<PAGE>
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 (Date of earliest event reported): March 24, 1998.
EDUCATION LOANS INCORPORATED
--------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 333-26679-01 91-1819974
(State or other jurisdiction of (Commission (I.R.S. Employer
incorporation or organization) File Number) Identification No.)
105 First Avenue Southwest, Aberdeen, South Dakota 57401
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (605) 622-4400
Not Applicable
(Former name or former address, if changed since last report.)
<PAGE>
ITEM 1. CHANGES IN CONTROL OF REGISTRANT.
Not Applicable.
ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS.
Not Applicable
ITEM 3. BANKRUPTCY OR RECEIVERSHIP.
Not Applicable
ITEM 4. CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANT.
Not Applicable
ITEM 5. OTHER EVENTS.
Pursuant to the Servicing Agreement, dated as of February 1, 1998 (the
"Agreement"), among Education Loans Incorporated, as Issuer (the
"Issuer"), Student Loan Finance Corporation, as Servicer (the
"Servicer"), and U.S. Bank National Association, as Trustee (the
"Trustee"), the Servicer delivered to the Trustee the statement required
by Section 5.23 of the Indenture and Section 21 of the Agreement, which
statement is being filed as Exhibit 99.1 to this Form 8-K, and based
thereon the Trustee made the distributions to the holders of the
Issuer's Student Loan Asset-Backed Callable Notes, Series 1998-1.
ITEM 6. RESIGNATION OF REGISTRANT'S DIRECTORS.
Not Applicable
<PAGE>
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(C) EXHIBITS
The following exhibit is filed herewith. The exhibit number corresponds
with Item 601(b) of Regulation S-K.
EXHIBIT NO. DESCRIPTION
99.1 Servicing Report, dated February 28, 1998,
delivered to the Trustee.
ITEM 8. CHANGE IN FISCAL YEAR.
Not Applicable
ITEM 9. SALES OF EQUITY SECURITIES PURSUANT TO REGULATION S.
Not Applicable
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, hereto duly authorized.
Date: April 6, 1998
EDUCATION LOANS INCORPORATED
By /s/ A. Norgrin Sanderson
-------------------------------------
A. Norgrin Sanderson
President
<PAGE>
EXHIBIT INDEX
-------------
EXHIBIT DESCRIPTION OF EXHIBIT
- ------- ----------------------
99.1 Servicing Report, dated February 28, 1998,
delivered to the Trustee.
<PAGE>
STUDENT LOAN FINANCE CORPORATION
NOTEHOLDERS' STATEMENT PURSUANT TO SECTION 5.23 OF THE INDENTURE AND
SECTION 21 OF THE SERVICING AGREEMENT (UNAUDITED)
EDUCATION LOANS INCORPORATED
STUDENT LOAN ASSET-BACKED CALLABLE NOTES, SERIES 1998-1
REPORT FOR THE MONTH ENDED FEBRUARY 28, 1998
I. NOTEHOLDER INFORMATION
A. IDENTIFICATION OF NOTES
Series Description Cusip # Due Date
----------------------------------------------------------------------------
1998-1A Senior Tax Exempt Auction Rate Notes.... 28139WAB0....June 1, 2020
1998-1B Senior Tax Exempt Auction Rate Notes.... 28139WAC8....June 1, 2020
1998-1C Senior Tax Exempt Auction Rate Notes.... 28139WAD6....June 1, 2020
1998-1D Senior Tax Exempt Auction Rate Notes.... 28139WAE4....June 1, 2020
1998-1E Senior Tax Exempt Auction Rate Notes.... 28139WAF1....June 1, 2020
1998-1F Senior Tax Exempt Fixed Rate Notes...... 28139WAA2....June 1, 2010
1998-1F Senior Tax Exempt Fixed Rate Notes...... 28139WAG9....June 1, 2020
1998-1G Senior Taxable Auction Rate Notes....... 280907AF3....June 1, 2020
1998-1H Senior Taxable Auction Rate Notes....... 280907AG1....June 1, 2020
