<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): May 19, 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 is required to make 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 April 30, 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: May 19, 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 April 30, 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 April 30, 1998
<TABLE>
<CAPTION>
I. Noteholder Information
----------------------
A. Identification of Notes
-----------------------
Series Description Cusip # Due Date
--------------------------------------------------------------------------------------------------------------
<S> <C> <C>
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
</TABLE>
B. Notification of Prepayments of LIBOR Rate Notes
-----------------------------------------------
<TABLE>
<CAPTION>
Determination Date - May 26, 1998 Record Date - May 31, 1998 Prepayment Date - June 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 $7,559,544.00 $892,451.01 $0.00 $0.00 $8,451,995.01 $170,936,855.00
1998-1J 0.00 1,208,274.51 0.00 0.00 1,208,274.51 239,600,000.00
1998-1L 1,053,990.88 304,005.29 0.00 0.00 1,357,996.17 57,239,242.72
-----------------------------------------------------------------------------------------------------------------------
Total $8,613,534.88 $2,404,730.81 $0.00 $0.00 $11,018,265.69 $467,776,097.72
=======================================================================================================================
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
--------------------------------------------------------------------------------------------------------------------------------
1998-1I $4,086.24 $482.41 $0.00 $0.00 $4,568.65 $92,398.30
1998-1J 0.00 504.29 0.00 0.00 504.29 100,000.00
1998-1L 1,780.39 513.52 0.00 0.00 2,293.91 96,687.91
Applicable Principal
Interest Rate Factor After
Series On Notes Prepayment
-----------------------------------------------------
1998-1I 5.80625% 0.9239830
1998-1J 5.85625% 1.0000000
1998-1L 6.05625% 0.9668791
</TABLE>
Page 1 of 8
<PAGE>
C. Principal Outstanding - April, 1998
-----------------------------------
<TABLE>
<CAPTION>
Principal Principal Principal Principal
Outstanding, Payments Outstanding, Paid on
Series Start of Month During Month End of Month May 1, 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 $6,503,601.00
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 59,200,000.00 906,766.40
---------------------------------------------------------------------------------
Totals $923,470,000.00 $0.00 $923,470,000.00 $7,410,367.40
=================================================================================
</TABLE>
D. Accrued Interest Outstanding - April, 1998
------------------------------------------
<TABLE>
<CAPTION>
Net Loan Rate for
Interest Periods
Accrued Interest Interest Interest Accrued Interest Interest Starting June,
Outstanding, Accrued Payments Outstanding, Rate As Of 1998, Based on
Series Start of Month During Month During Month End of Month End Of Month April 30 Calc.
----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
1998-1A $ 320,509.59 $ 237,391.39 $ 0.00 $ 557,900.98 3.90000%
1998-1B 213,541.67 157,055.55 0.00 370,597.22 3.77000%
1998-1C 213,541.67 154,722.22 0.00 368,263.89 3.70000%
1998-1D 213,541.67 157,708.33 0.00 371,250.00 3.82000%
1998-1E 213,541.67 157,361.11 0.00 370,902.78 3.85000%
1998-1F:
6-1-10 117,727.50 58,863.75 0.00 176,591.25 4.95000%
6-1-20 88,880.42 44,440.21 0.00 133,320.63 5.45000%
1998-1G 67,766.67 252,936.10 237,183.33 83,519.44 5.62000% 6.68%
1998-1H 8,430.00 252,765.00 236,040.00 25,155.00 5.59000% 6.68%
1998-1I 897,539.83 899,947.92 897,539.83 899,947.92 5.83750% 6.68%
1998-1J 1,172,418.71 1,175,537.50 1,172,418.71 1,175,537.50 5.88750% 6.68%
1998-1K 310,006.67 155,003.33 0.00 465,010.00 5.60000%
1998-1L 299,546.08 300,316.67 299,546.08 300,316.67 6.08750% 6.68%
---------------------------------------------------------------------------------
Totals $4,136,992.15 $4,004,049.08 $2,842,727.95 $5,298,313.28
=================================================================================
</TABLE>
Page 2 of 8
<PAGE>
<TABLE>
<CAPTION>
E. Noteholders' Carry-Over Amounts - April, 1998
---------------------------------------------
Carry-Over Carry-Over
Amounts, Additions Payments Amounts,
Series Start of Month During Month During Month End of Month
-------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
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 - April, 1998
-----------------------------------------------------------------
Accrued Interest Interest Accrued
Interest, Accrued Payments Interest,
Series Start of Month 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
=================================================================================
</TABLE>
II. Fund Information
A. Reserve Fund - April, 1998
--------------------------
<TABLE>
<CAPTION>
Tax Exempt Taxable Total
---------------------------------------------------------
<S> <C> <C> <C>
