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Previous: CARGILL FINANCIAL SERVICES CORP, 10-K405, 1998-05-29 |
Next: CARGILL FINANCIAL SERVICES CORP, 10-K405, 1998-05-29 |
<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
-----------------------------------------------------------------------------
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)
December 15, 1995
Access Financial Manufactured Housing Contract Trust 1995-1,
------------------------------------------------------------
by Cargill Financial Services Corporation, as Sponsor
-----------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 33-96500 41-1492786
------------------------------------------------------------
(State or other jurisdiction (Commission (IRS employer
of incorporation) file number) identification number)
c/o Cargill, Incorporated,
Attention: Phillip M. Fantle, Esq.,
6000 Clearwater Drive, Minnetonka, Minnesota 55343-9497
- ----------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (612)984-3444
Not Applicable
--------------------------------------
(Former name or former address, if changed since last report)
<PAGE>
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits
The exhibits shall be furnished in accordance with the provisions of
Item 601 of Regulation S-K.
EXHIBIT NO. DESCRIPTION
---------- ------------
20.1 Monthly Report for November 1995
20.2 Monthly Report for December 1995
<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.
Dated: May 27, 1998
CARGILL FINANCIAL SERVICES
CORPORATION, as Sponsor
By: /s/ Robert D. Beach
--------------------
ROBERT D. BEACH
Vice President
<PAGE>
INDEX TO EXHIBITS
EXHIBIT
NUMBER DESCRIPTION PAGE
- ------ --------------------------------------------- ----
20.1 Monthly Report for November 1995 5
20.2 Monthly Report for December 1995 13
<PAGE>
[LETTERHEAD]
ACCESS FINANCIAL CORP.
The undersigned certifies that he is a Vice President of Access Financial
Corp., a Delaware corporation (the "company"), and that as such he is duly
authorized to execute and deliver this certificate on behalf of the Company
pursuant to Section 6.02 of the Pooling and Servicing Agreement (the
"Agreement") dated as of November 1, 1995 between Access Financial Corp., as
Servicer (the "Company"), Access Financial Receivables Corp., as Seller, Cargill
Financial Services Corporation, as Sponsor and The Bank of New York, as Trustee
of the Trust (the "Trustee") (all capitalized terms used herein without
definition having the respective meanings specified in the Agreement), and
further certifies that:
1. The Monthly Report for the period 11/01/95 to 11/30/95 attached to this
certificate is complete and accurate in accordance with the requirements of
Sections 6.01 and 6.02 of the Agreement.
2. As of the date hereof, no Event of Termination or event that with notice
or lapse of time or both would become an Event of Termination has occurred; and
3. As of the close of the most recent Collection Period, the weighted
average number of months in inventory of all non-liquidated Manufactured Homes
is "0".
IN WITNESS WHEREOF, I have affixed hereunto my signature this 12th day of
December, 1995.
ACCESS FINANCIAL CORP.
