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) June 25, 1999
NAVISTAR FINANCIAL SECURITIES CORPORATION ON BEHALF OF
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 June 25, 1999, Registrant made available the Monthly
Servicer and Settlement Certificates for the Due Period ended
May 31, 1999, 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 MASTER TRUST
(Registrant)
Date June 30, 1999 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 and Settlement Certificate #46, Series 1995-1
dated June 25, 1999
20.2 Monthly Servicer and Settlement Certificate #20, Series 1997-1
dated June 25, 1999
20.3 Monthly Servicer and Settlement Certificate #12, Series 1998-1
dated June 25, 1999
<PAGE>
Page 1 of 6
MONTHLY SERVICER AND SETTLEMENT CERTIFICATE #46
DEALER NOTE MASTER TRUST
CLASS A, 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 (as amended and supplemented, 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 payments 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 June 25, 1999, the Transfer Date of June 24,
1999 and with respect to the performance of the Master Trust during the Due
Period ended on May 31, 1999 and the Distribution Period ended June 24, 1999 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. Master Trust Information:
3.1 The amount of the Advance, if any,
for the Due Period $196,384.93
3.2 The amount of NITC Finance Charges
for the Due Period $4,608,465.60
3.3 The average daily balance of Dealer Notes
outstanding during the Due Period $1,107,080,843.49
3.4 The total amount of Advance Reimbursements
for the Due Period $0.00
3.5 The aggregate principal amount of Dealer
Notes repaid during the Due Period $312,345,976.50
3.6 The aggregate principal amount of Dealer
Notes purchased by the Master Trust during
the Due Period $325,992,798.87
3.7 The amount of the Servicing Fee for the
Due Period $928,433.24
3.8 The average daily Master Trust Seller's
Interest during the Due Period $507,080,843.49
<PAGE>
Exhibit 20.1
Page 2 of 6
3.9 The Master Trust Seller's Interest as of
the Distribution Date (after giving effect
to the transactions set forth in Article IV
of the Supplement) $514,119,896.48
3.10 The aggregate amount of Collections for
the Due Period $320,674,261.75
3.11 The aggregate amount of Finance Charge
Collections for the Due Period $8,328,285.25
3.12 The aggregate amount of Principal
Collections for the Due Period $312,345,976.50
3.13 The amount of Dealer Note Losses
for the Due Period $0.00
3.14 The aggregate amount of Dealer Notes
as of the last day of the Due Period $1,114,119,896.48
3.15 The aggregate amount of funds on deposit
in the Excess Funding Account as of the
end of the last day of the Due Period
(after giving effect to the transactions
set forth in Article IV of the Supplement
and Article IV of the Agreement $0.00
3.16 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 $0.00
c. The rate of interest applicable to each
such Eligible Investment 0.00%
d. The rating of each such Eligible Investment $0.00
3.17 The aggregate amount of Dealer Notes issued
to finance OEM Vehicles, as of the end of
the Due Period $16,239,288.31
3.18 The Dealers with the five largest aggregate outstanding
principal amounts of Dealer Notes in the Master Trust as
of the end of the Due Period.
i) Prairie International Trucks
ii) Freund Equipment Inc.
iii) Hoglund Bus Company, Inc.
