SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 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 15, 1998
A.I. RECEIVABLES CORP.
(Exact Name of Registrant as Specified in Charter)
DELAWARE 333-44653 13-3997594
(State or Other Jurisdiction (Commission File Number) (IRS Employer
of Incorporation) Identification No.)
160 WATER STREET
NEW YORK, NY 10038
(Address of Principal Executive Offices)
Registrant's telephone number, including area code: (212) 428-5500
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ITEM 5. OTHER EVENTS.
On May 15, 1998, distributions were made to the holders of the
Series 1998-1 certificates (the "Certificates") issued from
the AIC Premium Finance Loan Master Trust, pursuant to section
5.01 of the Amended and Restated Pooling and Servicing
Agreement (the "PSA") dated as of April 14, 1998, among A.I.
Receivables Corp., as Transferor, A.I. Credit Corp. and AICCO,
Inc., as Original Transferors and Servicer, and The First
National Bank of Chicago, as Trustee (as such section 5.01 is
delineated in the Series 1998-1 supplement to the PSA).
In conjunction with such distributions, pursuant to section
3.04 of the PSA, the Servicer delivered to the Trustee and
each rating agency which has rated the Certificates, a Monthly
Servicer Report for the period from April 1, 1998 through
April 30, 1998. A copy of such Monthly Servicer Report is
attached hereto as Exhibit 99.1.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND
EXHIBITS.
(a) Not applicable.
(b) Not applicable.
(c) Exhibits.
Exhibit 99.1 Monthly Servicer Report for the
period from April 1, 1998 through
April 30, 1998
2
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrants have duly caused this report to be signed on their behalf
by the undersigned hereunto duly authorized.
A.I. RECEIVABLES CORP.
By: /s/ Michael D. Vogen
----------------------
Name: Michael D. Vogen
Title: Treasurer
AIC PREMIUM FINANCE LOAN MASTER
TRUST
By: A.I. RECEIVABLES CORP.
By: /s/ Michael D. Vogen
----------------------
Name: Michael D. Vogen
Title: Treasurer
Date: May 29, 1998
3
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EXHIBIT INDEX
EXHIBIT NO. DESCRIPTION
99.1 Monthly Servicer Report for the period from April 1,
1998 through April 30, 1998
4
NYFS10...:\78\11278\0003\1978\FRM5218L.410
- --------------------------------------------------------------------------------
AIC Premium Finance Loan Master Trust
Series 1998-1
MONTHLY SERVICER REPORT
Monthly period ending April 30, 1998
- --------------------------------------------------------------------------------
Capitalized terms used in this notice have their respective meanings set
forth in the Pooling and Servicing Agreement or the Series 1998-1 Supplement, as
applicable. References herein to certain sections and subsections are references
to the respective sections and subsections on the Pooling and Servicing
Agreement, as supplemented by the Series 1998-1 Supplement (the "Agreement").
This report is delivered pursuant to Section 3.04(b) of the Agreement.
A) A. I. Credit Corp. ("AIC") and AICCO, Inc. ("AICCO") are the
Servicers under the Agreement.
B) The undersigned is a Servicing Officer.
C) The date of this notice is a Determination Date under the Agreement.
<TABLE>
<CAPTION>
<S> <C>
I. GENERAL INFORMATION (as of the Transfer Date referred to below or such
other date as may be specified in the Agreement)
A. Class A Available Funds. $1,414,081.44
B. Class B Available Funds. $44,543.57
C. Class C Available Funds. $29,882.37
D. Available Investor Principal Collections for Series 1998-1.
1. Investor Principal Collections for the related Monthly Period. $35,061,209.37
Less:
2. Reallocated Principal Collections required to fund Class A
Required Amount and Class B Required Amount. $0.00
Plus:
3. Shared Principal Collections allocated to Series 1998-1. $0.00
=================
Net $35,061,209.37
=================
E. Default Amount.
1. Class A Default Amount. $217,850.95
2. Class B Default Amount. $6,862.31
3. Class C Default Amount. $4,603.63
=================
Total $229,316.89
=================
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F. Transferors Ownership Interest.
1. Principal Receivables. $919,203,959.21
Less:
2. Outstanding Certificate-holders Ownership Interests - Series
1998-1 ($210,526,400.00)
3. Less:
Outstanding Certificate-holders Ownership Interests - Series
1994-1 ($217,391,400.00)
=================
Net $491,286,159.21
=================
G. Minimum Transferors Ownership Interest as of end of Monthly Period. *
1. 107% of Initial Certificateholders Ownership Interests.
