<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
----------------------------
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Act of 1934
Date of Report (Date of earliest event reported): May 5, 1996
OLYMPIC FINANCIAL LTD.
as Servicer with respect to
OLYMPIC AUTOMOBILE RECEIVABLES TRUST, 1996-A
------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 33-97608 41-1831697
- ------------------------------------------------------------------------------
(State or other jurisdiction (Commission (IRS employer
of incorporation) file number) identification No.)
7825 Washington Avenue South, Minneapolis, Minnesota 55439-2435
---------------------------------------------------------------
(Address of principal executive offices)
Registrant's telephone number, including area code: (612) 942-9880
--------------------------
Not Applicable
- ------------------------------------------------------------------------------
(Former name or former address, if changed since last report
<PAGE>
Item 1. CHANGES IN CONTROL OF REGISTRANT.
Not applicable.
Item 2. ACQUISITION OR DISPOSITION OF ASSETS.
Not applicable.
Item 3. BANKRUPTCY OR RECEIVERSHIP.
Not applicable.
Item 4. CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANTS.
Not applicable.
Item 5. OTHER EVENTS.
Pursuant to the Sale and Servicing Agreement, dated as of March 1,
1996 (the "Agreement"), among Olympic Automobile Receivables
Trust, 1996-A (the "Trust"), as Issuer, Olympic Receivables
Finance Corp., as Seller, Olympic Financial Ltd., in its individual
capacity and as Servicer, and Norwest Bank Minnesota, National
Association, as Backup Servicer, Norwest Bank Minnesota, National
Association, as Indenture Trustee (the "Indenture Trustee"), made
distributions to the Note Distribution Account and to the
Certificate Distribution Account for distribution to the holders
of notes representing indebtedness of the Trust (the
"Noteholders") and to the holders of certificates representing
interests in the Trust (the "Certificateholders"), respectively,
and Mellon Bank, not in its individual capacity but as Owner
Trustee (the "Owner Trustee"), delivered to Certificateholders
and the Indenture Trustee delivered to Noteholders, respectively,
statements required by Section 4.9 of the Agreement, which
statements were prepared from information contained in the
Servicer's Certificate delivered to the Indenture Trustee and the
Owner Trustee pursuant to Section 3.9 of the Agreement and attached
hereto as Exhibit 99.1.
Item 6. RESIGNATIONS OF REGISTRANT'S DIRECTORS.
Not applicable.
<PAGE>
Item 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
(a) Financial statements of businesses acquired.
Not applicable.
(b) Pro forma financial information.
Not applicable.
(c) Exhibits.
The following exhibit is filed herewith. The exhibit number
corresponds with Item 601(b) of Regulation S-K.
Exhibit No. Description
----------- -----------
99.1 Servicer's Certificate, dated May 15, 1996,
delivered to the Trustee
<PAGE>
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.
May 15, 1996 OLYMPIC AUTOMOBILE RECEIVABLES TRUST,
1996-A
By OLYMPIC FINANCIAL LTD.,
as Servicer with respect to Olympic
Automobile Receivables Trust, 1996-A
By: /s/ Brian S. Anderson
------------------------------------
Brian S. Anderson
Senior Vice President and Corporate
Controller
<PAGE>
INDEX TO EXHIBITS
Exhibit Number Page
- -------------- ----
99.1 Servicer's Certificate, dated May 15, 1996, 6
delivered to the Trustee
<PAGE>
EXHIBIT 99.1
<PAGE>
OLYMPIC AUTOMOBILE RECEIVABLES TRUST 1996 - A
MONTHLY SERVICER'S CERTIFICATE
Accounting Date: April 30, 1996
-------------------
Determination Date: May 7, 1996
-------------------
Distribution Date: May 15, 1996
-------------------
Monthly Period Ending: April 30, 1996
-------------------
This Certificate is delivered pursuant to Section 3.9 of the Sale and
Servicing Agreement, dated as of March 1, 1995, among Olympic Automobile
Receivables Trust, 1996-A (the "Trust"). Olympic Receivables Finance Corp.,
as seller, Olympic Financial Ltd., in its individual capacity and as
Servicer, and Norwest Bank Minnesota, National Association, as Backup
Servicer (the "Sale and Servicing Agreement"). Terms used and not
otherwise defined herein have the meaning assigned them in the Sale
and Servicing Agreement.
Olympic Financial Ltd., as Servicer under the Sale and Servicing Agreement,
hereby certifies that the following information is true and correct for the
Distribution Date and the Monthly Period set forth above.