iv) Southland International Trucks
v) Freedom International
3.19 Aggregate amount of delinquent principal
payments (past due greater than 30 days)
as a percentage of the total principal
amount outstanding, as of the end of the
Due Period 0.12%
<PAGE>
Exhibit 20.1
Page 3 of 6
4.0 Series 1995-1 Information
4.1 The Deficiency Amount as of the Transfer
Date (after giving effect to the transactions
set forth in Article IV of the Supplement) $0.00
4.2a The Maximum Subordinated Amount as of the
Transfer Date (after giving effect to the
transactions set forth in Article IV of
the Supplement) $31,000,000.00
4.2b The Available Subordinated Amount as of the
Transfer Date (after giving effect to the
transactions set forth in Article IV of the
Supplement) $31,000,000.00
4.3 The Projected Spread for the following
Distribution Period $2,500,000.00
4.4 The amount on deposit in the Spread Account
as of the Transfer Date (after giving effect
to the transactions set forth in Article IV
of the Supplement) $2,500,000.00
4.5 The aggregate amount on deposit in the
Liquidity Reserve Account as of the
Transfer Date (after giving effect to
the transactions set forth in Article IV
of the Supplement $0.00
4.6 The aggregate amount on deposit in the
Negative Carry Reserve Fund as of the
Transfer Date (after giving effect to the
transactions set forth in Article IV of
the Supplement) $0.00
4.7 The Invested Amount as of the Distribution
Date (after giving effect to the transactions
set forth in Article IV of the Supplement
and to the payments made on the Distribution
Date) $200,000,000.00
4.8 The amount of Series Allocable Dealer Notes
Losses for the Due Period $0.00
4.9 The amount of Series Allocable Finance Charge
Collections for the Due Period $2,824,954.36
4.10 The amount of Series Allocable Principal
Collections for the Due Period $105,947,755.23
4.11 The amount of Series Principal Account
Losses for the Due Period $0.00
4.12 The amount of Investor Dealer Note Losses
for the Due Period $0.00
4.13 The amount of Investor Finance Charge
Collections for the Due Period $1,494,965.85
<PAGE>
Exhibit 20.1
Page 4 of 6
4.14 The amount of Investor Principal
Collections for the Due Period $56,067,552.07
4.15 The amount of Available Certificateholder's
Interest Collections for the Due Period $1,509,874.48
4.16 The amount of Series 1995-1 Shared Principal
Collections for the Due Period $56,067,552.07
4.17 The aggregate amount of the Series 1995-1
Principal Shortfall, if any, for the Due
Period $0.00
4.18 The Seller's Percentage for the Due Period 47.08%
4.19 The Excess Seller's Percentage for the
Due Period 37.25%
4.20 The aggregate amount of Seller's Principal
Collections for the Due Period $49,880,203.16
4.21 The amount of Available Seller's Finance Charge
Collections for the Due Period $362,441.64
4.22 The aggregate amount of Available Seller's
Principal Collections for the Due Period $10,414,664.34
4.23 The aggregate amount of Excess Seller's
Principal Collections for the Due Period $39,465,538.82
4.24 The Controlled Amortization Amount, if
applicable, for the Due Period $0.00
4.25 The Minimum Series 1995-1 Master Trust
Seller's Interest as of the Distribution
Date (after giving effect to the transactions
set forth in Article IV of the Supplement) $43,164,451.56
4.26 The Series 1995-1 Allocation Percentage
for the Due Period 33.92%
4.27 The Floating Allocation Percentage for the
Due Period 52.92%
4.28 The Principal Allocation Percentage,
if applicable, for the Due Period 0.00%
4.29 The total amount to be distributed on
the Series 1995-1 Certificates on the
Distribution Date $1,065,766.18
4.30 The total amount, if any, to be
distributed on the Series 1995-1
Certificates on the Distribution Date
allocable to the Invested Amount $0.00
4.31 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 $899,108.50
<PAGE>
Exhibit 20.1
Page 5 of 6
4.32 The Draw Amount as of the Transfer Date $0.00
4.33 The amount of Investor Charge-Offs as
of the Transfer Date $0.00
4.34 The amount of reimbursement of Investor
Charge-Offs as of the Transfer Date $0.00
4.35 The amount of the Investor Servicing
Fee to be paid on such Distribution Date $166,658.08
4.36 The aggregate amount of funds on deposit
in the Negative Carry Reserve Account as
of the end of the last day of the Due
Period (after giving effect to the payments
and adjustments made pursuant to Article IV
of the Supplement and of the Agreement) $0.00
4.37 The aggregate amount of funds on deposit in
the Series Principal Account as of the end of
the last day of the Due Period (after giving
effect to the payments and adjustments made
pursuant to Article IV of the Supplement and
of the Agreement) $0.00
