<PAGE>
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 September 30, 1996
OR
[ ] Transition report pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
For the transition period from
Commission file number
---------------------
NAFCO Auto Trust-1, NAFCO Auto Trust-2, NAFCO Auto Trust-3
Auto Funding II, L.P., as Seller
(Exact name of registrant as specified in its charter)
Delaware 13-908584
(State or other jurisdiction (I.R.S. Employer
of incorporation or organization) Identification No.)
51 Madison Avenue, New York, New York 10010
------------------------------------- -----
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (212) 576-7309
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.
Yes [X] No [ ]
<PAGE>
TABLE OF CONTENTS
Page No.
--------
Part I Financial Information
Item 1. Financial Statements 3
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations Properties 3
Part II Other Information
Item 1. Legal Proceedings 4
Item 2. Changes in Securities 4
Item 3. Defaults Upon Senior Securities 4
Item 4. Submission of Matters to a Vote of Security Holders 4
Item 5. Other Information 4
Item 6. Exhibits and Reports on Form 8-K 4-5
Signatures 6
2
<PAGE>
PART I
Item 1. Financial Statements
Not applicable.
Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations
Not applicable.
Item 5. Other Information
On August 15, 1996, in accordance with the provisions of Section
6.03 of the Pooling and Servicing Agreements with respect to the NAFCO Auto
Trusts, NAFCO Auto Funding, L.P. transferred the Seller Certificates relating
to the NAFCO Auto Trusts to Auto Funding II, L.P., another indirect,
wholly-owned subsidiary of New York Life Insurance Company. The sole general
partner and the sole limited partner of Auto Funding II, L.P. are NYLIFE
Depositary Corporation and NYLIFE SFD Holding Inc. (formerly NAFCO Inc.). In
connection therewith NYLIFE SFD Holding Inc. (formerly NAFCO Inc.), as Master
Administrator of the NAFCO Trusts agreed to prepare and file the periodic
reports required to be filed relating to NAFCO Auto Trust-1, NAFCO Auto
Trust-2 and NAFCO Auto Trust-3.
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 August 20, 1996 for the Due Period
beginning on May 1, 1996 and ending on July 31, 1996, (ii)
Servicer Report for the period beginning August 1, 1996 and ending
on August 31, 1996 (iii) Servicer Report for the period beginning
September 1, 1996 and ending on September 30, 1996.
(99.2) Trust - 2
Master Administrator Report dated August 20, 1996 for the Due Period
beginning on July 1, 1996 and ending on July 31, 1996, (ii)
September 20, 1996 for the Due period beginning on August 1, 1996 and
ending on August 31, 1996, (iii) October 21, 1996 for the Due Period
beginning on September 1, 1996 and ending on September 30, 1996.
4
<PAGE>
(99.3) Trust - 3
Master Administrator Report dated August 20, 1996 for the Due Period
beginning on July 1, 1996 and ending on July 31, 1996, (ii)
September 20, 1996 for the Due Period beginning on August 1, 1996 and
ending on August 31, 1996, (iii) October 21, 1996 for the Due Period
beginning on September 1, 1996 and ending on September 30, 1996.
(b) Reports on Form 8-K
None.
5
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized on November 14, 1996.
NYLIFE SFD Holding Inc. as Master Administrator for
NAFCO Auto Trust-1, NAFCO Auto Trust-2, and
NAFCO Auto Trust-3
By: /s/ Kevin M. Micucci
-----------------------------------
Kevin M. Micucci
Principal Executive Officer
By: /s/ Scott J. Drath
-----------------------------------
Scott J. Drath
VP and Controller of the
General Partner
<PAGE>
INDEX TO EXHIBITS
Exhibit No. Description Page #
99.1 Master Administrator Reports 8-31
for Trust - 1
Master Administrator Report dated
August 20, 1996 for the Due Period
beginning on May 1, 1996 and ending
July 31, 1996, (ii) Servicer Report
for the period beginning August 1, 1996
and ending on August 31, 1996 (iii)
Servicer Report for the period beginning
September 1, 1996 and ending on
September 30, 1996.