Balance, Start of Month.............................. $0.00 $18,480,000.00 $18,480,000.00
Additions During Month............................... 0.00 0.00 0.00
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) - April, 1998
---------------------------------------------------
Tax Exempt Taxable Total
---------------------------------------------------------
Balance, Start of Month.............................. $232,404,661.74 $57,990,694.20 $290,395,355.94
Withdrawals for Acquisition of Eligible Loans:
Principal Acquired................................. (8,493,127.67) (3,808,136.51) (12,301,264.18)
Premiums and Related Acquisition Costs............. (157,951.43) (59,417.99) (217,369.42)
--------------------------------------------------------
Balance, End of Month................................ $223,753,582.64 $54,123,139.70 $277,876,722.34
========================================================
</TABLE>
Page 3 of 8
<PAGE>
<TABLE>
<CAPTION>
III. Student Loan Information
A. Student Loan Principal Outstanding - April, 1998
------------------------------------------------
Tax Exempt Taxable Total
-------------------------------------------------------
<S> <C> <C> <C>
Balance, Start of Month.............................. $97,228,817.12 $497,576,273.81 $594,805,090.93
Loans Purchased / Originated......................... 8,493,127.67 3,808,136.51 12,301,264.18
Capitalized Interest................................. 49,120.67 263,702.97 312,823.64
Less Principal Payments Received..................... (738,430.16) (7,370,237.29) (8,108,667.45)
Other Increases (Decreases).......................... (1,344.90) (7,479.60) (8,824.50)
--------------------------------------------------------
Balance, End of Month................................ $105,031,290.40 $494,270,396.40 $599,301,686.80
========================================================
B. Composition of Student Loan Portfolio as of April 30, 1998
----------------------------------------------------------
Amount
-------------------
Aggregate Outstanding Principal Balance................................. $599,301,686.80
Number of Borrowers..................................................... 90,499
Average Outstanding Principal Balance Per Borrower...................... $6,622
Number of Loans (Promissory Notes)...................................... 271,181
Average Outstanding Principal Balance Per Loan.......................... $2,210
Repayment Status Loans:
Weighted Average Remaining Term (Months).............................. 103
Weighted Average Payments Received (Months)........................... 28
Weighted Average Interest Rate.......................................... 8.24%
C. Distribution of Student Loan Portfolio by Loan Type as of April 30, 1998
------------------------------------------------------------------------
Outstanding Percent By
Number Principal Outstanding
Loan Type Of Loans Balance Balance
-------------------------------------------------------------------------------------------
Stafford - Subsidized............ 212,275 $374,262,041.28 62.4%
Stafford - Unsubsidized.......... 29,909 72,139,453.18 12.0%
Stafford - Nonsubsidized......... 3,199 5,019,813.07 0.8%
PLUS............................. 11,506 29,340,924.67 4.9%
SLS.............................. 6,783 17,379,704.62 2.9%
Consolidation.................... 7,509 101,159,749.98 16.9%
---------------------------------------------------------
Total............................ 271,181 $599,301,686.80 100.0%
=========================================================
D. Distribution of Student Loan Portfolio by Interest Rate as of April 30, 1998
----------------------------------------------------------------------------
Outstanding Percent By
Number Principal Outstanding
Interest Rate Of Loans Balance Balance
-------------------------------------------------------------------------------------------
Less Than 7.00%.................. 79 $338,295.08 0.1%
7.00% to 7.49%................... 9,180 13,926,206.95 2.3%
7.50% to 7.99%................... 24,576 63,736,782.60 10.6%
8.00% to 8.49%................... 205,342 405,444,559.24 67.7%
8.50% to 8.99%................... 11,885 35,619,748.62 5.9%
9.00% to 9.49%................... 19,988 78,998,142.09 13.2%
9.50% or Greater................. 131 1,237,952.22 0.2%
---------------------------------------------------------
Total............................ 271,181 $599,301,686.80 100.0%
=========================================================
</TABLE>
Page 4 of 8
<PAGE>
<TABLE>
<CAPTION>
E. Distribution of Student Loan Portfolio by School Type as of April 30, 1998
--------------------------------------------------------------------------
Outstanding Percent By
Number Principal Outstanding
School Type Of Loans Balance Balance
-------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Under 4 Year..................... 44,349 $74,695,225.86 12.5%
4 and 5 Year..................... 198,855 387,611,728.09 64.7%
Proprietary...................... 18,245 30,479,140.32 5.1%
Consolidation.................... 7,509 101,159,749.98 16.9%
