- --------------------------------------------------------------------------------
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 26, 1999
SUPERIOR BANK FSB (as depositor under the Pooling and Servicing Agreement, dated
as of February 1, 1999, providing for the issuance of AFC Mortgage Loan Asset
Backed Certificates, Series 1999-1)
Superior Bank FSB
-----------------------------------------------------
(Exact name of registrant as specified in its charter)
United States 333-61691 36-1414142
- ---------------------------- ------------ ---------------------
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification Number)
One Lincoln Centre
Oakbrook Terrace, Illinois 60181
- ---------------------------- ---------
(Address of Principal (Zip Code)
Executive Offices)
Registrant's telephone number, including area code (630) 916-4000
--------------
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<PAGE>
Item 5. Other Events
On May 26, 1999 (a "Remittance Date") a scheduled remittance was made to
the Certificateholders with respect to AFC Mortgage Loan Asset Backed
Certificates, Series 1999-1, issued pursuant to a Pooling and Servicing
Agreement, dated as of February 1, 1999, among Superior Bank FSB., as Depositor
and Servicer and LaSalle National Bank, as Trustee. The information contained in
the Servicer's Monthly Remittance Report to the Trustee, which shall be
forwarded by the Trustee to the Certificateholders, is attached hereto as
Exhibit 21.1 and is incorporated herein by reference.
Capitalized terms used herein and not defined shall have the same meanings
ascribed to them in the Pooling and Servicing Agreement.
Items 2 through 4 and Items 6 and 8 are not included because they are not
applicable.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
(a) Not applicable
(b) Not applicable
(c) Exhibits
21.1 Monthly Remittance Report for the month of May, 1999.
<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 thereunto duly authorized.
SUPERIOR BANK F.S.B.
By: /s/ William C. Bracken
----------------------
Name: William C. Bracken
Title: Senior Vice President
Dated: May 26, 1999
<PAGE>
EXHIBIT INDEX
Exhibit No. Description
- ----------- -----------
21.1 Monthly Remittance Report for the month of May, 1999.
<TABLE>
ALLIANCE FUNDING COMPANY
BY SUPERIOR BANK - FSB SERVICING DIVISION
DESIGNATED SERVICER
SERVICER'S CERTIFICATE
1999-1 GROUP 1
IN ACCORDANCE WITH SECTION 6.08 OF THE POOLING AND SERVICING AGREEMENT DATED AS OF FEBRUARY 1, 1999
SUPERIOR BANK - FSB SERVICING DIVISION REPORTS THE FOLLOWING
INFORMATION PERTAINING TO SERIES 1999-1 GROUP 1 FOR MAY 25, 1999, THE REMITTANCE DATE.
DUE PERIOD ENDED: MAY 1, 1999
<CAPTION>
--------------------------------------------------------------------------------------------------------------------------------
<S> <C>
1 Total Actual Principal Collections 1,442,322.72
2 Total Permanent Buydown Companion Principal 12,863.63
3 Total Actual Interest Collections 1,802,152.31
4 Less Service Fees Service Fees Previously Remitted 110,411.44
5 Additional Proceeds 0.00
--------------------
6 Total Collections: 3,146,927.22
7 Pre-Funding Account Transfer 0.00
8 Interest Coverage Account Transfer 0.00
9 Deferred Interest Coverage Account Transfer 30,195.26
--------------------
10 Aggregate Amount Received: 3,177,122.48
Monthly Advances
11 Interest Advance 581,916.83
12 Compensating Interest 4,342.35
13 Amounts Held for Future Distributions 0.00
14 Cross Collateral Deposit 0.00
15 Reserve Withdrawal per Sec. 6.14c 0.00
--------------------
16 Available Remittance Amount: 3,763,381.66
17 Service Fees 1,831.54
18 Expense Account Deposit: 2,247.98
--------------------
19 Adjusted Remittance Amount: 3,759,302.14
Remaining Amount Available:
20 Adjusted Remittance Amount 3,759,302.14
21 Insured Payments 0.00
22 Monthly Premium @ 20 bp
due Certificate Insurer 44,959.69
23 Cross Collateral Withdrawal 0.00
24 Class Remittance Amounts 3,714,342.45
25 Non-Recoverable Advances not
Previously Reimbursed 0.00
--------------------
Total Remaining Amount Available: 0.00
====================
Amount of Reimbursements Pursuant to Sec. 5.04
26 Servicing Fee 0.00
27 Monthly Advances and Servicer Advances 0.00
28 Other Mortgage Payments 0.00
29 Interest Earned on P&I Deposits 0.00
30 Additional Servicing Compensation 0.00
--------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Page 1 of 4
<PAGE>
<TABLE>
ALLIANCE FUNDING COMPANY
BY SUPERIOR BANK - FSB SERVICING DIVISION
DESIGNATED SERVICER
SERVICER'S CERTIFICATE
1999-1 GROUP 1
IN ACCORDANCE WITH SECTION 6.08 OF THE POOLING AND SERVICING AGREEMENT DATED AS OF FEBRUARY 1, 1999
SUPERIOR BANK - FSB SERVICING DIVISION REPORTS THE FOLLOWING
INFORMATION PERTAINING TO SERIES 1999-1 GROUP 1 FOR MAY 25, 1999, THE REMITTANCE DATE.