99.2 Master Administrator Reports 32-67
for Trust - 2
Master Administrator Report dated
August 20, 1996 for the Due Period
beginning on July 1, 1996 and ending
on July 31, 1996, (ii) September 20,
1996 for the Due Period beginning on
August 1, 1996 and ending on August 31,
1996, (iii) October 21, 1996 for the
Due Period beginning on September 1, 1996
and ending on September 30, 1996.
99.3 Master Administrator Reports 68-103
for Trust - 3
Master Administrator Report dated
August 20, 1996 for the Due Period
beginning on July 1, 1996 and ending
on July 31, 1996, (ii) September 20,
1996 for the Due Period beginning on
August 1, 1996 and ending on August 31,
1996, (iii) October 21, 1996 for the Due
Period beginning on September 1, 1996
and ending on September 30, 1996.
<PAGE>
MASTER ADMINISTRATOR REPORT
----------------------------------------------
NAFCO AUTO TRUST - 1
For the August 20, 1996 Distribution Date
For period beginning on May 1, 1996
and ending on July 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 August 15, 1996.
5. Pool Factor.
(a) The Pool Factor with respect to
April 30, 1996 was ............................... 0.48906560
----------
(b) The Pool Factor with respect to
July 31, 1996 was ................................ 0.40292514
----------
6. Investor and Seller Certificate Principal Balance (beginning of Due
Period).
(a) The Investor Certificate Principal
Balance as of April 30, 1996
(after giving effect to the disbursements
in reduction of principal, if any,
on the immediately preceding
Distribution Date) was ........................... $ 5,007,542.72
--------------
1
<PAGE>
(b) The Seller Certificate Principal
Balance as of April 30, 1996
(after giving effect to the
disbursements in reduction
of principal, if any, on the
immediately preceding Distribution
Date) was ........................................ $ 406,602.29
--------------
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 ................... $ 250,377.14
--------------
(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 ................... $ 292,224.08
--------------
(c) The amount to be deposited to
(withdrawn from) the Available
Cash Reserve Amount with respect
to the current Distribution Date
was .............................................. $ (41,846.94)
--------------
(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 ................... $ 250,377.14
