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 September 15, 1996
PBT MASTER CREDIT CARD TRUST II SERIES A
(Exact name of registrant as specified in Department of the
Treasury, Internal Revenue Service Form SS-4)
THE PRUDENTIAL BANK AND TRUST COMPANY
(Servicer of the Trust)
(Exact name as specified in Servicer's charter)
Georgia 33-47311 58-0513395
(State or other juris- (Commission File Number (IRS Employer
diction of incorporation of Registrant) Identification
of Master Servicer) Number of
Registrant)
One Ravinia Drive, Suite 1000, Atlanta, Georgia 30346
(Address of principal executive offices of (Zip Code)
Master Servicer)
Servicer's telephone number, including area code 770-604-7033
Item 5. Other Events.
On or about September 15, 1996 , principal and interest in
accordance with the Pooling and Servicing Agreement dated as of
August 1, 1994 (the "Agreement"), among The Prudential Bank and
Trust Company, as trustee (the "Trustee"), were distributed to holders
("Certificateholders") with the variable rate Credit Card Receivables
Certificates evidencing undivided fractional interests in PBT Master
Credit Card Trust II 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 September 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: September 15, 1996
PBT MASTER CREDIT CARD TRUST II SERIES A
By: THE PRUDENTIAL BANK AND TRUST COMPANY, as Servicer
by:
Name: Richard C. Keene
Title: Vice President
INDEX TO EXHIBITS
Exhibit No. Description Page
99 Monthly Certificateholders B-1
Statement with respect to the
September 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 II
SERIES 1994-A
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 August 1, 1994 and the Series 1994-A Supplement
dated as of August 1, 1994 (collectively, the "Pooling and
Servicing Agreement") by and between PB&T and
Bankers Trust 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 4.08
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 4.08, the Servicer does hereby instruct the
Trustee (i) to make a withdrawal from the Series Finance Charge
Account on September 13, 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 4.08:
A) Pursuant to subsection 4.08 (a):
(1) Interest at the Certificate Rate
for the preceding Monthly Period on
the Investor Interest ........$2,287,000.00
(2) Deficiency Amounts ... $0.00
B) Pursuant to subsection 4.08(b):
(1) The Investor Monthly Servicing Fees
for the preceding Monthly Period .. 750,000.00
(2) Accrued and unpaid Investor
Monthly Servicing Fees ...................... $0.00
C) Pursuant to subsection 4.08 (c):
(During the Rapid Amortization Period)
(1) The Monthly Loan Fee for the
preceding Monthly Period.....................$0.00
(2) Accrued and unpaid Monthly Loan Fees .... $0.00
D) Pursuant to subsection 4.08 (d):
Aggregate Investor Default Amount for
the preceding Monthly Period ................ $3,624,008.16
E) Pursuant to subsection 4.08 (e):
Unreimbursed Investor Chargeoffs ............ $0.00
F) Pursuant to subsection 4.08(g):
(1) Pay to the Cash Collateral
Depositor ................................ $0.00
(2) Deposit to the Cash Collateral
Account ..................................... $0.00
(3) Pay in accordance with Section
2.11 of the Loan Agreement ..................$2,320,926.46
Total ....................................... $2,320,926.46
B-2
Pursuant to Section 4.10, during an Amortization Period, the Servicer
does hereby instruct the Trustee (i) to make a withdrawal from the
Series Principal Account on 09/13/96, 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 4.10:
A) During Controlled Amortization Period:
(1) Investor Percentage of Collections
on Principal Receivables processed as
of preceding Monthly Period ("Monthly
Total Percentage Allocation") up to
Controlled Amortization Amount .............. $0.00
(2) Monthly Total Percentage Allocation
(less amounts distributed pursuant to
(1) above) up to Deficit Controlled
Amortization Amount for preceding
Monthly Period .............................. $0.00
B) During Rapid 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 4.08 and subsection 4.08(c),
the Servicer hereby notifies the Trustee to make
withdrawals on 09/13/96, the Transfer
date of the current calendar month, from
the Cash Collateral Accountin 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 and Interchange and (iii) interest
on amounts in collection accounts, allocated
to the Series Finance Charge Account for the
preceding Monthly Period ..............$8,981,934.63
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)
during the Rapid Amortization Period, the
Monthly Loan Fee (plus any past due Monthly
Loan Fee) plus (d) the Aggregate Investor
Default Amount, if any, for the preceding
Monthly Period ..................... $6,661,008.16
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) ............2,320,926.46
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 4.08 (a):
The aggregate amount of all Deficiency
Amounts ..................................... $0.00
B) Subsection 4.08 (b):
The aggregate amount of all accrued and
unpaid Investor Monthly Servicing Fees ....$0.00
C) Subsection 4.08 (e):
The aggregate amount of all unreimbursed
Investor Charge Offs ........................$0.00
B-4
IN WITNESS WHEREOF, the undersigned has duly
executed this certificate this 9th day of September, 1996.