I. Collection Account Summary
<TABLE>
<S> <C> <C>
Available Funds:
Payments Received $24,282,433.57
Liquidation Proceeds (excluding Purchase Amounts) $192,470.19
Current Monthly Advances $1,649,249.15
Amount of withdrawal, if any, from the Reserve Account $0.00
Monthly Advance Recoveries ($1,358,789.86)
Purchase Amounts - Warranty and Administrative Receivables $705,233.61
Purchase Amounts - Liquidated Receivables $0.00
Income from investment of funds in Trust Accounts $207,667.11
--------------
Total Available Funds $25,678,263.77
--------------
--------------
Amounts Payable on Distribution Date:
Reimbursement of Monthly Advances $0.00
Backup Servicer Fee $0.00
Basic Servicing Fee $342,007.06
Trustee and other fees $0.00
Class A-1 Interest Distributable Amount $232,034.90
Class A-2 Interest Distributable Amount $840,208.33
Class A-3 Interest Distributable Amount $498,750.00
Class A-4 Interest Distributable Amount $609,375.00
Class A-5 Interest Distributable Amount $250,000.00
Class A-6 Interest Distributable Amount $87,725.00
Noteholders' Principal Distributable Amount $19,036,892.94
Certificate Interest Distributable Amount $265,500.00
Certificate Principal Distributable Amount $0.00
Amounts owing and not paid to Security Insurer under
Insurance Agreement $0.00
Supplemental Servicing Fees (not otherwise paid to Servicer) $0.00
Spread Account Deposit $3,515,770.54
--------------
Total Amounts Payable on Distribution Date $25,678,263.77
--------------
--------------
</TABLE>
Page 1
<PAGE>
II. Available Funds
<TABLE>
<S> <C> <C>
Collected Funds (see V)
Payments Received $24,282,433.57
Liquidation Proceeds (excluding Purchase Amounts) $192,470.19 $24,474,903.76
--------------
Purchase Amounts $705,233.61
Monthly Advances
Monthly Advances - current Monthly Period (net) $290,459.29
Monthly Advances - Outstanding Monthly Advances
not otherwise reimbursed to the Servicer $0.00 $290,459.29
--------------
Income from investment of funds in Trust Accounts $207,687.11
--------------
Available Funds $25,678,263.77
--------------
--------------
III. Amounts Payable on Distribution Date
(i)(a) Taxes due and unpaid with respect to the Trust
(not otherwise paid by OFL or the Servicer) $0.00
(i)(b) Outstanding Monthly Advances (not otherwise reimbursed
to Servicer and to be reimbursed on the Distribution Date) $0.00
(i)(c) Insurance Add-On Amounts (not otherwise reimbursed to Servicer) $0.00
(ii) Accrued and unpaid fees (not otherwise paid by OFL or the Servicer):
Owner Trustee $0.00
Administrator $0.00
Indenture Trustee $0.00
Indenture Collateral Agent $0.00
Lockbox Bank $0.00
Custodian $0.00
Backup Servicer $0.00
Collateral Agent $0.00 $0.00
--------------
(iii)(a) Basic Servicing Fee (not otherwise paid to Servicer) $342,007.06
(iii)(b) Supplemental Servicing Fees (not otherwise paid to Servicer) $0.00
(iii)(c) Servicer reimbursements for mistaken deposits or postings of checks
returned for insufficient funds (not otherwise reimbursed to Servicer) $0.00
(iv) Class A-1 Interest Distributable Amount $232,034.90
Class A-2 Interest Distributable Amount $840,208.33
Class A-3 Interest Distributable Amount $498,750.00
Class A-4 Interest Distributable Amount $609,375.00
Class A-5 Interest Distributable Amount $250,000.00
Class A-6 Interest Distributable Amount $87,725.00
(v) Noteholders' Principal Distributable Amount
Payable to Class A-1 Noteholders $19,036,892.94
Payable to Class A-2 Noteholders $0.00
Payable to Class A-3 Noteholders $0.00
Payable to Class A-4 Noteholders $0.00
Payable to Class A-5 Noteholders $0.00
Payable to Class A-6 Noteholders $0.00
(vi) Certificate Interest Distributable Amount $265,500.00
(vii) Unpaid principal balance of the Class A-1 Notes after deposit to the Note
Distribution Account of any funds in the Class A-1 Holdback Subaccount
(applies only on the Class A-1 Final Scheduled Distribution Date) $0.00
(viii) Certificate Principal Distributable Amount $0.00
(ix) Amounts owing and not paid to Security Insurer under Insurance Agreement $0.00
--------------
Total amounts payable on Distribution Date $22,162,493.23
--------------
--------------
</TABLE>
Page 2
<PAGE>
IV. Calculation of Credit Enhancement Fee ("Spread Account Deposit");
withdrawal from Reserve Account; Deficiency Claim Amount; Pre-Funding
Account Shortfall and Class A-1 Maturity Shortfall
<TABLE>
<S> <C> <C>
Spread Account deposit:
Amount of excess, if any, of Available Funds
over total amounts payable (or amount of such
excess up to the Spread Account Maximum Amount) $3,515,770.54
Reserve Account Withdrawal on any Determination Date:
Amount of excess, if any, of total amounts payable over Available Funds
(excluding amounts payable under item (vii) of Section III) $0.00
Amount available for withdrawal from the Reserve Account (excluding the
Class A-1 Holdback Subaccount), equal to the difference between the amount
on deposit in the Reserve Account and the Requisite Reserve Amount
(amount on deposit in the Reserve Account calculated taking into account
any withdrawals from or deposits to the Reserve Account in respect
of transfers of Subsequent Receivables) $472,478.59
(The amount of excess of the total amounts payable (excluding amounts
payable under item (vii) of Section III) payable over Available Funds shall be
withdrawn by the Indenture Trustee from the Reserve Account, (excluding the
Class A-1 Holdback Subaccount) to the extent of the funds available for
withdrawal from in the Reserve Account, and deposited in the Collection Account.)
Amount of withdrawal, if any, from the Reserve Account $0.00
Reserve Account Withdrawal on Determination Date for Class A-1 Final Scheduled Distribution Date:
Amount by which (a) the remaining principal balance of the Class A-1 Notes
exceeds (b) Available Funds after payment of amounts set forth in item (v) of Section III $0.00
Amount available in the Class A-1 Holdback Subaccount $0.00
(The amount by which the remaining principal balance of the Class A-1 Notes
exceeds Available Funds (after payment of amount set forth in item (v)
of Section III) shall be withdrawn by the Indenture Trustee from the
Class A-1 Holdback Subaccount, to the extent of funds available for withdrawal
from the Class A-1 Holdback Subaccount, and deposited in the Note Distribution
Account for payment to the Class A-1 Noteholders)
Amount of withdrawal, if any, from the Class A-1 Holdback Subaccount $0.00
Deficiency Claim Amount:
Amount of excess, if any, of total amounts payable over funds available for withdrawal
from Reserve Amount, the Class A-1 Holdback Subaccount and Available Funds $0.00
(on the Class A-1 Final Scheduled Distribution Date, total amounts payable will not
include the remaining principal balance of the Class A-1 Notes after giving effect to
payments made under items (v) and (vii) of Section III and pursuant to a withdrawal
from the Class A-1 Holdback Subaccount)
Pre-Funding Account Shortfall:
Amount of excess, if any, on the Distribution Date on or immediately following the end
of the Funding Period of (a) the sum of the Class A-1 Prepayment Amount, the Class A-2
Prepayment Amount, the Class A-3 Prepayment Amount, the Class A-4 Prepayment Amount,
the Class A-5 Prepayment Amount, the Class A-6 Prepayment Amount and the
Repurchase Amount over (b) the amount on deposit in the Pre-Funding Account $0.00
Class A-1 Maturity Shortfall:
Amount of excess, if any, on the Class A-1 Final Scheduled Distribution Date, of (a)
the unpaid principal balance of the Class A-1 Notes over (b) the sum of the amounts
deposited in the Note Distribution Account under item (v) and (vii) of Section III or
pursuant to a withdrawal from the Class A-1 Holdback Subaccount. $0.00
(In the event a Deficiency Claim Amount, Pre-Funding Account Shortfall or Class A-1 Maturity
Shortfall exists, the Trustee shall deliver a Deficiency Notice to the Collateral Agent, the
Security Insurer, the Fiscal Agent, if any, the Owner Trustee and the Servicer specifying the
Deficiency Claim Amount, the Pre-Funding Account Shortfall or the Class A-1 Maturity Shortfall.)
