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)
October 15, 1998
ContiMortgage Home Equity Loan Trust 1998-3
(Exact name of registrant as specified in its charter)
2
New York 33-339505 pending
(State or Other Jurisdiction (Commission) (I.R.S. Employer
of Incorporation) File Number) Identification No.)
c/o Manufacturers & Traders Trust
One M&T Plaza
Buffalo, New York
Attn: Corporate Trust Department 14203-2599
(Address of Principal) (Zip Code)
Registrant's telephone number, including area code (716) 842-5589
No Change
(Former name or former address, if changed since last report)
Note: Please see page 5 for Exhibit Index
Page 1
<PAGE>
Item 5. Other Events.
On October 15, 1998 a scheduled distribution was made from the Trust to
holders of the Class A, B and C Certificates. The information contained in the
Trustee's Monthly Servicing Report for the month of September, 1998 dated
October 15, 1998 attached hereto as Exhibit 19 is hereby incorporated by
reference.
In addition to the information included in the Trustee's Monthly
Report, the gross servicing compensation paid to the Servicer for the month of
September, 1998 was $351,349.95.
Page 2
<PAGE>
Item 7. Financial Statements, Pro Forma Financial Info
and Exhibits.
(a) Not applicable
(b) Not applicable
(c) Exhibits:
19. Trustee's Monthly Servicing Report for the month of September,
1998.
Page 3
<PAGE>
SIGNATURES
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 hereunto duly authorized.
By: CONTISECURITIES ASSET FUNDING CORP.,
As Depositor
By: /s/ Robert Riedl
Name: Robert Riedl
Title: Vice President,Secretary
and Treasurer
Dated: October 30, 1998
Page 4
<PAGE>
EXHIBIT INDEX
Exhibit No. Description
19. Trustee's Monthly Servicing Report for the Month of
September, 1998.
Page 5
ContiMortgage Corporation
Home Equity Loan Pass-Through Certificates
Series 1998-3
Distribution Period: 15-Oct-98
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
Original Beginning Ending Planned
Certificate Certificate Principal Interest Total Certificate Principal
CUSIP Class Face Value Balance Distribution Distribution Distribution Balance Balance
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
21075WHR9 A-1 80,000,000.00 80,000,000.00 2,200,417.13 244,977.78 2,445,394.91 77,799,582.87
21075WHS7 A-2 154,000,000.00 154,000,000.00 0.00 386,283.33 386,283.33 154,000,000.00
21075WHT5 A-3 188,000,000.00 188,000,000.00 0.00 451,983.33 451,983.33 188,000,000.00
21075WHU2 A-4 64,000,000.00 64,000,000.00 0.00 153,600.00 153,600.00 64,000,000.00
21075WHV0 A-5 83,000,000.00 83,000,000.00 0.00 207,154.17 207,154.17 83,000,000.00
21075WHW8 A-6 56,000,000.00 56,000,000.00 0.00 141,866.67 141,866.67 56,000,000.00
21075WHX6 A-7 65,000,000.00 65,000,000.00 0.00 171,708.33 171,708.33 65,000,000.00
21075WHY4 A-8 80,000,000.00 80,000,000.00 0.00 195,000.00 195,000.00 80,000,000.00
21075WJB2 A-9 231,725,000.00 231,725,000.00 1,756,370.28 743,752.28 2,500,122.56 229,968,629.72
21075WJC0 A-10 78,000,000.00 78,000,000.00 0.00 189,800.00 189,800.00 78,000,000.00
21075WJD8 A-11 75,000,000.00 75,000,000.00 2,709,093.35 229,666.67 2,938,760.02 72,290,906.65
21075X2C6 A-12 * 130,000,000.00 130,000,000.00 0.00 395,777.78 395,777.78 130,000,000.00 130,000,000.00
21075X2D4 A-13 * 192,000,000.00 192,000,000.00 0.00 589,866.67 589,866.67 192,000,000.00 192,000,000.00
21075X2E2 A-14 * 42,000,000.00 42,000,000.00 0.00 130,550.00 130,550.00 42,000,000.00 42,000,000.00
21075X2F9 A-15 * 70,000,000.00 70,000,000.00 0.00 221,666.67 221,666.67 70,000,000.00 70,000,000.00
21075X2G7 A-16 * 25,000,000.00 25,000,000.00 0.00 81,111.11 81,111.11 25,000,000.00 25,000,000.00
21075WJK2 A-17 66,602,000.00 66,602,000.00 0.00 172,610.18 172,610.18 66,602,000.00 66,602,000.00
21075WJL0 A-18 124,200,000.00 124,200,000.00 0.00 388,815.00 388,815.00 124,200,000.00
21075WJM8 A-19 77,946,000.00 77,946,000.00 1,298,825.74 196,164.10 1,494,989.84 76,647,174.26
