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Previous: BENEFICIAL MORTGAGE SERVICES INC, 8-K, 1997-09-26 |
Next: CHEVY CHASE AUTO RECEIVABLES TRUST 1997-1, 8-K, 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. 333-06929-04
UACSC 1997-A 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 forty-three (43) 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. 333-06929-04 on form S-3),
inasmuch as the Registration Statement was filed for and on behalf of UACSC
1997-A 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 1997-A Auto Trust Monthly
Servicer's Certificate Reports for the months ending April 30, 1997, May
31, 1997 and June 30, 1997; the Consolidated Monthly Servicer's Certificate
Report, for the period February 28, 1997 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 forty-three (43) 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 February 28, 1997, 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
1997-A Auto Trust, for and on behalf of UACSC 1997-A Auto Trust. UACSC 1997-A
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 1997-A Auto Trust*
UACSC 1997-A 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 1997-A Auto Trust
Consolidated Monthly Servicer's
Certificate Report Period
02/28/97 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 February 18, 1997.
UACSC 97-A
UNION ACCEPTANCE CORPORATION
(Servicer)
MONTH ENDING 04/30/97
<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 167,000,000.00 107,000,000.00 19,347,947.22 293,347,947.22 20,702
Beginning Period Principal Balance 148,853,729.60 107,000,000.00 19,347,947.22 275,201,676.82 19,834
Principal Collections - Scheduled Payments 3,161,524.47 0.00 0.00 3,161,524.47 0
Principal Collections - Payoffs 3,863,703.66 0.00 0.00 3,863,703.66 319
Principal Withdrawal from Payahead 16,202.92 0.00 0.00 16,202.92 0
Gross Principal Charge Offs 0.00 0.00 0.00 0.00 0
Repurchases 18,857.60 0.00 0.00 18,857.60 3
Ending Balance 141,793,440.95 107,000,000.00 19,347,947.22 268,141,388.17 19,512
============== ============== ============= ============== ======
Certificate Factor 0.8490625 1.0000000 1.0000000 0.9140728
Pass Through Rate 6.130% 6.375% 6.480% 6.242%
</TABLE>
<TABLE>
<CAPTION>
CASH FLOW RECONCILIATION
<S> <C>
Principal Wired 7,060,277.11
Interest Wired 2,744,016.52
Withdrawal from Payahead Account 23,136.73
Repurchases (Principal and Interest) 19,230.45
Charge Off Recoveries 13,324.00
Interest Advances 53,965.37
Certificate Account Interest Earned 29,516.08
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 9,943,466.26
============
TRUSTEE DISTRIBUTION (05/08/97)
Total Cash Flow 9,943,466.26
Unrecovered Advances on Defaulted Receivables 0.00
Servicing Fee (Due and Unpaid) 0.00
Interest to Class A-1 Certificateholders 760,394.47
Interest to Class A-2 Certificateholders 568,437.50
Interest to Class A-3 Certificateholders 104,478.91
Interest to Class I Certificateholders 470,686.24
Principal to Class A-1 Certificateholders 7,060,288.65
Principal to Class A-2 Certificateholders 0.00
Principal to Class A-3 Certificateholders 0.00
Surety Bond Premium 33,517.67
Interest Advance Recoveries from Payments 21,359.29
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 38,887.98
Certificate Account Interest to Servicer 29,516.08
Payahead Account Interest to Servicer 429.72
Excess 855,469.75
Net Cash 0.00
============
Monthly Servicing Fee and the Spread Amount 1,541,843.86
============
Servicing Fee Retained from Interest Collections 229,334.73
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
SPREAD ACCOUNT RECONCILIATION
<S> <C>
Original Balance 0.00
Beginning Balance 1,368,893.13
Trustee Distribution of Excess 855,469.75
Interest Earned 4,691.05
Spread Account Draws 0.00
