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 August 15, 1996
PBT MASTER CREDIT CARD TRUST SERIES B
(Exact name of registrant as specified
in Department of the Treasury, Internal
Revenue Service Form SS-4)
Servicer of the Trust
Exact name as specified in Servicer's
charter: THE PRUDENTIAL BANK AND TRUST
COMPANY
State or other jurisdiction of incorporation
of Master Servicer:
Georgia
Commission File Number of Registrant: 33-
47311
IRS Employer Identification Number of
Registrant:
58-0513395
Address of principal executive offices of
Master Servicer:
One Ravinia Drive, Suite 1000,
Atlanta, Georgia 30346
Servicer's telephone number:
770-604-7033
Item 5. Other Events.
On or about August 15, 1996, principal and
interest in accordance with the
Pooling and Servicing Agreement dated
as of June 1, 1992 (the Agreement),
among The Prudential Bank and Trust
Company, as trustee (the Trustee),
were distributed to holders
(Certificateholders) of the 6.25%
Credit Card Receivables
Certificates evidencing undivided
fractional interests in PBT Master Credit
Card Trust in accordance with the
Agreement.
A copy of the monthly Certificateholders'
Statement, as defined in the Agreement,
was furnished to each Certificateholder in
accordance with the Agreement. A copy
of the Monthly Certificateholders'
Statement is being filed as Exhibit 99 to
this Current Report on Form 8-K.
Item 7(c). Exhibits
Exhibit No. 99
Monthly Certificateholders Statement
with respect to the August 15, 1996
distribution.
SIGNATURES
Pursuant to the requirements of the
Securities Exchange Act of 1934, the
registrant has caused this report to be
signed on its behalf by the undersigned
hereunto duly authorized.
Date: August 15, 1996
PBT MASTER CREDIT CARD TRUST SERIES B
By: THE PRUDENTIAL BANK AND TRUST
COMPANY, as Servicer
by:
Name: Richard C. Keene
Title: Vice President
INDEX TO EXHIBITS
Exhibit No. 99
Page:1
Description:
Monthly Certificateholders
Statement with respect to the
August 15, 1996 distribution.
EXHIBIT B MONTHLY PAYMENT
INSTRUCTIONS AND
NOTIFICATION TO THE
TRUSTEE
THE PRUDENTIAL BANK AND
TRUST COMPANY PB&T
MASTER CREDIT CARD TRUST
SERIES 1992-B
"The undersigned, a duly authorized representative
of The "
"Prudential Bank and Trust Company (PB&T), as Servicer
pursuant " "to the Pooling and Servicing Agreement dated as
of June 1, 1992, "
"the Series 1992-A Supplement dated as of June 1, 1992, and
" "the
Series 1992-B Supplement dated April 17, 1995 "
"(collectively, the
""Pooling and Servicing Agreement"") by and" "between PB&T
and Chemical Bank as trustee, (the ""Trustee""), does"
hereby certify as
follows:
A) Capitalized terms used in this notice have
their
respective
meanings set forth in the Pooling and
Servicing Agreement; "provided, that the
""Preceding
Monthly
Period"" shall mean the" Monthly Period
immediately
preceding the calendar month in which this
notice is
delivered. References herein to certain
sections and
subsections are references to the
respective sections
and subsections of the Pooling and
Servicing Agreement.
This notice is delivered pursuant to
Section 4.06 of the
Pooling and Servicing Agreement.
B) PB&T is the Servicer under the Pooling
and
Servicing
Agreement.
C) The undersigned is a Servicing Officer.
D) The date of this notice is a
Determination
Date
under
the
Pooling and Servicing Agreement.
I. INSTRUCTION TO MAKE A WITHDRAWAL
"Pursuant to Section 4.06, the Servicer does
hereby instruct
the " Trustee (i) to make a withdrawal from the Series
Finance Charge
"Account on August 14, 1996 which date is a Transfer
Date under the"
"Pooling and Servicing Agreement, in an aggregate
amount
as set forth"
below in respect to the following amounts and (ii)
to apply the proceeds
of such withdrawal in accordance with Section 4.06:
A) Pursuant to subsection 4.06 (a):
(1) Interest at the Certificate Rate for
the preceding
Monthly Period on
the Investor Interest
....................... "$885,225.83
"
(2) Deficiency Amounts
...................... $0.00 B) Pursuant to
subsection 4.06(b):
(1) The Investor Monthly Servicing
Fees for the preceding Monthly Period
............