21075WJN6 A-20 126,427,000.00 126,427,000.00 0.00 309,219.37 309,219.37 126,427,000.00
21075WJA4 B - I 30,000,000.00 30,000,000.00 0.00 101,250.00 101,250.00 30,000,000.00
21075WJQ9 B - II 61,100,000.00 61,100,000.00 0.00 210,031.25 210,031.25 61,100,000.00
21075X2H5 C 0.00 0.00 0.00 2,053,658.72 2,053,658.72 0.00
R 0.00 0.00 0.00 0.00 0.00 0.00
- -----------------
-------------------------------------------------------------------------------------------------------------------
Total 2,100,000,000.00 2,100,000,000.00 7,964,706.50 7,966,513.41 15,931,219.91 2,092,035,293.50
-------------------------------------------------------------------------------------------------------------------
* Internal Class
-------------------------------------------------------------------------------------------------------------------
Notional Notional Principal Interest Total Notional
Class Amount Amount Distribution Distribution Distribution Amount
- ------------------------------------------------------------------------------------------------------------------------------------
21075WHZ1 N-IO 80,000,000.00 80,000,000.00 0.00 216,666.67 216,666.67 80,000,000.00
21075WJP1 P-IO 91,602,000.00 91,602,000.00 0.00 248,088.75 248,088.75 91,602,000.00
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
PLEASE DIRECT ANY QUESTIONS OR COMMENTS TO THE FOLLOWING ADMINISTRATOR:
Neil Witoff
M & T Corporate Trust Department
One M & T Plaza-7th Floor
Buffalo, NY 14240
Page 1
<TABLE>
<CAPTION>
Distribution Period: 15-Oct-98
-------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------
Ending Planned
Principal Interest Total Certificate Principal Current Pass
Class Distribution Distribution Distribution Balance Balance Class Thru Rate
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
21075WHR9 A-1 27.50521413 3.06222225 30.56743638 972.49478588 A-1 5.51200%
21075WHS7 A-2 0.00000000 2.50833331 2.50833331 1,000.00000000 A-2 6.02000%
21075WHT5 A-3 0.00000000 2.40416665 2.40416665 1,000.00000000 A-3 5.77000%
21075WHU2 A-4 0.00000000 2.40000000 2.40000000 1,000.00000000 A-4 5.76000%
21075WHV0 A-5 0.00000000 2.49583337 2.49583337 1,000.00000000 A-5 5.99000%
21075WHW8 A-6 0.00000000 2.53333339 2.53333339 1,000.00000000 A-6 6.08000%
21075WHX6 A-7 0.00000000 2.64166662 2.64166662 1,000.00000000 A-7 6.34000%
21075WHY4 A-8 0.00000000 2.43750000 2.43750000 1,000.00000000 A-8 5.85000%
21075WJB2 A-9 7.57954593 3.20963332 10.78917924 992.42045407 A-9 5.77734%
21075WJC0 A-10 0.00000000 2.43333333 2.43333333 1,000.00000000 A-10 5.84000%
21075WJD8 A-11 36.12124467 3.06222227 39.18346693 963.87875533 A-11 5.51200%
21075X2C6 A-12 * 0.00000000 3.04444446 3.04444446 1,000.00000000 1,000.00000000 A-12 * 5.48000%
21075X2D4 A-13 * 0.00000000 3.07222224 3.07222224 1,000.00000000 1,000.00000000 A-13 * 5.53000%
21075X2E2 A-14 * 0.00000000 3.10833333 3.10833333 1,000.00000000 1,000.00000000 A-14 * 5.59500%
21075X2F9 A-15 * 0.00000000 3.16666671 3.16666671 1,000.00000000 1,000.00000000 A-15 * 5.70000%
21075X2G7 A-16 * 0.00000000 3.24444440 3.24444440 1,000.00000000 1,000.00000000 A-16 * 5.84000%
21075WJK2 A-17 0.00000000 2.59166662 2.59166662 1,000.00000000 A-17 6.22000%
21075WJL0 A-18 0.00000000 78.26388889 78.26388889 25,000.00000000 A-18 5.63500%
21075WJM8 A-19 16.66314808 2.51666667 19.17981474 983.33685192 A-19 6.04000%
21075WJN6 A-20 0.00000000 2.44583333 2.44583333 1,000.00000000 A-20 5.87000%
21075WJA4 B - I 0.00000000 3.37500000 3.37500000 1,000.00000000 N-IO 6.50000%
21075WJQ9 B - II 0.00000000 3.43750000 3.43750000 1,000.00000000 P-IO 6.50000%
----------------------------------------------------------------
Total 3.79271738 2.81564509 6.60836247 996.20728262 B - I 8.10000%
- ---------------------------------------------------------------------------------------------------------------
B - II 8.25000%
Class A-18 Amounts Per $25,000 Unit.
