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) October 27, 1997
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)
33-87374 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) 734-4000
<PAGE>
INFORMATION TO BE INCLUDED IN THE REPORT
Item 5. Other Events.
On October 27, 1997, Registrant made available the Monthly
Certificateholders' Statement, Monthly Servicer and Settlement
Certificate and Monthly Servicer Certificate for the Due Period of
September 1997, 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 October 30, 1997 By: /s/ P. E. Cochran
P. E. Cochran
Vice President and Controller
<PAGE>
FORM 8-K
EXHIBIT INDEX
Exhibit
Number Description
20.1 Monthly Servicer Certificate, dated October 27, 1997
20.2 Monthly Certificateholders' Statement, dated October 27, 1997
20.3 Monthly Servicer and Settlement Certificate, Series 1995-1 dated
October 27, 1997
20.4 Monthly Servicer and Settlement Certificate, Series 1997-1 dated
October 27, 1997
<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 The Chase Manhattan Bank (survivor
in the merger between The Chase Manhattan Bank and Chemical Bank which was the
survivor in the merger between Chemical Bank and Manufacturers Hanover Trust
Company), as Trustee, does hereby certify, with respect to the Due Period ending
September 30, 1997 and the related Distribution Period ending October 27, 1997
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 . . . . . . . . . . . . . . . . . . . $153,218.78
4. The amount of Dealer Finance Charge Collections for
the prior Due Period was equal to . . . . . . . . . . . . .$1,971,716.26
5. The amount of NITC Finance Charges for the prior
Due Period was equal to . . . . . . . . . . . . . . . . . .$2,936,884.56
6. The aggregate amount of all payments made pursuant
to Section 4.03 on the prior Distribution Date was
equal to . . . . . . . . . . . . . . . . . . . . . . . . . $5,099,509.64
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 . . . . . . . . .$94,218,300.00
9. The Maximum Subordinated Amount as of the
beginning of the Due Period was equal to . . . . . . . . .$94,218,300.00
10. The Projected Spread for the Distribution Period
is equal to . . . . . . . . . . . . . . . . . . . . . . . $7,598,250.00
11. The amount on deposit in the Spread Account as of
the Spread Account Funding Date was equal to. . . . . . . $7,598,250.00
<PAGE>
Exhibit 20.1
Page 2 of 4
12. The principal amount of Dealer Notes outstanding
as of the end of the Due Period is equal to . . . . . . .$635,118,025.64
13. The average daily balance of Dealer Notes
outstanding during the Due Period is equal to . . . . . .$621,874,093.24
14. The amount of the Monthly Servicing Fee for the Due
Period is equal to . . . . . . . . . . . . . . . . . . . . . $518,228.41
15. The amount of the Investor Monthly Servicing Fee for
the Due Period is equal to . . . . . . . . . . . . . . . . . $437,323.58
16. The amount of Dealer Finance Charges for the Due
Period is equal to . . . . . . . . . . . . . . . . . . . . $1,898,919.78
17. The amount of NITC Finance Charges for the Due
Period is equal to . . . . . . . . . . . . . . . . . . . . $3,002,310.76
18. The amount of Interest Income for the Due Period is
equal to . . . . . . . . . . . . . . . . . . . . . . . . . $5,324,630.52
19. The amount of Investor Interest Income for the Due
Period is equal to . . . . . . . . . . . . . . . . . . . . $3,208,792.48
20. The amount of the Seller Interest Income for the Due
Period is equal to . . . . . . . . . . . . . . . . . . . . . $593,626.41
21. The average daily Seller Interest during the Due
Period is equal to . . . . . . . . . . . . . . . . . . . $112,454,100.00
22. The Total Investor Percentage for the Due Period is
equal to . . . . . . . . . . . . . . . . . . . . . . . . . . . 84.38819%
23. The Excess Servicing for the Due Period is equal to . . . .$1,003,983.22
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
Class A5 . . . . . . . . . . . . . .$ N/A
26. The total amount of Advance Reimbursements for the
Due Period is equal to . . . . . . . . . . . . . . . . . . . . . . $0.00
<PAGE>
Exhibit 20.1
Page 3 of 4
27. The aggregate amount to be deposited in the
Distribution Account on the Transfer Date for
distribution on th Distribution Date to the
Investor Certificate-holders is equal to . . . . . . . . .$3,160,576.71
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 . . . . . . . . . . . . . . .$0.00
Class A2 . . . . . . . . . . . .$543,490.00
Class A3 . . . . . . . . . . . .$547,656.67
Class A4 . . . . . . . . . . .$1,034,429.15
Class A5 . . . . . . . . . . .$1,035,000.89
29. The aggregate principal amount of Dealer Notes
repaid during the Due Period is equal to . . . . . . . . $265,258,287.91
30. The aggregate principal amount of Dealer
Notes purchased by the Trust during the Due
Period is equal to . . . . . . . . . . . . . . . . . . . $283,767,806.17
31. The aggregate principal amount of Investment
Securities as of the end of the Due Period is
equal to . . . . . . . . . . . . . . . . . . . . . . . . $85,196,074.36
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 . . . . . . . . . . . . . . . . . . . . . . . . . . . .$94,218,300.00
35. The Available Subordinated Amount as of the
Distribution Date (after giving effect to th
transactions set forth in Section 4.03 of the
Agreement) is equal to . . . . . . . . . . . . . . . . . .$94,218,300.00
