8.3573%       98,624   100,138    100.0000%    100.0000%  
- ----------------------------------------------------------------------------------------------







                      ----------------------------------------------------------- 
                                 Principal Amount                     %           
- --------------------------------------------------------------------------------- 
                            6/30/97          3/31/97       6/30/97       3/31/97  
- --------------------------------------------------------------------------------- 
STATUS:                                                                           
In School                10,404,253.62    13,112,433.72     2.8017%       3.4309% 
Grace                     5,541,051.86     3,746,828.58     1.4921%       0.9804% 
Repayment                                                                         
   Current              242,003,963.39   236,487,708.98    65.1679%      61.8772% 
   31-60 Days            13,722,792.56    18,269,489.31     3.6953%       4.7802% 
   61-90 Days             7,273,265.22    10,903,605.98     1.9586%       2.8529% 
   91-120 Days            4,587,960.43     8,526,842.79     1.2355%       2.2311% 
   > 120 Days            10,033,924.42     7,191,778.12     2.7020%       1.8817% 
                      ----------------------------------------------------------- 
   Total Repayment      281,389,831.50   282,659,749.50    75.7739%      73.9582% 
                                                                                  
Deferment                41,529,871.33    46,953,792.64    11.1833%      12.2855% 
Forbearance              32,489,767.82    35,715,801.41     8.7490%       9.3451% 
Claims (1)                3,767,925.48     1,280,324.32     1.0146%       0.3350% 
- --------------------------------------------------------------------------------- 
             Totals     371,354,776.13   382,188,605.85   100.0000%     100.0000% 
- --------------------------------------------------------------------------------- 
                                                                                  
LOAN TYPE:                                                                        
Consolidation            97,173,518.78    98,831,063.59    26.1673%      25.8592% 
Subsidized Stafford     185,565,140.02   192,485,596.71    49.9698%      50.3640% 
Unsub Stafford           44,404,187.17    45,697,200.38    11.9573%      11.9567% 
SLS                      20,752,069.92    21,381,442.79     5.5882%       5.5945% 
PLS                      23,459,860.24    23,793,302.38     6.3174%       6.2255% 
                                                                                  
- --------------------------------------------------------------------------------- 
             Totals     371,354,776.13   382,188,605.85   100.0000%     100.0000% 
- --------------------------------------------------------------------------------- 
                                                                                  
SCHOOL TYPE:                                                                      
2-year                   16,916,248.71    17,606,084.47     4.5553%       4.6066% 
4-year                  230,488,985.25   235,888,348.46    62.0671%      61.7204% 
Consolidation            97,173,518.78    98,831,063.59    26.1673%      25.8592% 
Graduate                  6,519,357.81     6,673,511.62     1.7556%       1.7461% 
Proprietary/Vocational   17,639,791.16    18,640,527.23     4.7501%       4.8773% 
Not Identified            2,616,874.42     4,549,070.48     0.7047%       1.1903% 
                                                                                  
- --------------------------------------------------------------------------------- 
             Totals     371,354,776.13   382,188,605.85   100.0000%     100.0000% 
- --------------------------------------------------------------------------------- 
                           (1) Claims Information

- ----------------------------------------------------------------------------------------------------------------
Claim Status           6/30/97     WAC     # of Loans    % of Loans       Principal Amount      % of Principal
- ----------------------------------------------------------------------------------------------------------------
Claims Pending (2)                8.3584%    1134           1.1498%         3,767,925.48             1.0146%
Aged Claims Rejected (3)          0.0000%       0           0.0000%                 0.00             0.0000%
- ----------------------------------------------------------------------------------------------------------------
                         Totals   8.3584%    1134           1.1498%         3,767,925.48             1.0146%
- ----------------------------------------------------------------------------------------------------------------

(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.         Interset Calculation
- -------------------------------------------------------------------------------------------------------------------------

      A    Borrower Interest Accrued During Last Month of Collection Period                              2,298,180.73
      B    Interest Subsidy Payments Accrued During Last Month of Collection Period                       $268,844.00
      C    SAP Payments Accrued During Last Month of Collection Period                                     $29,767.15
      D    Monthly Rebate Fees Accrued During Last Month of Collection Period                             ($78,841.86)
      E    Investment Earnings During Last Month of Collection Period                                      141,864.02
                                                                                                   ------------------
      F    Net Expected Interest Collections                                                            $2,659,814.04