Page 3
<PAGE>
V. Collected Funds
Payments Received:
Supplemental Servicing Fees $0.00
Amount allocable to interest $6,766,268.57
Amounts allocable to principal $17,516,165.00
Amount allocable to Insurance Add-On Amounts $0.00
Amount allocable to Outstanding Monthly Advances (reimbursed to the
Servicer prior to deposit in the Collection Account) $0.00
--------------
Total Payments Received $24,282,433.57
Liquidation Proceeds:
Gross amount realized with respect to Liquidated Receivables $200,681.97
Less: (1) reasonable expenses incurred by Servicer
in connection with the collection of such Liquidated
Receivables and the repossession and disposition
of the related Financed Vehicles and (ii) amounts
required to be refunded to Obligors on such Liquidated Receivables ($8,211.78)
--------------
Net Liquidation Proceeds $192,470.19
Allocation of Liquidation Proceeds:
Supplemental Servicing Fees $0.00
Amount allocable to interest $0.00
Amounts allocable to principal $0.00
Amount allocable to Insurance Add-On Amounts $0.00
Amount allocable to Outstanding Monthly Advances (reimbursed to the
Servicer prior to deposit in the Collection Account) $0.00 $0.00
-------------- --------------
Total Collected Funds $24,474,903.76
--------------
--------------
VI. Purchase Amounts Deposited in Collection Account
Purchase Amounts - Warranty Receivables $0.00
Amount allocable to interest $0.00
Amounts allocable to principal $0.00
Amount allocable to Outstanding Monthly Advances (reimbursed to the
Servicer prior to deposit in the Collection Account) $0.00
Purchase Amounts - Administrative Receivables $705,233.61
Amount allocable to interest $0.00
Amounts allocable to principal $705,233.61
Amount allocable to Outstanding Monthly Advances (reimbursed to the
Servicer prior to deposit in the Collection Account) $0.00
---------------
Total Purchase Amounts $705,233.61
--------------
--------------
VII. Reimbursement of Outstanding Monthly Advances
Outstanding Monthly Advances $1,617,141.11
Outstanding Monthly Advances reimbursed to the Servicer prior
to deposit in the Collection Account from:
Payments received from Obligors ($1,358,789.86)
Liquidation Proceeds $0.00
Purchase Amounts - Warranty Receivables $0.00
Purchase Amounts - Administrative Receivables $0.00
---------------
Outstanding Monthly Advances to be netted against Monthly
Advances for the current Monthly Period ($1,358,789.86)
Outstanding Monthly Advances to be reimbursed out of
Available Funds on the Distribution Date ($1,358,789.86)
Remaining Outstanding Monthly Advances $258,351.25
Monthly Advances - current Monthly Period $1,649,249.15
--------------
Outstanding Monthly Advances - immediately following the Distribution Date $1,907,600.40
--------------
--------------
</TABLE>
Page 4
<PAGE>
VIII. Calculation of Interest and Principal Payments
<TABLE>
<S> <C> <C>
A. Calculation of Principal Distribution Amount
Payments received allocable to principal $17,516,165.00
Aggregate of Principal Balances as of the Accounting Date of all
Receivables that became Liquidated Receivables
during the Monthly Period $815,494.33
Purchase Amounts - Warranty Receivables allocable to principal $0.00
Purchase Amounts - Administrative Receivables allocable to principal $705,233.61
Amounts withdrawn from the Pre-Funding Account $0.00
Cram Down Losses $0.00
--------------
Principal Distribution Amount $19,036,892.94
--------------
--------------
B. Calculation of Class A-1 Interest Distributable Amount
Class A-1 Monthly Interest Distributable Amount:
Outstanding principal balance of the Class A-1 Notes (as of the
immediately preceding Distribution Date after distributions
of principal to Class A-1 Noteholders on such Distribution Date) $53,036,547.84
Multiplied by the Class A-1 Interest Rate 5.25%
Multiplied by 1/12 or, in case of the first Distribution Date, by 31/360 0.08333333 $232,034.90
---------------
Plus any unpaid Class A-1 Interest Carryover Shortfall $0.00
--------------
Class A-1 Interest Distributable Amount $232,034.90
--------------
--------------
C. Calculation of Class A-2 Interest Distributable Amount
Class A-2 Monthly Interest Distributable Amount:
Outstanding principal balance of the Class A-2 Notes (as of the
immediately preceding Distribution Date after distributions
of principal to Class A-2 Noteholders on such Distribution Date) $185,000,000.00
Multiplied by the Class A-2 Interest Rate 5.45%
Multiplied by 1/12 or, in case of the first Distribution Date, by 31/360 0.08333333 $840,208.33
---------------
Plus any unpaid Class A-2 Interest Carryover Shortfall $0.00
--------------
Class A-2 Interest Distributable Amount $840,208.33
--------------
--------------
D. Calculation of Class A-3 Interest Distributable Amount
Class A-3 Monthly Interest Distributable Amount:
Outstanding principal balance of the Class A-3 Notes (as of the
immediately preceding Distribution Date after distributions
of principal to Class A-3 Noteholders on such Distribution Date) $105,000,000.00
Multiplied by the Class A-3 Interest Rate 5.70%
Multiplied by 1/12 or, in case of the first Distribution Date, by 31/360 0.08333333 $498,750.00
---------------
Plus any unpaid Class A-3 Interest Carryover Shortfall $0.00
--------------
Class A-3 Interest Distributable Amount $498,750.00
--------------
--------------
E. Calculation of Class A-4 Interest Distributable Amount
Class A-4 Monthly Interest Distributable Amount:
Outstanding principal balance of the Class A-4 Notes (as of the
immediately preceding Distribution Date after distributions
of principal to Class A-4 Noteholders on such Distribution Date) $125,000,000.00
Multiplied by the Class A-4 Interest Rate 5.85%
Multiplied by 1/12 or, in case of the first Distribution Date, by 31/360 0.08333333 $609,375.00
---------------
Plus any unpaid Class A-4 Interest Carryover Shortfall $0.00
--------------
Class A-4 Interest Distributable Amount $609,375.00
--------------
--------------
</TABLE>
Page 5
<PAGE>
<TABLE>
<S> <C> <C>
F. Calculation of Class A-5 Interest Distributable Amount