* Internal Class
LIBOR: 5.52734%
AUCTION RATE: 5.63500%
----------------------------------------------------------------------------------------------
Ending
Principal Interest Total Notional
Class Distribution Distribution Distribution Amount
- ---------------------------------------------------------------------------------------------------------------
21075WHZ1 N-IO 0.00000000 2.70833338 2.70833338 1,000.00000000
21075WJP1 P-IO 0.00000000 2.70833333 2.70833333 1,000.00000000
- ---------------------------------------------------------------------------------------------------------------
PLEASE DIRECT ANY QUESTIONS OR COMMENTS TO THE FOLLOWING ADMINISTRATOR:
Neil Witoff
M & T Corporate Trust Department
One M & T Plaza-7th Floor
Buffalo, NY 14240
</TABLE>
Page 2
<PAGE>
<TABLE>
<CAPTION>
Distribution Period: 15-Oct-98
Group I Group IIa Group IIb Total
<S> <C> <C> <C> <C>
SEC.7.09(a)(ii) Scheduled Principal Received 199,435.18 54,779.93 407,242.63 661,457.74
Prepayments (incl. Curtailments) 1,812,277.44 1,717,304.07 3,475,512.40 7,005,093.91
Purchased Principal 188,474.73 0.00 76,972.49 265,447.22
Liquidation Proceeds applied to principal 0.00 0.00 32,285.24 32,285.24
Realized Loss of Principal 0.00 0.00 0.00 0.00
Realized Loss of Interest 0.00 0.00 315.93 315.93
Extra Principal Distribution / (OC Reduction) 229.78 (15,713.72) 15,906.33 422.39
SEC 7.09(a)(iv) Total Certificate Interest Carry-Forward Amount 0.00
Class A-1 Interest Carry-Forward Amount 0.00
Class A-2 Interest Carry-Forward Amount 0.00
Class A-3 Interest Carry-Forward Amount 0.00
Class A-4 Interest Carry-Forward Amount 0.00
Class A-5 Interest Carry-Forward Amount 0.00
Class A-6 Interest Carry-Forward Amount 0.00
Class A-7 Interest Carry-Forward Amount 0.00
Class A-8 Interest Carry-Forward Amount 0.00
Class A-9 Interest Carry-Forward Amount 0.00
Class A-10 Interest Carry-Forward Amount 0.00
Class A-11 Interest Carry-Forward Amount 0.00
Class A-12 Internal Interest Carry-Forward Amount 0.00
Class A-13 Internal Interest Carry-Forward Amount 0.00
Class A-14 Internal Interest Carry-Forward Amount 0.00
Class A-15 Internal Interest Carry-Forward Amount 0.00
Class A-16 Internal Interest Carry-Forward Amount 0.00
Class A-17 Interest Carry-Forward Amount 0.00
Class A-18 Interest Carry-Forward Amount 0.00
Class A-19 Interest Carry-Forward Amount 0.00
Class A-20 Interest Carry-Forward Amount 0.00
Class N-IO Interest Carry-Forward Amount 0.00
Class P-IO Interest Carry-Forward Amount 0.00
Class B-I Interest Carry-Forward Amount 0.00
</TABLE>
<TABLE>
Class B-II Interest Carry-Forward Amount 0.00
Group I Group IIa Group IIb Total
<S> <C> <C> <C> <C> <C>
SEC. 7.09 (a) (vi) Outstanding Loan Balance: 797,799,582.87 323,228,007.19 971,007,703.44 2,092,035,293.50
SEC. 7.09 (a) (vii) Code Section 6049(d)(7)(C) Information-Required Market Discount Info Provided at Calendar Year End.
