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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 31, 1998
THE FIRST NATIONAL BANK OF ATLANTA
(Exact name of Registrant as specified in its charter)
(Originator of the Wachovia Credit Card Master Trust)
United States 33-95714 22-2716130
United States 33-99442-01 22-2716130
(State or other (Commission (I.R.S. Employer
Jurisdiction of File Number) Identification No.)
Incorporation)
77 Read's Way
New Castle Corporate Commons
New Castle, Delaware 19720
(Address of principal executive offices)
Registrant's telephone number, including area code: (302) 323-2359
Exhibit Index appears on Page 4
Page 1
<PAGE>
Item 5. Other Events
The Registrant hereby incorporates by reference the information
contained in Exhibit 28 hereto in response to this Item 5.
Item 7. Financial Statements, Pro Forma Financial Statements and Exhibits
(c) Exhibits
28.1 Monthly Servicer's Certificate - October 31, 1998
28.2 Monthly Series 1995-1 Certificateholders' Statement -
October 31, 1998
Page 2
<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.
THE FIRST NATIONAL BANK OF ATLANTA
(Registrant)
(Originator of the Wachovia Credit Card Master Trust)
Dated: November 16, 1998 By: Donald K. Truslow
Title: Executive Vice President,
Comptroller and Treasurer
Page 3
<PAGE>
INDEX TO EXHIBITS
<TABLE>
<CAPTION>
Sequentially
Exhibit Numbered
Number Exhibit Pages
------ ------- -----
<S> <C>
28.1 Monthly Servicer's Certificate - October 31, 1998 1-7
28.2 Monthly Series 1995-1 Certificateholders' Statement - October 31, 1998 1-10
</TABLE>
Page 4
Monthly servicer's report
WACHOVIA CORPORATION
WACHOVIA CREDIT CARD MASTER TRUST
SERIES 1995-1
MONTHLY SERVICING CERTIFICATE
Pursuant to the Pooling and Servicing Agreement, dated as of Oct. 26, 1995 (as
may be amended, from time to time, the "Agreement"), as supplemented by the
Series 1995-1 Supplement (as amended and Supplemented, the "Series Supplement"),
each between The First National Bank of Atlanta as Servicer and Transferor and
The Bank of New York, as Trustee, the Servicer is required to prepare certain
information each month regarding distributions to Certificateholders and the
performance of the Trust. The information with respect to the applicable
Distribution Date and Monthly Period is set forth below.
<TABLE>
<CAPTION>
<S> <C>
Monthly Period: 10/31/98
Transfer Date 11/13/98
Distribution Date: 11/16/98
Period 36
(Revolving = 0-48,
Controlled Accumulation = 49-60)
Julian Days in Current Period 32
Current LIBOR Rate 5.4086%
Coupon Period 10/15/98-11/15/98
- -----------------------------------------------------------------------------------------------------------------
<S> <C>
ORIGINAL DEAL PARAMETERS
Class A Initial Invested Amount $446,250,000.00
Class B Initial Invested Amount $26,250,000.00
Class C Initial Invested Amount $27,500,000.00
--------------
Total Initial Invested Amount $500,000,000.00
Cash Collateral Amount $10,000,000.00
Prior Month Credit Enhancer's Portion of CCA $0.00
Prior Month Wachovia's Portion of CCA $37,500,000.00
Increase in Wachovia's Portion of CCA $0.00
Current Month Credit Enhancer's Portion of CCA $0.00
Excess Cash Over the Required Cash Collateral Amount $27,500,000.00
--------------
Amount on Deposit In Spread Account $27,500,000.00
Class A Certificate Rate 10/15/98 -11/15/98 5.5786%
Class B Certificate Rate 10/15/98 -11/15/98 5.6836%
Class C Certificate Rate 10/15/98 -11/15/98 5.8086%
Class C Certificate Rate 10/15/98 -11/15/98 5.6586%
Servicing Fee Percentage 2.0000%
Discount Percentage 0.0000%
LIBOR Rate 10/15/98 -11/15/98 5.4086%
</TABLE>
Page 1
<PAGE>
<TABLE>
<CAPTION>
Monthly servicer's report
I. RECEIVABLES IN THE TRUST
- ---------------------------
<S> <C>
Beginning of the Period Principal Receivables $1,685,574,502.45
Beginning of the Period Finance Charge Receivables $21,157,352.43
Beginning of the Period Discounted Receivables $0.00
Beginning of the Period Total Receivables $1,706,731,854.88
Removed Principal Receivables $0.00
Removed Finance Charge Receivables $0.00
Removed Total Receivables $0.00
