- -------------------------------------------------------------------------------
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) NOVEMBER 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 Notes, 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 November 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 November, 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: November 26,1999
<PAGE>
EXHIBITS TABLE
21.1 Monthly Remittance Report for the month of November, 1999.
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 NOVEMBER 26, 1999, THE REMITTANCE DATE.
DUE PERIOD ENDED: NOVEMBER 1, 1999
- --------------------------------------------------------------------------------
1 Total Actual Principal Collections 3,746,865.60
2 Total Permanent Buydown Companion Principal 25,610.61
3 Total Actual Interest Collections 2,233,229.35
4 Less Service Fees Service Fees Previously Remitted 136,209.36
5 Additional Proceeds
--------------------
6 Total Collections: 5,869,496.20
7 Pre-Funding Account Transfer 0.00
8 Interest Coverage Account Transfer 0.00
9 Deferred Interest Coverage Account Transfer 0.00
--------------------
10 Aggregate Amount Received: 5,869,496.20
Monthly Advances
11 Interest Advance 58,088.36
12 Compensating Interest 11,726.90
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: 5,939,311.46
17 Service Fees 0.00
18 Expense Account Deposit: 2,044.92
--------------------
19 Adjusted Remittance Amount: 5,937,266.54
Remaining Amount Available:
20 Adjusted Remittance Amount 5,937,266.54
21 Insured Payments 0.00
22 Monthly Premium @ 20 bp
due Certificate Insurer 40,895.69
23 Cross Collateral Withdrawal 0.00
24 Class Remittance Amounts 5,896,370.85
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
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Page 1 of 4
<PAGE>
<TABLE>
<CAPTION>
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 NOVEMBER 26, 1999, THE REMITTANCE DATE.
DUE PERIOD ENDED: NOVEMBER 1, 1999
TOTAL CLASS 1A CLASS R
----- -------- -------
<S> <C> <C> <C> <C>
31 Loans Outstanding - BOM 4293
32 Original Loan Balance 258,844,809.29 258,844,809.29
33 Original Permanent Buydown Companion Loan Balance 798,821.58 798,821.58
34 Pre-Funding Account Balance 0.00 0.00
35 Additional Principal Reduction, LTD 10,492,648.70 10,492,648.70
36 Realized Losses, LTD 15,729.23 15,729.23
37 Permanent Buydown Companion Loan Losses, LTD 0.00 0.00
38 Carryforward Amount 0.00 0.00
39 Aggregate Unpaid Principal Balance of Delinquent
Loans Repurchased per Sec. 5.11 0.00 0.00
---------------------------------------------------------------------------
40 Total Class Principal Balance 249,166,711.40 249,166,711.40
41 Pool Factor per Loan Balance 94.1253852% 94.1253852%
42 Pool Factor per Class Balance 90.6060769% 90.6060769%
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 819,645.33 819,645.33
47 Interest Remittance @ Pass-Through Rates 1,304,249.31 1,304,249.31
PRINCIPAL ADDITIONS:
48 Number of loans 0 0
49 Transfers from Pre-Funding Account 0.00 0.00
PRINCIPAL REDUCTIONS:
50 Prepayments - Number 52 52
51 Prepayments - Dollar 2,687,802.76 2,687,802.76
52 Delinquent Loans Repurchased - Number 0 0.00
53 Delinquent Loans Repurchased - Dollar 0.00 0.00
54 Net Liquidation Proceeds 250,569.70 250,569.70
55 Curtailments 518,453.58 518,453.58
56 Normal and Excess Payments 290,039.56 290,039.56
Permanent Buydown Companion Principal 25,610.61 25,610.61
57 Pre-Funding Account Transfer 0.00 0.00
---------------------------------------------------------------------------
58 Total Principal Remittance 3,772,476.21 3,772,476.21
59 Additional Principal Reduction 819,645.33 819,645.33
---------------------------------------------------------------------------
60 Total Remittance 5,896,370.85 5,896,370.85 0.00
===========================================================================
61 Current Month Realized Loss - Number 1 1
62 Current Month Realized Loss - Dollar 4,336.08 4,336.08
63 Current Month Permanent Buydown Companion Loan
Realized Loss - Dollar 0.00 0.00
CLASS PRINCIPAL BALANCE - EOM
64 Loans Outstanding - EOM 4240
65 Closing Loan Balance 255,093,607.61 255,093,607.61
66 Closing Permanent Buydown Companion Loan Balance 773,210.97 773,210.97
67 Pre-Funding Account Balance 0.00 0.00
68 Additional Principal Reduction, LTD 11,312,294.03 11,312,294.03
69 Realized losses, LTD 20,065.31 20,065.31
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 244,574,589.86 244,574,589.86
74 Pool Factor per Loan Balance 92.7613119% 92.7613119%
75 Pool Factor per Class Balance 88.9362145% 88.9362145%
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</TABLE>
Page 2 of 4
<PAGE>
<TABLE>
<CAPTION>
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 NOVEMBER 26, 1999, THE REMITTANCE DATE.
