SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-K
(MARK ONE)
/X/ Annual Report under Section 13 or 15(d) of the Securities Exchange Act of
1934 For the fiscal year ended December 31, 1997
OR
/ / Transition Report pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
For the transition period from _______________ to _______________
Commission File No. 33-63616
THE NATIONAL COLLEGIATE TRUST 1997-S1
(Exact name of Issuer as specified in its charter)
DELAWARE 52-2019939
-------- ----------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
C/O DELAWARE TRUST CAPITAL MANAGEMENT, INC.
900 MARKET STREET
WILMINGTON, DELAWARE 19801
(Address of principal executive offices) (Zip Code)
Issuer's telephone number, including area code: 302 421-7748
------------
Securities registered pursuant to Section 12(b) of the Act:
Name of each exchange
Title Of Each Class on which registered
------------------- -------------------
NONE NOT APPLICABLE
Securities registered pursuant to Section 12(g) of the Act:
NONE
----
(Title of Class)
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
1934 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 / /
<PAGE>
DOCUMENTS INCORPORATED BY REFERENCE:
- -----------------------------------
The following documents filed pursuant to Rule 424(b) under the Securities Act
of 1933, as amended, are incorporated by reference into Part I of this Form
10-K: the Prospectus Supplement dated April 7, 1997 (the "Prospectus
Supplement") together with the Prospectus dated April 7, 1997. Capitalized terms
not defined herein shall have the meanings set forth in the Prospectus
Supplement.
<PAGE>
THE NATIONAL COLLEGIATE TRUST 1997-S1
FORM 10-K
TABLE OF CONTENTS
Part I
Item 1. Business..............................................1
Item 2. Properties............................................1
Item 3. Legal Proceedings.....................................1
Item 4. Submission of Matters to a Vote of Security Holders...1
Part II
Item 5. Market for Issuer's Common Equity
and Related Shareholder Matters.............. 1
Item 6. Selected Financial Data............................... 1
Item 7. Management's Discussion and Analysis of Financial
Condition and Results of Operations................ 2
Item 8. Financial Statements and Supplementary Data........... 2
Item 9. Disagreements on Accounting and Financial Disclosure.. 2
Part III
Item 10. Directors and Officers of the Issuer............. 2
Item 11. Executive Compensation........................... 2
Item 12. Security Ownership of Certain Beneficial
Owners and Management........................ 2
Item 13. Certain Relationships and Related Transactions... 2
Part IV
Item 14. Exhibits, Financial Statement Schedules
and Reports on Form 8-K...................... 3
<PAGE>
PART I
ITEM 1 BUSINESS.
--------
The National Collegiate Trust 1997-S1 (the "Issuer") is a
Delaware business trust established for the sole purpose of acquiring, owning,
holding and pledging a portfolio of student loans (the "Student Loans") and
issuing and selling two classes of bonds collateralized by the Student Loans,
designated as 7.45% Class A Collateralized Student Loan Bonds, Series 1997-S1,
with an aggregate initial principal amount of $5,250,000 and 8.25% Class B
Collateralized Student Loan Bonds, Series 1997-S1, with an aggregate initial
principal amount of $2,750,000 (as of the date of issuance, April 10, 1997).
ITEM 2 PROPERTIES.
----------
See Item 14 below.
ITEM 3 LEGAL PROCEEDINGS.
----------------
There were no legal proceedings involving the Student Loans, the Issuer,
the Custodian, the Servicer, the Indenture Trustee or the Depositor with respect
to the Student Loans.
ITEM 4 SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
---------------------------------------------------
No matter was submitted to a vote of security holders during
the fiscal year ended December 31, 1997.
PART II
ITEM 5 MARKET FOR ISSUER'S COMMON EQUITY AND RELATED STOCKHOLDER MATTERS.
-----------------------------------------------------------------
(a) There is no established trading market for the Bonds.
(b) As of January 12, 1998, there were three holders of record
of the Issuer's Bonds; two holders of the Class A Bonds and one holder of record
of the Class B Bonds.
