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 October 11,1996
PBT MASTER CREDIT CARD TRUST II SERIES B
(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
(State or other jurisiction of incorporation of of Master Servicer)
33-47311
(Commission File Number of Registrant)
58-0513395
(IRS Employer Identification 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 October 11,1996, 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 October 11,1996 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: October 11,1996
PBT MASTER CREDIT CARD TRUST II SERIES B
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
October 11,1996 distribution.
C
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-B, CLASS I
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,
the Series 1994-A Supplement dated as of August 1, 1994,
and
the Series 1994-B Supplement dated December 8, 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 calendar month in which this notice
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 October 11, 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 ........1,845,706.11
(2) Deficiency Amounts ...... $0.00
B) Pursuant to subsection 4.08(b):
(1) The Investor Monthly Servicing Fees
for the preceding Monthly Period ....
$683,333.33
(2) Accrued and unpaid Investor
Monthly Servicing Fees ........
.. $0.00
C) Pursuant to subsection 4.08 (c):
(1) The Operating Fee Expense for the
preceding Monthly Period....
....$20,500.00
(2) Accrued and unpaid Operating Fees ....$0.00
D) Pursuant to subsection 4.08 (d):
(1) The Monthly Enhancement Fee for the
preceding Monthly Period..............$15,033.33
(2) Accrued and unpaid Enhancement Fees ...$0.00
E) Pursuant to subsection 4.08 (e):
(1) The Program Fee for the
preceding Monthly Period.....................$84,016.39
(2) Accrued and unpaid Program Fees ................... $0.00
F) Pursuant to subsection 4.08 (f):
Aggregate Investor Default Amount for
the preceding Monthly Period ......$3,439,373.67
G) Pursuant to subsection 4.08 (g):
Unreimbursed Investor Chargeoffs ............$0.00
H) Pursuant to subsection 4.08(h):
(1) Pay to the LOC Issuer for application in
accordance with the Reimbursement Agreement......$2,063,187.60
Total ..... $2,063,187.60
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 10/11/96,
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 General Amortization Period:
(1) Monthly Total Percentage Allocation
for preceding Monthly Period ................ $0.00
(2) Available Shared Principal Receivable from
other Principal Sharing Series in Group One....$0.00
II. NOTIFICATION TO MAKE WITHDRAWALS FROM
THE CASH COLLATERAL ACCOUNT
Pursuant to Section 4.11 and subsection 4.11(c),
the Servicer hereby
notifies the Trustee to make withdrawals
on 10/11/96, 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 and Interchange and (iii) interest
on amounts in collection accounts, allocated
to the Series Finance Charge Account for the
preceding Monthly Period ... $8,151,150.44
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 ...............$6,087,962.84
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) .........................$2,063,187.60
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 (c):
The aggregate amount of all accrued and
unpaid Operating Fee Expenses..........$0.00
B-4
D) Subsection 4.08 (d):
The aggregate amount of all accrued and
Monthly Enhancement Fees................. $0.00
E) Subsection 4.08 (e):
The aggregate amount of all accrued and
unpaid Program Fees....................$0.00
F) Subsection 4.08 (f):
The aggregate amount of all unreimbursed
Investor Chargeoffs.................... $0.00
IN WITNESS WHEREOF, the undersigned has
duly executed this
certificate this 7th day of October, 1996.
THE PRUDENTIAL BANK AND TRUST COMPANY,
Servicer
By:
Name: Tom Mason
Title: Senior Vice President
B-5
EXHIBIT C
FORM OF MONTHLY CERTIFICATEHOLDER'S STATEMENT
SERIES 1994-B, CLASS I
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
and the Series 1994-B Supplement dated
December 8, 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-B Certificateholders and the p
erformance 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 10/15/96 and with respect
to the performance
of the Trust during the month of September is
set forth below.
