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Previous: EURAMAX INTERNATIONAL PLC, 8-K/A, 1997-09-26 |
Next: ORBITEX GROUP OF FUND, N-1A/A, 1997-09-26 |
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10 - K
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 (D) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the annual fiscal period ended June 30, 1997,
Commission File No.333-06929-03
UACSC 1996-D AUTO TRUST
(Exact name of registrant as specified in its charter)
Delaware 35-1937340
State or other jurisdiction of (I.R.S. Employer
incorporation or organization Identification Number)
UAC Securitization
Corporation
250 Shadeland Avenue, Suite 210 A
Indianapolis, Indiana 46219
(address of principal (zip code)
executive offices)
UAC Securitization Corporation
Registrant's telephone number including area code (317) 231-6414
Securities registered pursuant to Section 12 (b) of the Act: None
Securities registered pursuant to Section 12 (g) of the Act: None
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15 (d) of the Securities Exchange Act
of 1937 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days.
Yes X No
DOCUMENTS INCORPORATED BY REFERENCE: None
<PAGE>
PART I
Item 1. Business.
The sole and only "business" of the Trust is the collection and
distribution of payments on the automobile and light truck receivables, in
the manner described in the Registration Statement. Accordingly, there is
no relevant information to report in response to Item 101 of Regulation
S-K.
Item 2. Properties.
The Trust does not have any physical properties. Accordingly, this
item 2 is inapplicable.
Item 3. Legal Proceedings.
There are no material pending legal proceedings involving either
the Trust, or, with respect to any Certificates or any other trust
property, involving the Trustee or the Company.
Item 4. Submission of Matters to a Vote of Security Holders.
No Votes or consents of Certificateholders are solicited during the
preceding fiscal year for any purpose.
<PAGE>
PART II
Item 5. Market Price or and Dividends on the Registrant's Equity and
Related Stockholder Matters.
There is no established public trading market for the Certificates.
As of June 30, 1997, there were twenty-two (22) registered
Certificateholders. The Trust pays no dividends. See Exhibit 99-1 and 99-2
for information with respect to distribution to Certificateholders.
Item 6. Selected Financial Data.
No financial data is required of UAC Securitization Corporation,
as Registrant (Registration Statement No. 333-06929-03 on form S-3),
inasmuch as the Registration Statement was filed for and on behalf of UACSC
1996-D Auto Trust and, furthermore, because of UAC Securitization
Corporation is not a guarantor of any of the payments due from the Trust to
Certificateholders.
The regular monthly report form, which the Trustee is required to
include with each monthly distribution of Trust assets to
Certificateholders, sets forth for the prior calendar month, as well as
cumulatively, all of the relevant financial information required by the
applicable pooling and servicing agreement to be reportable to
Certificateholders.
The UAC Securitization Corporation UACSC 1996-D Auto Trust Monthly
Servicer's Certificate Reports for the months ending April 30, 1997, May
31, 1997 and June 30, 1997; Consolidated Monthly Servicer's Certificate
Report, for the period November 30, 1996 through June 30, 1997; and the
December 31, 1996 and 1995 Financial Statements of Capital Markets
Assurance Corporation, the surety bond issuer, are incorporated herein by
reference and attached hereto as Exhibits (Exhibit No. 99-1, 99-2 and 99-3,
respectively).
The foregoing presents all relevant financial information relating
to the Trust. Because of the limited business activity of the Trust, the
Selected Financial Data specified in Item 301 of Regulation S-K would not
provide meaningful additional information.
Item 7. Management's Discussion and Analysis of Financial Condition and
Results of Operation.
Because of the limited business activity of the Trust, the
presentation of Management's Discussion and Analysis of Financial Condition
and Results of Operations, as otherwise required by Item 303 of Regulation
S-K, would not be meaningful. All relevant information is contained in the
monthly statements and consolidated summary annual statement.
Item 8. Financial Statements and Supplementary Data.
As discussed above, furnishing the traditional financial
information required by Item 8 of Form 10-K would not add relevant
information to that provided by the foregoing statements.
Item 9. Disagreements with Accountants on Accounting and Financial
Disclosure.
Not applicable.
<PAGE>
PART III
Item 10. Directors and Executive Officers.
Not applicable.
Item 11. Executive Compensation.
Not applicable.
Item 12. Security Ownership of Certain Beneficial Owners and Management.