Other / Unknown.................. 2,223 5,355,842.55 0.9%
---------------------------------------------------------
Total............................ 271,181 $599,301,686.80 100.0%
=========================================================
F. Distribution of Student Loan Portfolio by Borrower Payment Status as of April 30, 1998
--------------------------------------------------------------------------------------
Outstanding Percent By
Number Principal Outstanding
Borrower Payment Status Of Loans Balance Balance
-------------------------------------------------------------------------------------------
School........................... 17,288 $45,047,582.97 7.5%
Grace............................ 9,844 23,881,620.65 4.0%
Repayment........................ 202,345 420,862,973.18 70.2%
Deferment........................ 28,579 73,538,211.19 12.3%
Forbearance...................... 10,940 31,564,926.65 5.3%
Claims........................... 2,185 4,406,372.16 0.7%
---------------------------------------------------------
Total............................ 271,181 $599,301,686.80 100.0%
=========================================================
G. Distribution of Repayment Status Loans by Year of Repayment as of April 30, 1998
--------------------------------------------------------------------------------
Outstanding Percent By
Number Principal Outstanding
Year of Repayment Of Loans Balance Balance
-------------------------------------------------------------------------------------------
First Year....................... 39,967 $119,216,277.11 28.3%
Second Year...................... 32,279 90,079,112.00 21.4%
Third Year....................... 32,078 80,426,659.41 19.1%
Fourth Year and Greater.......... 98,021 131,140,924.66 31.2%
---------------------------------------------------------
Total............................ 202,345 $420,862,973.18 100.0%
=========================================================
H. Distribution of Repayment Status Loans by Remaining Term as of April 30, 1998
-----------------------------------------------------------------------------
Outstanding Percent By
Number Principal Outstanding
Remaining Term Of Loans Balance Balance
-------------------------------------------------------------------------------------------
1 to 12 Months................... 13,684 $3,359,218.46 0.8%
13 to 24 Months.................. 15,332 8,170,516.34 1.9%
25 to 36 Months.................. 16,447 13,742,135.54 3.3%
37 to 48 Months.................. 17,929 19,686,879.61 4.7%
49 to 60 Months.................. 18,072 24,508,956.49 5.8%
61 to 72 Months.................. 19,578 32,652,630.60 7.8%
73 to 84 Months.................. 16,681 34,390,728.69 8.2%
85 to 96 Months.................. 27,295 63,431,538.08 15.1%
97 to 108 Months................. 26,392 69,902,946.52 16.6%
109 to 120 Months................ 25,921 77,480,599.14 18.4%
121 to 180 Months................ 3,695 37,992,373.76 9.0%
181 to 240 Months................ 1,130 27,364,040.13 6.5%
241 to 300 Months................ 153 6,097,333.99 1.4%
Over 300 Months.................. 36 2,083,075.83 0.5%
---------------------------------------------------------
Total............................ 202,345 $420,862,973.18 100.0%
=========================================================
</TABLE>
Page 5 of 8
<PAGE>
<TABLE>
<CAPTION>
I. Distribution of Student Loan Portfolio by Delinquency Status as of April 30, 1998
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.................... 2,604 $16,318,008.07 3.1% 2.7%
61 to 90 Days.................... 1,273 8,122,648.61 1.5% 1.4%
91 to 120 Days................... 882 5,298,591.69 1.0% 0.9%
121 to 180 Days.................. 1,160 7,454,273.60 1.4% 1.2%
181 to 270 Days.................. 487 2,328,726.71 0.4% 0.4%
Over 270 Days.................... 3 1,399.00 0.0% 0.0%
Claims Filed, Not Yet Paid....... 445 2,116,372.80 0.4% 0.4%
----------------------------------------------------------------------------
Total............................ 6,854 $41,640,020.48 7.9% 6.9%
============================================================================
J. Distribution of Student Loan Portfolio by Guarantee Status as of April 30, 1998
Outstanding Percent By
Number Principal Outstanding
Guarantee Status Of Loans Balance Balance
-------------------------------------------------------------------------------------------
Guaranteed 100%.................. 154,668 $241,594,643.87 40.3%
Guaranteed 98%................... 115,442 357,349,000.01 59.6%
Unguaranteed..................... 1,071 358,042.92 0.1%
---------------------------------------------------------
Total............................ 271,181 $599,301,686.80 100.0%
=========================================================
K. Distribution of Student Loan Portfolio by Guarantee Agency as of April 30, 1998
Outstanding Percent By
Number Principal Outstanding
Guarantee Agency Of Loans Balance Balance
-------------------------------------------------------------------------------------------
EAC.............................. 147,146 $372,727,873.29 62.2%