ITEM 6 SELECTED FINANCIAL DATA.
------------------------
Not applicable.
<PAGE>
ITEM 7 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITIONS AND
----------------------------------------------------------------
RESULTS OF OPERATIONS.
---------------------
Not applicable.
ITEM 8 FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.
-------------------------------------------
Not applicable.
ITEM 9 CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
---------------------------------------------------------------
FINANCIAL DISCLOSURE.
--------------------
There has been a change in accountants but not due to any
disagreement. The new accountant is Coopers & Lybrand.
PART III
ITEM 10 DIRECTORS AND EXECUTIVE OFFICERS OF THE ISSUER.
----------------------------------------------
Not applicable.
ITEM 11 EXECUTIVE COMPENSATION.
----------------------
Not applicable.
ITEM 12 SECURITY OWNERSHIP OF CERTAIN OWNERS AND MANAGEMENT.
The following table provides information, as of January 12,
1998 with respect to the ownership by each person or group of persons, known by
the Issuer to be a record owner of 5% or more of the Class A Bonds or Class B
Bonds. This does not reflect the persons who hold their certificates in nominee
or "street" name.
Except as set forth in the following table, the Issuer is not
aware of any record owner of more than 5% of the Class A Bonds or Class B Bonds
as of the close of business on January 12, 1998.
<PAGE>
- -------------------------------------------------------------------------------
Series 1997-S1 Principal Amount of Bonds
Class of Bonds Name and Address Owned of Record
--------------- ----------------------- -------------------------
Class A Bankers Trust Company $2,250,000
16 Wall Street, 5th Floor
New York, NY 10005
Class A Northern Trust Company $3,000,000
801 S. Canal C-IN
Chicago, IL 60607
Class B Bankers Trust Company $2,750,000
c/o BT Services Tennessee Inc.
648 Grassmere Park Drive
Nashville, TN 37211
- -------------------------------------------------------------------------------
ITEM 13 CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS.
----------------------------------------------
Not applicable since there were no transactions nor are there any proposed
transactions between the Issuer and any Bondholder or between the Issuer and any
immediate family member of any Bondholder.
ITEM 14 EXHIBITS, FINANCIAL STATEMENTS SCHEDULES AND REPORTS ON FORM 8-K.
----------------------------------------------------------------
(a) (1) and (2) Not applicable.
(3) (i) Annual Statement of Compliance of the Servicer for the
year ended December 31, 1997.
(ii) Annual Audit Report of the Servicer for the year ended
December 31, 1997, as prepared by Ernst & Young LLP.
(iii) Servicer Report of the Servicer for the year ended December 31,
1997.
(b) Reports on Form 8-K.
<PAGE>
A Current Report on Form 8-K, was filed on April 10, 1997. That Form
8-K reported under Item 2 thereof the formation of the Issuer, the
acquisition of the Student Loans and the issuance of the Bonds. Pursuant to
Item 7, also filed were a Term Agreement dated April 10, 1997, a Trust
Agreement dated February 26, 1997, and an Administration Agreement dated as
of April 1, 1997.
A Form 8-K was also filed each month thereafter until December 31,
1997, which filed under Item 7, the related Monthly Servicer Report
prepared by the Servicer.
(c) The response to this portion of Item 14 is submitted as a
separate section of this report.
(d) Not applicable .
SUPPLEMENTAL INFORMATION TO BE FURNISHED WITH REPORTS FILED PURSUANT
--------------------------------------------------------------------
TO SECTION 15(D) BY REGISTRANTS WHICH HAVE NOT REGISTERED SECURITIES
--------------------------------------------------------------------
PURSUANT TO SECTION 12 OF THE ACT.
---------------------------------
No annual report, proxy statement, form of proxy or other soliciting
material has been sent to Bondholders, and the Issuer does not contemplate
sending any such materials subsequent to the filing of this report.