1998-1I Senior Taxable LIBOR Rate Notes......... 280907AH9....June 1, 2002
1998-1J Senior Taxable LIBOR Rate Notes......... 280907AJ5....June 1, 2020
1998-1K Subordinate Tax Exempt Fixed Rate Notes. 28139WAH7....June 1, 2020
1998-1L Subordinate Taxable LIBOR Rate Notes.... 280907AK2....June 1, 2020
B. NOTIFICATION OF PREPAYMENTS OF LIBOR RATE NOTES
<TABLE>
<CAPTION>
Determination Date - March 23, 1998 Record Date - March 31, 1998 Prepayment Date - April 1, 1998
----------------------------------- ---------------------------- -------------------------------
Aggregate Payments
---------------------------------------------------------------------------------- Principal
Carry-Over Interest on Carry- Amount After
Series Principal Interest Amounts Over Amounts Total Prepayment
---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
1998-1I $ 0.00 $ 897,539.83 $ 0.00 $ 0.00 $ 897,539.83 $ 185,000,000.00
1998-1J 0.00 1,172,418.71 0.00 0.00 1,172,418.71 239,600,000.00
1998-1L 0.00 299,546.08 0.00 0.00 299,546.08 59,200,000.00
------------- -------------- ------ ------- -------------- --------------------
Total $ 0.00 $ 2,369,504.62 $ 0.00 $ 0.00 $ 2,369,504.62 $ 483,800,000.00
=============================================================================================================
</TABLE>
<TABLE>
<CAPTION>
Payment Per $100,000 Unit
---------------------------------------------------------------------------------- Principal Amount
Carry-Over Interest on Carry- Per $100,000 Unit
Series Principal Interest Amounts Over Amounts Total After Prepayment
---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
1998-1I $0.00 $485.16 $0.00 $0.00 $485.16 $100,000.00
1998-1J 0.00 489.32 0.00 0.00 489.32 100,000.00
1998-1L 0.00 505.99 0.00 0.00 505.99 100,000.00
</TABLE>
Applicable Principal
Interest Rate Factor After
Series On Notes Prepayment
----------------------------------------------
1998-1I 5.82188% 1.0000000
1998-1J 5.87188% 1.0000000
1998-1L 6.07188% 1.0000000
Page 1 of 8
<PAGE>
C. PRINCIPAL OUTSTANDING - FEBRUARY, 1998
<TABLE>
<CAPTION>
Principal Principal Principal Principal
Outstanding, Payments Outstanding, Paid on
Series Feb. 19, 1998 During Month End of Month March 2, 1998
----------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
1998-1A $74,900,000.00 $0.00 $74,900,000.00
1998-1B 50,000,000.00 0.00 50,000,000.00
1998-1C 50,000,000.00 0.00 50,000,000.00
1998-1D 50,000,000.00 0.00 50,000,000.00
1998-1E 50,000,000.00 0.00 50,000,000.00
1998-1F:
6-1-10 14,270,000.00 0.00 14,270,000.00
6-1-20 9,785,000.00 0.00 9,785,000.00
1998-1G 53,500,000.00 0.00 53,500,000.00
1998-1H 54,000,000.00 0.00 54,000,000.00
1998-1I 185,000,000.00 0.00 185,000,000.00 $0.00
1998-1J 239,600,000.00 0.00 239,600,000.00 0.00
1998-1K 33,215,000.00 0.00 33,215,000.00
1998-1L 59,200,000.00 0.00 59,200,000.00 0.00
-----------------------------------------------------------------------
Totals $923,470,000.00 $0.00 $923,470,000.00 $0.00
=======================================================================
</TABLE>
D. ACCRUED INTEREST OUTSTANDING - FEBRUARY, 1998
<TABLE>
<CAPTION>
Net Loan Rate for
Accrued Interest Periods
Accrued Interest Interest Interest Interest Interest Starting April,
Outstanding, Accrued Payments Outstanding, Rate As Of 1998, Based on
Series Feb. 19, 1998 During Month During Month End of Month End Of Month Feb. 28 Calc.