THE PRUDENTIAL BANK AND TRUST COMPANY,
Servicer
By:
Name: Tom Mason
Title: Senior Vice President
EXHIBIT C
FORM OF MONTHLY CERTIFICATEHOLDER'S STATEMENT
SERIES 1994-A
THE PRUDENTIAL BANK & TRUST COMPANY
PB&T MASTER CREDIT CARD TRUST II
Under Section 5.02 of the Pooling and Servicing
Agreement dated as of August 1, 1994 and the Series 1994-A
Supplement dated August 1, 1994 (collectively, the "Pooling and
Servicing Agreement") by and between The Prudential Bank &
Trust Company ("PB&T:) and Bankers Trust, as
trustee (the "Trustee"), PB&T, as Servicer, is
required to prepare certain information each month
regarding current distributions to Series 1994-A
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 09/16/96 and
with respect to the performance of the Trust during the month of
August, 1996 is set forth below. Certain information is
presented on the basis of an amount of $1,000 per series 1994-A
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 09/16/96,
per $1,000 original certificate principal
amount ...................................... $5.08
2. 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 ................ $5.08
3. 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
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 August, 1996 which were allocated
in respect of the Certificates ..............$36,492,230.90
2. Deficit Controlled Amortization Amount $0.00
3. Principal Receivables in the Trust
(a) As of the end of the last day of August,
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) ......................... $925,993,524.73
(2) The amount of Principal Receivables in
the Trust represented by the Investor
Interest of Series 1994-A. $450,000,000.00
(3) The Investor Interest of Series 1994-A
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 .............................48.60%
(b) As of the end of July, 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) .........................$926,122,265.13
(2) The amount of Principal Receivables in
the Trust represented by the Investor Interest
of Series 1994-A ............................ $450,000,000.00
(3) The Investor Interest of Series 1994-A
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 ............................. 48.59%
C-2
4. Delinquent Balances
The aggregate amount of outstanding balances
in Accounts which were delinquent as of the
end of the day on: 8/31/96
Receivables
(a) 31 - 60 days:..............$18,309,047.21 1.98%
(b) 61 - 90 days: .............$13,146,630.01 1.42%
(c) 91 - 120 days: ............$10,721,264.85 1.16%
(d) 121 - 150 days: ........... $10,454,337.32 1.13%
(e) 151 - 180 days: ...........$9,037,880.33 0.98%
(f) 181 - 190 days: ...........$8,808,104.63 0.95%
Total: $70,477,264.35 7.61%
5. Investor Default Amount
The aggregate amount of all defaulted
Principal Receivables written off as
uncollectible during the month of August,
1996 allocable to the Investor Interest
for Series 1994-A (the "Aggregate Investor
Default Amount") ............................ $3,624,008.16
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
C-3
7. Investor Servicing Fee
The amount of the Investor Monthly Servicing
Fee payable by the Trust to the Servicer
for the month of August, 1996 ..............$750,000.00
8. Available Cash Collateral Amount
The amount available to be withdrawn from
the Cash Collateral Account as of the close
of business on 09/13/96 (the "Transfer
Date"), after giving effect to all with-
drawals, deposits and payments to be made in
respect of the preceding months .............$81,000,000.00
9. The Required Cash Collateral Amount on the
Transfer Date ............................... $81,000,000.00
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 1994-A 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 1994-A). The amount of a Certificate-
holder's pro rata share of the Investor
Interest for Series 1994-A can be determined
by multiplying the original denomination by
the Pool Factor .............................1.0000000
THE PRUDENTIAL BANK AND TRUST COMPANY,
Servicer
By:
Name: Tom Mason
Title: Senior Vice President
C-4
Schedule - to Monthly
Servicer's Certificate
with respect to the
Series 1994-A
Certificates
THE PRUDENTIAL BANK & TRUST COMPANY
___________________________________________________
PB&T MASTER CREDIT CARD TRUST II, SERIES 1994-A
___________________________________________________
1. The aggregate amount of the Investor Percentage
of Collections of Principal Receivables processed
by the Servicer pursuant to Section 4.06 during
the preceding Monthly Period was equal to ....... $36,492,230.90
2. The aggregate amount of the Investor Percentage of
