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 March 31, 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.
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 February 20, 1996 for the Due Period
beginning on November 1, 1995 and ending on January 31, 1996, (ii)
Servicer Report for the period beginning February 1, 1996 and ending
on February 29, 1996 (iii) Servicer Report for the period beginning
March 1, 1996 and ending on March 31, 1996.
(99.2) Trust - 2
Master Administrator Report dated February 20, 1996 for the Due Period
beginning on January 1, 1996 and ending on January 31, 1996, (ii)
March 20, 1996 for the due period beginning on February 1, 1996 and
ending on February 29, 1996, (iii) April 22, 1996 for the Due Period
beginning on March 1, 1996 and ending on March 31, 1996.
4
<PAGE>
(99.3) Trust - 3
Master Administrator Report dated February 20, 1996 for the Due Period
beginning on January 1, 1996 and ending on January 31, 1996, (ii)
March 20, 1996 for the due period beginning on February 1, 1996 and
ending on February 29, 1996, (iii) April 22, 1996 for the Due Period
beginning on March 1, 1996 and ending on March 31, 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 May 13, 1996.
NAFCO Auto Funding, L.P.
By: NYLIFE Depositary Corporation
General Partner
By: /s/ Michael J. Nocera
-----------------------------------
Michael J. Nocera
(Principal Executive Officer)
By: /s/ Kevin M. Micucci
-----------------------------------
Kevin M. Micucci
(Principal Financial and
Accounting Officer)
<PAGE>
INDEX TO EXHIBITS
Exhibit No. Description Page #
99.1 Master Administrator Reports
for Trust - 1
Servicer Reports February, March
1996
99.2 Master Administrator Reports
for Trust - 2
99.3 Master Administrator Reports
for Trust - 3
MASTER ADMINISTRATOR REPORT
---------------------------------------------------------
NAFCO AUTO TRUST - 1
For the February 20, 1996 Distribution Date
For period beginning on November 1, 1995 and ending on
January 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 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 a Officer of the Master Administrator.
4. The date of this Report is February 16, 1995.
5. Pool Factor.
(a) The Pool Factor with respect to
November 1, 1995 was ............................ 0.65763511
-------------
(b) The Pool Factor with respect to
January 31, 1996 was ............................ 0.57080591
-------------
6. Investor and Seller Certificate Principal Balance (beginning of Due
Period).
(a) The Investor Certificate Principal Balance as of
October 31, 1995 (after giving effect to the
disbursements in reduction of principal, if any,
on the immediately preceding Distribution Date)
was ............................................. $6,733,525.89
-------------
1
<PAGE>
(b) The Seller Certificate Principal Balance as of
October 31, 1995 (after giving effect to the
disbursements in reduction of principal, if any,
on the immediately preceding Distribution Date)
was ............................................. $ 666,598.14
-------------
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 .................. $ 597,438.52
-------------
(c) The amount to be deposited to (withdrawn from)
the Available Cash Reserve Amount with respect to
the current Distribution Date was ............... $ (305,214.44)
-------------
(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 November 20, 1995 Monthly Fee
Date and the December 20, 1995 Monthly Fee Date
was ............................................. $ 50,715.09
-------------
(b) The Monthly Servicing Fee owing to the Servicer
on the related Distribution Date is ............. $ 24,061.71
-------------
(c) The total Monthly Servicing Fee paid or payable
to the Servicer in respect of such Due Period
[a+b] is ........................................ $ 74,776.80
-------------
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 November 20, 1995
Monthly Fee Date and the December 20, 1995
Monthly Fee Date was ............................ $ 13,347.68
-------------
(b) The Monthly Administrator Fee owing on the
related Distribution Date is .................... $ 7,731.29
-------------
(c) The total Monthly Administrator Fee paid or
payable to the Master Administrator in respect of
such Due Period [a+b] is ........................ $ 21,078.97
-------------
3
<PAGE>
12. Available Funds.
(a) The amount of Available Funds with respect to the
related Due Period was .......................... $1,311,011.46
-------------
(b) The amount of Available Funds with respect to the
immediately preceding Due Period that were
retained in the Collection Account was .......... $ 22,226.41
(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 ........................ $ 17,509.07
-------------
(d) Total distributable funds with respect to the
related Due Period [a+b+c] was .................. $1,350,746.94
-------------
(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 November 20,
1995 Monthly Fee Date and the December 20, 1995
Monthly Fee Date was ............................ $ 64,062.77
-------------
(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 ............................... $1,286,684.17
-------------
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 ......................................... $ 24,061.71
-------------
(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 ............................ $ 7,731.29
-------------
(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 .................................... $ 147,295.88
-------------
(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 ................. $ 889,044.21
-------------
(f) The total amount of the distribution to be made
on such Distribution Date to the Investor
Certificateholders [d+e] is ..................... $1,036,340.09
-------------
(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 ............................. $ 14,581.83
-------------
(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 ........................... $ 192,038.11
-------------
5
<PAGE>
(i) The amount to be deposited(withdrawn) from the
Cash Reserve Account is ......................... $ (305,214.44)
-------------
(j) The amount to be retained in the Collection
Account with the respect to the Partial Payment
Amount is ....................................... $ 31,589.67
-------------
(k) The amount to be disbursed to the Seller
Certificateholder (other than the amounts
referred to in clauses (g) and (h)) is .......... $ 285,555.91
-------------
(l) The total amount of the distribution to be made
to the Seller Certificateholders [g+h+k] is ..... $ 492,175.85
-------------
14. Investor and Seller Certificate Principal Balance (end 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,
made on the related Distribution Date) is ....... $5,844,481.68
-------------
(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 related Distribution Date) is ............ $ 474,560.03
-------------
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 16th day of February, 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 February 16, 1996
EVENT OF ADMINISTRATOR TERMINATION