      G    Student Loan Rate
           I    Days in Interest Period                6/25/97-7/24/97                                             30
           ii   Net Expected Interest Collections                                                       $2,659,814.04
           iii  Servicing Fee                                                                             $395,440.64
           iv   Administration Fee                                                                         $12,654.10
           v    Total Pool Balance at Beginning of the Collection Period                              $379,623,018.52
           vi   Student Loan Rate                                                                             7.11775%
                                                       Interest Dist.
                                                       Factor (per $1,000)    Accrual Period
      H    Class A-1 LIBOR Based Interest Rate                                                                5.77750%
      I    Class A-1 Rate                                   4.331695833       6/25/97-7/24/97                 5.77750%
      J    Class A-2 LIBOR Based Interest Rate                                                                5.83750%
      K    Class A-2 Rate                                   4.864583341       6/25/97-7/24/97                 5.83750%
      L    Certificate LIBOR Based Interest Rate                                                              6.13750%
      M    Certificate Rate                                 5.114583222       6/25/97-7/24/97                 6.13750%


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

- -------------------------------------------------------------------------------------------------------------------------------
VI.        Inputs From Previous Servicing Reports                4/25/97
- -------------------------------------------------------------------------------------------------------------------------------

      A    Total Student Loan Pool Outstanding                                               4/25/97                 5/31/97
                                                                                             -------                 -------
           I    Current Principal Balance                                               $382,188,605.85         $376,282,659.69
           ii   Interest to be Capitalized                                                $3,587,331.87           $3,340,358.83
                                                                                -----------------------------------------------
           iii  Total Student Loan Pool Outstanding                                     $385,775,937.72         $379,623,018.52

      B    Total Note and Certificate Factor                                                  0.9410067

      C    Total Note and Certificate Balance                                          $ 403,160,195.46

           -------------------------------------------------------------------------------------------------------------------
      D    Balance                        4/25/97                   Class A-1               Class A-2             Certificates
           -------------------------------------------------------------------------------------------------------------------
           I    Current Factor ---  4/25/97                        0.8997031566            1.0000000000           1.0000000000
           ii   Principal Shortfall                                        0.00                    0.00                   0.00
           iii  Expected Balance                                 226,725,195.46          161,439,000.00          14,996,000.00
                                                              ----------------------------------------------------------------
           iv   Balance                                          226,725,195.46          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                       6/25/97
           --------------------------------------------------------------------------------------------------------------
                                                        Accrued Int. Factor   Accrual Period
           Class A-1 LIBOR Based Interest Rate                                                              5.77750%
           Class A-1 Rate                                   4.187305952          5/27/97-6/24/97            5.77750%
           Class A-2 LIBOR Based Interest Rate                                                              5.83750%
           Class A-2 Rate                                   4.702430577          5/27/97-6/24/97            5.83750%
           Certificate LIBOR Based Interest Rate                                                            6.13750%
           Certificate Rate                                 4.944097093          5/27/97-6/24/97            6.13750%
           --------------------------------------------------------------------------------------------------------------

           --------------------------------------------------------------------------------------------------------------
      H    Interest Payment Date                       5/27/97
           --------------------------------------------------------------------------------------------------------------
                                                        Accrued Int. Factor   Accrual Period
           Class A-1 LIBOR Based Interest Rate                                                              5.77750%
           Class A-1 Rate                                   4.620475556          4/25/97-5/26/97            5.77750%
           Class A-2 LIBOR Based Interest Rate                                                              5.83750%
           Class A-2 Rate                                   5.188888868          4/25/97-5/26/97            5.83750%
           Certificate LIBOR Based Interest Rate                                                            6.13750%
           Certificate Rate                                 5.455555481          4/25/97-5/26/97            6.13750%
           --------------------------------------------------------------------------------------------------------------

      I    Reserve Account Balance                                               $  5,977,392.80
      J    Pre-Funding Account Balance                                           $ 12,257,599.98
      K    Unpaid Servicing Fees from Prior Month(s)                                        0.00
      L    Unpaid Administration fees from Prior Month(s)                                   0.00


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

- -----------------------------------------------------------------------------------------------------------------------
VII.       Waterfall for Distributions
- -----------------------------------------------------------------------------------------------------------------------

                                                                                                           Remaining
                                                                                                         Funds Balance
                                                                                                         --------------
      A    Available Funds                                                             $19,423,942.14    $19,423,942.14

      B    Draws from Reserve Fund                                                              $0.00    $19,423,942.14

      C    Servicing Fees due for Current Monthly Period and unpaid from Prior Months     $395,440.64    $19,028,501.50