Collections of Finance Charge Receivables
(including amount deposited with respect to
Interchange and the Investor Percentage of
Recoveries) processed by the Servicer during
the preceding Monthly Period was equal to ....... $5,977,985.48
a. The aggregate amount of the Investor Percentage
of Collections of Finance Charge Receivables
(excluding amount deposited with respect to
Interchange and the Investor Percentage of
Recoveries) processed by the Servicer pursuant
to Section 4.06 during the preceding Monthly
Period was equal to ............................. $5,536,272.97
b. The aggregate amount of Interchange to be
deposited in the Series Finance Charge Account
with respect to the Series 1994-A Certificates
(pursuant to Section 3 (c) of the Series 1994-A
Supplement) on the Transfer Date of the current
calendar month is equal to ...................... $375,000.00
c. The aggregate amount of Investor Percentage of
Recoveries deposited in the Series Finance
Charge Account with respect to the preceding
Monthly Period was equal to ..................... $66,712.51
3. The aggregate amount of Investor Percentage of
amounts with respect to Cardholder Fees
deposited into the Series Finance Charge
Account on or before the Transfer Date during
the current Monthly Period with respect to the
prior Monthly Period is equal to ................ $646,125.76
4. The aggregate amount of Investor Percentage of
amounts with respect to Ineligible Finance
Charge Receivables deposited into the Series
Finance Charge Account on or before the
Transfer Date during the current Monthly Period
with respect to the prior Monthly Period is
equal to ........................................ $0.00
5. The aggregate amount of Investor Percentage of
amounts with respect to Discount Option
Receivables deposited into the Series Finance
Charge Account on or before the Transfer Date
during the current Monthly Period with respect
to the prior Monthly Period is equal to ......... $2,357,823.39
6. The aggregate amount of funds deposited into
the Seller's Account in connection with Credit
Adjustments and Ineligible Principal
Receivables with respect to the previous
Monthly Period is equal for ...................... $0.00
7. The aggregate amount of funds on deposit in the
Series Finance Charge Account allocable to the
Series 1994-A Certificates with respect to
Collections processed as of the end of the last
day of the preceding Monthly Period was equal
to .............................................. $8,981,934.63
8. The aggregate amount of funds on deposit in the
Series Principal Account allocable to the
Series 1994-A 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 1994-A
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 4.08 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 to the
Cash Collateral Depositor pursuant to
subsection 4.08 on the Transfer Date on
the current calendar month is equal to ..........$0.00
S-2
12. The aggregate amount to be withdrawn from the
Series Finance Charge Account and deposited to
the Cash Collateral Account pursuant to
subsection 4.08 (g) (ii) on the Transfer Date on
the current calendar month is equal to .......... $0.00
13. The aggregate amount to be withdrawn from the
Series Finance Charge Account and paid in
accordance with the Loan Agreement pursuant to
subsection 4.08 (g) (iii) on the Transfer Date on
the current calendar month is equal to .......... $2,320,926.46
14. The Cash Collateral Account Surplus on the
Transfer Date in the Current calendar month is
equal to ........................................ $0.00
15. The aggregate amount to be withdrawn from the
Cash Collateral Account and to be paid in
accordance with the Loan Agreement on the
Transfer Date on the current calendar month is
equal to ........................................ $0.00
16. 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 .. $81,000,000.00
17. The amount of interest payable to the Series
1994-A Certificateholders on the Distribution
Date in the current calendar month is equal
to .............................................. $2,287,000.00
18. The amount of principal payable to the Series
1994-A Certificateholders on the Distribution
Date in the current calendar month is equal
to .............................................. $0.00
19. The sum of all amounts payable to the Series
1994-A Certificateholders on the Distribution
Date in the current calendar month is equal
to .............................................. $2,287,000.00
S-3
20. To the knowledge of the undersigned, no
Series 1994-A 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 9th day of
September, 1996.