By: /s/ Gary V. Busch
------------------------------
Name: Gary V. Busch
Title: Vice President
<PAGE>
ACCESS FINANCIAL
MANUFACTURED HOUSING CONTRACT SENIOR/SUBORDINATE
PASS-THROUGH CERTIFICATES, SERIES 1995-1
Distribution Date: 12/15/95
Month-end: 11/30/95
<TABLE>
<S> <C>
SENIOR CERTIFICATES
1 (a) Amount Available (including Monthly
Servicing Fee) 2,252,715.17
-------------------
(b) Class A-4 Interest Deficiency Amount
(if any) and Class B-1 Interest Deficiency
Amount (if any) withdrawn for prior
Remittance Date 0.00
-------------------
(c) Amount Available after giving effect to
withdrawl of Class A-4 Interest Deficiency
Amount and Class B-1 Interest Deficiency
Amount for prior Remittance Date 2,252,715.17
-------------------
Interest
2 Aggregate Interest (total): 734,605.42
-------------------
(a) Class A-1 Remittance Rate ( %) 6.100
-------------------
(b) Class A-1 Interest 354,313.42
-------------------
(c) Class A-2 Remittance Rate ( %) 6.375
-------------------
(d) Class A-2 Interest 145,583.75
-------------------
(e) Class A-3 Remittance Rate ( %) 7.100
-------------------
(f) Class A-3 Interest 234,708.25
-------------------
3 Amount applied to:
(a) Unpaid Senior Interest Shortfall 0.00
-------------------
4 Remaining:
(a) Unpaid Senior Interest Shortfall 0.00
-------------------
</TABLE>
Page 1
<PAGE>
<TABLE>
<S> <C>
Principal
Prior Period Ending Scheduled Balance 182,365,639.34
-------------------
5 Formula Principal Distribution Amount: (total) 1,212,036.94
-------------------
(a) Scheduled principal 287,838.21
-------------------
(b) Principal Prepayments (PIF & Curtailments) 201,256.68
-------------------
(c) Liquidated Contracts 0.00
-------------------
(d) Repurchases 6,536.66
-------------------
(e) Accelerated Principal 671,206.04
-------------------
(f) Principal shortfall on substitutions 43,185.81
-------------------
(g) Principal adjustment for cut-off extensions 2,013.54
-------------------
6 Pool Scheduled Principal Balance (all but e affects) 181,824,808.44
-------------------
7 Unpaid Senior Principal Shortfall (if any)
following prior Remittance Date 0.00
-------------------
8 Senior Percentage for such Remittance Date
(Until Class B Cross-Over Date, and on each
Remittance Date thereafter unless each Class B
Principal Distribution Test is satisfied, equals
Senior Principal Balance divided by Pool
Scheduled Principal Balance) 100.00
-------------------
9 Senior Percentage for the following
Remittance Date 100.00
-------------------
10 Senior principal distribution:
(a) Class A-1 1,212,036.94
-------------------
(b) Class A-2 0.00
-------------------
(c) Class A-3 0.00
-------------------
11 (a) Class A-1 Ending Principal Balance 68,488,963.06
-------------------
(b) Class A-2 Ending Principal Balance 27,404,000-00
-------------------
(c) Class A-3 Ending Principal Balance 39,669,000.00
-------------------
12 Unpaid Senior Principal Shortfall (if any)
following current Remittance Date 0.00
-------------------
</TABLE>
Page 2
<PAGE>
<TABLE>
<S> <C>
CLASS A-4 CERTIFICATES
13 Class A-4 Amount Available 306,072.81
-------------------
Interest
14 Aggregate Interest
(a) Class A-4 Remittance Rate ( %
unless Weighted Average Contract
Rate is below %) 7.625
-------------------
(b) Class A-4 Interest 92,700.94
-------------------
15 Amount applied to Unpaid Class A-4
Interest Shortfall 0.00
-------------------
16 Amount applied to Class A-4 Interest
Deficiency Amount 0.00
-------------------
17 Remaining unpaid Class A-4 Interest
Deficiency Amount 0.00
-------------------
18 Remaining Unpaid Class A-4 Interest
Shortfall 0.00
-------------------
Principal
19 Formula Principal Distribution Amount (total): 0.00
-------------------
(a) Scheduled principal 0.00
-------------------
(b) Principal Prepayments 0.00
-------------------
(c) Liquidated Contracts 0.00
-------------------
(d) Repurchases 0.00
-------------------
(e) Accelerated Principal 0.00
-------------------
20 Pool Scheduled Principal Balance 181,824,808.44
-------------------
21 Class A-4 Percentage after prior
Remittance Date 0.00