2. Outstanding Certificateholders Ownership Interests.
3. Excess Receivables Amount.
=================
Net
=================
* If this information has not been completed then the Servicer
certifies that the Transferors Ownership Interest as of the
date of this report is not less that 50% of Trust assets as of
the close of business on the last day of the above referenced
Monthly Period and that such Transferors Ownership Interest
exceeds the Minimum Transferors Ownership Interest as of end
of such Monthly Period.
H. Reallocated Principal Collections.
1. Reallocated Class A Principal Collections. $0.00
2. Reallocated Class B Principal Collections. $0.00
3. Reallocated Class C Principal Collections. $0.00
=================
Total $0.00
=================
I. Yield Enhancement Account.
1. Yield Enhancement Amount deposited on the related Transfer
Date. $822,368.63
2. Excess Finance Charges deposited on the related Transfer
Date. $215,568.71
3. Amount withdrawn from the Yield Enhancement Account on
the related Transfer Date. $0.00
4. Resulting balance in the Yield Enhancement Account on the
the related Transfer Date. $1,037,937.34
5. Maximum Yield Enhancement Amount. $2,900,585.96
6. Amount being applied towards Maximum Yield Enhancement
Amount $0.00
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II. INSTRUCTION TO MAKE A WITHDRAWAL
Pursuant to Section 4.09, the Servicer does hereby instruct the Trustee
(i) to make withdrawals from the finance Charge Account, the Principal
Account, and the Excess Funding Account on May 14, 1998, which date is a
Transfer Date under the Pooling and Servicing Agreement, in the following
amounts and (ii) to apply the proceeds of such withdrawals in accordance
with the specified subsection of Section 4.09:
A. Pursuant to subsection 4.09(a)(i):
1. Class A Monthly Interest. $989,631.94
2. Class A Additional Interest. $0.00
B. Pursuant to subsection 4.09(a)(ii):
1. Class A Prior Period Interest. $0.00
C. Pursuant to subsection 4.09(a)(iii):
1. Class A Servicing Fee. $0.00
2. Accrued and unpaid Class A Servicing Fee. $0.00
D. Pursuant to subsection 4.09(a)(iv):
1. Class A Default Amount. $217,850.95
E. Pursuant to subsection 4.09(b)(i):
1. Class B Monthly Interest. $32,312.66
2. Class B Additional Interest. $0.00
F. Pursuant to subsection 4.09(b)(ii):
1. Class B Prior Period Interest. $0.00
G. Pursuant to subsection 4.09(b)(iii):
1. Class B Servicing Fee. $0.00
2. Accrued and unpaid Class B Servicing Fee. $0.00
H. Pursuant to subsection 4.09(b)(iv):
1. Class B Default Amount. $6,862.31
I. Pursuant to subsection 4.09(c)(i):
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1. Class C Monthly Interest. $21,677.18
2. Class C Additional Interest. $0.00
J. Pursuant to subsection 4.09(c)(ii):
1. Class C Prior Period Interest. $0.00
K. Pursuant to subsection 4.09(c)(iii):
1. Class C Servicing Fee. $0.00
2. Accrued and unpaid Class C Servicing Fee. $0.00
L. Pursuant to subsection 4.09(c)(iv):
1. Class C Default Amount. $4,603.63
=================
Total of A through L. $1,272,938.67
=================
=================
Amount remitted to Trustee. $1,021,944.60
=================
M. Pursuant to subsection 4.09(d)(i):
1. Amount to be treated as Shared Principal Collections for
other Series. $0.00
N. Pursuant to subsection 4.09(d)(ii):
1. Amount to be paid to the Holders of the Exchangeable
Transferors Certificates (Transferors Ownership Interest
greater than Minimum Transferors Ownership Interest). $71,731,832.00
2. Amount to be deposited into Excess Funding Account
(Transferors Ownership Interest not greater than Minimum
Transferors Ownership Interest). $0.00
O. Pursuant to subsection 4.09(e)(i):
1. Class A Monthly Principal. $0.00
P. Pursuant to subsection 4.09(e)(ii):
1. Class B Monthly Principal. $0.00
Q. Pursuant to subsection 4.09(e)(iii):
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1. Class C Monthly Principal. $0.00
