UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
[X] Quarterly report pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
For the quarterly period ended June 30, 1996
OR
[ ] Transition report pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
For the transition period from
Commission file number 33-56618
NAFCO Auto Funding, L.P.
(Exact name of registrant as specified in its charter)
Delaware 13-3738983
(State or other jurisdiction (I.R.S. Employer
of incorporation or organization) Identification No.)
51 Madison Avenue, New York, New York 10010
------------------------------------- -----
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (212) 576-7309
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.
Yes [X] No [ ]
<PAGE>
TABLE OF CONTENTS
Page No.
--------
Part I Financial Information
Item 1. Financial Statements 3
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations Properties 3
Part II Other Information
Item 1. Legal Proceedings 4
Item 2. Changes in Securities 4
Item 3. Defaults Upon Senior Securities 4
Item 4. Submission of Matters to a Vote of Security Holders 4
Item 5. Other Information 4
Item 6. Exhibits and Reports on Form 8-K 4-5
Signatures 6
2
<PAGE>
PART I
Item 1. Financial Statements
Not applicable.
Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations
Not applicable.
Item 5. Other Information
None.
3
<PAGE>
PART II
Item 1. Legal Proceedings
None.
Item 2. Changes in Securities
None.
Item 3. Defaults on Senior Securities
None.
Item 4. Submission of Matters to a Vote of Security Holders
None.
Item 5. Other Information
None.
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits
The following reflects all applicable Exhibits required under Item 601
of Regulation S-K;
(99) Additional Exhibits
(99.1) Trust - 1
Master Administrator Report dated May 20, 1996 for the Due Period
beginning on February 1, 1995 and ending on April 30, 1996, (ii)
Servicer Report for the period beginning May 1, 1996 and ending
on May 31, 1996 (iii) Servicer Report for the period beginning
June 1, 1996 and ending on June 30, 1996.
(99.2) Trust - 2
Master Administrator Report dated May 20, 1996 for the Due Period
beginning on April 1, 1996 and ending on April 30, 1996, (ii)
June 20, 1996 for the due period beginning on May 1, 1996 and
ending on May 31, 1996, (iii) July 22, 1996 for the Due Period
beginning on June 1, 1996 and ending on June 30, 1996.
4
<PAGE>
(99.3) Trust - 3
Master Administrator Report dated May 20, 1996 for the Due Period
beginning on April 1, 1996 and ending on April 30, 1996, (ii)
June 20, 1996 for the due period beginning on May 1, 1996 and
ending on May 31, 1996, (iii) July 22, 1996 for the Due Period
beginning on June 1, 1996 and ending on June 30, 1996.
(b) Reports on Form 8-K
None.
5
<PAGE>
SIGNATURES
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, thereunto duly authorized on August , 1996.
---
NAFCO Auto Funding, L.P., on behalf of
NAFCO Auto Trust-1, NAFCO Auto Trust-2, and
NAFCO Auto Trust-3
By: NYLIFE Depositary Corporation
General Partner
By: /s/ Kevin M. Micucci
-----------------------------------
Kevin M. Micucci
Principal Executive Officer
By: /s/ Scott J. Drath
-----------------------------------
Scott J. Drath
VP and Controller of the
General Partner
<PAGE>
INDEX TO EXHIBITS
Exhibit No. Description Page #
99.1 Master Administrator Reports 8-31
for Trust - 1
Servicer Reports February, March
1996
99.2 Master Administrator Reports 32-67
for Trust - 2
99.3 Master Administrator Reports 68-103
for Trust - 3
EXHIBIT 99.1
MASTER ADMINISTRATOR REPORT
-----------------------------------------------
NAFCO AUTO TRUST - 1
For the May 20, 1996 Distribution Date
For period beginning on February 1, 1996
and ending on April 30, 1996 (the "Due Period")
-----------------------------------------------
The undersigned, a duly authorized officer of NAFCO Inc., as Master
Administrator (the "Master Administrator"), pursuant to Section 5.11 of the
Amended and Restated Pooling and Servicing Agreement (the "Pooling and Servicing
Agreement") dated as of August 1, 1994, as amended, by and among NAFCO Auto
Funding, L.P., as Seller, the Master Administrator, Electronic Data Systems
Corporation, as Servicer and Bankers Trust Company, as Trustee, does hereby
certify as follows:
1. Capitalized terms used in this Master Administrator Report and not
otherwise defined herein shall have the respective meanings set forth
in the Pooling and Servicing Agreement.
2. NAFCO Inc. is, as of the date hereof, the Master Administrator under
the Pooling and Servicing Agreement.
3. The undersigned is an Officer of the Master Administrator.
4. The date of this Report is May 15, 1996.
5. Pool Factor.
(a) The Pool Factor with respect to
January 31, 1996 was ................................. 0.57080591
----------
(b) The Pool Factor with respect to
April 30, 1996 was ................................... 0.48906560
----------
6. Investor and Seller Certificate Principal Balance beginning of Due
Period)
(a) The Investor Certificate Principal Balance as
of January 31, 1996 (after giving effect to
the disbursements in reduction of principal,
if any, on the immediately preceding
Distribution Date) was ............................ $5,844,481.68
-------------
1
<PAGE>
(b) The Seller Certificate Principal Balance as
of January 31, 1996 (after giving effect to
the disbursements in reduction of principal,
if any, on the immediately preceding
Distribution Date) was ............................. $474,560.03
-----------
7. Computation of the Available Subordination Amount.
(a) The Maximum Subordination Amount in respect
of such Distribution Date is ....................... $831,078.15
-----------
(b) The Cumulative Subordination Payments with
respect to such Distribution Date is ............... $ -0-
-----------
(c) The Available Subordination Amount with
respect to such Distribution Date [a-b] is ......... $831,078.15
-----------
8. The Cash Reserve Account.
(a) The Required Cash Reserve Amount (assuming
all withdrawals or deposits to be made with
respect to the current Distribution Date are
made) is ........................................... $292,224.08
-----------
(b) The Available Cash Reserve Amount available
for deposit to the Collection Account on the
related Deposit Date (prior to any
withdrawals or deposits to be made with
respect to the current Distribution Date are
made) is ........................................... $336,676.29
-----------
(c) The amount to be deposited to (withdrawn
from) the Available Cash Reserve Amount with
respect to the current Distribution Date was ....... $(44,452.21)
-----------
(d) The Available Cash Reserve Amount available
for deposit to the Collection Account on the
related Deposit Date (after any withdrawals
or deposits to be made with respect to the
current Distribution Date are made) is .............$ 292,224.08
-----------
2
<PAGE>
9. Aggregate Monthly Servicing Fee.
(a) The aggregate Monthly Servicing Fee paid to
the Servicer on the March 20, 1996 Monthly
Fee Date and the April 22, 1996 Monthly Fee
Date was .............................................$ 44,783.32
-----------
(b) The Monthly Servicing Fee owing to the
Servicer on the related Distribution Date is..........$ 19,303.43
-----------
(c) The total Monthly Servicing Fee paid or
payable to the Servicer in respect of such
Due Period [a+b] is...................................$ 64,086.75
-----------
10. Aggregate Monthly Subrogation Amount.
(a) The aggregate Monthly Subrogation Amount paid
to the Master Administrator on the November
20, 1995 Monthly Fee Date and the December 20,
1995 Monthly Fee Date was ............................$ -0-
-----------
(b) The Monthly Subrogation Amount owing on the
related Distribution Date is .........................$ -0-
-----------
(c) The total Monthly Subrogation Amount paid or
payable to the Master Administrator in
respect of such Due Period [a+b] is ..................$ -0-
-----------
11. Aggregate Monthly Administrator Fee.
(a) The aggregate Monthly Administrator Fee paid
to the Master Administrator on the March 20,
1996 Monthly Fee Date and the April 22, 1996
Monthly Fee Date was .................................$ 11,485.07
-----------
(b) The Monthly Administrator Fee owing on the
related Distribution Date is .........................$ 6,296.36
-----------
(c) The total Monthly Administrator Fee paid or
payable to the Master Administrator in
respect of such Due Period [a+b] is ..................$ 17,781.43
-----------
3
<PAGE>
12. Available Funds.
(a) The amount of Available Funds with respect to
the related Due Period was .........................$1,308,211.77
-------------
(b) The amount of Available Funds with respect to
the immediately preceding Due Period that
were retained in the Collection Account was ........$ 31,589.67
-------------
(c) Interest earned on and retained in the
Collection Account for the Due Period and
interest earned on the Cash Reserve Account
for the Due Period and transferred to the
Collection Account on the related Deposit
Date was ...........................................$ 12,668.62
-------------
(d) Total distributable funds with respect to the
related Due Period [a+b+c] was .....................$1,352,470.06
-------------
(e) The amount of Available Funds used to
purchase additional Auto Loans during the
related Due Period was .............................$ -0-
-------------
(f) The amount of Available Funds and interest
earned on the Collection Account and the Cash
Reserve Account used to pay the Monthly
Servicing Fee and the Monthly Administrator
Fee on the March 20, 1996 Monthly Fee Date
and the April 22, 1996 Monthly Fee Date was ........$ 56,268.39
-------------
(g) The amount of Available Funds and interest
earned on the Collection Account and the Cash
Reserve Account remaining after the purchase
of additional Auto Loans and the payment of
the Monthly Servicing Fee and the Monthly
Administrator Fee with respect to the related
Due Period [d-e-f] is ..............................$1,296,201.67
-------------
4
<PAGE>
13. Disbursements to be made on the related Distribution Date.
The Certificate Rate is 8.75%.
(a) The amount of the aggregate Monthly Servicing
Fee to be paid to the Servicer on such
Distribution Date is ...............................$ 19,303.43
-------------
(b) The amount of the aggregate Monthly
Subrogation Amount to be paid to the Master
Administrator on such Distribution Date is .........$ -0-
-------------
(c) The amount of the Monthly Administrator Fee
to be paid to the Master Administrator on
such Distribution Date is ..........................$ 6,296.36
-------------
(d) The amount of the aggregate distribution to
be made on such Distribution Date which
constitutes interest on the Investor
Certificates at the Certificate Rate,
including any Shortfall so allocable is ............$ 127,848.04
-------------
(e) The amount of the aggregate distribution to
be made on such Distribution Date which
constitutes payments in reduction of
principal with respect to the Investor
Certificates is ....................................$ 836.938.96
-------------
(f) The total amount of the distribution to be
made on such Distribution Date to the
Investor Certificateholders [d+e] is ...............$ 964,787.00
-------------
(g) The amount of the aggregate distribution to
be made on such Distribution Date which
constitutes interest on the Seller
Certificate at the Certificate Rate is .............$ 10,381.00
-------------
(h) The amount of the aggregate distribution to
be made on such Distribution Date which
constitutes a reduction of principal with
respect to the Seller Certificate is ...............$ 67,957.74
-------------
5
<PAGE>
(i) The amount to be deposited (withdrawn) from
the Cash Reserve Account is ........................$ (44,452.21)
-------------
(j) The amount to be retained in the Collection
Account with the respect to the Partial
Payment Amount is ..................................$ 39,328.44
-------------
(k) The amount to be disbursed to the Seller
Certificateholder (other than the amounts
referred to in clauses (g) and (h)) is .............$ 232,599.92
-------------
(i) The total amount of the distribution to be
made to the Seller Certificateholders [g+h+k] is ...$ 310,938.66
-------------
14. Investor and Seller Certificate Principal Balance (end of Due Period).
(a) The Investor Certificate Principal Balance as
of April 30, 1996 (after giving effect to the
disbursements in reduction of principal, if
any, made on the related Distribution Date) is .....$5,007,542.72
-------------
(b) The Seller Certificate Principal Balance as
of April 30, 1996 (after giving effect to the
disbursements in reduction of principal, if
any, on the related Distribution Date) is ..........$ 406,602.29
-------------
15. Events of Administrator Termination.
No event has occurred and is continuing which
constitutes an Event of Administrator Termination
or would constitute an Event of Administrator
Termination but for the requirement that notice be
given or time elapse or both [except as disclosed
on the attached Annex A].
6
<PAGE>
IN WITNESS WHEREOF, the undersigned has duly executed and delivered this
certificate this 15th day of May, 1996.
NAFCO INC.
as Master Administrator
By /s/ Carolyn Schembri
-----------------------
Name: Carolyn Schembri
Title: Vice President of Asset Management
7
<PAGE>
ANNEX A
TO
MASTER ADMINISTRATOR REPORT
DATED May 15, 1996
EVENT OF ADMINISTRATOR TERMINATION
None
8
<PAGE>
ANNEX B
TO
MASTER ADMINISTRATOR REPORT
DATED May 15, 1996
In addition to the information required by items 4-16 of the Master
Administrator Report the following information is to be included in the report
delivered to Investor Certificateholders pursuant to Section 7.05 of the Pooling
and Servicing Agreement:
1. Aggregate Principal Balance of the Auto Loans.
As of April 30, 1996 [the close of business on the last day of the Due
Period]
Number of Days Number of Aggregate Principal
Delinquent Auto Loans Balance of Auto Loans
---------- ---------- ---------------------
current (0-29) 639 $4,685,418
30 - 59 50 414,339
60 - 89 11 111,765
90 - 120 5 41,048
over 120 92 556,365
--- ----------
Totals: 797 $5,808,934
===
Aggregate Principal Balance of Defaulted
Auto Loans at April 30, 1996 (394,789)
----------
Aggregate Principal Balance allocable
to Certificateholders $5,414,145
==========
2. Total Amounts Collected for the Due Period and
Deposited into the Collection Account.
(a) The total amount of Payments collected on the
Auto Loans and deposited into the Collection
Account for the Due Period was .....................$1,031,522.66
-------------
(b) The total amount of Recoveries on Defaulted
Auto Loans collected on the Auto Loans and
deposited into the Collection Account for the
for the Due Period was .............................$ 268,950.34
-------------
(c) The total amounts collected on the Auto Loans
and deposited into the Collection Account for
the Due Period was .................................$1,300,473.00
-------------
3. Defaulted Auto Loans.
9
<PAGE>
Auto Loans that became Defaulted Auto Loans during the Due Period:
Number of Aggregate Principal
Auto Loans Balance of Auto Loans
---------- ---------------------
18 $174,626.38
4. The information specified in item 13(d) through (f) stated on the
basis of $1,000 Initial Principal Amount.
The Certificate Rate is 8.75%.
(a) The amount of the aggregate distribution to
be made on such Distribution Date which
constitutes interest on the Investor
Certificates at the Certificate Rate,
including any Shortfall so allocable stated
on the basis of $1,000 Initial Principal
Amount is .............................................$12.486379
----------
(b) The amount of the aggregate distribution to be
made on such Distribution Date which
constitutes payments in reduction of
principal with respect to the Investor
Certificate on the basis of $1,000 Initial
Principal Amount is ...................................$81.740303
----------
(c) The total amount of the distribution to be
made on such Distribution Date to the
Investor Certificateholders on the basis of
$1,000 Initial Principal Amount is ....................$94.226682
----------
10
<PAGE>
SERVICER REPORT
NAFCO AUTO TRUST - 1
- --------------------------------------------------------------------------------
FOR THE PERIOD BEGINNING MAY 1, 1996 AND ENDING MAY 31, 1996
The undersigned, a duly authorized officer of EDS Corporation as Servicer
(the "Servicer") pursuant to section 4.19 of the Amended and Restated Pooling
and Servicing Agreement (the "Pooling and Servicing Agreement"), dated as of
August 31, 1994 by and among NAFCO Auto Funding, L.P., as Seller, NAFCO Inc., as
Master Administrator, the Servicer, and Bankers Trust Company as Trustee, does
hereby certify as follows:
1. Capitalized terms used in this Servicer Report (and not otherwise defined
otherwise defined herein) shall have the respective meanings set forth in
the Pooling and Servicing Agreement.