None
8
<PAGE>
ANNEX B
TO
MASTER ADMINISTRATOR REPORT
DATED February 16, 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 January 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) 681 $5,290,151
30 - 59 74 655,236
60 - 89 14 110,450
90 - 120 14 126,879
over 120 98 626,983
--- ----------
Totals: 881 $6,809,699
===
Aggregate Principal Balance of Defaulted
Auto Loans at January 31, 1996 (490,657)
----------
Aggregate Principal Balance allocable
to Certificateholders $6,319,042
==========
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 .................. $1,034,555.13
-------------
(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 ...................................... $ 267,093.07
-------------
(c) The total amounts collected on the Auto Loans and
deposited into the Collection Account for the Due
Period was ...................................... $1,301,648.20
-------------
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
---------- ---------------------
30 $261,970.35
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 ............................. $ 14.39
-------------
(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 .............. $ 86.83
-------------
(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 ............................. $ 101.22
-------------
10
<PAGE>
SERVICER REPORT NAFCO AUTO TRUST - 1
FOR THE PERIOD BEGINNING FEBRUARY 1,1996 AND ENDING FEBRUARY 29,1996
REVISED
The undersigned, a duly authorized officer of EDS Corporation as Servicer (the
"Servicer"), pursuant to section 419 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,
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 3/14/96
4.1 Principal Reconciliation
Number of Accounts Aggregate
Prin Balance
Ending Balance 1/31/96 802 $6,319,041.71
Redeemed Repos this reporting period 0 $0.00
Repurchase 0 $0.00
Principal Payments ($150,462.79)
Prepayment of Principal -19 ($112,775.67)
Forced Closed / Charge Off 0 ($19.43)
Insurance Proceeds ($28,731.54)
Proceeds received 1/96 on Redeemed Repos $0.00
Net Aggregate Principal Balance of
Defaulted Auto Loans during 2/96 -3 ($28,360.48)
780 $5,998,891.80
4.12 Defaulted Principal Reconciliation
Number of Accounts Aggregate Prin Balance
Ending Balance 1/31/96 79 $490,656.67
New Repossessions 2 $15,572.99
New Skips 2 $16,059.81
New Gaps 0 $0.00
Repos Redeemed During Reporting Period $0.00
Payments received 1/96 on Loans Redeemed $0.00
Recoveries on Defaulted Auto Loans -6 ($99,526.30)
Charge Off/Forced Close -4 ($1,728.50)
New Repo Prev Reported as Skip
-1 ($3,272.32)
Ending Balance 2/29/96 72 $417,762.35
Page 1
<PAGE>
Aggregate Principal Balance of the Auto Loans
---------------------------------------------
a. As of 1/31/96
Number of Days Number of Aggregate Principal
Delinquent Auto Loans Balance of Auto Loans
current (0 - 29) 681 $5,290,150.78
30 - 59 74 $655,235.69
60 - 89 14 $110,450.34
90 -120 14 $126,878.77
over 120 98 $626,982.80
-- -----------
Totals: 881 $6,809,698.38**
Aggregate Outstanding Principal Balance
of Defaulted Auto Loans as of 1/31/96
($490,656.67)
Aggregate Principal Pool Balance as of 1/31/96
(Net of Defaulted Auto Loans) $6,319,041.71
b. As of 2/29/96
Number of Days Number of Aggregate Principal
Delinquent Auto Loans Balance of Auto Loans
current (0 - 29) 682 $5,166,416.45
30 - 59 45 $413,708.63
60 - 89 19 $160,518.59
90 -120 11 $86,178.76
over 120 95 $589,631.72
-- -----------
Totals: 852 $6,416,454.15
Aggregate Outstanding Principal Balance
of Defaulted Auto Loans as of 2/29/96
($417,762.35)
Aggregate Principal Pool Balance as of 2/29/96
(Net of Defaulted Auto Loans) $5,998,691.80
**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
2 repossessions $15,572.99
2 skip claims filed $16,059.81
0 gap claims filed $0.00
0 less: repos redeemed $0.00
-1 Prev rptd. skip repo'd
($3,272.32)
0 repurchase $0.00
-----
3 Totals $28,360.48
b. Outstanding Defaulted Auto Loans as of 2/29/96
Number of Aggregate Principal
Auto Loans Balance of Auto Loans
56 repossessions $304,177.25
9 skip claims filed $91,413.58
4 gap claims filed $3,066.97
3 Repo Redeemed $19,104.55
from prior reporting period
72 Totals $417,762.35
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
3 $29,884.27Term 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
Party Auto Loans Balance of Auto LoansAggregate Repurchase Price
Seller N/A
Originator N/A
Master Servicer N/A
Totals: $0.00 $0.00
9. Recoveries
----------
Information with respect to Recoveries on Defaulted Auto Loans durina the
Reporting Period.
Number of
Defaulted Auto
Loans on which
there were Aggregate Amount of
RecoveriesSource of Recoveries Recoveries
15 Proceeds from $59,150.00
sale of collateral
n/a Proceeds from $39,441.27
insurance claims
n/a Paid Ahead $189.32
n/a Payments/Reversals $3,834.95
Proceeds from $0.00
Repurchase
15 $102,615.54
- -
10. Reoossession Information
------------------------
, Number of Aggregate Principal
Action Auto Loans Balance of Auto LoansAggregate Amount Realized
----------------------------------------------
Repossession $15,572.99
Disposed of after
Repossession 15 559,150.00
Repossessions
Redeemed
$10,2 17.13
Totals: 19 $25,790.12 $59,150.00
Page 4
<PAGE>
a. The aggregate outstanding Principal Balance of Auto Loans written-off
during the Reporting Period was..[.Includes $19.43 in force close ] $
$1,747.93
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 osses on the Auto Loans during the Reporting
Period was . . . . . . . . . . . . . $ $1,747.93
12. Total Amount of Payments Collected during the Reporting
p~riod 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 . . . . . . . . . . . . . . $98,524.86
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 . . $150,462.79
c. The aggregate portion of Payments collected on the Auto Loans allocable
to Prepayments* during the Reporting Period was . $118,040.90
[prin..$112,775.67 int.$5,265.23]
d. Insurance Proceeds received on Active Auto Loans $29,428.60
[prin. $28731.54 int. $697.06]
e. The aggregate portion of Payments collected on the Auto Loans allocable
to Defaulted Auto Loan proceeds during the Reporting Period was
$102,615.54 [prin $99,526.30 int $3,089.24)
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 . . . . . . . . . . . . . . $499,072.69
g. Total Late Charges Received.............................. $3,522.86
h. Excess Funds Recd. on Prev Paid Off Accounts $528.11
#108-003-11-0305-000108
i. Extension Fee on Precomputed Loans . . . . . . . . . . . $229.05
#108-002-11-0205-000281 $48.13
#108-003-11-0305-000370 $95.04
#108-003-11-0305-001335 $85.88
k. Total Cash Received . . . . . . . . $ $503,352.71
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
$10,500.72
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 . . . . . . . . $1,761.43
c. The Servicer Variable Amount with respect to the calendar month
immediately preceding the date of this Servicer Report was
$2,407.55
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] . . . $9,624.68
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 . . . . . . . . $24,294.38
Page 6
<PAGE>
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, March 14,1996.