<PAGE>
SIGNATURES
Subject to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the Issuer has duly caused this report to be signed on its
behalf by the undersigned, thereunto duly authorized.
THE NATIONAL COLLEGIATE TRUST 1997-S1
(Issuer)
By: DELAWARE TRUST CAPITAL
MANAGEMENT, INC.,
not in its individual capacity but
as Owner Trustee
By: /s/ Richard N. Smith
---------------------
Name: Richard N. Smith
Title: Vice President
Dated: April 15, 1998
ANNUAL STATEMENT OF COMPLIANCE OF THE
SERVICER FOR THE YEAR ENDED DECEMBER 31, 1997
<PAGE>
ANNUAL STATEMENT OF COMPLIANCE OF THE
SERVICER FOR THE YEAR ENDED DECEMBER 31, 1997
CERTIFICATE OF THE PENNSYLVANIA HIGHER EDUCATION
ASSISTANCE AGENCY
This certificate is delivered pursuant to Section 9.07 of that
certain Indenture, dated as of April 1, 1997, between The National Collegiate
Trust 1997-S1 and State Street Bank and Trust Company (the "Indenture").
Capitalized terms not otherwise defined herein shall have the meanings set forth
in the Indenture.
The undersigned, as the duly elected President and Chief
Executive Officer of the Pennsylvania Higher Education Assistance Agency
("PHEAA"), the Servicer for The National Collegiate Trust 1997-S1 (the
"Servicer"), a public corporation and a governmental instrumentality of the
Commonwealth of Pennsylvania, does hereby certify as follows:
1. a review of the activities of the Servicer, and
the Servicer's performance under the Servicing
Agreement for the previous twelve months ending
December 31, 1997 has been made under my supervision;
and
2. to the best of my knowledge, based on such review,
the Servicer has or has caused to be performed all of
its obligations under the Servicing Agreement
throughout the previous twelve months ending December
31, 1997 and no Default has occurred under the
Servicing Agreement.
THE PENNSYLVANIA HIGHER EDUCATION
ASSISTANCE AGENCY
By: /s/ Michael H. Hershock
-----------------------------
Name: Michael H. Hershock
Title: President and Chief Executive Officer
ANNUAL AUDIT REPORT OF THE
ACCOUNTANTS FOR THE YEAR ENDED DECEMBER 31, 1997
[TO BE FILED BY SUPPLEMENT]
SERVICER REPORT OF THE
SERVICER FOR THE YEAR ENDED DECEMBER 31, 1997
<PAGE>
<TABLE>
<CAPTION>
THE NATIONAL COLLEGIATE TRUST 1997 S-1
CASH/NON-CASH RECONCILIATION REPORT -045-
DATE 12/31/97
PORTFOLIO # 99999 / STATUS = IN-SCHOOL
NO. BORROWER GOVT. LT. CHARGES
NOTES PRINCIPAL INTEREST NTEREST COLLECTED
----- --------- -------- ------- --------
<S> <C> <C> <C> <C> <C>
1.BEGINNING BALANCE
2.NEW ACQUISITIONS
3.TRANSFERS IN
4.CASH COLLECTIONS
A. DEBITS
1. REVERSALS 0 .00 .00 .00 .00
B. CREDITS
1. PAYMENTS 10 719.00 507.62 .00 .00
2. PAYOFFS-CLAIM 0 .00 .00 .00 .00
C. TOTAL CASH 10 719.00 507.62 .00 .00
5. NON-CASH COLLECTION
A. DEBITS
1. REVERSALS-ADV. 0 .00 .00 .00 .00
2. ADJUST-ADVICE 1 .00 43.20 .00 .00
3. WRITE-UPS-GEN 0 .00 .00 .00 .00
4. CAPITAL INT. 0 .00 .00 .00 .00
5. WRITE-UPS 6 9.10 .00 .00 .00
6. RESALES 0 .00 .00 .00 .00
B. CREDITS
1. PAYMENTS-ADV. 0 .00 .00 .00 .00
2. ADJUST-ADVICE 2 .00 .02 .00 .00
3. WRITE-OFFS-GE 0 .00 .00 .00 .00
4. PAYOFFS-CLAIM 0 .00 .00 .00 .00
5. CAPITAL INT. 0 .00 .00 .00 .00
6. WRITE-OFFS 0 .00 .00 .00 .00
7. CANCELLATIONS 0 .00 .00 .00 .00
C. TOTAL NON-CASH 9 9.10 43.18 .00 .00
6. TRANSFERS OUT
7. OTHER REMOVALS
8. BALANCE BEFORE ACCRUALS
9. CURRENT MONTH ACCRUALS
10.ADJS PREV PDS EARNINGS
11. ADJS PREV PDS EARNINGS-CLAIMS
A. DEBITS
B. CREDITS
C. TOT ADJS PREV PDS EARN-CLAIMS
12. SYSTEM REMOVALS
13. ENDING BALANCE
</TABLE>
<TABLE>
<CAPTION>
NO. BORROWER GOVT.
