SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) December 24, 1996
NAVISTAR FINANCIAL SECURITIES CORPORATION ON BEHALF OF
NAVISTAR FINANCIAL DEALER NOTE TRUST 1990 AND
NAVISTAR FINANCIAL DEALER NOTE MASTER TRUST
(Exact name of registrant as specified in its charter)
Delaware
(State or other jurisdiction of incorporation)
1-4146-1 36-3731520
(Commission File Number) (IRS Employer Identification No.)
2850 West Golf Road, Rolling Meadows, Illinois 60008
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (847) 734-4275
<PAGE>
INFORMATION TO BE INCLUDED IN THE REPORT
Item 5. Other Events.
On December 24, 1996, Registrant made available
the Monthly Certificateholders' Statement, Monthly
Servicer and Settlement Certificate and Monthly
Servicer Certificate for the Due Period of November
1996, which are attached as Exhibit 20 hereto.
Item 7. Financial Statements and Exhibits.
(c) Exhibits:
See attached Exhibit Index.
SIGNATURE
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.
NAVISTAR FINANCIAL SECURITIES CORPORATION on behalf of
NAVISTAR FINANCIAL DEALER NOTE TRUST 1990 AND
NAVISTAR FINANCIAL DEALER NOTE MASTER TRUST
(Registrant)
Date December 27, 1996 By: /s/ Phyllis E. Cochran
Phyllis E. Cochran
Vice President and Controller
<PAGE>
FORM 8-K
EXHIBIT INDEX
Exhibit
Number Description
20.1 Monthly Servicer Certificate, dated December 26, 1996
20.2 Monthly Certificateholders' Statement, dated December 26, 1996
20.3 Monthly Servicer and Settlement Certificate, dated December 26, 1996
<PAGE>
Exhibit 20.1
Page 1 of 4
M O N T H L Y S E R V I C E R C E R T I F I C A T E
D E A L E R N O T E T R U S T 1 9 9 0
_______________________
F L O A T I N G R A T E
P A S S - T H R O U G H C E R T I F I C A T E S
The undersigned, a duly authorized representative of Navistar
Financial Corporation ("NFC"), as Servicer pursuant to the
Pooling & Servicing Agreement dated as of December 1, 1990 (the
"Agreement") by and among NFC, Navistar Financial Securities
Corporation ("NFSC") and Chemical Bank (survivor in the merger
between Chemical Bank and Manufacturers Hanover Trust Company),
as Trustee, does hereby certify, with respect to the Due Period
ending November 30, 1996 and the related Distribution Period
ending December 24, 1996 as follows:
1. NFC is Servicer under the Agreement.
2. The undersigned is a Servicing Officer.
3. The amount of the Advance, if any, for the prior
Due Period is equal to . . . . . . . . . . . . . . . . . . . .$242,099.73
4. The amount of Dealer Finance Charge Collections
for the prior Due Period was equal to . . . . . . . . . . .$3,453,547.12
5. The amount of NITC Finance Charges for the prior
Due Period was equal to . . . . . . . . . . . . . . . . . .$2,104,309.33
6. The aggregate amount of all payments made pursuant
to Section 4.03 on the prior Distribution Date was
equal to . . . . . . . . . . . . . . . . . . . . . . . . . .$5,566,565.92
7. The Deficiency Amount as of the immediately preceding
Distribution Date was equal to . . . . . . . . . . . . . . . . . . $0.00
8. The Available Subordinated Amount as of the
beginning of the Due Period was equal to . . . . . . . . . $78,718,300.00
9. The Maximum Subordinated Amount as of the
beginning of the Due Period was equal to . . . . . . . . . $78,718,300.00
10. The Projected Spread for the Distribution
Period is equal to . . . . . . . . . . . . . . . . . . . . .$6,348,250.13
11. The amount on deposit in the Spread Account
as of the Spread Account Funding Date
was equal to . . . . . . . . . . . . . . . . . . . . . . . .$6,348,250.13
12. The principal amount of Dealer Notes outstanding