      D    Administration Fees due for Current Monthly Period and unpaid from
           Prior Months                                                                    $12,654.10    $19,015,847.40

      E    Noteholders' Interest Distribution Amount
           I                        Class A-1                                           $1,091,587.35    $17,924,260.05
           ii                       Class A-2                                             $785,333.47    $17,138,926.58
                                                                                       --------------
           iii                      Total Noteholders' Interest Distribution            $1,876,920.82

      F    Certificateholders' Interest Distribution Amount                                $76,698.29    $17,062,228.29

      G    Noteholders' Principal Distribution Amount
           I                        Class A-1                                          $14,861,181.43     $2,201,046.86
           ii                       Class A-2                                                   $0.00     $2,201,046.86
                                                                                       --------------
           iii                      Total Noteholders' Principal Distribution          $14,861,181.43

      H    Certificateholders' Principal Distribution Amount                                    $0.00     $2,201,046.86

      I    Excess to Reserve Account                                                    $2,201,046.86             $0.00


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

- -----------------------------------------------------------------------------------------------------------------------------
VIII.  Distributions
- -----------------------------------------------------------------------------------------------------------------------------

      -----------------------------------------------------------------------------------------------------------------------
  A   Distribution Amounts
      -----------------------------------------------------------------------------------------------------------------------
      I         Monthly Interest Due                                            $1,091,587.35     $785,333.47      $76,698.29
      ii        Monthly Interest Paid                                           $1,091,587.35     $785,333.47      $76,698.29
                                                                              -----------------------------------------------
                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                                        $14,861,181.43           $0.00           $0.00
      ix        Quarterly Principal Paid                                       $14,861,181.43           $0.00           $0.00
                                                                              -----------------------------------------------
      x         Quarterly Principal Shortfall                                           $0.00           $0.00           $0.00
      xi        Reserve Account Excess released to pay principal                $2,426,706.66           $0.00           $0.00
                                                                              -----------------------------------------------
      xii       Total Principal Distribution                                   $17,287,888.09           $0.00           $0.00

      xiii      Principal Distribution Factor (per $1,000)                       68.602730516     0.000000000     0.000000000

      -----------------------------------------------------------------------------------------------------------------------
      xiv       Total Distribution Amount                                      $18,379,475.44     $785,333.47      $76,698.29
      -----------------------------------------------------------------------------------------------------------------------

B     Principal Distribution Reconciliation
      I         Principal Balance-beginning of Collection Period                                       $382,188,605.85
      ii        Principal Balance-end of Collection Period                                             $371,347,276.13
      iii       Purchases of new Serial Loans after the Funding Period                                           $0.00
      iv        Draw for Accrued Interest from Pre-Funding Account                                       $2,094,756.00
      v         Draw for new Serial Loans from Pre-Funding Account                                       $1,925,095.71
      vi        Principal used to pay clauses A through D of Section 2(d)(iii) or
                   Section 2(d)(iv) of the Administration Agreement                                              $0.00
                                                                                                      ----------------
                                                                                                        $14,861,181.43

      vi        Principal Distribution Amount                                                           $14,861,181.43

  B   Total Interest Distribution                                                         $1,953,619.11
                                                                                       ----------------
  C   Total Cash Distributions-Notes and Certificates                                    $19,241,507.20

      -------------------------------------------------------------------------------------------------
  D   Note & Certificate Balances                                 4/25/97                7/25/97
      -------------------------------------------------------------------------------------------------
      I         A-1 Note Balance                           $      226,725,195.46  $      209,437,307.37
                A-1 Note Pool Factor                                0.8997031566           0.8311004261

      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                                                           $5,977,392.80
      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                                                        $2,201,046.86
                                                                                                   ----------------
      iv        Total Reserve Account Balance Available                                               $8,178,439.66
      v         Specified Reserve Account Balance                                                     $5,751,732.99
      vi        Reserve Account Excess                                                                $2,426,706.66
      vii       Excess Reserve - Release to Noteholders                                               $2,426,706.66
      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                                                                        $5,751,732.99

  H   Pre-Funding Account Reconciliation
      I         Beginning of Period Balance                                                          $12,257,599.98
      ii        Draw for Accrued Interest                                                             $2,094,756.00
      iii       Draw for Serial Loan Purchases during Collection Period                               $1,967,953.86
      iv        Draw for Serial Loan Purchases after Collection Period                                        $0.00
                                                                                                   ----------------
      v         Current Pre-Funding Account Balance                                                   $8,194,890.12

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