SEC. 7.09 (a) (viii) Loan Purchase Prices 189,500.33 0.00 77,352.84 266,853.17
Substitution Amounts 0.00 0.00 0.00 0.00
SEC. 7.09 (a) (ix) & (x) Weighted Average Coupon 10.07157% 10.05738% 10.57190% 10.3017%
SEC. 7.09 (a) (xi) Weighted Average Remaining Term to Maturity 344 358 213
Group I Group II Total
SEC. 7.09 (a) (xii) Delinquency Trigger Event Occurrence NO NO
Cumulative Realized Loss Trigger Event Occurrence NO NO
Cumulative Realized Loss Termination Trigger Occurrence NO
SEC. 7.09 (a) (xiii) Class A Enhancement Percentage 3.7603% 4.7209%
Targeted Overcollateralization Amount 0.00 0.00
Overcollateralization Amount 0.00 0.00
Class A Optimal Balance 767,799,582.87 1,233,135,710.63
Class B Optimal Balance 30,000,000.00 61,100,000.00
Class B - I Class B - II
----------- ------------
SEC. 7.09 (a) (xiv) Applied Realized Loss Amount 0.00 0.00
Realized Loss Amortization Amount 0.00 0.00
Unpaid Realized Loss Amount 0.00 0.00
Group I Group IIa Group IIb Total
SEC. 7.09 (a) (xvi) Available Funds Cap 8.84833% 9.48505% 9.36764%
SEC. 7.09 (a) (xvii) Insured Payment 0.00 0.00 0.00
SEC. 7.09 (a) (xviii) Reimbursement Amount Paid 0.00
Remaining Reimbursement Amount Unpaid 0.00
SEC. 7.09 (a) (xx) Largest Home Equity Loan Balance Outstanding 463,529.53
SEC. 7.09 (a) (xxi) Auction Remainder Account Remainder Amount 0.00
</TABLE>
Page 3
<PAGE>
<TABLE>
<CAPTION>
Distribution Period: 15-Oct-98
------------------------------------------------------------------
SEC. 7.09(b)(i) Delinquencies(1) Period Number Percentage Prin. Balance Percentage
------------------------------------------------------------------
-------------------
<S> <C> <C> <C> <C> <C>
30-59 Days 89 0.84778% ,340,211.22 0.66937%
Group I 60-89 Days 6 0.05715% 347,324.90 0.04354%
90+ Days 0 0.00000% 0.00 0.00000%
---------------------------------------------------------------------------------
-------------------
30-59 Days 37 1.12977% 3,188,642.92 0.98650%
Group IIa 60-89 Days 4 0.12214% 264,572.98 0.08185%
90+ Days 1 0.03053% 61,600.00 0.01906%
---------------------------------------------------------------------------------
-------------------
30-59 Days 146 0.96065% 6,950,179.12 0.71577%
Group IIb 60-89 Days 19 0.12502% 1,339,981.31 0.13800%
90+ Days 0 0.00000% 0.00 0.00000%
----------------------------------------------------------------------------------
-------------------
30-59 Days 272 0.93887% 15,479,033.26 0.73990%
TOTAL 60-89 Days 29 0.10010% 1,951,879.19 0.09330%
90+ Days 1 0.00345% 61,600.00 0.00294%
----------------------------------------------------------------------------------
Total Group I 10,498 100.00000% 797,799,582.87 100.00000%
-----------------------------------------------------------------------
Total Group IIa 3,275 100.00000% 323,228,007.19 100.00000%
-----------------------------------------------------------------------
Total Group IIb 15,198 100.00000% 971,007,703.44 100.00000%
-----------------------------------------------------------------------
Total 28,971 100.00000% 2,092,035,293.50 100.00000%
---------------------------------------------------------------------------------
(1) Includes Bankruptcies, Foreclosures and REOs
</TABLE>
<TABLE>
<CAPTION>
; Based on each respective Group's loan count and balance.