-------------------
22 Class A-4 Percentage for such Remittance
Date 0.00
-------------------
23 Class A-4 Percentage for the following
Remittance Date 0.00
-------------------
24 Class A-4 principal distribution:
(a) Class A-4 (current) 0.00
-------------------
(b) Unpaid Class A-4 Principal Shortfall
(if any) following prior Remittance Date 0.00
-------------------
25 Unpaid Class A-4 Principal Shortfall (if any)
following current Remittance Date 0.00
-------------------
Class A-4 Principal Balance 14,589,000.00
-------------------
Class B Principal Distribution Tests (tests must be satisfied
on or after the Remittance Date occurring in December 2000) n/a
-------------------
</TABLE>
Page 3
<PAGE>
<TABLE>
<S> <C>
26 Average Sixty-Day Deliquency Ratio Test
(a) Sixty-Day Deliquency Ratio for
current Remittance Date 0.53
-------------------
(b) Average Sixty-Day Delinquency Ratio
(arithmetic average of ratios for
this month and two preceding months;
may not exceed 5%) 0.53
-------------------
27 Average Thirty-Day Delinquency Ratio Test
(a) Thirty-Day Delinquency Ratio for
current Remittance Date 1.969
-------------------
(b) Average Thirty-Day Delinquency Ratio
(arithmetic average of ratios for this
month and two preceding months; may not
exceed 7%) 1.969
-------------------
28 Cumulative Realized Losses Test
(a) Cumulative Realized Losses for current
Remittance Date (Dec. 1, 2000 to Nov. 30,
2001 losses are less than 7% of cut-off
principal balance, if December 1, 2001 to
Nov. 30, 2002, losses are less than 8% of
cut-off principal balance, and if after
Dec. 1, 2002 the losses are less than 9%
of cut-off principal balance.)
0.00
-------------------
29 Current Realized Losses Test
(a) Current Realized Losses for current
Remittance Date 0.00
-------------------
(b) Current Realized Loss Ratio (total Realized
Losses for most recent three months,
multiplied by 4, divided by arithmetic
average of Pool Scheduled Principal
Balances for third preceding Remittance and
for current Remittance Date; may not exceed
2.75%) 0.00
-------------------
30 Class B Principal Balance Test
(a) Class B Principal Balance Test (Sum of the
Class B Principal Balance and the
Overcollateralization Amount as of such
Remittance Date is greater than or equal
to $3,647,313). 31,002,639.34
-------------------
</TABLE>
Page 4
<PAGE>
CLASS B-1 CERTIFICATES
<TABLE>
<S> <C>
31 Amount Available less the Senior Distribution
Amount and Class A-4 Distribution Amount 213,371.87
-------------------
Interest
32 Class B-1 Remittance Rate ( %) 7.65
-------------------
33 Class B-1 Interest 127,882.50
-------------------
34 Current Interest 127,882.50
-------------------
35 Amount applied to Unpaid Class B-1
Interest Shortfall 0.00
-------------------
36 Amount applied to Class B-1 Interest Deficiency
Amount 0.00
-------------------
37 Remaining unpaid Class B-1 Interest Deficiency
Amount 0.00
-------------------
38 Remaining Unpaid Class B-1 Interest Shortfall 0.00
-------------------
Principal
39 Unpaid Class B-1 Principal Shortfall (if any)
following prior Remittance Date 0.00
-------------------
40 (a) Class B Percentage for such Remittance
Date (until Class B Cross-over Date, and on
each Remittance Date thereafter unless each
Class B Principal Distribution Test is
satisfied, equals zero. Thereafter, if each
Class B Principal Distribution Test is
satisfied, equals 100% minus Senior
Percentage) 0.00
-------------------
(b) Class B Percentage for the following
Remittance Date 0.00
-------------------
41 Current Principal (Class B Percentage of Formula
Principal Distribution Amount) 0.00
-------------------
42 (a) Class B-1 Principal Shortfall 0.00
-------------------
(b) Unpaid Class B-1 Principal Shortfall 0.00
-------------------
43 Class B Principal Balance 31,002,639.00
-------------------
44 Class B-1 Principal Balance 20,060,000.00
-------------------
</TABLE>
Page 5
<PAGE>
<TABLE>
<S> <C>
CLASS B-2 CERTIFICATES
45 Remaining Amount Available 85,489.37
-------------------
Interest
46 Class B-2 Remittance Rate ( %, unless