As of June 30, 1997, there were a total of twenty-two (22) Registered
Certificateholders, all of whom maintained their security positions with
the Depository Trust Company. While some of these Certificateholders'
security positions in the Trust exceeded 5% of the outstanding Certificate
Balance; such securities do not constitute voting securities within the
meaning of Item 403 of Regulation S-K.
Item 13. Certain Relationships and Related Transactions.
Union Acceptance Corporation, as Servicer, and UAC Securitization
Corporation, as Class IC Certificateholder, receive payments from the Trust
in accordance with the terms of the applicable pooling and servicing
agreement.
PART IV
Item 14. Exhibits, Financial Statement Schedules, and Reports on For 8-K.
No reports on Form 8-K have been filed during the last quarter of the
period covered by this report. Incorporated herein and attached hereto as
Exhibit 99-1 is a copy of the Monthly Servicer's Certificate Reports to the
Trust, for the months ending April 30, 1997, May 31, 1997, and June 30,
1997; as Exhibit 99-2 the Consolidated Monthly Servicer's Certificate
Report for the period November 30, 1996, through June 30, 1997; and as
Exhibit 99-3 the December 31, 1996 and 1995 Financial Statements of Capital
Markets Assurance Corporation, the surety bond issuer.
<PAGE>
Pursuant to the requirements of Section 13 or 15 (d) of the Securities
Exchange Act of 1934, the Registrant has duly caused this Report to be
signed on its behalf by the undersigned, thereunto duly authorized Servicer
of the UACSC 1996-D Auto Trust, for and on behalf of UACSC 1996-D Auto
Trust.
UACSC 1996-D Auto Trust
By: Union Acceptance Corporation, as Servicer
Date: September 25 , 1997 By: /s/ Rick A. Brown
--------------------------------------
Rick A. Brown
Vice President
<PAGE>
EXHIBIT INDEX
No. Description
---- ------------
4 Pooling and Servicing Agreement Respecting UACSC 1996-D Auto Trust*
UACSC 1996-D Auto Trust Monthly
Servicer's Certificate Reports:
99-1(a) Month Ended April 30, 1997
99-1(b) Month Ended May 31, 1997
99-1(c) Month Ended June 30, 1997
99-2 UACSC 1996-D Auto Trust
Consolidated Monthly Servicer's
Certificate Report Period
11/30/96 Through 06/30/97
99-3 Capital Markets Assurance Corporation Balance Sheet as of
December 31, 1996 and 1995 and the Related Statements of
Income, Stockholders Equity and Cash Flows for each of the
years in the three-year period ended December 31, 1996
(Incorporated by reference from pages F-1 to F-20 of the
Current Report on Form 8-K of the UACSC 1997-C Auto Trust
(File #333-06929, C1K 000100392) as filed on or about September
12, 1997).
*Incorporated by Reference to Exhibit 4 to Form 8-K filed November 21, 1996.
99-1(a)
UACSC 96-D
UNION ACCEPTANCE CORPORATION
(Servicer)
MONTH ENDING 4/30/97
<TABLE>
<CAPTION>
PRINCIPAL BALANCE RECONCILIATION D O L L A R S NUMBERS
CLASS A-1 CLASS A-2 CLASS A-3 TOTAL CLASS A's
-------------- ------------- ------------- -------------- ------
<S> <C> <C> <C> <C> <C>
Original Principal Balance 171,000,000.00 91,085,000.00 21,000,347.28 283,085,347.28 22,490
Beginning Period Principal Balance 132,324,255.03 91,085,000.00 21,000,347.28 244,409,602.31 20,314
Principal Collections - Scheduled Payments 3,272,021.62 0.00 0.00 3,272,021.62 0
Principal Collections - Payoffs 3,315,879.67 0.00 0.00 3,315,879.67 392
Principal Withdrawal from Payahead 10,093.89 0.00 0.00 10,093.89 0
Gross Principal Charge Offs 559,871.06 0.00 0.00 559,871.06 41
Repurchases 41,258.30 0.00 0.00 41,258.30 7
Ending Balance 125,125,130.49 91,085,000.00 21,000,347.28 237,210,477.77 19,874