Reimbursement for Prior Spread Account Draws 0.00
Distribution of Funds to Servicer 0.00
Ending Balance 2,229,053.93
============
Required Balance 3,666,849.34
FIRST LOSS PROTECTION AMOUNT RECONCILIATION
Original Balance 14,667,397.36
Beginning Balance 12,391,190.71
Reduction Due to Spread Account (860,160.80)
Reduction Due to Principal Reduction (353,014.43)
Ending Balance 11,178,015.48
=============
First Loss Protection Required Amount 11,178,015.48
First Loss Protection Fee % 2.00%
First Loss Protection Fee 18,630.03
SURETY BOND RECONCILIATION
Original Balance 293,347,947.22
Beginning Balance 275,360,515.02
Draws 0.00
Reimbursement of Prior Draws 0.00
Ending Balance 275,360,515.02
==============
Adjusted Ending Balance Based
Upon Required Balance 267,372,749.68
==============
Required Balance 267,372,749.68
PAYAHEAD RECONCILIATION
Beginning Balance 120,231.49
Deposit 38,887.98
Payahead Interest 429.72
Withdrawal 23,136.73
Ending Balance 136,412.46
==============
</TABLE>
UNION ACCEPTANCE CORPORATION
(Servicer)
MONTH ENDING 05/31/97
<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 167,000,000.00 107,000,000.00 19,347,947.22 293,347,947.22 20,702
Beginning Period Principal Balance 141,793,440.95 107,000,000.00 19,347,947.22 268,141,388.17 19,512
Principal Collections - Scheduled Payments 2,999,262.05 0.00 0.00 2,999,262.05 0
Principal Collections - Payoffs 3,354,374.12 0.00 0.00 3,354,374.12 267
Principal Withdrawal from Payahead 7,307.95 0.00 0.00 7,307.95 0
Gross Principal Charge Offs 257,128.55 0.00 0.00 257,128.55 21
Repurchases 32,331.68 0.00 0.00 32,331.68 8
Ending Balance 135,143,036.60 107,000,000.00 19,347,947.22 261,490,983.82 19,216
============== ============== ============= ============== ======
Certificate Factor 0.8092397 1.0000000 1.0000000 0.8914021
Pass Through Rate 6.130% 6.375% 6.480% 6.242%
</TABLE>
<TABLE>
<CAPTION>
CASH FLOW RECONCILIATION
<S> <C>
Principal Wired 6,390,653.94
Interest Wired 2,600,723.14
Withdrawal from Payahead Account 12,197.80
Repurchases (Principal and Interest) 32,795.94
Charge Off Recoveries 11,923.30
Interest Advances 63,847.21
Certificate Account Interest Earned 27,302.83
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 9,139,444.16
============
TRUSTEE DISTRIBUTION (06/10/97)
Total Cash Flow 9,139,444.16
Unrecovered Advances on Defaulted Receivables 7,811.00
Servicing Fee (Due and Unpaid) 0.00
Interest to Class A-1 Certificateholders 724,328.16
Interest to Class A-2 Certificateholders 568,437.50
Interest to Class A-3 Certificateholders 104,478.91
Interest to Class I Certificateholders 454,506.41
Principal to Class A-1 Certificateholders 6,650,404.35
Principal to Class A-2 Certificateholders 0.00
Principal to Class A-3 Certificateholders 0.00
Surety Bond Premium 33,775.92
Interest Advance Recoveries from Payments 34,480.29
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 40,869.66
Certificate Account Interest to Servicer 27,302.83
Payahead Account Interest to Servicer 585.65
Excess 492,463.48
Net Cash 0.00
============
Monthly Servicing Fee and the Spread Amount 1,429,392.18
============
Servicing Fee Retained from Interest Collections 223,451.16
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
SPREAD ACCOUNT RECONCILIATION
<S> <C>
Original Balance 0.00
Beginning Balance 2,229,053.93
Trustee Distribution of Excess 492,463.48
Interest Earned 8,964.61
Spread Account Draws 0.00
Reimbursement for Prior Spread Account Draws 0.00
Distribution of Funds to Servicer 0.00
Ending Balance 2,730,482.02
============
Required Balance 3,666,849.34
FIRST LOSS PROTECTION AMOUNT RECONCILIATION
Original Balance 14,667,397.36
Beginning Balance 11,178,015.48
Reduction Due to Spread Account (501,428.09)
Reduction Due to Principal Reduction (332,520.22)
Ending Balance 10,344,067.17