4.38 The aggregate amount of funds on deposit in
the Spread Account as of the end of the last
day of the Due Period (after giving effect to
payments and adjustments made pursuant to
Article IV of the Supplement and the Agreement) $2,500,000.40
4.39 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 N/A
c. The rate of interest applicable to each
such Eligible Investment __%
d. The rating of each such Eligible Investment N/A
4.40 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 N/A
c. The rate of interest applicable to each such
Eligible Investment __%
d. The rating of each such Eligible Investment N/A
4.41 The amount of Excess Interest Collections for
the Due Period $444,108.30
<PAGE>
Exhibit 20.1
Page 6 of 6
4.42 The amount of Investor Principal Collections
treated as Shared Principal Collections for
the Due Period $56,067,552.07
4.43 The amount of Excess Interest Collections
for the Due Period allocated to other Series $0.00
4.44 The amount of Investor Principal Collections
treated as Shared Principal Collections for
the Due Period allocated to Other Series $0.00
4.45 The percentages and all other information
calculated pursuant to Sections 6.01 and
7.01 of the Supplement N/A
4.46 The amount of Remaining Available Seller's
Principal Collections for the Due Period $0.00
4.47 The amount of Series 1995-1 Shared Seller's
Principal Collections for the Due Period $49,880,203.16
4.48 The aggregate amount of Shared Seller's
Principal Collections from Other Series
for the Due Period $0.00
4.49 The amount of all Shared Seller's Principal
Collections allocated to Series 1995-1 for
the Due Period $0.00
4.50 The aggregate amount of all Shared Seller's
Principal Collections allocated to Other
Series for the Due Period $0.00
4.51 The aggregate amount of all Early Distribution
Amounts paid or deemed paid for the Distribution
Period $0.00
IN WITNESS WHEREOF, the undersigned has duly executed and delivered this
certificate this 10th day of June, 1999.
NAVISTAR FINANCIAL CORPORATION,
As Servicer
By: R. Wayne Cain
Vice President & Treasurer
<PAGE>
Exhibit 20.2
Page 1 of 6
MONTHLY SERVICER AND SETTLEMENT CERTIFICATE #20
DEALER NOTE MASTER TRUST
CLASS A, 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 (as amended and supplemented, 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 payments 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 June 25, 1999, the Transfer Date of June 24,
1999 and with respect to the performance of the Master Trust during the Due
Period ended on May 31, 1999 and the Distribution Period ended June 24, 1999 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. Master Trust Information:
3.1 The amount of the Advance, if any,
for the Due Period $196,384.93
3.2 The amount of NITC Finance Charges
for the Due Period $4,608,465.60
3.3 The average daily balance of Dealer
Notes outstanding during the Due Period $1,107,080,843.49
3.4 The total amount of Advance Reimbursements
for the Due Period $0.00
3.5 The aggregate principal amount of Dealer
Notes repaid during the Due Period $312,345,976.50
3.6 The aggregate principal amount of Dealer
Notes purchased by the Master Trust during
the Due Period $325,992,798.87
3.7 The amount of the Servicing Fee for the
Due Period $928,433.24
<PAGE>
Exhibit 20.2
Page 2 of 6
3.8 The average daily Master Trust Seller's
Interest during the Due Period $507,080,843.49
3.9 The Master Trust Seller's Interest as of
the Distribution Date (after giving effect
to the transactions set forth in Article IV
of the Supplement) $514,119,896.48
3.10 The aggregate amount of Collections for the
Due Period $320,674,261.75
3.11 The aggregate amount of Finance Charge
Collections for the Due Period $8,328,285.25
3.12 The aggregate amount of Principal Collections
for the Due Period $312,345,976.50
3.13 The amount of Dealer Note Losses for the Due
Period $0.00
3.14 The aggregate amount of Dealer Notes as of the
last day of the Due Period $1,114,119,896.48
3.15 The aggregate amount of funds on deposit in
the Excess Funding Account as of the end of
the last day of the Due Period (after giving
effect to the transactions set forth in
Article IV of the Supplement and Article IV of
the Agreement $0.00
3.16 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 $0.00
c. The rate of interest applicable to each such
Eligible Investment 0.00%
d. The rating of each such Eligible Investment $0.00
3.17 The aggregate amount of Dealer Notes issued to
finance OEM Vehicles, as of the end of the
Due Period $16,239,288.31
3.18 The Dealers with the five largest aggregate outstanding
principal amounts of Dealer Notes in the Master Trust as
of the end of the Due Period.
