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<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)
June 15, 1996
ACCESS FINANCIAL MANUFACTURED HOUSING CONTRACT TRUST 1996-1,
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)
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.
<TABLE>
<CAPTION>
EXHIBIT NO. DESCRIPTION
----------- -----------
<S> <C>
20.1 Monthly Report for May 1996
20.2 Monthly Report for June 1996
20.3 Monthly Report for July 1996
20.4 Monthly Report for August 1996
20.5 Monthly Report for September 1996
20.6 Monthly Report for October 1996
20.7 Monthly Report for November 1996
20.8 Monthly Report for December 1996
</TABLE>
<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
<TABLE>
<CAPTION>
EXHIBIT
NUMBER DESCRIPTION PAGE
- ------- ---------------------------------------------------- ----
<S> <C> <C>
20.1 Monthly Report for May 1996 5
20.2 Monthly Report for June 1996 13
20.3 Monthly Report for July 1996 21
20.4 Monthly Report for August 1996 29
20.5 Monthly Report for September 1996 37
20.6 Monthly Report for October 1996 45
20.7 Monthly Report for November 1996 53
20.8 Monthly Report for December 1996 61
</TABLE>
<PAGE>
[LOGO] ACCESS FINANCIAL
[LETTERHEAD]
ACCESS FINANCIAL CORP.
The undersigned certifies that he/she is a Servicing Officer of Access
Financial Corp., a Delaware corporation (the "company"), and that as such
he/she 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 May 1, 1996 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 05/01/96 to 05/31/96 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 "0.0".
IN WITNESS WHEREOF, I have affixed hereunto my signature this 12th day of
June, 1996.
ACCESS FINANCIAL CORP.
By: /s/ Gary V. Busch
--------------------------------------
Name: Gary V. Busch
Title: Vice President
<PAGE>
1996-1
Month-end: 05/31/96
MANUFACTURED HOUSING CONTRACT SENIOR/SUBORDINATE
PASS-THROUGH CERTIFICATES, SERIES 1996-1
Distribution Date: 6/15/96
<TABLE>
<S> <C>
Amount reimbursable to the Servicer 44.80
----------------
SENIOR CERTIFICATES
1(a) Amount Available (including Monthly
Servicing Fee) 1,838,063.15
----------------
(b) Class A-6 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-6 Interest Deficiency
Amount and Class B-1 Interest Deficiency
Amount for prior Remittance Date 1,838,063.15
----------------
Interest
2 Aggregate Interest (total): 689,691.35
----------------
(a) Class A-1 Remittance Rate 6.4
----------------
(b) Class A-1 Interest 178,901.33
----------------
(c) Class A-2 Remittance Rate 6.75
----------------
(d) Class A-2 Interest 148,275.00
----------------
(e) Class A-3 Remittance Rate 6.975
----------------
(f) Class A-3 Interest 138,697.88
----------------
(g) Class A-4 Remittance Rate 7.30
----------------
(h) Class A-4 Interest 73,699.58
----------------
(i) Class A-5 Remittance Rate 7.575
----------------
(h) Class A-5 Interest 150,117.56
----------------
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>
<CAPTION>
Principal Count
<S> <C>
Prior Period Ending Scheduled Balance 5,660 161,980,708.01
-----------------------------
5 Formula Principal Distribution Amount
(a) Scheduled principal 234,520.28
----------------
(b) Principal Prepayments (PIF & Curtailments) (7) 257,985.10
-----------------------------
(c) Liquidated Contracts 0 0.00
-----------------------------
(d) Repurchases (Principal) 0.00
----------------
(e) Accelerated Principal 372,675.11
----------------
865,180.49
----------------
6 Pool Count/Scheduled Principal Balance 5,653 161,488,202.63
-----------------------------
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-1 865,180.49
----------------
(b) Class A-2 0.00
----------------
(c) Class A-3 0.00
----------------
(d) Class A-4 0.00
----------------
(e) Class A-5 0.00
----------------
11 (a) Class A-1 Ending Principal Balance 32,678,819.51
----------------
(b) Class A-2 Ending Principal Balance 26,360,000.00
----------------
(c) Class A-3 Ending Principal Balance 23,862,000.00
----------------
(d) Class A-4 Ending Principal Balance 12,115,000.00
----------------
(e) Class A-5 Ending Principal Balance 23,781,000.00
----------------
12 Unpaid Senior Principal Shortfall (if any)
following current Remittance Date 0.00
----------------
</TABLE>
Page 2
<PAGE>
<TABLE>
<CAPTION>
CLASS A-6 CERTIFICATES
<S> <C>
13 Class A-6 Amount Available
283,191.31
----------------------
Interest
14 Aggregate Interest
(a) Class A-6 Remittance Rate ( %
unless Weighted Average Contract
Rate is below %) 7.975
----------------------
(b) Class A-6 Interest 84,827.42
----------------------
15 Amount applied to Unpaid Class A-6
Interest Shortfall 0.00
----------------------
16 Amount applied to Class A-6 Interest
Deficiency Amount 0.00
----------------------
17 Remaining unpaid Class A-6 Interest
Deficiency Amount 0.00
----------------------
18 Remaining Unpaid Class A-6 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 161,488,202.63
----------------------
21 Class A-6 Percentage after prior
Remittance Date 0.00
----------------------
22 Class A-6 Percentage for such Remittance
Date 0.00
----------------------
23 Class A-6 Percentage for the following
Remittance Date 0.00
----------------------
24 Class A-6 principal distribution:
(a) Class A-6 (current) 0.00
----------------------
(b) Unpaid Class A-6 Principal Shortfall
(if any) following prior Remittance Date 0.00
----------------------
25 Unpaid Class A-6 Principal Shortfall (if any)
following current Remittance Date 0.00
----------------------
Class A-6 Principal Balance 12,764,000.00
----------------------
Class B Principal Distribution Tests (tests must be
satisfied on or after the Remittance Date occurring in
June 1999) n/a
----------------------
Page 3
<PAGE>
26 Average Sixty-Day Deliquency Ratio Test
(a) Sixty-Day Deliquency Ratio for
current Remittance Date 0.36%
----------------------
(b) Average Sixty-Day Delinquency Ratio
(arithmetic average of ratios for this
month and two preceding months; may not
exceed 5 %) 0.36%
----------------------
27 Average Thirty-Day Delinquency Ratio Test
(a) Thirty-Day Delinquency Ratio for
current Remittance Date 2.12%
----------------------
(b) Average Thirty-Day Delinquency Ratio
(arithmetic average of ratios for this
month and two preceding months; may not
exceed 7 %) 2.12%
----------------------
28 Cumulative Realized Losses Test
(a) Cumulative Realized Losses for current
Remittance Date (as a percentage of Cut-off
Date Pool Principal Balance; may not exceed
7% from June 1, 2000 to May 31, 2001, 8% from
June 1, 2001 to May 31, 2002, 9% from June 1,
2002 and thereafter) 0.00%
----------------------
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 during the 12 immediately
preceding Collection Period, divided by the
arithmetic average of Pool Scheduled Balances
as of the preceding Collection Period and the
Pool Scheduled Balance as of the last day of
the immediately preceding Collection Period;
may not exceed 2.75%) 0.00%
----------------------
30 Class B Principal Balance Test
(a) Class B Principal Balance will be considered
satisfied for any Remittance Date, that the
sum of the Class B Principal Balance and the
Overcollateralization Amount as of such
Remittance Date, before giving effect to
distributions on such Remittance Date, is
greater than or equal to $3,239,614. 30,047,213.39
----------------------
Page 4
<PAGE>
CLASS B-1 CERTIFICATES
31 Amount Available less the Senior Distribution
Amount and Class A-6 Distribution Amount 198,363.89
----------------------
Interest
32 Class B-1 Remittance Rate 8.040
----------------------
33 Class B-1 Interest 117,591.70
----------------------
34 Current Interest 117,591.70
----------------------
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 27,124,000.00
----------------------
44 Class B-1 Principal Balance 17,551,000.00
----------------------
</TABLE>
Page 5
<PAGE>
1996-1
Month-end: 05/31/96
<TABLE>
<CAPTION>
CLASS B-2 CERTIFICATES
<S> <C>
45 Remaining Amount Available 80,772.19
------------------
Interest
46 Class B-2 Remittance Rate ( %, unless
Weighted Average Contract Rate is less than %) 10.125
------------------
47 Class B-2 Interest 80,772.19
------------------
48 Current Interest 80,772.19
------------------
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
Forumla Principal Distribution Amount) 0.00
------------------
54 Class B-2 Principal Balance 9,573,000.00
------------------
SENIOR, CLASS A-6, CLASS B-1 AND CLASS B-2 CERTIFICATES
Aggregate "Actual" Balances of delinquent Contracts as
of "month-end".
56 30-59 days 2,852,551.00
------------------
57 60 days or more 585,705.14
------------------
58 Manufactured Homes repossessed 3
------------------
59 Manufactured Homes reposessed but remaining
in inventory 3
------------------
60 Weighted Average Contract Rate of all
outstanding Contracts (Note: Does not include
servicing fee.) 9.45084
------------------
Page 6
<PAGE>
RESIDUAL CERTIFICATES
61
(a) 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-6 Distribution Amount, Class B-1
Distribution Amount, and Class B-2
Distribution Amount, if the Company is
the Servicer) 0.00
------------------
(b) Monthly interest on certificate account: 0.00
------------------
CLASS A-6, CLASS B-1, AND CLASS B-2 CERTIFICATES
62 Class A-4 Interest Deficiency on such Remittance Date
0.00
------------------
63 Class B-1 Interest Deficiency on such Remittance Date
0.00
------------------
64 Class B-2 Interest Deficiency on such Remittance Date
0.00
------------------
REPOSSESSED CONTRACTS
65 Repossessed Contracts 115,666.05
------------------
66 Repossessed Contracts Remaining in Inventory
115,666.05
------------------
ACCELERATED PRINCIPAL CALCULATION
67 Remaining Amount Available 0.00
------------------
68 Accelerated Principal 372,675.11
------------------
RESIDUAL CERTIFICATES
69 Class "C" 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
------------------
70 Release Amount (if B-2 is zero) 0.00
------------------
71 Reimburse Residual Certificaticate Holder per
Section 10.06 (REMIC Tax Matters) 0.00
------------------
72 Remaining to Residual Holder 0.00
------------------
</TABLE>
Please contact the Bondholder Relations Department of the Bank of New York
at (212) 815 - 2793 with any questions regarding this Statement on your
Distribution.