Weighted Average Contract Rate is less than %) 9.375
-------------------
47 Class B-2 Interest 85,489.37
-------------------
48 Current Interest 85,489.37
-------------------
49 Amount applied to Unpaid Class B-2 Interest
Shortfall 0.00
-------------------
50 Remaining Unpaid Class B-2 Interest Shortfall 0.00
-------------------
Principal
51 Unpaid Class B-2 Principal Shortfall (if any)
following prior Remittance Date 0.00
-------------------
52 Class B-2 Principal Liquidation Loss
Amount 0.00
-------------------
53 Current principal (zero until Class B-1 paid
down; thereafter, Class B Percentage of
Forumal Principal Distribution Amount) 0.00
-------------------
54 Class B-2 Principal Balance 10,942,639.00
-------------------
SENIOR, CLASS A-4, CLASS B-1 AND CLASS B-2 CERTIFICATES
Aggregate Scheduled Balances of delinquent Contracts
as of Determination Date
56 30-59 days 2,622,386.35
-------------------
57 60 days or more 968,699.69
-------------------
58 Manufactured Homes repossessed 5
-------------------
59 Manufactured Homes repossessed but
remaining in inventory 5
-------------------
60 Weighted Average Contract Rate of all
outstanding Contracts 11.27
-------------------
</TABLE>
Page 6
<PAGE>
<TABLE>
<S> <C>
SERVICING
61 Monthly Servicing Fee (deducted from
Certificate Account balance to arrive at
Amount Available if the Company is not
the Servicer; deducted from funds remaining
after payment of Senior Distribution Amount,
Class A-4 Distribution Amount, Class B-1
Distribution Amount, and Class B-2
Distribution Amount, if the Company is
the Servicer) 0.00
-------------------
CLASS A-4 AND CLASS B-2 CERTIFICATES
64 Class A-4 Interest Deficiency on such
Remittance Date 0.00
-------------------
65 Class B-1 Interest Deficiency on such
Remittance Date 0.00
-------------------
REPOSSESSED CONTRACTS
66 Repossessed Contracts 108,899.26
-------------------
67 Repossessed Contracts Remaining in
Inventory 108,899.26
-------------------
ACCELERATED PRINCIPAL CALCULATION
68 Remaining Amount Available 0.00
-------------------
69 Accelerated Principal 671,206.04
-------------------
RESIDUAL CERTIFICATES
70 Class "C" Formula Distribution Amount (excess, if any,
1/12 Weighted Net Contract Rate at beginning x pool
scheduled balance at beginning MINUS the Certificate
Interest [A-1 to B-2] Distribution Amount for date.) 0.00
-------------------
71 Release Amount (if B-2 is zero) 0.00
-------------------
72 Reimburse Residual Certificaticate Holder per 0.00
Section 10.06 (REMIC Tax Matters) -------------------
73 Remaining to Residual Holder 0.00
-------------------
</TABLE>
Please contact the Bondholder Relations Department of the Bank of New York
at (212) - with any questions regarding this Statement on your Distribution.
Page 7
<PAGE>
ACCESS FINANCIAL CORP.
The undersigned certifies that he is a Vice President of Access Financial
Corp., a Delaware corporation (the "company"), and that as such he is duly
authorized to execute and deliver this certificate on behalf of the Company
pursuant to Section 6.02 of the Pooling and Servicing Agreement (the
"Agreement") dated as of November 1, 1995 between Access Financial Corp., as
Servicer (the "Company"), Access Financial Receivables Corp., as Seller, Cargill
Financial Services Corporation, as Sponsor and The Bank of New York, as Trustee
of the Trust (the "Trustee") (all capitalized terms used herein without
definition having the respective meanings specified in the Agreement), and
further certifies that:
1. The Monthly Report for the period 12/01/95 to 12/31/95 attached to this
certificate is complete and accurate in accordance with the requirements of
Sections 6.01 and 6.02 of the Agreement.
2. As of the date hereof, no Event of Termination or event that with notice
or lapse of time or both would become an Event of Termination has occurred; and
3. As of the close of the most recent Collection Period, the weighted
average number of months in inventory of all non-liquidated Manufactured Homes
is "0".
IN WITNESS WHEREOF, I have affixed hereunto my signature this 10th day of
January, 1996.