============== ============= ============= ============== ======
Certificate Factor 0.7317259 1.0000000 1.0000000 0.8379469
Pass Through Rate 5.960% 6.170% 6.300% 6.053%
</TABLE>
<TABLE>
<CAPTION>
CASH FLOW RECONCILIATION
<S> <C>
Principal Wired 6,611,370.45
Interest Wired 2,361,687.38
Withdrawal from Payahead Account 16,590.10
Repurchases (Principal and Interest) 41,690.65
Charge Off Recoveries 217,142.26
Interest Advances 73,487.55
Certificate Account Interest Earned 27,103.26
Spread Account Withdrawal 0.00
Class A Surety Bond Draw for Class I Interest 0.00
Class A Surety Bond Draw for Class A
Principal or Interest 0.00
Total Cash Flow 9,349,071.65
============
TRUSTEE DISTRIBUTION (5/08/97)
Total Cash Flow 9,349,071.65
Unrecovered Advances on Defaulted Receivables 17,824.47
Servicing Fee (Due and Unpaid) 0.00
Interest to Class A-1 Certificateholders 657,210.47
Interest to Class A-2 Certificateholders 468,328.71
Interest to Class A-3 Certificateholders 110,251.82
Interest to Class I Certificateholders 484,882.79
Principal to Class A-1 Certificateholders 7,199,124.54
Principal to Class A-2 Certificateholders 0.00
Principal to Class A-3 Certificateholders 0.00
Surety Bond Premium 29,651.31
Interest Advance Recoveries from Payments 33,786.30
Unreimbursed draws on Class A's Surety
Bond for Class I Interest 0.00
Unreimbursed draws on Class A's Surety
Bond for Class A Principal or Interest 0.00
Deposit to Payahead 27,780.32
Certificate Account Interest to Servicer 27,103.26
Payahead Account Interest to Servicer 840.38
Excess 292,287.28
Net Cash 0.00
============
Monthly Servicing Fee and the Spread Amount 1,332,519.28
============
Servicing Fee Retained from Interest Collections 203,674.67
============
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
SPREAD ACCOUNT RECONCILIATION
<S> <C>
Original Balance 0.00
Beginning Balance 2,902,325.25
Trustee Distribution of Excess 292,287.28
Interest Earned 11,842.68
Spread Account Draws 0.00
Reimbursement for Prior Spread Account Draws 0.00
Distribution of Funds to Servicer 0.00
Ending Balance 3,206,455.21
============
Required Balance 3,538,566.84
============
FIRST LOSS PROTECTION AMOUNT RECONCILIATION
Original Balance 14,154,267.36
Beginning Balance 9,318,154.87
Reduction Due to Spread Account (304,129.96)
Reduction Due to Principal Reduction (359,956.23)
Ending Balance 8,654,068.68
============
First Loss Protection Required Amount 8,654,068.68
First Loss Protection Fee % 2.00%
First Loss Protection Fee 14,423.45
SURETY BOND RECONCILIATION
Original Balance 283,085,347.28
Beginning Balance 242,916,097.30
Draws 0.00
Reimbursement of Prior Draws 0.00
Ending Balance 242,916,097.30
==============
Adjusted Ending Balance Based Upon Required Balance 235,349,790.48
==============
Required Balance 235,349,790.48
PAYAHEAD RECONCILIATION
Beginning Balance 206,592.80
Deposit 27,780.32
Payahead Interest 840.38
Withdrawal 16,590.10
Ending Balance 218,623.40
==============
</TABLE>
UACSC 96-D
UNION ACCEPTANCE CORPORATION
(Servicer)
MONTH ENDING 5/31/97
<TABLE>
<CAPTION>
PRINCIPAL BALANCE RECONCILIATION D O L L A R S NUMBERS
CLASS A-1 CLASS A-2 CLASS A-3 TOTAL CLASS A's
------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Original Principal Balance 171,000,000.00 91,085,000.00 21,000,347.28 283,085,347.28 22,490
Beginning Period Principal Balance 125,125,130.49 91,085,000.00 21,000,347.28 237,210,477.77 19,874
Principal Collections - Scheduled Payments 3,268,233.75 0.00 0.00 3,268,233.75 0
Principal Collections - Payoffs 3,083,060.21 0.00 0.00 3,083,060.21 339
Principal Withdrawal from Payahead 7,772.41 0.00 0.00 7,772.41 0
