<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): April 20, 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.
<TABLE>
<CAPTION>
Exhibit No. Description
<C> <S>
99.1 Servicing Report, dated March 31, 1998, delivered
to the Trustee.
</TABLE>
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 20, 1998
EDUCATION LOANS INCORPORATED
By /s/ A. Norgrin Sanderson
-------------------------
A. Norgrin Sanderson
President
<PAGE>
EXHIBIT INDEX
-------------
<TABLE>
<CAPTION>
Exhibit Description of Exhibit
- ------- ----------------------
<C> <S>
99.1 Servicing Report, dated March 31, 1998, delivered to the
Trustee.
</TABLE>
<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 March 31, 1998
I. Noteholder Information
----------------------
A. Identification of Notes
-----------------------
<TABLE>
<CAPTION>
Series Description Cusip # Due Date
----------------------------------------------------------------------------------------------------
<S> <C> <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, 2020
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 - April 25, 1998 Record Date - April 30, 1998 Prepayment Date - May 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 $6,503,601.00 $899,947.92 $0.00 $0.00 $7,403,548.92 $178,496,399.00
1998-1J 0.00 1,175,537.50 0.00 0.00 1,175,537.50 239,600,000.00
1998-1L 906,766.40 300,316.67 0.00 0.00 1,207,083.07 58,293,233.60
---------------------------------------------------------------------------------------------------
Total $7,410,367.40 $2,375,802.09 $0.00 $0.00 $9,786,169.49 $476,389,632.60
===================================================================================================
</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 $3,515.46 $486.46 $0.00 $0.00 $4,001.92 $96,484.54
1998-1J 0.00 490.63 0.00 0.00 490.63 100,000.00
1998-1L 1,531.70 507.29 0.00 0.00 2,038.99 98,468.30
</TABLE>
<TABLE>
<CAPTION>
Applicable Principal
Interest Rate Factor After
Series On Notes Prepayment
----------------------------------------
<S> <C> <C>
1998-1I 5.83750% 0.9648454
1998-1J 5.88750% 1.0000000
1998-1L 6.08750% 0.9846830
</TABLE>
Page 1 of 8
<PAGE>
C. Principal Outstanding - March, 1998
-----------------------------------
<TABLE>
<CAPTION>
Principal Principal Principal Principal
Outstanding, Payments Outstanding, Paid on
Series Start of Month During Month End of Month April 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 $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 - March, 1998
------------------------------------------
<TABLE>
<CAPTION>
Net Loan Rate for
Interest Periods
Accrued Interest Interest Interest Accrued Interest Interest Starting May,
Outstanding, Accrued Payments Outstanding, Rate As Of 1998, Based on
Series Start of Month During Month During Month End of Month End Of Month March 31 Calc.