i) Prairie International Trucks
ii) Freund Equipment Inc.
iii) Hoglund Bus Company, Inc.
iv) Southland International Trucks
v) Freedom International
3.19 Aggregate amount of delinquent principal payments
(past due greater than 30 days) as a percentage
of the total principal amount outstanding, as of
the end of the Due Period 0.12%
<PAGE>
Exhibit 20.2
Page 3 of 6
4.0 Series 1997-1 Information
4.1 The Deficiency Amount as of the Transfer
Date (after giving effect to the transactions
set forth in Article IV of the Supplement) $0.00
4.2a The Maximum Subordinated Amount as of the
Transfer Date (after giving effect to the
transactions set forth in Article IV of
the Supplement) $31,000,000.00
4.2b The Available Subordinated Amount as of
the Transfer Date (after giving effect
to the transactions set forth in Article IV
of the Supplement) $31,000,000.00
4.3 The Projected Spread for the following
Distribution Period $2,500,000.00
4.4 The amount on deposit in the Spread Account
as of the Transfer Date (after giving effect
to the transactions set forth in Article IV
of the Supplement) $2,500,000.00
4.5 The aggregate amount on deposit in the
Liquidity Reserve Account as of the Transfer
Date (after giving effect to the transactions
set forth in Article IV of the Supplement $0.00
4.6 The Invested Amount as of the Distribution
Date (after giving effect to the transactions
set forth in Article IV of the Supplement and
to the payments made on the Distribution Date) $200,000,000.00
4.7 The amount of Series Allocable Dealer Notes
Losses for the Due Period $0.00
4.8 The amount of Series Allocable Finance Charge
Collections for the Due Period. $2,751,665.45
4.9 The amount of Series Allocable Principal
Collections for the Due Period $103,199,110.64
4.10 The amount of Series Principal Account
Losses for the Due Period $0.00
4.11 The amount of Investor Dealer Note Losses
for the Due Period $0.00
4.12 The amount of Investor Finance Charge
Collections for the Due Period $1,494,979.84
4.13 The amount of Investor Principal Collections
for the Due Period $56,068,076.81
4.14 The amount of Available Certificateholder's
Interest Collections for the Due Period $1,509,764.70
4.15 The amount of Series 1997-1 Shared Principal
Collections for the Due Period $56,068,076.81
<PAGE>
Exhibit 20.2
Page 4 of 6
4.16 The aggregate amount of the Series 1997-1
Principal Shortfall, if any, for the Due Period $0.00
4.17 The Seller's Percentage for the Due Period 45.67%
4.18 The Excess Seller's Percentage for the Due
Period 37.25%
4.19 The aggregate amount of Seller's Principal
Collections for the Due Period $47,131,033.83
4.20 The amount of Available Seller's Finance Charge
Collections for the Due Period $314,240.19
4.21 The aggregate amount of Available Seller's
Principal Collections for the Due Period $8,689,365.12
4.22 The aggregate amount of Excess Seller's
Principal Collections for the Due Period $38,441,668.71
4.23 The Controlled Amortization Amount, if
applicable, for the Due Period $0.00
4.24 The Minimum Series 1997-1 Master Trust
Seller's Interest as of the Distribution Date
(after giving effect to the transactions
set forth in Article IV of the Supplement) $37,000,000.00
4.25 The Series 1997-1 Allocation Percentage for
the Due Period 33.04%
4.26 The Floating Allocation Percentage for the
Due Period 54.33%
4.27 The Principal Allocation Percentage, if
applicable, for the Due Period 0.00%
4.28 The total amount to be distributed on the
Series 1997-1 Certificates on the Distribution
Date $1,039,934.80
4.29 The total amount, if any, to be distributed
on the Series 1997-1 Certificates on the
Distribution Date allocable to the Invested
Amount $0.00
4.30 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 $873,275.17
4.31 The Draw Amount as of the Transfer Date $0.00
4.32 The amount of Investor Charge-Offs as of
the Transfer Date $0.00
4.33 The amount of reimbursement of Investor
Charge-Offs as of the Transfer Date $0.0
