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: January 26, 1998
SIGNET BANK
(Exact name of registrant as specified in its charter)
(Administrator of Signet Student Loan Trust 1996-A)
Delaware 33-94846-01 56-0900030
(State or other jurisdiction of (Commission (IRS Employer
incorporation) File Number) Identification No.)
301 South College Street, Charlotte, North Carolina 28288-1075
(Address of principal executive offices) (Zip Code)
(Registrant's telephone number, including area code):
(704) 374-2265
The exhibit index is located on page 4.
<PAGE>
Item 5 Other Events.
On January 26, 1998 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 October 1, 1997 to December 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/ Mary Whittaker
-----------------------------
Mary Whittaker
Vice President
Date: January 26, 1998
<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 October 1, 1997 to December 31, 1997.
<TABLE>
Signet Student Loan Trust 1996-A
Quarterly Servicing Report
Distribution Date: 1/26/98
Reporting Period: 10/1/97-12/31/97
<S> <C>
- -----------------------------------------------------------------------------------------------------------------------------------
I. Deal Parameters
---------------------------------------------------------------------------------------------------------------------
A Student Loan Portfolio Characteristics 11/1/96 12/31/97
------------------------------------------------------------------------------------------------------------------
I Principal Balance 399,468,977.20 341,768,758.28
ii Interest to be Capitalized 5,121,821.58 3,126,541.28
------------------------------------------------
iii Pool Balance 404,590,798.78 344,895,299.56
B I Weighted Average Coupon (WAC) 8.3280% 8.4061%
ii Weighted Average Remaining Term 130.43 127.41
iii Number of Loans 103,208 91,316
iv Number of Borrowers 50,613 44,907
--------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------
C Notes and Certificates Spread Balance % of Pool Balance % of Pool
12/27/96 1/26/98
-----------------------------------------------------------------------------------------------------------------------
I Class A-1 Notes 82668P AA3 0.09% $ 252,000,000.00 58.819% $ 174,541,323.19 49.730%
ii Class A-2 Notes 82668P AB1 0.15% $ 161,439,000.00 37.681% $ 161,439,000.00 45.997%
iii Certificates 82668P AC9 0.45% $ 14,996,000.00 3.500% $ 14,996,000.00 4.273%
=======================================================================================================================
iv Total Notes and Certificates $ 428,435,000.00 100.000% $ 350,976,323.19 100.000%
=======================================================================================================================
D Reserve Account 12/27/96 1/26/98
I Reserve Account Initial Deposit ($) $ 6,317,145.00
ii Specified Reserve Account Balance ($) $ 6,317,145.00 $ 5,258,142.07
iii Current Reserve Account Balance($) $ 6,317,145.00 $ 5,258,142.07
E Pre-Funding Account 12/27/96 1/26/98
I Pre-Funding Account Initial Deposit ($) $ 16,552,201.22
ii Current Pre-Funding Account Balance ($) $ 16,552,201.22 $ 4,912,522.99
-----------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------
II. Transactions from: 10/1/97 through 12/31/97
A Student Loan Principal Activity
I Regular Principal Collections $11,191,189.11
ii Principal Collections from Guarantor $5,592,734.92
iii Principal Reimbursements from Seller and/or Servicer $102,253.11
iv New Serial Loan Purchases (1) -
v Liquidation Proceeds (principal) $0.00
vi Recoveries $0.00
vii Other System Adjustments -$4,100.17
------------------------
viii Total Principal Collections $16,882,076.97
B Student Loan Non-Cash Principal Activity
I Capitalized Interest (1,868,268.62)
ii Realized Losses -
iii Other Adjustments 35,613.26
------------------------
iv Total Non-Cash Principal Activity ($1,832,655.36)
--------------------------------------------------------------------------------------------
C Total Student Loan Principal Activity $15,049,421.61
--------------------------------------------------------------------------------------------
D Student Loan Interest Activity
I Regular Interest Collections $4,455,829.02
ii Interest Claims Received from Guarantors $418,768.10
iii Interest Reimbursements from Seller and/or Servicer $7,638.47