2. EDS corporation is, as the date hereof, the Servicer under the Pooling and
Servicing Agreement.
3. The undersigned is an Officer of the Servicer.
4. This report is dated 6/12/96
4.1 Principal Reconciliation
Aggregate Prin
Number of Accounts Balance
------------------ --------------
Ending Balance 4/30/96 730 $ 5,414,145.01
Redeemed Repos this reporting period 0 $ 0.00
Repurchase 0 $ 0.00
Principal Payments $ (138,796.36)
Prepayment of Principal -19 $ (68,070.16)
Forced Closed / Charge Off 0 $ (40.01)
Insurance Proceeds $ (19,273.65)
Net Aggregate Principal Balance of
Defaulted Auto Loans during 5/96 -14 $ (131,093.45)
========= ==============
Ending Balance 5/31/96 697 $ 5,056,871.38
4.12 Defaulted Principal Reconciliation
Aggregate Prin
Number of Accounts Balance
------------------ --------------
Ending Balance 4/30/96 67 $ 394,788.94
New Repossessions 13 $ 128,176.75
New Skips 0 $ 0.00
New Gaps 1 $ 2,916.70
Repos Redeemed During Reporting Period 0 $ 0.00
Recoveries on Defaulted Auto Loans -4 $ (47,322.84)
Charge Off/Forced Close -3 $ (926.30)
New Gap Prev Reported as Skip 0 $ 0.00
========= ==============
Ending Balance 5/31/96 74 $ 477,633.25
Page 1
<PAGE>
5. Aggregate Principal Balance of the Auto Loans
a. As of 4/30/96
Number of Days Number of Aggregate Principal
Delinquent Auto Loans Balance of Auto Loans
-------------- ---------- ---------------------
current (0 - 29) 639 $ 4,685,418.09
30 - 59 50 $ 414,338.92
60 - 89 11 $ 111,764.63
90 - 120 5 $ 41,047.60
over 120 92 $ 556,364.71
--- ----------------
Totals: 797 $ 5,808,933.95 **
===
Aggregate Outstanding Principal Balance
of Defaulted Auto Loans as of 4/30/96 $ (394,788.94)
----------------
Aggregate Principal Pool Balance as of
4/30/96 (Net of Defaulted Auto Loans) $ 5,414,145.01
================
b. As of 5/31/96
Number of Days Number of Aggregate Principal
Delinquent Auto Loans Balance of Auto Loans
-------------- ---------- ---------------------
current (0 - 29) 611 $ 4,452,374.08
30 - 59 51 $ 358,951.61
60 - 89 15 $ 106,977.43
90 - 120 10 $ 109,640.89
over 120 84 $ 506,560.62
--- ----------------
Totals: 771 $ 5,534,504.63 **
===
Aggregate Outstanding Principal Balance
of Defaulted Auto Loans as of 5/31/96 $ (477,633.25)
----------------
Aggregate Principal Pool Balance as of
5/31/96 (Net of Defaulted Auto Loans) $ 5,056,871.38
================
** The Aggregate Principal Balance shown in the above tables includes the
Aggregate Outstanding Principal Balance of Defaulted Auto Loans.
Page 2
<PAGE>
6. Defaulted Auto Loans
a. Auto Loans that became Defaulted Auto Loans during the Reporting Period.
Number of Aggregate Principal
Auto Loans Balance of Auto Loans
---------- ---------------------
13 repossessions $ 128,176.75
0 skip claims filed $ 0.00
1 gap claims filed $ 2,916.70
0 less: repos redeemed $ 0.00
0 Prev rptd skip now gap $ 0.00
0 repurchase $ 0.00
========= ==============
14 Totals $ 131,093.45
b. Outstanding Defaulted Auto Loans as of 5/31/96
Number of Aggregate Principal
Auto Loans Balance of Auto Loans
---------- ---------------------
55 repossessions $ 354,063.31
8 skip claims filed $ 83,531.49
7 gap claims filed $ 5,102.49
4 Repo Redeemed $ 34,935.96
from prior reporting period
========= ==============
74 Totals $ 477,633.25
7. Auto Loans with Modified Payment Schedules
Auto Loans that have had their payment schedules modified in accordance
with the provisions of Section 4.04(e) of the Pooling and Servicing
Agreement during the Reporting Period
Number of Aggregate Principal
Auto Loans Balance of Auto Loans Description of Modification
---------- --------------------- ---------------------------
2 $ 12,343.08 Term Extended 1 Month
Page 3
<PAGE>
8. Repurchased Auto Loans
Information with respect to Repurchased Auto Loans during the Reporting
Period.
Number of Aggregate Principal Aggregate Repurchase
Party Auto Loans Balance of Auto Loans Price
--------------- ---------- --------------------- --------------------
Seller N/A
Originator N/A
Master Servicer N/A
========== ===================== ====================
Totals: 0 $ 0.00 $ 0.00
9. Recoveries
Information with respect to Recoveries on Defaulted Auto Loans during the
Reporting Period.
Number of
Defaulted Auto
Loans on which
there were Aggregate Amount of
Recoveries Source of Recoveries Recoveries
-------------- -------------------- -------------------
5 Proceeds from
sale of collateral $ 13,650.00
n/a Proceeds from
insurance claims $ 34,597.75
n/a Paid Ahead $ 602.64
n/a Payments/(Reversals) $ 1,550.26
0 Proceeds from
Repurchase $ 0.00
========= =============
5 $ 50,400.65
10. Repossession Information
Number of Aggregate Principal Aggregate Amount
Action Auto Loans Balance of Auto Loans Realized
----------------- ---------- --------------------- ----------------
Repossession 13 $ 128,176.75
Disposed of after
Repossession 5 $ 13,650.00
Repossessions
Redeemed 1 $ 16,972.31
========== ===================== ================
Totals: 19 $ 145,149.06 $ 13,650.00
Page 4
<PAGE>
11. Losses
a. The aggregate outstanding Principal Balance of Auto
Loans written-off during the Reporting Period
was (includes $40.01 in force close) .................... $ 966.31
------------
b. The aggregate amount of uninsured claims (without
duplication to amounts referred to in clause a) during
the Reporting Period was ................................ $ N/A
------------
c. The total amount of the losses on the Auto Loans during
the Reporting Period was ................................ $ 966.31
------------
12. Total Amount of Payments Collected the Reporting
Period and Deposited into the Collection Account
a. The aggregate portion of Payments collected on the Auto
Loans allocable to Scheduled Payments* in Respect of
Interest on the Auto Loans during the Reporting Period
was ..................................................... $ 85,016.46
------------
b. The aggregate portion of Payments collected on the Auto
Loans allocable to Scheduled Payments in Respect of
Principal on the Auto Loans during the Auto Loans during
the Reporting Period was ................................ $ 138,796.36
------------
c. The aggregate portion of Payments collected on the Auto
Loans allocable to Prepayments during the Reporting
Period was (prin. $68,070.16 int. $3,692.82)............. $ 71,762.98
------------
d. Insurance Proceeds received on Active Auto Loans
(prin. $19,273.65 int. $0) .............................. $ 19,273.65
------------
e. The aggregate portion of Payments collected on the Auto
Loans allocable to Defaulted Auto Loan proceeds during
the Reporting Period was (prin $47,322.84 int $3,077.81). $ 50,400.65
------------
f. The total amount of Payments collected on the Auto
Loans and the total deposited into the Collection
Account during the Reporting Period (sum
of a+b+c+d+e) was ....................................... $ 365,250.10
------------
g. Total Late Charges Received ............................. $ 3,055.10
------------
h. Excess Funds Recd. on Prev Paid Off Accounts ............ $ 4,199.97
#108-002-02-0230-000329 $36.29 #108-004-02-0405-000321 ------------
$344.28 #108-004-02-0405-000509 $829.94
#108-002-11-0205-000173 $1838.30 #108-002-11-0230-000069
$100.00 #108-901-11-9935-323752 $1051.16
i. Extension Fee on Precomputed Loans ...................... $ 88.18
#108-003-11-0305-000427 $63.18 ------------
#108-003-11-0305-001624 $25.00
k. Total Cash Received ..................................... $ 372,593.35
============
Page 5
<PAGE>
13. Amount and Computation of Monthly Servicing Fee
a. The Reimbursable Servicer Expenses with respect to the
calendar month immediately preceding the date of this
Servicer Report was ..................................... $ 3,427.37
------------
b. The Servicer Penalty Payments with respect to the
period from and including the calendar month
immediately preceding the date of this Servicer Report
was ..................................................... $ 1,527.55
------------
c. The Servicer Variable Amount with respect to the
calendar month immediately preceding the date of this
Servicer Report was ..................................... $ 2,243.99
------------
d. The Monthly Servicing Fee owing to the Master Servicer
with respect to the calendar month immediately
preceding the date of this Servicer Report is (o.15% x
the Aggregate Principal Balance of the Auto Loans at
the end of the immediately preceding calendar month) .... $ 8,301.76
------------
e. The Monthly Servicing Fee, if any, owing with respect
to calendar months prior to the immediately preceding
calendar month is ....................................... $ 0.00
------------
f. The total amount owing to the master Servicer on the
next following Monthly fee Date is ...................... $ 15,500.67
------------
Page 6
<PAGE>
14. Events of Servicing Termination
No event has occurred and is continuing which constitutes an Event of
Servicing Termination or would constitute an Event of Servicing Termination
but for the requirement that notice be given or time elapse or both (except
as disclosed on the attached Annex A).
15. Attached Schedules
Reference is made to the attached schedules that detail Insurance Claims
filed and loan balance reports that detail monthly amortization of unearned
interest on Actuarial and Precomputed loans and earned interest and
interest accruals on Simple interest loans.
To the best of our knowledge all information contained on this Servicer Report
and the attached schedules is accurate. In Witness Whereof, the undersigned has
duly executed and delivered this certificate this day, June 12, 1996.
EDS Corporation,
as Servicer
By: /s/ Stephen Gozdan
--------------------------------------
Stephen Gozdan
Director of Operations
EDS - Consumer Asset Management Division
Page 7
<PAGE>
SERVICER REPORT
NAFCO AUTO TRUST - 1
- --------------------------------------------------------------------------------
FOR THE PERIOD BEGINNING JUNE 1, 1996 AND ENDING JUNE 30, 1996
The undersigned. a duly authorized officer of EDS Corporation as Servicer
(the "Servicer"), pursuant to section 4.19 of the Amended and Restated Pooling
and Servicing Agreement (the "Pooling and Servicing Agreement"), dated as of
August 31, 1994 by and among NAFCO Auto Eunding, L.P., as Seller, NAFCO Inc., as
Master Administrator, the Servicer, and Bankers Trust Company as Trustee, does
hereby certify as follows:
1. Capitalized terms used in this Servicer Report (and not otherwise defined
otherwise defined herein) shall have the respective meanings set forth in
the Pooling and Servicing Agreement.
2. EDS Corporation is, as the date hereof, the Servicer under the Pooling and
Servicing Agreement.
3. The undersigned is an Officer of the Servicer.
4. This report is dated 7/12/96
4.1 Principal Reconciliation
Aggregate Prin
Number of Accounts Balance
------------------ --------------
Ending Balance 5/31/96 697 $ 5,056,871.38
Redeemed Repos this reporting period 0 $ 0.00
Repurchase 0 $ 0.00
Principal Payments $ (120,653.37)
Prepayment of Principal -20 $ (113,072.76)
Forced Closed / Charge Off 0 $ (23.91)
Insurance Proceeds $ 0.00
Net Aggregate Principal Balance of
Defaulted Auto Loans during 6/96 -6 $ (52,761.62)
========= ==============
Ending Balance 6/30/96 671 $ 4,770,359.72
4.12 Defaulted Principal Reconciliation
Aggregate Prin
Number of Accounts Balance
------------------ --------------
Ending Balance 5/31/96 74 $ 477,633.25
New Repossessions 5 $ 42,411.93
New Skips 1 $ 10,349.69
New Gaps 0 $ 0.00
Repos Redeemed During Reporting Period 0 $ 0.00
Recoveries on Defaulted Auto Loans -2 $ (35,884.48)
Charge Off/Forced Close -1 $ (279.11)
New Gap Prev Reported as Skip 0 $ 0.00
========= ==============
Ending Balance 6/30/96 77 $ 494,231.28
Page 1
<PAGE>
5. Aggregate Principal Balance of the Auto Loans
a. As of 5/31/96
Number of Days Number of Aggregate Principal
Delinquent Auto Loans Balance of Auto Loans
-------------- ---------- ---------------------
current (0 - 29) 611 $ 4,452,374.08
30 - 59 51 $ 358,951.61
60 - 89 15 $ 106,977.43
90 - 120 10 $ 109,640.89
over 120 84 $ 506,560.62
--- ----------------
Totals: 771 $ 5,534,504.63 **
Aggregate Outstanding Principal Balance
of Defaulted Auto Loans as of 5/31/96 $ (477,633.25)
----------------
Aggregate Principal Pool Balance as of
5/31/96 (Net of Defaulted Auto Loans) $ 5,056,871.38
================
b. As of 6/30/96
Number of Days Number of Aggregate Principal
Delinquent Auto Loans Balance of Auto Loans
Number of Days Number of Aggregate Principal
Delinquent Auto Loans Balance of Auto Loans
-------------- ---------- ---------------------
current (0 - 29) 508 $ 4,113,227.23
30 - 59 50 $ 414,072.51
60 - 89 10 $ 71,239.80
90 - 119 13 $ 94,298.48
over 120 90 $ 571,752.98
--- ----------------
Totals: 748 $ 5,264,591.00 **
Aggregate Outstanding Principal Balance
of Defaulted Auto Loans as of 6/30/96 $ (494,231.28)
----------------
Aggregate Principal Pool Balance as of
6/30/96 (Net of Defaulted Auto Loans) $ 4,770,359.72
================
** The Aggregate Principal Balance shown in the above tables includes the
Aggregate Outstanding Principal Balance of Defaulted Auto Loans.
Page 2
<PAGE>
6. Defaulted Auto Loans
a. Auto Loans that became Defaulted Auto Loans during the Reporting Period.
Number of Aggregate Principal
Auto Loans Balance of Auto Loans
---------- ---------------------
5 repossessions $ 42,411.93
1 skip claims filed $ 10,349.69
0 gap claims filed $ 0.00
0 less: repos redeemed $ 0.00
0 Prev rptd skip now gap $ 0.00
0 repurchase $ 0.00
========= ==============
6 Totals $ 52,761.62
b. Outstanding Defaulted Auto Loans as of 6/30/96
Number of Aggregate Principal
Auto Loans Balance of Auto Loans
---------- ---------------------
55 repossessions $ 378,604.23
9 skip claims filed $ 93,679.61
7 gap claims filed $ 4,521.36
3 Repo Redeemed $ 17,426.08
from prior reporting period
========= ==============
77 Totals $ 494,231.28
7. Auto Loans with Modified Payment Schedules
Auto Loans that have had their payment schedules modified in accordance
with the provisions of Section 4.04(e) of the Pooling and Servicing
Agreement during the Reporting Period
Number of Aggregate Principal
Auto Loans Balance of Auto Loans Description of Modification
---------- --------------------- ---------------------------
4 $ 34,854.83 Term Extended 1 Month
Page 3
<PAGE>
8. Repurchased Auto Loans
Information with respect to Repurchased Auto Loans during the Reporting
Period.
Number of Aggregate Principal Aggregate Repurchase
Party Auto Loans Balance of Auto Loans Price
--------------- ---------- --------------------- --------------------
Seller N/A
Originator N/A
Master Servicer N/A
========== ===================== ====================
Totals: 0 $ 0.00 $ 0.00
9. Recoveries
Information with respect to Recoveries on Defaulted Auto Loans during the
Reporting Period.