Page 7
<PAGE>
[LOGO] ACCESS FINANCIAL
[LETTERHEAD]
ACCESS FINANCIAL CORP.
The undersigned certifies that he/she is a Servicing Officer of Access
Financial Corp., a Delaware corporation (the "company"), and that as such
he/she 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 May 1, 1996 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 06/01/96 to 06/30/96 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 "0.0".
IN WITNESS WHEREOF, I have affixed hereunto my signature this 10th day of
July, 1996.
ACCESS FINANCIAL CORP.
By: /s/ Diane R. Estep
------------------------------------
Name: Diane R. Estep
Title: Assistant Secretary
<PAGE>
1996-1
Month-end: 06/30/96
MANUFACTURED HOUSING CONTRACT SENIOR/SUBORDINATE
PASS-THROUGH CERTIFICATES, SERIES 1996-1
Distribution Date: 7/15/96
<TABLE>
<S> <C>
Amount reimbursable to the Servicer 0.00
----------------------
SENIOR CERTIFICATES
1 (a) Amount Available (including Monthly
Servicing Fee) 1,925,077.85
----------------------
(b) Class A-6 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
withdrawal of Class A-6 Interest Deficiency
Amount and Class B-1 Interest Deficiency
Amount for prior Remittance Date 1,925,077.85
----------------------
Interest
2 Aggregate Interest (total): 685,077.06
----------------------
(a) Class A-1 Remittance Rate 6.4
----------------------
(b) Class A-1 Interest 174,287.04
----------------------
(c) Class A-2 Remittance Rate 6.75
----------------------
(d) Class A-2 Interest 148,275.00
----------------------
(e) Class A-3 Remittance Rate 6.975
----------------------
(f) Class A-3 Interest 138,697.88
----------------------
(g) Class A-4 Remittance Rate 7.30
----------------------
(h) Class A-4 Interest 73,699.58
----------------------
(i) Class A-5 Remittance Rate 7.575
----------------------
(j) Class A-5 Interest 150,117.56
----------------------
3 Amount applied to:
(a) Unpaid Senior Interest Shortfall 0.00
----------------------
4 Remaining:
(a) Unpaid Senior Interest Shortfall 0.00
----------------------
Page 1
<PAGE>
Principal Count
Prior Period Ending Scheduled Balance 5,653 161,488,202.63
-----------------------------
5 Formula Principal Distribution Amount:
(a) Scheduled principal 244,899.71
----------------------
(b) Principal Prepayments (PIF & Curtailments) (3) 57,392.35
-----------------------------
(c) Liquidated Contracts 0 0.00
-----------------------------
(d) Repurchases (Principal) (6) 215,917.80
-----------------------------
(e) Accelerated Principal 438,599.63
----------------------
956,809.49
----------------------
6 Pool Count/Scheduled Principal Balance 5,644 160,969,992.77
-----------------------------
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-1 956,809.49
----------------------
(b) Class A-2 0.00
----------------------
(c) Class A-3 0.00
----------------------
(d) Class A-4 0.00
----------------------
(e) Class A-5 0.00
----------------------
11 (a) Class A-1 Ending Principal Balance 31,722,010.02
----------------------
(b) Class A-2 Ending Principal Balance 26,360,000.00
----------------------
(c) Class A-3 Ending Principal Balance 23,862,000.00
----------------------
(d) Class A-4 Ending Principal Balance 12,115,000.00
----------------------
(e) Class A-5 Ending Principal Balance 23,781,000.00
----------------------
12 Unpaid Senior Principal Shortfall (if any)
following current Remittance Date 0.00
----------------------
</TABLE>
Page 2
<PAGE>
<TABLE>
<CAPTION>
CLASS A-6 CERTIFICATES
<S> <C>
13 Class A-6 Amount Available 283,191.30
---------------------------
Interest
14 Aggregate Interest
(a) Class A-6 Remittance Rate ( % unless Weighted Average
Contract Rate is below %) 7.975
---------------------------
(b) Class A-6 Interest 84,827.42
---------------------------
15 Amount applied to Unpaid Class A-6 Interest Shortfall 0.00
---------------------------
16 Amount applied to Class A-6 Interest Deficiency Amount 0.00
---------------------------
17 Remaining unpaid Class A-6 Interest Deficiency Amount 0.00
---------------------------
18 Remaining Unpaid Class A-6 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 160,969,992.77
---------------------------
21 Class A-6 Percentage after prior Remittance Date 0.00
---------------------------
22 Class A-6 Percentage for such Remittance Date 0.00
---------------------------
23 Class A-6 Percentage for the following Remittance Date 0.00
---------------------------
24 Class A-6 principal distribution:
(a) Class A-6 (current) 0.00
---------------------------
(b) Unpaid Class A-6 Principal Shortfall (if any) following
prior Remittance Date 0.00
---------------------------
25 Unpaid Class A-6 Principal Shortfall (if any) following current
Remittance Date 0.00
---------------------------
Class A-6 Principal Balance 12,764,000.00
---------------------------
Class B Principal Distribution Tests (tests must be satisfied on or
after the Remittance Date occurring in June 1999) n/a
---------------------------
Page 3
<PAGE>
<S> <C>
26 Average Sixty-Day Delinquency Ratio Test
(a) Sixty-Day Delinquency Ratio for current Remittance Date 1.05%
---------------------------
(b) Average Sixty-Day Delinquency Ratio (arithmetic average
of ratios for this month and two preceding months;
may not exceed 5%) 0.71%
---------------------------
27 Average Thirty-Day Delinquency Ratio Test
(a) Thirty-Day Delinquency Ratio for current Remittance Date 4.69%
---------------------------
(b) Average Thirty-Day Delinquency Ratio (arithmetic average
of ratios for this month and two preceding months; may
not exceed 7%) 3.41%
---------------------------
28 Cumulative Realized Losses Test
(a) Cumulative Realized Losses for current Remittance Date (as
a percentage of Cut-off Date Pool Principal Balance; may not
exceed 7% from June 1, 2000 to May 31, 2001, 8% from June 1,
2001 to May 31, 2002, 9% from June 1, 2002 and thereafter) 0.00%
---------------------------
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 during
the 12 immediately preceding Collection Period, divided by
the arithmetic average of Pool Scheduled Balances as of the
preceding Collecting Period and the Pool Scheduled Balance as
of the last day of the immediately preceding Collection
Period; may not exceed 2.75%) 0.00%
---------------------------
30 Class B Principal Balance Test
(a) Class B Principal Balance will be considered satisfied for
any Remittance Date, that the sum of the Class B Principal
Balance and the Overcollateralization Amount as of such
Remittance Date, before giving effect to distributions on
such Remittance Date, is greater than or equal to $3,239,614. 29,927,383.12
---------------------------
Page 4
<PAGE>
1996-1
Month-end: 06/30/96
CLASS B-1 CERTIFICATES
<S> <C>
31 Amount Available less the Senior Distribution Amount
and Class A-6 Distribution Amount 198,363.89
---------------------------
Interest
32 Class B-1 Remittance Rate 8.040
---------------------------
33 Class B-1 Interest 117,591.70
---------------------------
34 Current Interest 117,591.70
---------------------------
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 27,124,000.00
---------------------------
44 Class B-1 Principal Balance 17,551,000.00
---------------------------
</TABLE>
Page 5
<PAGE>
<TABLE>
<CAPTION>
CLASS B-2 CERTIFICATES
<S> <C>
45 Remaining Amount Available 80,772.19
--------------------
Interest
46 Class B-2 Remittance Rate ( %, unless 10.125
Weighted Average Contract Rate is less than %) --------------------
47 Class B-2 Interest 80,772.19
--------------------
48 Current Interest 80,772.19
--------------------
49 Amount applied to Unpaid Class B-2 Interest
Shortfall 0.00
--------------------
50 Remaining Unpaid Class B-2 Interest 0.00
Shortfall --------------------
Principal
51 Unpaid Class B-2 Principal Shortfall (if 0.00
any) following prior Remittance Date --------------------
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 Formula Principal Distribution Amount) 0.00
--------------------
54 Class B-2 Principal Balance 9,573,000.00
--------------------
SENIOR, CLASS A-6, CLASS B-1 AND CLASS B-2 CERFIFICATES
Aggregate "Actual" Balances of delinquent Contracts
as of "month-end".
56 30-59 days 5,853,094.90
----------------------
57 60 days or more 1,690,200.13
----------------------
58 Manufactured Homes repossessed 5
----------------------
59 Manufactured Homes repossessed but
remaining in inventory (6 repurchased) 2
----------------------
60 Weighted Average Contract Rate of all
outstanding Contracts (Note: Does Not include 9.4498556057
servicing fee.) ----------------------
</TABLE>
Page 6
<PAGE>
<TABLE>
<S> <C>
RESIDUAL CERTIFICATES
61
(a) 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-6 Distribution Amount, Class B-1
Distribution Amount, and Class B-2 Distribution
Amount, if the Company is the Servicer) 0.00
----------------------
(b) Monthly interest on certificate account: 0.00
----------------------
CLASS A-6, CLASS B-1, and CLASS B-2 CERTIFICATES
62 Class A-4 Interest Deficiency on such Remittance
Date 0.00
----------------------
63 Class B-1 Interest Deficiency on such Remittance
Date 0.00
----------------------
64 Class B-2 Interest Deficiency on such Remittance
Date 0.00
----------------------
REPOSSESSED CONTRACTS
65 Repossessed Contracts 158,798.73
----------------------
66 Repossessed Contracts Remaining in Inventory
(6 repurchases) 58,173.52
----------------------
ACCELERATED PRINCIPAL CALCULATION
67 Remaining Amount Available 0.00
----------------------
68 Accelerated Principal 438,599.63
----------------------
RESIDUAL CERTIFICATES
69 Class "C" Distribution Amount (excess, if any,
1/12 Weighted Net Contact Rate at beginning x pool
scheduled balance at beginning MINUS the Certificate
Interest [A-1 to B-2] Distribution Amount for date.) 0.00
----------------------
70 Release Amount (if B-2 is zero) 0.00
----------------------
71 Reimburse Residual Certificate Holder per 0.00
Section 10.06 (REMIC Tax Matters) ----------------------
72 Remaining to Residual Holder 0.00
----------------------
</TABLE>
Please contact the Bondholder Relations Department of the Bank of New York
at (212)815-2793 with any questions regarding this Statement on your
Distribution.