NOTES PRINCIPAL INTEREST INTEREST
----- --------- -------- --------
<S> <C> <C> <C> <C>
1.BEGINNING BALANCE 2075 4,631,254.61 357,059.63 .00
2.NEW ACQUISITIONS 0 .00 .00
3.TRANSFERS IN 0 .00 .00 .00
4.CASH COLLECTIONS
A. DEBITS
1. REVERSALS
B. CREDITS
1. PAYMENTS
2. PAYOFFS-CLAIM
C. TOTAL CASH
5. NON-CASH COLLECTION
A. DEBITS
1. REVERSALS-ADV.
2. ADJUST-ADVICE
3. WRITE-UPS-GEN
4. CAPITAL INT.
5. WRITE-UPS
6. RESALES
B. CREDITS
1. PAYMENTS-ADV.
2. ADJUST-ADVICE
3. WRITE-OFFS-GE
4. PAYOFFS-CLAIM
5. CAPITAL INT.
6. WRITE-OFFS
7. CANCELLATIONS
C. TOTAL NON-CASH
6. TRANSFERS OUT 380 1,237,071.10 103,266.35 .00
7. OTHER REMOVALS 0 .00 .00 .00
8. BALANCE BEFORE ACCRUALS 1695 3,393,473.61 253,328.84 .00
9. CURRENT MONTH ACCRUALS 26,386.48 .00
10.ADJS PREV PDS EARNINGS 43.18 .00
11. ADJS PREV PDS EARNINGS-CLAIMS
A. DEBITS .00 .00
B. CREDITS .00 .00
C. TOT ADJS PREV PDS EARN-CLAIMS .00 .00
12. SYSTEM REMOVALS 6 .00 .00 .00
13. ENDING BALANCE 1689 3,393,473.61 279,715.32 .00
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
THE NATIONAL COLLEGIATE TRUST 1997 S-1
CASH/NON-CASH RECONCILIATION REPORT -045-
DATE 12/31/97
PORTFOLIO # 99999 / STATUS = IN-GRACE
NO. BORROWER GOVT.