Group I Group IIa Group IIb Total
<S> <C> <C> <C> <C> <C>
SEC. 7.09 (b) (ii) Loans in Foreclosure (LIF): Count 0 0 0 0
Loans in Foreclosure (LIF): Balance 0.00 0.00 0.00 0.00
Newly Commenced LIF: Count 0 0 0 0
Newly Commenced LIF: Balance 0.00 0.00 0.00 0.00
SEC. 7.09(b)(iii) Loans in Bankruptcy: Count 4 3 2 9
Loans in Bankruptcy: Balance 303,321.13 234,164.78 48,821.78 586,307.69
SEC. 7.09 (b) (iv&v) REO Properties: Count 0 0 0 0
REO Properties: Balance 0.00 0.00 0.00 0.00
SEC. 7.09 (b) (vi) Cumulative Realized Losses 0.00 0.00 315.93 315.93
SEC. 7.09 (b) (vii) Loan Bal of 60+ Day Delinquent Loans 347,324.90 326,172.98 1,339,981.31 2,013,479.19
SEC. 7.09 (b) (viii) 3 Mo Rolling Ave of 60+ Day Delinq Rate 0.01451% 0.03364% 0.04600% 0.03208%
Delinquency Trigger Event Occurrence NO NO
Cum Realized Loss Trigger Event Occurrence NO NO
SEC. 7.09 (b) (ix) Optional Buyout Loans 0.00 0.00 0.00 0.00
</TABLE>
Page 4
<PAGE>
<TABLE>
<CAPTION>
Distribution Period: 15-Oct-98
Group I Group II Invest. Income Total
<S> <C> <C> <C> <C> <C>
SEC. 7.08(b)(i) Amount on Deposit in the Certificate Account 5,390,709.77 11,149,716.89 0.00 16,540,426.66
SEC. 7.08(b)(ii)&(iv) Amount Due Amount Paid
Class A-1 Allocation 2,445,394.91 2,445,394.91
Class A-2 Allocation 386,283.33 386,283.33
Class A-3 Allocation 451,983.33 451,983.33
Class A-4 Allocation 153,600.00 153,600.00
Class A-5 Allocation 207,154.17 207,154.17
Class A-6 Allocation 141,866.67 141,866.67
Class A-7 Allocation 171,708.33 171,708.33
Class A-8 Allocation 195,000.00 195,000.00
Class A-9 Allocation 2,500,122.56 2,500,122.56
Class A-10 Allocation 189,800.00 189,800.00
Class A-11 Allocation 2,938,760.02 2,938,760.02
Class A-12 Internal Allocation 395,777.78 395,777.78
Class A-13 Internal Allocation 589,866.67 589,866.67
Class A-14 Internal Allocation 130,550.00 130,550.00
Class A-15 Internal Allocation 221,666.67 221,666.67
Class A-16 Internal Allocation 81,111.11 81,111.11
Class A-17 Allocation 172,610.18 172,610.18
Class A-18 Allocation 388,815.00 388,815.00
Class A-19 Allocation 1,494,989.84 1,494,989.84
Class A-20 Allocation 309,219.37 309,219.37
Class N-IO Allocation 216,666.67 216,666.67
Class P-IO Allocation 248,088.75 248,088.75
Class A Distribution Amount 14,031,035.36 14,031,035.36
================================
Class B-I Allocation 101,250.00 101,250.00
Class B-II Allocation 210,031.25 210,031.25
===================================
Class B Distribution Amount 311,281.25 311,281.25
===================================
</TABLE>
<TABLE>
<CAPTION>
SEC. 7.08(b)(iii) Insured Payment made by the Certificate Insurer 0.00
SEC. 7.08(b)(v) Beginning Principal Ending
Class Balance * Distribution Balance *
----------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
A-1 80,000,000.00 2,200,417.13 77,799,582.87
A-2 154,000,000.00 0.00 154,000,000.00
A-3 188,000,000.00 0.00 188,000,000.00
A-4 64,000,000.00 0.00 64,000,000.00
A-5 83,000,000.00 0.00 83,000,000.00
A-6 56,000,000.00 0.00 56,000,000.00
A-7 65,000,000.00 0.00 65,000,000.00
A-8 80,000,000.00 0.00 80,000,000.00
A-9 231,725,000.00 1,756,370.28 229,968,629.72
A-10 78,000,000.00 0.00 78,000,000.00
A-11 75,000,000.00 2,709,093.35 72,290,906.65