as of the end of the Due Period is equal to. . . . . . . .$599,246,761.67
13. The average daily balance of Dealer Notes outstanding
during the Due Period is equal to . . . . . . . . . . . .$662,176,797.10
<PAGE>
Exhibit 20.1
Page 2 of 4
14. The amount of the Monthly Servicing Fee for
the Due Period is equal to . . . . . . . . . . . . . . . . . .$551,814.00
15. The amount of the Investor Monthly Servicing Fee
for the Due Period is equal to . . . . . . . . . . . . . . . .$423,015.87
16. The amount of Dealer Finance Charges for the Due
Period is equal to . . . . . . . . . . . . . . . . . . . . .$2,738,074.18
17. The amount of NITC Finance Charges for the Due
Period is equal to . . . . . . . . . . . . . . . . . . . . .$1,919,591.21
18. The amount of Interest Income for the Due Period is
equal to . . . . . . . . . . . . . . . . . . . . . . . . . .$4,665,407.71
19. The amount of Investor Interest Income for the Due
Period is equal to . . . . . . . . . . . . . . . . . . . . .$2,559,229.27
20. The amount of the Seller Interest Income for the Due
Period is equal to . . . . . . . . . . . . . . . . . . . . . .$779,223.62
21. The average daily Seller Interest during the Due
Period is equal to . . . . . . . . . . . . . . . . . . . .$154,631,153.55
22. The Total Investor Percentage for the Due Period is
equal to . . . . . . . . . . . . . . . . . . . . . . . . . . . 76.65914%
23. The Excess Servicing for the Due Period is
equal to . . . . . . . . . . . . . . . . . . . . . . . . . . .$775,140.82
24. The Deficiency Amount as of the current Distribution
Date ( after giving effect to the payments made pursuant to
Section 4.03 of the Agreement) is equal to . . . . . . . . . . . . $0.00
25. The amount of the Deficiency Amount specified
in 24 above allocable to each Class:
Class A1 . . . . . . . . . . . . . . . . . . . $ N/A
Class A2 . . . . . . . . . . . . . . . . . . . $ N/A
Class A3 . . . . . . . . . . . . . . . . . . . $ N/A
Class A4 . . . . . . . . . . . . . . . . . . . $ N/A
26. The total amount of Advance Reimbursements for the
Due Period is equal to . . . . . . . . . . . . . . . . . . . . . . $0.00
27. The aggregate amount to be deposited in
the Distribution Account on the Transfer
Date for distribution on the Distribution
Date to the Investor Certificateholders
is equal to. . . . . . . . . . . . . . . . . . . . . . . . .$2,530,059.91
<PAGE>
Exhibit 20.1
Page 3 of 4
28. The amount to be paid out to the Holders
of each Class on the Distribution Date in
respect of Investor Certificate Interest:
Class A1 . . . . . . . . . . . . . . . . $502,734.17
Class A2 . . . . . . . . . . . . . . . . $519,400.83
Class A3 . . . . . . . . . . . . . . . . $523,567.50
Class A4 . . . . . . . . . . . . . . . . $984,357.41
29. The aggregate principal amount of Dealer Notes
repaid during the Due Period is equal to . . . . . . . . $306,924,919.81
30. The aggregate principal amount of Dealer Notes
purchased by the Trust during the Due Period is
equal to . . . . . . . . . . . . . . . . . . . . . . . . .$234,617,375.84
31. The aggregate principal amount of Investment
Securities as of the end of the Due Period
is equal to. . . . . . . . . . . . . . . . . . . . . . . . .$2,567,338.33
32. The amount of Principal Losses for the Due
Period is equal to . . . . . . . . . . . . . . . . . . . . . . . . $0.00
33. The amount of the Investor Loss Amount is
equal to . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $0.00
34. The Maximum Subordinated Amount as of the
Distribution Date (after giving effect to
the transactions set forth in Section 4.03