Page 7
<PAGE>
1996-1
Month-end: 07/31/96
[LOGO] ACCESS FINANCIAL CORP.
ACCESS FINANCIAL CORP.
The undersigned certifies that he/she is a Servicing Officer of Access
Financial Corp., a Delaware corporation (the "company"), and that as such
he/she 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 May 1, 1996 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 07/01/96 to 07/31/96 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 "0.06".
IN WITNESS WHEREOF, I have affixed hereunto my signature this 12th day of
August, 1996.
ACCESS FINANCIAL CORP.
By: /s/ Diane R. Estep
----------------------------------
Name: Diane R. Estep
Title: Assistant Secretary
<PAGE>
MANUFACTURED HOUSING CONTRACT SENIOR/SUBORDINATE
PASS-THROUGH CERTIFICATES, SERIES 1996-1
Distribution Date: 8/15/96
<TABLE>
<S> <C>
Amount reimbursable to the Servicer 820.06
----------------------
SENIOR CERTIFICATES
1 (a) Amount Available (including Monthly
Servicing Fee) 1,958,941.72
----------------------
(b) Class A-6 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
withdrawal of Class A-6 Interest Deficiency
Amount and Class B-1 Interest Deficiency
Amount for prior Remittance Date 1,958,941.72
----------------------
Interest
2 Aggregate Interest (total): 679,974.07
----------------------
(a) Class A-1 Remittance Rate 6.4
----------------------
(b) Class A-1 Interest 169,184.05
----------------------
(c) Class A-2 Remittance Rate 6.75
----------------------
(d) Class A-2 Interest 148,275.00
----------------------
(e) Class A-3 Remittance Rate 6.975
----------------------
(f) Class A-3 Interest 138,697.88
----------------------
(g) Class A-4 Remittance Rate 7.30
----------------------
(h) Class A-4 Interest 73,699.58
----------------------
(i) Class A-5 Remittance Rate 7.575
----------------------
(j) Class A-5 Interest 150,117.56
----------------------
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>
<CAPTION>
Principal Count
<S> <C>
Prior Period Ending Scheduled Balance 5,644 160,969,992.77
----------------------
5 Formula Principal Distribution Amount:
(a) Scheduled principal 246,240.91
---------------
(b) Principal Prepayments (PIF & Curtailments) (12) 296,354.67
----------------------
(c) Liquidated Contracts (1) 31,780.98
----------------------
(d) Repurchases (Principal) 0 0.00
----------------------
(e) Accelerated Principal 421,399.78
---------------
995,776.34
---------------
6 Pool Count/Scheduled Principal Balance 5,631 160,395,616.21
----------------------
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-1 995,776.34
----------------------
(b) Class A-2 0.00
----------------------
(c) Class A-3 0.00
----------------------
(d) Class A-4 0.00
----------------------
(e) Class A-5 0.00
----------------------
11 (a) Class A-1 Ending Principal Balance 30,726,233.68
----------------------
(b) Class A-2 Ending Principal Balance 26,360,000.00
----------------------
(c) Class A-3 Ending Principal Balance 23,862,000.00
----------------------
(d) Class A-4 Ending Principal Balance 12,155,000.00
----------------------
(e) Class A-5 Ending Principal Balance 23,781,000.00
----------------------
12 Unpaid Senior Principal Shortfall (if any)
following current Remittance Date 0.00
----------------------
</TABLE>
Page 2
<PAGE>
<TABLE>
<CAPTION>
CLASS A-6 CERTIFICATES
<S> <C>
13 Class A-6 Amount Available
283,191.31
-----------------------------------
Interest
14 Aggregate Interest
(a) Class A-6 Remittance Rate ( %
unless Weighted Average Contract
Rate is below %) 7.975
-----------------------------------
(b) Class A-6 Interest 84,827.42
-----------------------------------
15 Amount applied to Unpaid Class A-6
Interest Shortfall 0.00
-----------------------------------
16 Amount applied to Class A-6 Interest
Deficiency Amount 0.00
-----------------------------------
17 Remaining unpaid Class A-6 Interest
Deficiency Amount 0.00
-----------------------------------
18 Remaining Unpaid Class A-6 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 160,395,616.21
-----------------------------------
21 Class A-6 Percentage after prior
Remittance Date 0.00
-----------------------------------
22 Class A-6 Percentage for such Remittance
Date 0.00
-----------------------------------
23 Class A-6 Percentage for the following
Remittance Date 0.00
-----------------------------------
24 Class A-6 principal distribution:
(a) Class A-6 (current) 0.00
-----------------------------------
(b) Unpaid Class A-6 Principal Shortfall
(if any) following prior Remittance Date 0.00
-----------------------------------
25 Unpaid Class A-6 Principal Shortfall (if any)
following current Remittance Date Class A-6 0.00
-----------------------------------
Principal Balance 12,764,000.00
-----------------------------------
Class B Principal Distribution Tests (tests must be
satisfied on or after the Remittance Date occurring
in June 1999) n/a
-----------------------------------
Page 3
<PAGE>
26 Average Sixty-Day Delinquency Ratio Test
(a) Sixty-Day Delinquency Ratio for
current Remittance Date 1.97%
-----------------------------------
(b) Average Sixty-Day Delinquency Ratio
(arithmetic average of ratios for this month
and two preceding months; may not
exceed 5 %) 1.51%
-----------------------------------
27 Average Thirty-Day Delinquency Ratio Test
(a) Thirty-Day Delinquency Ratio for
current Remittance Date 6.91%
-----------------------------------
(b) Average Thirty-Day Delinquency Ratio
(arithmetic average of ratios for this month
and two preceding months; may not
exceed 7 %) 5.79%
-----------------------------------
28 Cumulative Realized Losses Test
(a) Cumulative Realized Losses for current
Remittance Date (as a percentage of Cut-off
Date Pool Principal Balance; may not exceed
7% from June 1, 2000 to May 31, 2001, 8%
from June 1, 2001 to May 31, 2002, 9% from
June 1, 2002 and thereafter) 0.01%
-----------------------------------
23,274.48
-----------------------------------
29 Current Realized Losses Test
(a) Current Realized Losses for current
Remittance Date 23,274.48
-----------------------------------
(b) Current Realized Loss Ratio (total Realized
Losses during the 12 immediately preceding
Collection Period, divided by the arithmetic
average of Pool Scheduled Balances as of the
preceding Collection Period and the Pool
Scheduled Balance as of the last day of the
immediately preceding Collection Period; may
not exceed 2.75%) 0.01%
-----------------------------------
30 Class B Principal Balance Test
(a) Class B Principal Balance will be considered
satisfied for any Remittance Date, that the
sum of the Class B Principal Balance and the
Overcollateralization Amount as of such
Remittance Date, before giving effect to
distributions on such Remittance Date, is
greater than or equal to $3,239,614. 30,357,350.20
-----------------------------------
Page 4
<PAGE>
CLASS B-1 CERTIFICATES
<S> <C>
31 Amount Available less the Senior Distribution
Amount and Class A-6 Distribution Amount 198,363.89
-----------------------------------
Interest
32 Class B-1 Remittance Rate 8.040
-----------------------------------
33 Class B-1 Interest 117,591.70
-----------------------------------
34 Current Interest 117,591.70
-----------------------------------
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 27,124,000.00
-----------------------------------
44 Class B-1 Principal Balance 17,551,000.00
-----------------------------------
</TABLE>
Page 5
<PAGE>
1996-1
Month-end: 07/31/96
<TABLE>
<CAPTION>
CLASS B-2 CERTIFICATES
<S> <C>
45 Remaining Amount Available 80,772.19
-------------------
Interest
46 Class B-2 Remittance Rate ( %, unless
Weighted Average Contract Rate is less than %) 10.125
-------------------
47 Class B-2 Interest 80,772.19
-------------------
48 Current Interest 80,772.19
-------------------
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
Formula Principal Distribution Amount) 0.00
-------------------
54 Class B-2 Principal Balance 9,573,000.00
-------------------
SENIOR, CLASS A-6, CLASS B-1 AND CLASS B-2 CERTIFICATES
Aggregate "Actual" Balances of delinquent Contracts
as of "month-end".
56 30-59 days 7,922,526.87
-------------------
57 60 days or more 3,161,002.60
-------------------
58 Manufactured Homes repossessed 17
-------------------
59 Manufactured Homes repossessed but
remaining in inventory 18
-------------------
60 Weighted Average Contract Rate of all
outstanding Contracts (Note: Does not include .094498267406
servicing fee.) -------------------
Page 6
<PAGE>
1996-1
Month-end: 07/31/96
RESIDUAL CERTIFICATES
61
(a) 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-6 Distribution Amount, Class B-1
Distribution Amount, and Class B-2
Distribution Amount, if the Company is
the Servicer) 0.00
-------------------
(b) Monthly interest on certificate account: 0.00
-------------------
CLASS A-6, CLASS B-1, AND CLASS B-2 CERTIFICATES
62 Class A-4 Interest Deficiency on such Remittance Date
0.00
-------------------
63 Class B-1 Interest Deficiency on such Remittance Date
0.00
-------------------
64 Class B-2 Interest Deficiency on such Remittance Date
0.00
-------------------
REPOSSESSED CONTRACTS
65 Repossessed Contracts 432,631.75
-------------------
66 Repossessed Contracts Remaining in Inventory
(6 repurchases) 458,759.27
-------------------
ACCELERATED PRINCIPAL CALCULATION
67 Remaining Amount Available 0.00
-------------------
68 Accelerated Principal 421,399.78
-------------------
RESIDUAL CERTIFICATES
69 Class "C" 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
-------------------
70 Release Amount (if B-2 is zero) 0.00
-------------------
71 Reimburse Residual Certificate Holder per 0.00
Section 10.06 (REMIC Tax Matters) -------------------
72 Remaining to Residual Holder 0.00
-------------------
</TABLE>
Please contact the Bondholder Relations Department of the Bank of New York at
(212) 815-2793 with any questions regarding this Statement on your Distribution.