DUE PERIOD ENDED: MAY 1, 1999
<CAPTION>
--------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
TOTAL CLASS 1A CLASS R
----- -------- -------
31 Loans Outstanding - BOM 4534
32 Original Loan Balance 275,012,525.86 275,012,525.86
33 Original Permanent Buydown Companion Loan Balance 880,917.43 880,917.43
34 Pre-Funding Account Balance 0.00 0.00
35 Initial Overcollateralization 4,680,144.22 4,680,144.22
36 Realized Losses, LTD 0.00 0.00
37 Permanent Buydown Companion Loan Losses, LTD 0.00
38 Carryforward Amount 0.00
39 Aggregate Unpaid Principal Balance of Delinquent 0.00 0.00
Loans Repurchased per Sec. 5.11 0.00 0.00
-----------------------------------------------------------------------------
40 Total Class Principal Balance 271,213,299.07 271,213,299.07
41 Pool Factor per Loan Balance 100.0045549% 100.0045549%
42 Pool Factor per Class Balance 98.6230178% 98.6230178%
43 Excess Spread 0.00 0.00
44 Cross Collateral Withdrawal 0.00 0.00
45 Cross Collateral Deposit 0.00 0.00
46 Additional Principal due Class A 1,081,016.83 1,081,016.83
47 Interest Remittance @ Pass-Through Rates 1,178,139.27 1,178,139.27
PRINCIPAL ADDITIONS:
48 Number of loans 0 0
49 Transfers from Pre-Funding Account 0.00 0.00
PRINCIPAL REDUCTIONS:
50 Prepayments - Number 21 21
51 Prepayments - Dollar 1,172,325.74 1,172,325.74
52 Delinquent Loans Repurchased - Number 0 0.00
53 Delinquent Loans Repurchased - Dollar 0.00 0.00
54 Net Liquidation Proceeds 0.00 0.00
55 Curtailments 19,993.36 19,993.36
56 Normal and Excess Payments 250,003.62 250,003.62
Permanent Buydown Companion Principal 12,863.63 12,863.63
57 Pre-Funding Account Transfer 0.00 0.00
-----------------------------------------------------------------------------
58 Total Principal Remittance 1,455,186.35 1,455,186.35
59 Additional Principal Reduction 1,081,016.83 1,081,016.83
-----------------------------------------------------------------------------
60 Total Remittance 3,714,342.45 3,714,342.45 0.00
=============================================================================
61 Current Month Realized Loss - Number 0 0
62 Current Month Realized Loss - Dollar 0.00 0.00
63 Current Month Permanent Buydown Companion Loan
Realized Loss - Dollar 0.00 0.00
CLASS PRINCIPAL BALANCE - EOM
64 Loans Outstanding - EOM 4513
65 Closing Loan Balance 273,570,203.14 273,570,203.14
66 Closing Permanent Buydown Companion Loan Balance 868,053.80 868,053.80
67 Pre-Funding Account Balance 0.00 0.00
68 Additional Principal Reduction, LTD 5,761,161.04 5,761,161.05
69 Realized losses, LTD 0.00 0.00
70 Permanent Buydown Companion Loan Losses, LTD 0.00
71 Aggregate Unpaid Principal Balance of Delinquent
72 Loans Repurchased per Sec. 5.11 0.00 0.00
-----------------------------------------------------------------------------
73 Total Class Principal Balance 268,677,095.89 268,677,095.89
74 Pool Factor per Loan Balance 99.4800739% 99.4800739%
75 Pool Factor per Class Balance 97.7007621% 97.7007621%
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</TABLE>
Page 2 of 4
<PAGE>
<TABLE>
ALLIANCE FUNDING COMPANY
BY SUPERIOR BANK - FSB SERVICING DIVISION
DESIGNATED SERVICER