=============
First Loss Protection Required Amount 10,344,067.17
First Loss Protection Fee % 2.00%
First Loss Protection Fee 17,814.78
SURETY BOND RECONCILIATION
Original Balance 293,347,947.22
Beginning Balance 267,372,749.68
Draws 0.00
Reimbursement of Prior Draws 0.00
Ending Balance 267,372,749.68
==============
Adjusted Ending Balance Based
Upon Required Balance 260,162,787.53
==============
Required Balance 260,162,787.53
PAYAHEAD RECONCILIATION
Beginning Balance 136,412.46
Deposit 40,869.66
Payahead Interest 585.65
Withdrawal 12,197.80
Ending Balance 165,669.97
==============
</TABLE>
UACSC 97-A
UNION ACCEPTANCE CORPORATION
(Servicer)
MONTH ENDING 06/30/97
<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 167,000,000.00 107,000,000.00 19,347,947.22 293,347,947.22 20,702
Beginning Period Principal Balance 135,143,036.60 107,000,000.00 19,347,947.22 261,490,983.82 19,216
Principal Collections - Scheduled Payments 3,291,099.30 0.00 0.00 3,291,099.30 0
Principal Collections - Payoffs 3,370,314.38 0.00 0.00 3,370,314.38 289
Principal Withdrawal from Payahead 6,389.12 0.00 0.00 6,389.12 0
Gross Principal Charge Offs 845,336.67 0.00 0.00 845,336.67 60
Repurchases 27,135.99 0.00 0.00 27,135.99 10
Ending Balance 127,602,761.14 107,000,000.00 19,347,947.22 253,950,708.36 18,857
============== ============== ============= ============== ======
Certificate Factor 0.7640884 1.0000000 1.0000000 0.8656979
Pass Through Rate 6.130% 6.375% 6.480% 6.242%
</TABLE>
<TABLE>
<CAPTION>
CASH FLOW RECONCILIATION
<S> <C>
Principal Wired 6,740,577.86
Interest Wired 2,818,257.22
Withdrawal from Payahead Account 10,976.74
Repurchases (Principal and Interest) 27,681.96
Charge Off Recoveries 98,246.01
Interest Advances 55,595.86
Certificate Account Interest Earned 29,558.93
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 9,780,894.58
============
TRUSTEE DISTRIBUTION (07/09/97)
Total Cash Flow 9,780,894.58
Unrecovered Advances on Defaulted Receivables 27,267.51
Servicing Fee (Due and Unpaid) 0.00
Interest to Class A-1 Certificateholders 690,355.68
Interest to Class A-2 Certificateholders 568,437.50
Interest to Class A-3 Certificateholders 104,478.91
Interest to Class I Certificateholders 439,265.90
Principal to Class A-1 Certificateholders 7,540,275.46
Principal to Class A-2 Certificateholders 0.00
Principal to Class A-3 Certificateholders 0.00
Surety Bond Premium 31,743.84
Interest Advance Recoveries from Payments 44,954.51
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 86,414.35
Certificate Account Interest to Servicer 29,558.93
Payahead Account Interest to Servicer 673.10
Excess 217,468.89
Net Cash 0.00
============
Monthly Servicing Fee and the Spread Amount 1,675,977.44
============
Servicing Fee Retained from Interest Collections 217,909.15
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
SPREAD ACCOUNT RECONCILIATION
<S> <C>
Original Balance 0.00
Beginning Balance 2,730,482.02
Trustee Distribution of Excess 217,468.89
Interest Earned 11,068.47
Spread Account Draws 0.00
Reimbursement for Prior Spread Account Draws 0.00
Distribution of Funds to Servicer 0.00
Ending Balance 2,959,019.38
============
Required Balance 3,666,849.34
FIRST LOSS PROTECTION AMOUNT RECONCILIATION
Original Balance 14,667,397.36
Beginning Balance 10,344,067.17
Reduction Due to Spread Account (228,537.36)
Reduction Due to Principal Reduction (377,013.77)
Ending Balance 9,738,516.04
=============
First Loss Protection Required Amount 9,738,516.04
First Loss Protection Fee % 2.00%
First Loss Protection Fee 16,230.86
SURETY BOND RECONCILIATION
Original Balance 293,347,947.22
Beginning Balance 260,162,787.53
Draws 0.00
Reimbursement of Prior Draws 0.00
Ending Balance 260,162,787.53
==============
Adjusted Ending Balance Based