THE PRUDENTIAL BANK AND TRUST COMPANY,
Servicer
By:
Name: Tom Mason
Title: Senior Vice President
EXHIBIT A to Loan Agreement
MONTHLY PAYMENT CERTIFICATE
PRUDENTIAL BANK AND TRUST COMPANY
PBT&T MASTER CREDIT CARD TRUST SERIES 1994-A
The undersigned is a duly authorized representative of
The Prudential Bank & Trust Company
("PB&T"), as Servicer under the Loan Agreement
dated as of August 10, 1994 (The "Loan Agreement")
among Bankers Trust, as Trustee (the "Trustee"), PB&T,
and Dai-Ichi Kangyo Bank Ltd., Chicago
Branch, as Agent (the "Agent") and initial 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 Loan 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: $2,600,057.06
(e) The Unpaid Loan Amount equals: $51,750,000.00
(f) The Spread Account Deficiency equals: $0.00
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 2.3.
(A) Monthly Loan Fee $23,718.75
(B) Agent's out-of-pocket expenses $0.00
(C) Total amount payable under $0.00
Section 2.3.
(A + B + C) $23,718.75
(2) Amounts payable to the Banks under
Section 2.7. $0.00
(3) Amounts payable to the Banks under
Section 2.8. $0.00
(4) [Section 4.10 Repayment Amount]
Amount not otherwise paid by Seller or
Servicer pursuant to Section 2.9 (b) (i)]. $0.00
(5) Total amount payable under Sections 2.3,
2.7, 2.8, and 2.9.
((1) (E) + (2) + (3) + (4) + (5)) $23,718.75
(6) Remaining Available Funds and Earnings
((d) - (I) (5)) $2,576,338.31
II. Interest.
(1) Interest payable to the Banks under Section 2.3
(excluding interest otherwise paid pursuant
to Section 2.3 (c)) $227,401.14
(2) Remaining Available Funds and Earnings
((I) (6) - (II) (1)) $2,348,937.17
III. Spread Account Deficiency.
(1) Spread Account Deficiency payable to the
Banks for application to the Unpaid Loan
Amount.
(Lesser of (f) and (II) (2)) $0.00
(2) Unpaid Loan Amount on Transfer date
$51,750,000.00
(3) Remaining Available Funds and Earnings
((II) (2) - (III) (1)) $2,348,937.17
IV. Finance Charge Shortfall Amounts
(1) Available Funds and Earnings to support other Finance
Charge Sharing Series in Group One. $2,348,937.17
(2) Finance Charge Shortfalls in other Finance Charge Sharing
Series in Group One. N/A
(3) If a Finance Charge Shortfall exists in 1994-A,
Available Funds and Earnings from
other Finance Sharing Series N/A
(4) Allocable Finance Charge Percentage 100%
(5) Remaining Available Funds and Earnings $2,348,937.17
V. Principal Shortfall Amounts
(1) Available Funds and Earnings to support other Principal
Sharing Series in Group One. $2,348,937.17
(2) Principal Shortfalls in other Principal Sharing
Series in Group One. N/A
(3) If a Principal Shortfall exists in 1994-A,
Available Funds and Earnings from other
Principal Sharing Series N/A
(4) Allocable Principal Shortfall Percentage 100%
(5) Remaining Available Funds and Earnings $2,348,937.17
VI. Remaining Amount
(1) Remaining Available Funds
and Earnings payable to PB&T $2,348,937.17
THE PRUDENTIAL BANK AND TRUST COMPANY,
Servicer
By:
Name: Tom Mason
Title: Senior Vice President
6 Spread Account Trigger
(After December 8, 1994)
Upward Trigger (Monthly):