A-12 130,000,000.00 0.00 130,000,000.00
A-13 192,000,000.00 0.00 192,000,000.00
A-14 42,000,000.00 0.00 42,000,000.00
A-15 70,000,000.00 0.00 70,000,000.00
A-16 25,000,000.00 0.00 25,000,000.00
A-17 66,602,000.00 0.00 66,602,000.00
A-18 124,200,000.00 0.00 124,200,000.00
A-19 77,946,000.00 1,298,825.74 76,647,174.26
A-20 126,427,000.00 0.00 126,427,000.00
N-IO 80,000,000.00 NA 80,000,000.00
N-IO 91,602,000.00 NA 91,602,000.00
B-I 30,000,000.00 0.00 30,000,000.00
B-II 61,100,000.00 0.00 61,100,000.00
* Denotes Notional Amounts for Class N-IO and P-IO
Group I Group IIa Group IIb Total
SEC. 7.08(b)(vi) Current Period Realized Losses (Recoveries) 0.00 0.00 315.93 315.93
Cumulative Realized Losses 0.00 0.00 315.93 315.93
SEC. 7.08(b)(vii)Loan Balance of 60+ Day Delinquent Loans 2,013,479.19
Three-Month Rolling Average of 60+ Day Delinquency Rate 0.03208%
</TABLE>
<TABLE>
<CAPTION>
<PAGE>
Insurer's Report
Distribution Period: 15 Oct 98
Group I Group II Total
<S> <C> <C> <C>
* Monthly Excess Cashflow Amount 871203.87 1171837.243 2043041.113
* Premium paid from cash flow (1) 47987 77071 125058
* Trustee Fee paid from cash flow (1) 841.27 1367.06 2208.33
* Broker-Dealer Fee (1) 16560 16560
* Auction Rate Fee (1) 625 625
* Interest Collected on Mortgage
Loans (net of Service Fee) 3190522.42 5385620.13 8576142.55
* Current Period Realized Losses:
Principal 0 0 0
Interest 0 315.93 315.93
</TABLE>
<TABLE>
<CAPTION>
(1) Allocated based upon the related Certificate Balances.
<PAGE>
---------------------------------------------------------------------------------------
ContiMortgage Swap Trust
Series 1998-B
---------------------------------------------------------------------------------------
Distribution Period: 15-Oct-98
- -----------------------------------------------------------------------------------------------------------------------------------
Original Beginning Ending
Certificate Certificate Principal Interest Total Certificate
CUSIP Class Face Value Balance Distribution Distribution Distribution Balance
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
21075WJE6 A-12 130,000,000.00 130,000,000.00 0.00 410,752.33 410,752.33 130,000,000.00
21075WJF3 A-13 192,000,000.00 192,000,000.00 0.00 615,182.93 615,182.93 192,000,000.00
21075WJG1 A-14 42,000,000.00 42,000,000.00 0.00 134,804.60 134,804.60 42,000,000.00
21075WJH9 A-15 70,000,000.00 70,000,000.00 0.00 225,452.11 225,452.11 70,000,000.00
21075WJJ5 A-16 25,000,000.00 25,000,000.00 0.00 81,213.06 81,213.06 25,000,000.00
- ------------
-----------------------------------------------------------------------------------------------------
Total 459,000,000.00 459,000,000.00 0.00 1,467,405.03 1,467,405.03 459,000,000.00
-----------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
AMOUNTS PER $1,000 UNIT PASS THROUGH RATES
------------------------------------------------------------------------------------------------------------------------
Ending
Principal Interest Total Certificate Original Pass Current Pass
Class Distribution Distribution Distribution Balance Class Thru Rate Thru Rate
- --------------------------------------------------------------------------------------------------
----------------------------------