DUE PERIOD ENDED: NOVEMBER 1, 1999
TOTAL CLASS A-1
----- ---------
<S> <C> <C> <C>
76 Weighted Note Rate - THIS Remittance 10.69837%
77 Weighted Note Rate - NEXT Remittance 10.69277%
78 Related Remittance Period for Libor Rate 25-Oct-99 thru 25-Nov-99
79 Days in Related Period 32
80 Pass-Through Rates 5.88875%
81 Weighted Average Remaining Term 244.69
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
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</TABLE>
<TABLE>
<CAPTION>
CLASS A OVERCOLLATERALIZATION RECONCILIATION
Beg.of Month Current Month End of Month
-------------------------------------------------------
<S> <C> <C> <C> <C>
88 Additional Principal Reduction, LTD 10,492,648.74 819,645.33 11,312,294.07
89 Cross Collateral Deposits 0.00 0.00 0.00
90 Realized Losses, LTD 15,729.23 4,336.08 20,065.31
91 Permanent Buydown Companion Loan Losses, LTD 0.00 0.00 0.00
-------------------------------------------------------
92 Overcollateralization of Principal 10,476,919.51 819,645.33 11,292,228.76
=======================================================
93 Base Overcollateralization Required 16,331,152.49
94 Required Overcollateralization Amount 16,331,152.49
<CAPTION>
CURRENT MONTH SUBORDINATED AMOUNT Beg.of Month Current Month End of Month
-------------------------------------------------------
<S> <C> <C> <C> <C>
95 Original Subordinated Amount 33,741,821.84 N/A 33,741,821.84
96 Less: Cumulative Realized Losses (excluding
Permanent Buydown Companion Loans) 15,729.23 4,336.08 20,065.31
97 Plus: Cumulative Additional Proceeds 0.00 0.00 0.00
-------------------------------------------------------
98 Current Subordinated Amount 33,726,092.61 33,721,756.53
=======================================================
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>
<CAPTION>
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 NOVEMBER 26, 1999, THE REMITTANCE DATE.
DUE PERIOD ENDED: NOVEMBER 1, 1999
- ------------------------------------------------------------------------------------------------
CLASS
TOTAL A1
---------------------------------------
<S> <C> <C> <C>
103 Total Class Principal - Original Pool $275,000,000.00 $275,000,000.00
104 Interest Remittance Amount 1,304,249.31 1,304,249.31
105 Interest Rate Factor / 1000 4.742725 4.742725
106 Total Principal Collections 3,772,476.21 3,772,476.21
107 Prefunding Account Transfer 0.00 0.00
108 Additional Principal Reduction 819,645.33 819,645.33
---------------------------------------
109 Principal Remittance Amount 4,592,121.54 4,592,121.54
110 Principal Payment Factor/1000 16.698624 16.698624
111 Principal Factor 889.362144 889.362144
112 Prior Month Principal Factor 906.060768 906.060768
</TABLE>
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Page 4 of 4
<PAGE>
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 NOVEMBER 26, 1999, THE REMITTANCE DATE.
DUE PERIOD ENDED: NOVEMBER 1, 1999
- --------------------------------------------------------------------------------
1 Total Actual Principal Collections 4,598,787.70
2 Total Actual Interest Collections 1,779,988.78
3 Less: Service Fees Previously Remitted 111,889.97
4 Additional Proceeds
-----------------
5 Total Collections: 6,266,142.86
6 Pre-Funding Account Transfer 0.00
7 Interest Coverage Account Transfer 0.00
Deferred Interest Coverage Account Transfer 0.00
-----------------
8 Aggregate Amount Received: 6,266,142.86
Monthly Advance
9 Interest Advance 164,605.52
10 Compensating Interest 16,200.45
11 Amounts Held for Future Distributions 0.00
12 Reserve Withdrawal Per Sec. 6.08 VII 0.00
-----------------
13 Available Remittance Amount: 6,446,948.83
14 Less: Service Fees 0.00
15 Less: Expense Account Deposit 1,764.37
16 Cross Collateral Deposit 0.00
-----------------
17 Adjusted Remittance Amount: 6,445,184.46
Remaining Amount Available:
18 Adjusted Remittance Amount 6,445,184.46
19 Insured Payments 0.00
20 Monthly Premium @ 20 bp
due Certificate Insurer 35,284.27
21 Class Remittance Amounts 6,409,900.19
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
- --------------------------------------------------------------------------------
Page 1 of 4
<PAGE>
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 NOVEMBER 26, 1999, THE REMITTANCE DATE.