Number of
Defaulted Auto
Loans on which
there were Aggregate Amount of
Recoveries Source of Recoveries Recoveries
-------------- -------------------- -------------------
5 Proceeds from
sale of collateral $ 21,339.00
n/a Proceeds from
insurance claims $ 14,415.01
n/a Paid Ahead $ (287.80)
n/a Payments/(Reversals) $ 2,004.28
0 Proceeds from
Repurchase $ 0.00
========= =============
5 $ 37,470.49
10. Repossession Information
Number of Aggregate Principal Aggregate Amount
Action Auto Loans Balance of Auto Loans Realized
----------------- ---------- --------------------- ----------------
Repossession 5 $ 42,411.93
Disposed of after
Repossession 5 $ 21,339.00
Repossessions
Redeemed 0 $ 0.00
========== ===================== ================
Totals: 10 $ 42,411.93 $ 21,339.00
Page 4
<PAGE>
11. Losses
a. The aggregate outstanding Principal Balance of Auto
Loans written-off during the Reporting Period
was (includes $23.91 in force close) .................... $ 303.02
------------
b. The aggregate amount of uninsured claims (without
duplication to amounts referred to in clause a) during
the Reporting Period was ................................ $ N/A
------------
c. The total amount of the losses on the Auto Loans during
the Reporting Period was ................................ $ 303.02
------------
12. Total Amount of Payments Collected the Reporting
Period and Deposited into the Collection Account
a. The aggregate portion of Payments collected on the Auto
Loans allocable to Scheduled Payments* in Respect of
Interest on the Auto Loans during the Reporting Period
was ..................................................... $ 69,887.61
------------
b. The aggregate portion of Payments collected on the Auto
Loans allocable to Scheduled Payments in Respect of
Principal on the Auto Loans during the Auto Loans during
the Reporting Period was ................................ $ 120,653.37
------------
c. The aggregate portion of Payments collected on the Auto
Loans allocable to Prepayments during the Reporting
Period was (prin..$113,072.76 int. $5,916.72)............ $ 118,989.48
------------
d. Insurance Proceeds received on Active Auto Loans
(prin. $0.00 int. $0) ................................... $ 0.00
------------
e. The aggregate portion of Payments collected on the Auto
Loans allocable to Defaulted Auto Loan proceeds during
the Reporting Period was (prin $35,884.48 int $1,586.01). $ 37,470.49
------------
f. The total amount of Payments collected on The Auto
Loans and the total deposited into the Collection
Account during the Reporting Period (sum
of a+b+c+d+e) was ....................................... $ 347,000.95
------------
g. Total Late Charges Received ............................. $ 2,757.51
------------
h. Excess Funds Recd. on Prev Paid Off Accounts ............ $ 0.00
------------
i. Extension Fee on Precomputed Loans ...................... $ 246.53
#108-002-11-0206-000327 $103.55 #108-002-11-0206-0000521 ------------
$48.13 #108-003-11-0305-001653 $95.85
k. Total Cash Received ..................................... $ 350,004.99
============
Page 5
<PAGE>
13. Amount and Computation of Monthly Servicing Fee.
a. The Reimbursable Servicer Expenses with respect to the
calendar month immediately preceding the date of this
Servicer Report was ..................................... $ 7,175.93
------------
b. The Servicer Penalty Payments with respect to the
period from and including the calendar month
immediately preceding the date of this Servicer Report
was ..................................................... $ 1,378.76
------------
c. The Servicer Variable Amount with respect to the
calendar month immediately preceding the date of this
Servicer Report was ..................................... $ 2,259.47
------------
d. The Monthly Servicing Fee owing to the Master Servicer
with respect to the calendar month immediately
preceding the date of this Servicer Report is (0.15% x
the Aggregate Principal Balance of the Auto Loans at
the end of the immediately preceding calendar month) .... $ 7,896.89
------------
e. The Monthly Servicing Fee, if any, owing with respect
to calendar months prior to the immediately preceding
calendar month is ....................................... $ 0.00
------------
f. The total amount owing to the master Servicer on the
next following Monthly fee Date is ...................... $ 18,711.05
------------
Page 6
<PAGE>
14. Events of Servicing Termination
No event has occurred and is continuing which constitutes an Event of
Servicing Termination or would constitute an Event of Servicing Termination
but for the requirement that notice be given or time elapse or both [except
as disclosed on the attached Annex A].
15. Attached Schedules
Reference is made to the attached schedules that detail Insurance Claims
filed and loan balance reports that detail monthly amortization of unearned
interest on Actuarial and Precomputed loans and earned interest and
interest accruals on Simple interest loans.
To the best of our knowledge all information contained on this Servicer Report
and the attached schedules is accurate. In Witness Whereof, the undersigned has
duly executed and delivered this certificate this day, June 12, 1996.
EDS Corporation,
as Servicer
By: /s/ Stephen Gozdan
--------------------------------------
Stephen Gozdan
Director of Operations
EDS - Consumer Asset Management Division
Page 7
EXHIBIT 99.2
MASTER ADMINISTRATOR REPORT
-----------------------------------------------
NAFCO AUTO TRUST - 2
For the May 20, 1996 Distribution Date
For the period beginning on April 1, 1996
and ending on April 30, 1996 (the "Due Period")
-----------------------------------------------
The undersigned, a duly authorized officer of NAFCO Inc., as Master
Administrator (the "Master Administrator"), pursuant to Section 5.11 of the
Amended and Restated Pooling and Servicing Agreement (the "Pooling and Servicing
Agreement") dated as of June 1, 1995, by and among NAFCO Auto Funding, L.P., as
Seller, the Master Administrator, Electronic Data Systems Corporation, as
Servicer and Bankers Trust Company, as Trustee, does hereby certify as follows:
1. Capitalized terms used in this Master
Administrator Report and not otherwise defined
herein shall have the respective meanings set
forth in the Pooling and Servicing Agreement.
2. NAFCO Inc. is, as of the date hereof the Master
Administrator under the Pooling and Servicing
Agreement.
3. The undersigned is an Officer of the Master
Administrator.
4. The date of this Report is April 15, 1996.
5. Pool Factor
(a) The Pool Factor with respect to
April 1, 1996 was...................................... .80849686
---------
(b) The Pool Factor with respect to
April 30, 1996 was..................................... .77222344
---------
6. Investor and Seller Certificate Principal Balance (beginning
of Due Period)
(a) The Investor Certificate Principal Balance as
of April 1, 1996 (after giving effect to the
disbursements in reduction of principal, if
any, on the immediately preceding
Distribution Date) was ............................$30,078,508.70
--------------
1
<PAGE>
(b) The Seller Certificate Principal Balance as
of April 1, 1996 (after giving effect to the
disbursements in reduction of principal, if
any, on the immediately preceding
Distribution Date) was ............................$ 3,342,056.52
--------------
7. Occurrence of a Required Reserve Event
(a) The Delinquency Ratio is.................................. 2.65%
-------
(b) The Three Month Delinquency Ratio is...................... 2.91%
-------
(c) The Gross Loss Ratio is................................... 19.58%
-------
(d) The Three Month Gross Loss Ratio is....................... 16.08%
-------
(e) The percentage of eligible claims on the ALPI
policy not paid in a timely manner is(*).................. 10.80%
-------
(f) A Reserve Requirement Event has occurred and
is continuing.
(g) The Required Reserve Percentage is........................ 10.00%
-------
(*) The percentage of claims on the ALPI policy not paid in a timely manner
includes $49,864.55 of claims which are currently in dispute. Such disputed
claims represent 4% of all eligible claims.
8. Aggregate Monthly Servicing Fee.
(a) The Monthly Servicing Fee owing to the
Servicer on the related Distribution Date is.......$ 110,732.76
--------------
(b) The amount of accrued and unpaid Monthly
Servicing Fees in respect of prior Due Periods is..$ -0-
--------------
(c) The total Monthly Servicing Fee paid or
payable to the Servicer in respect of such
Due Period [a+b] is................................$ 110,732.76
--------------
9. Aggregate Monthly Subrogation Amount.
(a) The Monthly Subrogation Amount owing on the
related Distribution Date is ......................$ -0-
--------------
2
<PAGE>
(b) The amount of accrued and unpaid Monthly
Subrogation Amount in respect of prior Due
Periods is.........................................$ -0-
--------------
(c) The total Monthly Subrogation Amount paid or
payable to the Master Administrator in respect
of such Due Period [a+b] is........................$ -0-
--------------
10. Aggregate Monthly Administrator Fee.
(a) The Monthly Administrator Fee owing on the
related Distribution Date is.......................$ 30,287.28
--------------
(b) The amount of accrued and unpaid Monthly
Administrator Fees in respect of prior Due
Periods is.........................................$ -0-
--------------
(c) The total Monthly Administrator Fee paid or
payable to the Master Administrator in
respect of such Due Period [a+b] is................$ 30,287.28
--------------
11. The Cash Reserve Account.
(a) The Insurance Reserve Amount/The Insurance
Deductible
(i) The Insurance Reserve Amount as of the
first day of the Due Period...................$ 1,419,831.23
--------------
(ii) The aggregate amount to be withdrawn
from the Insurance Reserve Amount,
deposited into the Collection Account
and applied against the aggregate amount
of the Insurance Deductible...................$ 148,679.66
--------------
(iii) The aggregate amount of Monthly
Subrogation Amount to be deposited into
the Insurance Reserve Amount on the
related Deposit Date .........................$ -0-
--------------
(iv) The Insurance Reserve Amount as of the
end of the Due Period is .....................$ 1,271,151.57
--------------
(b) The Available Cash Reserve Amount
(i) The Required Cash Reserve Amount
(assuming all withdrawals or deposits to
be made with respect to the current
Distribution Date are made) is ...............$ 3,007,850.87
--------------
3
<PAGE>
(ii) The Available Cash Reserve Amount
available for deposit to the Collection
Account on the related Deposit Date
(prior to any withdrawals or deposits to
be made with respect to the current
Distribution Date are made) is ...............$ 1,776,877.41
--------------
(iii) The amount to be deposited to
(withdrawn from) the Available Cash
Reserve Amount with respect to the
current Distribution Date is .................$ 157,744.49
--------------
(iv) The Available Cash Reserve Amount
available for deposit to the Collection
Account on the related Deposit Date
(after any withdrawals or deposits to be
made with respect to the current
Distribution Date are made) is................$ 1,934,621.90
--------------
(c) The total Cash Reserve Account as of the end
of the Due Period (after giving effect to the
deposits and withdrawals in (a) and (b) above) is..$ 3,205,773.47
--------------
12. Available Funds.
(a) The amount of Available Funds with respect to
the related Due Period was ........................$ 1,962,960.51
--------------
(b) The amount of Available Funds with respect to
the immediately preceding Due Period that
were retained in the Collection Account was........$ 108,178.64
--------------
(c) Interest earned on and retained in the
Collection Account for the Due Period and
interest earned on the Cash Reserve Account
and transferred to the Collection Account for
the Due Period on the related Deposit Date was ....$ 22,059.86
--------------
(d) Total distributable funds with respect to the
related Due Period [a+b+c] was ....................$ 2,093,199.01
--------------
(e) The amount of Available Funds used to
purchase additional Auto Loans during the
related Due Period was ............................$ -0-
--------------
4
<PAGE>
(f) The amount of Available Funds and interest
earned on the Collection Account remaining
after the purchase of additional Auto Loans
with respect to the related Due Period [d-e] is....$ 2,093,199.01
--------------
13. Disbursements to be made on the related
Distribution Date.
The Certificate Rate is 7.00%.
(a) The amount of the aggregate Monthly Servicing
Fee to be paid to the Servicer on such
Distribution Date is ..............................$ 110,732.76
--------------
(b) The amount of the aggregate Monthly
Subrogation Amount to be paid to the Master
Administrator on such Distribution date is.........$ -0-
--------------
(c) The amount of the Monthly Administrator Fee
to be paid to the Master Administrator on
such Distribution Date is..........................$ 30,287.28
--------------
(d) The amount of the aggregate distribution to
be made on such Distribution Date which
constitutes interest on the Investor
Certificates at the Certificate Rate,
including any Shortfall so allocable is ...........$ 175,457.97
--------------
(e) The amount of the aggregate distribution to
be made on such Distribution Date which
constitutes payments in reduction of
principal with respect to the Investor
Certificates is ........................ $ 1,349,480.09
--------------
(f) The total amount of the distribution to be
made on such Distribution Date to the
Investor Certificateholders [d+e] is...............$ 1,524,938.06
--------------
(g) The amount of the aggregate distribution to
be made on such Distribution Date which
constitutes interest on the Seller
Certificate at the Certificate Rate is.............$ 19,495.33
--------------
(h) The amount of the aggregate distribution to
be made on such Distribution Date which
constitutes a reduction of principal with
respect to the Seller Certificate is ..............$ 149,942.23
--------------
(i) The amount to be deposited (withdrawn) to the
Cash Reserve Account is ...........................$ 157,744.49
--------------
5
<PAGE>
(j) The amount to be retained in the Collection
Account with respect to the Partial Payment
Amount is .........................................$ 100,058.86
--------------
(k) The amount to be disbursed to the Seller
Certificateholder (other than the amounts
referred to in (g) and (h)) is ....................$ -0-
--------------
(l) The total amount of the distribution to be
made to the Seller Certificateholders [g+h+k] is...$ 169,437.56
--------------
14. Investor and Seller Certificate Principal Balance
(end of Due Period).
(a) The Investor Certificate Principal Balance as
of April 30, 1996 (after giving effect to the
disbursements in reduction of principal, if
any, on the immediately preceding
Distribution Date) was ............................$28,729,028.61
--------------
(b) The Seller Certificate Principal Balance as
of April 30, 1996 (after giving effect to the
disbursements in reduction of principal, if
any, on the related Distribution Date) was.........$ 3,192,114.29
--------------
15. Events of Administrator Termination.
No event has occurred and is continuing which constitutes
an Event of Administrator Termination or would
constitute an Event of Administrator Termination
but for the requirement that notice be given or
time elapse or both [except as disclosed on the
attached Annex A].
6
<PAGE>
IN WITNESS WHEREOF, the undersigned has duly executed and delivered this
certificate this 15th day of May, 1996.
NAFCO INC.
as Master Administrator
By:/s/ Carolyn Schembri
-----------------------------------------
Name: Carolyn Schembri
Title: Vice President of Asset Management
7
<PAGE>
ANNEX A
TO
MASTER ADMINISTRATOR REPORT
DATED May 15, 1996
EVENT OF MASTER ADMINISTRATOR TERMINATION
None
8
<PAGE>
ANNEX B
TO
MASTER ADMINISTRATOR REPORT
DATED May 15, 1996
In addition to the information required by items 4-16 of the Master
Administrator Report the following information is to be included in the report
delivered to Investor Certificateholders pursuant to Section 7.05 of the Pooling
and Servicing Agreement:
1. Aggregate Principal Balance of the Auto Loans.
As of April 30, 1996 [the close of business on the last day of the Due
Period]
Number of Days Number of Aggregate Principal
Delinquent Auto Loans Balance of Auto Loans
---------- ---------- ---------------------
current (0-29) 2,467 $27,336,349
30 - 59 241 2,913,925
60 - 89 78 933,029
90 - 120 51 587,032
over 120 295 2,645,604
----- -----------
Totals: 3,132 $34,415,940
=====
Aggregate Principal Balance of Defaulted
Auto Loans at April 30, 1996 (2,494,797)
-----------
Aggregate Principal Balance allocable
to Certificateholders $31,921,143
===========
2. Total Amounts Collected during the Due Period and Deposited into the
Collection Account.
(a) The total amount of Payments collected on the
Auto Loans and deposited into the Collection
Account for the Due Period was......................$1,483,281.87
-------------
(b) The total amount of Recoveries on Defaulted
Auto Loans collected on the Auto Loans and
deposited into the Collection Account for the
Due Period was......................................$ 339,118.76
-------------
(c) The total amounts collected on the Auto Loans
and deposited into the Collection Account for
the Due Period was [a+b]............................$1,822,400.63
-------------
9
<PAGE>
3. Defaulted Auto Loans.
Auto Loans that became Defaulted Auto Loans during the Due Period:
Number of Aggregate Principal
Auto Loans Balance of Auto Loans
---------- ---------------------
44 $558,412.53
4. The information specified in item 13(d) through
(f) stated on the basis of $1,000 Initial Principal Amount.