SERVICER'S CERTIFICATE
1999-1 GROUP 1
IN ACCORDANCE WITH SECTION 6.08 OF THE POOLING AND SERVICING AGREEMENT DATED AS OF FEBRUARY 1, 1999
SUPERIOR BANK - FSB SERVICING DIVISION REPORTS THE FOLLOWING
INFORMATION PERTAINING TO SERIES 1999-1 GROUP 1 FOR MAY 25, 1999, THE REMITTANCE DATE.
DUE PERIOD ENDED: MAY 1, 1999
<CAPTION>
--------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
TOTAL CLASS A-1
----- ---------
76 Weighted Note Rate - THIS Remittance 10.71607 %
77 Weighted Note Rate - NEXT Remittance 10.71449 %
78 Related Remittance Period for Libor Rate 26-Apr-99 thru 24-May-99
79 Days in Related Period 29
80 Pass-Through Rates 5.39250%
81 Weighted Average Remaining Term 250.02
82 Original Pool - Principal Balance 168,415,194.04 168,415,194.04
83 Original Pool - Permanent Buydown Companion Balance 907,775.49 907,775.49
84 Original Pool - Pre-Funding Account 108,384,000.73 108,384,000.73
85 Original Pool - Additional Principal Reduction 2,706,970.26 2,706,970.26
---------------------------------------------------------------------------
86 Original Pool Total 275,000,000.00 275,000,000.00
87 Original Pool - Number of Loans 2782
------------------------------------------------------------------------------------------------------------------------------
CLASS A OVERCOLLATERALIZATION RECONCILIATION
Beg. of Month Current Month End of Month
-------------------------------------------------------
88 Additional Principal Reduction, LTD 4,680,144.23 1,081,016.83 5,761,161.06
89 Cross Collateral Deposits 0.00 0.00 0.00
90 Realized Losses, LTD 0.00 0.00 0.00
91 Permanent Buydown Companion Loan Losses, LTD 0.00 0.00 0.00
-------------------------------------------------------
92 Overcollateralization of Principal 4,680,144.23 1,081,016.83 5,761,161.06
=======================================================
93 Base Overcollateralization Required 16,331,152.49
94 Required Overcollateralization Amount 16,331,152.49
CURRENT MONTH SUBORDINATED AMOUNT Beg. of Month Current Month End of Month
-------------------------------------------------------
95 Original Subordinated Amount 33,741,821.84 N/A 33,741,821.84
96 Less: Cumulative Realized Losses (excluding
Permanent Buydown Companion Loans) 0.00 0.00 0.00
97 Plus: Cumulative Additional Proceeds 0.00 0.00 0.00
-------------------------------------------------------
98 Current Subordinated Amount 33,741,821.84 33,741,821.84
=======================================================
NONRECOVERABLE ADVANCE RECONCILIATION
99 Beginning of Month 0.00
100 Current Month Unpaid Nonrecoverable Advance 0.00
101 Less: Current Month Reimbursement 0.00
-------------------
102 End of Month 0.00
--------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Page 3 of 4
<PAGE>
<TABLE>
ALLIANCE FUNDING COMPANY
BY SUPERIOR BANK - FSB SERVICING DIVISION
DESIGNATED SERVICER
SERVICER'S CERTIFICATE
1999-1 GROUP 1
IN ACCORDANCE WITH SECTION 6.08 OF THE POOLING AND SERVICING AGREEMENT DATED AS OF FEBRUARY 1, 1999
SUPERIOR BANK - FSB SERVICING DIVISION REPORTS THE FOLLOWING
INFORMATION PERTAINING TO SERIES 1999-1 GROUP 1 FOR MAY 25, 1999, THE REMITTANCE DATE.