Class A-5 Monthly Interest Distributable Amount:
Outstanding principal balance of the Class A-5 Notes (as of the
immediately preceding Distribution Date after distributions
of principal to Class A-5 Noteholders on such Distribution Date) $50,000,000.00
Multiplied by the Class A-5 Interest Rate 6.00%
Multiplied by 1/12 or, in case of the first Distribution Date, by 31/360 0.08333333 $250,000.00
---------------
Plus any unpaid Class A-5 Interest Carryover Shortfall $0.00
--------------
Class A-5 Interest Distributable Amount $250,000.00
--------------
--------------
G. Calculation of Class A-6 Interest Distributable Amount
Class A-6 Monthly Interest Distributable Amount:
Outstanding principal balance of the Class A-6 Notes (as of the
immediately preceding Distribution Date after distributions
of principal to Class A-6 Noteholders on such Distribution Date) $17,400,000.00
Multiplied by the Class A-6 Interest Rate 6.05%
Multiplied by 1/12 or, in case of the first Distribution Date, by 31/360 0.08333333 $87,725.00
---------------
Plus any unpaid Class A-6 Interest Carryover Shortfall $0.00
--------------
Class A-6 Interest Distributable Amount $87,000.00
--------------
--------------
H. Calculation of Noteholders' Interest Distributable Amount
Class A-1 Interest Distributable Amount $232,034.90
Class A-2 Interest Distributable Amount $840,208.33
Class A-3 Interest Distributable Amount $498,750.00
Class A-4 Interest Distributable Amount $609,375.00
Class A-5 Interest Distributable Amount $250,000.00
Class A-6 Interest Distributable Amount $87,725.00
---------------
Noteholders' Interest Distributable Amount $2,518,093.23
--------------
--------------
H. Calculation of Noteholders' Principal Distributable Amount:
Noteholders' Monthly Principal Distributable Amount:
Principal Distribution Amount $19,036,892.94
Multiplied by Noteholders' Percentage ((i) for each Distribution Date
before the principal balance of the Class A-1 Notes is reduced to zero,
100%, (ii) for the Distribution Date on which the principal balance of
the Class A-1 Notes is reduced to zero, 100% until the principal
balance of the Class A-1 Notes is reduced to zero and with respect to
any remaining portion of the Principal Distribution Amount, the initial
principal balance of the Class A-2 Notes over the Aggregate Principal
Balance (plus any funds remaining on deposit in the Pre-Funding Account)
as of the Accounting Date for the preceding Distribution Date minus that
portion of the Principal Distribution Amount applied to retire the
Class A-1 Notes and (iii) for each Distribution Date thereafter,
outstanding principal balance of the Class A-2 Notes on the Determination
Date over the Aggregate Principal Balance (plus any funds remaining on
deposit in the Pre-Funding Account) as of the Accounting Date for the
preceding Distribution Date) 100.00% $19,036,892.94
---------------
Unpaid Noteholders' Principal Carryover Shortfall $0.00
--------------
Noteholders' Principal Distributable Amount $19,036,892.94
--------------
--------------
J. Application of Noteholders' Principal Distribution Amount:
Amount of Noteholders' Principal Distributable Amount payable to Class A-1
Notes (equal to entire Noteholders' Principal Distributable Amount until the
principal balance of the Class A-1 Notes is reduced to zero) $19,036,892.94
--------------
Amount of Noteholders' Principal Distributable Amount payable to Class A-2
Notes (no portion of the Noteholders' Principal Distributable Amount is payable
to the Class A-2 Notes until the principal balance of the Class A-1 Notes has been
reduced to zero; thereafter, equal to the entire Noteholders' Principal Distributable Amount) $0.00
--------------
--------------
</TABLE>
Page 6
<PAGE>
<TABLE>
<S> <C> <C>
K. Calculation of Certificate Interest Distributable Amount
Certificate Monthly Interest Distributable Amount:
Certificate Balance (as of the close of business
on the preceding Distribution Date) $54,000,000.00
Multiplied by the Certificate Pass-Through Rate 5.90%
Multiplied by 1/12 or, in case of the first Distribution Date, by 31/360 0.08333333 $265,500.00
---------------
Plus any unpaid Certificate Interest Carryover Shortfall $0.00
---------------
Certificate Interest Distributable Amount $265,500.00
---------------
---------------
L. Calculation of Certificate Principal Distributable Amount:
Certificate Monthly Principal Distributable Amount:
Principal Distribution Amount $19,036,892.94
Multiplied by Certificateholders' Percentage ((i) for each Distribution
Date before the principal balance of the Class A-1 Notes is reduced to
zero, 0%, (ii) for the Distribution Date on which the principal balance
of the Class A-1 Notes is reduced to zero, 0% until the principal balance
of the Class A-1 Notes is reduced to zero and with respect to any
remaining portion of the Principal Distribution Amount, 100% minus the
Noteholders' Percentage (computed after giving effect to the retirement
of the Class A-1 Notes) and (iii) for each Distribution Date thereafter,
100% minus Noteholders' Percentage) 0.00% $0.00
---------------
Unpaid Certificate Principal Carryover Shortfall $0.00
---------------
Certificate Principal Distributable Amount $0.00
---------------
---------------
IX. Pre-Funding Account
A. Withdrawals from Pre-Funding Account:
Amount on deposit in the Pre-Funding Account as of the preceding
Distribution Date or, in the case of the first Distribution Date,
as of the Closing Date
Pre-Funded Amount $179,028,074.66
---------------
$179,028,074.66
---------------
---------------
Less: withdrawals from the Pre-Funding Account in respect of transfers of
Subsequent Receivables to the Trust occurring on a Subsequent Transfer Date
(an amount equal to (a) $179,014,214.45 (the aggregate Principal Balance
of Subsequent Receivables transferred to the Trust) plus (b) $0 (an amount
equal to $0 multiplied by (A) one less (B)((i) the Pre-Funded Amount after
giving effect to transfer of Subsequent Receivables over (ii)$0)) ($179,014,214.15)