Additional Principal Receivables $0.00
Additional Finance Charge Receivables $0.00
Additional Total Receivables $0.00
End of Period Principal Receivables $1,669,542,537.96
End of Period Finance Charge Receivables $20,753,582.98
End of Period Discounted Receivables $0.00
End of Period Total Receivables $1,690,296,120.94
II. INVESTED AMOUNTS AND ALLOCATION PERCENTAGES
Class A Initial Invested Amount $446,250,000.00
Class B Initial Invested Amount $26,250,000.00
Class C Initial Invested Amount $27,500,000.00
Total Initial Invested Amount $500,000,000.00
Class A Invested Amount $446,250,000.00
Class B Invested Amount $26,250,000.00
Class C Invested Amount $27,500,000.00
Total Invested Amount $500,000,000.00
Adjusted Investor Interest $500,000,000.00
Floating Allocation Percentage 29.6635%
Class A Floating Allocation Percentage 89.2500%
Class B Floating Allocation Percentage 5.2500%
Class C Floating Allocation Percentage 5.5000%
Principal Allocation Percentage 29.6635%
Class A Principal Allocation Percentage 89.2500%
Class B Principal Allocation Percentage 5.2500%
Class C Principal Allocation Percentage 5.5000%
Total Servicing Fee $833,333.33
Investor Defaulted Amount $1,860,800.33
</TABLE>
Page 2
<PAGE>
<TABLE>
<CAPTION>
Monthly servicer's report
III. SELLER'S INTEREST, RETAINED INTEREST AND EXCESS FUNDING ACCOUNT
- --------------------------------------------------------------------
<S> <C>
Beginning Seller's Interest $1,185,574,502.45
Ending Seller's Interest $1,169,542,537.96
Required Seller's Interest $84,722,261.90
Current Month Deposit into Excess Funding Account $0.00
Amount on deposit in Excess Funding Account $0.00
IV. PERFORMANCE SUMMARY
- -----------------------
COLLECTIONS:
Collections of Principal Receivables $168,696,279.18
Collections of Finance Charge Receivables $21,157,352.43
Collections of Interchange $552,223.18
Servicer Interchange $416,666.67
Net Interchange $135,556.51
Collections of Recoveries $663,752.89
Total Finance Charge Collections $22,373,328.50
Total Payment Collections $189,853,631.61
Total Collections $191,069,607.68
DELINQUENCIES AND LOSSES:
End of the month delinquencies:
30 days delinquent $20,441,976.42
60 days delinquent $9,844,255.50
90 days delinquent $7,428,640.57
120 + days delinquent $5,526,334.97
Total 30 + days delinquent $43,241,207.46
Gross Charge-Offs during the month $6,273,035.17
Recoveries during the month $663,752.89
Net Charge-Offs during the month $5,609,282.28
Defaulted Amount (excluding recoveries) $6,273,035.17
# of Accounts Amount
------------- ------
Total amount/number of Accounts in Trust (at end of month) 982,043 $1,690,296,120.94
</TABLE>
Page 3
<PAGE>
<TABLE>
<CAPTION>
Monthly servicer's report
V. AVAILABLE SERIES 1995-1 FINANCE CHARGE COLLECTIONS
- -----------------------------------------------------
<S> <C>
Available Series 1995-1 Finance Charge Collections $6,608,455.00
Class A Available Finance Charge Collections $5,898,046.09
Class A Interest $2,212,840.70
Class A Deficiency Amount $0.00
Class A Additional Interest $0.00
Class A Investor Defaulted Amount $1,660,764.29
Class A Servicing Fee [if Wachovia] $371,875.00
Accrued and Unpaid Class A Servicing Fee $0.00
Servicing Fee [if not Wachovia] $0.00
Excess Spread Class A $1,652,566.10
Class B Available Finance Charge Collections $346,943.89
Class B Interest $132,617.10
Class B Deficiency Amount $0.00
Class B Additional Interest $0.00
Class B Servicing Fee [if Wachovia] $21,875.00
Accrued and Unpaid Class B Servicing Fee $0.00
Servicing Fee [if not Wachovia] $0.00
Excess Spread Class B $192,451.79
Class C Available Finance Charge Collections $363,465.03
Servicing Fee [if not Wachovia] $0.00
Excess Spread Class C $363,465.03
Total Excess Finance Charge Collections $2,208,482.92
Class A Required Amount $0.00
Class A Investor Charge-off Reimbursement $0.00
Class B Required Amount $0.00
Unpaid Class B Interest $0.00
Class C Interest $138,321.09
Class C Deficiency Amount $0.00
Class C Additional Interest $0.00
Class C Interest per $1,000 original principal certificate amount