Page 7
<PAGE>
[LOGO] ACCESS FINANCIAL
[LETTERHEAD]
ACCESS FINANCIAL LENDING CORP.
The undersigned certifies that he/she is a Servicing Officer of Access
Financial Lending Corp., a Delaware corporation (the "company"), and that as
such he/she 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 May 1, 1996 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 08/01/96 to 08/31/96 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 1.
IN WITNESS WHEREOF, I have affixed hereunto my signature this 11th day of
September, 1996.
ACCESS FINANCIAL LENDING CORP.
By: /s/ Diane R. Estep
---------------------------
Name: Diane R. Estep
Title: Assistant Secretary
<PAGE>
1996-1
Month-end: 08/31/96
MANUFACTURED HOUSING CONTRACT SENIOR/SUBORDINATE
PASS-THROUGH CERTIFICATES, SERIES 1996-1
Distribution Date: 9/15/96
<TABLE>
<S> <C>
Amount reimbursable to the Servicer 0.00
------------------
SENIOR CERTIFICATES
1(a) Amount Available (including Monthly
Servicing Fee) 1,979,656.78
------------------
(b) Class A-6 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
withdrawal of Class A-6 Interest Deficiency
Amount and Class B-1 Interest Deficiency
Amount for prior Remittance Date 1,979,656.78
------------------
Interest
2 Aggregate Interest (total): 674,663.27
------------------
(a) Class A-1 Remittance Rate 6.4
------------------
(b) Class A-1 Interest 163,873.25
------------------
(c) Class A-2 Remittance Rate 6.75
------------------
(d) Class A-2 Interest 148,275.00
------------------
(e) Class A-3 Remittance Rate 6.975
------------------
(f) Class A-3 Interest 138,697.88
------------------
(g) Class A-4 Remittance Rate 7.30
------------------
(h) Class A-4 Interest 73,699.58
------------------
(i) Class A-5 Remittance Rate 7.575
------------------
(j) Class A-5 Interest 150,117.56
------------------
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>
<CAPTION>
Principal Count
<S> <C>
Prior Period Ending Scheduled Balance 5,631 160,395,616.21
--------------------------------
5 Formula Principal Distribution Amount:
(a) Scheduled principal 247,828.13
-----------------------
(b) Principal Prepayments (PIF & Curtailments) (11) 329,113.23
--------------------------------
(c) Liquidated Contracts 0 0.00
--------------------------------
(d) Repurchases (Principal) 0 0.00
--------------------------------
(e) Accelerated Principal 444,860.85
-----------------------
1,021,802.21
-----------------------
6 Pool Count/Scheduled Principal Balance 5,620 159,818,674.85
--------------------------------
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 1,021,802.21
-----------------------
(b) Class A-2 0.00
-----------------------
(c) Class A-3 0.00
-----------------------
(d) Class A-4 0.00
-----------------------
(e) Class A-5 0.00
-----------------------
11 (a) Class A-1 Ending Principal Balance 29,704,431.47
-----------------------
(b) Class A-2 Ending Principal Balance 26,360,000.00
-----------------------
(c) Class A-3 Ending Principal Balance 23,862,000.00
-----------------------
(d) Class A-4 Ending Principal Balance 12,115,000.00
-----------------------
(e) Class A-5 Ending Principal Balance 23,781,000.00
-----------------------
12 Unpaid Senior Principal Shortfall (if any)
following current Remittance Date 0.00
-----------------------
</TABLE>
Page 2
<PAGE>
<TABLE>
<CAPTION>
CLASS A-6 CERTIFICATES
<S> <C>
13 Class A-6 Amount Available 283,191.30
--------------------------
Interest
14 Aggregate Interest
(a) Class A-6 Remittance Rate ( %
unless Weighted Average Contract
Rate is below %) 7.975
--------------------------
(b) Class A-6 Interest 84,827.42
--------------------------
15 Amount applied to Unpaid Class A-6
Interest Shortfall 0.00
--------------------------
16 Amount applied to Class A-6 Interest
Deficiency Amount 0.00
--------------------------
17 Remaining unpaid Class A-6 Interest
Deficiency Amount 0.00
--------------------------
18 Remaining Unpaid Class A-6 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 159,818,674.85
--------------------------
21 Class A-6 Percentage after prior
Remittance Date 0.00
--------------------------
22 Class A-6 Percentage for such Remittance
Date 0.00
--------------------------
23 Class A-6 Percentage for the following
Remittance Date 0.00
--------------------------
24 Class A-6 principal distribution:
(a) Class A-6 (current) 0.00
--------------------------
(b) Unpaid Class A-6 Principal Shortfall
(if any) following prior Remittance Date 0.00
--------------------------
25 Unpaid Class A-6 Principal Shortfall (if any)
following current Remittance Date 0.00
--------------------------
Class A-6 Principal Balance 12,764,000.00
--------------------------
Class B Principal Distribution Tests (tests must be satisfied on
or after the Remittance Date occurring in June 1999) n/a
--------------------------
Page 3
<PAGE>
<S> <C>
26 Average Sixty-Day Delinquency Ratio Test
(a) Sixty-Day Delinquency Ratio for
current Remittance Date 3.04%
--------------------------
(b) Average Sixty-Day Delinquency Ratio
(arithmetic average of ratios for this month
and two preceding months; may not
exceed 5 %) 2.02%
--------------------------
27 Average Thirty-Day Delinquency Ratio Test
(a) Thirty-Day Delinquency Ratio for
current Remittance Date 8.03%
--------------------------
(b) Average Thirty-Day Delinquency Ratio
(arithmetic average of ratios for this month
and two preceding months; may not
exceed 7 %) 6.54%
--------------------------
28 Cumulative Realized Losses Test
(a) Cumulative Realized Losses for current
Remittance Date (as a percentage of Cut-off
Date Pool Principal Balance; may not exceed
7% from June 1, 2000 to May 31, 2001, 8% from
June 1, 2001 to May 31, 2002, 9% from June 1, 2002
and thereafter) 0.01%
--------------------------
23,274.48
--------------------------
29 Current Realized Losses Test
(a) Current Realized Losses for current
Remittance Date 0.00
--------------------------
(b) Current Realized Loss Ratio (total Realized Losses
during the 12 immediately preceding Collection Period,
divided by the arithmetic average of Pool Scheduled Balances
as of the preceding Collection Period and the Pool
Scheduled Balance as of the last day of the immediately
preceding Collection Period; may not exceed 2.75%) 0.01%
--------------------------
30 Class B Principal Balance Test
(a) Class B Principal Balance will be considered satisfied
for any Remittance Date, that the sum of the Class B
Principal Balance and the Overcollateralization Amount
as of such Remittance Date, before giving effect to
distributions on such Remittance Date, is greater
than or equal to $3,239,614. 30,787,382.53
--------------------------
Page 4
<PAGE>
CLASS B-1 CERTIFICATES
<S> <C>
31 Amount Available less the Senior Distribution
Amount and Class A-6 Distribution Amount 198,363.89
--------------------------
Interest
32 Class B-1 Remittance Rate 8.040
--------------------------
33 Class B-1 Interest 117,591.70
--------------------------
34 Current Interest 117,591.70
--------------------------
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 27,124,000.00
--------------------------
44 Class B-1 Principal Balance 17,551,000.00
--------------------------
</TABLE>
Page 5
<PAGE>
1996-1
Month-end: 08/31/96
<TABLE>
<CAPTION>
CLASS B-2 CERTIFICATES
<S> <C>
45 Remaining Amount Available 80,722.19
---------------------
Interest
46 Class B-2 Remittance Rebate ( %, unless
Weighted Average Contract Rate is less than
%) 10.125
---------------------
47 Class B-2 Interest 80,722.19
---------------------
48 Current Interest 80,722.19
---------------------
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
Formula Principal Distribution Amount) 0.00
---------------------
54 Class B-2 Principal Balance 9,573,000.00
---------------------
SENIOR, CLASS A-6, CLASS B-1 AND CLASS B-2 CERTIFICATES
Aggregate "Actual" Balances of delinquent Contracts
as of "month-end".
56 30-59 days 7,979,991.57
---------------------
57 60 days or more 4,855,729.75
---------------------
58 Manufactured Homes repossessed 15
---------------------
59 Manufactured Homes repossessed but
remaining in inventory 31
---------------------
60 Weighted Average Contract Rate of all
outstanding Contracts (Note: Does not include
servicing fee.) .0944907
---------------------
</TABLE>
Page 6
<PAGE>
<TABLE>
<S> <C>
RESIDUAL CERTIFICATES
61
(a) 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-6 Distribution Amount, Class B-1
Distribution Amount, and Class B-2
Distribution Amount, if the Company is
the Servicer) 0.00
---------------------
(b) Monthly interest on certificate account: 0.00
---------------------
CLASS A-6, CLASS B-1 AND CLASS B-2 CERTIFICATES
62 Class A-4 Interest Deficiency on such Remittance Date 0.00
---------------------
63 Class B-1 Interest Deficiency on such Remittance Date 0.00
---------------------
64 Class B-2 Interest Deficiency on such Remittance Date 0.00
---------------------
REPOSSESSED CONTRACTS
65 Repossessed Contracts 395,349.01
---------------------
66 Repossessed Contracts Remaining in Inventory
(6 repurchases) 808,004.47
---------------------
ACCELERATED PRINCIPAL CALCULATION
67 Remaining Amount Available 0.00
---------------------
68 Accelerated Principal 444,860.85
---------------------
RESIDUAL CERTIFICATES
69 Class "C" 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
---------------------
70 Release Amount (if B-2 is zero) 0.00
---------------------
71 Reimburse Residual Certificate Holder per
Section 10.06 (REMIC Tax Matters) 0.00
---------------------
72 Remaining to Residual Holder 0.00
---------------------
</TABLE>
Please contact the Bondholder Relations Department of the Bank of New York
at (212) 815-2793 with any questions regarding this Statement on your
Distribution.