EDS Corporation,
as Servicer
By:
_____________________________
William J. Van Auken
Executive Vice President
EDS - Consumer Asset Management Division
<PAGE>
SERVICER REPORT NAFCO AUTO TRUST - 1
FOR THE PERIOD BEGINNING MARCH 1,1996 AND ENDING MARCH 31,1996
REVISED
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 4/15/96
4.1 Principal Reconciliation
Number of Accounts Aggregate
Prin Balance
Ending Balance 2/29/96 780 $5,998,691.80
Redeemed Repos this reporting period 0 $0.00
Repurchase 0 $0.00
Principal Payments ($151,387.38)
Prepayment of Principal -19 ($59,851.57)
Forced Closed / Charge Off 0 ($38.60)
Insurance Proceeds ($15,805.38)
Net Aggregate Principal Balance of
Defaulted Auto Loans during 3/96 -5 ($34,690.77)
Ending Balance 3/31/96 756 $5,736,918.10
4.12 Defaulted Principal Reconciliation
Number of Accounts Aggregate
Prin Balance
Ending Balance 2/29/96 72 $417,762.35
New Repossessions 4 $31.491.36
New Skips 0 $0.00
New Gaps 2 $9,877.15
Repos Redeemed During Reporting Period 0 $0.00
Payments received 3/96 on Loans Redeemed $0.00
Recoveries on Defaulted Auto Loans -8 ($107,097.15)
Charge Off/Forced Close -4 ($2,059.83)
New Gap Prev Reported as Skip -1 ($6,677.74)
Ending Balance 3/31/96 65 $343,296.14
Page 1
<PAGE>
5 Aggregate PrinciPal Balance of the Auto Loans
---------------------------------------------
a. As of 2/29/96
Number of Days Number of Aggregate Principal
Delinquent Auto Loans Balance of Auto Loans
current (0 - 29) 682 $5,166,416.45
30 - 59 45 $413,708.63
60 - 89 19 $160,518.59
90 -120 11 $86,178.76
0ver 120 95 $589,631.72
Totals: 852 $6,416,454.15
Aggregate Outstanding Principal Balance
of Defaulted Auto Loans as of 2/29/96
($417,762.35)
Aggregate Principal Pool Balance as of 2/29/96
(Net of Defaulted Auto Loans) $5,998,691.80
b. As of 3/31/96
Number of Days Number of Aggregate Principal
Delinquent Auto Loans Balance of Auto Loans
current (0 - 29) 657 $4,915,975.93
30 - 59 48 $403,368.99
60 - 89 14 $137,095.72
90 -120 12 $107,203.24
over 120 90 $516,570.36
Totals: 821 56,080,214.24
Aggregate Outstanding Principal Balance
of Defaulted Auto Loans as of 3/31/96
(5343,296.14)
Aggregate Principal Pool Balance as of 3/31/96
(Net of Defaulted Auto Loans) $5,736,918.10
** 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
4 repossessions $31,491.36
0 skip claims filed $0.00
2 gap claims filed $9,877.15
0 less: repos redeemed $0.00
-1 Prev rptd skip now gap
($6,677.74)
0 repurchase $0.00
-----
5 Totals $34,690.77
b. Outstanding Defaulted Auto Loans as of 3/31/96
Number of Aggregate Principal
Auto Loans Balance of Auto Loans
---------------------
48 repossessions $235,373.87
8 skip claims filed $84,219.56
6 gap claims filed $5,067.69
3 Repo Redeemed $18,635.02
from prior reporting period
65 Totals $343,296.14
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
---------------------
---------------------------
6 $58,895.68
Term Extended 1 Month
Page 3
<PAGE>
7. Repurchased Auto Loan
Information with respect to Repurchased Auto Loans during the Reporting
Period.
Number of Aggregate Principal
Party Auto Loans Balance of Auto LoansAggregate Repurchase 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
--------------------
7 Proceeds from $47,950.00
sale of collateral
n/a Proceeds from $59,142.64
insurance claims
n/a Paid Ahead $272.06
n/a Payments/(Reversals $4,386.13
0 Proceeds from $0.00
Repurchase
$111,750.83
10. Repossession InformatiOn
------------------------
Number of Aggregate Principal
Action Auto Loans Balance of Auto LoansAggregate Amount Realized
-------------------------
Repossession $31,491.36
Disposed of after
Repossession $47,950.00
Repossessions
Redeemed $0.00
Totals: 11 $31,491.36 $47.950.00
Page 4
<PAGE>
11. Losses
------
a. The aggregate outstanding Principal Balance of Auto Loans written-off
during the Reporting Period was..[.Includes $38.60 in force close ]
$52,098.43
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 . . . . . . . . . . . . . . . . . . . . . $2,098.43
12. Total Amount of Payments Collected during the Reporting
Period and Deposited into the Collection Account
------------------------------------------------
a. The aggregate portion of Payments cofiected on the Auto Loans allocable
to Scheduled Payments* in Respect of Interest on the Auto Loans during
the Reporting Period was . . . . . . . . . . . . . . . . $90,264.16
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 . . $151,387.38
c. The aggregate portion of Payments collected on the Auto Loans allocable
to Prepayments* during the Reporting Period was . . . . . . . $62,030.83
[prin..$59,851.57 int.$2,179.26 ]
d. Insurance Proceeds received on Active Auto Loans $15,939.45
[prin. $15,805.38 int. S134.07]
e. The aggregate portion of Payments collected on the Auto Loans allocable
to Defaulted Auto Loan proceeds during the Reporting Period was $111,750.83
[prin S107,097.15 int. $4,653.68)
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 . . . . . . . . . . . $431,372.65
g. Total Late Charges Received. . . . . . . . . $3,405.36
h. Excess Funds Recd. on Prev Paid Off Accounts 5 51,662.89
#108-002-11-0230-000069 $100.00 #108-003-11-0305-000119 $ 10.50
#108-901-11-9903-030616 $ 5.00 #108-004-02-0405-000321 $438.00
#108-003-11-0305-001298 $297.33 #108-002-11-0230-000062 $467.06
#108-002-11-0230-000523 $345.00
i. Extension Fee on Precomputed Loans . $ $433.61
#108-903-11-9905-030106 $163.45 #108-002-11-0230-000145 $78.71
#108-002-11-0206-000090 $27.79 #108-003-11-0305-000209 $84.16
#108-004-11-0405-000378 $79.50
k. Total Cash Received. . . . . . . . . . . . . . $436,874.51
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
$7,043.81
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 . . . . . . . $1,702.68
c. The Servicer Variable Amount with respect to the calendar month
immediately preceding the date of this Servicer Report was
$2,622.13
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]
$9,120.32
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 . . . . . . . . . . . . 5 $20,488.94
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, April 15,1996.