<PAGE>
Exhibit 20.2
Page 5 of 6
4.34 The amount of the Investor Servicing Fee
to be paid on such Distribution Date $166,659.63
4.35 The aggregate amount of funds on deposit
in the Series Principal Account as of the
end of the last day of the Due Period
(after giving effect to the payments and
adjustments made pursuant to Article IV of
the Supplement and of the Agreement) $0.00
4.36 The aggregate amount of funds on deposit in
the Spread Account as of the end of the last
day of the Due Period (after giving effect
to payments and adjustments made pursuant to
Article IV of the Supplement and the Agreement) $2,500,000.00
4.37 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 N/A
c. The rate of interest applicable to each
such Eligible Investment __%
d. The rating of each such Eligible Investment N/A
4.38 Eligible Investments in the Liquidity Reserve Account:
a. The aggregate amount of funds invested
in Eligible Investments $0.00
b. Description of each Eligible Investmen N/A
c. The rate of interest applicable to each such
Eligible Investment __%
d. The rating of each such Eligible Investment N/A
4.39 The amount of Excess Interest Collections for
the Due Period $469,829.89
4.40 The amount of Investor Principal Collections
treated as Shared Principal Collections for
the Due Period $56,068,076.81
4.41 The amount of Excess Interest Collections for
the Due Period Allocated to other Series $0.00
4.42 The amount of Investor Principal Collections
treated as Shared Principal Collections for
the Due Period allocated to Other Series $0.00
4.43 The percentages and all other information
calculated pursuant to Sections 6.01 of
the Supplement N/A
<PAGE>
Exhibit 20.2
Page 6 of 6
4.44 The amount of Remaining Available Seller's
Principal Collections for the Due Period $0.00
4.45 The amount of Series 1997-1 Shared Seller's
Principal Collections for the Due Period $47,131,033.83
4.46 The aggregate amount of Shared Seller's
Principal Collections from Other Series
for the Due Period $0.00
4.47 The amount of all Shared Seller's Principal
Collections allocated to Series 1997-1 for
the Due Period $0.00
4.48 The aggregate amount of all Shared Seller's
Principal Collections allocated to Other Series
for the Due Period $0.00
4.49 The aggregate amount of all Early Distribution
Amounts paid or deemed paid for the Distribution
Period N/A
IN WITNESS WHEREOF, the undersigned has duly executed and delivered this
certificate this 10th day of June, 1999.
NAVISTAR FINANCIAL CORPORATION,
As Servicer
By: R. Wayne Cain
Vice President & Treasurer
<PAGE>
Exhibit 20.3
Page 1 of 6
MONTHLY SERVICER AND SETTLEMENT CERTIFICATE #12
DEALER NOTE MASTER TRUST
CLASS A, DEALER NOTE
ASSET BACKED CERTIFICATES
SERIES 1998-1
Under the Series 1998-1 Supplement dated as of July 17, 1998 (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 (as amended and supplemented, 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 payments to Series
1998-1 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 June 25, 1999, the Transfer Date of June 24,
1999 and with respect to the performance of the Master Trust during the Due
Period ended on May 31, 1999 and the Distribution Period ended June 24, 1999 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. Master Trust Information:
3.1 The amount of the Advance, if any, for
the Due Period $196,384.93
3.2 The amount of NITC Finance Charges for
the Due Period $4,608,465.60
3.3 The average daily balance of Dealer Notes
outstanding during the Due Period $1,107,080,843.49
3.4 The total amount of Advance Reimbursements
for the Due Period $0.00
3.5 The aggregate principal amount of Dealer
Notes repaid during the Due Period $312,345,976.50
3.6 The aggregate principal amount of Dealer
Notes purchased by the Master Trust during
the Due Period $325,992,798.87
3.7 The amount of the Servicing Fee for the
Due Period $928,433.24
3.8 The average daily Master Trust Seller's