of the Agreement) is equal to. . . . . . . . . . . . . . . $78,718,300.00
35. The Available Subordinated Amount as of the
Distribution Date (after giving effect to
the transactions set forth in Section 4.03
of the Agreement) is equal to. . . . . . . . . . . . . . . $78,718,300.00
36. The Seller Interest as of the end of the Due
Period is equal to . . . . . . . . . . . . . . . . . . . . $93,951,100.00
37. The Minimum Seller Interest (after giving
effect to the transactions set forth in
Section 4.03 of the Agreement) is equal to . . . . . . . . $93,954,100.00
38. The amount on deposit in the Spread Account
(after giving effect to the transactions set
forth in Section 4.03 of the Agreement)
is equal to. . . . . . . . . . . . . . . . . . . . . . . . .$6,348,250.13
<PAGE>
Exhibit 20.1
Page 4 of 4
AMORTIZATION TERM
39. The Class Loss Amount for the Due Period for each Class:
Class A1 . . . . . . . . . . . . . . . . . . . $ N/A
Class A2 . . . . . . . . . . . . . . . . . . . $ N/A
Class A3 . . . . . . . . . . . . . . . . . . . $ N/A
Class A4 . . . . . . . . . . . . . . . . . . . $ N/A
40. The Class Charged-Off Amounts for each Class:
Class A1 . . . . . . . . . . . . . . . . . . . $ N/A
Class A2 . . . . . . . . . . . . . . . . . . . $ N/A
Class A3 . . . . . . . . . . . . . . . . . . . $ N/A
Class A4 . . . . . . . . . . . . . . . . . . . $ N/A
41. The amount of Principal Collections on deposit in
the Certificate Principal Account. . . . . . . . . . . . . . . . . . N/A
42. The amount of such Principal Collections allocable
to each Amortizing Class:
Class A1 . . . . . . . . . . . . . . . . . . . $ N/A
Class A2 . . . . . . . . . . . . . . . . . . . $ N/A
Class A3 . . . . . . . . . . . . . . . . . . . $ N/A
Class A4 . . . . . . . . . . . . . . . . . . . $ N/A
43. The amount on deposit in the Liquidity Reserve
Account (after giving effect to the transactions
made pursuant to Section 4.03 of the Agreement)
is equal to. . . . . . . . . . . . . . . . . . . . . . . . . . . . . N/A
IN WITNESS WHEREOF, the undersigned has duly executed and
delivered this certificate this 9th day of December, 1996.
NAVISTAR FINANCIAL CORPORATION,
as Servicer
By:/s/ R. W. Cain
R. W. Cain
ITS: Vice President and Treasurer
<PAGE>
Exhibit 20.2
Page 1 of 7
MONTHLY CERTIFICATEHOLDERS' STATEMENT
NAVISTAR FINANCIAL DEALER NOTE TRUST 1990
FLOATING RATE DEALER NOTE PASS-THROUGH CERTIFICATES
Under the Pooling and Servicing Agreement dated as of December 1, 1990
by and among Navistar Financial Corporation ("NFC"), Navistar Financial
Securities Corporation and Chemical Bank (survivor in the merger between
Chemical Bank and Manufacturers Hanover Trust Company), as Trustee, the
Trustee is required to prepare certain information each month regarding
current distributions to Investor Accounts and payments to Investor
Certificateholders as well as the performance of the Trust during the
previous month. The information which is required to be prepared with
respect to the distribution date of December 24, 1996 and with respect to
the performance of the Trust during the Due Period ended on November 30,
1996 is set forth below. Certain of the information is presented on the
basis of an original principal amount of $1,000 per Investor Certificate.
Certain other information is presented based on the aggregate amounts for
the Trust as a whole. To the extent not defined herein, the capitalized
terms used herein have the meanings assigned to them in the Agreement.
A. Information Regarding Current Payments
(Stated on the Basis of $1,000 Original Principal Amount).