Class C Accrued and unpaid collateral interest $0.00
Class B Investor Defaulted Amount $97,692.02
</TABLE>
Page 4
<PAGE>
<TABLE>
<CAPTION>
Monthly servicer's report
<S> <C>
Class C Servicing Fee [if Wachovia] $22,916.67
Class C Investor Defaulted Amount $102,344.02
Class C Investor Charge-Off Reimbursement $0.00
Cash Collateral Requirement $0.00
Loan Agreement Interest Due $0.00
Shared Excess Finance Charge Collections $1,847,209.12
VI. YIELD and BASE RATE
- ------------------------
Base Rate
Base Rate (current month) 7.9611%
Base Rate (prior month) 7.7698%
Base Rate (2 months ago) 7.6265%
3 Month Average Base Rate 7.7858%
Portfolio Yield
- ---------------
Portfolio Yield (current month) 12.3944%
Portfolio Yield (prior month) 11.7125%
Portfolio Yield (2 months ago) 12.7701%
3 Month Average Portfolio Yield 12.2923%
Portfolio Adjusted Yield 4.0065%
VII. PORTFOLIO PERFORMANCE RATES
- ---------------------------------
Gross Charge-Offs ((% of Total Receivables Outstanding (at beginning of month)) 4.4106%
Gross Charge-Offs ((% of Principal Receivables Outstanding (at beginning of month )) 4.4659%
Monthly Payment Rate ((% of Total Receivables Outstanding (at beginning of month)) 11.1238%
Gross Yield (annualized) 16.8603%
Portfolio Yield (3 month average) 12.2923%
Base Rate (3 month average) 7.7858%
Excess Finance Charge Collections % (Current Month Including Servicer Interchange) 4.4333%
VIII. PRINCIPAL COLLECTIONS
- ----------------------------
Class A Principal Allocation Percentage 89.2500%
Class A Monthly Principal $44,661,754.48
Class B Principal Allocation Percentage 5.2500%
Class B Monthly Principal $2,627,162.03
Class C Principal Allocation Percentage 5.5000%
</TABLE>
Page 5
<PAGE>
<TABLE>
<CAPTION>
Monthly servicer's report
<S> <C>
Class C Monthly Principal $2,752,264.98
Total Monthly Principal $50,041,181.49
Reallocated Principal Collections $0.00
Shared Principal Collections allocable from other Series $0.00
IX. INVESTOR CHARGE-OFFS
CLASS A INVESTOR CHARGE-OFFS
Class A Investor Charge-Offs $0.00
Class A Investor Charge-Offs per $1,000 original certificate principal amount $0.00
Total amount reimbursed in respect of Class A Investor Charge-Offs $0.00
Total amount reimbursed in respect of Class A Investor Charge-Offs per $1,000 original
certificate principal amount $0.00
The amount, if any, by which the outstanding principal balance of the Class A Certificates
exceeds the Class A Invested Amount after giving effect to all transactions on such
Distribution Date. $0.00
CLASS B INVESTOR CHARGE-OFFS
Class B Investor Charge-Offs $0.00
Class B Investor Charge-Offs per $1,000 original certificate principal amount $0.00
Total amount reimbursed in respect of Class B Investor Charge-Offs $0.00
Total amount reimbursed in respect of Class B Investor Charge-Offs per $1,000 original
certificate principal amount $0.00
The amount, if any, by which the outstanding principal balance of the Class B Certificates
exceeds the Class B Invested Amount after giving effect to all transactions on such
Distribution Date. $0.00
CLASS C INVESTOR CHARGE-OFFS
Class C Investor Charge-Offs $0.00
Class C Investor Charge-Offs per $1,000 original certificate principal amount $0.00
Total amount reimbursed in respect of Class C Investor Charge-Offs $0.00
Total amount reimbursed in respect of Class C Investor Charge-Offs per $1,000 original
certificate principal amount $0.00
The amount, if any, by which the outstanding principal balance of the Class C Certificates
exceeds the Class C Invested Amount after giving effect to all transactions on such
Distribution Date. $0.00
Current Month Required Draw Amount $0.00
X. AMORTIZATION
Current Monthly Amount deposited in Principal Funding Account $0.00
Cumulative Amount Deposited in Principal Funding Account prior to current month $0.00
Current Month Accumulation Shortfall $0.00
Current Month Principal Funding Account Investment Proceeds $0.00
Current Month Reserve Account Amount Deposited in the Finance Charge Account $0.00
</TABLE>
Page 6
<PAGE>
<TABLE>
<CAPTION>
Monthly servicer's report