Upon Required Balance 252,339,219.71
==============
Required Balance 252,339,219.71
PAYAHEAD RECONCILIATION
Beginning Balance 165,669.97
Deposit 86,414.35
Payahead Interest 673.10
Withdrawal 10,976.74
Ending Balance 241,780.68
==============
</TABLE>
UNION ACCEPTANCE CORPORATION
(Servicer)
YEAR ENDING 06/30/97
<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 167,000,000.00 107,000,000.00 19,347,947.22 293,347,947.22 20,702
Beginning Period Principal Balance 167,000,000.00 107,000,000.00 19,347,947.22 293,347,947.22 20,702
Principal Collections - Scheduled Payments 15,817,965.29 0.00 0.00 15,817,965.29 0
Principal Collections - Payoffs 22,310,575.85 0.00 0.00 22,310,575.85 1,738
Principal Withdrawal from Payahead 35,108.22 0.00 0.00 35,108.22 0
Gross Principal Charge Offs 1,151,255.06 0.00 0.00 1,151,255.06 85
Repurchases 82,334.44 0.00 0.00 82,334.44 22
Ending Balance 127,602,761.14 107,000,000.00 19,347,947.22 253,950,708.36 18,857
============== ============== ============= ============== ======
Certificate Factor 0.7640884 1.0000000 1.0000000 0.8656979
Pass Through Rate 6.130% 6.375% 6.480% 6.242%
</TABLE>
<TABLE>
<CAPTION>
CASH FLOW RECONCILIATION
<S> <C>
Principal Wired 38,393,756.45
Interest Wired 12,452,659.01
Withdrawal from Payahead Account 54,386.13
Repurchases (Principal and Interest) 83,769.35
Charge Off Recoveries 123,493.31
Interest Advances 237,941.51
Certificate Account Interest Earned 132,509.25
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 51,478,515.01
==============
TRUSTEE DISTRIBUTION (07/09/97)
Total Cash Flow 51,478,515.01
Unrecovered Advances on Defaulted Receivables 35,524.98
Servicing Fee (Due and Unpaid) 0.00
Interest to Class A-1 Certificateholders 3,348,222.48
Interest to Class A-2 Certificateholders 2,520,072.92
Interest to Class A-3 Certificateholders 463,189.84
Interest to Class I Certificateholders 2,071,299.69
Principal to Class A-1 Certificateholders 39,397,238.86
Principal to Class A-2 Certificateholders 0.00
Principal to Class A-3 Certificateholders 0.00
Surety Bond Premium 168,121.54
Interest Advance Recoveries from Payments 113,110.57
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 294,321.44
Certificate Account Interest to Servicer 132,509.25
Payahead Account Interest to Servicer 1,845.36
Excess 2,933,058.08
Net Cash 0.00
==============
Monthly Servicing Fee and the Spread Amount 7,990,018.34
==============
Servicing Fee Retained from Interest Collections 1,012,988.16
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
SPREAD ACCOUNT RECONCILIATION
<S> <C>
Original Balance 0.00
Beginning Balance 0.00
Trustee Distribution of Excess 2,933,058.09
Interest Earned 25,961.29
Spread Account Draws 0.00
Reimbursement for Prior Spread Account Draws 0.00
Distribution of Funds to Servicer 0.00
Ending Balance 2,959,019.38
==============
Required Balance 12,697,535.42
FIRST LOSS PROTECTION AMOUNT RECONCILIATION
Original Balance 14,667,397.36
Beginning Balance 14,667,397.36
Reduction Due to Spread Account (2,959,019.38)
Reduction Due to Principal Reduction (1,969,861.94)
Ending Balance 9,738,516.04
==============
First Loss Protection Required Amount 9,738,516.04
First Loss Protection Fee % 2.00%
First Loss Protection Fee 94,986.29
SURETY BOND RECONCILIATION
Original Balance 293,347,947.22
Beginning Balance 293,347,947.22
Draws 0.00
Reimbursement of Prior Draws 0.00
Ending Balance 293,347,947.22
==============
Adjusted Ending Balance Based
Upon Required Balance 252,339,219.71
==============
Required Balance 252,339,219.71
PAYAHEAD RECONCILIATION
Beginning Balance 0.00
Deposit 294,321.45
Payahead Interest 1,845.36
Withdrawal 54,386.13
Ending Balance 241,780.68
==============
</TABLE>
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