Page 7
<PAGE>
[LOGO]
A C C E S S [Letterhead]
FINANCIAL-TM-
ACCESS FINANCIAL LENDING CORP.
The undersigned certifies that he/she is a Servicing Officer of
Access Financial Lending Corp., a Delaware corporation (the "company"), and
that as such he/she 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 May 1, 1996 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 09/01/96 to 09/30/96 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 1.10.
IN WITNESS WHEREOF, I have affixed hereunto my signature this 10th day of
October, 1996.
ACCESS FINANCIAL LENDING CORP.
By: /S/ G V Busch
------------------------
Name: Gary V. Busch
Title: Vice President
<PAGE>
MANUFACTURED HOUSING CONTRACT SENIOR/SUBORDINATE
PASS-THROUGH CERTIFICATES, SERIES 1996-1
Distribution Date: 10/15/96
<TABLE>
<S> <C>
Amount reimbursable to the Servicer 6,567.89
---------------------
SENIOR CERTIFICATES
1 (a) Amount Available (including Monthly
Servicing Fee) 2,053,106.37
(b) Class A-6 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 ----------------------
withdrawal of Class A-6 Interest Deficiency
Amount and Class B-1 Interest Deficiency
Amount for prior Remittance Date 2,053,106.37
----------------------
Interest
2 Aggregate Interest (total): 669,213.65
----------------------
(a) Class A-1 Remittance Rate 6.4
----------------------
(b) Class A-1 Interest 158,423.63
----------------------
(c) Class A-2 Remittance Rate 6.75
----------------------
(d) Class A-2 Interest 148,275.00
----------------------
(e) Class A-3 Remittance Rate 6.975
----------------------
(f) Class A-3 Interest 138,697.88
----------------------
(g) Class A-4 Remittance Rate 7.30
----------------------
(h) Class A-4 Interest 73,699.58
----------------------
(i) Class A-5 Remittance Rate 7.575
----------------------
(j) Class A-5 Interest 150,117.56
----------------------
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>
<CAPTION>
Principal Count
<S> <C>
Prior Period Ending Schedule Balance 5,620 159,818,674.85
-----------------------------------
5 Formula Principal Distribution Amount:
(a) Scheduled principal 249,402.04
----------------------
(b) Principal Prepayments (PIF & Curtailments) (10) 346,758.18
-----------------------------------
(c) Liquidated Contracts (3) 92,330.54
-----------------------------------
(d) Repurchases (Principal) 0 0.00
-----------------------------------
(e) Accelerated Principal 412,210.65
----------------------
1,100,701.41
----------------------
6 Pool Count/Scheduled Principal Balance 5,607 159,130,184.09
-----------------------------------
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 1,100,701.41
----------------------
(b) Class A-2 0.00
----------------------
(c) Class A-3 0.00
----------------------
(d) Class A-4 0.00
----------------------
(e) Class A-5 0.00
----------------------
11 (a) Class A-1 Ending Principal Balance 28,603,730.06
----------------------
(b) Class A-2 Ending Principal Balance 26,360,000.00
----------------------
(c) Class A-3 Ending Principal Balance 23,862,000.00
----------------------
(d) Class A-4 Ending Principal Balance 12,115,000.00
----------------------
(e) Class A-5 Ending Principal Balance 23,781,000.00
----------------------
12 Unpaid Senior Principal Shortfall (if any)
following current Remittance Date 0.00
----------------------
</TABLE>
Page 2
<PAGE>
<TABLE>
<CAPTION>
CLASS A-6 CERTIFICATES
<S> <C>
13 Class A-6 Amount Available 283,191.31
-----------------------
Interest
14 Aggregate Interest
(a) Class A-6 Remittance Rate ( %
unless Weighted Average Contract
Rate is below %) 7.975
-----------------------
(b) Class A-6 Interest 84,827.42
-----------------------
15 Amount applied to Unpaid Class A-6
Interest Shortfall 0.00
-----------------------
16 Amount applied to Class A-6 Interest
Deficiency Amount 0.00
-----------------------
17 Remaining unpaid Class A-6 Interest
Deficiency Amount 0.00
-----------------------
18 Remaining Unpaid Class A-6 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 159,130,184.09
-----------------------
21 Class A-6 Percentage after prior
Remittance Date 0.00
-----------------------
22 Class A-6 Percentage for such Remittance
Date 0.00
-----------------------
23 Class A-6 Percentage for the following
Remittance Date 0.00
-----------------------
24 Class A-6 principal distribution:
(a) Class A-6 (current) 0.00
-----------------------
(b) Unpaid Class A-6 Principal Shortfall
(if any) following prior Remittance Date 0.00
-----------------------
25 Unpaid Class A-6 Principal Shortfall (if any)
following current Remittance Date 0.00
-----------------------
Class A-6 Principal Balance 12,764,000.00
-----------------------
Class B Principal Distribution Tests (tests must be satisfied
on or after the Remittance Date occurring in June 1999) n/a
-----------------------
Page 3
<PAGE>
<S> <C>
26 Average Sixty-Day Delinquency Ratio Test
(a) Sixty-Day Delinquency Ratio for
current Remittance Date 4.06%
-----------------------
(b) Average Sixty-Day Delinquency Ratio
(arithmetic average of ratios for this month
and two preceding months; may not
exceed 5 %) 3.02%
-----------------------
27 Average Thirty-Day Delinquency Ratio Test
(a) Thirty-Day Delinquency Ratio for
current Remittance Date 10.52%
-----------------------
(b) Average Thirty-Day Delinquency Ratio
(arithmetic average of ratios for this month
and two preceding months; may not
exceed 7 %) 8.49%
-----------------------
28 Cumulative Realized Losses Test
(a) Cumulative Realized Losses for current
Remittance Date (as a percentage of Cut-off
Date Pool Principal Balance; may not exceed
7% from June 1, 2000 to May 31, 2001, 8% from
June 1, 2001 to May 31, 2002, 9% from June 1, 2002
and thereafter) 0.03%
-----------------------
53,675.45
-----------------------
29 Current Realized Losses Test
(a) Current Realized Losses for current
Remittance Date 31,945.81
-----------------------
(b) Current Realized Loss Ratio (total Realized Losses
during the 12 immediately preceding Collection
Period, divided by the arithmetic average of Pool
Scheduled Balances as of the preceding Collection
Period and the Pool Scheduled Balance as of the
last day of the immediately preceding Collection
Period; may not exceed 2.75%) 0.03%
-----------------------
30 Class B Principal Balance Test
(a) Class B Principal Balance will be considered
satisfied for any Remittance Date, that the sum
of the Class B Principal Balance and the
Overcollateralization Amount as of such Remittance
Date, before giving effect to distributions on such
Remittance Date, is greater than or equal
to $3,239,614. 31,232,243.38
-----------------------
Page 4
<PAGE>
CLASS B-1 CERTIFICATES
<S> <C>
31 Amount Available less the Senior Distribution
Amount and Class A-6 Distribution Amount 198,363.89
-----------------------
Interest
32 Class B-1 Remittance Rate 8.040
-----------------------
33 Class B-1 Interest 117,591.70
-----------------------
34 Current Interest 117,591.70
-----------------------
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 27,124,000.00
-----------------------
44 Class B-1 Principal Balance 17,551,000.00
-----------------------
</TABLE>
Page 5
<PAGE>
<TABLE>
<CAPTION>
CLASS B-2 CERTIFICATES
<S> <C>
45 Remaining Amount Available 80,772.19
------------------
Interest
46 Class B-2 Remittance Rate ( %, unless
Weighted Average Contract Rate is less than %) 10.125
------------------
47 Class B-2 Interest 80,772.19
------------------
48 Current Interest 80,772.19
------------------
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
Formula Principal Distribution Amount) 0.00
------------------
54 Class B-2 Principal Balance 9,573,000.00
------------------
SENIOR, CLASS A-6, CLASS B-1 AND CLASS B-2 CERTIFICATES
Aggregate "Actual" Balances of delinquent Contracts
as of "month-end".
56 30-59 days 10,278,479.45
------------------
57 60 days or more 6,460,939.68
------------------
58 Manufactured Homes repossessed 14
------------------
59 Manufactured Homes repossessed but
remaining in inventory 42
------------------
60 Weighted Average Contract Rate of all
outstanding Contracts (Note: Does not include 9.4487845443
servicing fee.) ------------------
Page 6
<PAGE>
RESIDUAL CERTIFICATES
61
(a) 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-6 Distribution Amount, Class B-1
Distribution Amount, and Class B-2 Distribution
Amount, if the Company is the Servicer) 0.00
------------------
(b) Monthly interest on certificate account: 0.00
------------------
CLASS A-6, CLASS B-1, AND CLASS B-2 CERTIFICATES
62 Class A-4 Interest Deficiency on such Remittance Date
0.00
------------------
63 Class B-1 Interest Deficiency on such Remittance Date
0.00
------------------
64 Class B-2 Interest Deficiency on such Remittance Date
0.00
------------------
REPOSSESSED CONTRACTS
65 Repossessed Contracts 304,662.61
------------------
66 Repossessed Contracts Remaining in Inventory
(6 repurchases) 1,018,985.15
------------------
ACCELERATED PRINCIPAL CALCULATION
67 Remaining Amount Available 0.00
------------------
68 Accelerated Principal 412,210.65
------------------
RESIDUAL CERTIFICATES
69 Class "C" 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
------------------
70 Release Amount (if B-2 is zero) 0.00
------------------
71 Reimburse Residual Certificate Holder per
Section 10.06 (REMIC Tax Matters) 0.00
------------------
72 Remaining to Residual Holder 0.00
------------------
</TABLE>
Please contact the Bondholder Relations Department of the Bank of New York
at (212) 815-2793 with any questions regarding this Statement on your
Distribution.