The Certificate Rate is 7%.
(a) The amount of the aggregate distribution to
be made on such Distribution Date which
constitutes interest on the Investor
Certificates at the Certificate Rate,
including any Shortfall so allocable stated
on the basis of $1,000 Initial Principal
Amount is .............................................$ 4.716232
----------
(b) The amount of the aggregate distribution to
be made on such Distribution Date which
constitutes payments in reduction of
principal with respect to the Investor
Certificate on the basis of $1,000 Initial
Principal Amount is ...................................$36.273421
----------
(c) The total amount of the distribution to be
made on such Distribution Date to the
Investor Certificateholders on the basis of
$1,000 Initial Principal Amount is.....................$40.989653
----------
10
<PAGE>
ANNEX C
TO
MASTER ADMINISTRATOR REPORT
DATED May 15, 1996
Calculation of Required Cash Reserve Amount as of the May 20, 1996
Distribution Date.
(i) The Investor Certificate Principal Balance equals $30,078,508.70.
(ii) Required Reserve Percentage equals 10%.
(iii) The Required Cash Reserve Amount equals (the product of (i) and (ii))
$3,007,850.87
For purposes of this Annex C, the following term shall have the following
meaning:
"Required Reserve Percentage" means:
(a) for any Payment Date on which there is not an uncured Reserve
Requirement Event, 5%;
(b) if the Three-Month Delinquency Ratio for any Due Period exceeds 4% (a
"Three Month Delinquency Test"), the Required Reserve Percentage on
each succeeding Payment Date shall be 10%; provided, however, that if,
for any Due Period following the third Due Period following the
occurrence of a Three Month Delinquency Test, the Three Month
Delinquency Ratio is less than 4% (a "Three Month Delinquency Cure"),
the provisions of this clause (c) shall no longer apply until another
Three Month Delinquency Test occurs;
(c) if the Delinquency Ratio for any Due Period exceeds 6% (a "Delinquency
Test"), the Required Reserve Percentage on each succeeding Payment
Date shall be 10%; provided, however, that if, for any Due Period
following the third Due Period following the occurrence of the less
than 6% (a "Delinquency Cure"), the provisions of this clause (c)
shall no longer apply until another Delinquency Test occurs;
(d) if the Gross Loss Ratio for any Due Period exceeds 18% (a "Loss
Test"), the Required Reserve Percentage on each succeeding Payment
Date shall be 10%; provided, however, that if, for any Due Period
following the third Due Period following the occurrence of the Loss
Test, the Three Month Gross Ratio is less than 18% (a "Loss Cure"),
the provisions of this clause (d) shall no longer apply until another
Test occurs;
11
<PAGE>
(e) if the Three-Month Gross Loss Ratio for any Due Period exceeds 14.5%
(a "Three Month Loss Test"), the Required Reserve Percentage on each
succeeding Payment Date shall be 10%; provided however, that if, for
any Due Period following the occurrence of a Three Month Loss Test,
the Three Month Gross Loss Ratio is less than 14.5% (a "Three Month
Loss Cure"), the provisions of this clause (e) shall no longer apply
until another Three Month Loss Test occurs; and
(f) if 20% of more of eligible claims of the Auto Loans Protection Policy
are not paid by the Insurance Companies within the time specified
therein, the Required Reserve Percentage on each succeeding Payment
Date shall be 10% as of the close of business on the last day of the
preceding Due Period.
12
<PAGE>
MASTER ADMINISTRATOR REPORT
-----------------------------------------------
NAFCO AUTO TRUST - 2
For the June 20, 1996 Distribution Date
For the period beginning on May 1, 1996
and ending on May 31, 1996 (the "Due Period")
-----------------------------------------------
The undersigned, a duly authorized officer of NAFCO Inc., as Master
Administrator (the "Master Administrator"), pursuant to Section 5.11 of the
Amended and Restated Pooling and Servicing Agreement (the "Pooling and Servicing
Agreement") dated as of June 1, 1995, by and among NAFCO Auto Funding, L.P., as
Seller, the Master Administrator, Electronic Data Systems Corporation, as
Servicer and Bankers Trust Company, as Trustee, does hereby certify as follows:
1. Capitalized terms used in this Master Administrator Report and not
otherwise defined herein shall have the respective meanings set forth
in the Pooling and Servicing Agreement.
2. NAFCO Inc. is, as of the date hereof, the Master Administrator under
the Pooling and Servicing Agreement.
3. The undersigned is an Officer of the Master Administrator.
4. The date of this Report is June 17, 1996.
5. Pool Factor.
(a) The Pool Factor with respect to
May 1, 1996 was........................................ .77222344
---------
(b) The Pool Factor with respect to
May 31, 1996 was....................................... .73562022
---------
6. Investor and Seller Certificate Principal Balance
(beginning of Due Period).
(a) The Investor Certificate Principal Balance as
of May 1, 1996 (after giving effect to the
disbursements in reduction of principal, if
any, on the immediately preceding
Distribution Date) was ........................... $28,729,028.61
--------------
1
<PAGE>
(b) The Seller Certificate Principal
Balance as of May 31 1996 (after
giving effect to the disbursements
in reduction of principal, if any, on
the immediately preceding Distribution
Date) was ....................................... $ 3,192,114.29
-------------
7. Occurrence of a Required Reserve Event
--------------------------------------
(a) The Delinquency Ratio is ........................ 2.41%
-------------
(b) The Three Month Delinquency Ratio is ............ 2.55%
-------------
(c) The Gross Loss Ratio is ......................... 20.38%
-------------
(d) The Three Month Gross Loss Ratio is ............. 19.94%
-------------
(e) The percentage of eligible claims on the
ALPI policy not paid in a timely manner
is(*) ........................................... 15.27%
-------------
(f) A Reserve Requirement Event has occurred
and is continuing.
(g) The Required Reserve Percentage is .............. 10.00%
-------------
(*) The percentage of claims on the ALPI policy not paid in a timely manner
includes $40,300.42 of claims which are currently in dispute. Such disputed
claims represent 3 of all eligible claims.
8. Aggregate Monthly Servicing Fee.
-------------------------------
(a) The Monthly Servicing Fee owing
to the Servicer on the related
Distribution Date is ............................ $ 102,558.45
-------------
(b) The amount of accrued and unpaid
Monthly Servicing Fees in respect of
prior Due Periods is ............................ $ -0-
-------------
(c) The total Monthly Servicing Fee paid
or payable to the Servicer in respect
of such Due Period [a+b] is ..................... $ 102,558.45
-------------
9. Aggregate Monthly Subrogation Amount.
------------------------------------
(a) The Monthly Subrogation Amount
owing on the related Distribution
Date is ......................................... $ -0-
-------------
2
<PAGE>
(b) The amount of accrued and unpaid Monthly
Subrogation Amount in respect of prior Due
Periods is ........................................$ -0-
--------------
(c) The total Monthly Subrogation Amount paid or
payable to the Master Administrator in
respect of such Due Period [a+b] is ...............$ -0-
--------------
10. Aggregate Monthly Administrator Fee.
(a) The Monthly Administrator Fee owing on the
related Distribution Date is ......................$ 30,055.88
--------------
(b) The amount of accrued and unpaid Monthly
Administrator Fees in respect of prior Due
Periods is ........................................$ -0-
--------------
(c) The total Monthly Administrator Fee paid or
payable to the Master Administrator in
respect of such Due Period [a+b] is ...............$ 30,055.88
--------------
11. The Cash Reserve Account.
(a) The Insurance Reserve Amount/The Insurance
Deductible
(i) The Insurance Reserve Amount as of the
first day of the Due Period ..................$ 1,271,151.57
--------------
(ii) The aggregate amount to be withdrawn
from the Insurance Reserve Amount,
deposited into the Collection Account
and applied against the aggregate amount
of the Insurance Deductible ..................$ 243,600.42
--------------
(iii) The aggregate amount of Monthly
Subrogation Amount to be deposited into
the Insurance Reserve Amount on the
related Deposit Date .........................$ 13,000.00
--------------
(iv) The Insurance Reserve Amount as of the
end of the Due Period is .....................$ 1,040,551.15
--------------
(b) The Available Cash Reserve Amount
(i) The Required Cash Reserve Amount
(assuming all withdrawals or deposits to
be made with respect to the current
Distribution Date are made) is ...............$ 2,872,902.86
--------------
3
<PAGE>
(ii) The Available Cash Reserve Amount
available for deposit to the Collection
Account on the related Deposit Date
(prior to any withdrawals or deposits to
be made with respect to the current
Distribution Date are made) is ...............$ 1,934,621.90
--------------
(iii) The amount to be deposited to
(withdrawn from) the Available Cash
Reserve Amount with respect to the
current Distribution Date is .................$ 228,039.89
--------------
(iv) The Available Cash Reserve Amount
available for deposit to the Collection
Account on the related Deposit Date
(after any withdrawals or deposits to be
made with respect to the current
Distribution Date are made) is ...............$ 2,162,661.79
--------------
(c) The total Cash Reserve Account as of the end
of the Due Period (after giving effect to the
deposits and withdrawals in (a) and (b)
above) is .........................................$ 3,203,212.94
--------------
12. Available Funds.
(a) The amount of Available Funds with respect to
the related Due Period was ........................$ 2,046,600.22
--------------
(b) The amount of Available Funds with respect to
the immediately preceding Due Period that
were retained in the Collection Account was .......$ 100,058.86
--------------
(c) Interest earned on and retained in the
Collection Account for the Due Period and
interest earned on the Cash Reserve Account
and transferred to the Collection Account for
the Due Period on the related Deposit Date was ....$ 22,206.17
--------------
(d) Total distributable funds with respect to the
related Due Period [a+b+c] was ....................$ 2,168,865.25
--------------
(e) The amount of Available Funds used to
purchase additional Auto Loans during the
related Due Period was ............................$ -0-
--------------
4
<PAGE>
(f) The amount of Available Funds and interest
earned on the Collection Account remaining
after the purchase of additional Auto Loans
with respect to the related Due Period [d-e] is ...$ 2,168,865.25
--------------
13. Disbursements to be made on the related Distribution Date.
The Certificate Rate is 7.00%.
(a) The amount of the aggregate Monthly Servicing
Fee to be paid to the Servicer on such
Distribution Date is ..............................$ 102,558.45
--------------
(b) The amount of the aggregate Monthly
Subrogation Amount to be paid to the Master
Administrator on such Distribution date is ........$ -0-
--------------
(c) The amount of the Monthly Administrator Fee
to be paid to the Master Administrator on
such Distribution Date is .........................$ 30,055.88
--------------
(d) The amount of the aggregate distribution to
be made on such Distribution Date which
constitutes interest on the Investor
Certificates at the Certificate Rate,
including any Shortfall so allocable is ...........$ 167,586.00
--------------
(e) The amount of the aggregate distribution to
be made on such Distribution Date which
constitutes payments in reduction of principal
with respect to the Investor Certificates is ......$ 1,361,749.45
--------------
(f) The total amount of the distribution to be
made on such Distribution Date to the
Investor Certificateholders [d+e] is ..............$ 1,529,335.45
--------------
(g) The amount of the aggregate distribution to be
made on such Distribution Date which
constitutes interest on the Seller
Certificate at the Certificate Rate is ............$ 18,620.67
--------------
(h) The amount of the aggregate distribution to
be made on such Distribution Date which
constitutes a reduction of principal with
respect to the Seller Certificate is ..............$ 151,305.49
--------------
(i) The amount to be deposited (withdrawn) to the
Cash Reserve Account is ...........................$ 228,039.89
--------------
5
<PAGE>
(j) The amount to be retained in the Collection
Account with respect to the Partial Payment
Amount is .........................................$ 108,949.42
--------------
(k) The amount to be disbursed to the Seller
Certificateholder (other than the amounts
referred to in (g) and (h)) is ....................$ -0-
--------------
(l) The total amount of the distribution to be
made to the Seller Certificateholders [g+h+k] is ..$ 169,926.16
--------------
14. Investor and Seller Certificate Principal Balance
(end of Due Period).
(a) The Investor Certificate Principal Balance as
of May 31, 1996 (after giving effect to the
disbursements in reduction of principal, if
any, on the immediately preceding
Distribution Date) was ............................$27,367,279.16
--------------
(b) The Seller Certificate Principal Balance as
of May 31, 1996 (after giving effect to the
disbursements in reduction of principal, if
any, on the related Distribution Date) was ........$ 3,040,808.80
--------------
15. Events of Administrator Termination.
No event has occurred and is continuing which
constitutes an Event of Administrator Termination
or would constitute an Event of Administrator
Termination but for the requirement that notice be
given or time elapse or both [as disclosed on the
attached Annex A].
6
<PAGE>
IN WITNESS WHEREOF, the undersigned has duly executed and delivered this
certificate this 17th day of June, 1996.
NAFCO INC.
as Master Administrator
By: /s/ Kevin M. Micucci
--------------------------------
Name: Kevin M. Micucci
Title: Vice President of Finance
7
<PAGE>
ANNEX A
TO
MASTER ADMINISTRATOR REPORT
DATED June 17, 1996
EVENT OF MASTER ADMINISTRATOR TERMINATION
None
8
<PAGE>
ANNEX B
TO
MASTER ADMINISTRATOR REPORT
DATED June 17, 1996
In addition to the information required by items 4-16 of the Master
Administrator Report the following information is to be included in the report
delivered to Investor Certificateholders pursuant to Section 7.05 of the Pooling
and Servicing Agreement:
1. Aggregate Principal Balance of the Auto Loans.
As of May 31, 1996 [the close of business on the last day of the Due
Period]
Number of Days Number of Aggregate Principal
Delinquent Auto Loans Balance of Auto Loans
---------- ---------- ---------------------
current (0-29) 2,419 $26,314,287
30 - 59 223 2,697,790
60 - 89 73 870,772
90 - 120 44 543,924
over 120 293 $ 2,502,845
----- -----------
Totals: 3,052 $32,929,618
=====
Aggregate Principal Balance of Defaulted
Auto Loans at May 31, 1996 (2,521,530)
----------
Aggregate Principal Balance allocable
to Certificateholders $30,408,088
===========
2. Total Amounts Collected during the Due Period and Deposited into the
Collection Account.
(a) The total amount of Payments collected on the
Auto Loans and deposited into the Collection
Account for the Due Period was .....................$1,438,089.97
-------------
(b) The total amount of Recoveries on Defaulted
Auto Loans collected on the Auto Loans and
deposited into the Collection Account for the
Due Period was ............ ........................$ 356,019.27
-------------
(c) The total amounts collected on the Auto Loans
and deposited into the Collection Account for
the Due Period was [a+b] ...........................$1,794,109.24
-------------
9
<PAGE>
3. Defaulted Auto Loans.
Auto Loans that became Defaulted Auto Loans during the Due Period:
Number of Aggregate Principal
Auto Loans Balance of Auto Loans
---------- ---------------------
48 $619,564.03
4. The information specified in item 13(d) through (f) stated on the
basis of $1,000 Initial Principal Amount.
The Certificate Rate is 7%.
(a) The amount of the aggregate distribution to
be made on such Distribution Date which
constitutes interest on the Investor
Certificates at the Certificate Rate,
including any Shortfall so allocable stated
on the basis of $1,000 Initial Principal
Amount is..........................................$ 4.504637
--------------
(b) The amount of the aggregate distribution to
be made on such Distribution Date which
constitutes payments in reduction of
principal with respect to the Investor
Certificate on the basis of $1,000 Initial
Principal Amount is................................$ 36.603216
--------------
(c) The total amount of the distribution to be made on
such Distribution Date to the Investor
Certificateholders on the basis of $1,000 Initial
Principal Amount is ....................................$ 41.107853
--------------
10
<PAGE>
ANNEX C
TO
MASTER ADMINISTRATOR REPORT
DATED June 17, 1996
Calculation of Required Cash Reserve Amount as of the June 20, 1996
Distribution Date.