Less: any amounts remaining on deposit in the Pre-Funding Account in the case of
the May 1996 Distribution Date or in the case the amount on deposit in the
Pre-Funding Account has been Pre-Funding Account has been reduced to
$100,000 or less as of the Distribution Date (see B below) $0.00
---------------
Amount remaining on deposit in the Pre-Funding Account after
Distribution Date
Pre-Funded Amount $13,860.51
---------------
$13,860.51
---------------
---------------
</TABLE>
Page 7
<PAGE>
IX. Pre-Funding Account (cont.)
<TABLE>
<S> <C>
B. Distributions to Noteholders and Certificateholders from certain withdrawals from the Pre-Funding Account:
Amount withdrawn from the Pre-Funding Account as a result of the Pre-Funded Amount not
being reduced to zero on the Distribution Date on or immediately preceding the end of the
Funding Period (May 1996 Distribution Date) or the Pre-Funded Amount being reduced to
$100,000 or less on any Distribution Date $0.00
Class A-1 Prepayment Amount (equal to the Class A-1 Noteholders' pro rata share
(based on the respective current outstanding principal balance of each class of Notes
and the current Class B Certificate Balance) of the Pre-Funded Amount as of the
Distribution Date) $0.00
Class A-2 Prepayment Amount (equal to the Class A-2 Noteholders' pro rata share
(based on the respective current outstanding principal balance of each class of Notes
and the current Class B Certificate Balance) of the Pre-Funded Amount as of the
Distribution Date) $0.00
Class A-3 Prepayment Amount (equal to the Class A-3 Noteholders' pro rata share
(based on the respective current outstanding principal balance of each class of Notes
and the current Class B Certificate Balance) of the Pre-Funded Amount as of the
Distribution Date) $0.00
Class A-4 Prepayment Amount (equal to the Class A-4 Noteholders' pro rata share
(based on the respective current outstanding principal balance of each class of Notes
and the current Class B Certificate Balance) of the Pre-Funded Amount as of the
Distribution Date) $0.00
Class A-5 Prepayment Amount (equal to the Class A-5 Noteholders' pro rata share
(based on the respective current outstanding principal balance of each class of Notes
and the current Class B Certificate Balance) of the Pre-Funded Amount as of the
Distribution Date) $0.00
Class A-6 Prepayment Amount (equal to the Class A-6 Noteholders' pro rata share
(based on the respective current outstanding principal balance of each class of Notes
and the current Class B Certificate Balance) of the Pre-Funded Amount as of the
Distribution Date) $0.00
Certificate Prepayment Amount (equal to the Certificateholder's pro rata share
(based on the respective current outstanding principal balance of each class of Notes
and the current Certificate Balance) of the Pre-Funded Amount as of the
Distribution Date) $0.00
Repurchase Amount (equal to (i) the sum of Class A-1 Prepayment Amount, Class A-2
Prepayment Amount, the Class A-3 Prepayment Amount, the Class A-4 Prepayment
Amount, the Class A-5 Prepayment Amount, the Class A-6 Prepayment
Amount, and the Class B Prepayment Amount over the sum current principal
balance of the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes,
the Class A-4 Notes, the Class A-5 Notes, the Class A-6 Notes
and the Current Certificate Balance, multiplied by (ii) discounted present
value of Class I Monthly Interest Distributable Amount for each of the Planned
Notional Balances (before giving effect to any adjustment thereto) for the Distribution
Date on which the Repurchase Amount is to be paid to the June 2003
Distribution Date, discounted to present value at a rate of 5.89%) $0.00
C. Prepayment Premiums:
Class A-1 Prepayment Premium $0.00
Class A-2 Prepayment Premium $0.00
Class A-3 Prepayment Premium $0.00
Class A-4 Prepayment Premium $0.00
Class A-5 Prepayment Premium $0.00
Class A-6 Prepayment Premium $0.00
Certificate Prepayment Premium $0.00
</TABLE>
Page 8
<PAGE>
<TABLE>
<S> <C>
X. Reserve Account
Requisite Reserve Amount:
Portion of Requisite Reserve Amount calculated with respect to
Class A-1 Notes, Class A-2 Notes, Class A-3 Notes, Class A-4
Notes, Class A-5 Notes, Class A-6 Notes and Certificates:
Product of (x) 5.67% (weighted average interest of Class A-1
Interest Rate, Class A-2 Interest Rate, Class A-3 Interest
Rate, Class A-4 Interest Rate, Class A-5 Interest Rate,
Class A-6 Interest Rate and Class B Pass-Through Rate (based
on outstanding Class A-1 principal balance, Class A-2 principal
balance and Certificate Balance), divided by 360,
(y) $179,014,214.15 (the Pre-Funded Amount on such Distribution
Date) and (z) 30 (the number of days until the May 1996 Distribution
Date)) $ 28.88
Less the product of (x) 2.5% divided by 360, (y) $179,014,214.15 (the
Pre-Funded Amount on such Distribution Date) and (z) 30 (the number
of days until the May 1996 Distribution Date) $(28.88)
-----------
Requisite Reserve Amount $ 0.00
-----------
-----------
Amount on deposit in the Reserve Account (other than the Class A-1 Holdback