DUE PERIOD ENDED: MAY 1, 1999
<CAPTION>
--------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
CLASS
TOTAL A1
---------------------------------------
103 Total Class Principal - Original Pool $275,000,000.00 $275,000,000.00
104 Interest Remittance Amount 1,178,139.27 1,178,139.27
105 Interest Rate Factor / 1000 4.284143 4.284143
106 Total Principal Collections 1,455,186.35 1,455,186.35
107 Prefunding Account Transfer 0.00 0.00
108 Additional Principal Reduction 1,081,016.83 1,081,016.83
---------------------------------------
109 Principal Remittance Amount 2,536,203.18 2,536,203.18
110 Principal Payment Factor/1000 9.222557 9.222557
111 Principal Factor 977.007621 977.007621
112 Prior Month Principal Factor 986.230178 986.230178
--------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Page 4 of 4
<PAGE>
<TABLE>
ALLIANCE FUNDING COMPANY
BY SUPERIOR BANK - FSB SERVICING DIVISION
DESIGNATED SERVICER
SERVICER'S CERTIFICATE
1999-1 GROUP 2
IN ACCORDANCE WITH SECTION 6.08 OF THE POOLING AND SERVICING AGREEMENT DATED AS OF FEBRUARY 1, 1999 AND THE
INSURANCE AGREEMENT DATED AS OF FEBRUARY 1, 1999, SUPERIOR BANK - FSB SERVICING DIVISION REPORTS THE FOLLOWING
INFORMATION PERTAINING TO SERIES 1999-1 GROUP 2 FOR MAY 25, 1999 THE REMITTANCE DATE.
PERIOD ENDED: MAY 1, 1999 Page 1 of 4
<CAPTION>
----------------------------------------------------------------------------------------------------------------------------------
<S> <C>
1 Total Actual Principal Collections 2,027,966.96
2 Total Actual Interest Collections 1,414,687.90
3 Less: Service Fees Previously Remitted 89,597.48
4 Additional Proceeds 0.00
-----------------
5 Total Collections: 3,353,057.38
6 Pre-Funding Account Transfer 0.00
7 Interest Coverage Account Transfer 0.00
Deferred Interest Coverage Account Transfer 18,068.28
-----------------
8 Aggregate Amount Received: 3,371,125.66
Monthly Advance
9 Interest Advance 688,326.30
10 Compensating Interest 4,207.81
11 Amounts Held for Future Distributions 0.00
12 Reserve Withdrawal Per Sec. 6.08 VII 0.00
-----------------
13 Available Remittance Amount: 4,063,659.77
14 Less: Service Fees 1,131.11
15 Less: Expense Account Deposit 2,024.96
16 Cross Collateral Deposit 0.00
-----------------
17 Adjusted Remittance Amount: 4,060,503.70
Remaining Amount Available:
18 Adjusted Remittance Amount 4,060,503.70
19 Insured Payments 0.00
20 Monthly Premium @ 20 bp
due Certificate Insurer 40,499.30
21 Class Remittance Amounts 4,020,004.40
22 Cross Collateral Withdrawal 0.00
23 Non-Recoverable Advances not
Previously Reimbursed 0.00
-----------------
24 Total Remaining Amount Available: 0.00
=================
Amount of Reimbursements Pursuant to Sec. 5.04
25 Servicing Fee 0.00
26 Monthly Advances and Servicer Advances 0.00
27 Other Mortgage Payments 0.00
28 Interest Earned on P&I Deposits 0.00
29 Additional Servicing Compensation 0.00
----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
ALLIANCE FUNDING COMPANY
BY SUPERIOR BANK - FSB SERVICING DIVISION
DESIGNATED SERVICER
SERVICER'S CERTIFICATE
1999-1 GROUP 2
IN ACCORDANCE WITH SECTION 6.08 OF THE POOLING AND SERVICING AGREEMENT DATED AS OF FEBRUARY 1, 1999 AND THE
INSURANCE AGREEMENT DATED AS OF FEBRUARY 1, 1999, SUPERIOR BANK - FSB SERVICING DIVISION REPORTS THE FOLLOWING
INFORMATION PERTAINING TO SERIES 1999-1 GROUP 2 FOR MAY 25, 1999 THE REMITTANCE DATE.