<S> <C>
Cumulative Reserve Account Amount $0.00
Required Reserve Account Draw Amount $0.00
Amount Withdrawn From Principal Funding Account Deposited Into Distribution Account $0.00
Cumulative Class A principal paid (as of prior distribution dates)
Class A Principal Payments $0.00
Class A Principal Payments per $1,000 original principal certificate amount
Total Class A Principal Paid $0.00
Cumulative Class B principal paid (as of prior distribution dates)
Class B Principal Payments $0.00
Class B Principal Payments per $1,000 original principal certificate amount
Total Class B Principal Paid $0.00
Cumulative Class C Principal Paid (as of prior distribution dates)
Class C Principal Payments $0.00
Class C Principal Payments per $1,000 original principal certificate amount
Total Class C Principal Paid $0.00
Principal Paid to Transferor Certficateholder $0.00
The First National Bank of Atlanta, as Servicer
Date: November 5, 1998
By: Cecile K. Bazaz
Title: Senior Vice President
</TABLE>
Page 7
<TABLE>
<CAPTION>
Certificateholders' statement
MONTHLY SERIES 1995-1 CERTIFICATEHOLDERS' STATEMENT
THE FIRST NATIONAL BANK OF ATLANTA
- ----------------------------------------------------------------------------------------------
WACHOVIA CREDIT CARD MASTER TRUST
- ----------------------------------------------------------------------------------------------
Listed below is the information which is required to be prepared with respect to the
distribution date of November 16, 1998 and with respect to the performance of the
Trust during the related Monthly period.
Capitalized terms used in this Statement have their respective meanings set forth
in the Pooling and Servicing Agreement.
D. Information Regarding the Current Monthly Distribution (Stated on the Basis of $1,000
Original Certificate Principal Amount)
<S> <C>
1. The amount of the current monthly
distribution in respect of Class A
Monthly Principal $0.00
2. The amount of the currently monthly
distribution in respect of Class B
Monthly Principal $0.00
3. The amount of the currently monthly
distribution in respect of Collateral
Monthly Principal $0.00
4. The amount of the currently monthly
distribution in respect of Class A
Monthly Interest $4.96
5. The amount of the currently monthly
distribution in respect of Class A
Deficiency Amounts $0.00
6. The amount of the currently monthly
distribution in respect of Class A
Additional Interest $0.00
</TABLE>
Page 1
<PAGE>
<TABLE>
<CAPTION>
Certificateholders' statement
<S> <C>
7. The amount of the currently monthly
distribution in respect of Class B $5.05
Monthly Interest
8. The amount of the currently monthly
distribution in respect of Class B
Deficiency Amounts $0.00
9. The amount of the currently monthly
distribution in respect of Class B
Additional Interest $0.00
10. The amount of the currently monthly
distribution in respect of Collateral
Monthly Interest $5.03
11. The amount of the currently monthly
distribution in respect of any
accrued and unpaid Collateral
Monthly Interest $0.00
E. Information Regarding the Performance of the Trust
1. Collection of Principal Receivables
(a) The aggregate amount of
Collections of Principal
Receivables processed during
the related Monthly Period
which were allocated in respect
of the Class A Certificates $44,661,754.48
(b) The aggregate amount of
Collections of Principal
Receivables processed during
the related Monthly Period
which were allocated in respect
of the Class B Certificates $2,627,162.03
(c) The aggregate amount of
Collections of Principal
Receivables processed during
the related Monthly Period
which are allocated in respect
of the Collateral Interest $2,752,264.98
</TABLE>
Page 2
<PAGE>
<TABLE>
<CAPTION>
Certificateholders' statement
<S> <C>
2. Principal Receivables in the Trust
(a) The aggregate amount of
Principal Receivables in the
Trust as of the end of the
day on the last day of the
related Monthly Period $1,669,542,537.96
(b) The amount of Principal
Receivables in the Trust
represented by the Investor
Interest of Series 1995-1
as of the end of the day on