Certain information is presented on the
basis of an amount of $1,000
per series 1994-B 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 10/15/96,
per $1,000 original certificate principal
amount ............... $4.50
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 .......$4.50
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 September, 1996 which were allocated
in respect of the Certificates ......$33,565,079.38
2. Deficit Controlled Amortization Amount $0.00
3. Principal Receivables in the Trust
(a) As of the end of the last day of September, 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) ............... $919,758,770.30
(2) The amount of Principal Receivables in
the Trust represented by the Investor
Interest of Series 1994-B. $410,000,000.00
(3) The Investor Interest of Series 1994-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 ............ 44.58%
(b) As of the end of the last day of August, 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) ...........$925,993,524.73
(2) The amount of Principal Receivables in
the Trust represented by the Investor Interest
of Series 1994-B ......$410,000,000.00
(3) The Investor Interest of Series 1994-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 ....... 44.28%
C-2
4. Delinquent Balances
The aggregate amount of outstanding balances
in Accounts which were delinquent as of the
end of the day on: 9/30/96
Receivables
(a) 31 - 60 days:.............. $20,993,129.56 2.28%
(b) 61 - 90 days: ............. $13,497,457.86 1.47%
(c) 91 - 120 days: ............ $11,614,555.88 1.26%
(d) 121 - 150 days: ........... $10,406,026.11 1.13%
(e) 151 - 180 days: ........... $10,142,118.52 1.10%
(f) 181 - 190 days: ........... $8,851,865.07 0.96%
Total: $75,505,153.00 8.21%
5. Investor Default Amount
The aggregate amount of all defaulted
Principal Receivables written off as
uncollectible during the month of September,
1996 allocable to the Investor Interest
for Series 1994-B (the "Aggregate Investor
Default Amount") ..........$3,439,373.67
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 September, 1996 ......$683,333.33
8. Available Cash Collateral Amount
The amount available to be withdrawn from
the Cash Collateral Account as of the close
of business on 10/11/96 (the "Transfer
Date"), after giving effect to all with-
drawals, deposits and payments to be made in
respect of the preceding months .......$11,839,788.60
The Required Cash Collateral Amount on the
Transfer Date .............$26,650,000.00
9. Available LOC Amount
The available LOC amount as of the close
of business on 10/11/96 (the "Transfer
Date")...................$32,800,000.00
9.A The Required Enhancement Amount on the
Transfer Date ......$59,450,000.00
10. Deficit Controlled Amortization Amount
With respect to the next succeeding Monthly
Period, the amount, if any, by which the
Controlled Distribution Amount exceeds the
Monthly Total Percentage Allocation, deter-
mined as of the last day of the preceding
month ..........................$0.00
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-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 1994-B). The amount of a Certificate-
holder's pro rata share of the Investor
Interest for Series 1994-B can be determined
by multiplying the original denomination by
the Pool Factor ........... 1.0000000
C-4
D. Other Information
Currently Effective Fixed Rate Receivable
Percentage.....................50.00%
Interest Rate Cap Amount for the Transfer Date
immediately preceeding the Distribution Date..
...$205,000,000.00
Portfolio Yield...................13.79%
Base Rate.......................7.75%
Excess Spread Percentage for the prior
Monthly Period............6.17%
Currently Effective Three Month Average
Excess Spread Percentage................ 6.12%
THE PRUDENTIAL BANK AND TRUST COMPANY,
Servicer
By:
Name: Tom Mason
Title: Senior Vice President
C-5
Schedule - to Monthl Servicer's Certificat
with respect to the Series 1994-
Certificates
THE PRUDENTIAL BANK & TRUST COMPANY
___________________________________________________
PB&T MASTER CREDIT CARD TRUST II, SERIES 1994-B, CLASS I
___________________________________________________
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 ......
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 ......$5,677,636.29
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 .......... $5,162,186.87
b. The aggregate amount of Interchange to be
deposited in the Series Finance Charge Account
with respect to the Series 1994-B Certificates
(pursuant to Section 3 (c) of the Series 1994-B
Supplement) on the Transfer Date of the current
calendar month is equal to .....$341,691.61
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 ...... $173,757.80
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 ......$441,509.14
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 ......... $2,032,005.01
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-B Certificates with respect to
Collections processed as of the end of the last
day of the preceding Monthly Period was equal
to .............. $8,151,150.44
8. The aggregate amount of funds on deposit in the
Series Principal Account allocable to the
Series 1994-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 1994-B
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 in
accordance with the Loan Agreement pursuant to
subsection 4.08 (h) on the Transfer Date on
the current calendar month is equal to ..........$2,063,187.60
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 ........$11,839,788.60
15. The amount of interest payable to the Series
1994-B Certificateholders on the Distribution
Date in the current calendar month is equal
to ................$1,845,706.11
16. The amount of principal payable to the Series
1994-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
1994-B Certificateholders on the Distribution
Date in the current calendar month is equal
to ....................$1,845,706.11
18. To the knowledge of the undersigned, no
Series 1994-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 7th day of October, 1996.