NOTES PRINCIPAL INTEREST INTEREST
----- --------- -------- --------
<S> <C> <C> <C> <C>
1. BEGINNING BALANCE
2. NEW ACQUISITIONS
3. TRANSFERS IN
4. CASH COLLECTIONS
A. DEBITS
1. REVERSALS 0 .00 .00 .00
B. CREDITS
1. PAYMENTS 4 91.38 318.68 .00
2. PAYOFFS-CLAIM 0 .00 .00 .00
C. TOTAL CASH 4 91.38 318.68 .00
5. NON-CASH COLLECTION
A. DEBITS
1. REVERSALS-ADV 0 .00 .00 .00
2. ADJUST-ADVICE 0 .00 .00 .00
3. WRITE-UPS-GEN 0 .00 .00 .00
4. CAPITAL INT. 0 .00 .00 .00
5. WRITE-UPS 0 .00 .00 .00
6. RESALES 0 .00 .00 .00
B. CREDITS
1. PAYMENTS-ADV. 0 .00 .00 .00
2. ADJUST-ADVICE 1 .00 .01 .00
3. WRITE-OFFS-GE 0 .00 .00 .00
4. PAYOFFS-CLAIM 0 .00 .00 .00
5. CAPITAL INT. 0 .00 .00 .00
6. WRITE-OFFS 0 .00 .00 .00
7. CANCELLATIONS 0 .00 .00 .00
C. TOTAL NON-CASH 1 .00 .01 .00
6. TRANSFERS OUT
7. OTHER REMOVALS
8. BALANCE BEFORE ACCRUALS
9. CURRENT MONTH ACCRUALS
10. ADJS PREV PDS EARNINGS
11. ADJS PREV PDS EARNINGS-CLAIMS
A. DEBITS
B. CREDITS
C. TOT ADJS PREV PDS EARN-CLAIMS
12. SYSTEM REMOVALS
13. ENDING BALANCE
</TABLE>
<TABLE>
<CAPTION>
LT. CHARGES NO. BORROWER GOVT.
COLLECTED NOTES PRINCIPAL INTEREST INTEREST
--------- ----- --------- --------- --------
<S> <C> <C> <C> <C> <C>
1. BEGINNING BALANCE 72 215,761.88 16,890.94 .00
2. NEW ACQUISITIONS 0 .00 .00
3. TRANSFERS IN 380 1,237,071.10 103,266.35 .00
4. CASH COLLECTIONS
A. DEBITS
1. REVERSALS .00
B. CREDITS
1. PAYMENTS .00
2. PAYOFFS-CLAIM .00
C. TOTAL CASH .00
5. NON-CASH COLLECTION
A. DEBITS
1. REVERSALS-ADV .00
2. ADJUST-ADVICE .00
3. WRITE-UPS-GEN .00
4. CAPITAL INT. .00
5. WRITE-UPS .00
6. RESALES .00
B. CREDITS
1. PAYMENTS-ADV. .00
2. ADJUST-ADVICE .00
3. WRITE-OFFS-GE .00
4. PAYOFFS-CLAIM .00
5. CAPITAL INT. .00
6. WRITE-OFFS .00
7. CANCELLATIONS .00
C. TOTAL NON-CASH .00
6. TRANSFERS OUT 25 70,205.02 5,543.38 .00
7. OTHER REMOVALS 0 .00 .00 .00
8. BALANCE BEFORE ACCRUALS 427 1,382,536.58 114,295.22 .00
9. CURRENT MONTH ACCRUALS 10,814.52 .00
10. ADJS PREV PDS EARNINGS .01 .00
11. ADJS PREV PDS EARNINGS-CLAIMS
A. DEBITS .00 .00
B. CREDITS .00 .00
C. TOT ADJS PREV PDS EARN-CLAIMS .00 .00
12. SYSTEM REMOVALS 00 .00 .00 .00
13. ENDING BALANCE 427 1,382,536.58 125,109.74 .00
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
THE NATIONAL COLLEGIATE TRUST 1997 S-1
CASH/NON-CASH RECONCILIATION REPORT -045-
DATE 12/31/97
PORTFOLIO # 99999 / STATUS = PAYOUT
NO. BORROWER GOVT.