R. Pursuant to subsection 4.09(e)(iv):
1. Amount to be treated as Shared Principal Collections for
other Series. $0.00
S. Pursuant to subsection 4.09(e)(v):
1. Amount to be paid to the Holders of the Exchangeable
Transferors Certificates (Transferors Ownership Interest
greater than Minimum Transferors Ownership Interest). $0.00
2. Amount to be deposited into Excess Funding Account
(Transferors Ownership Interest not greater than Minimum
Transferors Ownership Interest). $0.00
=================
Total of O through S. $0.00
=================
T. Pursuant to subsection 4.09(f)
1. Amount to be deposited from the Excess Funding Account
into the Principal Account. $0.00
U. Pursuant to subsection 4.09(g) (Revolving Period only):
1. Amount to be distributed to Class A Certificateholders.
A. Class A Monthly Interest. $989,631.94
B. Class A Additional Interest. $0.00
C. Class A Prior Period Interest. $0.00
2. Amount to be distributed to Class B Certificateholders.
A. Class B Monthly Interest. $32,312.66
B. Class B Additional Interest. $0.00
C. Class B Prior Period Interest. $0.00
3. Amount to be distributed to Class C Certificateholders.
A. Class C Monthly Interest. $21,677.18
B. Class C Additional Interest. $0.00
C. Class C Prior Period Interest. $0.00
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V. Pursuant to subsection 4.09(h) (Controlled or Rapid Amortization
Period only):
1. Amount to be distributed to Class A Certificateholders.
A. Class A Monthly Interest. $0.00
B. Class A Additional Interest. $0.00
C. Class A Prior Period Interest. $0.00
D. Class A Monthly Principal. $0.00
2. Amount to be distributed to Class B Certificateholders.
A. Class B Monthly Interest. $0.00
B. Class B Additional Interest. $0.00
C. Class B Prior Period Interest. $0.00
D. Class B Monthly Principal. $0.00
3. Amount to be distributed to Class C Certificateholders.
A. Class C Monthly Interest. $0.00
B. Class C Additional Interest. $0.00
C. Class C Prior Period Interest. $0.00
D. Class C Monthly Principal. $0.00
Pursuant to Section 4.11, the Servicer does hereby instruct the Trustee
(i) to make withdrawals of funds on deposit in the Yield Enhancement
Account with respect to the related Monthly Period in the following
amounts, and (ii) to apply the proceeds of such withdrawals in accordance
with the specified subsections of Section 4.11:
A. Pursuant to subsection 4.11(a):
1. Class A Required Amount. $0.00
B. Pursuant to subsection 4.11(b):
1. Class B Required Amount. $0.00
C. Pursuant to subsection 4.11(c):
1. Aggregate unreimbursed Class A Ownership Interest reduction. $0.00
D. Pursuant to subsection 4.11(d):
1. Aggregate unreimbursed Class B Ownership Interest reduction. $0.00
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E. Pursuant to subsection 4.11(e):
1. Class C Required Amount. $0.00
F. Pursuant to subsection 4.11(f):
1. Aggregate unreimbursed Class C Ownership Interest reduction. $0.00
G. Pursuant to subsection 4.11(g):
1. Amount to be paid to Holders of Exchangeable Transferors
Certificates (Transferors Ownership Interest greater than
Minimum Transferors Ownership Interest and no Pay Out Event). $0.00
2. Amount to be deposited into Excess Funding Account (Transferors
Ownership Interest not greater than Minimum Transferors
Ownership Interest and no Pay Out Event). $0.00
3. 91 Day Delinquency Amount (to be retained in Yield
Enhancement Account). $6,123,687.31
4. Other amounts to be retained in Yield Enhancement
Account (Pay Out Event has occurred). $0.00
III. ACCRUED AND/OR UNPAID AMOUNTS
After giving effect to the withdrawals and transfers to be made in
accordance with this notice and the distributions to be made on the
related Distribution Date pursuant to Section 5.01, the following amounts
will be accrued and/or paid as of such Distribution Date:
A. Subsections 4.09(a)(i), (b)(i), and (c)(i):
1. The aggregate Class A Additional Interest. $0.00
2. The aggregate Class B Additional Interest. $0.00
3. The aggregate Class C Additional Interest. $0.00
B. Subsections 4.09(a)(ii), (b)(ii), and (c)(ii):
1. Class A Prior Period Interest. $0.00
2. Class B Prior Period Interest. $0.00
3. Class C Prior Period Interest. $0.00
C. Subsections 4.09(a)(iii), (b)(iii), and (c)(iii):
1. Accrued unpaid Class A Servicing Fee. $0.00
2. Accrued unpaid Class B Servicing Fee. $0.00
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3. Accrued unpaid Class C Servicing Fee. $0.00
D. Section 4.10:
1. Aggregate unreimbursed Class A Charge-off's and writedowns. $0.00
2. Aggregate unreimbursed Class B Charge-off's and writedowns. $0.00
3. Aggregate unreimbursed Class C Charge-off's and writedowns. $0.00
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IN WITNESS WHEREOF, the undersigned has duly executed this report this 13th day
of May,1998.
A. I. CREDIT CORP., SERVICER
By: /s/ Jeffrey Lesnoy
----------------------------
Jeffrey Lesnoy
Vice President and
Controller
AICCO, INC., SERVICER
By: /s/ Jeffrey Lesnoy
----------------------------
Jeffrey Lesnoy
Vice President and
Controller
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