THE PRUDENTIAL BANK AND TRUST COMPANY,
Servicer
By:
Name: Tom Mason
Title: Senior Vice President
EXHIBIT A to Reimbursement Agreement
MONTHLY PAYMENT CERTIFICATE
PRUDENTIAL BANK AND TRUST COMPANY
PBT&T MASTER CREDIT CARD TRUST SERIES 1994-B, CLASS I
The undersigned is a duly authorized representative
of The Prudential Bank & Trust Company
("PB&T"), as Servicer under the Reimbursement Agreement
dated as of December 8, 1994.
among Bankers Trust, as Trustee (the "Trustee"),
PB&T, Canadian Imperial Bank of Commerce
as Agent (the "Agent") and State Street Bank and
Trust Company as initial bank (the "Bank" and, as
collectively with the Assignees, the "Banks") does
hereby certify as follows:
(a) Capitalized terms used in this certificate
have the respective meanings set forth
in the Reimbursement Agreement,
and references herein to certain sections and
subsections are references to the respective
sections and subsections of the
Reimbursement 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: $2,108,114.27
I. Fees, Expenses and Other Amounts.
Pursuant to the Reimbursement Agreement, the
Servicer hereby directs the Trustee to
make the following payments to the Bank 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 Reimbursement Agreement. Section 2A.
(A) Interest and principal on L/C draws $0.00
(B) Unpaid Monthly L/C Fee $0.00
(C) Cash Collateral Account Deficiencies $1,036,950.57
(D) Other Amounts owed the L/C Bank $1,070,043.53
(E) L/C Commitment Fee $1,120.17
(F) Total amount payable
(A + B + C + D + E) $2,108,114.27
(6) Remaining Available Funds and Earnings
((d) - (I.F)) $0.00
II. Finance Charge Shortfall Amounts
(1) Available Funds and Earnings to support
other Finance
Charge Sharing Series in Group One. $0.00
(2) Finance Charge Shortfalls in other Finance Charge Sharing
Series in Group One. N/A
(3) If a Finance Charge Shortfall exists in 1994-B, Available
Funds and Earnings from other Finance Charge Sharing Series N/A
(4) Allocable Finance Charge Percentage 100%
(5) Remaining Available Funds and Earnings $0.00
III. Principal Shortfall Amounts
(1) Available Funds and Earnings to support other Principal
Sharing Series in Group One. $0.00
(2) Princicpal Shortfalls in other Principal Sharing
Series in Group One. N/A
(3) If a Principal Shortfall exists in 1994-B,
Available Funds and Earnings from other Principal Sharing Series N/A
(4) Allocable Principal Shortfall Percentage 100%
(5) Remaining Available Funds and Earnings $0.00
IV. Remaining Amount
(1) Remaining Available Funds
and Earnings payable to PB&T
(see (II) (4)) $0.00
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: 9/30/96
Interest Period (# of days): 30
Date of this Report: 10/7/96
Period (Revolving, Controlled Amortization or Rapid Amortization):
Revolving
A. Excess Spread Calculation (per Reimbursement Agreement):
1 Collections of Finance Charge Receivables (excluding
Interchange and Recoveries) $5,162,186.87
(Schedule to the Monthly Servicer's Certificate 2.a.)
2 Cardholder Fees (Schedule to the Monthly Servicer's
Certificate 3.) $441,509.14
3 Ineligible Finance Charge Receivables
(Schedule to the Monthly Servicer Certificate 4.)$0.00
4 Discount Option Receivables (Schedule to the $2,032,005.01
Monthly Servicer Certificate 5.)
5 Interchange (Schedule to the Monthly Servicer
Certificate 2.b.)
$341,691.61
6 Recoveries (Schedule to the Monthly Servicer
Certificate 2.c.) $173,757.80
6.A Interest Rate Cap Amounts Payable $0.00
6.B Finance Charge Inflow $0.00
6.C Earnings on Cash Collateral Account $44,926.67
7 Sum of all spread components
(A1 + A2 + A3 + A4 + A5 + A6 + A6.A + A.6B +A.6C) $8,196,077.10
8 Certificate Interest to be paid on Distribution $1,845,706.11
Date (Schedule to the Monthly Servicer Certificate 17.)