the last day of the related
Monthly Period $500,000,000.00
(c) The amount of Principal
Receivables in the Trust
represented by the Series
1995-1 Adjusted Investor
Interest as of the end of
the day on the last day of
the related Monthly Period $500,000,000.00
(d) The amount of Principal
Receivables in the Trust
represented by the Class A
Investor Interest as of the end
of the day on the last day of
the related Monthly Period $446,250,000.00
(e) The amount of Principal
Receivables in the Trust
represented by the Class A
Adjusted Investor Interest as of
the end of day on the last day
of the related Monthly Period $446,250,000.00
(f) The amount of Principal
Receivables in the Trust
represented by the Class B
Investor Interest as of the
end of the day on the last day
of the related Monthly Period $26,250,000.00
</TABLE>
Page 3
<PAGE>
Certificateholders' statement
<TABLE>
<CAPTION>
<S> <C>
(g) The amount of Principal
Receivables in the Trust
represented by the Collateral
Interest as of the end of the
date on the last day of the
related Monthly Period $27,500,000.00
(h) The Floating Investor Percentage
with respect to the related
Monthly Period 29.6635%
(i) The Class A Floating Allocation
with respect to the related
Monthly Period 89.2500%
(j) The class B Floating Allocation
with respect to the related
Monthly Period 5.2500%
(k) The Collateral Floating Allocation
with respect to the related
Monthly Period 5.5000%
(l) The Fixed Investor Percentage
with respect to the related
Monthly Period 29.6635%
(m) The Class A Fixed Allocation
with respect to the related
Monthly Period 89.2500%
(n) The Class B Fixed Allocation
with respect to the related
Monthly Period 5.2500%
(o) The Collateral Fixed Allocation
with respect to the related
Monthly Period 5.5000%
</TABLE>
Page 4
<PAGE>
Certificateholders' statement
<TABLE>
<CAPTION>
3. Delinquent Balances
The aggregate amount of outstanding balances in the Accounts which were
delinquent as of the end of the day on the last day of the related Monthly Period:
Aggregate Percentage
Account of Total
Balance Receivables
(a) 30 - 59 days: $20,441,976.42 1.2094%
(b) 60 - 89 days: $9,844,255.50 0.5824%
(c) 90 - or more days: $12,954,975.54 0.7664%
Total: $43,241,207.46 2.5582%
---------------
4. Investor Default Amount
<S> <C>
(a) The Aggregate Investor Default
Amount for the related Monthly
Period $1,860,800.33
(b) The Class A Investor Default
Amount for the related Monthly
Period $1,660,764.29
(c) The Class B Investor Default
Amount for the related Monthly
Period $97,692.02
(d) The Collateral Default Amount
for the related Monthly Period $102,344.02
5. Investor Charge Offs
(a) The aggregate amount of
Class A Investor Charge-Offs
for the related Monthly Period $0.00
(b) The aggregate amount of
Class A Investor Charge-Offs
set forth in 5 (a) above per
$1,000 of original Certificate
principal amount $0.00
(c) The aggregate amount of Class
B Investor Charge-Offs for the
related Monthly Period $0.00
</TABLE>
Page 5
<PAGE>
Certificateholders' statement
<TABLE>
<CAPTION>
<S> <C>
(d) The aggregate amount of Class
B Investor Charge-Offs set forth
in 5 (c) above per $1,000 of
original certificate principal
amount $0.00
(e) The aggregate amount of
Collateral Charge-Offs for the
related Monthly Period $0.00
(f) The aggregate amount of
Collateral Charge-Offs set
forth in 5 (e) above per $1,000
of original certificate principal
amount $0.00
(g) The aggregate amount of Class A
Investor Charge-Offs reimbursed
on the Transfer Date immediately
preceding this Distribution Date $0.00
(h) The aggregate amount of Class A
Investor Charge-Offs set forth
in 5 (g) above per $1,000 original
certificate principal amount re-
imbursed on the Transfer Date
immediately preceding this
Distribution Date $0.00
(i) The aggregate amount of Class B
Investor Charge-Offs reimbursed
on the Transfer Date immediately
preceding this Distribution Date $0.00
(j) The aggregate amount of Class B
Investor Charge-Offs set forth
in 5 (i) above per $1,000 original
certificate principal amount re-
imbursed on the Transfer Date