EDS Corporation,
as Servicer
By:
___________________________
Harry Weitzel
President
EDS - Consumer Asset Management
Division
MASTER ADMINISTRATOR REPORT
---------------------------------------------------------
NAFCO AUTO TRUST - 2
For the February 20, 1996 Distribution Date
For the period beginning on January 1, 1996 and ending on
January 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 February 16, 1996.
5. Pool Factor.
(a) The Pool Factor with respect to January 1, 1996
was ............................................ .91589367
--------------
(b) The Pool Factor with respect to January 31, 1996
was ............................................ .87881529
--------------
6. Investor and Seller Certificate Principal Balance (beginning of Due
Period).
(a) The Investor Certificate Principal Balance as of
January 1, 1996 (after giving effect to the
disbursements in reduction of principal, if any,
on the immediately preceding Distribution Date)
was ............................................ $34,073,992.31
--------------
1
<PAGE>
(b) The Seller Certificate Principal Balance as of
January 1, 1995 (after giving effect to the
disbursements in reduction of principal, if any,
on the immediately preceding Distribution Date)
was ............................................ $ 4,155,160.77
--------------
7. Occurrence of a Required Reserve Event
(a) The Delinquency Ratio is ....................... 2.75%
--------------
(b) The Three Month Delinquency Ratio is............ 3.24%
--------------
(c) The Gross Loss Ratio is......................... 14.26%
--------------
(d) The Three Month Gross Loss Ratio is............. 15.16%
--------------
(e) The percentage of eligible claims on the ALPI
policy not paid in a timely manner is(*)........ 17.31%
--------------
(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 $64,985.50 of claims which are currently in dispute. Such disputed
claims represent 8.5% of all eligible claims.
8. Aggregate Monthly Servicing Fee.
(a) The Monthly Servicing Fee owing to the Servicer
on the related Distribution Date is ............ $ 114,793.85
--------------
(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 ....................................... $ 114,793.85
--------------
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 ................... $ 37,109.74
--------------
(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 .................... $ 37,109.74
--------------
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 ............... $ 1,963,505.69
--------------
(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 ...................... $ 147,287.75
--------------
(iii) The aggregate amount of Monthly
Subrogation Amount to be deposited into the
Insurance Reserve Amount on the related
Deposit Date .............................. $3,600.00
--------------
(iv) The Insurance Reserve Amount as of the end
of the Due Period(i+ii+iii) is ............ $ 1,819,817.94
--------------
(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 .............................. $ 3,720,300.00
--------------
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 .............................. $ 1,375,438.36
--------------
(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 .............................. $ 1,375,438.36
--------------
(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 ............................................. $ 3,195,256.30
--------------
12. Available Funds.
(a) The amount of Available Funds with respect to
the related Due Period was ..................... $ 2,092,272.53
--------------
(b) The amount of Available Funds with respect to
the immediately preceding Due Period that were
retained in the Collection Account was ......... $ 68,317.88
--------------
(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 ..... $ 27,633.39
--------------
(d) Total distributable funds with respect to the
related Due Period [a+b+c] was ................. $ 2,188,223.80
--------------
(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 ..... $ 2,188,223.80
--------------
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 ........................... $ 114,793.85
--------------
(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 ........................... $ 37,109.74
--------------
(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 ................................... $ 198,764.96
--------------
(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 ................ $ 1,379,426.93
--------------
(f) The total amount of the distribution to be made
on such Distribution Date to the Investor
Certificateholders [d+e] is .................... $ 1,578,191.89
--------------
(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 ............................ $ 24,238.44
--------------
(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 .......................... $ 339,436.32
--------------
(i) The amount to be deposited (withdrawn) from 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 ...................................... $ 94,453.56
--------------
(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 .... $ 363,674.77
--------------
14. Investor and Seller Certificate Principal Balance (end 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 ............................................ $32,694,565.38
--------------
(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 related Distribution Date) was .......... $ 3,815,724.44
--------------
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 16th day of February, 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 February 16, 1996
EVENT OF MASTER ADMINISTRATOR TERMINATION
None
8
<PAGE>
ANNEX B
TO
MASTER ADMINISTRATOR REPORT
DATED February 16, 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 January 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) 2,703 $ 31,536,296
30 - 59 254 3,140,733
60 - 89 87 1,015,366
90 - 120 59 730,188
over 120 261 2,372,660
----- ------------
Totals: 3,364 $ 38,795,243
=====
Aggregate Principal Balance of Defaulted
Auto Loans at January 31, 1996 (2,467,948)
------------
Aggregate Principal Balance allocable
to Certificateholders $ 36,327,295
============
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 ................. $ 1,643,515.06
--------------
(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 ............................................ $ 252,475.61
--------------
(c) The total amounts collected on the Auto Loans
and deposited into the Collection Account for
the Due Period was [a+b] ....................... $ 1,918,849.10
--------------
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
---------- ---------------------
45 $575,528.34
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 ............................ $ 5.34
--------------
(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 ............. $ 37.08
--------------
(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 .................... $ 42.42
--------------
10
<PAGE>
ANNEX C
TO
MASTER ADMINISTRATOR REPORT
DATED February 16, 1996
Calculation of Required Cash Reserve Amount as of the February 20, 1996
Distribution Date.