ACCESS FINANCIAL CORP.
By: /s/ Gary V. Busch
-------------------------------------
Name: Gary V. Busch
Title: Vice President
<PAGE>
MANUFACTURED HOUSING CONTRACT SENIOR/SUBORDINATE
PASS-THROUGH CERTIFICATES, SERIES 1995-1
Distribution Date: 1/15/96
Month-end: 12/31/95
<TABLE>
<S> <C>
SENIOR CERTIFICATES
1 (a) Amount Available (including Monthly
Servicing Fee) 2,315,676.60
----------------
(b) Class A-4 Interest Deficiency Amount
(if any) and Class B-1 Interest Deficiency
Amount (if any) withdrawn for prior
Remittance Date 0.00
----------------
(c) Amount Available after giving effect to
withdrawl of Class A-4 Interest Deficiency
Amount and Class B-1 Interest Deficiency
Amount for prior Remittance Date 2,315,676.60
----------------
Interest
2 Aggregate Interest (total): 728,444.23
----------------
(a) Class A-1 Remittance Rate ( %) 6.100
----------------
(b) Class A-1 Interest 348,152.23
----------------
(c) Class A-2 Remittance Rate ( %) 6.375
----------------
(d) Class A-2 Interest 145,583.75
----------------
(e) Class A-3 Remittance Rate ( %) 7.100
----------------
(f) Class A-3 Interest 234,708.25
----------------
3 Amount applied to:
(a) Unpaid Senior Interest Shortfall 0.00
----------------
4 Remaining:
(a) Unpaid Senior Interest Shortfall 0.00
----------------
</TABLE>
Page 1
<PAGE>
<TABLE>
<S> <C>
Principal
Prior Period Ending Scheduled Balance 181,824,808.44
----------------
5 Formula Principal Distribution Amount: (total) 1,280,654.47
----------------
(a) Scheduled principal 291,363.01
----------------
(b) Principal Prepayments (PIF & Curtailments) 289,946.75
----------------
(c) Liquidated Contracts 0.00
----------------
(d) Repurchases (Principal) 23,747.57
----------------
(e) Accelerated Principal 675,575.40
----------------
(f) Principal shortfall on substitutions n/a
----------------
(g) Principal adjustment for cut-off extensions 21.74
----------------
6 Pool Scheduled Principal Balance (all but e affects) 181,219,729.37
(Charge-offs, cram-downs, losses will affect). ----------------
7 Unpaid Senior Principal Shortfall (if any)
following prior Remittance Date 0.00
----------------
8 Senior Percentage for such Remittance Date
(Until Class B Cross-Over Date, and on each
Remittance Date thereafter unless each Class B
Principal Distribution Test is satisfied, equals
Senior Principal Balance divided by Pool
Scheduled Principal Balance) 100.00
----------------
9 Senior Percentage for the following
Remittance Date 100.00
----------------
10 Senior principal distribution:
(a) Class A-1 1,280,654.47
----------------
(b) Class A-2 0.00
----------------
(c) Class A-3 0.00
----------------
11 (a) Class A-1 Ending Principal Balance 67,208,308.59
----------------
(b) Class A-2 Ending Principal Balance 27,404,000.00
----------------
(c) Class A-3 Ending Principal Balance 39,669,000.00
----------------
12 Unpaid Senior Principal Shortfall (if any)
following current Remittance Date 0.00
----------------
</TABLE>
Page 2
<PAGE>
<TABLE>
<S> <C>
CLASS A-4 CERTIFICATES
13 Class A-4 Amount Available
306,577.90
----------------
Interest
14 Aggregate Interest
(a) Class A-4 Remittance Rate ( %
unless Weighted Average Contract
Rate is below %) 7.625
----------------