9 Investor Monthly Servicing Fee (Monthly Certificateholders' Statement 7.)
$683,333.33
10 Operating Expense Fee (Monthly Payment Instructions
and Notification C(1)) $20,500.00
11 Monthly Enhancement Fee
(Monthly Payment Instructions and Notification
D(1))$15,033.33
12 Program Fee (Monthly Payment Instructions
and Notification E(1)) $84,016.39
13 Aggregate Investor Default Amount
(Monthly Certificate holders' Statement B.5)
$3,439,373.67
14 Reimbursement of Investor Charge Offs
(Monthly Certificate holders' Statement B.6.c.) $0.00
16 Sum of all expenses (A8 + A9 + A10 + A11 + A12 + A13 + A14 )
$6,087,962.83
17 Excess spread (A7 - A16) $2,108,114.27
18 Excess spread Percentage for Monthly Period 6.17%
(A17/B1 * 12)
B. Spread Account Cap
1 Investor Interest on the first day of the Monthly Period $410,000,000.00
2 Investor Interest on the last day of the Monthly Period $410,000,000.00
3 Average Excess Spread Percentage for three
preceding 6.12%
Monthly Periods
4 Average Excess Spread Percentage for twelve
preceding 4.60%
Monthly Periods
5 Spread Account Cap for preceding Monthly Period $26,650,000.00
6 Spread Account Trigger
Upward Trigger (Monthly):
a) If B3 <= 3.0% but B3 >= 2.25%, then B7 = 14,350,000
b) If B3 <= 2.25% but B3 >= 2.00%, then B7 = 22,550,000
c) If B3 < 2.00%, then B7 = $23,575,000
7 Applicable Spread Account Cap for next succeeding
Transfer Date (B6a, B6b,B6c if applicable,
otherwise B5) $26,650,000.00
8 Required Cash Collateral Amount $26,650,000.00
a) if Payout Commencement Date
(the greater of 9.0% * B2 and 2% B1)
9 Cash Collateral Amount as of the last Transfer Date $10,802,838.03
10 Cash Collateral Amount on the next succeeding Transfer Date
$11,839,788.60
11 Seller's Collateral Account Deficiency $14,810,211.40
12 Stated Amount of LOC $32,800,000.00
13 Maximun LOC Amount $42,275,000.00
14 Less Drawings $0.00
15 Unutilized LOC amount as of the last Transfer $9,475,000.00
Date
C. Calculation of Minimum Seller Interest
1 Minimum Aggregate Principal Receivables
(105.2632% * aggregate Initial Investor Interest)
$905,263,520.00
2 Minimum Seller Interest (5.00% * C1)
$45,263,176.00
3 Lowest Average Seller Interest for any thirty-day
period during the preceding Monthly Period
(computed on the Schedule 1 to Exhibit B)
$61,513,153.69
4 Breach of Minimum Seller Interest during the
preceding Monthly Period ("Yes" or "No") NO
5 Deficiency in Minimum Seller Interest (C2 - C3) 0.00
C. Remaining Amount
L/C Commitment Fee $1,120.17
Remaining Available Funds
and Earnings $2,106,994.10
3 Month Avg. 12 Month Avg.
Reporting Excess Spread Excess Spread Excess Spread
Period Excess Spread Percentage Percentage
Dec-94 107,254.16 2.93%
Jan-95 398,503.15 5.98%
Feb-95 293,549.94 4.40% 4.00%
Mar-95 299,327.95 4.49% 4.96% 4.12%
Apr-95 173,990.37 2.61% 3.83% 3.82%
May-95 399,235.18 5.99% 4.36% 4.18%
Jun-95 120,313.93 1.80% 3.47% 3.84%
Jul-95 928,981.55 5.31% 4.37%
Aug-95 771,546.27 4.41% 3.84%
Sep-95 703,085.57 4.02% 4.58%
Oct-95 814,046.87 4.65% 4.36%
Nov-95 823,396.74 4.71% 4.46% 4.27%
Dec-95 642,612.04 3.67% 4.34% 4.34%
Jan-96 1,262,587.44 3.70% 4.02% 4.15%
Feb-96 754,306.68 2.21% 3.19% 3.96%
Mar-96 1,273,018.45 3.73% 3.21% 3.90%
Apr-96 867,025.68 2.54% 2.82% 3.89%
May-96 2,601,466.36 7.61% 4.63% 4.03%
Jun-96 1,378,830.88 4.04% 4.73% 4.22%
Jul-96 1,955,716.11 5.72% 5.79% 4.25%
Aug-96 2,206,213.01 6.46% 5.41% 4.42%
Sep-96 2,108,114.27 6.17% 6.12% 4.60%
0.00% 4.21%
0.00% 2.06%