(i) The Investor Certificate Principal Balance equals $37,203,000.
(ii) Required Reserve Percentage equals 10%.
(iii) The Required Cash Reserve Amount equals (the product of (i) and (ii))
$3,720,300.
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 March 20, 1996 Distribution Date
For the period beginning on February 1, 1996 and ending on
February 29, 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 March 18, 1996.
5. Pool Factor.
(a) The Pool Factor with respect to February 1, 1996
was ............................................ .87881529
--------------
(b) The Pool Factor with respect to February 29,
1996 was ....................................... .84674288
--------------
6. Investor and Seller Certificate Principal Balance (beginning of Due
Period).
(a) The Investor Certificate Principal Balance as of
February 1, 1996 (after giving effect to the
disbursements in reduction of principal, if any,
on the immediately preceding Distribution Date)
was ............................................ $32,694,565.38
--------------
1
<PAGE>
(b) The Seller Certificate Principal Balance as of
February 1, 1995 (after giving effect to the
disbursements in reduction of principal, if any,
on the immediately preceding Distribution Date)
was ............................................ $ 3,815,724.44
--------------
7. Occurrence of a Required Reserve Event
(a) The Delinquency Ratio is ....................... 3.10%
--------------
(b) The Three Month Delinquency Ratio is ........... 3.13%
--------------
(c) The Gross Loss Ratio is ........................ 9.19%
--------------
(d) The Three Month Gross Loss Ratio is ............ 14.62%
--------------
(e) The percentage of eligible claims on the ALPI
policy not paid in a timely manner is(*) ....... 14.90%
--------------
(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 $59,315.28 of claims which are currently in dispute. Such disputed
claims represent 6% of all eligible claims.
8. Aggregate Monthly Servicing Fee.
(a) The Monthly Servicing Fee owing to the Servicer
on the related Distribution Date is ............ $ 110,124.18
--------------
(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 ....................................... $ 110,124.18
--------------
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 ................... $ 29,849.55
--------------
(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 .................... $ 29,849.55
--------------
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 ............... $ 1,819,817.94
--------------
(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 ...................... $ 141,532.93
--------------
(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(i+ii+iii) is ............ $ 1,678,285.01
--------------
(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 .............................. $ 3,269,456.54
--------------
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 .............................. $ 1,375,438.36
--------------
(iii) The amount to be deposited to (withdrawn
from) the Available Cash Reserve Amount
with respect to the current Distribution
Date is ................................... $ 151,313.65
--------------
(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 .............................. $ 1,526,752.01
--------------
(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 ............................................. $ 3,205,037.02
--------------
12. Available Funds.
(a) The amount of Available Funds with respect to
the related Due Period was ..................... $ 2,002,553.13
--------------
(b) The amount of Available Funds with respect to
the immediately preceding Due Period that were
retained in the Collection Account was ......... $ 94,453.56
--------------
(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 ..... $ 21,121.74
--------------
(d) Total distributable funds with respect to the
related Due Period [a+b+c] was ................. $ 2,118,128.43
--------------
(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 ..... $ 2,118,128.43
--------------
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 ........................... $ 110,124.18
--------------
(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 ........................... $ 29,849.55
--------------
(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 ................................... $ 190,718.30
--------------
(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 ................ $ 1,193,190.08
--------------
(f) The total amount of the distribution to be made
on such Distribution Date to the Investor
Certificateholders [d+e] is .................... $ 1,383,908.38
--------------
(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 ............................ $ 22,258.39
--------------
(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 .......................... $ 315,571.63
--------------
(i) The amount to be deposited (withdrawn) to the
Cash Reserve Account is ........................ $ 151,313.65
--------------
5
<PAGE>
(j) The amount to be retained in the Collection
Account with respect to the Partial Payment
Amount is ...................................... $ 105,102.65
--------------
(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 .... $ 337,830.02
--------------
14. Investor and Seller Certificate Principal Balance (end of Due Period).
(a) The Investor Certificate Principal Balance as of
February 29, 1996 (after giving effect to the
disbursements in reduction of principal, if any,
on the immediately preceding Distribution Date)
was ............................................ $31,501,375.31
--------------
(b) The Seller Certificate Principal Balance as of
February 29, 1996 (after giving effect to the
disbursements in reduction of principal, if any,
on the related Distribution Date) was .......... $ 3,500,152.81
--------------
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 18th day of March, 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 March 18, 1996
EVENT OF MASTER ADMINISTRATOR TERMINATION
None
8
<PAGE>
ANNEX B
TO
MASTER ADMINISTRATOR REPORT
DATED March 18, 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 February 29, 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) 2,613 $ 30,067,210
30 - 59 250 2,997,882
60 - 89 97 1,164,625
90 - 120 60 725,913
over 120 268 2,448,987
----- ------------
Totals: 3,288 $ 37,404,617
=====
Aggregate Principal Balance of Defaulted
Auto Loans at February 29, 1996 (2,403,089)
------------
Aggregate Principal Balance allocable
to Certificateholders $ 35,001,528
============
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 ................. $ 1,544,018.93
--------------
(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 ............................................ $ 306,352.18
--------------
(c) The total amounts collected on the Auto Loans
and deposited into the Collection Account for
the Due Period was [a+b] ....................... $ 1,850,371.11
--------------
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
---------- ---------------------
30 $380,001.34
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 ............................ $ 5.13
--------------
(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 ............. $ 32.07
--------------
(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 .................... $ 37.20
--------------
10
<PAGE>
ANNEX C
TO
MASTER ADMINISTRATOR REPORT
DATED March 18, 1996
Calculation of Required Cash Reserve Amount as of the March 20, 1996
Distribution Date.
(i) The Investor Certificate Principal Balance equals $32,694,565.38.
(ii) Required Reserve Percentage equals 10%.
(iii) The Required Cash Reserve Amount equals (the product of (i) and (ii))
$3,269,456.54
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 April 22, 1996 Distribution Date
For the period beginning on March 1, 1996 and ending on
March 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 April 17, 1996.
5. Pool Factor.
(a) The Pool Factor with respect to March 1, 1996
was ............................................ .84674288
--------------
(b) The Pool Factor with respect to March 31, 1996
was ............................................ .80849686
--------------
6. Investor and Seller Certificate Principal Balance (beginning of Due
Period).