(b) Class A-4 Interest 92,700.94
----------------
15 Amount applied to Unpaid Class A-4
Interest Shortfall 0.00
----------------
16 Amount applied to Class A-4 Interest
Deficiency Amount 0.00
----------------
17 Remaining unpaid Class A-4 Interest
Deficiency Amount 0.00
----------------
18 Remaining Unpaid Class A-4 Interest
Shortfall 0.00
----------------
Principal
19 Formula Principal Distribution Amount (total): 0.00
----------------
(a) Scheduled principal 0.00
----------------
(b) Principal Prepayments 0.00
----------------
(c) Liquidated Contracts 0.00
----------------
(d) Repurchases 0.00
----------------
(e) Accelerated Principal 0.00
----------------
20 Pool Scheduled Principal Balance 181,219,729.37
----------------
21 Class A-4 Percentage after prior
Remittance Date 0.00
----------------
22 Class A-4 Percentage for such Remittance
Date 0.00
----------------
23 Class A-4 Percentage for the following
Remittance Date 0.00
----------------
24 Class A-4 principal distribution:
(a) Class A-4 (current) 0.00
----------------
(b) Unpaid Class A-4 Principal Shortfall
(if any) following prior Remittance Date 0.00
----------------
25 Unpaid Class A-4 Principal Shortfall (if any)
following current Remittance Date 0.00
----------------
Class A-4 Principal Balance 14,589,000.00
----------------
Class B Principal Distribution Tests (tests must be satisfied on
or after the Remittance Date occurring in December 2000) n/a
----------------
</TABLE>
Page 3
<PAGE>
<TABLE>
<S> <C>
26 Average Sixty-Day Deliquency Ratio Test
(a) Sixty-Day Deliquency Ratio for
current Remittance Date (%) .811859
----------------
(b) Average Sixty-Day Delinquency Ratio
(arithmetic average of ratios for this month
and two preceding months; may not
exceed 5%) .67093
----------------
27 Average Thirty-Day Delinquency Ratio Test
(a) Thirty-Day Delinquency Ratio for
current Remittance Date 2.992955
----------------
(b) Average Thirty-Day Delinquency Ratio
(arithmetic average of ratios for this month
and two preceding months; may not
exceed 7%) 2.480978
----------------
28 Cumulative Realized Losses Test
(a) Cumulative Realized Losses for current
Remittance Date (Dec. 1, 2000 to Nov. 30, 2001,
losses are less than 7% of cut-off principal balance,
if Dec. 1, 2001 to Nov. 30. 2001, losses are less
than 8% of cut-off principal balance, and if
after Dec. 1, 2002 the losses are less than 9%
of cut-off principal balance.)
29 Current Realized Losses Test 0.00
----------------
(a) Current Realized Losses for current
Remittance Date 0.00
----------------
(b) Current Realized Loss Ratio (total Realized Losses
for most recent three months, multiplied by 4, divided
by arithmetic average of Pool Scheduled Principal
Balances for third preceding Remittance and for
current Remittance Date; may not exceed 2.75%) 0.00
----------------
30 Class B Principal Balance Test
(a) Class B Principal Balance Test (Sum of the
Class B Principal Balance and the
Overcollateralization Amount as of such
Remittance Date is greater than or equal
to $3,647,313). 31,673,845.38
----------------
Overcollateralized Amount - Ending Pool Scheduled
Balance MINUS Sum of Principal Balances of A-1 to
B-2 after distributions.