Subaccount) as of the preceding Distribution Date or, in the case of the first
Distribution Date, as of the Closing Date $472,478.59
Plus the excess, if any, of the Requisite Reserve Amount over amount on
deposit in the Reserve Account (other than the Class A-1 Holdback Subaccount)
(which excess is to be deposited by the Indenture Trustee in the Reserve Account
from amounts withdrawn from the Pre-Funding Account in respect of transfers of
Subsequent Receivables) $ 0.00
Less: the excess, if any, of the amount on deposit in the Reserve Account (other
than the Class A-1 Holdback Subaccount) over the Requisite Reserve Amount (and
amount withdrawn from the Reserve Account to cover the excess, if any, of
total amounts payable over Available Funds, which excess is to be transferred
by the Indenture Trustee to or upon the order of the General Partners from
amounts withdrawn from the Pre-Funding Account in respect of transfers of
Subsequent Receivables) $(472,478.59)
Less: withdrawals from the Reserve Account (other than the Class A-1 Holdback
Subaccount) to cover the excess, if any, of total amount payable over
Available Funds (see IV above) $ 0.00
-----------
Amount remaining on deposit in the Reserve Account (other than the Class A-1
Holdback Subaccount) after the Distribution Date $ 0.00
-----------
-----------
XI. Class A-1 Holdback Subaccount:
Class A-1 Holdback Amount:
Class A-1 Holdback Amount as of preceding Distribution Date or the Closing
Date, as applicable $ 0.00
Plus deposit to the Class A-1 Holdback Subaccount (equal to 2.5% of the
amount, if any, by which $0 (the Target Original Pool Balance set forth in
the Sale and Servicing Agreement) is greater than $0 (the Original Pool Balance
after giving effect to the transfer of Subsequent Receivables on the Distribution
Date or on a Subsequent Transfer Date preceding the Distribution Date)) $ 0.00
Less withdrawal, if any, of amount from the Class A-1 Holdback Subaccount to
cover a Class A-1 Maturity Shortfall (see IV above) $ 0.00
Less withdrawal, if any, of amount remaining in the Class A-1 Holdback Subaccount
on the Class A-1 Final Scheduled Maturity Date after giving effect to any
payment out of the Class A-1 Holdback Subaccount to cover a Class A-1 Maturity
Shortfall (amount of withdrawal to be released by the Indenture Trustee to the
General Partners) $ 0.00
-----------
Class A-1 Holdback Subaccount immediately following the Distribution Date $ 0.00
-----------
-----------
</TABLE>
Page 9
<PAGE>
<TABLE>
<S> <C> <C> <C>
XII. Calculation of Servicing Fees
Aggregate Principal Balance as of the first day of the Monthly Period $410,408,473.18
Multiplied by Basic Servicing Fee Rate 1.00%
Divided by Months per year 0.083333%
---------------
Basic Servicing Fee $342,007.06
Less: Backup Servicer Fees (annual rate of 1 bp) $0.00
Supplemental Servicing Fees $0.00
-----------
Total of Basic Servicing Fees and Supplemental Servicing Fees $342,007.06
-----------
-----------
XIII. Information for Preparation of Statements to Noteholders
a. Aggregate principal balance of the Notes as of first day of Monthly Period
Class A-1 Notes $53,036,547.84
Class A-2 Notes $185,000,000.00
Class A-3 Notes $105,000,000.00
Class A-4 Notes $125,000,000.00
Class A-5 Notes $50,000,000.00
Class A-6 Notes $17,400,000.00
b. Amount distributed to Noteholders allocable to principal
Class A-1 Notes $19,036,892.94
Class A-2 Notes $0.00
Class A-3 Notes $0.00
Class A-4 Notes $0.00
Class A-5 Notes $0.00
Class A-6 Notes $0.00
c. Aggregate principal balance of the Notes (after giving effect to
distributions on the Distribution Date)
Class A-1 Notes $33,999,654.90
Class A-2 Notes $185,000,000.00
Class A-3 Notes $105,000,000.00
Class A-4 Notes $125,000,000.00
Class A-5 Notes $50,000,000.00
Class A-6 Notes $17,400,000.00
d. Interest distributed to Noteholders
Class A-1 Notes $232,034.90
Class A-2 Notes $840,208.33
Class A-3 Notes $498,750.00
Class A-4 Notes $609,375.00
Class A-5 Notes $250,000.00
Class A-6 Notes $87,725.00
e. Remaining Certificate Balance $54,000,000.00
f. 1. Class A-1 Interest Carryover Shortfall, if any, (and change in amount from
preceding statement) $0.00
2. Class A-2 Interest Carryover Shortfall, if any, (and change in amount from
preceding statement) $0.00
3. Class A-3 Interest Carryover Shortfall, if any, (and change in amount from
preceding statement) $0.00
4. Class A-4 Interest Carryover Shortfall, if any, (and change in amount from
preceding statement) $0.00
5. Class A-5 Interest Carryover Shortfall, if any, (and change in amount from
preceding statement) $0.00
6. Class A-6 Interest Carryover Shortfall, if any, (and change in amount from
preceding statement) $0.00
7. Certificate Interest Carryover Shortfall, if any, (and change in amount from
preceding statement) $0.00
8. Class B Principal Carryover Shortfall, if any, (and change in amount from
preceding statement) $0.00
</TABLE>
Page 10
<PAGE>
<TABLE>
<S> <C> <C>
XIV. Information for Preparation of Statements to Noteholders (continued)
g. Amount distributed payable out of amounts withdrawn from or pursuant to:
1. Reserve Account $0.00
2. Class A-1 Holdback Subaccount $0.00
3. Claim on the Note Policy $0.00
h. Remaining Pre-Funded Amount $13,880.51
i. Remaining Reserve Amount $0.00
j. Amount on deposit on Class A-1 Holdback Subaccount $0.00
k. Prepayment amounts
Class A-1 Prepayment Amount $0.00
Class A-2 Prepayment Amount $0.00
Class A-3 Prepayment Amount $0.00
Class A-4 Prepayment Amount $0.00
Class A-5 Prepayment Amount $0.00
Class A-6 Prepayment Amount $0.00
l. Prepayment Premiums
Class A-1 Prepayment Premium $0.00
Class A-2 Prepayment Premium $0.00
Class A-3 Prepayment Premium $0.00
Class A-4 Prepayment Premium $0.00
Class A-5 Prepayment Premium $0.00
Class A-6 Prepayment Premium $0.00
m. Total of Basic Servicing Fee, Supplemental Servicing Fees and other fees, if any,
paid by the Trustee on behalf of the Trust $342,007.06
n. Note Pool Factors (after giving effect to distributions on the
Distribution Date)
Class A-1 Notes 0.53458577
Class A-2 Notes 1.00000000
Class A-3 Notes 1.00000000
Class A-4 Notes 1.00000000
Class A-5 Notes 1.00000000
Class A-6 Notes 1.00000000
XV. Information for Preparation of Statements to Certificateholders
a. Aggregate Certificate Balance as of first day of Monthly Period $54,000,000.00
b. Amount distributed to Certificateholders allocable to principal $0.00
c. Aggregate Certificate Balance (after giving effect to
distributions on the Distribution Date) $54,000,000.00
d. Interest distributed to Certificateholders $265,500.00
e. Remaining Certificate Balance $54,000,000.00
f. Aggregate principal balance of the Notes (after giving effect to
distributions on the Distribution Date)
Class A-1 Notes $33,999,654.90
Class A-2 Notes $185,000,000.00
Class A-3 Notes $105,000,000.00
Class A-4 Notes $125,000,000.00
Class A-5 Notes $50,000,000.00
Class A-6 Notes $17,400,000.00
g. 1. Class A-1 Interest Carryover Shortfall, if any, (and change in amount from preceding statement) $0.00
2. Class A-2 Interest Carryover Shortfall, if any, (and change in amount from preceding statement) $0.00
3. Class A-3 Interest Carryover Shortfall, if any, (and change in amount from preceding statement) $0.00
4. Class A-4 Interest Carryover Shortfall, if any, (and change in amount from preceding statement) $0.00
5. Class A-5 Interest Carryover Shortfall, if any, (and change in amount from preceding statement) $0.00
6. Class A-6 Interest Carryover Shortfall, if any, (and change in amount from preceding statement) $0.00
7. Certificate Interest Carryover Shortfall, if any, (and change in amount from preceding statement) $0.00
8. Certificate Principal Carryover Shortfall, if any, (and change in amount from preceding statement) $0.00
h. Amount distributed payable out of amounts withdrawn from or pursuant to:
1. Reserve Account $0.00
2. Spread Account $0.00
3. Claim on the Certificate Policy $0.00
i. Remaining Pre-Funded Amount $13,860.51
j. Remaining Reserve Amount $0.00
k. Certificate Prepayment Amount $0.00
l. Certificate Prepayment Premium $0.00
m. Total of Basic Servicing Fee, Supplemental Servicing Fees and other fees, if any,
paid by the Trustee on behalf of the Trust $342,007.06
n. Class B Pool Factor (after giving effect to distributions on the Distribution Date) 1.00000000
Page 11
<PAGE>
XVI. Pool Balance and Aggregate Principal Balance
Original Pool Balance at beginning of Monthly Period $420,971,925.34
Subsequent Receivables $179,014,214.15
----------------
Original Pool Balance at end of Monthly Period $599,986,139.49
----------------
----------------
Aggregate Principal Balance as of preceding Accounting Date $410,408,473.18
Aggregate Principal Balance as of current Accounting Date $570,385,794.39
</TABLE>
<TABLE>
<CAPTION>
Monthly Period Liquidated Receivables Monthly Period Administrative Receivables
Loan # Amount Loan # Amount
------ ------ ------ ------
<S> <C> <C> <C>
see attached listing $862,888.26 see attached listing $352,983.12
see attached listing ($23,055.12) see attached listing $352,250.49
5196003001 ($16,395.86) $0.00
8486005601 ($10,058.33) $0.00
see attached listing $2,115.38 $0.00
----------- -----
$815,494.33 $705,233.51
----------- -----------
----------- -----------
XVII. Delinquency Ratio
Sum of Principal Balances (as of the Accounting Date)
of all Receivables delinquent more than 30 days with
respect to all or any portion of a Scheduled Payment
as of the Accounting Date $6,155,626.38
Aggregate Principal Balance as of the Accounting Date $570,385,794.39
---------------
Delinquency Ratio 1.07920401%
-----------
</TABLE>
IN WITNESS WHEREOF, I, Mike Sherman, a Responsible Officer of Olympic
Financial Ltd., have executed this Certificate as of the Determination Date
set forth above.
OLYMPIC FINANCIAL LTD.
By: /s/ Michael J. Sherman
---------------------------
Name: Michael J. Sherman
---------------------------
Title: Vice President / Treasurer
---------------------------
Page 12
<PAGE>
5/01/96 Olympic Financial LTD Page 28
10:41:45 Charge Off Transactions RP205OR
For 4/01/1996 Thru 4/30/1996
Control # 174
C/O Account Loan Principal
Type Number Name Charged Off