(a) The Investor Certificate Principal Balance as of
March 1, 1996 (after giving effect to the
disbursements in reduction of principal, if any,
on the immediately preceding Distribution Date)
was ............................................ $31,501,375.30
--------------
1
<PAGE>
(b) The Seller Certificate Principal Balance as of
March 1, 1996 (after giving effect to the
disbursements in reduction of principal, if any,
on the immediately preceding Distribution Date)
was ............................................ $ 3,500,152.81
--------------
7. Occurrence of a Required Reserve Event
(a) The Delinquency Ratio is ....................... 2.94%
--------------
(b) The Three Month Delinquency Ratio is ........... 2.99%
--------------
(c) The Gross Loss Ratio is ........................ 19.91%
--------------
(d) The Three Month Gross Loss Ratio is ............ 14.37%
--------------
(e) The percentage of eligible claims on the ALPI
policy not paid in a timely manner is(*) ....... 9.79%
--------------
(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 $50,546.95 of claims which are currently in dispute. Such disputed
claims represent 5% of all eligible claims.
8. Aggregate Monthly Servicing Fee.
(a) The Monthly Servicing Fee owing to the Servicer
on the related Distribution Date is ............ $ 124,014.74
--------------
(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 ....................................... $ 124,014.74
--------------
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 ................... $ 30,168.13
--------------
(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 .................... $ 30,168.13
--------------
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 ............... $ 1,678,285.02
--------------
(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 ...................... $ 258,453.79
--------------
(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(i+ii+iii) is ............ $ 1,419,831.23
--------------
(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 .............................. $ 3,150,137.53
--------------
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 .............................. $ 1,526,752.03
--------------
(iii) The amount to be deposited to (withdrawn
from) the Available Cash Reserve Amount
with respect to the current Distribution
Date is ................................... $ 250,125.38
--------------
(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 .............................. $ 1,776,877.41
--------------
(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 ............................................. $ 3,196,708.64
--------------
12. Available Funds.
(a) The amount of Available Funds with respect to
the related Due Period was ..................... $ 2,169,961.17
--------------
(b) The amount of Available Funds with respect to
the immediately preceding Due Period that were
retained in the Collection Account was ......... $ 105,102.65
--------------
(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 ..... $ 22,561.54
--------------
(d) Total distributable funds with respect to the
related Due Period [a+b+c] was ................. $ 2,297,625.36
--------------
(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 ..... $ 2,297,625.36
--------------
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 ........................... $ 124,014.74
--------------
(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 ........................... $ 30,168.13
--------------
(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 ................................... $ 183,758.02
--------------
(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 ................ $ 1,422,866.60
--------------
(f) The total amount of the distribution to be made
on such Distribution Date to the Investor
Certificateholders [d+e] is .................... $ 1,606,624.62
--------------
(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 ............................ $ 20,417.56
--------------
(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 .......................... $ 158,096.29
--------------
(i) The amount to be deposited (withdrawn) to the
Cash Reserve Account is ........................ $ 250,125.38
--------------
5
<PAGE>
(j) The amount to be retained in the Collection
Account with respect to the Partial Payment
Amount is ...................................... $ 108,178.64
--------------
(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 .... $ 178,513.85
--------------
14. Investor and Seller Certificate Principal Balance (end of Due Period).
(a) The Investor Certificate Principal Balance as of
March 31, 1996 (after giving effect to the
disbursements in reduction of principal, if any,
on the immediately preceding Distribution Date)
was ............................................ $30,078,508.70
--------------
(b) The Seller Certificate Principal Balance as of
March 31, 1996 (after giving effect to the
disbursements in reduction of principal, if any,
on the related Distribution Date) was .......... $ 3,342,056.52
--------------
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 April, 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 April 17, 1996
EVENT OF MASTER ADMINISTRATOR TERMINATION
None
8
<PAGE>
ANNEX B
TO
MASTER ADMINISTRATOR REPORT
DATED April 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 March 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) 2,561 $ 28,883,161
30 - 59 226 2,720,922
60 - 89 86 1,006,895
90 - 120 62 736,163
over 120 280 2,482,982
----- ------------
Totals: 3,215 $ 35,830,123
=====
Aggregate Principal Balance of Defaulted
Auto Loans at March 31, 1996 (2,409,558)
------------
Aggregate Principal Balance allocable
to Certificateholders $ 33,420,565
============
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 ................. $ 1,578,385.96
--------------
(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 ............................................ $ 330,045.43
--------------
(c) The total amounts collected on the Auto Loans
and deposited into the Collection Account for
the Due Period was [a+b] ....................... $ 1,908,431.39
--------------
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
---------- ---------------------
45 $576,575.12
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 ............................ $ 4.94
--------------
(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 ............. $ 38.25
--------------
(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 .................... $ 43.19
--------------
10
<PAGE>
ANNEX C
TO
MASTER ADMINISTRATOR REPORT
DATED April 17, 1996
Calculation of Required Cash Reserve Amount as of the April 22, 1996
Distribution Date.
(i) The Investor Certificate Principal Balance equals $31,501,375.30.
(ii) Required Reserve Percentage equals 10%.
(iii) The Required Cash Reserve Amount equals (the product of (i) and (ii))
$3,150,137.53
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
MASTER ADMINISTRATOR REPORT
-----------------------------------------------------------
NAFCO AUTO TRUST - 3
For the February 20, 1996 Distribution Date
For the period beginning on January 1, 1996 and ending on
January 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 February 16, 1996.
5. Pool Factor.
(a) The Pool Factor with respect to January 1, 1996
was ............................................ 1.0000000
--------------
(b) The Pool Factor with respect to January 31, 1996
was ............................................ 1.0000000
--------------
6. Investor and Seller Certificate Principal Balance (beginning of Due
Period).
(a) The Investor Certificate Principal Balance as of
January 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
January 1, 1996 (after giving effect to the
disbursements in reduction of principal, if any,
on the immediately preceding Distribution Date)
was ............................................ $ 3,671,801.23
--------------
7. Occurrence of a Required Reserve Event
(a) The Delinquency Ratio is ....................... 3.32%
--------------
(b) The Three Month Deliquency Ratio is ............ 3.36%
--------------
(c) The Gross Loss Ratio is ........................ 1.83%
--------------
(d) The Three Month Gross Loss Ratio is ............ .96%
--------------
(e) The percentage of eligible claims on the ALPI
policy not paid in a timely manner is(*) ....... 19.17%
--------------
(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 5.92% of all eligible claims.