PERIOD ENDED: MAY 1, 1999 Page 2 of 4
<CAPTION>
----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
TOTAL CLASS 2-A CLASS R
----- --------- -------
30 Number of Loans 2432
31 Original Principal Balance 250,834,335.01 250,834,335.01
32 Original Pre-Funding Account Balance 0.00 0.00
33 Initial Overcollateralization 5,810,568.98 5,810,568.98
34 Realized Losses, LTD 0.00 0.00
35 Carryforward Amount 0.00 0.00
36 Aggregate Unpaid Principal Balance of Delinquent
Loans Repurchased per Sec. 5.11 0.00 0.00
-------------------------------------------------------------------
37 Opening Class Principal Balance 245,023,766.03 245,023,766.03
38 Pool Factor per Loan Balance 100.3337340% 100.3337340%
39 Pool Factor per Class Balance 100.0000000% 100.0000000%
40 Excess Spread 0.00 0.00
41 Additional Principal due Class A 947,402.44 947,402.44
42 Cross Collateral Deposit 0.00 0.00
43 Cross Collateral Withdrawal 0.00 0.00 0.00
44 Interest Remittance 1,044,635.00 1,044,635.00
45 Available Funds Cap Carry Forward 0.00 0.00
Distribution (see schedule C)
PRINCIPAL REDUCTIONS:
48 Prepayments - Number 18 18
49 Prepayments - Dollar 1,812,959.13 1,812,959.13
50 Delinquent Loans Repurchased - Number 0 0
51 Delinquent Loans Repurchased - Dollar 0.00 0.00
52 Net Liquidation Proceeds 0.00 0.00
53 Curtailments 119,467.20 119,467.20
54 Normal and Excess Payments 95,540.63 95,540.63
55 Pre-Funding Account Transfer 0.00 0.00
-------------------------------------------------------------------
56 Total Principal Remittance 2,027,966.96 2,027,966.96
57 Additional Principal Reduction 947,402.44 947,402.44
-------------------------------------------------------------------
58 Total Remittance 4,020,004.40 4,020,004.40 0.00
===================================================================
59 Carryforward Amount 0.00
60 Current Month Realized Loss - Number 0 0
61 Current Month Realized Loss - Dollar 0.00 0.00
CLASS PRINCIPAL BALANCE - EOM
62 Number of Loans # 2414
63 Closing Loan Balance 248,806,368.05 248,806,368.05
64 Pre-Funding Account Balance 0.00 0.00
65 Additional Principal Reduction, LTD 6,757,971.42 6,757,971.42
66 Realized Losses, LTD 0.00 0.00
67 Carryforward Amount 0.00 0.00
68 Aggregate Unpaid Principal Balance of Delinquent
Loans Repurchased per Sec. 5.11 0.00 0.00
----------------------------------
69 Closing Class Principal Balance 242,048,396.63 242,048,396.63
70 Pool Factor per Loan Balance 99.5225472% 99.5225472%
71 Pool Factor per Class Balance 96.8193587% 96.8193587%
----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
ALLIANCE FUNDING COMPANY
BY SUPERIOR BANK - FSB SERVICING DIVISION
DESIGNATED SERVICER
SERVICER'S CERTIFICATE
1999-1 GROUP 2
IN ACCORDANCE WITH SECTION 6.08 OF THE POOLING AND SERVICING AGREEMENT DATED AS OF FEBRUARY 1, 1999 AND THE
INSURANCE AGREEMENT DATED AS OF FEBRUARY 1, 1999, SUPERIOR BANK - FSB SERVICING DIVISION REPORTS THE FOLLOWING
INFORMATION PERTAINING TO SERIES 1999-1 GROUP 2 FOR MAY 25, 1999 THE REMITTANCE DATE.