-------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
1998-1A $0.00 $78,020.83 $0.00 $78,020.83 3.75000%
1998-1B 0.00 52,083.33 0.00 52,083.33 3.75000%
1998-1C 0.00 52,083.33 0.00 52,083.33 3.75000%
1998-1D 0.00 52,083.33 0.00 52,083.33 3.75000%
1998-1E 0.00 52,083.33 0.00 52,083.33 3.75000%
1998-1F:
6-1-10 35,318.25 23,545.50 0.00 58,863.75 4.95000%
6-1-20 26,664.13 17,776.08 0.00 44,440.21 5.45000%
1998-1G 0.00 82,776.39 0.00 82,776.39 5.57000% 6.74%
1998-1H 0.00 83,550.00 0.00 83,550.00 5.57000% 6.74%
1998-1I 0.00 296,369.49 0.00 296,369.49 5.76719% 6.74%
1998-1J 0.00 387,166.31 0.00 387,166.31 5.81719% 6.74%
1998-1K 93,002.00 62,001.33 0.00 155,003.33 5.60000%
1998-1L 0.00 98,949.35 0.00 98,949.35 6.01719% 6.74%
--------------------------------------------------------------------
Totals $154,984.38 $1,338,488.60 $0.00 1,493,472.98
====================================================================
</TABLE>
Page 2 of 8
<PAGE>
E. NOTEHOLDERS' CARRY-OVER AMOUNTS - FEBRUARY, 1998
Carry-Over Carry-Over
Amounts, Additions Payments Amounts,
Series Feb. 19, 1998 During Month During Month End of Month
--------------------------------------------------------------------------
1998-1G $0.00 $0.00 $0.00 $0.00
1998-1H 0.00 0.00 0.00 0.00
1998-1I 0.00 0.00 0.00 0.00
1998-1J 0.00 0.00 0.00 0.00
1998-1L 0.00 0.00 0.00 0.00
---------------------------------------------------------------
Totals $0.00 $0.00 $0.00 $0.00
===============================================================
F. NOTEHOLDERS' ACCRUED INTEREST ON CARRY-OVER AMOUNTS - FEBRUARY, 1998
Accrued Interest Interest Accrued
Interest, Accrued Payments Interest,
Series Feb. 19, 1998 During Month During Month End of Month
--------------------------------------------------------------------------
1998-1G $0.00 $0.00 $0.00 $0.00
1998-1H 0.00 0.00 0.00 0.00
1998-1I 0.00 0.00 0.00 0.00
1998-1J 0.00 0.00 0.00 0.00
1998-1L 0.00 0.00 0.00 0.00
----------------------------------------------------------------
Totals $0.00 $0.00 $0.00 $0.00
================================================================
II. FUND INFORMATION
A. RESERVE FUND - FEBRUARY, 1998
Tax Exempt Taxable Total
----------------------------------------------
Balance, Start of Month.... $0.00 $0.00 $0.00
Funds from Note Issuance... 0.00 18,480,000.00 18,480,000.00
Withdrawals During Month... 0.00 0.00 0.00
----------------------------------------------
Balance, End of Month...... $0.00 $18,480,000.00 $18,480,000.00
==============================================
B. ACQUISITION FUND (UNEXPENDED PORTION) - FEBRUARY, 1998
Tax Exempt Taxable Total
-----------------------------------------------
Balance, Start of Month... $0.00 $0.00 $0.00
Funds from Note Issuance.. 332,170,000.00 572,820,000.00 904,990,000.00
Initial Portfolio Transfer:
Principal Acquired...... (85,504,287.86)(501,092,990.84) (586,597,278.70)
Accruals Acquired....... (1,425,702.60) (7,138,287.52) (8,563,990.12)
Withdrawals for Acquisition
of Eligible Loans:
Principal Acquired...... (1,101,945.40) (1,483,094.11) (2,585,039.51)
Premiums and Related
Acquisition Costs..... (16,241.18) (21,937.80) (38,178.98)
------------------------------------------------
Balance, End of Month $244,121,822.96 $63,083,689.73 $307,205,512.69
================================================
Page 3 of 8
<PAGE>
III. STUDENT LOAN INFORMATION
A. STUDENT LOAN PRINCIPAL OUTSTANDING - FEBRUARY, 1998
<TABLE>
<CAPTION>
Tax Exempt Taxable Total
-----------------------------------------------------
<S> <C> <C> <C>
Balance, Start of Month ........ $ 0.00 $ 0.00 $ 0.00
Loans Purchased / Originated:
Initial Portfolio Transfer ... 85,504,287.86 501,092,990.84 586,597,278.70
Subsequent Additions ......... 1,101,945.40 1,483,094.11 2,585,039.51
Capitalized Interest ........... 37,429.56 151,561.58 188,991.14
Less Principal Payments Received (312,146.01) (2,931,987.90) (3,244,133.91)