8. Aggregate Monthly Servicing Fee.
(a) The Monthly Servicing Fee owing to the Servicer
on the related Distribution Date is ............ $ 102,447.94
--------------
(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 ....................................... $ 102,447.94
--------------
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 ................... $ 30,091.00
--------------
(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 .................... $ 30,091.00
--------------
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 ............... $ 2,074,224.21
--------------
(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 . $ 30,876.81
--------------
(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 ...................... $ 63,317.63
--------------
(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(i+ii-iii+iv) is ......... $ 2,041,783.38
--------------
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 .............................. $ 1,418,217.32
--------------
(iii) The amount to be deposited to (withdrawn
from) the Available Cash Reserve Amount
with respect to the current Distribution
Date is ................................... $ 232,782.68
--------------
(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 ............................................. $ 3,692,783.38
--------------
12. Available Funds.
(a) The amount of Available Funds with respect to
the related Due Period was ..................... $ 1,430,975.86
--------------
(b) The amount of Available Funds with respect to
the immediately preceding Due Period that were
retained in the Collection Account was ......... $ 1,156,027.79
--------------
(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 ..... $ 23,721.10
--------------
4
<PAGE>
(d) Total distributable funds with respect to the
related Due Period [a+b+c] was ................. $ 2,610,724.75
--------------
(e) The amount of Available Funds used to purchase
additional Auto Loans during the related Due
Period was ..................................... $ 561,396.47
--------------
(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 ..... $ 2,049,328.28
--------------
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 ........................... $ 102,447.94
--------------
(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 ........................... $ 30,091.00
--------------
(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 ............................ $ 19,888.92
--------------
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 ..................................... $ 232,782.68
--------------
(j) The amount to be retained in the Collection
Account with respect to the Reinvestment Amount
and the Partial Payment Amount is .............. $ 1,367,439.31
--------------
(k) The amount to be disbursed to the Seller
Certificateholder (other than the amounts
referred to in (g) and (h)) is ................. $ 117,820.10
--------------
(l) The total amount of the distribution to be made
to the Seller Certificateholders [g+h+k] is .... $ 137,709.02
--------------
14. Investor and Seller Certificate Principal Balance (end 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 ............................................ $33,020,000.00
--------------
(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
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 ............................................ $ 3,672,087.18
--------------
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 16th day of February 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 February 16, 1996
EVENT OF MASTER ADMINISTRATOR TERMINATION
None
8
<PAGE>
ANNEX B
TO
MASTER ADMINISTRATOR REPORT
DATED February 16, 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 January 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) 2,330 $ 28,708,712
30 - 59 229 3,048,507
60 - 89 93 1,228,085
90 - 120 70 925,054
over 120 127 1,504,734
----- ------------
Totals: 2,849 $ 35,415,092
=====
Aggregate Principal Balance of Defaulted
Auto Loans at January 31, 1996 (183,253)
------------
Aggregate Principal Balance allocable
to Certificateholders $ 35,231,839
============
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 ................. $ 1,237,239.30
--------------
(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 ............................................ $ 112,167.04
--------------
(c) The total amounts collected on the Auto Loans
and deposited into the Collection Account for
the Due Period was [a+b] ....................... $ 1,349,406.34
--------------
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
---------- ---------------------
21 $272,307.05
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 ............................ $ 5.42
--------------
(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 .................... $ 5.42
--------------
10
<PAGE>
ANNEX C
TO
MASTER ADMINISTRATOR REPORT
DATED February 16, 1996
Calculation of Required Cash Reserve Amount as of the February 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 March 20, 1996 Distribution Date
For the period beginning on February 1, 1996 and ending on
February 29, 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 March 18, 1996.
5. Pool Factor.
(a) The Pool Factor with respect to February 1, 1996
was ............................................ 1.0000000
--------------
(b) The Pool Factor with respect to February 29,
1996 was ....................................... 1.0000000
--------------
6. Investor and Seller Certificate Principal Balance (beginning of Due
Period).
(a) The Investor Certificate Principal Balance as of
February 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
February 1, 1996 (after giving effect to the
disbursements in reduction of principal, if any,
on the immediately preceding Distribution Date)
was ............................................ $ 3,672,087.18
--------------
7. Occurrence of a Required Reserve Event
(a) The Delinquency Ratio is ....................... 3.27%
--------------
(b) The Three Month Deliquency Ratio is ............ 3.47%
--------------
(c) The Gross Loss Ratio is ........................ 13.11%
--------------
(d) The Three Month Gross Loss Ratio is ............ 7.16%
--------------
(e) The percentage of eligible claims on the ALPI
policy not paid in a timely manner is(*) ....... 4.48%
--------------
(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 2.51% of all eligible claims.
8. Aggregate Monthly Servicing Fee.
(a) The Monthly Servicing Fee owing to the Servicer
on the related Distribution Date is ............ $ 104,378.85
--------------
(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 ....................................... $ 104,378.85
--------------
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 ................... $ 26,231.28
--------------
(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 .................... $ 26,231.28
--------------
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 ............... $ 2,041,783.38
--------------
(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 . $ 70,560.85
--------------
(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 ...................... $ 43,220.83
--------------
(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 (i+ii-iii+iv) is ........ $ 2,069,123.40
--------------
(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 ............................................. $ 3,720,123.40
--------------
12. Available Funds.
(a) The amount of Available Funds with respect to
the related Due Period was ..................... $ 1,581,413.27
--------------
(b) The amount of Available Funds with respect to
the immediately preceding Due Period that were
retained in the Collection Account was ......... $ 1,367,439.31
--------------
(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 ....................... $ 19,847.20
--------------
(d) Total distributable funds with respect to the
related Due Period [a+b+c] was ................. $ 2,968,699.78
--------------
4
<PAGE>
(e) The amount of Available Funds used to purchase
additional Auto Loans during the related Due
Period was ..................................... $ 1,282,924.55
--------------
(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 ..... $ 1,685,775.23
--------------
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 ........................... $ 104,378.85
--------------
(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 ........................... $ 26,321.28
--------------
(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 ................................... $ 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 ............................ $ 19,890.47
--------------
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 .............. $ 1,087,079.08