-------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
1998-1A $78,020.83 $242,488.76 $0.00 $320,509.59 3.80000%
1998-1B 52,083.33 161,458.34 0.00 213,541.67 3.75000%
1998-1C 52,083.33 161,458.34 0.00 213,541.67 3.75000%
1998-1D 52,083.33 161,458.34 0.00 213,541.67 3.75000%
1998-1E 52,083.33 161,458.34 0.00 213,541.67 3.75000%
1998-1F:
6-1-10 58,863.75 58,863.75 0.00 117,727.50 4.95000%
6-1-20 44,440.21 44,440.21 0.00 88,880.42 5.45000%
1998-1G 82,776.39 258,152.36 273,162.08 67,766.67 5.70000% 6.73%
1998-1H 83,550.00 259,080.00 334,200.00 8,430.00 5.62000% 6.73%
1998-1I 296,369.49 927,176.77 326,006.43 897,539.83 5.82188% 6.73%
1998-1J 387,166.31 1,211,135.34 425,882.94 1,172,418.71 5.87188% 6.73%
1998-1K 155,003.33 155,003.34 0.00 310,006.67 5.60000%
1998-1L 98,949.35 309,441.01 108,844.28 299,546.08 6.07188% 6.73%
---------------------------------------------------------------------
Totals $1,493,472.98 $4,111,614.90 $1,468,095.73 $4,136,992.15
=====================================================================
</TABLE>
Page 2 of 8
<PAGE>
E. Noteholders' Carry-Over Amounts - March, 1998
---------------------------------------------
<TABLE>
<CAPTION>
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
==============================================================================
</TABLE>
<TABLE>
<CAPTION>
F. Noteholders' Accrued Interest on Carry-Over Amounts - March, 1998
Accrued Interest Interest Accrued
Interest, Accrued Payments Interest,
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
==============================================================================
</TABLE>
<TABLE>
<CAPTION>
II. Fund Information
----------------
A. Reserve Fund - March, 1998
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) - March, 1998
---------------------------------------------------
Tax Exempt Taxable Total
-------------------------------------------------------------
<S> <C> <C> <C>
Balance, Start of Month.......................... $244,121,822.96 $63,083,689.73 $307,205,512.69
Withdrawals for Acquisition of Eligible Loans:
Principal Acquired............................. (11,524,392.39) (5,018,236,76) (16,542,629.15)
Premiums and Related Acquisition Costs......... (192,768.83) (74,758.77) (267,527.60)
-------------------------------------------------------------
Balance, End of Month............................ $232,404,661.74 $57,990,694.20 $290,395,355.94
============================================================
</TABLE>
Page 3 of 8
<PAGE>
III. Student Loan Information
A. Student Loan Principal Outstanding - March, 1998
<TABLE>
<CAPTION>
Tax Exempt Taxable Total
-------------------------------------------------------------
<S> <C> <C> <C>
Balance, Start of Month.......................... $86,331,516.81 $499,795,658.63 $586,127,175.44
Loans Purchased / Originated..................... 11,524,392.39 5,018,236.76 16,542,629.15
Capitalized Interest............................. 192,281.83 978,207.91 1,170,489.74
Less Principal Payments Received................. (817,898.80) (8,203,305.51) (9,021,204.31)
Other Increases (Decreases)...................... (1,475.11) (12,523.98) (13,999.09)
-------------------------------------------------------------
Balance, End of Month............................ $97,228,817.12 $497,576,273.81 $594,805,090.93
=============================================================
</TABLE>
B. Composition of Student Loan Portfolio as of March 31, 1998
<TABLE>
<CAPTION>
Amount
----------------------
<S> <C>
Aggregate Outstanding Principal Balance............................ $594,805,090.93
Number of Borrowers................................................ 90,461
Average Outstanding Principal Balance Per Borrower................. $6,575
Number of Loans (Promissory Notes)................................. 270,232
Average Outstanding Principal Balance Per Loan..................... $2,201
Repayment Status Loans:
Weighted Average Remaining Term (Months)......................... 103
Weighted Average Payments Received (Months)...................... 28
Weighted Average Interest Rate..................................... 8.25%