NOTES PRINCIPAL INTEREST INTEREST
----- --------- -------- --------
<S> <C> <C> <C> <C>
1. BEGINNING BALANCE
2. NEW ACQUISITIONS
3. TRANSFERS IN
4. CASH COLLECTIONS
A. DEBITS
1. REVERSALS 3 54.78 28.33 .00
B. CREDITS
1. PAYMENTS 297 7,544.30 8,415.80 .00
2. PAYOFFS-CLAIM 0 .00 .00 .00
C. TOTAL CASH 300 7,489.52 8,387.47 .00
5. NON-CASH COLLECTION
A. DEBITS
1. REVERSALS-ADV 23 .92 694.09 .00
2. ADJUST-ADVICE 92 220.29 390.23 .00
3. WRITE-UPS-GEN 0 .00 .00 .00
4. CAPITAL INT. 304 14,996.57 12,007.62 .00
5. WRITE-UPS 5 11.44 .00 .00
6. RESALES 0 .00 .00 .00
B. CREDITS
1. PAYMENTS-ADV. 130 320.58 4,581.87 .00
2. ADJUST-ADVICE 252 249.03 763.72 .00
3. WRITE-OFFS-GE 0 .00 .00 .00
4. PAYOFFS-CLAIM 1 5,684.38 309.67 .00
5. CAPITAL INT. 305 12,177.91 14,961.31 .00
6. WRITE-OFFS 2 .54 .00 .00
7. CANCELLATIONS 0 .00 .00 .00
C. TOTAL NON-CASH 1114 3,203.22 7,524.63 .00
6. TRANSFERS OUT
7. OTHER REMOVALS
8. BALANCE BEFORE ACCRUALS
9. CURRENT MONTH ACCRUALS
10. ADJS PREV PDS EARNINGS
11. ADJS PREV PDS EARNINGS-CLAIMS
A. DEBITS
B. CREDITS
C. TOT ADJS PREV PDS EARN-CLAIMS
12. SYSTEM REMOVALS
13. ENDING BALANCE
</TABLE>
<TABLE>
<CAPTION>
LT. CHARGES NO. BORROWER GOVT.
COLLECTED NOTES PRINCIPAL INTEREST INTEREST
--------- ----- --------- -------- --------
<S> <C> <C> <C> <C> <C>
1. BEGINNING BALANCE 473 1,572,340.93 23,391.41 .00
2. NEW ACQUISITIONS 0 .00 .00
3. TRANSFERS IN 27 70,205.02 5,543.38 .00
4. CASH COLLECTIONS
A. DEBITS
1. REVERSALS .00
B. CREDITS
1. PAYMENTS .00
2. PAYOFFS-CLAIM .00
C. TOTAL CASH .00
5. NON-CASH COLLECTION
A. DEBITS
1. REVERSALS-ADV .00
2. ADJUST-ADVICE .00
3. WRITE-UPS-GEN .00
4. CAPITAL INT. .00
5. WRITE-UPS .00
6. RESALES .00
B. CREDITS
1. PAYMENTS-ADV. .00
2. ADJUST-ADVICE .00
3. WRITE-OFFS-GE .00
4. PAYOFFS-CLAIM .00
5. CAPITAL INT. .00
6. WRITE-OFFS .00
7. CANCELLATIONS .00
C. TOTAL NON-CASH .00
6. TRANSFERS OUT 0 .00 .00 .00
7. OTHER REMOVALS 0 .00 .00 .00
8. BALANCE BEFORE ACCRUALS 500 1,631,853.21 13,022.69 .00
9. CURRENT MONTH ACCRUALS 13,298.51 .00
10. ADJS PREV PDS EARNINGS 411.20 .00
11. ADJS PREV PDS EARNINGS-CLAIMS
A. DEBITS .00 .00
B. CREDITS .00 .00
C. TOT ADJS PREV PDS EARN-CLAIMS .00 .00
12. SYSTEM REMOVALS 4 5,684.38 263.58 .00
13. ENDING BALANCE 496 1,631,853.21 26,321.20 .00
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
THE NATIONAL COLLEGIATE TRUST 1997 S-1
CASH/NON-CASH RECONCILIATION REPORT -045-
DATE 12/31/97
PORTFOLIO # 99999 / STATUS = TOTAL
NO. BORROWER GOVT.