Page 7
<PAGE>
[LOGO] ACCESS FINANCIAL
[LETTERHEAD]
ACCESS FINANCIAL LENDING CORP.
The undersigned certifies that he/she is a Servicing Officer of Access
Financial Lending Corp., a Delaware corporation (the "company"), and that as
such he/she 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 May 1, 1996 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 10/01/96 to 10/31/96 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 1.60.
IN WITNESS WHEREOF, I have affixed hereunto my signature this 12th day of
November, 1996.
ACCESS FINANCIAL LENDING CORP.
By: /s/ G V Busch
----------------------------------------
Name: Gary V. Busch
Title: Vice President
[LETTERHEAD]
<PAGE>
MANUFACTURED HOUSING CONTRACT SENIOR/SUBORDINATE
PASS-THROUGH CERTIFICATES, SERIES 1996-1
Distribution Date: 11/15/96
<TABLE>
<S> <C>
Amount reimbursable to the Servicer 3,098.70
--------------------
SENIOR CERTIFICATES
1 (a) Amount Available (including Monthly
Servicing Fee) 1,980,042.21
--------------------
(b) Class A-6 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
withdrawal of Class A-6 Interest Deficiency
Amount and Class B-1 Interest Deficiency
Amount for prior Remittance Date 1,980,042.21
--------------------
Interest
2 Aggregate Interest (total): 663,343.25
--------------------
(a) Class A-1 Remittance Rate 6.4
--------------------
(b) Class A-1 Interest 152,553.23
--------------------
(c) Class A-2 Remittance Rate 6.75
--------------------
(d) Class A-2 Interest 148,275.00
--------------------
(e) Class A-3 Remittance Rate 6.975
--------------------
(f) Class A-3 Interest 138,697.88
--------------------
(g) Class A-4 Remittance Rate 7.30
--------------------
(h) Class A-4 Interest 73,699.58
--------------------
(i) Class A-5 Remittance Rate 7.575
--------------------
(j) Class A-5 Interest 150,117.56
--------------------
3 Amount applied to:
(a) Unpaid Senior Interest Shortfall 0.00
--------------------
4 Remaining:
(a) Unpaid Senior Interest Shortfall 0.00
--------------------
Page 1
<PAGE>
Principal Count
<S> <C>
Prior Period Ending Scheduled Balance 5,607 159,130,184.09
---------------------------
5 Formula Principal Distribution Amount:
(a) Scheduled principal 250,932.13
-----------------
(b) Principal Prepayments (PIF & Curtailments) (11) 314,393.56
---------------------------
(c) Liquidated Contracts (2) 32,904.07
---------------------------
(d) Repurchases (Principal) 0 0.00
---------------------------
(e) Accelerated Principal 338,967.21
-----------------
937,196.97
-----------------
6 Pool Count/Scheduled Principal Balance 5,594 158,531,954.33
--------------------------
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-1 937,196.97
-----------------
(b) Class A-2 0.00
-----------------
(c) Class A-3 0.00
-----------------
(d) Class A-4 0.00
-----------------
(e) Class A-5 0.00
-----------------
11 (a) Class A-1 Ending Principal Balance 27,666,533.09
-----------------
(b) Class A-2 Ending Principal Balance 26,360,000.00
-----------------
(c) Class A-3 Ending Principal Balance 23,862,000.00
-----------------
(d) Class A-4 Ending Principal Balance 12,115,000.00
-----------------
(e) Class A-5 Ending Principal Balance 23,781,000.00
-----------------
12 Unpaid Senior Principal Shortfall (if any)
following current Remittance Date 0.00
-----------------
</TABLE>
Page 2
<PAGE>
<TABLE>
CLASS A-6 CERTIFICATES
<S> <C>
13 Class A-6 Amount Available 379,501.99
-------------------------
Interest
14 Aggregate Interest
(a) Class A-6 Remittance Rate ( %
unless Weighted Average Contract
Rate is below %) 7.975
-------------------------
(b) Class A-6 Interest 84,827.42
-------------------------
15 Amount applied to Unpaid Class A-6
Interest Shortfall 0.00
-------------------------
16 Amount applied to Class A-6 Interest
Deficiency Amount 0.00
-------------------------
17 Remaining unpaid Class A-6 Interest
Deficiency Amount 0.00
-------------------------
18 Remaining Unpaid Class A-6 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 158,531,954.33
-------------------------
21 Class A-6 Percentage after prior
Remittance Date 0.00
-------------------------
22 Class A-6 Percentage for such Remittance
Date 0.00
-------------------------
23 Class A-6 Percentage for the following
Remittance Date 0.00
-------------------------
24 Class A-6 principal distribution:
(a) Class A-6 (current) 0.00
-------------------------
(b) Unpaid Class A-6 Principal Shortfall
(if any) following prior Remittance Date 0.00
-------------------------
25 Unpaid Class A-6 Principal Shortfall (if any)
following current Remittance Date 0.00
-------------------------
Class A-6 Principal Balance 12,764,000.00
-------------------------
Class B Principal Distribution Tests (tests must be satisfied on
or after the Remittance Date occurring in June 1999) n/a
-------------------------
Page 3
<PAGE>
26 Average Sixty-Day Delinquency Ratio Test
(a) Sixty-Day Delinquency Ratio for
current Remittance Date 5.33%
-------------------------
(b) Average Sixty-Day Delinquency Ratio
(arithmetic average of ratios for this month
and two preceding months; may not
exceed 5 %) 4.14%
-------------------------
27 Average Thirty-Day Delinquency Ratio Test
(a) Thirty-Day Delinquency Ratio for
current Remittance Date 11.56%
-------------------------
(b) Average Thirty-Day Delinquency Ratio
(arithmetic average of ratios for this month
and two preceding months; may not
exceed 7* %) re: Class B Prin. Distri. Test 10.04%
-------------------------
28 Cumulative Realized Losses Test
(a) Cumulative Realized Losses for current
Remittance Date (as a percentage of Cut-off
Date Pool Principal Balance: may not exceed
7% from June 1, 2000 to May 31, 2001, 8% from
June 1, 2001 to May 31, 2002, 9% from June 1, 2002
and thereafter) 0.04%
-------------------------
62,097.84
-------------------------
29 Current Realized Losses Test
(a) Current Realized Losses for current
Remittance Date 8,422.39
-------------------------
(b) Current Realized Loss Ratio (total Realized Losses
during the 12 immediately preceding Collection Period,
divided by the arithmetic average of Pool Scheduled Balances
as of the preceding Collection Period and the Pool
Scheduled Balance as of the last day of the immediately
preceding Collection Period; may not exceed 2.75%) 0.04%
-------------------------
30 Class B Principal Balance Test
(a) Class B Principal Balance will be considered satisfied
for any Remittance Date, that the sum of the Class B
Principal Balance and the Over collateralization Amount
as of such Remittance Date, before giving effect to
distributions on such Remittance Date, is greater
than or equal to $3,239,614. 31,644,454.03
-------------------------
Page 4
<PAGE>
CLASS B-1 CERTIFICATES
31 Amount Available less the Senior Distribution
Amount and Class A-6 Distribution Amount 294,674.57
-------------------------
Interest
32 Class B-1 Remittance Rate 8.040
-------------------------
33 Class B-1 Interest 117,591.70
-------------------------
34 Current Interest 117,591.70
-------------------------
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 27,124,000.00
-------------------------
44 Class B-1 Principal Balance 17,551,000.00
-------------------------
</TABLE>
Page 5
<PAGE>
<TABLE>
<CAPTION>
CLASS B-2 CERTIFICATES
<S> <C>
45 Remaining Amount Available 177,082.87
------------------
Interest
46 Class B-2 Remittance Rate ( %, unless
Weighted Average Contract Rate is less than %) 10.125
------------------
47 Class B-2 Interest 80,772.19
------------------
48 Current Interest 80,772.19
------------------
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 Formula Principal
Distribution Amount) 0.00
------------------
54 Class B-2 Principal Balance 9,573,000.00
------------------
SENIOR, CLASS A-6, CLASS B-1 AND CLASS B-2 CERTIFICATES
Aggregate "Actual" Balances of delinquent Contracts
as of "month-end".
56 30-59 days 9,877,299.40
------------------
57 60 days or more 8,447,818.57
------------------
58 Manufactured Homes repossessed 16
------------------
59 Manufactured Homes repossessed but
remaining in inventory 56
------------------
60 Weighted Average Contract Rate of all
outstanding Contracts (Note: Does not include 9.4480090144
servicing fee.) ------------------
</TABLE>
Page 6
<PAGE>
<TABLE>
<CAPTION>
RESIDUAL CERTIFICATES
<S> <C>
61
(a) 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-6 Distribution Amount, Class B-1
Distribution Amount, and Class B-2 Distribution
Amount, if the Company is the Servicer) 91,673.51
------------------
(b) Monthly interest on certificate account 4,637.17
------------------
CLASS A-6, CLASS B-1, AND CLASS B-2 CERTIFICATES
62 Class A-4 Interest Deficiency on such Remittance Date
0.00
------------------
63 Class B-1 Interest Deficiency on such Remittance Date
0.00
------------------
64 Class B-2 Interest Deficiency on such Remittance Date
0.00
------------------
REPOSSESSED CONTRACTS
65 Repossessed Contracts 331,083.73
------------------
66 Repossessed Contracts Remaining in Inventory
(6 repurchases) 1,316,731.28
------------------
ACCELERATED PRINCIPAL CALCULATION
67 Remaining Amount Available 0.00
------------------
68 Accelerated Principal 338,967.21
------------------
RESIDUAL CERTIFICATES
69 Class "C" 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
------------------
70 Release Amount (if B-2 is zero) 0.00
------------------
71 Reimburse Residual Certificate Holder per 0.00
Section 10.06 (REMIC Tax Matters) ------------------
72 Remaining to Residual Holder 0.00
------------------
</TABLE>
Please contact the Bondholder Relations Department of the Bank of New York
at (212) 815-2793 with any questions regarding this Statement on your
Distribution.