</TABLE>
C. Distribution of Student Loan Portfolio by Loan Type as of March 31, 1998
<TABLE>
<CAPTION>
Outstanding Percent By
Number Principal Outstanding
Loan Type Of Loans Balance Balance
-----------------------------------------------------------------------------------------
<S> <C> <C> <C>
Stafford - Subsidized............ 212,118 $372,120,685.01 62.6%
Stafford - Unsubsidized.......... 28,964 69,744,527.39 11.7%
Stafford - Nonsubsidized......... 3,223 5,087,193.64 0.9%
PLUS............................. 11,566 29,445,869.36 5.0%
SLS.............................. 6,885 17,716,166.44 3.0%
Consolidation.................... 7,476 100,690,649.09 16.9%
-------------------------------------------------------
Total............................ 270,232 $594,805,090.93 100.0%
=======================================================
</TABLE>
<TABLE>
<CAPTION>
D. Distribution of Student Loan Portfolio by Interest Rate as of March 31, 1998
Outstanding Percent By
Number Principal Outstanding
Interest Rate Of Loans Balance Balance
<S> <C> <C> <C>
-----------------------------------------------------------------------------------------
Less Than 7.00%.................. 80 $340,728.51 0.1%
7.00% to 7.49%................... 9,421 14,222,436.38 2.4%
7.50% to 7.99%................... 21,462 54,654,825.73 9.2%
8.00% to 8.49%................... 206,769 408,733,747.64 68.7%
8.50% to 8.99%................... 11,881 35,717,759.59 6.0%
9.00% to 9.49%................... 20,488 79,891,816.52 13.4%
9.50% or Greater................. 131 1,243,776.56 0.2%
--------------------------------------------------------
Total............................ 270,232 $594,805,090.93 100.0%
========================================================
</TABLE>
Page 4 of 8
<PAGE>
E. Distribution of Student Loan Portfolio by School Type as of March 31, 1998
<TABLE>
<CAPTION>
Outstanding Percent By
Number Principal Outstanding
School Type Of Loans Balance Balance
----------------------------------------------------------------------------------------
<S> <C> <C> <C>
Under 4 Year..................... 44,088 $73,858,218.17 12.4%
4 and 5 Year..................... 198,162 384,380,647.37 64.6%
Proprietary...................... 18,411 30,812,449.58 5.2%
Consolidation.................... 7,476 100,690,649.09 16.9%
Other / Unknown.................. 2,095 5,063,126.72 0.9%
-----------------------------------------------------
Total............................ 270,232 $594,805,090.93 100.0%
=====================================================
</TABLE>
<TABLE>
<CAPTION>
F. Distribution of Student Loan Portfolio by Borrower Payment Status as of March 31, 1998
Outstanding Percent By
Number Principal Outstanding
Borrower Payment Status Of Loans Balance Balance
----------------------------------------------------------------------------------------
<S> <C> <C> <C>
School........................... 15,603 $ 39,505,947.21 6.6%
Grace............................ 8,202 19,869,226.77 3.3%
Repayment........................ 204,708 425,806,705.52 71.6%
Deferment........................ 28,618 73,891,332.72 12.4%
Forbearance...................... 10,824 30,911,404.23 5.2%
Claims........................... 2,277 4,820,474.48 0.8%
-----------------------------------------------------
Total............................ 270,232 $594,805,090.93 100.0%
=====================================================
</TABLE>
<TABLE>
<CAPTION>
G. Distribution of Repayment Status Loans by Year of Repayment as of March 31, 1998
Outstanding Percent By
Number Principal Outstanding
Year of Repayment Of Loans Balance Balance
----------------------------------------------------------------------------------------
<S> <C> <C> <C>
First Year....................... 41,171 $122,301,722.74 28.7%
Second Year...................... 32,640 91,764,004.73 21.6%
Third Year....................... 32,357 81,237,465.57 19.1%
Fourth Year and Greater.......... 98,540 130,503,512.48 30.6%
-----------------------------------------------------
Total............................ 204,708 $425,806,705.52 100.0%
=====================================================
</TABLE>