21075WJE6 A-12 0.00000000 3.15963331 3.15963331 1,000.00000 A-12 5.68734% 5.68734%
21075WJF3 A-13 0.00000000 3.20407776 3.20407776 1,000.00000 A-13 5.76734% 5.76734%
21075WJG1 A-14 0.00000000 3.20963333 3.20963333 1,000.00000 A-14 5.77734% 5.77734%
21075WJH9 A-15 0.00000000 3.22074443 3.22074443 1,000.00000 A-15 5.79734% 5.79734%
21075WJJ5 A-16 0.00000000 3.24852240 3.24852240 1,000.00000 A-16 5.84734% 5.84734%
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
LIBOR: 5.52734%
Class Certificate Interest Carry-Forward Amount 0.00
Code Sec 6049(d)7C Info-Requ Market Discount Info Provided at Calendar Yr End
Insured Payment 0.00
Swap Payment received from the NatWest 1,467,405.03
Swap Payment due to the NatWest 1,418,972.23
Investment Income on Grantor Trust paid to Seller in Oct each year 0.00
Accrued but Unpaid Investment Income on Grantor Trust 0.00
PLEASE DIRECT ANY QUESTIONS OR COMMENTS TO THE FOLLOWING ADMINISTRATOR:
Neil Witoff
M & T Corporate Trust Department
One M & T Plaza-7th Floor
Buffalo, NY 14240
<PAGE>
Distribution Period: 15-Oct-98
Amount on Deposit in the Certificate Account 2,886,377.26
Amount Due Amount Paid
Class Certificate Allocation 1,467,405.03 1,467,405.03
Insured Payment made by the Certificate Insurer 0.00
<TABLE>
<CAPTION>
Beginning Principal Ending
Class Balance Distribution Balance
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<S> <C> <C> <C> <C>
A-12 130,000,000.00 0.00 130,000,000.00
A-13 192,000,000.00 0.00 192,000,000.00
A-14 42,000,000.00 0.00 42,000,000.00
A-15 70,000,000.00 0.00 70,000,000.00
A-16 25,000,000.00 0.00 25,000,000.00
</TABLE>
Amount Due Amount Received
Amt of any Swap Pymt payable to Grantor Trustee 1,467,405.03 1,467,405.03
Investment Income on Grantor Trust paid to Seller in October each year 0.00
Accrued but Unpaid Investment Income on Grantor Trust 0.00
<PAGE>
<TABLE>
<CAPTION>
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CSHC / NatWest
Swap Side Agreement
- -------------------------------------------------------------------------------------------
Distribution Period: 15 Oct 98
Fixed Internal Floating
Current Swap Pass-Through Pass-Through
Balance Notional Balance Rate Rate
<S> <C> <C> <C> <C> <C>
Class A-12 130,000,000.00 130,000,000 0.0548000 0.0568734
Class A-13 192,000,000.00 192,000,000 0.0553000 0.0576734
Class A-14 42,000,000.00 42,000,000 0.0559500 0.0577734
Class A-15 70,000,000.00 70,000,000 0.0570000 0.0579734
Class A-16 25,000,000.00 25,000,000 0.0584000 0.0584734
Total 459,000,000.00 459,000,000
Internal Floating Internal Swap Floating Swap
Actual Balance Actual Balance Notional Balance Notional Balance
Interest Interest Interest Interest
Class A-12 395,777.78 410,752.33 395,777.78 410,752.33
Class A-13 589,866.67 615,182.93 589,866.67 615,182.93
Class A-14 130,550.00 134,804.6 130,550.00 134,804.60
Class A-15 221,666.67 225,452.11 221,666.67 225,452.11
Class A-16 81,111.11 81,213.06 81,111.11 81,213.06
Total 1,418,972.23 1,467,405.03 1,418,972.23 1,467,405.03
Current Swap Gains 0
Swap Gains Carry-Forward 0
Current Swap Losses 0
Swap Losses Carry-Forward 0
Swap Gains Payable to CSHC 0
Swap Losses Payable to NatWest (limited to Class R Cashflow) 0
</TABLE>
