================================================================================
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): October 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
---------------
================================================================================
<PAGE>
ITEM 5. OTHER EVENTS.
On October 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 September 1, 1998 through
September 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 September 1, 1998 through
September 30, 1998
2
<PAGE>
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: October 15, 1998
3
<PAGE>
EXHIBIT INDEX
EXHIBIT NO. DESCRIPTION
- ----------- -----------
99.1 Monthly Servicer Report for the period from September 1,
1998 through September 30, 1998
4
Exhibit 99.1
================================================================================
AIC Premium Finance Loan Master Trust
Series 1998-1
Monthly Servicer Report
Monthly period ending September 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.
<TABLE>
<S> <C>
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.
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. $1,332,319.06
B. Class B Available Funds. $41,968.05
C. Class C Available Funds. $28,154.57
D. Available Investor Principal Collections for Series 1998-1.
1. Investor Principal Collections for the related Monthly Period. $34,316,841.17
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 $34,316,841.17
================
E. Default Amount.
1. Class A Default Amount. $335,131.19
2. Class B Default Amount. $10,556.63
3. Class C Default Amount. $7,081.99
----------------
Total $352,769.81
================
F. Transferor Ownership Interest.
1. Principal Receivables. $971,039,924.82
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 $543,122,124.82
<PAGE>
G. Minimum Transferor 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 Transferor 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 Transferor Ownership Interest
exceeds the Minimum Transferor 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. $803,683.86
2. Excess Finance Charges deposited on the related Transfer Date. $51,366.19
3. Amount withdrawn from the Yield Enhancement Account on the related Transfer Date. ($660,507.21)
4. Resulting balance in the Yield Enhancement Account on the the related Transfer Date. $4,645,199.97
5. Maximum Yield Enhancement Amount. $2,807,018.67
6. Amount being applied towards Maximum Yield Enhancement Amount. $0.00
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 October 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. $946,640.00
2. Class A Additional Interest. $0.00
B. Pursuant to subsection 4.09(a)(ii):
<PAGE>
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. $335,131.19
E. Pursuant to subsection 4.09(b)(i):
1. Class B Monthly Interest. $30,921.66
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. $10,556.63
I. Pursuant to subsection 4.09(c)(i):
1. Class C Monthly Interest. $20,744.02
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. $7,081.99
<PAGE>
----------------
Total of A through L. $1,351,075.49
================
----------------
Amount remitted to Trustee. $977,561.66
================
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 Transferor Certificates
(Transferor Ownership Interest greater than Minimum Transferor
Ownership Interest). $70,469,754.20
2. Amount to be deposited into Excess Funding Account (Transferor
Ownership Interest not greater than Minimum Transferor 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):
1. Class C Monthly Principal.
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 Transferor Certificates
(Transferor Ownership Interest greater than Minimum Transferor
Ownership Interest). $0.00
2. Amount to be deposited into Excess Funding Account (Transferor
Ownership Interest not greater than Minimum Transferor 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
<PAGE>
U. Pursuant to subsection 4.09(g) (Revolving Period only):
1. Amount to be distributed to Class A Certificateholders.
A. Class A Monthly Interest. $946,640.00
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. $30,921.66
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. $20,744.02
B. Class C Additional Interest. $0.00
C. Class C Prior Period Interest. $0.00
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:
<PAGE>
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
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 Transferor Certificates (Transferor
Ownership Interest greater than Minimum Transferor Ownership Interest
and no Pay Out Event). $0.00
2. Amount to be deposited into Excess Funding Account (Transferor
Ownership Interest not greater than Minimum Transferor Ownership
Interest and no Pay Out Event). $0.00
3. 91 Day Delinquency Amount (to be retained in Yield Enhancement Account). $4,645,199.97
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 unpaid 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
<PAGE>
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
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
</TABLE>
IN WITNESS WHEREOF, the undersigned has duly executed this report this 8th day
of October,1998.
A. I. Credit Corp., Servicer
By: _________________________
Jeffrey Lesnoy
Vice President and
Controller
AICCO, Inc., Servicer
By: _________________________
Jeffrey Lesnoy
Vice President and
Controller