"$316,666.67 " (2) Accrued and unpaid
Investor Monthly Servicing Fees
......................
$0.00
C) Pursuant to subsection 4.06 (c):
(1) The Operating Expense Fee for
the preceding Monthly
Period..................... "$9,816.67
" (2) Accrued and unpaid Operating
Expense Fees ....
$0.00
D) Pursuant to subsection 4.06 (d):
(1) The Monthly Enhancement Fee for
the preceding Monthly
Period.....................
"$10,319.57
"
(2) Accrued and unpaid Enhancement Fees
.... $0.00 E) Pursuant to subsection
4.06
(e):
(1) The Program Fee for the
preceding Monthly
Period.....................
"$40,232.24 "
(2) Accrued and unpaid Program Fees
...................
$0.00
F) Pursuant to subsection 4.06 (f):
Aggregate Investor Default Amount
for the preceding Monthly Period
................ "$1,161,301.02
"
G) Pursuant to subsection 4.06 (g):
Unreimbursed Investor Chargeoffs
............ $0.00 H) Pursuant to
subsection
4.06(h):
(1) Pay to the LOC Issuer for
application in accordance with the
Reimbursement
Agreement.. "$496,034.68 "
(2) Pay remaining Excess Spread to
the Holder of the Exchangeable Seller
Certificate
.................................
$0.00
B-2
I) Pursuant to subsection 4.13(i):
(1) Pay to the LOC Issuer persuant
to 4.13
(a)..................................... $0.00
(2) Deposit in the Cash Collateral
Account persuant to 4.13
(b)......................... $0.00
"(3) Pay to the Seller the excess,
if any," of amounts received by the
Trustee persuant to the Loan
Agreement over the
sum of (1)
and (2) above................................
$0.00 Total .......................................
"$496,034.68
"
"Pursuant to Section 4.08, during an Amortization Period,
the Servicer" does hereby instruct the Trustee (i) to
make a withdrawal
from
the "Series Principal Account on 08/14/96, which is a
Transfer Date under" "the Pooling and Servicing
Agreement, in an aggregate amount as set" forth below in
respect of the following amounts and (ii) to apply the
proceeds of such withdrawal in accordance with Section
4.08:
A) During General Amortization Period:
(1) Monthly Total Percentage Allocation
for preceding Monthly Period
................ $0.00
II. NOTIFICATION TO MAKE WITHDRAWALS FROM THE CASH
COLLATERAL
ACCOUNT
"Pursuant to Section 4.06 and subsection 4.09(c), the
Servicer hereby " "notifies the Trustee to make
withdrawals on 08/14/96, the
Transfer" "date of the current calendar month, from the
Cash Collateral Account" in an aggregate amount as set
forth in C. below
and to deposit such amount in the Finance Charge Account:
A. (i) The applicable Investor Percentages of
"Collections of Finance Charge Receivables," (ii)
amounts deposited with respect to "Cardholder Fees,
Recoveries, Discount Option"
"Receivables, Ineligible Finance Charge
" "Receivables, Interchange Interest on
Cash Collateral" Account and (iii)
interest on amounts in collection
"accounts, allocatedto the Series
Finance Charge "
Account for the preceding Monthly
Period ........................
"$2,919,596.68 "
B-3
B. The sum of (a) Certificate Interest
accrued
during the preceding Monthly Period (plus
any "past due Certificate Interest), plus (b)
the"
Investor Monthly Servicing Fee for the
preceding Monthly Period (plus any past
due
"Investor
Monthly Servicing Fee), plus (c) " the Operating
Fee Expense (plus any past due "Operating Fee
Expense), plus (d) the Monthly "
Enhancement Fee (plus any past due Monthly Enhancement
"Fee), plus (e)
the Program Fee (plus any past due" "Program Fees), plus
(f) the Aggregate Investor" "Default Amount, if any, for
the preceding" Monthly Period
.................................. "$2,423,562.00
"
C. "The excess, if any, of B over A (the ""Total"
"Withdrawal Amount"") ............................"