(i) The Investor Certificate Principal Balance equals $27,367,279.16.
(ii) Required Reserve Percentage equals 10%.
(iii) The Required Cash Reserve Amount equals (the product of (i) and (ii))
$2,872,902.86
For purposes of this Annex C, the following term shall have the following
meaning:
"Required Reserve Percentage" means:
(a) for any Payment Date on which there is not an
uncured Reserve Requirement Event, 5%;
(b) if the Three-Month Delinquency Ratio for any Due
Period exceeds 4% (a "Three Month Delinquency
Test"), the Required Reserve Percentage on each
succeeding Payment Date shall be 10%; provided,
however, that if, for any Due Period following the
third Due Period following the occurrence of a
Three Month Delinquency Test, the Three Month
Delinquency Ratio is less than 4% (a "Three Month
Delinquency Cure"), the provisions of this clause
(b) shall no longer apply until another Three Month
Delinquency Test occurs;
(c) if the Delinquency Ratio for any Due Period
exceeds 6% (a "Delinquency Test"), the Required
Reserve Percentage on each succeeding Payment Date
shall be 10%; provided, however, that if, for any
Due Period following the third Due Period
following the occurrence of the less than 6% (a
"Delinquency Cure"), the provisions of this clause
(c) shall no longer apply until another
Delinquency Test occurs;
(d) if the Gross Loss Ratio for any Due Period exceeds
18% (a "Loss Test"), the Required Reserve
Percentage on each succeeding Payment Date shall
be 10%; provided, however, that if, for any Due
Period following the third Due Period following
the occurrence of the Loss Test, the Three Month
Gross Ratio is less than 18% (a "Loss Cure"), the
provisions of this clause (d) shall no longer
apply until another Test occurs;
11
<PAGE>
(e) if the Three-Month Gross Loss Ratio for any Due
Period exceeds 14.5% (a "Three Month Loss Test"),
the Required Reserve Percentage on each succeeding
Payment Date shall be 10%; provided however, that
if, for any Due Period following the occurrence of
a Three Month Loss Test, the Three Month Gross
Loss Ratio is less than 14.5% (a "Three Month Loss
Cure"), the provisions of this clause (e) shall no
longer apply until another Three Month Loss Test
occurs; and
(f) if 20% of more of eligible claims of the Auto
Loans Protection Policy are not paid by the
Insurance Companies within the time specified
therein, the Required Reserve Percentage on each
succeeding Payment Date shall be 10% as of the
close of business on the last day of the preceding
Due Period.
12
<PAGE>
MASTER ADMINISTRATOR REPORT
-----------------------------------------------
NAFCO AUTO TRUST -2
For the July 22, 1996 Distribution Date
For the period beginning on June 1, 1996 and ending on June 30,
1996 (the "Due Period')
-----------------------------------------------
The undersigned, a duly authorized officer of NAFCO Inc., as Master
Administrator (the "Master Administrator"), pursuant to Section 5.11 of the
Amended and Restated Pooling and Servicing Agreement (the "Pooling and Servicing
Agreement") dated as of June 1, 1995, by and among NAFCO Auto Funding, L.P., as
Seller, the Master Administrator, Electronic Data Systems Corporation, as
Servicer and Bankers Trust Company, as Trustee, does hereby certify as follows:
1. Capitalized terms used in this Master Administrator Report and not
otherwise defined herein shall have the respective meanings set forth
in the Pooling and Servicing Agreement.
2. NAFCO Inc. is, as of the date hereof, the Master Administrator under
the Pooling and Servicing Agreement.
3. The undersigned is an Officer of the Master Administrator.
4. The date of this Report is July 17, 1996.
5. Pool Factor.
(a) The Pool Factor with respect to
June 1, 1996 was .................................. .73562022
---------
(b) The Pool Factor with respect to
June 30, 1996 was ................................. .69950642
---------
6. Investor and Seller Certificate Principal Balance (beginning of Due
Period).
(a) The Investor Certificate Principal Balance as
of June 1, 1996 (after giving effect to the
disbursements in reduction of principal, if
any, on the immediately preceding
Distribution Date) was ............................$27,367,279.16
--------------
1
<PAGE>
(b) The Seller Certificate Principal Balance as
of June 1, 1996 (after giving effect to the
disbursements in reduction of principal, if
any, on the immediately preceding
Distribution Date) was ............................$ 3,040,808.80
--------------
7. Occurrence of a Required Reserve Event
(a) The Delinquency Ratio is ................................. 2.67%
------
(b) The Three Month Delinquency Ratio is ..................... 2.45%
------
(c) The Gross Loss Ratio is .................................. 20.03%
------
(d) The Three Month Gross Loss Ratio is ...................... 19.47%
------
(e) The percentage of eligible claims on the ALPI
policy not paid in a timely manner is (*) ................ 18.37%
------
(f) A Reserve Requirement Event has occurred and
is continuing.
(g) The Required Reserve Percentage is ....................... 10.00%
------
(*) The percentage of claims on the ALPI policy not paid in a timely manner
includes $50,793.32 of claims which are currently in dispute. Such disputed
claims represent 3.48% of all eligible claims.
8. Aggregate Monthly Servicing Fee.
(a) The Monthly Servicing Fee owing to the
Servicer on the related Distribution Date is .........$102,822.98
-----------
(b) The amount of accrued and unpaid Monthly
Servicing Fees in respect of prior Due
Periods is ...........................................$ -0-
-----------
(c) The total Monthly Servicing Fee paid or
payable to the Servicer in respect of such
Due Period [a+b] is ..................................$102,822.98
-----------
9. Aggregate Monthly Subrogation Amount.
(a) The Monthly Subrogation Amount owing on the
related Distribution Date is .........................$ -0-
-----------
2
<PAGE>
(b) The amount of accrued and unpaid Monthly
Subrogation Amount in respect of prior Due
Periods is .........................................$ -0-
-------------
(c) The total Monthly Subrogation Amount paid or
payable to the Master Administrator in
respect of such Due Period [a+b] is ................$ -0-
-------------
10. Aggregate Monthly Administrator Fee.
(a) The Monthly Administrator Fee owing on the
related Distribution Date is .......................$ 27,038.32
-------------
(b) The amount of accrued and unpaid Monthly
Administrator Fees in respect of prior Due
Periods is .........................................$ -0-
-------------
(c) The total Monthly Administrator Fee paid or
payable to the Master Administrator in
respect of such Due Period [a+b] is ................$ 27,038.32
-------------
11. The Cash Reserve Account.
(a) The Insurance Reserve Amount/The Insurance
Deductible
(i) The Insurance Reserve Amount as of the
first day of the Due Period....................$1,040,551.15
-------------
(ii) The aggregate amount to be withdrawn
from the Insurance Reserve Amount,
deposited into the Collection Account
and applied against the aggregate amount
of the Insurance Deductible....................$ 89,180.53
-------------
(iii) The aggregate amount of Monthly
Subrogation Amount to be deposited into
the Insurance Reserve Amount on the
related Deposit Date ..........................$ -0-
-------------
(iv) The Insurance Reserve Amount as of the
end of the Due Period is ......................$ 951,370.62
-------------
(b) The Available Cash Reserve Amount
(i) The Required Cash Reserve Amount
(assuming all withdrawals or deposits to
be made with respect to the current
Distribution Date are made) is ................$2,736,727.92
-------------
3
<PAGE>
(ii) The Available Cash Reserve Amount
available for deposit to the Collection
Account on the related Deposit Date
(prior to any withdrawals or deposits to
be made with respect to the current
Distribution Date are made) is ................$2,162,661.79
-------------
(iii) The amount to be deposited to
(withdrawn from) the Available Cash
Reserve Amount with respect to the
current Distribution Date is ..................$ -0-
-------------
(iv) The Available Cash Reserve Amount
available for deposit to the Collection
Account on the related Deposit Date
(after any withdrawals or deposits to be
made with respect to the current
Distribution Date are made) is ................$2,162,661.79
-------------
(c) The total Cash Reserve Account as of the end
of the Due Period (after giving effect to the
deposits and withdrawals in (a) and (b)
above) is ..........................................$3,114,032.41
-------------
12. Available Funds
(a) The amount of Available Funds with respect to
the related Due Period was .........................$1,699,550.62
-------------
(b) The amount of Available Funds with respect to
the immediately preceding Due Period that
were retained in the Collection Account was ........$ 108,949.42
-------------
(c) Interest earned on and retained in the
Collection Account for the Due Period and
interest earned on the Cash Reserve Account
and transferred to the Collection Account for
the Due Period on the related Deposit Date
was ................................................$ 20,983.02
-------------
(d) Total distributable funds with respect to the
related Due Period [a+b+c] was .....................$1,829,483.06
-------------
(e) The amount of Available Funds used to
purchase additional Auto Loans during the
related Due Period was .............................$ -0-
-------------
4
<PAGE>
(f) The amount of Available Funds and interest
earned on the Collection Account remaining
after the purchase of additional Auto Loans
with respect to the related Due Period [d-e] is ... $1,829,483.06
-------------
13. Disbursements to be made on the related Distribution Date.
The Certificate Rate is 7.00%.
(a) The amount of the aggregate Monthly Servicing
Fee to be paid to the Servicer on such
Distribution Date is ...............................$ 102,822.98
-------------
(b) The amount of the aggregate Monthly
Subrogation Amount to be paid to the Master
Administrator on such Distribution date is..........$ -0-
-------------
(c) The amount of the Monthly Administrator Fee
to be paid to the Master Administrator on
such Distribution Date is...........................$ 27,038.32
-------------
(d) The amount of the aggregate distribution to
be made on such Distribution Date which
constitutes interest on the Investor
Certificates at the Certificate Rate,
including any Shortfall so allocable
is..................................................$ 159,642.46
-------------
(e) The amount of the aggregate distribution to
be made on such Distribution Date which
constitutes payments in reduction of
principal with respect to the Investor
Certificates is.....................................$1,343,541.98
-------------
(f) The total amount of the distribution to be
made on such Distribution Date to the
Investor Certificateholders [d+e] is................$1,503,184.44
-------------
(g) The amount of the aggregate distribution to
be made on such Distribution Date which
constitutes interest on the Seller
Certificate at the Certificate Rate is..............$ 17,738.05
-------------
(h) The amount of the aggregate distribution to
be made on such Distribution Date which
constitutes a reduction of principal with
respect to the Seller Certificate is................$ 78,039.12
-------------
(i) The amount to be deposited (withdrawn) to the
Cash Reserve Account is.............................$ -0-
-------------
5
<PAGE>
(j) The amount to be retained in the Collection
Account with respect to the Partial Payment
Amount is ..........................................$ 100,660.15
-------------
(k) The amount to be disbursed to the Seller
Certificateholder (other than the amounts
referred to in (g) and (h)) is .....................$ -0-
-------------
(l) The total amount of the distribution to be
made to the Seller Certificateholders [g+h+k] is....$ 95,777.17
-------------
14. Investor and Seller Certificate Principal Balance (End of Due Period)
(a) The Investor Certificate Principal Balance
as of June 30, 1996 (after giving effect to
the disbursements in reduction of principal,
if any, on the immediately preceding
Distribution Date) was ............................$26,023,737.18
-------------
(b) The Seller Certificate Principal Balance as
of June 30, 1996 (after giving effect to the
disbursements in reduction of principal, if
any, on the related Distribution Date) was .........$2,962,769.68
-------------
15. Events of Administrator Termination.
No event has occurred and is continuing which
constitutes an Event of Administrator Termination
or would constitute an Event of Administrator
Termination but for the requirement that notice be
given or time elapse or both [except as disclosed on
the attached Annex A].
6
<PAGE>
IN WITNESS WHEREOF, the undersigned has duly executed and delivered this
certificate this 17th day of July 1996.
NAFCO INC.
as Master Administrator
By:/s/ Carolyn Schembri
----------------------
Name: Carolyn Schembri
Title: Vice President of Asset Management
7
<PAGE>
ANNEX A
TO
MASTER ADMINISTRATOR REPORT
DATED July 17, 1996
EVENT OF MASTER ADMINISTRATOR TERMINATION
None
8
<PAGE>
ANNEX B
TO
MASTER ADMINISTRATOR REPORT
DATED July 17, 1996
In addition to the information required by items 4-16 of the Master
Administrator Report the following information is to be included in the report
delivered to Investor Certificateholders pursuant to Section 7.05 of the Pooling
and Servicing Agreement:
1. Aggregate Principal Balance of the Auto Loans.
As of June 30, 1996 [the close of business on the last day of the Due
Period]
Number of Days Number of Aggregate Principal
Delinquent Auto Loans Balance of Auto Loans
---------- ---------- ---------------------
current (0-29) 2,293 $24,543,030
30 - 59 243 2,795,251
60 - 89 88 1,094,857
90 - 120 50 616,510
over 120 306 2,627,605
----- -----------
Totals: 2,980 $31,677,253
=====
Aggregate Principal Balance of Defaulted
Auto Loans at June 30, 1996 (2,761,989)
-----------
Aggregate Principal Balance allocable
to Certificateholders $28,915,264
===========
2. Total Amounts Collected during the Due Period and
Deposited into the Collection Account.
(a) The total amount of Payments collected on the
Auto Loans and deposited into the Collection
Account for the Due Period was .....................$1,418,393.54
-------------
(b) The total amount of Recoveries on Defaulted
Auto Loans collected on the Auto Loans and
deposited into the Collection Account for the
Due Period was .....................................$ 200,266.02
-------------
(c) The total amounts collected on the Auto Loans
and deposited into the Collection Account for
the Due Period was [a+b] ...........................$1,618,659.56
-------------
9
<PAGE>
3. Defaulted Auto Loans.
Auto Loans that became Defaulted Auto Loans during the Due Period:
Number of Aggregate Principal
Auto Loans Balance of Auto Loans
---------- ---------------------
43 $537,327.76
4. The information specified in item 13(d) through (f)
stated on the basis of $1,000 Initial Principal Amount.
The Certificate Rate is 7%.
(a) The amount of the aggregate distribution to be
made on such Distribution Date which constitutes
interest on the Investor Certificates at the
Certificate Rate, including any Shortfall so
allocable stated on the basis of $1,000 Initial
Principal Amount is .....................................$ 4.291118
-------------
(b) The amount of the aggregate distribution to be
made on such Distribution Date which constitutes
payments in reduction of principal with respect to
the Investor Certificate on the basis of $1,000
Initial Principal Amount is .............................$ 36.113808
-------------
(c) The total amount of the distribution to be made on
such Distribution Date to the Investor
Certificateholders on the basis of $1,000 Initial
Principal Amount is......................................$ 40.404926
-------------
10
<PAGE>
ANNEX C
TO
MASTER ADMINISTRATOR REPORT
DATED July 17, 1996
Calculation of Required Cash Reserve Amount as of the July 22, 1996
Distribution Date.
(i) The Investor Certificate Principal Balance equals $27,367,279.16.
(ii) Required Reserve Percentage equals 10%.