Interest during the Due Period $507,080,843.49
<PAGE>
Exhibit 20.3
Page 2 of 6
3.9 The Master Trust Seller's Interest as of
the Distribution Date (after giving effect
to the transactions set forth in Article IV
of the Supplement) $514,119,896.48
3.10 The aggregate amount of Collections for the
Due Period $320,674,261.75
3.11 The aggregate amount of Finance Charge
Collections for the Due Period $8,328,285.25
3.12 The aggregate amount of Principal Collections
for the Due Period $312,345,976.50
3.13 The amount of Dealer Note Losses for the
Due Period $0.00
3.14 The aggregate amount of Dealer Notes as
of the last day of the Due Period $1,114,119,896.48
3.15 The aggregate amount of funds on deposit
in the Excess Funding Account as of the end
of the last day of the Due Period (after
giving effect to the transactions set forth
in Article IV of the Supplement and Article IV
of the Agreement $0.00
3.16 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 $0.00
c. The rate of interest applicable to each
such Eligible Investment 0.00%
d. The rating of each such Eligible Investment $0.00
3.17 The aggregate amount of Dealer Notes issued
to finance OEM Vehicles, as of the end of
the Due Period $16,239,288.31
3.18 The Dealers with the five largest aggregate
outstanding principal amounts of Dealer
Notes in the Master Trust as of the end of
the Due Period.
i) Prairie International Trucks
ii) Freund Equipment Inc.
iii) Hoglund Bus Company, Inc.
iv) Southland International Trucks
v) Freedom International
3.19 Aggregate amount of delinquent principal
payments (past due greater than 30 days)
as a percentage of the total principal
amount outstanding, as of the end of the
Due Period 0.12%
<PAGE>
Exhibit 20.3
Page 3 of 6
4.0 Series 1997-1 Information
4.1 The Deficiency Amount as of the Transfer
Date (after giving effect to the
transactions set forth in Article
IV of the Supplement) $0.00
4.2a The Maximum Subordinated Amount as of the
Transfer Date (after giving effect to the
transactions set forth in Article IV of
the Supplement) $31,000,000.00
4.2b The Available Subordinated Amount as of
the Transfer Date (after giving effect to
the transactions set forth in Article IV
of the Supplement) $31,000,000.00
4.3 The Projected Spread for the following
Distribution Period $2,500,000.00
4.4 The amount on deposit in the Spread Account
as of the Transfer Date (after giving effect
to the transactions set forth in Article IV
of the Supplement) $2,500,000.00
4.5 The aggregate amount on deposit in the
Liquidity Reserve Account as of the
Transfer Date (after giving effect to the
transactions set forth in Article IV of
the Supplement $0.00
4.6 The Invested Amount as of the Distribution
Date (after giving effect to the transactions
set forth in Article IV of the Supplement and
to the payments made on the Distribution Date) $200,000,000.00
4.7 The amount of Series Allocable Dealer Notes
Losses for the Due Period $0.00
4.8 The amount of Series Allocable Finance Charge
Collections for the Due Period $2,751,665.45
4.9 The amount of Series Allocable Principal
Collections for the Due Period $103,199,110.64
4.10 The amount of Series Principal Account
Losses for the Due Period $0.00
4.11 The amount of Investor Dealer Note Losses
for the Due Period $0.00
4.12 The amount of Investor Finance Charge
Collections for the Due Period $1,494,979.84
4.13 The amount of Investor Principal Collections
for the Due Period $56,068,076.81
4.14 The amount of Available Certificateholder's
Interest Collections for the Due Period $1,509,764.70
<PAGE>
Exhibit 20.3
Page 4 of 6
4.15 The amount of Series 1998-1 Shared Principal
Collections for the Due Period $56,068,076.81
4.16 The aggregate amount of the Series 1998-1
Principal Shortfall, if any, for the Due Period $0.00
4.17 The Seller's Percentage for the Due Period 45.67%
4.18 The Excess Seller's Percentage for the Due Period 37.25%
4.19 The aggregate amount of Seller's Principal