$0.00
D. "The excess, if any, of A over B (the Excess"
Deposits due to Seller) .........................
"$496,034.68
"
III. ACCRUED AND UNPAID AMOUNTS
After giving effect to the withdrawals and transfers to
be made in
"accordance with this notice, the following amounts will
be accrued" and unpaid with respect to all Monthly
Periods preceding the current calendar month:
A) Subsection 4.06 (a):
The aggregate amount of all Deficiency
Amounts
..................................... $0.00
B) Subsection 4.06 (b):
The aggregate amount of all accrued and
unpaid Investor Monthly Servicing Fees
...... $0.00
C) Subsection 4.06 (c):
The aggregate amount of all accrued
and unpaid Operating Fee
Expenses.......................... $0.00
B-4
D) Subsection 4.06(d):
The aggregate amount of all accrued
and Monthly Enhancement
Fees.................
$0.00
E) Subsection 4.06 (e):
The aggregate amount of all accrued
and unpaid Program
Fees....................
$0.00
F) Subsection 4.06 (f):
The aggregate amount of all
unreimbursed Investor
Chargeoffs....................
$0.00
"IN WITNESS WHEREOF, the undersigned has
duly
executed this
" "certificate this 8th day of August, 1996."
"THE PRUDENTIAL BANK
AND TRUST COMPANY,"
Servicer By:
Name: Joel
Rosenberg Title:
Senior Vice President
B-5
EXHIBIT C
FORM OF MONTHLY
CERTIFICATEHOLDER'S
STATEMENT SERIES 1992-
B THE PRUDENTIAL BANK & TRUST COMPANY
PB&T MASTER CREDIT CARD TRUST
CLASS I CERTIFICATES
Under Section 5.02 of the Pooling and Servicing Agreement
dated as
of "June 1, 1992 and the Series 1992-A Supplement dated
June 30, 1992" "and the Series 1992-B Supplement dated
April 17, 1995" "(collectively, the ""Pooling and
Servicing Agreement"") by and between" "The Prudential
Bank & Trust Company (""PB&T"") and Chemical Bank, as"
"trustee (the ""Trustee""), PB&T, as Servicer, is required
to prepare" certain information each month regarding
current distributions to Series 1992-B Certificateholders
and the performance of the PB&T
"Master Credit Card Trust (the ""Trust"") during the
previous month. The" information which is required to be
prepared with respect to the Distribution Date of 08/15/96
and with respect to the performance
"of the Trust during the month of July, 1996 is set
forth below. " "Certain information is presented
on the basis of an amount of $1,000" "per series
1992B Certificate (a ""Certificate""). Certain
other" information is presented based on the
aggregate amounts for the Trust as a whole.
Capitalized terms used in this Statement have
their respective meanings set forth in the
Pooling and Servicing Agreement. A. Information
Regarding the Current Monthly
Distribution
"(Stated on the basis of $1,000 Original
Certificate" Principal Amount.)
1 The total amount of the
distribution
to
"Certificateholders on 08/15/96, "
"per $1,000 original certificate principal " amount
......................................
$4.66
2 The amount of the distribution set
forth
in
paragraph 1 above in respect of
principal of "the Certificate, per
$1,000 original" certificate principal amount
................ $0.00
3 The amount of the distribution set
forth
in
paragraph 1 above in respect of
interest on "the Certificates, per
$1,000 original" certificate principal
amount ................ $4.66
B. Information Regarding the Performance of the
Trust
1 Collection of Principal Receivables
The aggregate amount of Collections on
Principal Receivables processed during
the "month of July, 1996 with respect
to the"
Agreement ...................................