1. The total amount of the payment to each Class of Investor
Certificateholders on December 24, 1996 per $1,000 interest:
Class A1 . . . . . . . . . . . . . . . . . $5.0273417
Class A2 . . . . . . . . . . . . . . . . . $5.1940083
Class A3 . . . . . . . . . . . . . . . . . $5.2356750
Class A4 . . . . . . . . . . . . . . . . . $4.7356750
2. The amount of the payment set forth in paragraph 1 above in
respect of interest on each Class of Investor Certificates,
per $1,000 interest:
Class A1 . . . . . . . . . . . . . . . . . $5.0273417
Class A2 . . . . . . . . . . . . . . . . . $5.1940083
Class A3 . . . . . . . . . . . . . . . . . $5.2356750
Class A4 . . . . . . . . . . . . . . . . . $4.7356750
<PAGE>
Exhibit 20.2
Page 2 of 7
3. The amount of the payment set forth in paragraph 1 above
in respect of principal on each Class of Investor
Certificates, per $1,000 interest:
Class A1 . . . . . . . . . . . . . . . . . . . $0.00
Class A2 . . . . . . . . . . . . . . . . . . . $0.00
Class A3 . . . . . . . . . . . . . . . . . . . $0.00
Class A4 . . . . . . . . . . . . . . . . . . . $0.00
B. Information Regarding the Performance of the Trust.
1. Collections, Uses.
(a) The aggregate amount of Dealer Finance Charges
for the Due Period . . . . . . . . . . . . . . . . . . . . .$2,738,074.18
(b) The aggregate amount of NITC Finance Charges
for the Due Period . . . . . . . . . . . . . . . . . . . . .$1,919,591.21
(c) The aggregate amount of Principal Collections
received during the Due Period . . . . . . . . . . . . . .$306,924,919.81
(d) The aggregate amount of Principal Collections
allocable to the Amortizing Classes . . . . . . . . . . . . . . . $0.00
(e) The aggregate amount of Principal Collections
processed during the Due Period which were
deposited in the Spread Account. . . . . . . . . . . . . . . . . . $0.00
(f) The aggregate amount of Principal Collections
processed during the Due Period which were
deposited in the Liquidity Reserve Account . . . . . . . . . . . . $0.00
(g) The aggregate amount of Principal Collections
processed during the Due Period which were
used to purchase new Dealer Notes. . . . . . . . . . . . .$234,617,375.84
(h) The aggregate amount of Principal Collections
processed during the Due Period which were
used to purchase Investment Securities . . . . . . . . . . .$2,567,338.33
(i) The aggregate amount of Principal Collections
processed during the related Due Period which
were paid to the Seller. . . . . . . . . . . . . . . . . . $69,740,205.64
<PAGE>
Exhibit 20.2
Page 3 of 7
2. Dealer Notes and Investment Securities in the Trust;
Certificate Principal Account.