PERIOD ENDED: MAY 1, 1999 Page 3 of 4
<CAPTION>
----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
TOTAL CLASS A1
----- --------
72 Weighted Note Rate - This Remittance: 10.38305%
73 Weighted Note Rate - Next Remittance: 10.38751%
74 Available Cap Carry Foward Amount - This Remittance: 0.00
(see schedule C)
75 Pass-Through Rate: 5.29250% 5.29250%
76 Related Remittance Period: 26-Apr-99 thru 24-May-99
77 Days in Related Period: 29
78 Weighted Average Remaining Term 355.54
79 Original Pool - Principal Balance 156,587,131.22 156,587,131.22
80 Original Pool - Pre-Funding Account Balance 97,477,909.43 97,477,909.43
81 Original Pool - Initial Overcollateralization 4,065,040.65 4,065,040.65
----------------------------------
82 Original Pool - Class Principal Balance 250,000,000.00 250,000,000.00
83 Original Pool - Number of Loans 1490
----------------------------------------------------------------------------------------------------------------------------------
CLASS A OVERCOLLATERALIZATION RECONCILIATION
Beginning of Month Current Month End of Month
--------------------------------------------------
84 Initial Overcollateralization 5,810,568.98 947,402.44 6,757,971.42
85 Cross Collateral Deposits, LTD 0.00 0.00 0.00
86 Less: Realized Losses, LTD 0.00 0.00 0.00
--------------------------------------------------
87 Overcollateralization of Principal 5,810,568.98 947,402.44 6,757,971.42
==================================================
88 Base Overcollateralization Requirement 13,846,544.72
89 Required Overcollateralization 13,846,544.72
CURRENT MONTH SUBORDINATED AMOUNT Beginning of Month Current Month End of Month
--------------------------------------------------
90 Original Subordinated Amount 30,360,772.36 N/A 30,360,772.36
91 Less: Cumulative Realized Losses 0.00 0.00 0.00
92 Plus: Cumulative Additional Proceeds 0.00 0.00 0.00
--------------------------------------------------
93 Current Subordinated Amount 30,360,772.36 30,360,772.36
==================================================
NONRECOVERABLE ADVANCE RECONCILIATION
94 Beginning of Month 0.00
95 Current Month Nonrecoverable Advance 0.00
96 Less: Current Month Reimbursment 0.00
-----------------
97 End of Month 0.00
=================
----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
ALLIANCE FUNDING COMPANY
BY SUPERIOR BANK - FSB SERVICING DIVISION
DESIGNATED SERVICER
SERVICER'S CERTIFICATE
1999-1 GROUP 2
IN ACCORDANCE WITH SECTION 6.08 OF THE POOLING AND SERVICING AGREEMENT DATED AS OF FEBRUARY 1, 1999 AND THE
INSURANCE AGREEMENT DATED AS OF FEBRUARY 1, 1999, SUPERIOR BANK - FSB SERVICING DIVISION REPORTS THE FOLLOWING
INFORMATION PERTAINING TO SERIES 1999-1 GROUP 2 FOR MAY 25, 1999 THE REMITTANCE DATE.
PERIOD ENDED: MAY 1, 1999 Page 4 of 4
<CAPTION>
----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
CLASS
A1
----------------------------------
98 Total Class Principal - Original Pool $250,000,000.00 $250,000,000.00
99 Interest Remittance Amount 1,044,635.00 1,044,635.00
100 Interest Rate Factor / 1000 4.178540 4.178540
101 Total Principal Collections 2,027,966.96 2,027,966.96
102 Prefunding Account Transfer 0.00 0.00
103 Additional Principal Reduction 947,402.44 947,402.44
----------------------------------
104 Principal Remittance Amount 2,975,369.40 2,975,369.40
105 Principal Payment Factor/1000 11.901478 11.901478
106 Principal Factor 968.193586 968.193586
107 Prior Month Principal Factor 980.095064 980.095064
----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