"$32,371,178.77
"
The aggregate amount of Collections on
Principal Receivables processed during
the "month of July, 1996 with respect
to all "
other Series pursuant to this Agreement
........... $0.00
The amount of distribution allocable to
Certificate Principal from all other
Series pursuant to this Agreement
........... "$25,000,000.00 "
The aggregate amount of Collections
on Principal Receivables processed
during the "month of July, 1996
which were allocated"
in respect of the Class 1 Certificates
...... "$17,881,839.15 "
2 Deficit General Amortization Amount
$0.00
3 Principal Receivables in the Trust
(a) "As of the end of the last day of
July,
"
1996 [the prior month] (distribution on the next
Distribution Date will be allocated based upon
the amounts set forth below):
(1) The aggregate amount of Principal
Receivables in the Trust
(which reflects the
Principal Receivables represented by the
Seller
Interest and by the Aggregate
Investor Interests)
......................... "$340,976,152.80
"
(2) The amount of Principal Receivables
in the Trust represented by the Investor
Interest of Series 1992-B.
"$190,000,000.00
"
(3) The Investor Interest of Series 1992-
B set forth in paragraph 3 (a) (2) above
as a
percentage
of the
aggregate amount of Principal Receivables set
forth in paragraph
3 (a) (1) above .............................
55.72%
C-2
(b) "As of the end of the last day of June, 1996"
(distributions on this Distribution Date
have
been allocated based upon the amounts
set forth
below): (1) The aggregate amount of
Principal Receivables in the Trust
(which reflects the
Principal Receivables represented by the
Seller
Interest and by the Aggregate
Investor Interests)
......................... "$343,959,574.55
"
(2) The amount of Principal Receivables in
the Trust represented by the Investor
Interest of Series 1992-B
............................
"$190,000,000.00 "
(3) The Investor Interest of Series 1992-B
set forth in paragraph 3 (a) (2) above as a
percentage of the
aggregate amount of Principal Receivables set forth
in paragraph
3 (a) (1) above
.............................
55.24%
4 Delinquent Balances
The aggregate amount of outstanding balances
in Accounts which were delinquent as of the
end
of the day on: 7/31/96
Receivables
(a) 31 - 60 days:..............
"$4,543,482.66 "
1.33%
(b) 61 - 90 days: .............
"$3,160,858.61 "
0.93%
(c) 91 - 120 days: ............
"$2,925,696.01 "
0.86% (d)
121 - 150 days: ...........
"$2,832,299.17 " 0.83%
(e) 151
- -
180 days: ...........
"$2,414,099.13
"
0.71% (f) 181
- -
190
days: ........... "$2,215,940.09 "
0.65%
Total: "$18,092,375.67 "
5.31%
C-3
5 Investor Default Amount
The aggregate amount of all defaulted Principal
Receivables written off as "uncollectible during
the month of July," 1996 allocable to the Investor
Interest
"for
Series 1992-B (the ""Aggregate Investor"
"Default Amount"") ............................"
"$1,161,301.02 "
6 Investor Charge Offs
(a) The excess of the Aggregate Investor Default
Amount set
forth in paragraph 5
"above, over the amount of the withdrawals "
from the
Cash Collateral Account made to
reimburse the Trust
for such amount written
"off (an ""Investor Charge Off"") .............."
$0.00
(b) The amount of the Investor Charge Offs
"set forth in paragraph 6 (a) above, per
$1,000" original certificate principal amount
(which "will
have the effect of reducing, pro rata,"
the amount of each Certificateholder's investment
.................................. $0.00
(c) The aggregate amount of Investor Charge Offs
reimbursed on the Transfer Data immediately preceding such
Distribution
Data ........................................
$0.00
(d) The amount of the reimbursed Investor
Charge Offs
set forth in paragraph 6 (c)
"above,
per $1,000
original certificate"
principal amount
............................
$0.00
7 Investor Servicing Fee
The amount of the Investor Monthly
Servicing Fee payable by the Trust to the
Servicer "for the month of July, 1996
.............." "$316,666.67
"
8 Available Cash Collateral Amount
The amount available to be withdrawn from
the Cash Collateral Account as of the
close
"of
business on 08/14/96 (the ""Transfer"
"Date""), after giving effect to all with-
"
"drawals, deposits
and payments to be made in"
respect of the preceding months .............