iv Liquidation Proceeds (interest) $0.00
v Other Systems Adjustments $0.00
vi Special Allowance Payments $129,040.48
vii Subsidy Payments $903,002.66
------------------------
viii Total Interest Collections $5,914,278.73
E Student Loan Non-Cash Interest Activity
I Interest Accrual Adjustment 4,647.59
ii Capitalized Interest $1,868,268.62
------------------------
iii Total Non-Cash Interest Adjustments $1,872,916.21
--------------------------------------------------------------------------------------------
F Total Student Loan Interest Activity $7,787,194.94
--------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
III. Collection Account Activity
A Principal Collections
I Principal Payments Received--Cash $16,779,823.86
ii Cash Forwarded by Administrator on behalf of Seller and/or Servicer $102,253.11
------------------------
iv Total Principal Collections $16,882,076.97
B Interest Collections
I Interest Payments Received--Cash $4,874,597.12
ii Cash Forwarded by Administrator on behalf of Seller and/or Servicer $7,638.47
iv Cash Forwarded by Eligible Lender for Special Allowance and
Subsidy Payments $1,032,043.14
------------------------
v Total Interest Collections $5,914,278.73
C Capitalized Interest Amount 1,868,268.62
D Investment Earnings 397,063.39
E Funds Distributed on previous Interest Payment Dates $4,341,648.78
F TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT $20,720,038.93
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 $363,268.87
ii Servicing Fee Due for prior Monthly Collection Period 368,061.96
iii Servicing Fee Due for Monthly Collection Period two months ago 375,263.09
iv Servicing Fee Paid for prior Monthly Collection Period 368,061.96
v Servicing Fee Paid for Monthly Collection Period two months ago 375,263.09
I Unpaid Servicing Fees due from Prior Monthly Collection Periods -
J Administration Fees Due for Collection Period
I Administration Fee Due for Current Monthly Collection Period $11,624.60
ii Administration Fee Due for prior Monthly Collection Period 11,777.98
iii Administration Fee Due for Monthly Collection Period two months ago 12,008.42
iv Administration Fee Paid for prior Monthly Collection Period 11,777.98
v Administration Fee Paid for Monthly Collection Period two months ago 12,008.42
K Unpaid Administration Fees Due from Prior Monthly Collection Periods -
--------------------------------------------------------------------------------------------------------------------
L Total Fees Due for Period $374,893.47
--------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
IV. Portfolio Characteristics
--------------------------------------------------------------------------------------------------------
Weighted Average Coupon # of Loans %
- --------------------------------------------------------------------------------------------------------------------------------
12/31/97 9/30/97 12/31/97 9/30/97 12/31/97 9/30/97
- --------------------------------------------------------------------------------------------------------------------------------
STATUS:
In School 8.0306% 8.0298% 2,785 3,073 3.0498% 3.2317%
Grace 8.0367% 8.0321% 397 1,368 0.4348% 1.4386%
Repayment
Current 8.4293% 8.4207% 58,523 59,197 64.0884% 62.2537%
31-60 Days 8.4290% 8.4318% 5,081 4,238 5.5642% 4.4568%
61-90 Days 8.4363% 8.4115% 1,983 2,390 2.1716% 2.5134%
91-120 Days 8.4678% 8.4179% 1,473 1,847 1.6131% 1.9424%
> 120 Days 8.4182% 8.4528% 2,434 1,591 2.6655% 1.6732%
-----------------------------------------------------------------------------------------------------
Total Repayment 8.4275% 8.4215% 70,194 70,952 76.8693% 74.6156%
Deferment 8.3493% 8.3631% 11,166 11,830 12.2279% 12.4408%
Forbearance 8.4077% 8.3978% 6,774 7,867 7.4182% 8.2732%
Claims (1) 8.4247% 8.4116% 700 1,689 0.7666% 1.7762%
- --------------------------------------------------------------------------------------------------------------------------------
Totals 8.4061% 8.3957% 91,316 95,090 100.0000% 100.0000%
- --------------------------------------------------------------------------------------------------------------------------------
LOAN TYPE:
Consolidation 8.6734% 8.6754% 5,466 5,579 5.9858% 5.8671%
Subsidized Stafford 8.1641% 8.1460% 62,397 65,112 68.3309% 68.4741%
Unsub Stafford 8.2069% 8.2027% 12,324 12,754 13.4960% 13.4126%