(a) The aggregate amount of Dealer Notes and
Investment Securities in the Trust as of the
end of the Due Period ended on November 30, 1996
(which reflects the Dealer Notes and Investment
Securities represented by both the Seller
Certificate and Investor Certificates) . . . . . . . . . .$601,814,100.00
(b) The amount of Dealer Notes and Investment
Securities in the Trust represented by the
Investor Certificates (the "Total Investor
Interest") as of the Due Period ended on
November 30, 1996. . . . . . . . . . . . . . . . . . . . .$507,860,000.00
(c) The Total Investor Interest set forth in
paragraph 2(b) above as a percentage of the
aggregate amount of Dealer Notes and Investment
Securities set forth in paragraph 2(a) . . . . . . . . . . . . . 84.3882%
(d) The Total Invested Amount after giving effect
to the payments made on the
Distribution Date. . . . . . . . . . . . . . . . . . . . .$507,860,000.00
(e) The total amount withdrawn from the Certificate
Principal Account and deposited in the
Distribution Account for the benefit of
each Amortizing Class in respect of
Principal Collections on the related
Transfer Date:
Class A1 . . . . . . . . . . . . . . . . . . . $0.00
Class A2 . . . . . . . . . . . . . . . . . . . $0.00
Class A3 . . . . . . . . . . . . . . . . . . . $0.00
Class A4 . . . . . . . . . . . . . . . . . . . . $0.00
3. Investor Certificate Interest
(a) The total amount withdrawn from the Collections
Account and deposited in the Distribution Account
on the related Transfer Date in respect of Investor
Certificate Interest and any previously existing
Deficiency Amount. . . . . . . . . . . . . . . . . . . . . .$2,530,059.91
<PAGE>
Exhibit 20.2
Page 4 of 7
(b) The amount of the payment to each Class in
respect of Class Certificate Interest and any
previously existing Deficiency Amount on the
Distribution Date:
Class A1 . . . . . . . . . . . . . . . . $502,734.17
Class A2 . . . . . . . . . . . . . . . . $519,400.83
Class A3 . . . . . . . . . . . . . . . . $523,567.50
Class A4 . . . . . . . . . . . . . . . . $984,357.41
(c) The Deficiency Amount (if any) for such
Distribution Date. . . . . . . . . . . . . . . . . . . . . . . . . $0.00
(d) The amount of such Deficiency Amount allocable
to each Class:
Class A1 . . . . . . . . . . . . . . . . . . . $0.00
Class A2 . . . . . . . . . . . . . . . . . . . $0.00
Class A3 . . . . . . . . . . . . . . . . . . . $0.00
Class A4 . . . . . . . . . . . . . . . . . . . $0.00
(e) The amount (if any) of the Deficiency Amount
from the preceding Distribution Date being
reimbursed on the Distribution Date. . . . . . . . . . . . . . . . $0.00
4. Losses.
(a) The aggregate amount of Dealer Notes charged-
off as uncollectible during the Due Period
ended on November 30, 1996 allocable to the Investor
Certificates (the "Investor Loss Amount"). . . . . . . . . . . . . $0.00
(b) The Class Loss Amount for each Class (if any):
Class A1 . . . . . . . . . . . . . . . . . . . $0.00
Class A2 . . . . . . . . . . . . . . . . . . . $0.00
Class A3 . . . . . . . . . . . . . . . . . . . $0.00
Class A4 . . . . . . . . . . . . . . . . . . . $0.00
<PAGE>
Exhibit 20.2
Page 5 of 7
5. Reimbursement of Losses; Charges-Off Amounts.
(a) The amount of Investor Loss Amount reimbursed
or allocated to the Seller on the related
Transfer Date. . . . . . . . . . . . . . . . . . . . . . . . . . . $0.00
(b) The aggregate amount of Class Loss Amounts
(if any) reimbursed or allocated to the
Seller on the Distribution Date. . . . . . . . . . . . . . . . . . $0.00
(c) The Class Charged-Off Amount for each Class
for the immediately preceding Due Period:
Class A1 . . . . . . . . . . . . . . . . . . . $0.00
Class A2 . . . . . . . . . . . . . . . . . . . $0.00
Class A3 . . . . . . . . . . . . . . . . . . . $0.00
Class A4 . . . . . . . . . . . . . . . . . . . $0.00
(d) The Class Charged-Off Amount for each Class
for the Due Period:
Class A1 . . . . . . . . . . . . . . . . . . . $0.00
Class A2 . . . . . . . . . . . . . . . . . . . $0.00
Class A3 . . . . . . . . . . . . . . . . . . . $0.00
Class A4 . . . . . . . . . . . . . . . . . . . $0.00
(e) For each Amortizing Class, the positive (negative)
difference between the amount set forth in paragraphs 5(c)
and 5(d) above, per $1,000 (which will have the effect of
increasing (reducing), the related Class Invested Amount
and the related Class Investor Interest):