-----------------------------------------------------
Balance, End of Month .......... $ 86,331,516.81 $499,795,658.63 $586,127,175.44
=====================================================
</TABLE>
B. COMPOSITION OF STUDENT LOAN PORTFOLIO AS OF FEBRUARY 28, 1998
Amount
---------------
Aggregate Outstanding Principal Balance ..........$586,127,175.44
Number of Borrowers .............................. 90,668
Average Outstanding Principal Balance Per Borrower $ 6,465
Number of Loans (Promissory Notes) ............... 268,536
Average Outstanding Principal Balance Per Loan ... $ 2,183
Repayment Status Loans:
Weighted Average Remaining Term (Months) ....... 103
Weighted Average Payments Received (Months) .... 27
Weighted Average Interest Rate ................... 8.26%
C. DISTRIBUTION OF STUDENT LOAN PORTFOLIO BY LOAN TYPE AS OF
FEBRUARY 28, 1998
Outstanding Percent By
Number Principal Outstanding
Loan Type Of Loans Balance Balance
----------------------------------------------------------------------------
Stafford - Subsidized...... 211,582 $367,449,587.56 62.7%
Stafford - Unsubsidized.... 27,558 66,017,660.35 11.3%
Stafford - Nonsubsidized... 3,258 5,172,710.68 0.9%
PLUS....................... 11,676 29,521,862.35 5.0%
SLS........................ 7,050 17,911,540.68 3.1%
Consolidation.............. 7,412 100,053,813.82 17.1%
------------------------------------------------
Total...................... 268,536 $586,127,175.44 100.0%
================================================
D. DISTRIBUTION OF STUDENT LOAN PORTFOLIO BY INTEREST RATE AS OF
FEBRUARY 28, 1998
Outstanding Percent By
Number Principal Outstanding
Interest Rate Of Loans Balance Balance
----------------------------------------------------------------------------
Less Than 7.00%........ 80 $352,144.49 0.1%
7.00% to 7.49%......... 9,797 14,531,755.79 2.5%
7.50% to 7.99%......... 17,414 43,432,954.93 7.4%
8.00% to 8.49%......... 208,037 410,089,053.12 70.0%
8.50% to 8.99%......... 11,888 35,678,469.23 6.1%
9.00% to 9.49%......... 21,187 80,790,976.44 13.8%
9.50% or Greater....... 133 1,251,821.44 0.2%
---------------------------------------------
Total.................. 268,536 $586,127,175.44 100.0%
=============================================
Page 4 of 8
<PAGE>
E. DISTRIBUTION OF STUDENT LOAN PORTFOLIO BY SCHOOL TYPE AS OF
FEBRUARY 28, 1998
Outstanding Percent By
Number Principal Outstanding
School Type Of Loans Balance Balance
-------------------------------------------------------------------------
Under 4 Year................. 44,103 $73,986,557.05 12.6%
4 and 5 Year................. 196,317 376,197,075.71 64.2%
Proprietary.................. 18,710 31,123,891.13 5.3%
Consolidation................ 7,412 100,053,813.82 17.1%
Other / Unknown.............. 1,994 4,765,837.73 0.8%
-------------------------------------------
Total........................ 268,536 $586,127,175.44 100.0%
===========================================
F. DISTRIBUTION OF STUDENT LOAN PORTFOLIO BY BORROWER PAYMENT STATUS AS OF
FEBRUARY 28, 1998
Outstanding Percent By
Number Principal Outstanding
Borrower Payment Status Of Loans Balance Balance
------------------------------------------------------------------------
School....................... 14,972 $36,629,860.12 6.2%
Grace........................ 4,639 11,304,460.31 1.9%
Repayment.................... 207,757 431,661,608.22 73.6%
Deferment.................... 28,228 72,033,649.04 12.3%
Forbearance.................. 10,581 29,619,160.13 5.1%
Claims....................... 2,359 4,878,437.62 0.8%
-------------------------------------------
Total.................... 268,536 $586,127,175.44 100.0%
===========================================
G. DISTRIBUTION OF REPAYMENT STATUS LOANS BY YEAR OF REPAYMENT AS OF
FEBRUARY 28, 1998
Outstanding Percent By
Number Principal Outstanding
Year of Repayment Of Loans Balance Balance
------------------------------------------------------------------------