(iii) The Required Cash Reserve Amount equals (the product of (i) and (ii))
$2,736,727.92
For purposes of this Annex C, the following term shall have the following
meaning:
"Required Reserve Percentage" means:
(a) for any Payment Date on which there is not an
uncured Reserve Requirement Event, 5%;
(b) if the Three-Month Delinquency Ratio for any Due
Period exceeds 4% (a "Three Month Delinquency
Test"), the Required Reserve Percentage on each
succeeding Payment Date shall be 10%; provided,
however, that if, for any Due Period following the
third Due Period following the occurrence of a
Three Month Delinquency Test, the Three Month
Delinquency Ratio is less than 4% (a "Three Month
Delinquency Cure"), the provisions of this clause
(b) shall no longer apply until another Three
Month Delinquency Test occurs;
(c) if the Delinquency Ratio for any Due Period
exceeds 6% (a "Delinquency Test"), the Required
Reserve Percentage on each succeeding Payment Date
shall be 10%; provided, however, that if, for any
Due Period following the third Due Period
following the occurrence of the less than 6% (a
"Delinquency Cure"), the provisions of this
clause (c) shall no longer apply until another
Delinquency Test occurs;
(d) if the Gross Loss Ratio for any Due Period exceeds
18% (a "Loss Test"), the Required Reserve
Percentage on each succeeding Payment Date shall
be 10%; provided, however, that if, for any Due
Period following the third Due Period following
the occurrence of the Loss Test, the Three Month
Gross Ratio is less than 18% (a "Loss Cure"), the
provisions of this clause (d) shall no longer
apply until another Test occurs;
11
<PAGE>
(e) if the Three-Month Gross Loss Ratio for any Due
Period exceeds 14.5% (a "Three Month Loss Test"),
the Required Reserve Percentage on each succeeding
Payment Date shall be 10%; provided however, that
if, for any Due Period following the occurrence of
a Three Month Loss Test, the Three Month Gross
Loss Ratio is less than 14.5% (a "Three Month Loss
Cure"), the provisions of this clause (e) shall no
longer apply until another Three Month Loss Test
occurs; and
(f) if 20% of more of eligible claims of the Auto
Loans Protection Policy are not paid by the
Insurance Companies within the time specified
therein, the Required Reserve Percentage on each
succeeding Payment Date shall be 10% as of the
close of business on the last day of the preceding
Due Period.
12
EXHIBIT 99.3
MASTER ADMINISTRATOR REPORT
-------------------------------------------------------------------
NAFCO AUTO TRUST - 3
For the May 20, 1996 Distribution Date
For the period beginning on April 1, 1996
and ending on April 30, 1996 (the "Due Period")
-------------------------------------------------------------------
The undersigned, a duly authorized officer of NAFCO Inc., as Master
Administrator (the "Master Administrator"), pursuant to Section 5.11 of the
Amended and Restated Pooling and Servicing Agreement (the "Pooling and Servicing
Agreement") dated as of October 1, 1995, by and among NAFCO Auto Funding, L.P.,
as Seller, the Master Administrator, Electronic Data Systems Corporation, as
Servicer and Bankers Trust Company, as Trustee, does hereby certify as follows:
1. Capitalized terms used in this Master Administrator Report and
not otherwise defined herein shall have the respective meanings set
forth in the Pooling and Servicing Agreement.
2. NAFCO Inc. is, as of the date hereof, the Master Administrator
under the Pooling and Servicing Agreement.
3. The undersigned is an Officer of the Master Administrator.
4. The date of this Report is May 15, 1996.
5. Pool Factor.
(a) The Pool Factor with respect to
April 1, 1996 was .....................................1.0000000
---------
(b) The Pool Factor with respect to
April 30, 1996 was.....................................1.0000000
---------
6. Investor and Seller Certificate Principal Balance (beginning of
Due Period).
(a) The Investor Certificate Principal
Balance as of April 1, 1996 (after
giving effect to the disbursements in
reduction of principal, if any, on the
immediately preceding Distribution Date)
was...............................................$33,020,000.00
--------------
1
<PAGE>
(b) The Seller Certificate Principal Balance
as of April 1, 1996 (after giving effect
to the disbursements in reduction of
principal, if any, on the immediately
preceding Distribution Date) was..................$ 3,677,218.90
--------------
7. Occurrence of a Required Reserve Event
(a) The Delinquency Ratio is ..................................3.05%
-----
(b) The Three Month Delinquency Ratio is ......................3.49%
-----
(c) The Gross Loss Ratio is ..................................14.68%
------
(d) The Three Month Gross Loss Ratio is ......................12.85%
------
(e) The percentage of eligible claims on the
ALPI policy not paid in a timely manner
is(*) .....................................................7.95%
-----
(g) The Required Reserve Percentage is ........................5.00%
-----
(*) The percentage of claims on the ALPI policy not paid in a timely manner
includes $4,988.04 of claims which are currently in dispute. Such disputed
claims represent 1.00% of all eligible claims.
8. Aggregate Monthly Servicing Fee.
(a) The Monthly Servicing Fee owing
to the Servicer on the related
Distribution Date is ............................ $ 110,511.60
--------------
(b) The amount of accrued and unpaid
Monthly Servicing Fees in respect of
prior Due Periods is .............................$ -0-
--------------
(c) The total Monthly Servicing Fee paid or
payable to the Servicer in respect of
such Due Period [a+b] is .........................$ 110,511.60
--------------
9. Aggregate Monthly Subrogation Amount.
(a) The Monthly Subrogation Amount
owing on the related Distribution
Date is ..........................................$ -0-
--------------
(b) The amount of accrued and unpaid Monthly
Subrogation Amount in respect of prior
Due Periods is ...................................$ -0-
--------------
2
<PAGE>
(c) The total Monthly Subrogation Amount
paid or payable to the Master
Administrator in respect of such Due
Period [a+b] is ..................................$ -0-
--------------
10. Aggregate Monthly Administrator Fee.
(a) The Monthly Administrator Fee owing on
the related Distribution Date is .................$ 30,495.87
--------------
(b) The amount of accrued and unpaid Monthly
Administrator Fees in respect of prior
Due Periods is ...................................$ -0-
--------------
(c) The total Monthly Administrator Fee paid
or payable to the Master Administrator
in respect of such Due Period [a+b] is ...........$ 30,495.87
--------------
11. The Cash Reserve Account.
(a) The Insurance Reserve Amount/The
Insurance Deductible
(i) The Insurance Reserve Amount as of
the first day of the Due Period ............$ 1,911.238.45
--------------
(ii) The aggregate Insurance Deductible
to be deposited by the Seller into
the Cash Reserve Account on the
Deposit Date with respect to
additional Auto Loans acquired .............$ 69,963.01
--------------
(iii) The aggregate amount to be
withdrawn from the Insurance
Reserve Amount, deposited into the
Collection Account and applied
against the aggregate amount of the
Insurance Deductible .......................$ 81,474.31
--------------
(iv) The aggregate amount of Monthly
Subrogation Amount to be deposited
into the Insurance Reserve Amount
on the related Deposit Date ................$ -0-
--------------
(v) The Insurance Reserve Amount as of
the end of the Due Period is ...............$ 1,899,727.15
--------------
(b) The Available Cash Reserve Amount
3
<PAGE>
(i) The Required Cash Reserve Amount
(assuming all withdrawals or
deposits to be made with respect to
the current Distribution Date are
made) is ...................................$ 1,651,000.00
--------------
(ii) The Available Cash Reserve Amount
available for deposit to the
Collection Account on the related
Deposit Date (prior to any
withdrawals or deposits to be made
with respect to the current
Distribution Date are made) is .............$ 1,651,000.00
--------------
(iii) The amount to be deposited to
(withdrawn from) the Available Cash
Reserve Amount with respect to the
current Distribution Date is ...............$ -0-
--------------
(iv) The Available Cash Reserve Amount
available for deposit to the
Collection Account on the related
Deposit Date (after any withdrawals
or deposits to be made with respect
to the current Distribution Date
are made) is ...............................$ 1,651,000.00
--------------
(c) The total Cash Reserve Account as of the
end of the Due Period (after giving
effect to the deposits and withdrawals
in (a) and (b) above) is ........................$ 3,550,727.15
--------------
12. Available Funds.
(a) The amount of Available Funds with
respect to the related Due Period was ............$ 1,745,213.21
--------------
(b) The amount of Available Funds with
respect to the immediately preceding Due
Period that were retained in the
Collection Account was ...........................$ 1,358,356.93
--------------
(c) Interest earned on and retained in the
Collection Account and interest earned
on the Cash Reserve Account and
transferred into the Collection Account
for the Due Period on the related
Deposit Date was .................................$ 23,516.51
--------------
(d) Total distributable funds with respect
to the related Due Period [a+b+c]
was ..............................................$ 3,127,086.65
--------------
4
<PAGE>
(e) The amount of Available Funds used to
purchase additional Auto Loans during
the related Due Period was .......................$ 1,272,054.77
--------------
(f) The amount of Available Funds and
interest earned on the Collection
Account remaining after the purchase of
additional Auto Loans with respect to
the related Due Period [d-e] is ................$ 1,855,031.88
--------------
13. Disbursements to be made on the related Distribution Date.
The Certificate Rate is 6.50%.
(a) The amount of the aggregate Monthly
Servicing Fee to be paid to the Servicer
on such Distribution Date is .....................$ 110,511.60
--------------
(b) The amount of the aggregate Monthly
Subrogation Amount to be paid to the
Master Administrator on such
Distribution date is .............................$ -0-
--------------
(c) The amount of the Monthly Administrator
Fee to be paid to the Master
Administrator on such Distribution Date
is ...............................................$ 30,495.87
--------------
(d) The amount of the aggregate distribution
to be made on such Distribution Date
which constitutes interest on the
Investor Certificates at the Certificate
Rate, including any Shortfall so
allocable is .....................................$ 178,858.33
--------------
(e) The amount of the aggregate distribution
to be made on such Distribution Date
which constitutes payments in reduction
of principal with respect to the
Investor Certificates is .........................$ -0-
--------------
(f) The total amount of the distribution to
be made on such Distribution Date to the
Investor Certificateholders [d+e] is .............$ 178,858.33
--------------
(g) The amount of the aggregate distribution
to be made on such Distribution Date
which constitutes interest on the Seller
Certificate at the Certificate Rate is ...........$ 19,918.27
--------------
5
<PAGE>
(h) The amount of the aggregate distribution
to be made on such Distribution Date
which constitutes a reduction of
principal with respect to the Seller
Certificate is ...................................$ -0-
--------------
(i) The amount to be deposited in the Cash
Reserve Account is ...............................$ -0-
--------------
(j) The amount to be retained in the
Collection Account with respect to the
Reinvestment Amount and the Partial
Payment Amount is ................................$ 1,256,536.48
--------------
(k) The amount to be disbursed to the Seller
Certificateholder (other than the
amounts referred to in (g) and (h) is ............$ 258,711.33
--------------
(l) The total amount of the distribution to
be made to the Seller Certificateholders
[g+h+k] is .......................................$ 278,629.60
--------------
14. Investor and Seller Certificate Principal Balance (end of Due Period).
(a) The Investor Certificate Principal
Balance as of April 30, 1996 (after
giving effect to the disbursements in
reduction of principal, if any, on the
immediately preceding Distribution Date)
was..............................................$ 33,020,000.00
--------------
(b) The Seller Certificate Principal Balance
as of April 30, 1996 (after giving
effect to the disbursements in reduction
of principal, if any, on the immediately
preceding Distribution Date or the
effect of the computation of the
Individual Sold Balance relating to the
purchase of additional Auto Loans during
the Interest-Only Period in accordance
with the terms of the Pooling and
Servicing Agreement) was .........................$ 3,680,620.33
--------------
15. Events of Administrator Termination.
No event has occurred and is continuing which
constitutes an Event of Administrator
Termination or would constitute an Event of
Administrator Termination but for the
requirement that notice be given or time
elapse or both [except as disclosed on the attached
Annex A].
6
<PAGE>
IN WITNESS WHEREOF, the undersigned has duly executed and delivered this
certificate this 15th day of May, 1996.
NAFCO INC.
as Master Administrator
By:/s/Carolyn Schembri
--------------------------------------------
Name: Carolyn Schembri
Title: Vice President of Asset Management
7
<PAGE>
ANNEX A
TO
MASTER ADMINISTRATOR REPORT
DATED May 15, 1996
EVENT OF MASTER ADMINISTRATOR TERMINATION
None
8
<PAGE>
ANNEX B
TO
MASTER ADMINISTRATOR REPORT
DATED May 15, 1996
In addition to the information required by items 4-16 of the Master
Administrator Report the following information is to be included in the report
delivered to Investor Certificateholders pursuant to Section 7.05 of the Pooling
and Servicing Agreement:
1. Aggregate Principal Balance of the Auto Loans
As of April 30, 1996 [the close of business on the last day of the Due
Period]
Number of Days Number of Aggregate Principal
Delinquent Auto Loans Balance of Auto Loans
-------------- --------- -------------------
current (0-29) 2,426 $ 28,963,045
30 - 59 203 2,580,066
60 - 89 68 863,302
90 - 120 57 769,578
over 120 232 2,336,748
------ ------------
Totals: 2,986 $ 35,512,738
======
Aggregate Principal Balance of Defaulted
Auto Loans at April 30, 1996 (743,627)
-------------
Aggregate Principal Balance allocable
to Certificateholders $ 34,769.111
=============
2. Total Amounts Collected during the Due
Period and Deposited into the Collection Account.
(a) The total amount of Payments collected
on the Auto Loans and deposited into the
Collection Account for the Due Period
was ..............................................$ 1,296,797.98
--------------
(b) The total amount of Recoveries on
Defaulted Auto Loans collected on the
Auto Loans and deposited into the
Collection Account for the Due Period
was ..............................................$ 364,518.11
--------------
(c) The total amounts collected on the Auto
Loans and deposited into the Collection
Account for the Due Period was [a+b] .............$ 1,661,316.09
--------------
9
<PAGE>
3. Defaulted Auto Loans.
Auto Loans that became Defaulted Auto Loans during the Due Period:
Number of Aggregate Principal
Auto Loans Balance of Auto Loans
---------- ---------------------
49 $604,561.86
4. The information specified in item 13(d)
through (f) stated on the basis of $1,000
Initial Principal Amount.
The Certificate Rate is 6.5%
(a) The amount of the aggregate distribution
to be made on such Distribution Date
which constitutes interest on the
Investor Certificates at the Certificate
Rate, including any Shortfall so
allocable stated on the basis of $1,000
Initial Principal Amount is ......................$ 5.416667
--------------
(b) The amount of the aggregate distribution
to be made on such Distribution Date
which constitutes payments in reduction
of principal with respect to the
Investor Certificate on the basis of
$1,000 Initial Principal Amount is ...............$ -0-
--------------
(c) The total amount of the distribution to
be made on such Distribution Date to the
Investor Certificateholders on the basis
of $1,000 Initial Principal Amount is ............$ 5.416667
--------------
10
<PAGE>
ANNEX C
TO
MASTER ADMINISTRATOR REPORT
DATED May 15, 1996
Calculation of Required Cash Reserve Amount as of the May 20, 1996
Distribution Date.
(i) The Investor Certificate Principal Balance equals $33,020,000.
(ii) Required Reserve Percentage equals 5%.
(iii) The Required Cash Reserve Amount equals (the product of (i) and (ii))
$1,651,000.