Page 7
<PAGE>
[LOGO] ACCESS FINANCIAL
[LETTERHEAD]
ACCESS FINANCIAL LENDING CORP.
The undersigned certifies that he/she is a Servicing Officer of Access
Financial Lending Corp., a Delaware corporation (the "company"), and that as
such he/she 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 May 1, 1996 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 11/01/96 to 11/30/96 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 1.47.
IN WITNESS WHEREOF, I have affixed hereunto my signature this 11th day of
December, 1996.
ACCESS FINANCIAL LENDING CORP.
By: /s/ Gary V. Busch
----------------------------
Name: Gary V. Busch
Title: Vice President
<PAGE>
MANUFACTURED HOUSING CONTRACT SENIOR/SUBORDINATE
PASS-THROUGH CERTIFICATES, SERIES 1996-1
Distribution Date: 12/16/96
<TABLE>
<S> <C>
Amount reimbursable to the Servicer 17,683.25
---------------------
SENIOR CERTIFICATES
1 (a) Amount Available (including Monthly
Servicing Fee) 2,135,556.90
---------------------
(b) Class A-6 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
withdrawal of Class A-6 Interest Deficiency
Amount and Class B-1 Interest Deficiency
Amount for prior Remittance Date 2,135,556.90
---------------------
Interest
2 Aggregate Interest (total): 658,344.86
---------------------
(a) Class A-1 Remittance Rate 6.4
---------------------
(b) Class A-1 Interest 147,554.84
---------------------
(c) Class A-2 Remittance Rate 6.75
---------------------
(d) Class A-2 Interest 148,275.00
---------------------
(e) Class A-3 Remittance Rate 6.975
---------------------
(f) Class A-3 Interest 138,697.88
---------------------
(g) Class A-4 Remittance Rate 7.30
---------------------
(h) Class A-4 Interest 73,699.58
---------------------
(i) Class A-5 Remittance Rate 7.575
---------------------
(j) Class A-5 Interest 150,117.56
---------------------
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>
<CAPTION>
<S> <C>
Principal Count
Prior Period Ending Scheduled Balance 5,594 158,531,954.33
------------------------------
5 Formula Principal Distribution Amount:
(a) Scheduled principal 251,781.24
---------------------
(b) Principal Prepayments (PIF & Curtailments) (11) 409,512.70
------------------------------
(c) Liquidated Contracts (9) 185,567.34
------------------------------
(d) Repurchases (Principal) 0 0.00
------------------------------
(e) Accelerated Principal 0.00
---------------------
846,861.28
---------------------
6 Pool Count/Scheduled Principal Balance 5,574 157,685,093.05
------------------------------
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-1 846,861.28
---------------------
(b) Class A-2 0.00
---------------------
(c) Class A-3 0.00
---------------------
(d) Class A-4 0.00
---------------------
(e) Class A-5 0.00
---------------------
11 (a) Class A-1 Ending Principal Balance 26,819,671.81
---------------------
(b) Class A-2 Ending Principal Balance 26,360,000.00
---------------------
(c) Class A-3 Ending Principal Balance 23,862,000.00
---------------------
(d) Class A-4 Ending Principal Balance 12,115,000.00
---------------------
(e) Class A-5 Ending Principal Balance 23,781,000.00
---------------------
12 Unpaid Senior Principal Shortfall (if any)
following current Remittance Date 0.00
---------------------
</TABLE>
Page 2
<PAGE>
<TABLE>
<CAPTION>
CLASS A-6 CERTIFICATES
<S> <C>
13 Class A-6 Amount Available 630,350.76
-----------------------
Interest
14 Aggregate Interest
(a) Class A-6 Remittance Rate ( %
unless Weighted Average Contract
Rate is below %) 7.975
-----------------------
(b) Class A-6 Interest 84,827.42
-----------------------
15 Amount applied to Unpaid Class A-6
Interest Shortfall 0.00
-----------------------
16 Amount applied to Class A-6 Interest
Deficiency Amount 0.00
-----------------------
17 Remaining unpaid Class A-6 Interest
Deficiency Amount 0.00
-----------------------
18 Remaining Unpaid Class A-6 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 157,685,093.05
-----------------------
21 Class A-6 Percentage after prior
Remittance Date 0.00
-----------------------
22 Class A-6 Percentage for such Remittance
Date 0.00
-----------------------
23 Class A-6 Percentage for the following
Remittance Date 0.00
-----------------------
24 Class A-6 principal distribution:
(a) Class A-6 (current) 0.00
-----------------------
(b) Unpaid Class A-6 Principal Shortfall
(if any) following prior Remittance Date 0.00
-----------------------
25 Unpaid Class A-6 Principal Shortfall (if any)
following current Remittance Date 0.00
-----------------------
Class A-6 Principal Balance 12,764,000.00
-----------------------
Class B Principal Distribution Tests (tests must be
satisfied on or after the Remittance Date occurring
in June 1999) n/a
-----------------------
Page 3
<PAGE>
26 Average Sixty-Day Delinquency Ratio Test
(a) Sixty-Day Delinquency Ratio for
current Remittance Date 6.23%
-----------------------
(b) Average Sixty-Day Delinquency Ratio
(arithmetic average of ratios for this month
and two preceding months; may not
exceed 5%) re: Class B Prin. Distri Test 5.21%
-----------------------
27 Average Thirty-Day Delinquency Ratio Test
(a) Thirty-Day Delinquency Ratio for
current Remittance Date 12.60%
-----------------------
(b) Average Thirty-Day Delinquency Ratio
(arithmetic average of ratios for this month
and two preceding months; may not
exceed 7*% re: Class B Prin. Distri. Test 11.56%
-----------------------
28 Cumulative Realized Losses Test
(a) Cumulative Realized Losses for current
Remittance Date (as a percentage of Cut-off
Date Pool Principal Balance; may not exceed
7% from June 1, 2000 to May 31, 2001, 8% from
June 1, 2001 to May 31, 2002, 9% from June 1, 2002
and thereafter) 0.10%
-----------------------
157,499.62
-----------------------
29 Current Realized Losses Test
(a) Current Realized Losses for current
Remittance Date 95,401.78
-----------------------
(b) Current Realized Loss Ratio (total Realized
Losses during the 12 immediately preceding Collection
Period, divided by the arithmetic average of Pool
Scheduled Balances as of the preceding Collection
Period and the Pool Scheduled Balance as of the last
day of the immediately preceding Collection Period;
may not exceed 2.75%) 0.10%
-----------------------
30 Class B Principal Balance Test
(a) Class B Principal Balance will be considered satisfied
for any Remittance Date, that the sum of the Class B
Principal Balance and the Overcollateralization Amount
as of such Remittance Date, before giving effect to
distributions on such Remittance Date, is greater
than or equal to $3,239,614. 31,983,421.24
-----------------------
Page 4
<PAGE>
<CAPTION>
CLASS B-1 CERTIFICATES
<S> <C>
31 Amount Available less the Senior Distribution
Amount and Class A-6 Distribution Amount 545,523.34
-----------------------
Interest
32 Class B-1 Remittance Rate 8.040
-----------------------
33 Class B-1 interest 117,591.70
-----------------------
34 Current Interest 117,591.70
-----------------------
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 27,124,000.00
-----------------------
44 Class B-1 Principal Balance 17,551,000.00
-----------------------
</TABLE>
Page 5
<PAGE>
<TABLE>
<CAPTION>
CLASS B-2 CERTIFICATES
<S> <C>
45 Remaining Amount Available 427,931.64
-----------------
Interest
46 Class B-2 Remittance Rate ( %, unless
Weighted Average Contract Rate is less than %) 10.125
-----------------
47 Class B-2 Interest 80,772.19
-----------------
48 Current Interest 80,772.19
-----------------
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
Formula Principal Distribution Amount) 0.00
-----------------
54 Class B-2 Principal Balance 9,573,000.00
-----------------
SENIOR, CLASS A-6, CLASS B-1 AND CLASS B-2 CERTIFICATES
Aggregate "Actual" Balances of delinquent Contracts
as of "month-end".
56 30-59 days 10,046,243.80
-----------------
57 60 days or more 9,828,997.89
-----------------
58 Manufactured Homes repossessed 20
-----------------
59 Manufactured Homes repossessed but
remaining in inventory 66
-----------------
60 Weighted Average Contract Rate of all
outstanding Contracts (Note: Does not include 9.4482038078
servicing fee.) -----------------
Page 6
<PAGE>
RESIDUAL CERTIFICATES
61
(a) 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-6 Distribution Amount, Class B-1
Distribution Amount, and Class B-2
Distribution Amount, if the Company is
the Servicer) 132,109.96
-----------------
(b) Monthly interest on certificate account: 3,810.82
-----------------
CLASS A-6, CLASS B-1, AND CLASS B-2 CERTIFICATES
62 Class A-4 Interest Deficiency on such Remittance Date
0.00
-----------------
63 Class B-1 Interest Deficiency on such Remittance Date
0.00
-----------------
64 Class B-2 Interest Deficiency on such Remittance Date
0.00
-----------------
REPOSSESSED CONTRACTS
65 Repossessed Contracts 445,281.51
-----------------
66 Repossessed Contracts Remaining in Inventory
1,553,799.12
-----------------
ACCELERATED PRINCIPAL CALCULATION
67 Remaining Amount Available 211,238.67
-----------------
68 Accelerated Principal 0.00
-----------------
RESIDUAL CERTIFICATES
69 Class "C" 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.) 211,238.67
-----------------
70 Release Amount (if B-2 is zero) 0.00
-----------------
71 Reimburse Residual Certificate Holder per 0.00
Section 10.06 (REMIC Tax Matters) -----------------
72 Remaining to Residual Holder 0.00
-----------------
</TABLE>
Please contact the Bondholder Relations Department of the Bank of New York at
(212) 815-2793 with any questions regarding this Statement on your Distribution.