--------------
(k) The amount to be disbursed to the Seller
Certificateholder (other than the amounts
referred to in (g) and (h)) is ................. $ 269,247.22
--------------
(l) The total amount of the distribution to be made
to the Seller Certificateholders [g+h+k] is .... $ 289,137.69
--------------
14. Investor and Seller Certificate Principal Balance (end of Due Period).
(a) The Investor Certificate Principal Balance as of
February 29, 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
February 29, 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 ............................................ $ 3,675,165.53
--------------
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 18th day of March 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 March 18, 1996
EVENT OF MASTER ADMINISTRATOR TERMINATION
None
8
<PAGE>
ANNEX B
TO
MASTER ADMINISTRATOR REPORT
DATED March 18, 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 February 29, 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) 2,362 $ 28,765,704
30 - 59 227 3,002,472
60 - 89 78 997,627
90 - 120 68 915,785
over 120 180 2,018,306
----- ------------
Totals: 2,915 $ 35,699,896
=====
Aggregate Principal Balance of Defaulted
Auto Loans at February 29, 1996 (492,018)
------------
Aggregate Principal Balance allocable
to Certificateholders $ 35,207,878
============
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 ................. $ 1,281,824.31
--------------
(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 ............................................ $ 248,525.25
--------------
(c) The total amounts collected on the Auto Loans
and deposited into the Collection Account for
the Due Period was [a+b] ....................... $ 1,530,349.56
--------------
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
---------- ---------------------
46 $601,943.80
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 ............................ $ 5.42
--------------
(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 .................... $ 5.42
--------------
10
<PAGE>
ANNEX C
TO
MASTER ADMINISTRATOR REPORT
DATED March 18, 1996
Calculation of Required Cash Reserve Amount as of the March 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 April 22, 1996 Distribution Date
For the period beginning on March 1, 1996 and ending on
March 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 April 17, 1996.
5. Pool Factor.
(a) The Pool Factor with respect to March 1, 1996
was ............................................ 1.0000000
--------------
(b) The Pool Factor with respect to March 31, 1996
was ............................................ 1.0000000
--------------
6. Investor and Seller Certificate Principal Balance (beginning of Due
Period).
(a) The Investor Certificate Principal Balance as of
March 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
March 31, 1996 (after giving effect to the
disbursements in reduction of principal, if any,
on the immediately preceding Distribution Date)
was ............................................ $ 3,675,165.53
--------------
7. Occurrence of a Required Reserve Event
(a) The Delinquency Ratio is ....................... 3.98%
--------------
(b) The Three Month Deliquency Ratio is ............ 3.58%
--------------
(c) The Gross Loss Ratio is ........................ 10.75%
--------------
(d) The Three Month Gross Loss Ratio is ............ 9.81%
--------------
(e) The percentage of eligible claims on the ALPI
policy not paid in a timely manner is(*) ....... 1.45%
--------------
(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 1.45% of all eligible claims.
8. Aggregate Monthly Servicing Fee.
(a) The Monthly Servicing Fee owing to the Servicer
on the related Distribution Date is ............ $ 123,399.50
--------------
(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 ....................................... $ 123,399.50
--------------
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 ................... $ 30,882.59
--------------
(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 .................... $ 30,882.59
--------------
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 ............... $ 2,069,123.40
--------------
(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 . $ 54,830.26
--------------
(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 ...................... $ 212,715.21
--------------
(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 ...................... $ 1,911,238.45
--------------
(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 ............................................. $ 3,562,238.45
--------------
12. Available Funds.
(a) The amount of Available Funds with respect to
the related Due Period was ..................... $ 1,830,787.15
--------------
(b) The amount of Available Funds with respect to
the immediately preceding Due Period that were
retained in the Collection Account was ......... $ 1,087,079.08
--------------
(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 ....................... $ 24,189.82
--------------
(d) Total distributable funds with respect to the
related Due Period [a+b+c] was ................. $ 2,942,056.05
--------------
4
<PAGE>
(e) The amount of Available Funds used to purchase
additional Auto Loans during the related Due
Period was ..................................... $ 996,913.78
--------------
(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 ..... $ 1,945,142.27
--------------
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 ........................... $ 123,399.50
--------------
(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 ........................... $ 30,882.59
--------------
(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 ............................ $ 19,907.15
--------------
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 .............. $ 1,358,356.93
--------------
(k) The amount to be disbursed to the Seller
Certificateholder (other than the amounts
referred to in (g) and (h)) is ................. $ 233,737.77
--------------
(l) The total amount of the distribution to be made
to the Seller Certificateholders [g+h+k] is .... $ 253,644.92
--------------
14. Investor and Seller Certificate Principal Balance (end of Due Period).
(a) The Investor Certificate Principal Balance as of
March 31, 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
March 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 ............................................ $ 3,677,218.90
--------------
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 April 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 April 17, 1996
EVENT OF MASTER ADMINISTRATOR TERMINATION
None
8
<PAGE>
ANNEX B
TO
MASTER ADMINISTRATOR REPORT
DATED April 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 March 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) 2,377 $ 28,541,444
30 - 59 217 2,824,214
60 - 89 89 1,204,519
90 - 120 55 701,905
over 120 214 2,150,138
----- ------------
Totals: 2,952 $ 35,422,220
=====
Aggregate Principal Balance of Defaulted
Auto Loans at March 31, 1996 (592,868)
------------
Aggregate Principal Balance allocable
to Certificateholders $ 34,829,352
============
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 ................. $ 1,234,130.52
--------------
(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 ............................................ $ 386,943.93
--------------
(c) The total amounts collected on the Auto Loans
and deposited into the Collection Account for
the Due Period was [a+b] ....................... $ 1,621,074.45
--------------
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
---------- ---------------------
55 $695,901.20
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 ............................ $ 5.42
--------------
(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 .................... $ 5.42
--------------
10
<PAGE>
ANNEX C
TO
MASTER ADMINISTRATOR REPORT
DATED April 17, 1996
Calculation of Required Cash Reserve Amount as of the April 22, 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