36. The Seller Interest as of the Distribution Date (after
giving effect to the transactions set forth in Section
4.03 of the Agreement) is equal to . . . . . . . . . . .$112,454,100.00
37. The Minimum Seller Interest (after giving effect to
the transactions set forth in Section 4.03 of the
Agreement) is equal to . . . . . . . . . . . . . . . . . $112,454,100.00
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 . . . . . . . . $7,598,250.00
<PAGE>
Exhibit 20.1
Page 4 of 4
39. The Class Loss Amount for the Due Period for each Class:
Class A1 . . . . . . . . . . . . . .$ N/A
Class A2 . . . . . . . . . . . . . .$ N/A
Class A3 . . . . . . . . . . . . . .$ N/A
Class A4 . . . . . . . . . . . . . .$ N/A
Class A5 . . . . . . . . . . . . . .$ 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
Class A5 . . . . . . . . . . . . . .$ N/A
41. The amount of Principal Collections on deposit in
the Certificate Principal Account . . . . . . . . . . . . . . . . .$0.00
42. The amount of such Principal Collections
allocable to each Amortizing Class:
Class A1 . . . . . . . . . . . . . . $0.00
Class A2 . . . . . . . . . . . . . .$ N/A
Class A3 . . . . . . . . . . . . . .$ N/A
Class A4 . . . . . . . . . . . . . .$ N/A
Class A5 . . . . . . . . . . . . . .$ 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 October, 1997.
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 The Chase Manhattan Bank (survivor in the merger between The
Chase Manhattan Bank and Chemical Bank which was the 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 October 27, 1997 and with respect to the performance of the Trust during
the Due Period ended on September 30, 1997 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
October 27, 1997 per $1,000 interest:
Class A1 . . . . . . . . . . . . . . . . . . .$0.0000000
Class A2 . . . . . . . . . . . . . . . . . . .$5.4349000
Class A3 . . . . . . . . . . . . . . . . . . .$5.4765667
Class A4 . . . . . . . . . . . . . . . . . . .$4.9765667
Class A5 . . . . . . . . . . . . . . . . . . .$5.1750045
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 . . . . . . . . . . . . . . . . . . .$0.0000000
Class A2 . . . . . . . . . . . . . . . . . . .$5.4349000
Class A3 . . . . . . . . . . . . . . . . . . .$5.4765667
Class A4 . . . . . . . . . . . . . . . . . . .$4.9765667
Class A5 . . . . . . . . . . . . . . . . . . .$5.1750045
<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 . . . . . . . . . . . . . . . . . . .$0.0000000
Class A2 . . . . . . . . . . . . . . . . . . . . . $0.00
Class A3 . . . . . . . . . . . . . . . . . . . . . $0.00
Class A4 . . . . . . . . . . . . . . . . . . . . . $0.00
Class A5 . . . . . . . . . . . . . . . . . . . . . $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 . . . . . . . . . . . . . . . . $1,898,919.78
(b) The aggregate amount of NITC Finance Charges
for the Due Period . . . . . . . . . . . . . . . . .$3,002,310.76
(c) The aggregate amount of Principal Collections
received during the Due Period . . . . . . . . . .$265,258,287.91
(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 . . . . . . . . $265,258,287.91
(h) The aggregate amount of Principal Collections
processed during the Due Period which were
used to purchase Investment Securities . . . . . . . . . . $0.00
(i) The aggregate amount of Principal Collections
processed during the related Due Period which
were paid to the Seller . . . . . . . . . . . . . . . . . . $0.00
<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 September 30, 1997 (which reflects
the Dealer Notes and Investment Securities
represented by both the Seller Certificate
and Investor Certificates) . . . . . . . . . . . .$720,314,100.00
(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
September 30, 1997 . . . . . . . . . . . . . . . .$607,860,000.00
(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 . . . . . . . . . . . . . . . . $607,860,000.00
(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
Class A5 . . . . . . . . . . . . . . $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 . . . . . . . . . . . . . . . . . $3,160,576.71
<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. . . . . . . . . . . . . . . $0.00
Class A2 . . . . . . . . . . . .$543,490.00
Class A3 . . . . . . . . . . . .$547,656.67
Class A4 . . . . . . . . . . .$1,034,429.15
Class A5 . . . . . . . . . . .$1,035,000.89
(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
Class A5 . . . . . . . . . . . . . . $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 September 30, 1997 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
Class A5 . . . . . . . . . . . . . . $0.00
<PAGE>
Exhibit 20.2
Page 5 of 7
5. Reimbursement of Losses; Charged-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
Class A5 . . . . . . . . . . . . . . $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
Class A5 . . . . . . . . . . . . . . $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
Class A5 . . . . . . . . . . . . . .$ 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 . . . . . . . . . . . . . . $0.00
Class A2 . . . . . . . . . $100,000,000.00
Class A3 . . . . . . . . . $100,000,000.00
Class A4 . . . . . . . . . $207,860,000.00
Class A5 . . . . . . . . . $200,000,000.00
(b) Each Class Investor Interest after giving
effect to the payments made on the Distribution Date:
Class A1 . . . . . . . . . . . . . . $0.00
Class A2 . . . . . . . . . $100,000,000.00
Class A3 . . . . . . . . . $100,000,000.00
Class A4 . . . . . . . . . $207,860,000.00
Class A5 . . . . . . . . . $200,000,000.00
7. Servicing Fee.
(a) The aggregate amount of the Monthly Servicing
Fee payable by the Trust to the Servicer for
the month ended September 30, 1997 . . . . . . . . . .$518,228.41
(b) The aggregate amount of the Monthly Servicing
Fee set forth in paragraph 7(a) above allocable
to the Investor Certificateholders . . . . . . . . . .$437,323.58
8. Available Subordinated Amount; Minimum Seller Interest.
(a) The Available Subordinated Amount as of the
end of September 30, 1997 . . . . . . . . . . . . .$94,218,300.00
(b) The Minimum Seller Interest as of
September 30, 1997 . . . . . . . . . . . . . . . $112,454,100.00
<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
Class A5 . . . . . . . . . . . . . . N/A
T H E C H A S E M A N H A T T A N B A N K
BY: /s/ Chase Manhattan Bank
Chase Manhattan Bank
<PAGE>
Exhibit 20.3
Page 1 of 3
MONTHLY SERVICER AND SETTLEMENT CERTIFICATE #28
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 Servicing Agreement dated as of June
8, 1995 (the "Agreement") by and among NFC, NFSC, the Master Trust Trustee and
The Chase Manhattan Bank (survivor in the merger between The Chase Manhattan
Bank and Chemical Bank which was the survivor in the merger between Chemical
Bank and Manufacturers Hanover Trust Company), 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 October 27, 1997, the Transfer Date of October 26, 1997
and with respect to the performance of the Master Trust during the Due Period
ended on September 30, 1997 and the Distribution Period ended October 26, 1997
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 . . . . . . . . . . . . . $1,061,667.56
b. Stated on the basis of $1,000 original principal
amount . . . . . . . . . . . . . . . . . . . . . . . . . $5.30834
<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 . . . . . . . . . . . . . . . . . . . . . . . $1,061,667.56
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. . . . . . . . . . . . . . . . . . . . . . . . .$8,867,917.71
<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) Longhorn Int'l Eq. Inc.
ii) Southland International Trucks
iii) Freedom International Trucks, Inc.
iv) Lake City International Trucks
v) Prairie International 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
<PAGE>
Exhibit 20.4
Page 1 of 3
MONTHLY SERVICER AND SETTLEMENT CERTIFICATE #2
DEALER NOTE MASTER TRUST
-------------------
DEALER NOTE ASSET-BACKED CERTIFICATES,
SERIES 1997-1
Under the Series 1997-1 Supplement dated as of August 19, 1997 (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 Servicing Agreement dated as of
June 8, 1995 (the "Agreement") by and among NFC, NFSC, the Master Trust Trustee
and The Chase Manhattan 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 1997-1
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 October 27, 1997, the Transfer Date of October 26,
1997 and with respect to the performance of the Master Trust during the Due
Period ended on September 30, 1997 and the Distribution Period ended October
26, 1997 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 1997-1
Certificate on the Distribution Date:
a. The total aggregate amount . . . . . . . . . . . . . $1,035,000.89
b. Stated on the basis of $1,000 original principal
amount . . . . . . . . . . . . . . . . . . . . . . . . . . $5.17500
<PAGE>
Exhibit 20.4
Page 2 of 3
5. The total amount, if any, to be distributed on
the Series 1997-1 Certificate on the Distribution Date
allocable to the Invested Amount . . . . . . . . . . . . . . . . . $0.00
6. The total amount, if any, to be distributed
on the Series 1997-1 Certificates on the Distribution
Date allocable to interest on the Series 1997-1
Certificates . . . . . . . . . . . . . . . . . . . . . . . $1,035,000.89
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 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
10. The aggregate amount of Dealer Notes issued to
finance OEM Vehicles, as of the end of the
Due Period. . . . . . . . . . . . . . . . . . . . . . . . $8,867,917.71
<PAGE>
Exhibit 20.4
Page 3 of 3
11. 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) Longhorn Int'l Eq. Inc.
ii) Southland International Trucks
iii) Freedom International Trucks Inc.
iv) Lake City International Trucks Inc.
v) Prairie International Trucks
NAVISTAR FINANCIAL CORPORATION,
as Servicer
By:/s/ R. W. Cain
R. W. Cain
Vice President and Treasurer