Gross Principal Charge Offs 931,385.76 0.00 0.00 931,385.76 65
Repurchases 42,458.40 0.00 0.00 42,458.40 12
Ending Balance 117,792,219.96 91,085,000.00 21,000,347.28 229,877,567.24 19,458
============== ============= ============= ============== ======
Certificate Factor 0.6888434 1.0000000 1.0000000 0.8120433
Pass Through Rate 5.960% 6.170% 6.300% 6.053%
</TABLE>
<TABLE>
<CAPTION>
CASH FLOW RECONCILIATION
<S> <C>
Principal Wired 6,392,619.86
Interest Wired 2,369,847.88
Withdrawal from Payahead Account 13,034.16
Repurchases (Principal and Interest) 43,774.29
Charge Off Recoveries 304,371.74
Interest Advances 74,455.55
Certificate Account Interest Earned 27,198.69
Spread Account Withdrawal 0.00
Class A Surety Bond Draw for Class I Interest 0.00
Class A Surety Bond Draw for Class A
Principal or Interest 0.00
Total Cash Flow 9,225,302.17
============
TRUSTEE DISTRIBUTION (6/10/97)
Total Cash Flow 9,225,302.17
Unrecovered Advances on Defaulted Receivables 29,046.91
Servicing Fee (Due and Unpaid) 0.00
Interest to Class A-1 Certificateholders 621,454.81
Interest to Class A-2 Certificateholders 468,328.71
Interest to Class A-3 Certificateholders 110,251.82
Interest to Class I Certificateholders 466,884.98
Principal to Class A-1 Certificateholders 7,332,910.53
Principal to Class A-2 Certificateholders 0.00
Principal to Class A-3 Certificateholders 0.00
Surety Bond Premium 29,692.52
Interest Advance Recoveries from Payments 48,102.46
Unreimbursed draws on Class A's Surety
Bond for Class I Interest 0.00
Unreimbursed draws on Class A's Surety
Bond for Class A Principal or Interest 0.00
Deposit to Payahead 44,678.68
Certificate Account Interest to Servicer 27,198.69
Payahead Account Interest to Servicer 951.08
Excess 45,800.98
Net Cash 0.00
============
Monthly Servicing Fee and the Spread Amount 1,370,994.09
============
Servicing Fee Retained from Interest Collections 197,675.40
============
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
SPREAD ACCOUNT RECONCILIATION
<S> <C>
Original Balance 0.00
Beginning Balance 3,206,455.21
Trustee Distribution of Excess 45,800.98
Interest Earned 13,822.72
Spread Account Draws 0.00
Reimbursement for Prior Spread Account Draws 0.00
Distribution of Funds to Servicer 0.00
Ending Balance 3,266,078.91
============
Required Balance 3,538,566.84
FIRST LOSS PROTECTION AMOUNT RECONCILIATION
Original Balance 14,154,267.36
Beginning Balance 8,654,068.68
Reduction Due to Spread Account (59,623.70)
Reduction Due to Principal Reduction (366,645.53)
Ending Balance 8,227,799.45
============
First Loss Protection Required Amount 8,227,799.45
First Loss Protection Fee % 2.00%
First Loss Protection Fee 14,170.10
SURETY BOND RECONCILIATION
Original Balance 283,085,347.28
Beginning Balance 235,349,790.48
Draws 0.00
Reimbursement of Prior Draws 0.00
Ending Balance 235,349,790.48
==============
Adjusted Ending Balance Based
Upon Required Balance 227,897,503.52
==============
Required Balance 227,897,503.52
PAYAHEAD RECONCILIATION
Beginning Balance 218,623.40
Deposit 44,678.68
Payahead Interest 951.08
Withdrawal 13,034.16
Ending Balance 251,219.00
==============
</TABLE>
UACSC 96-D
UNION ACCEPTANCE CORPORATION
(Servicer)
MONTH ENDING 6/30/97
<TABLE>
<CAPTION>
PRINCIPAL BALANCE RECONCILIATION D O L L A R S NUMBERS
CLASS A-1 CLASS A-2 CLASS A-3 TOTAL CLASS A's
-------------- ------------- ------------- -------------- ------
<S> <C> <C> <C> <C> <C>
Original Principal Balance 171,000,000.00 91,085,000.00 21,000,347.28 283,085,347.28 22,490
Beginning Period Principal Balance 117,792,219.96 91,085,000.00 21,000,347.28 229,877,567.24 19,458