DUE PERIOD ENDED: NOVEMBER 1, 1999
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL CLASS 2-A CLASS R
----- --------- -------
<S> <C> <C> <C> <C>
30 Number of Loans - BOM 2242
31 Original Principal Balance 227,147,262.02 227,147,262.02
32 Original Pre-Funding Account Balance 0.00 0.00
33 Additional Principal Reduction, LTD 10,842,826.30 10,842,826.30
34 Realized Losses, LTD 19,165.80 19,165.80
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 216,323,601.52 216,323,601.52
38 Pool Factor per Loan Balance 90.8589048% 90.8589048%
39 Pool Factor per Class Balance 86.5294406% 86.5294406%
40 Excess Spread 0.00 0.00
41 Additional Principal due Class A 698,007.38 698,007.38
42 Cross Collateral Deposit 0.00 0.00
43 Cross Collateral Withdrawal 0.00 0.00 0.00
44 Interest Remittance 1,113,105.11 1,113,105.11
45 Available Funds Cap Carry Forward 0.00 0.00
Distribution (see schedule C)
PRINCIPAL REDUCTIONS:
48 Prepayments - Number 40 40
49 Prepayments - Dollar 4,306,539.60 4,306,539.60
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 192,247.76 192,247.76
54 Normal and Excess Payments 100,000.34 100,000.34
55 Pre-Funding Account Transfer 0.00 0.00
----------------------------------------------------------
56 Total Principal Remittance 4,598,787.70 4,598,787.70
57 Additional Principal Reduction 698,007.38 698,007.38
----------------------------------------------------------
58 Total Remittance 6,409,900.19 6,409,900.19 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 # 2202
63 Closing Loan Balance 222,548,474.32 222,548,474.32
64 Pre-Funding Account Balance 0.00 0.00
65 Additional Principal Reduction, LTD 11,540,833.68 11,540,833.68
66 Realized Losses, LTD 19,165.80 19,165.80
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 211,026,806.44 211,026,806.44
70 Pool Factor per Loan Balance 89.0193897% 89.0193897%
71 Pool Factor per Class Balance 84.4107226% 84.4107226%
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Page 2 of 4
<PAGE>
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 NOVEMBER 26, 1999, THE REMITTANCE DATE.
DUE PERIOD ENDED: NOVEMBER 1, 1999
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL CLASS A1
----- --------
<S> <C> <C> <C> <C>
72 Weighted Note Rate - This Remittance: 10.41670%
73 Weighted Note Rate - Next Remittance: 10.41557%
74 Available Cap Carry Foward Amount - This Remittance: 0.00
(see schedule C)
75 Pass-Through Rate: 5.78875% 5.78875%
76 Related Remittance Period: 25-Oct-99 thru 25-Nov-99
77 Days in Related Period: 32
78 Weighted Average Remaining Term 349.40
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
- ------------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
CLASS A OVERCOLLATERALIZATION RECONCILIATION
Beginning of Month Current Month End of Month
------------------------------------------------
<S> <C> <C> <C> <C>
84 Initial Overcollateralization 10,842,826.30 698,007.38 11,540,833.68
85 Cross Collateral Deposits, LTD 0.00 0.00 0.00
86 Less: Realized Losses, LTD 19,165.80 0.00 19,165.80
------------------------------------------------
87 Overcollateralization of Principal 10,823,660.50 698,007.38 11,521,667.88
================================================
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 19,165.80 0.00 19,165.80
92 Plus: Cumulative Additional Proceeds 743.65 (743.65) 0.00
------------------------------------------------
93 Current Subordinated Amount 30,342,350.21 30,341,606.56
================================================
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 3 of 4
<PAGE>
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 NOVEMBER 26, 1999, THE REMITTANCE DATE.
DUE PERIOD ENDED: NOVEMBER 1, 1999
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------
CLASS
A1
---------------------------------
<S> <C> <C> <C>
98 Total Class Principal - Original Pool $250,000,000.00 $250,000,000.00
99 Interest Remittance Amount 1,113,105.11 1,113,105.11
100 Interest Rate Factor / 1000 4.452420 4.452420
101 Total Principal Collections 4,598,787.70 4,598,787.70
102 Prefunding Account Transfer 0.00 0.00
103 Additional Principal Reduction 698,007.38 698,007.38
---------------------------------
104 Principal Remittance Amount 5,296,795.08 5,296,795.08
105 Principal Payment Factor/1000 21.187180 21.187180
106 Principal Factor 844.107225 844.107225
107 Prior Month Principal Factor 865.294405 865.294405
- ------------------------------------------------------------------------------------------------
</TABLE>
Page 4 of 4