<TABLE>
<CAPTION>
H. Distribution of Repayment Status Loans by Remaining Term as of March 31, 1998
Outstanding Percent By
Number Principal Outstanding
Remaining Term Of Loans Balance Balance
----------------------------------------------------------------------------------------
<S> <C> <C> <C>
1 to 12 Months................... 13,764 $ 3,412,130.49 0.8%
13 to 24 Months.................. 15,402 8,192,488.22 1.9%
25 to 36 Months.................. 16,701 14,050,817.79 3.3%
37 to 48 Months.................. 17,809 19,658,087.25 4.6%
49 to 60 Months.................. 18,219 24,766,747.43 5.8%
61 to 72 Months.................. 19,151 31,797,604.95 7.5%
73 to 84 Months.................. 16,540 33,860,243.13 8.0%
85 to 96 Months.................. 26,617 61,560,376.75 14.5%
97 to 108 Months................. 26,369 68,963,056.34 16.2%
109 to 120 Months................ 29,085 86,135,919.21 20.2%
121 to 180 Months................ 3,754 38,246,323.82 9.0%
181 to 240 Months................ 1,115 27,253,051.75 6.4%
241 to 300 Months................ 147 5,913,534.05 1.4%
Over 300 Months.................. 35 1,996,324.34 0.5%
-----------------------------------------------------
Total............................ 204,708 $425,806,705.52 100.0%
=====================================================
</TABLE>
Page 5 of 8
<PAGE>
<TABLE>
<CAPTION>
I. Distribution of Student Loan Portfolio by Delinquency Status as of March 31, 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.................... 2,638 $ 16,298,990.67 3.0% 2.7%
61 to 90 Days.................... 1,450 9,368,174.09 1.7% 1.6%
91 to 120 Days................... 1,007 6,640,678.87 1.2% 1.1%
121 to 180 Days.................. 1,174 6,736,548.69 1.3% 1.1%
181 to 270 Days.................. 528 2,781,154.88 0.5% 0.5%
Over 270 Days.................... 3 1,427.66 0.0% 0.0%
Claims Filed, Not Yet Paid....... 444 2,149,584.72 0.4% 0.4%
---------------------------------------------------------------------------
Total............................ 7,244 $ 43,976,559.58 8.2% 7.4%
===========================================================================
</TABLE>
<TABLE>
<CAPTION>
J. Distribution of Student Loan Portfolio by Guarantee Status as of March 31, 1998
Outstanding Percent By
Number Principal Outstanding
Guarantee Status Of Loans Balance Balance
----------------------------------------------------------------------------------------
<S> <C> <C> <C>
Guaranteed 100%.................. 156,936 $ 245,902,984.42 41.3%
Guaranteed 98%................... 112,233 348,538,620.96 58.6%
Unguaranteed..................... 1,063 363,485.55 0.1%
------------------------------------------------------
Total............................ 270,232 $ 594,805,090.93 100.0%
======================================================
</TABLE>
<TABLE>
<CAPTION>
K. Distribution of Student Loan Portfolio by Guarantee Agency as of March 31, 1998
Number Principal Outstanding
Guarantee Agency Of Loans Balance Balance
----------------------------------------------------------------------------------------
<S> <C> <C> <C>
EAC.............................. 145,341 $ 366,115,405.60 61.6%
PHEAA............................ 105,025 192,347,552.23 32.3%
Other Guarantee Agencies......... 18,803 35,978,647.55 6.0%
Unguaranteed..................... 1,063 363,485.55 0.1%
------------------------------------------------------
Total............................ 270,232 $ 594,805,090.93 100.0%
======================================================
</TABLE>
Page 6 of 8
<PAGE>
L. Distribution of Student Loan Portfolio by Range of Principal Balance as of
--------------------------------------------------------------------------
March 31, 1998
--------------
<TABLE>
<CAPTION>
Outstanding Percent By
Number Principal Outstanding
Principal Balance Range Of Borrowers Balance Balance
---------------------------------------------------------------------------
<S> <C> <C> <C>
Less Than $1,000.............. 10,490 $5,385,676.25 0.9%
$1,000 to $1,999.............. 12,325 18,353,614.02 3.1%
$2,000 to $2,999.............. 13,064 32,538,245.38 5.5%
$3,000 to $3,999.............. 8,639 30,129,107.67 5.1%