SLS 9.0057% 9.0059% 5,151 5,462 5.6409% 5.7440%
PLS 9.0079% 9.0079% 5,978 6,183 6.5465% 6.5023%
- --------------------------------------------------------------------------------------------------------------------------------
Totals 8.4061% 8.3957% 91,316 95,090 100.0000% 100.0000%
- --------------------------------------------------------------------------------------------------------------------------------
SCHOOL TYPE:
2-year 8.3382% 8.3258% 6,294 6,560 6.8925% 6.8987%
4-year 8.2958% 8.2826% 68,329 70,982 74.8270% 74.6472%
Consolidation 8.6734% 8.6754% 5,466 5,579 5.9858% 5.8671%
Graduate 8.2775% 8.2690% 1,273 1,326 1.3941% 1.3945%
Proprietary/Vocational 8.4204% 8.4092% 8,763 9,397 9.5963% 9.8822%
Not Identified 8.3448% 8.3358% 1,191 1,246 1.3043% 1.3103%
- --------------------------------------------------------------------------------------------------------------------------------
Totals 8.4061% 8.3957% 91,316 95,090 100.0000% 100.0000%
- --------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------
Principal Amount %
- -------------------------------------------------------------------------------------------------------
12/31/97 9/30/97 12/31/97 9/30/97
- -------------------------------------------------------------------------------------------------------
STATUS:
In School 9,302,955.73 10,266,376.46 2.7220% 2.8772%
Grace 1,206,601.11 4,665,850.40 0.3530% 1.3076%
Repayment
Current 218,394,487.22 220,811,756.14 63.9012% 61.8835%
31-60 Days 18,490,547.63 15,832,662.41 5.4103% 4.4372%
61-90 Days 7,414,262.48 9,001,488.15 2.1694% 2.5227%
91-120 Days 5,840,461.52 6,737,750.21 1.7089% 1.8883%
> 120 Days 8,859,661.97 5,926,955.23 2.5923% 1.6611%
----------------------------------------------------------------------------
Total Repayment 261,436,012.94 264,100,896.95 76.4950% 74.0155%
Deferment 41,131,034.35 43,940,623.03 12.0348% 12.3146%
Forbearance 28,692,154.15 33,844,433.05 8.3952% 9.4851%
Claims (1) 2,436,592.12 5,790,284.81 0.7129% 1.6228%
- -------------------------------------------------------------------------------------------------------
Totals 341,768,758.28 356,818,179.89 100.0000% 100.0000%
- -------------------------------------------------------------------------------------------------------
LOAN TYPE:
Consolidation 92,998,799.83 95,400,119.52 27.2110% 26.7363%
Subsidized Stafford 167,774,630.61 176,816,638.23 49.0901% 49.5537%
Unsub Stafford 41,121,275.60 42,554,650.80 12.0319% 11.9261%
SLS 18,634,449.80 19,742,841.84 5.4524% 5.5330%
PLS 21,239,602.44 22,303,929.50 6.2146% 6.2508%
- -------------------------------------------------------------------------------------------------------
Totals 341,768,758.28 356,818,179.89 100.0000% 100.0000%
- -------------------------------------------------------------------------------------------------------
SCHOOL TYPE:
2-year 15,366,541.45 16,153,752.99 4.4962% 4.5272%
4-year 208,814,482.12 218,781,352.91 61.0982% 61.3145%
Consolidation 92,998,799.83 95,400,119.52 27.2110% 26.7363%
Graduate 5,961,835.35 6,273,275.90 1.7444% 1.7581%
Proprietary/Vocational 15,103,760.98 16,507,235.53 4.4193% 4.6262%
Not Identified 3,523,338.55 3,702,443.04 1.0309% 1.0376%
- -------------------------------------------------------------------------------------------------------
Totals 341,768,758.28 356,818,179.89 100.0000% 100.0000%
- -------------------------------------------------------------------------------------------------------
(1) Claims Information
- ---------------------------------------------------------------------------------------------------------------------------------
Claim Status 12/31/97 WAC # of Loans % of Loans Principal Amount % of Principal
- ---------------------------------------------------------------------------------------------------------------------------------
Claims Pending (2) 8.4247% 700 0.7666% 2,436,592.12 0.7129%
Aged Claims Rejected (3) 0.0000% 0 0.0000% 0.00 0.0000%(4)
- ---------------------------------------------------------------------------------------------------------------------------------
Totals 8.4247% 700 0.7666% 2,436,592.12 0.7129%
- ---------------------------------------------------------------------------------------------------------------------------------
(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.