For purposes of this Annex C, the following term shall have the following
meaning:
"Required Reserve Percentage" means:
(a) for any Payment Date on which there is not an uncured Reserve
Requirement Event, 5%;
(b) if the Three-Month Delinquency Ratio for any Due Period exceeds
4% (a "Three Month Delinquency Test"), the Required Reserve
Percentage on each succeeding Payment Date shall be 10%;
provided, however, that if, for any Due Period following the
third Due Period following the occurrence of a Three Month
Delinquency Test, the Three Month Delinquency Ratio is less than
4% (a "Three Month Delinquency Cure"), the provisions of this
clause (b) shall no longer apply until another Three Month
Delinquency Test occurs;
(c) if the Delinquency Ratio for any Due Period exceeds 6% (a
"Delinquency Test"), the Required Reserve Percentage on each
succeeding Payment Date shall be 10%; provided, however, that
if, for any Due Period following the third Due Period following
the occurrence of the less than 6% (a "Delinquency Cure"), the
provisions of this clause (c) shall no longer apply until another
Delinquency Test occurs;
(d) if the Gross Loss Ratio for any Due Period exceeds 18% (a "Loss
Test"), the Required Reserve Percentage on each succeeding
Payment Date shall be 10%; provided, however, that if, for any
Due Period following the third Due Period following the
occurrence of the Loss Test, the Three Month Gross Ratio is less
than 18% (a "Loss Cure"), the provisions of this clause (d) shall
no longer apply until another Test occurs;
11
<PAGE>
(e) if the Three-Month Gross Loss Ratio for any Due Period exceeds
14.5% (a "Three Month Loss Test"), the Required Reserve
Percentage on each succeeding Payment Date shall be 10%; provided
however, that if, for any Due Period following the occurrence of
a Three Month Loss Test, the Three Month Gross Loss Ratio is less
than 14.5% (a "Three Month Loss Cure"), the provisions of this
clause (e) shall no longer apply until another Three Month Loss
Test occurs; and
(f) if 20% of more of eligible claims of the Auto Loans Protection
Policy are not paid by the Insurance Companies within the time
specified therein, the Required Reserve Percentage on each
succeeding Payment Date shall be 10% as of the close of business
on the last day of the preceding Due Period.
12
<PAGE>
MASTER ADMINISTRATOR REPORT
-------------------------------------------------------------------
NAFCO AUTO TRUST -3
For the June 20, 1996 Distribution Date
For the period beginning on May 1, 1996
and ending on May 31, 1996 (the "Due Period")
-------------------------------------------------------------------
The undersigned, a duly authorized officer of NAFCO Inc., as Master
Administrator (the "Master Administrator"), pursuant to Section 5.11 of the
Amended and Restated Pooling and Servicing Agreement (the "Pooling and Servicing
Agreement") dated as of October 1, 1995, by and among NAFCO Auto Funding, L.P.,
as Seller, the Master Administrator, Electronic Data Systems Corporation, as
Servicer and Bankers Trust Company, as Trustee, does hereby certify as follows:
1. Capitalized terms used in this Master Administrator Report and not
otherwise defined herein shall have the respective meanings set forth
in the Pooling and Servicing Agreement.
2. NAFCO Inc. is, as of the date hereof, the Master Administrator
under the Pooling and Servicing Agreement.
3. The undersigned is an Officer of the Master Administrator
4. The date of this Report is June 17, 1996.
5. Pool Factor.
(a) The Pool Factor with respect
to May 1, 1996 was ....................................1.0000000
---------
(b) The Pool Factor with respect
to May 31, 1996 was .................................. .93719150
---------
6. Investor and Seller Certificate Principal Balance (beginning of Due
Period).
(a) The Investor Certificate Principal
Balance as of May 1, 1996 (after giving
effect to the disbursements in reduction
of principal, if any, on the immediately
preceding Distribution Date) was .................$33,020,000.00
--------------
1
<PAGE>
(b) The Seller Certificate Principal Balance
as of May 1, 1996 (after giving effect
to the disbursements in reduction of
principal, if any; on the immediately
preceding Distribution Date) was .................$ 3,680,620.33
--------------
7. Occurrence of a Required Reserve Event
(a) The Delinquency Ratio is ..................................2.88%
----
(b) The Three Month Delinquency Ratio is ......................3.31%
----
(c) The Gross Loss Ratio is ..................................13.03%
-----
(d) The Three Month Gross Loss Ratio is ......................12.82%
-----
(e) The percentage of eligible claims on the
ALPI policy not paid in a timely manner
is(*) ....................................................12.81%
- -----
(g) The Required Reserve Percentage is ........................5.00%
----
(*) The percentage of claims on the ALPI policy not paid in a timely manner
includes $ of claims which are currently in dispute. Such disputed claims
represent % of all eligible claims.
8. Aggregate Monthly Servicing Fee.
(a) The Monthly Servicing Fee owing
to the Servicer on the related
Distribution Date is .............................$ 110,149.85
--------------
(b) The amount of accrued and unpaid
Monthly Servicing Fees in respect of
prior Due Periods is .............................$ -0-
--------------
(c) The total Monthly Servicing Fee paid
or payable to the Servicer in respect
of such Due Period [a+b] is ......................$ 110,149.85
--------------
9. Aggregrate Monthly Subrogation Amount.
(a) The Monthly Subrogation Amount
owing on the related Distribution
Date is ..........................................$ -0-
--------------
(b) The amount of accrued and unpaid Monthly
Subrogation Amount in respect of prior
Due Periods is ...................................$ -0-
--------------
2
<PAGE>
(c) The total Monthly Subrogation Amount
paid or payable to the Master
Administrator in respect of such Due
Period [a+b] is ..................................$ -0-
--------------
10. Aggregate Monthly Administrator Fee.
(a) The Monthly Administrator Fee owing on
the related Distribution Date is .................$ 30,242.27
--------------
(b) The amount of accrued and unpaid Monthly
Administrator Fees in respect of prior
Due Periods is ...................................$ -0-
--------------
(c) The total Monthly Administrator Fee paid
or payable to the Master Administrator
in respect of such Due Period [a+b] is ...........$ 30,242.27
--------------
11. The Cash Reserve Account.
(a) The Insurance Reserve Amount/The Insurance Deductible
(i) The Insurance Reserve Amount as of
the first day of the Due Period ............$ 1,899,727.15
--------------
(ii) The aggregate Insurance Deductible
to be deposited by the Seller into
the Cash Reserve Account on the
Deposit Date with respect to
additional Auto Loans acquired .............$ 64,128.42
--------------
(iii) The aggregate amount to be
withdrawn from the Insurance
Reserve Amount, deposited into the
Collection Account and applied
against the aggregate amount of the
Insurance Deductible .......................$ 254,089.51
--------------
(iv) The aggregate amount of Monthly
Subrogation Amount to be deposited
into the Insurance Reserve Amount
on the related Deposit Date ................$ -0-
--------------
(v) The Insurance Reserve Amount as of
the end of the Due Period is ...............$ 1,709,766.06
--------------
3
<PAGE>
(b) The Available Cash Reserve Amount
(i) The Required Cash Reserve Amount
(assuming all withdrawals or
deposits to be made with respect to
the current Distribution Date are
made) is ....................................$ 1,651,000.00
--------------
(ii) The Available Cash Reserve Amount
available for deposit to the
Collection Account on the related
Deposit Date (prior to any
withdrawals or deposits to be made
with respect to the current
Distribution Date are made) is ..............$ 1,651,000.00
--------------
(iii) The amount to be deposited to
(withdrawn from) the Available Cash
Reserve Amount with respect to the
current Distribution Date is ................$ (210,472.95)
--------------
(iv) The Available Cash Reserve Amount
available for deposit to the
Collection Account on the related
Deposit Date (after any withdrawals
or deposits to be made with respect
to the current Distribution Date
are made) is ................................$ 1,440,527.05
--------------
(c) The total Cash Reserve Account as of the
end of the Due Period (after giving
effect to the deposits and withdrawals
in (a) and b) above) is ..........................$ 3,150,293.11
--------------
12. Available Funds.
(a) The amount of Available Funds with
respect to the related Due Period was ............$ 2,145,012.04
--------------
(b) The amount of Available Funds with
respect to the immediately preceding Due
Period that were retained in the
Collection Account was ...........................$ 1,256,536.48
--------------
(c) Interest earned on and retained in the
Collection Account and interest earned
on the Cash Reserve Account and
transferred into the Collection Account
for the Due Period on the related
Deposit Date was .................................$ 23,720.33
--------------
4
<PAGE>
(d) Total distributable funds with respect
to the related Due Period [a+b+c] was ............$ 3,425,268.85
--------------
(e) The amount of Available Funds used to
purchase additional Auto Loans during
the related Due Period was .......................$ 1,165,971.31
--------------
(f) The amount of Available Funds and
interest earned on the Collection
Account remaining after the purchase of
additional Auto Loans with respect to
the related Due Period [d-e] is ..................$ 2,259,297.54
--------------
13. Disbursements to be made on the related Distribution Date.
The Certificate Rate is 6.50%.
(a) The amount of the aggregate Monthly
Servicing Fee to be paid to the Servicer
on such Distribution Date is .....................$ 110,149.85
--------------
(b) The amount of the aggregate Monthly
Subrogation Amount to be paid to the
Master Administrator on such
Distribution date is .............................$ -0-
--------------
(c) The amount of the Monthly Administrator
Fee to be paid to the Master
Administrator on such Distribution Date
is ...............................................$ 30,242.27
--------------
(d) The amount of the aggregate distribution
to be made on such Distribution Date
which constitutes interest on the
Investor Certificates at the Certificate
Rate, including any Shortfall so
allocable is .....................................$ 178,858.33
--------------
(e) The amount of the aggregate distribution
to be made on such Distribution Date
which constitutes payments in reduction
of principal with respect to the
Investor Certificates is .........................$ 2,073,936.81
--------------
(f) The total amount of the distribution to
be made on such Distribution Date to the
Investor Certificateholders [d+e] is .............$ 2,252,795.14
--------------
(g) The amount of the aggregate distribution
to be made on such Distribution Date
which constitutes interest on the Seller
Certificate at the Certificate Rate is ...........$ -0-
--------------
5
<PAGE>
(h) The amount of the aggregate distribution
to be made on such Distribution Date
which constitutes a reduction of
principal with respect to the Seller
Certificate is ...................................$ -0-
--------------
(i) The amount to be deposited in the Cash
Reserve Account is ...............................$ -0-
--------------
(j) The amount to be retained in the
Collection Account with respect to the
Reinvestment Amount and the Partial
Payment Amount is ................................$ 76,583.23
--------------
(k) The amount to be disbursed to the Seller
Certificateholder (other than the
amounts referred to in (g) and (h) is ............$ -0-
--------------
(l) The total amount of the distribution to
be made to the Seller Certificateholders
[g+h+k] is .......................................$ -0-
--------------
14. Investor and Seller Certificate Principal Balance (end of Due Period).
(a) The Investor Certificate Principal
Balance as of May 31, 1996 (after giving
effect to the disbursements in reduction
of principal, if any, on the immediately
preceding Distribution Date) was .................$30,946,063.19
--------------
(b) The Seller Certificate Principal Balance
as of May 31, 1996 (after giving effect
to the disbursements in reduction of
principal, if any, on the immediately
preceding Distribution Date or the
effect of the computation of the
Individual Sold Balance relating to the
purchase of additional Auto Loans during
the Interest-Only Period in accordance
with the terms of the Pooling and
Servicing Agreement) was .........................$ 3,683,583.65
--------------
15. Events of Administrator Termination.
No event has occurred and is continuing which constitutes an Event of
Administrator Termination or would constitute an Event of
Administrator Termination but for the requirement that notice be given
or time elapse or both [except as disclosed on the attached Annex A].
6
<PAGE>
IN WITNESS WHEREOF, the undersigned has duly executed and delivered this
certificate this 17th day of June, 1996.
NAFCO INC.
as Master Administrator
By:/s/Kevin M. Micucci
---------------------------------
Name: Kevin M. Micucci
Title: Vice President of Finance
8
<PAGE>
ANNEX A
TO
MASTER ADMINISTRATOR REPORT
DATED June 17, 1996
EVENT OF MASTER ADMINISTRATOR TERMINATION
None
8
<PAGE>
ANNEX B
TO
MASTER ADMINISTRATOR REPORT
DATED June 17, 1996
In addition to the information required by items 4-16 of the Master
Administrator Report the following information is to be included in the report
delivered to Investor Certificateholders pursuant to Section 7.05 of the Pooling
and Servicing Agreement:
1. Aggregate Principal Balance of the Auto Loans.
As of May 31, 1996 [the close of business on the last day of the Due
Period]
Number of Days Number of Aggregate Principal
Delinquent Auto Loans Balance of Auto Loans
-------------- --------- -------------------
current (0-29) 2,432 $ 28,702,306
30 - 59 217 2,768,159
60 - 89 68 829,344
90 - 120 41 469,036
over 120 248 2,350,928
------- ------------
Totals: 3,006 $ 35,119,773
=======
Aggregate Principal Balance of Defaulted
Auto Loans at May 31, 1996 (735,258)
------------
Aggregate Principal Balance allocable
to Certificateholders $ 34,384,515
============
2. Total Amounts Collected during the Due
Period and Deposited into the Collection Account.
(a) The total amount of Payments collected
on the Auto Loans and deposited into the
Collection Account for the Due Period
was ..............................................$ 1,518,710.01
--------------
(b) The total amount of Recoveries on
Defaulted Auto Loans collected on the
Auto Loans and deposited into the
Collection Account for the Due Period
was ..............................................$ 382,494.98
--------------
(c) The total amounts collected on the Auto
Loans and deposited into the Collection
Account for the Due Period was [a+b] .............$ 1,901,204.99
--------------
9
<PAGE>
3. Defaulted Auto Loans.
Auto Loans that became Defaulted Auto Loans during the Due Period:
Number of Aggregate Principal
Auto Loans Balance of Auto Loans
---------- ---------------------
49 $634,863.52
4. The information specified in item 13(d)
through (f) stated on the basis of $1.000
Initial Principal Amount.
The Certificate Rate is 6.5%
(a) The amount of the aggregate distribution
to be made on such Distribution Date
which constitutes interest on the
Investor Certificates at the Certificate
Rate, including any Shortfall so
allocable stated on the basis of $1,000
Initial Principal Amount is ......................$ 5.416667
--------------
(b) The amount of the aggregate distribution
to be made on such Distribution Date
which constitutes payments in reduction
of principal with respect to the
Investor Certificate on the basis of
$1,000 Initial Principal Amount is ...............$ 62.808504
--------------
(c) The total amount of the distribution to
be made on such Distribution Date to the
Investor Certificateholders on the basis
of $1,000 Initial Principal Amount is ............$ 68.225171
--------------
10
<PAGE>
ANNEX C
TO
MASTER ADMINISTRATOR REPORT
DATED June 17, 1996
Calculation of Required Cash Reserve Amount as of the June 20, 1996
Distribution Date.
(i) The Investor Certificate Principal Balance equals $30,946,063.19.
(ii) Required Reserve Percentage equals 5%.
(iii) The Required Cash Reserve Amount equals (the product of (i) and (ii))
$1,651,000.
For purposes of this Annex C, the following term shall have the following
meaning:
"Required Reserve Percentage" means:
(a) for any Payment Date on which there is not an uncured Reserve
Requirement Event, 5%;
(b) if the Three-Month Delinquency Ratio for any Due Period exceeds 4% (a
"Three Month Delinquency Test"), the Required Reserve Percentage on
each succeeding Payment Date shall be 10%; provided, however, that if,
for any Due Period following the third Due Period following the
occurrence of a Three Month Delinquency Test, the Three Month
Delinquency Ratio is less than 4% (a "Three Month Delinquency Cure"),
the provisions of this clause (b) shall no longer apply until another
Three Month Delinquency Test occurs;
(c) if the Delinquency Ratio for any Due Period exceeds 6% (a "Delinquency
Test"), the Required Reserve Percentage on each succeeding Payment
Date shall be 10%; provided, however, that if, for any Due Period
following the third Due Period following the occurrence of the less
than 6% (a "Delinquency Cure"), the provisions of this clause (c)
shall no longer apply until another Delinquency Test occurs;
(d) if the Gross Loss Ratio for any Due Period exceeds 18% (a "Loss
Test"), the Required Reserve Percentage on each succeeding Payment
Date shall be 10%; provided, however, that if, for any Due Period
following the third Due Period following the occurrence of the Loss
Test, the Three Month Gross Ratio is less than 18% (a "Loss Cure"),
the provisions of this clause (d) shall no longer apply until another
Test occurs;
11
<PAGE>
(e) if the Three-Month Gross Loss Ratio for any Due Period exceeds 14.5%
(a "Three Month Loss Test"), the Required Reserve Percentage on each
succeeding Payment Date shall be 10%; provided however, that if, for
any Due Period following the occurrence of a Three Month Loss Test,
the Three Month Gross Loss Ratio is less than 14.5% (a "Three Month
Loss Cure"), the provisions of this clause (e) shall no longer apply
until another Three Month Loss Test occurs; and
(f) if 20% of more of eligible claims of the Auto Loans Protection Policy
are not paid by the Insurance Companies within the time specified
therein, the Required Reserve Percentage on each succeeding Payment
Date shall be 10% as of the close of business on the last day of the
preceding Due Period.