"$4,007,415.15 "
The Required Cash Collateral Amount on the
Transfer Date
...............................
"$8,075,000.00
" C-4
9 Available LOC Amount
The available LOC amount as of the
close "of
business on 08/14/96 (the
""Transfer"
"Date"")......................................"
"$18,792,584.85 "
9.A The Required Enhancement Amount on
the
Transfer Date
............................... "$22,800,000.00
"
C. The Pool Factor
The Pool Factor for the Record Date
06/30/96 (which
represents the ratio of the amount of the
Investor Interest for Series 1992-B as of such Record
Date (adjusted
after taking into account any reduction in the Investor
Interest which will occur on the following Distribution
Date) to the Initial
Investor Interest for Series 1992-B). The amount of a
Certificateholder's pro rata share of the Investor
Interest for Series 1992-B can be determined by
multiplying the original denomination by the Pool Factor
............................. 1
D. Other Information
Currently Effective Fixed Rate Receivable
Percentage.....................................
65.00%
Interest Rate Cap Amount for the Transfer
Date immediately preceding the
Distribution Date................ $0.00
Portfolio
Yield................................................
10.75%
Base
Rate..................................... 7.72%
Excess Spread Percentage for the prior
Monthly
Period.................................
3.13% Currently Effective Three Month
Average
Excess Spread
Percentage........................................ 1.42%
Total amount of Finance Charge
Receivable Collections processed during
the preceding
Monthly Period with respect to the Agreement.
"$2,915,782.17
"
C-5
"THE PRUDENTIAL BANK AND
TRUST COMPANY,"
Servicer
By:
Name: Joel Rosenberg
Title: Senior Vice
President
EXHIBIT A to
Reimbursement
Agreement
MONTHLY
PAYMENT CERTIFICATE
PRUDENTIAL BANK AND
TRUST COMPANY
"PBT&T MASTER CREDIT CARD TRUST SERIES 1992-B, CLASS I"
The undersigned is a duly authorized
representative of The Prudential Bank & Trust
Company "(_PB&TY), as Servicer under the Loan
Agreement dated as of June 30, 1992 (The ""Loan
Agreement"") " "among Chemical Bank, as Trustee
(the
_TrusteeY), PB&T, and Swiss Bank
Corporation, New York "
"Branch, as Agent (the ""Agent"") and as a bank (the
""Bank"" and, as collectively with the Asignees,
the" """Banks"") does hereby certify as follows:"
(a) Capitalized terms used in this
certificate have the respective meanings set
forth
"in the Loan Agreement, and
references herein to certain sections and
subsections " are references to the
respective sections and subsections of the
Loan Agreement.
(b) PB&T is the Servicer under the
Reimbursement Agreement.
(c) "The undersigned is duly authorized
by
PB&T, as Servicer, to instruct the
Trustee
"
to make the payments designated herein.
(d) The total amount of Available Funds
and
Earnings equals: 496034.68
I. "Fees, Expenses and Other Amounts."
"Pursuant to Section 2.11, the
Servicer hereby directs the Trustee to make the
" following payments to the Agent for
application to the Banks out of the total amount
of Available Funds and Earnings (see (d)
above):
-1 Amounts payable to the Banks under
Section 2.4.
(A) Interest and principal on
L/C
draws 0
(B) Unpaid Monthly L/C Fee
0
(C) Cash Collateral Account
Deficiencies
0
(D) Other Amounts owed the L/C
Bank
496034.68
1 (E) L/C Commitment Fee
0
(F) Total amount payable
(A + B + C + D + E)
"$496,034.68 "
2
-6 Remaining Available Funds and
Earnings
((d) - (I.F))
0
II. Finance Charge Shortfall Amounts
a.
-1 Available Funds and Earnings to
support
other Finance
Charge Sharing Series in Group
One. 0
2 Finance Charge Shortfalls in other
Finance Charge Sharing
Series in Group One.