(4) It was discovered on 10/6/97 that due to an administrative oversight this loan had not been bought out of the transaction. It
will be repurchased by the Seller.
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
V. Interest Calculation
A Borrower Interest Accrued During Last Month of Collection Period 2,244,434.07
B Interest Subsidy Payments Accrued During Last Month of Collection Period 210,553.88
C SAP Payments Accrued During Last Month of Collection Period 69,222.79
D Monthly Rebate Fees Accrued During Last Month of Collection Period (76,189.51)
E Investment Earnings During Last Month of Collection Period 149,452.59
------------------------
F Net Expected Interest Collections $2,597,473.82
G Student Loan Rate
I Days in Monthly Collection Period 12/1/97-12/31/97 31
ii Net Expected Interest Collections $2,597,473.82
iii Servicing Fee $363,268.87
iv Administration Fee $11,624.60
v Total Pool Balance at Beginning of the Collection Period $348,738,112.59
vi Student Loan Rate 7.40114%
Interest Dist.
Factor (per $1,000) Accrual Period
H Class A-1 LIBOR Based Interest Rate 6.05875%
I Class A-1 Rate 3.998654960 12/26/97-1/25/98 6.05875%
J Class A-2 LIBOR Based Interest Rate 6.11875%
K Class A-2 Rate 5.268923618 12/26/97-1/25/98 6.11875%
L Certificate LIBOR Based Interest Rate 6.41875%
M Certificate Rate 5.527257269 12/26/97-1/25/98 6.41875%
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
VI. Inputs From Previous Servicing Reports 10/27/97
A Total Student Loan Pool Outstanding 10/27/97 11/30/97
I Current Principal Balance $356,818,179.89 $345,426,802.42
ii Interest to be Capitalized $3,434,389.53 $3,311,310.17
------------------------------------------------
iii Total Student Loan Pool Outstanding $360,252,569.42 $348,738,112.59
B Total Note and Certificate Factor 0.8626163
C Total Note and Certificate Balance $ 369,575,009.20
----------------------------------------------------------------------------------------------------------------
D Balance 10/27/97 Class A-1 Class A-2 Certificates
----------------------------------------------------------------------------------------------------------------
I Current Factor --- 10/27/97 0.7664286079 1.0000000000 1.0000000000
ii Principal Shortfall 0.00 0.00 0.00
iii Expected Balance 193,140,009.20 161,439,000.00 14,996,000.00
--------------------------------------------------------------
iv Balance 193,140,009.20 161,439,000.00 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 12/26/97
------------------------------------------------------------------------------------------------------------------
Accrued Int. Factor Accrual Period
Class A-1 LIBOR Based Interest Rate 5.77750%
Class A-1 Rate 3.936036706 11/25/97 - 12/26/97 5.77750%
Class A-2 LIBOR Based Interest Rate 5.83750%
Class A-2 Rate 5.188888868 11/25/97 - 12/26/97 5.83750%
Certificate LIBOR Based Interest Rate 6.13750%
Certificate Rate 5.455555481 11/25/97 - 12/26/97 6.13750%
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
H Interest Payment Date 11/25/97
------------------------------------------------------------------------------------------------------------------
Accrued Int. Factor Accrual Period
Class A-1 LIBOR Based Interest Rate 5.74625%
Class A-1 Rate 3.547739484 10/27/97 - 11/24/97 5.74625%
Class A-2 LIBOR Based Interest Rate 5.80625%
Class A-2 Rate 4.677256921 10/27/97 - 11/24/97 5.80625%
Certificate LIBOR Based Interest Rate 6.10625%
Certificate Rate 4.918923713 10/27/97 - 11/24/97 6.10625%
------------------------------------------------------------------------------------------------------------------
I Reserve Account Balance $ 5,512,570.86
J Pre-Funding Account Balance $ 6,780,791.61
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 $20,720,038.93 $20,720,038.93
B Draws from Reserve Fund $0.00 $20,720,038.93
C Servicing Fees due for Current Monthly Period and unpaid from Prior Months $363,268.87 $20,356,770.06
D Administration Fees due for Current Monthly Period and unpaid from
Prior Months $11,624.60 $20,345,145.46
E Noteholders' Interest Distribution Amount
I Class A-1 $1,007,661.05 $19,337,484.41
ii Class A-2 $850,609.76 $18,486,874.65
----------------
iii Total Noteholders' Interest Distribution $1,858,270.81
F Certificateholders' Interest Distribution Amount $82,886.75 $18,403,987.90
G Noteholders' Principal Distribution Amount