Page 7
<PAGE>
[LOGO] ACCESS FINANCIAL-TM-
[Letterhead]
ACCESS FINANCIAL LENDING CORP.
The undersigned certifies that he/she is a Servicing Officer of Access
Financial Lending Corp., a Delaware corporation (the "company"), and that as
such he/she 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 May 1, 1996 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 12/01/96 to 12/31/96 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 2.05.
IN WITNESS WHEREOF, I have affixed hereunto my signature this 10th day of
January 1997.
ACCESS FINANCIAL LENDING CORP.
By: /s/ Gary V. Busch
----------------------------------
Name: Gary V. Busch
Title: Vice President
<PAGE>
MANUFACTURED HOUSING CONTRACT SENIOR/SUBORDINATE
PASS-THROUGH CERTIFICATES, SERIES 1996-1
Distribution Date: 1/15/97
<TABLE>
<S> <C>
Amount reimbursable to the Servicer 15,797.95
----------------------
SENIOR CERTIFICATES
1 (a) Amount Available (including Monthly
Servicing Fee) 2,618,409.48
----------------------
(b) Class A-6 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
withdrawal of Class A-6 Interest Deficiency
Amount and Class B-1 Interest Deficiency
Amount for prior Remittance Date 2,618,409.48
----------------------
Interest
2 Aggregate Interest (total): 653,828.27
----------------------
(a) Class A-1 Remittance Rate 6.4
----------------------
(b) Class A-1 Interest 143,038.25
----------------------
(c) Class A-2 Remittance Rate 6.75
----------------------
(d) Class A-2 Interest 148,275.00
----------------------
(e) Class A-3 Remittance Rate 6.975
----------------------
(f) Class A-3 Interest 138,697.88
----------------------
(g) Class A-4 Remittance Rate 7.30
----------------------
(h) Class A-4 Interest 73,699.58
----------------------
(i) Class A-5 Remittance Rate 7.575
----------------------
(j) Class A-5 Interest 150,117.56
----------------------
3 Amount applied to:
(a) Unpaid Senior Interest Shortfall 0.00
----------------------
4 Remaining:
(a) Unpaid Senior Interest Shortfall 0.00
----------------------
Page 1
<PAGE>
Principal Count
Prior Period Ending Scheduled Balance 5,574 157,685,093.05
-----------------------------
5 Formula Principal Distribution Amount:
(a) Scheduled principal 250,896.24
----------------------
(b) Principal Prepayments (PIF & Curtailments) (37) 936,110.08
-----------------------------
(c) Liquidated Contracts (7) 107,571.16
-----------------------------
(d) Repurchases (Principal) 0 0.00
-----------------------------
(e) Accelerated Principal 0.00
----------------------
1,294,577.48
----------------------
6 Pool Count/Scheduled Principal Balance 5,530 156,390,515.57
----------------------
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 1,294,577.48
----------------------
(b) Class A-2 0.00
----------------------
(c) Class A-3 0.00
----------------------
(d) Class A-4 0.00
----------------------
(e) Class A-5 0.00
----------------------
11 (a) Class A-1 Ending Principal Balance 25,525,094.33
----------------------
(b) Class A-2 Ending Principal Balance 26,360,000.00
----------------------
(c) Class A-3 Ending Principal Balance 23,862,000.00
----------------------
(d) Class A-4 Ending Principal Balance 12,115,000.00
----------------------
(e) Class A-5 Ending Principal Balance 23,781,000.00
----------------------
12 Unpaid Senior Principal Shortfall (if any)
following current Remittance Date 0.00
----------------------
</TABLE>
Page 2
<PAGE>
<TABLE>
<CAPTION>
CLASS A-6 CERTIFICATES
<S> <C>
13 Class A-6 Amount Available 670,003.73
--------------
Interest
14 Aggregate Interest
(a) Class A-6 Remittance Rate ( %
Unless Weighted Average Contract
Rate is below %) 7.975
--------------
(b) Class A-6 Interest 84,827.42
--------------
15 Amount applied to Unpaid Class A-6
Interest Shortfall 0.00
--------------
16 Amount applied to Class A-6 Interest
Deficiency Amount 0.00
--------------
17 Remaining unpaid Class A-6 Interest
Deficiency Amount 0.00
--------------
18 Remaining Unpaid Class A-6 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 156,390,515.57
--------------
21 Class A-6 Percentage after prior
Remittance Date 0.00
--------------
22 Class A-6 Percentage for such Remittance
Date 0.00
--------------
23 Class A-6 Percentage for the following
Remittance Date 0.00
--------------
24 Class A-6 principal distribution:
(a) Class A-6 (current) 0.00
--------------
(b) Unpaid Class A-6 Principal Shortfall
(if any) following prior Remittance Date 0.00
--------------
25 Unpaid Class A-6 Principal Shortfall (if any)
following current Remittance Date 0.00
--------------
Class A-6 Principal Balance 12,764,000.00
--------------
Class B Principal Distribution Tests (tests must be
satisfied on or after the Remittance Date occurring
in June 1999) n/a
--------------
</TABLE>
Page 3
<PAGE>
<TABLE>
<S> <C>
26 Average Sixty-Day Delinquency Ratio Test
(a) Sixty-Day Delinquency Ratio for
current Remittance Date 7.57%
-------------
(b) Average Sixty-Day Delinquency Ratio
(arithmetic average of ratios for this month
and two preceding months; may not
exceed 5%) re: Class B Prin. Distri Test 6.38%
-------------
27 Average Thirty-Day Delinquency Ratio Test
(a) Thirty-Day Delinquency Ratio for
current Remittance Date 14.86%
-------------
(b) Average Thirty-Day Delinquency Ratio
(arithmetic average of ratios for this month
and two preceding months; may not
exceed 7*%) re: Class B Prin. Distri. Test 13.01%
-------------
28 Cumulative Realized Losses Test
(a) Cumulative Realized Losses for current
Remittance Date (as a percentage of Cut-off
Date Pool Principal Balance; may not exceed
7% from June 1, 2000 to May 31, 2001, 8% from
June 1, 2001 to May 31, 2002, 9% from June 1, 2002
and thereafter) 0.13%
-------------
210,259.64
-------------
29 Current Realized Losses Test
(a) Current Realized Losses for current
Remittance Date 52,760.02
-------------
(b) Current Realized Loss Ratio (total Realized Losses
during the 12 immediately preceding Collection
Period, divided by the arithmetic average of Pool
Scheduled Balances as of the preceding Collection
Period and the Pool Scheduled Balance as of the last
day of the immediately preceding Collection Period;
may not exceed 2.75%) 0.13%
-------------
30 Class B Principal Balance Test
(a) Class B Principal Balance will be considered
satisfied for any Remittance Date, that the sum
of the Class B Principal Balance and the
Overcollateralization Amount as of such Remittance
Date, before giving effect to distributions on such
Remittance Date, is greater than or equal to
$3,239,614. 31,983,421.24
-------------
</TABLE>
Page 4
<PAGE>
<TABLE>
<CAPTION>
CLASS B-1 CERTIFICATES
<S> <C>
31 Amount Available less the Senior Distribution
Amount and Class A-6 Distribution Amount 585,176.31
-------------
Interest
32 Class B-1 Remittance Rate 8.040
-------------
33 Class B-1 Interest 117,591.70
-------------
34 Current Interest 117,591.70
-------------
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 27,124,000.00
-------------
44 Class B-1 Principal Balance 17,551,000.00
-------------
</TABLE>
Page 5
<PAGE>
<TABLE>
<CAPTION>
CLASS B-2 CERTIFICATES
<S> <C>
45 Remaining Amount Available 467,584.61
---------------------
Interest
46 Class B-2 Remittance Rate ( %, unless
Weighted Average Contract Rate is less than %) 10.125
---------------------
47 Class B-2 Interest 80,772.19
---------------------
48 Current Interest 80,772.19
---------------------
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
Formula Principal Distribution Amount) 0.00
---------------------
54 Class B-2 Principal Balance 9,573,000.00
---------------------
SENIOR, CLASS A-6, CLASS B-1 AND CLASS B-2 CERTIFICATES
Aggregate "Actual" Balances of delinquent Contracts
as of "month-end".
56 30-59 days 11,400,063.49
---------------------
57 60 days or more 11,837,898.87
---------------------
58 Manufactured Homes repossessed 24
---------------------
59 Manufactured Homes repossessed but
remaining in inventory 83
---------------------
60 Weighted Average Contract Rate of all
outstanding Contracts (Note: Does not include
servicing fee.) 9.4440236818
---------------------
Page 6
<PAGE>
RESIDUAL CERTIFICATES
61
(a) 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-6 Distribution Amount, Class B-1
Distribution Amount, and Class B-2
Distribution Amount, if the Company is
the Servicer) 131,404.24
---------------------
(b) Monthly interest on certificate account: 3,651.90
---------------------
CLASS A-6, CLASS B-1, AND CLASS B-2 CERTIFICATES
62 Class A-4 Interest Deficiency on such
Remittance Date 0.00
---------------------
63 Class B-1 Interest Deficiency on such
Remittance Date 0.00
---------------------
64 Class B-2 Interest Deficiency on such
Remittance Date 0.00
---------------------
REPOSSESSED CONTRACTS
65 Repossessed Contracts 612,027.70
---------------------
66 Repossessed Contracts Remaining in Inventory 2,044,295.13
---------------------
ACCELERATED PRINCIPAL CALCULATION
67 Remaining Amount Available 251,756.28
---------------------
68 Accelerated Principal 0.00
---------------------
RESIDUAL CERTIFICATES
69 Class "C" Distribution Amount (The lessor of the
amount available or the 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.) 251,756.28
---------------------
70 Release Amount (if B-2 is zero) 0.00
---------------------
71 Reimburse Residual Certificate Holder per
Section 10.06 (REMIC Tax Matters) 0.00
---------------------
72 Remaining to Residual Holder 0.00
---------------------
</TABLE>
Please contact the Bondholder Relations Department of the Bank of New York at
(212) 815-2793 with any questions regarding this Statement on your
Distribution.
Page 7
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