PHEAA............................ 104,380 190,661,684.26 31.8%
Other Guarantee Agencies......... 18,584 35,554,086.33 5.9%
Unguaranteed..................... 1,071 358,042.92 0.1%
---------------------------------------------------------
Total............................ 271,181 $599,301,686.80 100.0%
=========================================================
</TABLE>
Page 6 of 8
<PAGE>
<TABLE>
<CAPTION>
L. Distribution of Student Loan Portfolio by Range of Principal Balance as of April 30, 1998
-----------------------------------------------------------------------------------------
Outstanding Percent By
Number Principal Outstanding
Principal Balance Range Of Borrowers Balance Balance
-------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Less Than $1,000................. 10,442 $5,286,580.06 0.9%
$1,000 to $1,999................. 12,223 18,211,260.90 3.0%
$2,000 to $2,999................. 13,066 32,580,301.32 5.4%
$3,000 to $3,999................. 8,593 29,999,051.64 5.0%
$4,000 to $4,999................. 7,040 31,556,215.64 5.3%
$5,000 to $5,999................. 6,161 33,728,505.39 5.6%
$6,000 to $6,999................. 4,749 30,640,724.95 5.1%
$7,000 to $7,999................. 3,599 26,937,665.66 4.5%
$8,000 to $8,999................. 3,051 25,922,528.11 4.3%
$9,000 to $9,999................. 2,654 25,208,352.66 4.2%
$10,000 to $10,999............... 2,276 23,858,840.07 4.0%
$11,000 to $11,999............... 2,134 24,498,920.21 4.1%
$12,000 to $12,999............... 1,677 20,963,879.09 3.5%
$13,000 to $13,999............... 1,587 21,402,501.13 3.6%
$14,000 to $14,999............... 1,476 21,381,618.05 3.6%
$15,000 or Greater............... 9,771 227,124,741.92 37.9%
---------------------------------------------------------
Total............................ 90,499 $599,301,686.80 100.0%
=========================================================
M. Distribution of Student Loan Portfolio by Borrowers' Address as of April 30, 1998
---------------------------------------------------------------------------------
(Based on Address as of May 1, 1998)
------------------------------------
Outstanding Percent By
Number Principal Outstanding
State of Borrowers' Address Of Loans Balance Balance
-------------------------------------------------------------------------------------------
South Dakota..................... 114,006 $248,137,635.99 41.4%
Minnesota........................ 54,099 117,319,993.69 19.6%
North Dakota..................... 24,264 50,419,403.04 8.4%
Iowa............................. 7,948 18,614,656.89 3.1%
Nebraska......................... 5,870 13,134,215.45 2.2%
Colorado......................... 5,230 11,630,546.85 1.9%
Washington....................... 4,779 10,308,053.54 1.7%
California....................... 4,357 9,883,145.10 1.6%
Texas............................ 4,114 9,648,501.54 1.6%
Oregon........................... 4,185 8,667,445.64 1.4%
Wisconsin........................ 3,204 7,892,505.84 1.3%
Illinois......................... 2,827 7,116,328.57 1.2%
Alaska........................... 2,467 7,010,928.13 1.2%
Arizona.......................... 3,249 7,008,494.30 1.2%
Others Less Than 1% Each......... 30,582 72,509,832.23 12.1%
---------------------------------------------------------
Total............................ 271,181 $599,301,686.80 100.0%
=========================================================
</TABLE>
Page 7 of 8
<PAGE>
<TABLE>
<CAPTION>
N. Fees and Expenses Accrued For / Through April, 1998
----------------------------------------------------
For The 2.4
Months Ended
April, 1998 April 30, 1998
---------------------------------------
<S> <C> <C>
Servicing Fees................... $621,024.58 $1,455,419.16
Payroll Expenses................. $3,195.57 6,391.14
Indenture Trustee Fees........... $19,239.00 38,477.91
Broker / Dealer Fees............. $79,666.68 161,284.04
Auction Agent Fees............... $7,966.68 18,854.46
Other Permitted Expenses......... $2.83 58.64
---------------------------------------
Total............................ $731,095.34 $1,680,485.35
=======================================
O. Principal Write-Offs and Recoveries For / Through April, 1998
--------------------------------------------------------------
For The 2.4
Months Ended
April, 1998 April 30, 1998
---------------------------------------
Principal Write-Offs:
2% Losses on 98% Claims........ $9,129.73 $23,247.20
Other Write-Offs............... $114.13 953.46
Recoveries....................... ($221.30) (221.30)
---------------------------------------
Net Write-Offs................... $9,022.56 $23,979.36
=======================================
P. Ratio of Assets to Liabilities as of April 30, 1998
---------------------------------------------------
Amount
-------------------
Total Indenture Assets............................... $934,674,380.90
Total Indenture Liabilities.......................... 930,431,747.91
-------------------
Ratio................................................ 100.46%
===================
</TABLE>
Page 8 of 8