I Class A-1 $16,917,690.23 $1,486,297.67
ii Class A-2 $0.00 $1,486,297.67
----------------
iii Total Noteholders' Principal Distribution $16,917,690.23
H Certificateholders' Principal Distribution Amount $0.00 $1,486,297.67
I Excess to Reserve Account $1,486,297.67 $0.00
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
VIII. Distributions
------------------------------------------------------------------------------------------------------------------------
A Distribution Amounts Class A-1 Class A-2 Certificates
I ** Monthly Interest Due $1,007,661.05 $850,609.76 $82,886.75
ii Monthly Interest Paid $1,007,661.05 $850,609.76 $82,886.75
--------------------------------------------------------------
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 $16,917,690.23 $0.00 $0.00
ix Quarterly Principal Paid $16,917,690.23 $0.00 $0.00
--------------------------------------------------------------
x Quarterly Principal Shortfall $0.00 $0.00 $0.00
xi Reserve Account Excess released to pay principal $1,680,995.78 $0.00 $0.00
--------------------------------------------------------------
xii Total Principal Distribution $18,598,686.01 $0.00 $0.00
xiii Principal Distribution Factor (per $1,000) 73.804309563 0.000000000 0.000000000
------------------------------------------------------------------------------------------------------------------------
xiv Total Distribution Amount $19,606,347.06 $850,609.76 $82,886.75
------------------------------------------------------------------------------------------------------------------------
B Principal Distribution Reconciliation
I Principal Balance-beginning of Collection Period $356,818,179.89
ii Principal Balance-end of Collection Period $341,768,758.28
iii Purchases of new Serial Loans after the Funding Period $0.00
iv Draw for Accrued Interest from Pre-Funding Account $1,868,268.62
v Draw for new Serial Loans from Pre-Funding Account $0.00
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
------------------------
$16,917,690.23
vi Principal Distribution Amount $16,917,690.23
B Total Interest Distribution $1,941,157.56
------------------------
C Total Cash Distributions-Notes and Certificates $20,539,843.57
-------------------------------------------------------------------------------------------------
D Note & Certificate Balances 10/27/97 1/26/98
I A-1 Note Balance $ 193,140,009.20 $ 174,541,323.19
A-1 Note Pool Factor 0.7664286079 0.6926242984
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
-------------------------------------------------------------------------------------------------
** Please see explanation on the next page, Reserve Account Reconciliation.
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
G Reserve Account Reconciliation
I Beginning of Period Balance $5,512,570.86
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 $1,486,297.67
------------------------
iv Total Reserve Account Balance Available $6,998,868.53
v Specified Reserve Account Balance $5,258,142.07
vi Reserve Account Excess $1,740,726.46
vii Excess Reserve - Release to Noteholders $1,680,995.78
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 $59,730.68
xii Excess Reserve - Release to Company $0.00
------------------------
xiii Ending Balance $5,258,142.07
H Pre-Funding Account Reconciliation
I Beginning of Period Balance $6,780,791.61
ii Draw for Accrued Interest $1,868,268.62
iii Draw for Serial Loan Purchases during Collection Period $0.00
iv Draw for Serial Loan Purchases after Collection Period $0.00
------------------------
v Current Pre-Funding Account Balance $4,912,522.99
** It was discovered that the December interest payment was calculated using 32 days rather than 31. The dollar
impact was $59,730.68. We are adjusting this report to reflect that error. The schedule below shows the old and
new amounts/factors and their differences:
- ------------------------------------------------------------------------------------------------------------------------------------
Class Old New Difference Old Factor New Factor
A1 $ 991,881.25 $ 960,884.96 $ 30,996.29 3.936036706 3.813035556
A2 $ 837,689.03 $ 811,511.25 $ 26,177.78 5.188888868 5.026736105
Certificates $ 81,811.51 $ 79,254.90 $ 2,556.61 5.455555481 5.285069352
Total $ 1,911,381.79 $ 1,851,651.11 $ 59,730.68
- ------------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