N/A
-3 "If a Finance Charge Shortfall
exists
in
1992-B,
Available"
b. Funds and Earnings from other
Finance
Charge Sharing
Series
N/A
-4 Allocable Finance Charge Percentage
1
-5 Remaining Available Funds and
Earnings
0
c. III. Principal Shortfall Amounts
-1 Available Funds and Earnings to
support
other Principal
Sharing Series in Group One.
$0.00
3 -2 Princicpal Shortfalls in other
Principal
Sharing
Series in Group One.
N/A
-3 "If a Principal Shortfall exists
in
1992-
B, "
Available Funds and Earnings from
other Principal Sharing
Series N/A
-4 Allocable Principal Shortfall
Percentage
1
4
-5 Remaining Available Funds and
Earnings
0
IV. Remaining Amount
-1 Remaining Available Funds
and Earnings payable to PB&T
5
(see (II) (4))
0
"THE PRUDENTIAL
BANK AND TRUST COMPANY,"
Servicer
6
By:
Name:
Joel Rosenberg
Title:
Senior
Vice
President
7 The aggregate amount of funds on deposit in the
Series Finance Charge Account allocable to the
Series 1992-B Certificates with respect to Collections
processed as of the end of the last day of the preceding
Monthly Period
was equal
to ..............................................
"$2,915,782.17 "
8 The aggregate amount of funds on deposit in the
Series Principal Account allocable to the
Series 1992-B Certificates with
respect to Collections processed as of the
last day of the preceding Monthly Period was
equal to ........... $0.00
9 The aggregate amount of funds on deposit in
the
Seller's Account allocable to the Series
1992B Certificates as of the Transfer Date
is equal to
............................................
.
.
$0.00
10 The Total Withdrawal Amount required to be
made
from the Cash Collateral Account pursuant
to Section 4.06 on the Transfer Date in the
current calendar month is equal to
..............
$0.00
11 The aggregate amount to be withdrawn from
the
Series Finance Charge Account and paid in
accordance with the Loan Agreement pursuant
to subsection 4.06 (h) on the Transfer Date
on
the current calendar month is equal to ..........
"$496,034.68 "
12 The Cash Collateral Account Surplus on the
Transfer Date in the Current calendar
month is
equal to
........................................
$0.00
S-2
13 The aggregate amount to be withdrawn from
the
Cash Collateral Account and to be paid in
accordance with the Reimbursement Agreement on the
Transfer Date on the current calendar month is
equal to
........................................ $0.00
14 The Available Cash Collateral Amount on the
"Transfer Date of the current calendar month,"
after giving effect to the deposits and
"withdrawals specified above, is equal to
........" "$4,007,415.15 "
15 The amount of interest payable to the
Series
1992-B Certificateholders on the
Distribution Date in the current calendar
month is equal
to
..............................................
"$885,225.83 "
16 The amount of principal payable to the
Series
1992-B Certificateholders on the
Distribution Date in the current
calendar month is equal to
..........................................
.. .. $0.00 17 The sum of all amounts
payable to the Series
1992-B Certificateholders on the
Distribution Date in the current
calendar month is equal
to
..........................................
.. .. "$885,225.83 "
18 "To the knowledge of the
undersigned,
no"
Series 1992-B Pay Out event or
Trust Pay Out Event has occurred
except as described below:
None "IN WITNESS WHEREOF, the undersigned
has duly
executed
this" "certificate this 8th day of August, 1996."
"THE PRUDENTIAL BANK AND
TRUST COMPANY,"
Servicer
By:
Name: Tom Mason
Title: Senior Vice
President
The Prudential Bank and Trust Company
For Monthly Period ended: 7/31/96
Interest Period (# of days): 31 Date
of this Report: 8/8/96
"Period (Revolving, Controlled Amortization or Rapid
Amortization):"
Revolving
A. Excess Spread Calculation (per Reimbursement
Agreement):
1 Collections of Finance Charge Receivables
(excluding
2395807.52
Interchange and Recoveries)
(Schedule to the Monthly Servicer's Certificate
2.a.) 2 Cardholder Fees (Schedule to the Monthly
Servicer's 309645.61
Certificate 3.)