First Year.................. 42,025 $124,703,708.86 28.9%
Second Year................. 33,387 94,380,464.71 21.9%
Third Year.................. 32,684 81,929,336.71 19.0%
Fourth Year and Greater..... 99,661 130,648,097.94 30.3%
==========================================
Total....................... 207,757 $431,661,608.22 100.0%
==========================================
H. DISTRIBUTION OF REPAYMENT STATUS LOANS BY REMAINING TERM AS OF
FEBRUARY 28, 1998
Outstanding Percent By
Number Principal Outstanding
Remaining Term Of Loans Balance Balance
------------------------------------------------------------------------
1 to 12 Months.......... 14,336 $3,542,409.36 0.8%
13 to 24 Months......... 15,560 8,337,611.09 1.9%
25 to 36 Months......... 16,873 14,298,090.17 3.3%
37 to 48 Months......... 17,902 19,895,198.83 4.6%
49 to 60 Months......... 18,526 25,222,750.89 5.8%
61 to 72 Months......... 19,142 31,604,045.04 7.3%
73 to 84 Months......... 16,677 34,296,896.42 7.9%
85 to 96 Months......... 26,780 62,004,432.86 14.4%
97 to 108 Months........ 26,911 70,666,452.19 16.4%
109 to 120 Months....... 30,176 89,013,113.28 20.6%
121 to 180 Months....... 3,612 38,092,503.13 8.8%
181 to 240 Months....... 1,080 26,726,853.67 6.2%
241 to 300 Months....... 147 6,023,445.59 1.4%
Over 300 Months......... 35 1,937,805.70 0.4%
-------------------------------------------
Total................... 207,757 $431,661,608.22 100.0%
===========================================
Page 5 of 8
<PAGE>
I. DISTRIBUTION OF STUDENT LOAN PORTFOLIO BY DELINQUENCY STATUS
AS OF FEBRUARY 28, 1998
<TABLE>
<CAPTION>
Percent by Outstanding Balance
---------------------------------
Repayment,
Deferment,
Outstanding Forbearance
Number Principal & Claims Status All Loans in
Delinquency Status Of Borrowers Balance Loans Only Portfolio
-----------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
31 to 60 Days........ 3,283 $20,280,180.59 3.8% 3.5%
61 to 90 Days........ 1,740 11,213,633.64 2.1% 1.9%
91 to 120 Days....... 976 5,712,242.55 1.1% 1.0%
121 to 180 Days...... 182 7,406,941.11 1.4% 1.3%
181 to 270 Days...... 574 3,089,472.69 0.6% 0.5%
Over 270 Days........ 7 2,942.89 0.0% 0.0%
Claims Filed, Not Yet 374 1,813,582.67 0.3% 0.3%
Paid...............
-------------------------------------------------------------
Total................ 7,136 $49,518,996.14 9.2% 8.4%
=============================================================
</TABLE>
J. DISTRIBUTION OF STUDENT LOAN PORTFOLIO BY GUARANTEE STATUS AS OF
FEBRUARY 28, 1998
Outstanding Percent By
Number Principal Outstanding
Guarantee Status Of Loans Balance Balance
----------------------------------------------------------------------
Guaranteed 100%..... 159,904 $250,174,047.45 42.7%
Guaranteed 98%...... 107,628 335,589,904.70 57.3%
Unguaranteed........ 1,004 363,223.29 0.1%
----------------------------------------------
Total............... 268,536 $586,127,175.44 100.0%
==============================================
K. DISTRIBUTION OF STUDENT LOAN PORTFOLIO BY GUARANTEE AGENCY AS OF
FEBRUARY 28, 1998
Outstanding Percent By
Number Principal Outstanding
Guarantee Agency Of Loans Balance Balance
----------------------------------------------------------------------
EAC...................... 142,968 $356,658,177.87 60.8%
PHEAA.................... 105,392 192,584,531.20 32.9%
Other Guarantee Agencies. 19,172 36,521,243.08 6.2%
Unguaranteed............. 1,004 363,223.29 0.1%
------------------------------------------
Total.................... 268,536 $586,127,175.44 100.0%
==========================================
Page 6 of 8
<PAGE>
L. DISTRIBUTION OF STUDENT LOAN PORTFOLIO BY RANGE OF PRINCIPAL BALANCE AS OF
FEBRUARY 28, 1998
<TABLE>
<CAPTION>
Outstanding Percent By
Number Principal Outstanding
Principal Balance Range Of Borrowers Balance Balance
----------------------------------------------------------------------------------