Principal Collections - Scheduled Payments 3,314,266.88 0.00 0.00 3,314,266.88 0
Principal Collections - Payoffs 3,017,877.75 0.00 0.00 3,017,877.75 365
Principal Withdrawal from Payahead 7,778.64 0.00 0.00 7,778.64 0
Gross Principal Charge Offs 937,333.10 0.00 0.00 937,333.10 72
Repurchases 98,471.48 0.00 0.00 98,471.48 13
Ending Balance 110,416,492.11 91,085,000.00 21,000,347.28 222,501,839.39 19,008
============== ============= ============= ============== ======
Certificate Factor 0.6457105 1.0000000 1.0000000 0.7859885
Pass Through Rate 5.960% 6.170% 6.300% 6.053%
</TABLE>
<TABLE>
<CAPTION>
CASH FLOW RECONCILIATION
<S> <C>
Principal Wired 6,370,103.46
Interest Wired 2,443,251.58
Withdrawal from Payahead Account 12,969.71
Repurchases (Principal and Interest) 100,164.93
Charge Off Recoveries 369,619.69
Interest Advances 64,486.09
Certificate Account Interest Earned 28,834.38
Spread Account Withdrawal 0.00
Class A Surety Bond Draw for Class I Interest 0.00
Class A Surety Bond Draw for Class A
Principal or Interest 0.00
Total Cash Flow 9,389,429.84
============
TRUSTEE DISTRIBUTION (7/09/97)
Total Cash Flow 9,389,429.84
Unrecovered Advances on Defaulted Receivables 25,899.60
Servicing Fee (Due and Unpaid) 0.00
Interest to Class A-1 Certificateholders 585,034.69
Interest to Class A-2 Certificateholders 468,328.71
Interest to Class A-3 Certificateholders 110,251.82
Interest to Class I Certificateholders 448,552.71
Principal to Class A-1 Certificateholders 7,375,727.85
Principal to Class A-2 Certificateholders 0.00
Principal to Class A-3 Certificateholders 0.00
Surety Bond Premium 27,812.73
Interest Advance Recoveries from Payments 49,740.88
Unreimbursed draws on Class A's Surety
Bond for Class I Interest 0.00
Unreimbursed draws on Class A's Surety
Bond for Class A Principal or Interest 0.00
Deposit to Payahead 42,647.28
Certificate Account Interest to Servicer 28,834.38
Payahead Account Interest to Servicer 1,035.83
Excess 225,563.36
Net Cash 0.00
============
Monthly Servicing Fee and the Spread Amount 1,475,275.46
============
Servicing Fee Retained from Interest Collections 191,564.64
============
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
SPREAD ACCOUNT RECONCILIATION
<S> <C>
Original Balance 0.00
Beginning Balance 3,266,078.91
Trustee Distribution of Excess 225,563.36
Interest Earned 13,934.65
Spread Account Draws 0.00
Reimbursement for Prior Spread Account Draws 0.00
Distribution of Funds to Servicer 0.00
Ending Balance 3,505,576.92
============
Required Balance 3,538,566.84
FIRST LOSS PROTECTION AMOUNT RECONCILIATION
Original Balance 14,154,267.36
Beginning Balance 8,227,799.45
Reduction Due to Spread Account (239,498.01)
Reduction Due to Principal Reduction (368,786.39)
Ending Balance 7,619,515.05
============
First Loss Protection Required Amount 7,619,515.05
First Loss Protection Fee % 2.00%
First Loss Protection Fee 12,699.19
SURETY BOND RECONCILIATION
Original Balance 283,085,347.28
Beginning Balance 227,897,503.52
Draws 0.00
Reimbursement of Prior Draws 0.00
Ending Balance 227,897,503.52
==============
Adjusted Ending Balance Based
Upon Required Balance 220,221,414.51
==============
Required Balance 220,221,414.51
PAYAHEAD RECONCILIATION
Beginning Balance 251,219.00
Deposit 42,647.28
Payahead Interest 1,035.83
Withdrawal 12,969.71
Ending Balance 281,932.40
===============
</TABLE>
UACSC 96-D
UNION ACCEPTANCE CORPORATION
(Servicer)
YEAR ENDING 6/30/97
<TABLE>
<CAPTION>
PRINCIPAL BALANCE RECONCILIATION D O L L A R S NUMBERS
CLASS A-1 CLASS A-2 CLASS A-3 TOTAL CLASS A's
<S> <C> <C> <C> <C> <C>