---- ---------- ---------- -----------
FC 0349004901 CASTANEDA 19,101.87
FC 0446003001 ALMARAZ 25,165.77
FC 0817001701 SHROUT 9,425.00
FC 2723098901 PRESTWOOD 16,695.68
FC 2732017401 CHUMLEY 12,898.14
FC 2780110201 DUNN 25,511.88
FC 2894007201 SPRUNGER 6,765.75
FC 2967000501 CALLISTER 3,412.54
FC 3037023601 RIVERA 20,265.74
FC 3045015701 CAMPBELL 4,117.19
FC 3490038901 ROMO 10,624.93
FC 3700018701 HARDRICK 5,381.21
FC 4658103601 ROY 14,141.50
FC 4722006501 CROTEAU 26,487.40
FC 4736093001 DUFF 8,597.98
FC 4903002401 WALLACE 14,456.50
FC 5294148801 MANSFIELD 10,849.00
FC 6296032001 BATTENFIEL 14,630.15
FC 6607045701 SULLIVAN 9,537,35
FC 6892009201 MULLIGAN 19,156.09
FC 7060097801 PORTER 12,512.94
FC 8056013501 GARVEY 17,697.19
FC 8060028501 CANNETTE 15,270.12
FC 9331023001 CIOCCA 13,935,58
FC 9334039701 GRAVES 16,345.62
----------
TOTAL FC 352,983.12
FV 0043005801 HASS 16,884.55
FV 0111001901 FINLEY 3,790.74
FV 0138001401 SCHOESSOW 12,016.06
FV 0681002301 BECKER 7,026.68
FV 2722025801 WALTERMIRE 17,357.09
FV 2723102501 SEGUR 12,462.06
FV 2723103801 BRANDT 10,808.53
FV 2731035601 ROOD 15,319.09
FV 2744038601 SALYER 4,209.99
FV 2780118701 HUNSAKER 12,382.19
FV 2819003401 HEDRICK 22,546.08
FV 2867005801 NORBY 21,587.50
FV 3134005001 SMITH 8,995.00
FV 3420192801 RANGEL 22,181.74
FV 3790073501 GRAY 18,615.56
FV 5118048801 GOLDMSITH 15,060.50
FV 5218023501 WILCOX 14,642.00
FV 6444012001 DUKE 14,916.68
FV 6444015901 KING 13,041.70
FV 6445014901 MILLER 18,580.11
FV 6447019001 ADAMS 15,407.97
FV 6469002101 ESCALONA 12,967.01
FV 7365011001 WADE 9,690.00
FV 8019017901 LUDWIG 19,008.64
FV 9347041801 ALLEN 12,753.02
----------
TOTAL FV 352,250.49
NR 2748041801 BLACKSMITH 20,259.22
NR 2851004401 YAMAMOTO 21,001.88
NR 2951002001 IVY 2,488.23
NR 6212018501 GONZALEZ 11,279.83
NR 6217036501 HENDERSON 18,700.23
NR 6231129501 MORENO 18,329.75
NR 6247079501 GRASS 17.908.42
NR 6304022001 WATTS 15,673.10
NR 6350009701 VILLEGAS 9,708.27
NR 6423037901 GASAWAY 23,737.31
NR 6423038601 MCHAHON 12,331.72
NR 6423045201 ROSS 29,126.70
NR 6424039801 BATEMAN 21,644.62
NR 6424040801 PRESCOTT 18,414.89
NR 6424041401 DODSON 15,069.68
NR 6424041601 HICKS 29,132.00
NR 6424042901 HILES 16,448.81
NR 6424051201 TAYLOR 23,044.97
<PAGE>
5/01/96 Olympic Financial LTD Page 29
10:41:45 Charge Off Transactions RP205OR
For 4/01/1996 Thru 4/30/1996
Control # 174
C/O Account Loan Principal
Type Number Name Charged Off
---- ---------- ---------- -----------
NR 6424054801 BUSH 19,318.96
NR 6444005801 BLUNT 24,297.08
NR 6444006601 ALFRED 25,092.75
NR 6444007701 HOLMAN 17,882.91
NR 6444009101 RADLEY 20,727.23
NR 6445010001 SEALS 23,455.35
NR 6446009601 CLAIBORNE 24,818.11
NR 6446012901 HAYNES 15,139.20
NR 6447010301 DAVIS 13,128.98
NR 6447012301 EVANS 23,055.12
NR 6447013301 LEE 14,880.38
NR 6447014201 MARQUEZ 19,904.73
NR 6447014301 DURITT 18,619.01
NR 6447014501 BROOKS 7,319.56
NR 6447015001 WALKER 17,389.90
NR 6448005501 GUERRERO 17,939.75
NR 6448006701 HERRON 20,614.81
NR 6470002001 JOHNSON 20,223.34
NR 6861011301 CURRY 9,200.92
NR 6999007101 ANDERSON 8,554.77
NR 7011037901 MCMICHAEL 6,349.21
NR 7060095101 BOGART 13,838.60
NR 7060096501 CHOKE 10,255.35
NR 7060099401 CULLUM 10,988.05
NR 7060107901 SCHREIBER 10,700.59
NR 7132002901 DRAKE 7,789.90
NR 7285008001 JACKSON 18,799.00
NR 7307001001 SMITH 11,102.43
NR 7320043701 BRIGNONE 11,600.00
NR 7365005201 YEAGER 13,848.92
NR 7480016001 ROBINSON 14,679.17
NR 7546015101 CLOUD 11,310.00
NR 8477009801 WAGNER 9,647.28
NR 8477010001 CROSS 8,697.29
NR 8486004301 DALTON 17,419.98
----------
TOTAL NR 862,888.26
RR 0503000301 WARREN 17,019.40-
RR 0503000301 WARREN 17,019.40
RR 0898000801 DAVIS 23,032.78-
RR 0898000801 DAVIS 23,032.78
RR 6424050001 WOODALL 23,055.12-
----------
TOTAL RR 23,055.12-
SB 0120019401 QUINN-ROBI 9.49
SB 0160016101 HAMM 2.02
SB 0371000301 SHIRLEY 102.96
SB 0376000201 HOOPER 4.00
SB 0409000101 FOUGERON 191.80
SB 0412000501 LEE 46.42
SB 0456003301 GERDES 35.00
SB 0525000301 BELL 78.59
SB 0744000101 DUBOSE 25.13
SB 0810005001 CHRISTENSE 3.59
SB 2726010801 SYMES 12.24
SB 2748047401 MCDONALD 33.87
SB 2780108201 SMITH 190.66
SB 2993001601 MANGIEFICO 43.10
SB 3023028101 MATHIS 23.43
SB 5157025801 NASH 128.76
SB 5480015101 MABUTAS 129.49
SB 6217038601 GREER 23.61
SB 6232049601 VALENTINE 33.60
SB 6238048101 GILRAY 15.63
SB 6302058901 HOPKINS 428.04
SB 6421026401 BOCARDO 23.85
SB 6472001601 HENRY 49.98
SB 6620019501 ESTES 22.64
SB 6805003801 SCHWADA 35.32
SB 6868008401 KIMBALL 15.36
SB 6916002201 PENDLETON 21.81
SB 6948009001 COCA 30.89
<PAGE>
5/01/96 Olympic Financial LTD Page 30
10:41:45 Charge Off Transactions RP205OR
For 4/01/1996 Thru 4/30/1996
Control # 174
C/O Account Loan Principal
Type Number Name Charged Off
---- ---------- ---------- -----------
SB 7546015401 POWELL 11.33
SB 7709007201 WRIGHT 5.27
SB 8146002601 SVINARICH 25.71
SB 8172003501 HERAZ 19.22
SB 8422004501 ROESENBAUM 11.80
SB 8512049801 MORTON 22.12
SB 8570000701 HOWARD 61.09
SB 9301015501 KING 180.90
SB 9328035601 DEESE 16.66
----------
TOTAL SB 2,115.38
TOTAL FOR CTL # 174 1,547,182.13
------------
------------