3 Ineligible Finance Charge Receivables (Schedule
0
to the Monthly Servicer Certificate 4.)
4 Discount Option Receivables (Schedule to the
0
Monthly Servicer Certificate 5.)
5 Interchange (Schedule to the Monthly Servicer
158336.06
Certificate 2.b.)
6 Recoveries (Schedule to the Monthly Servicer
51892.09
Certificate 2.c.)
6.A Interest Rate Cap Amounts Payable
0
6.B Finance Charge Inflow
0
6.C Earnings on Cash Collateral Account
3915.41
7 Sum of all spread components (A1 + A2 + A3 + A4 +
2919596.69
A5 + A6 + A6.A + A.6B +A.6C)
8 Certificate Interest to be paid on Distribution
885225.83
Date (Schedule to the Monthly Servicer
Certificate 17.)
9 Investor Monthly Servicing Fee (Monthly
Certificate-
316666.67
holdersY Statement 7.)
10 Operating Expense Fee (Monthly Payment
Instructions
9816.67
and Notification C(1))
11 Monthly Enhancement Fee (Monthly Payment
Instructions
10319.57
and Notification D(1))
12 Program Fee (Monthly Payment Instructions
40232.24
and Notification E(1))
13 Aggregate Investor Default Amount (Monthly
1161301.02
Certificate holdersY Statement B.5)
14 Reimbursement of Investor Charge Offs (Monthly
0
Certificate holdersY Statement B.6.c.)
16 Sum of all expenses (A8 + A9 + A10 + A11 + A12 +
2423562
A13 + A14 )
17 Excess spread (A7 - A16)
496034.68
18 Excess spread Percentage for Monthly
Period
0.0313
(A17/B1 * 12)
B. Spread Account Cap
1 Investor Interest on the first day of the
Monthly
Period
190000000
2 Investor Interest on the last day of the
Monthly
Period
190000000
3 Average Excess Spread Percentage for three
preceding
0.0142
Monthly Periods
4 Average Excess Spread Percentage for twelve
preceding
N/A
Monthly Periods
5 Spread Account Cap for preceding Monthly Period
0
6 Spread Account Trigger
Upward Trigger (Monthly):
a) "If B3 <= 3.0% but B3 >= 2.25%, then
B7="
3800000
b) "If B3 <= 2.25% but B3 >= 2.00%,then
B7="
7600000
c) "If B3 < 2.00%, then B7 ="
8075000
7 Applicable Spread Account Cap for next succeeding
8075000
"Transfer Date (B6a, B6b,B6c if applicable,"
otherwise B5)
8 "Required Cash Collateral Amount , or"
8075000
a) if Payout Commencement Date
(the greater of 12.0% * B2 and 2% B1)
9 Cash Collateral Amount as of the last Transfer
Date
1556079.56
10 Cash Collateral Amount on the next succeeding
Transfer
Date
4007415.15
11 Seller's Collateral Account Deficiency (B8 - B10)
4067584.85
12 Stated Amount of LOC
18792584.85
13 Maximum LOC Amount
24200000
14 Less Drawings
0
15 Unutilized LOC amount as of the last Transfer
5407415.15
Date
C. Calculation of Minimum Seller Interest
1 Minimum Aggregate Principal Receivables
322580645.1
(107.5268817% * aggregate Initial Investor
Interest) 2 Minimum Seller Interest (7.00% * C1)
22580645.16
3 Lowest Average Seller Interest for any fifteen-
day
39427408.55
period during the preceding Monthly
Period (computed on the Schedule 1 to
Exhibit A)
4 Breach of Minimum Seller Interest during the
No
preceding Monthly Period (_YesY or _NoY)
5 Deficiency in Minimum Seller Interest (C2
- -
C3)
0
C. Remaining Amount
L/C Commitment Fee
0 Remaining Available Funds
and
Earnings
0