Original Principal Balance 171,000,000.00 91,085,000.00 21,000,347.28 283,085,347.28 22,490
Beginning Period Principal Balance 171,000,000.00 91,085,000.00 21,000,347.28 283,085,347.28 22,490
Principal Collections - Scheduled Payments 27,231,586.49 0.00 0.00 27,231,586.49 0
Principal Collections - Payoffs 29,399,811.60 0.00 0.00 29,399,811.60 3,154
Principal Withdrawal from Payahead 56,334.83 0.00 0.00 56,334.83 0
Gross Principal Charge Offs 3,506,637.15 0.00 0.00 3,506,637.15 265
Repurchases 389,137.82 0.00 0.00 389,137.82 63
Ending Balance 110,416,492.11 91,085,000.00 21,000,347.28 222,501,839.39 19,008
============== ============= ============= ============== ======
Certificate Factor 0.6457105 1.0000000 1.0000000 0.7859885
Pass Through Rate 5.960% 6.170% 6.300% 6.053%
</TABLE>
<TABLE>
<CAPTION>
CASH FLOW RECONCILIATION
<S> <C>
Principal Wired 56,957,461.45
Interest Wired 19,110,968.40
Withdrawal from Payahead Account 93,641.29
Repurchases (Principal and Interest) 397,082.25
Charge Off Recoveries 1,077,473.10
Interest Advances 432,770.64
Certificate Account Interest Earned 207,964.59
Spread Account Withdrawal 0.00
Class A Surety Bond Draw for Class I Interest 0.00
Class A Surety Bond Draw for Class A
Principal or Interest 0.00
Total Cash Flow 78,277,361.72
=============
TRUSTEE DISTRIBUTION (7/09/97)
Total Cash Flow 78,277,361.72
Unrecovered Advances on Defaulted Receivables 105,075.89
Servicing Fee (Due and Unpaid) 0.00
Interest to Class A-1 Certificateholders 5,137,957.35
Interest to Class A-2 Certificateholders 3,434,410.54
Interest to Class A-3 Certificateholders 808,513.35
Interest to Class I Certificateholders 3,714,825.00
Principal to Class A-1 Certificateholders 60,583,507.89
Principal to Class A-2 Certificateholders 0.00
Principal to Class A-3 Certificateholders 0.00
Surety Bond Premium 250,452.25
Interest Advance Recoveries from Payments 215,695.82
Unreimbursed draws on Class A's Surety
Bond for Class I Interest 0.00
Unreimbursed draws on Class A's Surety
Bond for Class A Principal or Interest 0.00
Deposit to Payahead 370,866.09
Certificate Account Interest to Servicer 207,964.59
Payahead Account Interest to Servicer 4,707.60
Excess 3,443,385.35
Net Cash 0.00
=============
Monthly Servicing Fee and the Spread Amount 12,179,059.42
=============
Servicing Fee Retained from Interest Collections 1,547,039.40
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
SPREAD ACCOUNT RECONCILIATION
<S> <C>
Original Balance 0.00
Beginning Balance 0.00
Trustee Distribution of Excess 3,443,385.34
Interest Earned 62,191.58
Spread Account Draws 0.00
Reimbursement for Prior Spread Account Draws 0.00
Distribution of Funds to Servicer 0.00
Ending Balance 3,505,576.92
=============
Required Balance 11,125,091.97
FIRST LOSS PROTECTION AMOUNT RECONCILIATION
Original Balance 14,154,267.36
Beginning Balance 14,154,267.36
Reduction Due to Spread Account (3,505,576.92)
Reduction Due to Principal Reduction (3,029,175.39)
Ending Balance 7,619,515.05
=============
First Loss Protection Required Amount 7,619,515.05
First Loss Protection Fee % 2.00%
First Loss Protection Fee 134,156.13
SURETY BOND RECONCILIATION
Original Balance 283,085,347.28
Beginning Balance 283,085,347.28
Draws 0.00
Reimbursement of Prior Draws 0.00
Ending Balance 283,085,347.28
==============
Adjusted Ending Balance Based Upon Required Balance 220,221,414.51
==============
Required Balance 220,221,414.51
PAYAHEAD RECONCILIATION
Beginning Balance 0.00
Deposit 370,866.09
Payahead Interest 4,707.60
Withdrawal 93,641.29
Ending Balance 281,932.40
==============
</TABLE>
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