12
<PAGE>
MASTER ADMINISTRATOR REPORT
-------------------------------------------------------------------
NAFCO AUTO TRUST - 3
For the July 22, 1996 Distribution Date
For the period beginning on June 1, 1996
and ending on June 30, 1996 (the "Due Period")
-------------------------------------------------------------------
The undersigned, a duly authorized officer of NAFCO Inc., as Master
Administrator (the "Master Administrator"), pursuant to Section 5.11 of the
Amended and Restated Pooling and Servicing Agreement (the "Pooling and
Servicing Agreement") dated as of October 1, 1995, by and among NAFCO Auto
Funding, L.P., as Seller, the Master Administrator, Electronic Data Systems
Corporation, as Servicer and Bankers Trust Company, as Trustee, does hereby
certify as follows:
1. Capitalized terms used in this Master Administrator Report and
not otherwise defined herein shall have the respective meanings set
forth in the Pooling and Servicing Agreement.
2. NAFCO Inc. is, as of the date hereof, the Master Administrator
under the Pooling and Servicing Agreement.
3. The undersigned is an Officer of the Master Administrator.
4. The date of this Report is July 17, 1996.
5. Pool Factor.
(a) The Pool Factor with respect to
June 1, 1996 was ..................................... .93719150
---------
(b) The Pool Factor with respect to
June 30, 1996 was .................................... .90717630
---------
6. Investor and Seller Certificate Principal Balance (beginning of Due
Period)
(a) The Investor Certificate Principal
Balance as of June 1, 1996 (after giving
effect to the disbursements in reduction
of principal, if any, on the immediately
preceding Distribution Date) was .................$30,946,063.19
--------------
1
<PAGE>
(b) The Seller Certificate Principal Balance
as of June 1, 1996 (after giving effect
to the disbursements in reduction of
principal, if any, on the immediately
preceding Distribution Date) was .................$ 3,683,583.65
--------------
7. Occurrence of a Required Reserve Event
(a) The Delinquency Ratio is ..................................3.12%
----
(b) The Three Month Delinquency Ratio is.......................3.02%
----
(c) The Gross Loss Ratio is ..................................13.05%
-----
(d) The Three Month Gross Loss Ratio is .......................13.60%
-----
(e) The percentage of eligible claims on the
ALPI policy not paid in a timely manner
is(*) ....................................................13.30%
-----
(g) The Required Reserve Percentage is .........................5.00%
----
(*) The percentage of claims on the ALPI policy not paid in a timely manner
includes $ of claims which are currently in dispute. Such disputed claims
represent % of all eligible claims
8. Aggregate Monthly Servicing Fee.
(a) The Monthly Servicing Fee owing to the
Servicer on the related Distribution
Date is ..........................................$ 106,290.22
--------------
(b) The amount of accrued and unpaid Monthly
Servicing Fees in respect of prior Due
Periods is .......................................$ -0-
--------------
(c) The total Monthly Servicing Fee paid or
payable to the Servicer in respect of
such Due Period [a+b] is .........................$ 106,290.22
--------------
9. Aggregate Monthly Subrogation Amount.
(a) The Monthly Subrogation Amount owing on
the related Distribution Date is .................$ -0-
--------------
(b) The amount of accrued and unpaid Monthly
Subrogation Amount in respect of prior
Due Periods is ...................................$ -0-
--------------
2
<PAGE>
(c) The total Monthly Subrogation Amount
paid or payable to the Master
Administrator in respect of such Due
Period [a+b] is ..................................$ -0-
--------------
10. Aggregate Monthly Administrator Fee.
(a) The Monthly Administrator Fee owing on
the related Distribution Date is .................$ 27,758.06
--------------
(b) The amount of accrued and unpaid Monthly
Administrator Fees in respect of prior
Due Periods is ...................................$ -0-
--------------
(c) The total Monthly Administrator Fee paid
or payable to the Master Administrator
in respect of such Due Period [a+b] is ...........$ 27,758.06
--------------
11. The Cash Reserve Account
(a) The Insurance Reserve Amount/The Insurance
Deductible
(i) The Insurance Reserve Amount as of
the first day of the Due Period ............$ 1,709,766.06
--------------
(ii) The aggregate Insurance Deductible
to be deposited by the Seller into
the Cash Reserve Account on the
Deposit Date with respect to
additional Auto Loans acquired .............$ -0-
--------------
(iii) The aggregate amount to be
withdrawn from the Insurance
Reserve Amount, deposited into the
Collection Account and applied
against the aggregate amount of the
Insurance Deductible .......................$ 153,323.29
--------------
(iv) The aggregate amount of Monthly
Subrogation Amount to be deposited
into the Insurance Reserve Amount
on the related Deposit Date ................$ -0-
--------------
(v) The Insurance Reserve Amount as of
the end of the Due Period is ...............$ 1,556,442.77
--------------
3
<PAGE>
(b) The Available Cash Reserve Amount
(i) The Required Cash Reserve Amount
(assuming all withdrawals or
deposits to be made with respect
to the current Distribution Date
are made) is ...............................$ 1,547,303.16
--------------
(ii) The Available Cash Reserve Amount
available for deposit to the
Collection Account on the related
Deposit Date (prior to any
withdrawals or deposits to be made
with respect to the current
Distribution Date are made) is .............$ 1,440,527.05
--------------
(iii) The amount to be deposited to
(withdrawn from) the Available
Cash Reserve Amount with respect
to the current Distribution Date
is .........................................$ -0-
--------------
(iv) The Available Cash Reserve Amount
available for deposit to the
Collection Account on the related
Deposit Date (after any
withdrawals or deposits to be made
with respect to the current
Distribution Date are made) is .............$ 1,440,527.05
--------------
(c) The total Cash Reserve Account as of the
end of the Due Period (after giving
effect to the deposits and withdrawals
in (a) and (b) above) is .........................$ 2,996,969.82
--------------
12. Available Funds.
(a) The amount of Available Funds with
respect to the related Due Period was ............$ 1,583,237.63
--------------
(b) The amount of Available Funds with
respect to the immediately preceding Due
Period that were retained in the
Collection Account was ...........................$ 76,583.23
--------------
(c) Interest earned on and retained in the
Collection Account and interest earned
on the Cash Reserve Account and
transferred into the Collection Account
for the Due Period on the related
Deposit Date was .................................$ 21,765.93
--------------
4
<PAGE>
(d) Total distributable funds with respect
to the related Due Period [a+b+c] was ............$ 1,681,586.79
--------------
(e) The amount of Available Funds used to
purchase additional Auto Loans during
the related Due Period was .......................$ -0-
--------------
(f) The amount of Available Funds and
interest earned on the Collection
Account remaining after the purchase of
additional Auto Loans with respect to
the related Due Period [d-e] is ..................$ 1,681,586.79
--------------
13. Disbursements to be made on the related Distribution Date.
The Certificate Rate is 6.50%.
(a) The amount of the aggregate Monthly
Servicing Fee to be paid to the Servicer
on such Distribution Date is .....................$ 106,290.22
--------------
(b) The amount of the aggregate Monthly
Subrogation Amount to be paid to the
Master Administrator on such
Distribution date is .............................$ -0-
--------------
(c) The amount of the Monthly Administrator
Fee to be paid to the Master
Administrator on such Distribution Date
is ...............................................$ 27,758.06
--------------
(d) The amount of the aggregate distribution
to be made on such Distribution Date
which constitutes interest on the
Investor Certificates at the Certificate
Rate, including any Shortfall so
allocable is .....................................$ 167,624.51
--------------
(e) The amount of the aggregate distribution
to be made on such Distribution Date
which constitutes payments in reduction
of principal with respect to the
Investor Certificates is..........................$ 991,101.90
--------------
(f) The total amount of the distribution to
be made on such Distribution Date to the
Investor Certificateholders [d+e] is .............$ 1,158,726.41
--------------
(g) The amount of the aggregate distribution
to be made on such Distribution Date
which constitutes interest on the Seller
Certificate at the Certificate Rate is ...........$ 19,952.75
--------------
5
<PAGE>
(h) The amount of the aggregate distribution
to be made on such Distribution Date
which constitutes a reduction of
principal with respect to the Seller
Certificate is ...................................$ 293,648.41
--------------
(i) The amount to be deposited in the Cash
Reserve Account is ...............................$ -0-
--------------
(j) The amount to be retained in the
Collection Account with respect to the
Reinvestment Amount and the Partial
Payment Amount is ................................$ 75,210.95
--------------
(k) The amount to be disbursed to the Seller
Certificateholder (other than the
amounts referred to in (g) and (h) is ............$ -0-
--------------
(l) The total amount of the distribution to
be made to the Seller Certificateholders
[g+h+k] is .......................................$ 313,601.16
--------------
14. Investor and Seller Certificate Principal Balance (end of Due Period).
(a) The Investor Certificate Principal
Balance as of June 30, 1996 (after
giving effect to the disbursements in
reduction of principal, if any, on the
immediately preceding Distribution Date)
was ..............................................$29,954,961.29
--------------
(b) The Seller Certificate Principal Balance
as of June 30, 1996 (after giving effect
to the disbursements in reduction of
principal, if any, on the immediately
preceding Distribution Date or the
effect of the computation of the
Individual Sold Balance relating to the
purchase of additional Auto Loans during
the Interest-Only Period in accordance
with the terms of the Pooling and
Servicing Agreement) was .........................$ 3,389,935.24
--------------
15. Events of Administrator Termination.
No event has occurred and is continuing which constitutes an
Event of Administrator Termination or would constitute an
Event of Administrator Termination but for the requirement
that notice be given or time elapse or both [except as disclosed
on the attached Annex A].
6
<PAGE>
IN WITNESS WHEREOF, the undersigned has duly executed and delivered this
certificate this 17th day of July 1996.
NAFCO INC.
as Master Administrator
By:/s/Carolyn Schembri
-------------------------------------------
Name: Carolyn Schembri
Title: Vice President of Asset Management
7
<PAGE>
ANNEX A
TO
MASTER ADMINISTRATOR REPORT
DATED July 17, 1996
EVENT OF MASTER ADMINISTRATOR TERMINATION
None
8
<PAGE>
ANNEX B
TO
MASTER ADMINISTRATOR REPORT
DATED July 17, 1996
In addition to the information required by items 4-16 of the Master
Administrator Report the following information is to be included in the report
delivered to Investor Certificateholders pursuant to Section 7.05 of the Pooling
and Servicing Agreement:
1. Aggregate Principal Balance of the Auto Loans.
As of June 30, 1996 [the close of business on the last day of the Due
Period]
Number of Days Number of Aggregate Principal
Delinquent Auto Loans Balance of Auto Loans
-------------- --------- -------------------
current (0-29) 2,340 $ 27,305,080
30 - 59 240 3,000,293
60 - 89 74 885,208
90 - 120 44 523,725
over 120 251 2.332.477
-------- ------------
Totals: 2.949 $ 34,046,783
========
Aggregate Principal Balance of Defaulted
Auto Loans at June 30, 1996 (763.492)
------------
Aggregate Principal Balance allocable
to Certificateholders $ 33,283,290
------------
2. Total Amounts Collected during the Due
Period and Deposited into the Collection Account.
(a) The total amount of Payments collected
on the Auto Loans and deposited into the
Collection Account for the Due Period
was ..............................................$ 1,162,605.60
--------------
(b) The total amount of Recoveries on
Defaulted Auto Loans collected on the
Auto Loans and deposited into the
Collection Account for the Due Period
was ..............................................$ 268,681.02
--------------
(c) The total amounts collected on the Auto
Loans and deposited into the Collection
Account for the Due Period was [a+b] .............$ 1,431,286.62
--------------
9
<PAGE>
3. Defaulted Auto Loans.
Auto Loans that became Defaulted Auto Loans during the Due Period:
Number of Aggregate Principal
Auto Loans Balance of Auto Loans
---------- ---------------------
35 $454,812.93
4. The information specified in item 13(d) through (f)
stated on the basis of $1,000) Initial Principal Amount.
The Certificate Rate is 6.5%
(a) The amount of the aggregate distribution
to be made on such Distribution Date
which constitutes interest on the
Investor Certificates at the Certificate
Rate, including any Shortfall so
allocable stated on the basis of $1,000
Initial Principal Amount is ......................$ 5.076454
--------------
(b) The amount of the aggregate distribution
to be made on such Distribution Date
which constitutes payments in reduction
of principal with respect to the
Investor Certificate on the basis of
$1,000 Initial Principal Amount is ...............$ 30.015200
--------------
(c) The total amount of the distribution to
be made on such Distribution Date to the
Investor Certificateholders on the basis
of $1,000 Initial Principal Amount is ............$ 35.091654
--------------
10
<PAGE>
ANNEX C
TO
MASTER ADMINISTRATOR REPORT
DATED July 17, 1996
Calculation of Required Cash Reserve Amount as of the July 22, 1996
Distribution Date.
(i) The Investor Certificate Principal Balance equals $30,946,063.19
(ii) Required Reserve Percentage equals 5%.
(iii) The Required Cash Reserve Amount equals (the product of (i) and (ii))
$1,547,303.16
For purposes of this Annex C, the following term shall have the following
meaning:
"Required Reserve Percentage" means:
(a) for any Payment Date on which there is not an uncured Reserve
Requirement Event, 5%;
(b) if the Three-Month Delinquency Ratio for any Due Period exceeds 4% (a
"Three Month Delinquency Test"), the Required. Reserve Percentage on
each succeeding Payment Date shall be 10%; provided, however, that if,
for any Due Period following the third Due Period following the
occurrence of a Three Month Delinquency Test, the Three Month
Delinquency Ratio is less than 4% (a "Three Month Delinquency Cure"),
the provisions of this clause (b) shall no longer apply until another
Three Month Delinquency Test occurs;
(c) if the Delinquency Ratio for any Due Period exceeds 6% (a "Delinquency
Test"), the Required Reserve Percentage on each succeeding Payment
Date shall be 10%; provided, however, that if, for any Due Period
following the third Due Period following the occurrence of the less
than 6% (a "Delinquency Cure"), the provisions of this clause (c)
shall no longer apply until another Delinquency Test occurs;
(d) if the Gross Loss Ratio for any Due Period exceeds 18% (a "Loss
Test"), the Required Reserve Percentage on each succeeding Payment
Date shall be 10%; provided, however, that if, for any Due Period
following the third Due Period following the occurrence of the Loss
Test, the Three Month Gross Ratio is less than 18% (a "Loss Cure"),
the provisions of this clause (d) shall no longer apply until another
Test occurs;
11
<PAGE>
(e) if the Three-Month Gross Loss Ratio for any Due Period exceeds 14.5%
(a "Three Month Loss Test"), the Required Reserve Percentage on each
succeeding Payment Date shall be 10%; provided however, that if, for
any Due Period following the occurrence of a Three Month Loss Test,
the Three Month Gross Loss Ratio is less than 14.5% (a "Three Month
Loss Cure"), the provisions of this clause (e) shall no longer apply
until another Three Month Loss Test occurs; and
(f) if 20% of more of eligible claims of the Auto Loans Protection Policy
are not paid by the Insurance Companies within the time specified
therein, the Required Reserve Percentage on each succeeding Payment
Date shall be 10% as of the close of business on the last day of the
preceding Due Period.
12