Class A1 . . . . . . . . . . . . . . . . . . . $ N/A
Class A2 . . . . . . . . . . . . . . . . . . . $ N/A
Class A3 . . . . . . . . . . . . . . . . . . . $ N/A
Class A4 . . . . . . . . . . . . . . . . . . . $ N/A
<PAGE>
Exhibit 20.2
Page 6 of 7
6. Class Invested Amounts; Class Investor Interests.
(a) Each Class Invested Amount after giving effect to
the payments made on the Distribution Date:
Class A1 . . . . . . . . . . . . . $ 100,000,000.00
Class A2 . . . . . . . . . . . . . $ 100,000,000.00
Class A3 . . . . . . . . . . . . . $ 100,000,000.00
Class A4 . . . . . . . . . . . . . $ 207,860,000.00
(b) Each Class Investor Interest after giving effect to
the payments made on the Distribution Date:
Class A1 . . . . . . . . . . . . . $ 100,000,000.00
Class A2 . . . . . . . . . . . . . $ 100,000,000.00
Class A3 . . . . . . . . . . . . . $ 100,000,000.00
Class A4 . . . . . . . . . . . . . $ 207,860,000.00
7. Servicing Fee.
(a) The aggregate amount of the Monthly Servicing
Fee payable by the Trust to the Servicer for
the month ended November 30, 1996. . . . . . . . . . . . . . .$551,814.00
(b) The aggregate amount of the Monthly Servicing
Fee set forth in paragraph 7(a) above allocable
to the Investor Certificateholders . . . . . . . . . . . . . .$423,015.87
8. Available Subordinated Amount; Minimum Seller Interest.
(a) The Available Subordinated Amount as of the
end of November 30, 1996 . . . . . . . . . . . . . . . . . $78,718,300.00
(b) The Minimum Seller Interest as of
November 30, 1996 . . . . . . . . . . . . . . . . . . . . $93,954,100.00
<PAGE>
Exhibit 20.2
Page 7 of 7
9. Class Amortization Percentages.
The Class Amortization Percentage for each Amortizing Class:
Class A1 . . . . . . . . . . . . . . . . . . . $ N/A
Class A2 . . . . . . . . . . . . . . . . . . . $ N/A
Class A3 . . . . . . . . . . . . . . . . . . . $ N/A
Class A4 . . . . . . . . . . . . . . . . . . . $ N/A
THE CHASE MANHATTAN BANK
BY: /s/ Chase Manhattan Bank
Chase Manhattan Bank
<PAGE>
Exhibit 20.3
Page 1 of 3
MONTHLY SERVICER AND SETTLEMENT CERTIFICATE #12
DEALER NOTE MASTER TRUST
___________________
DEALER NOTE ASSET BACKED CERTIFICATES,
SERIES 1995-1
Under the Series 1995-1 Supplement dated as of June 8, 1995 (the
"Supplement") by and among Navistar Financial Corporation,
("NFC"), Navistar Financial Securities Corporation ("NFSC") and
The Bank of New York, as trustee (the "Master Trust Trustee") to
the Pooling and Serving Agreement dated as of June 8, 1995 (the
"Agreement") by and among NFC, NFSC, the Master Trust Trustee and
Chemical Bank, as 1990 Trust Trustee, the Master Trust Trustee is
required to prepare certain information each month regarding
current distributions to certain accounts and payment to Series
1995-1 Certificateholders as well as the performance of the
Master Trust during the previous month. The information which is
required to be prepared with respect to the Distribution Date of
December 26, 1996, the Transfer Date of December 24, 1996 and
with respect to the performance of the Master Trust during the
Due Period ended on November 30, 1996 and the Distribution Period
ended December 24, 1996 is set forth below. Certain of the
information is presented on the basis of an original principal
amount of $1,000 per Investor Certificate. Certain other
information is presented based on the aggregate amounts for the
Master Trust as a whole. Capitalized terms used but not
otherwise defined herein shall have the meanings assigned to such
terms in the Agreement and the Supplement.