NOTES PRINCIPAL INTEREST INTEREST
----- --------- -------- --------
<S> <C> <C> <C> <C>
1. BEGINNING BALANCE
2. NEW ACQUISITIONS
3. TRANSFERS IN
4. CASH COLLECTIONS
A. DEBITS
1. REVERSALS 3 54.78 28.33 .00
B. CREDITS
1. PAYMENTS 311 8,354.68 9,242.10 .00
2. PAYOFFS-CLAIM 0 .00 .00 .00
C. TOTAL CASH 314 8,299.90 9,213.77 .00
5. NON-CASH COLLECTION
A. DEBITS
1. REVERSALS-ADV 23 .92 694.09 .00
2. ADJUST-ADVICE 93 220.29 433.43 .00
3. WRITE-UPS-GEN 0 .00 .00 .00
4. CAPITAL INT. 304 14,996.57 12,007.62 .00
5. WRITE-UPS 11 20.54 .00 .00
6. RESALES 0 .00 .00 .00
B. CREDITS
1. PAYMENTS-ADV. 130 320.58 4,581.87 .00
2. ADJUST-ADVICE 255 249.03 763.75 .00
3. WRITE-OFFS-GE 0 .00 .00 .00
4. PAYOFFS-CLAIM 1 5,684.38 309.67 .00
5. CAPITAL INT. 305 12,177.91 14,961.31 .00
6. WRITE-OFFS 2 .54 .00 .00
7. CANCELLATIONS 0 .00 .00 .00
C. TOTAL NON-CASH 1124 3,194.12 7,481.46 .00
6. TRANSFERS OUT
7. OTHER REMOVALS
8. BALANCE BEFORE ACCRUALS
9. CURRENT MONTH ACCRUALS
10. ADJS PREV PDS EARNINGS
11. ADJS PREV PDS EARNINGS-CLAIMS
A. DEBITS
B. CREDITS
C. TOT ADJS PREV PDS EARN-CLAIMS
12. SYSTEM REMOVALS
13. ENDING BALANCE
</TABLE>
<TABLE>
<CAPTION>
LT. CHARGES NO. BORROWER GOVT.
COLLECTED NOTES PRINCIPAL INTEREST INTEREST
--------- ----- --------- -------- --------
<S> <C> <C> <C> <C> <C>
1. BEGINNING BALANCE 2620 6,419,357.42 397,341.98 .00
2. NEW ACQUISITIONS 0 .00 .00
3. TRANSFERS IN 407 1,307,276.12 108,809.73 .00
4. CASH COLLECTIONS
A. DEBITS
1. REVERSALS .00
B. CREDITS
1. PAYMENTS .00
2. PAYOFFS-CLAIM .000
C. TOTAL CASH .00
5. NON-CASH COLLECTION
A. DEBITS
1. REVERSALS-ADV .00
2. ADJUST-ADVICE .00
3. WRITE-UPS-GEN .00
4. CAPITAL INT. .00
5. WRITE-UPS .00
6. RESALES .00
B. CREDITS
1. PAYMENTS-ADV. .00
2. ADJUST-ADVICE .00
3. WRITE-OFFS-GE .00
4. PAYOFFS-CLAIM .00
5. CAPITAL INT. .00
6. WRITE-OFFS .00
7. CANCELLATIONS .00
C. TOTAL NON-CASH .00
6. TRANSFERS OUT 405 1,307,276.12 108,809.73 .00
7. OTHER REMOVALS 0 .00 .00 .00
8. BALANCE BEFORE ACCRUALS 2622 6,407,863.40 380,646.75 .00
9. CURRENT MONTH ACCRUALS 50,499.51 .00
10. ADJS PREV PDS EARNINGS 368.03 .00
11. ADJS PREV PDS EARNINGS-CLAIMS
A. DEBITS .00 .00
B. CREDITS .00 .00
C. TOT ADJS PREV PDS EARN-CLAIMS .00 .00
12. SYSTEM REMOVALS 10 5,684.38 263.58 .00
13. ENDING BALANCE 2612 6,407,863.40 431,146.26 .00
</TABLE>
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END OF JOB COUNTS
RECORDS READ 88
RECORDS BYPASSED 63
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