</TABLE>
Page 4
<PAGE>
<TABLE>
<S> <C>
CLASS B-1 CERTIFICATES
31 Amount Available less the Senior Distribution
Amount and Class A-4 Distribution Amount 213,876.96
----------------
Interest
32 Class B-1 Remittance Rate ( %) 7.65
----------------
33 Class B-1 Interest 127,882.50
----------------
34 Current Interest 127,882.50
----------------
35 Amount applied to Unpaid Class B-1
Interest Shortfall 0.00
----------------
36 Amount applied to Class B-1 Interest Deficiency
Amount 0.00
----------------
37 Remaining unpaid Class B-1 Interest Deficiency
Amount 0.00
----------------
38 Remaining Unpaid Class B-1 Interst Shortfall 0.00
----------------
Principal
39 Unpaid Class B-1 Principal Shortfall (if any)
following prior Remittance Date 0.00
----------------
40 (a) Class B Percentage for such Remittance
Date (until Class B Cross-over Date, and on
each Remittance Date thereafter unless each
Class B Principal Distribution Test is
satisfied, equals zero. Thereafter, if each
Class B Principal Distribution Test is
satisfied, equals 100% minus Senior
Percentage) 0.00
----------------
(b) Class B Percentage for the following
Remittance Date 0.00
----------------
41 Current Principal (Class B Percentage of Formula
Principal Distribution Amount) 0.00
----------------
42 (a) Class B-1 Principal Shortfall 0.00
----------------
(b) Unpaid Class B-1 Principal Shortfall 0.00
----------------
43 Class B Principal Balance 31,002,639.00
----------------
44 Class B-1 Principal Balance 20,060,000.00
----------------
</TABLE>
Page 5
<PAGE>
<TABLE>
<S> <C>
CLASS B-2 CERTIFICATES
45 Remaining Amount Available 85,994.46
----------------
Interest
46 Class B-2 Remittance Rate ( %, unless
Weighted Average Contract Rate is less than %) 9.375
----------------
47 Class B-2 Interest 85,489.37
----------------
48 Current Interest 85,489.37
----------------
49 Amount applied to Unpaid Class B-2 Interest
Shortfall 0.00
----------------
50 Remaining Unpaid Class B-2 Interest Shortfall 0.00
----------------
Principal
51 Unpaid Class B-2 Principal Shortfall (if any)
following prior Remittance Date 0.00
----------------
52 Class B-2 Principal Liquidation Loss
Amount 0.00
----------------
53 Current principal (zero until Class B-1 paid
down; thereafter, Class B Percentage of
Forumal Principal Distribution Amount) 0.00
----------------
54 Class B-2 Principal Balance 10,942,639.00
----------------
SENIOR, CLASS A-4, CLASS B-1 AND CLASS B-2 CERTIFICATES
Aggregate Scheduled Balances of delinquent Contracts
56 30-59 days 3,940,173.44
----------------
57 60 days or more 1,462,456.66
----------------
58 Manufactured Homes repossessed 10
----------------
59 Manufactured Homes repossessed but
remaining in inventory 15
----------------
60 Weighted Average Contract Rate of all
outstanding Contracts (Note: Does not include
1 % servicing fee.) 10.27
----------------
</TABLE>
Page 6
<PAGE>
<TABLE>
<S> <C>
SERVICING
61 Monthly Servicing Fee (deducted from
Certificate Account balance to arrive at
Amount Available if the Company is not
the Servicer; deducted from funds remaining
after payment of Senior Distribution Amount,
Class A-4 Distribution Amount, Class B-1
Distribution Amount, and Class B-2
Distribution Amount, if the Company is
the Servicer) 0.00
----------------
Monthly interest on certificate account. 505.09
----------------
CLASS A-4 AND CLASS B-2 CERTIFICATES
64 Class A-4 Interest Deficiency on such
Remittance Date 0.00
----------------
65 Class B-1 Interest Deficiency on such
Remittance Date 0.00
----------------
REPOSSESSED CONTRACTS
66 Repossessed Contracts 254,951.90
----------------
67 Repossessed Contracts Remaining in
Inventory 363,851.16
----------------
ACCELERATED PRINCIPAL CALCULATION
68 Remaining Amount Available 0.00
----------------
69 Accelerated Principal 675,575.40
----------------
RESIDUAL CERTIFICATES
70 Class "C" Formula Distribution Amount (excess, if any,
1/12 Weighted Net Contract Rate at beginning x pool
scheduled balance at beginning MINUS the Certificate
Interest [A-1 to B-2] Distribution Amount for date.) 0.00
----------------
71 Release Amount (if B-2 is zero)
0.00
----------------
72 Reimburse Residual Certificaticate Holder per 0.00
Section 10.06 (REMIC Tax Matters) ----------------
73 Remaining to Residual Holder 0.00
----------------
</TABLE>
Please contact the Bondholder Relations Department of the Bank of New York
at (212) - with any questions regarding this Statement on your
Distribution.
Page 7
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