<S> <C> <C> <C>
Less Than $1,000.............. 10,812 $5,487,537.68 0.9%
$1,000 to $1,999.............. 12,381 18,489,525.87 3.2%
$2,000 to $2,999.............. 13,106 32,643,723.41 5.6%
$3,000 to $3,999.............. 8,727 30,414,729.86 5.2%
$4,000 to $4,999.............. 7,121 31,910,083.44 5.4%
$5,000 to $5,999.............. 6,084 33,226,828.57 5.7%
$6,000 to $6,999.............. 4,955 31,949,467.94 5.5%
$7,000 to $7,999.............. 3,604 26,972,277.38 4.6%
$8,000 to $8,999.............. 3,063 26,017,217.57 4.4%
$9,000 to $9,999.............. 2,614 24,819,239.97 4.2%
$10,000 to $10,999............ 2,261 23,687,589.87 4.0%
$11,000 to $11,999............ 2,070 23,742,763.77 4.1%
$12,000 to $12,999............ 1,660 20,743,063.18 3.5%
$13,000 to $13,999............ 1,518 20,470,220.52 3.5%
$14,000 to $14,999............ 1,419 20,556,955.27 3.5%
$15,000 or Greater............ 9,273 214,995,951.14 36.7%
-----------------------------------------------
Total......................... 90,668 $586,127,175.44 100.0%
===============================================
</TABLE>
M. DISTRIBUTION OF STUDENT LOAN PORTFOLIO BY BORROWERS' ADDRESS
AS OF FEBRUARY 28, 1998 (BASED ON ADDRESS AS OF FEBRUARY 28, 1998)
<TABLE>
<CAPTION>
Outstanding Percent By
Number Principal Outstanding
State of Borrowers' Address Of Loans Balance Balance
----------------------------------------------------------------------------------
<S> <C> <C> <C>
South Dakota.................. 111,262 $237,920,621.27 40.6%
Minnesota..................... 53,739 115,711,624.69 19.7%
North Dakota.................. 23,948 49,653,504.61 8.5%
Iowa.......................... 7,958 18,433,712.55 3.1%
Nebraska...................... 5,780 12,650,453.57 2.2%
Colorado...................... 5,261 11,567,960.04 2.0%
Washington.................... 4,875 10,326,958.39 1.8%
California.................... 4,453 9,834,094.52 1.7%
Texas......................... 4,201 9,755,540.52 1.7%
Oregon........................ 4,337 8,858,731.54 1.5%
Wisconsin..................... 3,225 7,758,300.71 1.3%
Illinois...................... 2,940 7,187,259.32 1.2%
Arizona....................... 3,345 7,119,331.18 1.2%
Alaska........................ 2,336 6,633,704.65 1.1%
Idaho......................... 2,802 6,028,955.27 1.0%
Others Less Than 1% Each...... 28,074 66,686,422.61 11.4%
-------------------------------------------
Total......................... 268,536 $586,127,175.44 100.0%
===========================================
</TABLE>
Page 7 of 8
<PAGE>
N. FEES AND EXPENSES ACCRUED FOR / THROUGH FEBRUARY, 1998
<TABLE>
<CAPTION>
For The 0.4
Month Ended
February, 1998 Feb. 28, 1998
-------------------------------------------
<S> <C> <C>
Servicing Fees............... $218,053.96 $218,053.96
Payroll...................... 0.00 0.00
Expenses.....................
Indenture Trustee Fees....... 0.00 0.00
Broker / Dealer Fees......... 19,090.27 19,090.27
Auction Agent Fees........... 2,655.55 2,655.55
Other Permitted Expenses..... 55.81 55.81
-------------------------------------------
Total........................ $239,855.59 $239,855.59
===========================================
</TABLE>
O. PRINCIPAL WRITE-OFFS AND RECOVERIES FOR / THROUGH FEBRUARY, 1998
<TABLE>
<CAPTION>
For The 0.4
Month Ended
February, 1998 Feb. 28, 1998
-------------------------------------
<S> <C> <C>
Principal Write-Offs:
2% Losses on 98% Claims.... $2,042.61 $2,042.61
Other Write-Offs........... 260.04 260.04
Recoveries................... 0.00 0.00
-------------------------------------
Net Write-Offs............... $2,302.65 $2,302.65
=====================================
</TABLE>
P. RATIO OF ASSETS TO LIABILITIES AS OF FEBRUARY
Amount
----------------
Total Indenture Assets....... $928,972,769.19
Total Indenture Liabilities.. 925,379,044.28
---------------
Ratio........................ 100.39%
===============
Page 8 of 8