a) If B3 <=3.00% but B3 >= 2.00%, then B7 = 9,000,000
b) If B3 < 2.00%, then B7 = $13,500,000
7 Applicable Spread Account Cap for next succeeding 4,500,000.00
Transfer Date (B6a, B6b, if applicable,
otherwise B5)
8 Required Cash Collateral Amount $81,000,000.00
a) if Revolving Period or Controlled Amortization Period
(the greater of 18.00% * B2 and $9,000,000)
b) if Rapid Amortization Period, the Required Cash Collateral
Amount on preceding Transfer Date
9 Cash Collateral Amount as of the last Transfer Date $63,522,145.01
9A. Cash Collateral Amount on the next succeeding Transfer Date
$81,000,000.00
10A Unpaid Loan Amount as of last Transfer Date (after $51,750,000.00
application of Available Funds and Earnings as per
Section 2.11 of Loan Agreement and after any
Additional Loans)
10B Subordinated Unpaid Loan Amount as of last Transfer Date $0.00
11 Spread Account Amount on the next succeeding $4,500,000.00
Transfer Date prior to the making of any Additional
Loans (B9A - B12)
12A Unpaid Loan Amount as of the next succeeding Transfer $51,750,000.00
Date prior to the making of any Additional Loans
(after application of Available Funds and Earnings as
per Section 2.11 of the Loan Agreement)
12B Subordinated Unpaid Loan Amount as of next succeeding Transfer Date
$24,750,000.00
13 Additional Loan Amount $0.00
13A. Seller's Collateral Account Amount after the making of any
$4,500,000.00 Additional Loan (B11-B13)
14 Seller's Collateral Account Deficiency (B7 - B13) $0.00
15A Unutilized Loan Commitment as of the last Transfer $4,500,000.00
Date ($56,250,000 - B10)
15B Unutilized Subordinated Loan Commitment $0.00
C. Calculation of Minimum Seller Interest
1 Minimum Aggregate Principal Receivables $905,263,520.00
(105.2632% * aggregate Initial Investor Interests)
2 Minimum Seller Interest (5.00% * C1) $45,263,176.00
3 Lowest Average Seller Interest for any thirty-day $50,635,800.15
period during the preceding Monthly Period
(computed on the Schedule 1 to Exhibit B)
4 Breach of Minimum Seller Interest during the No
preceding Monthly Period ("Yes" or "No")
5 Deficiency in Minimum Seller Interest (C2 - C3) 0.00
3 Month Avg. 12 Month Avg.
Reporting
Period Excess Spread Percentage Percentage
Aug-94 995,109.56 2.65%
Sep-94 2,064,260.54 5.50% 4.08%
Oct-94 2,542,791.21 6.78% 4.98%
Nov-94 1,801,940.58 4.81% 5.70% 4.94%
Dec-94 1,298,821.79 3.46% 5.02% 4.64%
Jan-95 2,447,024.23 6.53% 4.93% 4.96%
Feb-95 1,649,910.12 4.40% 4.80% 4.88%
Mar-95 1,532,447.80 4.09% 5.00% 4.78%
Apr-95 1,140,205.83 3.04% 3.84% 4.58%
May-95 2,252,608.47 6.01% 4.38% 4.73%
Jun-95 1,983,123.95 5.29% 4.78% 4.99%
Jul-95 2,182,790.19 5.82% 5.71% 4.86%
Aug-95 1,635,575.83 4.36% 5.16% 5.01%
Sep-95 1,391,696.52 3.71% 4.63% 4.86%
Oct-95 1,778,506.07 4.74% 4.27% 4.69%
Nov-95 1,750,424.30 4.67% 4.37% 4.68%
Dec-95 1,243,714.45 3.32% 4.24% 4.66%
Jan-96 1,487,147.17 3.97% 3.98% 4.45%
Feb-96 870,711.06 2.32% 3.20% 4.28%
Mar-96 1,344,386.84 3.59% 3.29% 4.24%
Apr-96 884,843.80 2.36% 2.76% 4.18%
May-96 2,676,725.29 7.14% 4.36% 4.27%
Jun-96 1,597,662.68 4.26% 4.59% 4.19%
Jul-96 2,112,913.24 5.63% 5.68% 4.17%
Aug-96 2,348,937.17 6.26% 5.39% 4.33%