Collections for the Due Period $47,131,033.83
4.20 The amount of Available Seller's Finance Charge
Collections for the Due Period $314,240.19
4.21 The aggregate amount of Available Seller's
Principal Collections for the Due Period $8,689,365.12
4.22 The aggregate amount of Excess Seller's
Principal Collections for the Due Period $38,441,668.71
4.23 The Controlled Amortization Amount, if
applicable, for the Due Period $0.00
4.24 The Minimum Series 1998-1 Master Trust
Seller's Interest as of the Distribution
Date (after giving effect to the transactions
set forth in Article IV of the Supplement) $37,000,000.00
4.25 The Series 1998-1 Allocation Percentage for
the Due Period 33.04%
4.26 The Floating Allocation Percentage for the
Due Period 54.33%
4.27 The Principal Allocation Percentage, if
applicable, for the Due Period 0.00%
4.28 The total amount to be distributed on
the Series 1998-1 Certificates on the
Distribution Date $1,041,657.02
4.29 The total amount, if any, to be distributed
on the Series 1998-1 Certificates on the
Distribution Date allocable to the Invested
Amount $0.00
4.30 The total amount, if any, to be distributed
on the Series 1998-1 Certificates on the
Distribution Date allocable to interest on
the Series 1998-1 Certificates $874,997.39
4.31 The Draw Amount as of the Transfer Date $0.00
4.32 The amount of Investor Charge-Offs as of the
Transfer Date $0.00
<PAGE>
Exhibit 20.3
Page 5 of 6
4.33 The amount of reimbursement of Investor
Charge-Offs as of the Transfer Date $0.00
4.34 The amount of the Investor Servicing Fee to
be paid on such Distribution Date $166,659.63
4.35 The aggregate amount of funds on deposit in
the Series Principal Account as of the end
of the last day of the Due Period (after
giving effect to the payments and adjustments
made pursuant to Article IV of the Supplement
and of the Agreement) $0.00
4.36 The aggregate amount of funds on deposit in
the Spread Account as of the end of the last
day of the Due Period (after giving effect to
payments and adjustments made pursuant to
Article IV of the Supplement and the Agreement) $2,500,000.00
4.37 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 N/A
c. The rate of interest applicable to each such
Eligible Investment __%
d. The rating of each such Eligible Investment N/A
4.38 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 N/A
c. The rate of interest applicable to each such
Eligible Investment __%
d. The rating of each such Eligible Investment N/A
4.39 The amount of Excess Interest Collections for
the Due Period $468,107.67
4.40 The amount of Investor Principal Collections
treated as Shared Principal Collections for
the Due Period $56,068,076.81
4.41 The amount of Excess Interest Collections
for the Due Period Allocated to other Series $0.00
4.42 The amount of Investor Principal Collections
treated as Shared Principal Collections for
the Due Period allocated to Other Series $0.00
<PAGE>
Exhibit 20.3
Page 6 of 6
4.43 The percentages and all other information
calculated pursuant to Sections 6.01 of the
Supplement N/A
4.44 The amount of Remaining Available Seller's
Principal Collections for the Due Period $0.00
4.45 The amount of Series 1998-1 Shared Seller's
Principal Collections for the Due Period $47,131,033.83
4.46 The aggregate amount of Shared Seller's
Principal Collections from Other Series
for the Due Period $0.00
4.47 The amount of all Shared Seller's Principal
Collections allocated to Series 1998-1 for
the Due Period $0.00
4.48 The aggregate amount of all Shared Seller's
Principal Collections allocated to Other
Series for the Due Period $0.00
4.49 The aggregate amount of all Early Distribution
Amounts paid or deemed paid for the Distribution
Period $0.00
IN WITNESS WHEREOF, the undersigned has duly executed and delivered this
certificate this 10th day of June, 1999.
NAVISTAR FINANCIAL CORPORATION,
As Servicer
By: R. Wayne Cain
Vice President & Treasurer