1. NFC is Servicer under the Agreement.
2. The undersigned is a Servicing Officer.
3. Eligible Investments in the Excess Funding Account:
a. The aggregate amount of funds invested in Eligible
Investments. . . . . . . . . . . . . . . . . . . . . . . . . . $0.00
b. Description of each Eligible Investment: . . . . . . Not Applicable
c. The rate of interest applicable to each such
Eligible Investment . . . . . . . . . . . . . . . . Not Applicable
d. The rating of each such Eligible Investment . . . . Not Applicable
4. The total amount to be distributed on the Series 1995-1
Certificate on the Distribution Date:
a. The total aggregate amount . . . . . . . . . . . . . . . .$978,706.17
b. Stated on the basis of $1,000 original principal
amount . . . . . . . . . . . . . . . . . . . . . . . . . . $4.89353
<PAGE>
Exhibit 20.3
Page 2 of 3
5. The total amount, if any, to be distributed on the
Series 1995-1 Certificate on the Distribution Date
allocable to the Invested Amount . . . . . . . . . . . . . . . . . $0.00
6. The total amount, if any, to be distributed on the
Series 1995-1 Certificates on the Distribution Date
allocable to interest on the Series 1995-1
Certificates . . . . . . . . . . . . . . . . . . . . . . . . .$978,706.17
7. The Invested Amount as of the Distribution Date . . . . .$200,000,000.00
(after giving effect to all distributions that
will occur on the Distribution Date)
8. Eligible Investments in the Series Principal Account:
a. The aggregate amount of funds invested in Eligible
Investments . . . . . . . . . . . . . . . . . . . . . . . . . $0.00
b. Description of each Eligible Investment: . . . . . . . Not Applicable
c. The rate of interest applicable to each such
Eligible Investment . . . . . . . . . . . . . . . . . Not Applicable
d. The rating of each such Eligible Investment . . . . . Not Applicable
9. Eligible Investments in the Negative Carry Reserve Fund:
a. The aggregate amount of funds invested in
Eligible Investments . . . . . . . . . . . . . . . . . . . . . $0.00
b. Description of each Eligible Investment: . . . . . . . Not Applicable
c. The rate of interest applicable to each such
Eligible Investment . . . . . . . . . . . . . . . . . Not Applicable
d. The rating of each such Eligible Investment. . . . . . Not Applicable
10. Eligible Investments in the Liquidity Reserve Account:
a. The aggregate amount of funds invested in
Eligible Investments . . . . . . . . . . . . . . . . . . . . . $0.00
b. Description of each Eligible Investment: . . . . . . . Not Applicable
c. The rate of interest applicable to each such
Eligible Investment . . . . . . . . . . . . . . . . . Not Applicable
d. The rating of each such Eligible Investment . . . . . Not Applicable
11. The aggregate amount of Dealer Notes issued to
finance OEM Vehicles, as of the end of the
Due Period. . . . . . . . . . . . . . . . . . . . . . . . .$8,543,502.50
<PAGE>
Exhibit 20.3
Page 3 of 3
12. The Dealers with the five largest aggregate outstanding
principal amounts of Dealer Notes in the 1990 Trust as
of the end of the Due Period:
i) Carolina Int'l Trucks
ii) Hoglund Bus Co. Inc.
iii) Lake City International
iv) Lee - Smith Inc.
v) Colonial Int'l Trucks Inc.
13. Required Monthly Interest Reserve Amount as of
the Distribution Date: . . . . . . . . . . . . . . . . . . . .$300,000.00
14. Actual Monthly Interest Reserve Amount as of
the Distribution Date: . . . . . . . . . . . . . . . . . . . .$300,000.00
NAVISTAR FINANCIAL CORPORATION,
as Servicer
By:/s/ R. W. Cain
R. W. Cain
Vice President and Treasurer