immediately preceding this Distribution Date $0.00
(k) The aggregate amount of
Collateral Charge-Offs reimbursed
on the Transfer Date immediately
preceding this Distribution Date $0.00
</TABLE>
Page 6
<PAGE>
Certificateholders' statement
<TABLE>
<CAPTION>
<S> <C>
(l) The aggregate amount of
Collateral Charge-Offs set
forth in 5(k) above per $1,000
original certificate principal
amount reimbursed on the Transfer
Date immediately preceding
Distribution Date $0.00
6. Investor Servicing Fee
(a) The amount of the Class A
Servicing Fee payable by the
Trust to the Servicer for
the related Monthly Period $371,875.00
(b) The amount of the Class B
Servicing Fee payable by the
Trust to the Servicer for
the related Monthly Period $21,875.00
(c) The amount of the Collateral
Interest Servicing Fee payable
by the Trust to the Servicer for
the related Monthly Period $22,916.67
7. Reallocations
(a) The amount of Reallocated
Collateral Principal
Collections with respect to
this Distribution Date $0.00
(b) The amount of Reallocated
Class B Principal Collections
with respect to this Distri-
bution Date $0.00
(c) The Collateral Interest as
of the close of business on
this Distribution Date $27,500,000.00
(d) The Class B Investor Interest
as of the close of business
on this Distribution Date $26,250,000.00
</TABLE>
Page 7
<PAGE>
<TABLE>
<CAPTION>
Certificateholders' statement
<S> <C>
8. Collection of Finance Charge Receivables
(a) The aggregate amount of
Collections of Finance Charge
Receivables processed during the
related Monthly Period which
were allocated in respect of the
Class A Certificate $5,898,046.09
(b) The aggregate amount of
Collections of Finance Charge
Receivables processed during the
related Monthly Period which
were allocated in respect of
the Class B Certificates $346,943.89
(c) The aggregate amount of
Collections of Finance Charge
Receivables processed during the
related Monthly Period which
were allocated in respect of
the Collateral Interest $363,465.03
9. Principal Funding Amount
(a) The principal amount on
deposit in the Principal
Funding Account on the
related Transfer Date $0.00
(b) The Accumulation Shortfall
with respect to the related
Monthly Period $0.00
(c) The Principal Funding In-
vestment Proceeds deposited
in the Finance Charge Account
on the related Transfer Date $0.00
(d) The amount of all or the
portion of the Reserve Draw
Amount deposited in the
Finance Charge Account on the
related Transfer Date from
the Reserve Account $0.00
</TABLE>
Page 8
<PAGE>
Certificateholders' statement
<TABLE>
<CAPTION>
<S> <C>
10. Reserve Draw Amount $0.00
11. Cash Collateral Account
(a) The principal amount on deposit in
the Cash Collateral Account on
the related Transfer Date (before
giving effect to any deposits or
withdrawals $10,000,000.00
(b) The Required Draw Amount on
the related Transfer Date $0.00
(c) The principal amount on deposit in
the Cash Collateral Account on
the related Transfer Date (after
giving effect to any deposits or
withdrawals) $10,000,000.00
(d) The Required Cash Collateral
Amount (after giving effect to
any deposits, withdrawals, or
payments) $10,000,000.00
12. Available Funds
(a) The amount of Class A
Available Funds on deposit
in the Finance Charge Account
on the related Transfer Date $5,898,046.09
(b) The amount of Class B
Available Funds on deposit
in the Finance Charge Account
on the related Transfer Date $346,943.89
(c) The amount of Collateral
Available Funds on deposit in
the Finance Charge Account on
the related Transfer Date $363,465.03
</TABLE>
Page 9
<PAGE>
<TABLE>
<CAPTION>
Certificateholders' statement
<S> <C>
13. Portfolio Yield
(a) The portfolio yield for the
related Monthly Period 12.3944%
(b) The Portfolio Adjusted Yield
for the related Monthly Period 4.0065%
F. Floating Rate Determinations
1. LIBOR for the interest Period
ending on this Distribution Date 5.4086%
10/15/98 - 11/16/98
</TABLE>
The First National Bank
of Atlanta
Servicer
By:______________________
Name: Cecile K. Bazaz
Title: Senior Vice President
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