$4,000 to $4,999.............. 7,068 31,653,414.54 5.3%
$5,000 to $5,999.............. 6,136 33,561,387.32 5.6%
$6,000 to $6,999.............. 4,810 31,041,619.69 5.2%
$7,000 to $7,999.............. 3,596 26,915,113.66 4.5%
$8,000 to $8,999.............. 3,046 25,875,820.66 4.4%
$9,000 to $9,999.............. 2,633 24,996,343.60 4.2%
$10,000 to $10,999............ 2,281 23,903,590.10 4.0%
$11,000 to $11,999............ 2,078 23,851,053.81 4.0%
$12,000 to $12,999............ 1,670 20,875,620.06 3.5%
$13,000 to $13,999............ 1,538 20,748,699.85 3.5%
$14,000 to $14,999............ 1,445 20,932,591.28 3.5%
$15,000 or Greater............ 9,642 224,043,193.04 37.7%
------------------------------------------
Total......................... 90,461 $594,805,090.93 100.0%
==========================================
</TABLE>
M. Distribution of Student Loan Portfolio by Borrowers' Address as of
------------------------------------------------------------------
March 31, 1998 (Based on Address as of April 1, 1998)
-----------------------------------------------------
<TABLE>
<CAPTION>
Outstanding Percent By
Number Principal Outstanding
State of Borrowers' Address Of Loans Balance Balance
---------------------------------------------------------------------------
<S> <C> <C> <C>
South Dakota..................... 112,820 $244,392,648.51 41.1%
Minnesota........................ 54,105 116,943,416.05 19.7%
North Dakota..................... 24,259 50,361,412.80 8.5%
Iowa............................. 7,918 18,508,663.93 3.1%
Nebraska......................... 5,802 12,849,732.08 2.2%
Colorado......................... 5,262 11,698,531.55 2.0%
Washington....................... 4,778 10,276,845.33 1.7%
California....................... 4,440 9,993,495.41 1.7%
Texas............................ 4,153 9,714,398.85 1.6%
Oregon........................... 4,248 8,752,144.24 1.5%
Wisconsin........................ 3,225 7,861,502.57 1.3%
Illinois......................... 2,898 7,123,864.23 1.2%
Arizona.......................... 3,301 7,092,055.56 1.2%
Alaska........................... 2,380 6,850,350.30 1.2%
Idaho............................ 2,771 5,984,574.21 1.0%
Others Less Than 1% Each......... 27,872 66,401,455.31 11.2%
----------------------------------------
Total............................ 270,232 $594,805,090.93 100.0%
========================================
</TABLE>
Page 7 of 8
<PAGE>
N. Fees and Expenses Accrued For / Through March, 1998
---------------------------------------------------
<TABLE>
<CAPTION>
For The 1.4
Months Ended
March, 1998 March 31, 1998
----------------------------------
<S> <C> <C>
Servicing Fees....................... $616,340.62 $834,394.58
Payroll Expenses..................... $3,195.57 3,195.57
Indenture Trustee Fees............... $19,238.91 19,238.91
Broker / Dealer Fees................. $62,527.09 81,617.36
Auction Agent Fees................... $8,232.23 10,887.78
Other Permitted Expenses............. $0.00 55.81
----------------------------------
Total................................ $709,534.42 $949,390.01
==================================
</TABLE>
O. Principal Write-Offs and Recoveries For / Through March, 1998
-------------------------------------------------------------
<TABLE>
<CAPTION>
For The 1.4
Months Ended
March, 1998 March 31, 1998
----------------------------------
<S> <C> <C>
Principal Write-Offs:
2% Losses on 98% Claims............ $12,074.86 $14,117.47
Other Write-Offs................... $579.29 839.33
Recoveries........................... $0.00 0.00
----------------------------------
Net Write-Offs....................... $12,654.15 $14,956.80
==================================
</TABLE>
P. Ratio of Assets to Liabilities as of March 31, 1998
---------------------------------------------------
<TABLE>
<CAPTION>
Amount
----------------
<S> <C>
Total Indenture Assets................................. $932,883,363.56
Total Indenture Liabilities............................ 928,565,325.80
----------------
Ratio.................................................. 100.47%
================
</TABLE>
Page 8 of 8