--------------
2
<PAGE>
9. Aggregate Monthly Servicing Fee.
(a) The aggregate Monthly Servicing Fee
paid to the Servicer on the June 19,
1996 Monthly Fee Date and the July 19,
1996 Monthly Fee Date was ........................ $ 34,211.72
--------------
(b) The Monthly Servicing Fee owing
to the Servicer on the related
Distribution Date is ............................. $ 24,308.47
--------------
(c) The total Monthly Servicing Fee paid
or payable to the Servicer in respect
of such Due Period [a+b] is ...................... $ 58,520.19
--------------
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 June 19, 1996 Monthly
Fee Date and the July 19, 1996
Monthly Fee Date was ............................. $ 10,768.66
--------------
(b) The Monthly Administrator Fee owing
on the related Distribution Date is .............. $ 6,588.19
--------------
(c) The total Monthly Administrator Fee
paid or payable to the Master Administrator
in respect of such Due Period [a+b] is ........... $ 17,356.85
--------------
3
<PAGE>
12. Available Funds.
(a) The amount of Available Funds with
respect to the related Due Period was ............ $ 1,151,810.91
--------------
(b) The amount of Available Funds with
respect to the immediately preceding
Due Period that were retained in the
Collection Account was ........................... $ 39,328.44
--------------
(c) Interest earned on and retained in the
Collection Account for the Due Period
and interest earned on the Cash Reserve
Account for the Due Period and
transferred to the Collection Account
on the related Deposit Date was .................. $ 12,834.75
--------------
(d) Total distributable funds with
respect to the related Due Period
[a+b+c] was ...................................... $ 1,203,974.10
--------------
(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 June 19,
1996 Monthly Fee Date and the July
19, 1996 Monthly Fee Date was .................... $ 44,980.38
--------------
(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 .................... $ 1,158,993.72
--------------
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 ............................................... $ 24,308.47
--------------
(b) The amount of the aggregate Monthly
Subrogation Amount to be paid to the
Master Administrator on such
Distribution Date is ............................. $ -0-
--------------
(c) The amount of the Monthly
Administrator Fee to be paid to the
Master Administrator on such
Distribution Date is ............................. $ 6,588.19
--------------
(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 .................... $ 109,540.00
--------------
(e) The amount of the aggregate
distribution to be made on such
Distribution Date which constitutes
payments in reduction of principal
with respect to the Investor
Certificates is .................................. $ 881,992.18
--------------
(f) The total amount of the
distribution to be made on such
Distribution Date to the Investor
Certificateholders [d+e] is ...................... $ 991,532.18
--------------
(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 ....................... $ 8,894.43
--------------
(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 ........................ $ 71,615.97
--------------
5
<PAGE>
(i) The amount to be deposited (withdrawn)
from the Cash Reserve Account is ................. $ (41,846.94)
--------------
(j) The amount to be retained in
the Collection Account with the
respect to the Partial Payment
Amount is ........................................ $ 33,971.59
--------------
(k) The amount to be disbursed to
the Seller Certificateholder
(other than the amounts referred
to in clauses (g) and (h)) is .................... $ 63,929.83
--------------
(1) The total amount of the
distribution to be made to the
Seller Certificateholders [g+h+k] is ............. $ 144,440.23
--------------
14. Investor and Seller Certificate Principal Balance (end of Due Period).
(a) The Investor Certificate Principal
Balance as of July 31, 1996
(after giving effect to the
disbursements in reduction of
principal, if any, made on the
related Distribution Date) is .................... $ 4,125,550.54
--------------
(b) The Seller Certificate Principal
Balance as of July 31 1996
(after giving effect to the
disbursements in reduction
of principal, if any, on the
related Distribution Date) is .................... $ 334,986.32
--------------
15. Events of Administrator Termination.
No event has occurred and is continuing which constitutes an Event of
Administrator Termination or would constitute an Event of
Administrator Termination but for the requirement that notice be given
or time elapse or both [except as disclosed on the attached Annex A.]
6
<PAGE>
IN WITNESS WHEREOF, the undersigned has duly executed and delivered this
certificate this 15th day of August 1996.
NAFCO INC.
as Master Administrator
By: /s/Scott Drath
-------------------------
Name: Scott Drath
Title: Vice President
7
<PAGE>
ANNEX A
TO
MASTER ADMINISTRATOR REPORT DATED August 15, 1996
EVENT OF ADMINISTRATOR TERMINATION
None
8
<PAGE>
ANNEX B
TO
MASTER ADMINISTRATOR REPORT
DATED August 15, 1996
In addition to the information required by items 4-16 of the Master
Administrator Report the following information is to be included in the report
delivered to Investor Certificateholders pursuant to Section 7.05 of the Pooling
and Servicing Agreement:
1. Aggregate Principal Balance of the Auto Loans.
As of July 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) 549 $ 3,783,092
30 -59 50 397,293
60 - 89 18 119,826
90 -120 6 47,275
over 120 98 555,953
--------- -----------
Totals: 721 $ 4,903,438
=========
Aggregate Principal Balance of Defaulted
Auto Loans at July 31, 1996 (442.901)
-----------
Aggregate Principal Balance allocable
to Certificateholders $ 4,460,537
===========
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 ........ $ 976,219.60
--------------
(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 ........................... $ 180,948.16
--------------
(c) The total amounts collected on the Auto Loans
and deposited into the Collection Account for the
Due Period was ................................... $ 1,157,167.76
--------------
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
---------- ---------------------
27 $234,667.78
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 ............... $ 10.698310
-----------
(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 ...... $ 86.140461
-----------
(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 ...................... $ 96.838771
-----------
10
<PAGE>
SERVICER REPORT
NAFCO AUTO TRUST -1
FOR THE PERIOD BEGINNING AUGUST 1, 1996 AND ENDING AUGUST 31, 1996
- --------------------------------------------------------------------------------
The undersigned, a duly authorized representative of Electronic Data
Systems 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 1, 1994 by and among NAFCO Auto
Funding, LP., 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. Electronic Data Systems 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 9/12/96
4.1 Principal Reconciliation
Number of Aggregate
Accounts Prin Balance
-------- ------------
Ending Balance 7/31/96 643 $4,460,536.86
Redeemed Repos this reporting period 0 $0.00
Repurchase 0 $0.00
Principal Payments ($121,943.69)
Prepayment of Principal -19 ($92,409.01)
Forced Closed I Charge Off 0 ($12.36)
Insurance Proceeds ($6,869.20)
Net Aggregate Principal Balance of
Defaulted Auto Loans during 8/96 -5 ($41,938.84)
==== =============
Ending Balance 8/31/96 619 $4,197,363.76
4.12 Defaulted Principal Reconciliation
Number of Aggregate
Accounts Prin Balance
-------- ------------
Ending Balance 7/31/96 78 $442,900.90
New Repossessions 5 $ 41,938.84
New Skips 0 $ 0.00
New Gaps 0 $ 0.00
Repos Redeemed During Reporting Period 0 $ 0.00
Recoveries on Defaulted Auto Loans -6 $(79,543.08)
Charge Off/ Forced Close 0 $ 0.00
New Repo Prev Reported as Skip 0 $ 0.00
== ===========
Ending Balance 8/31/96 77 $405,296.66
Nafco Trust 1 8/96 Page 1
<PAGE>
5. Aggregate Principal Balance of the Auto Loans
a. As of 7/31/96
Number of Days Number of Aggregate Principal
Delinquent Auto Loans Balance of Auto Loans
---------- ---------- ---------------------
current (0 - 29) 549 $3,783,091.94
30 - 59 50 $ 397,292.72
60 - 89 18 $ 119,825.62
90- 119 6 $ 47,274.85
over 120 98 $ 555,952.63
--- -------------
Totals: 721 $4,903,437.76**
Aggregate Outstanding Principal Balance
of Defaulted Auto Loans as of 7/31/96 $ (442,900.90)
-------------
Aggregate Principal Pool Balance as of 7/31196
(Net of Defaulted Auto Loans) $4,460,536.86
=============
b. As of 8/31/96
Number of Days Number of Aggregate Principal
Delinquent Auto Loans Balance of Auto Loans
---------- ---------- ---------------------
current (0 - 29) 525 $3,542,919.64
30 - 59 53 $ 402,221.02
60 - 89 6 $ 44,815.77
90 - 119 15 $ 97,518.68
over 120 97 $ 515,185.31
--- -------------
Totals: 696 $4,602,660.42**
Aggregate Outstanding Principal Balance
of Defaulted Auto Loans as of 8/31/96 $(405,296.66)
-------------
Aggregate Principal Pool Balance as of 8/31/96
(Net of Defaulted Auto Loans) $4,197,363.76
=============
** The Aggregate Principal Balance shown in the above tables includes the
Aggregate Outstanding Principal Balance of Defaulted Auto Loans.
Nafco Trust 1 8/96 Page 2
<PAGE>
6. Defaulted Auto Loans
a. Auto Loans that became Defaulted Auto Loans during the Reporting
Period.
Number of Aggregate Principal
Auto Loans Balance of Auto Loans
---------- ---------------------
5 repossessions $41,938.84
0 skip claims filed $ 0.00
0 gap claims filed $ 0.00
0 less: repos redeemed $ 0.00
0 prev rptd skip now repo $ 0.00
0 repurchase $ 0.00
========== ==========
5 Totals $41,938.84
b. Outstanding Defaulted Auto Loans as of 8/31/96
Number of Aggregate Principal
Auto Loans Balance of Auto Loans
---------- ---------------------
59 repossessions $305,967.83
8 skip claims filed $ 78,512.96
7 gap claims filed $ 4,370.99
3 Repo Redeemed $ 16,444.88
from prior
reporting period
========== ===========
77 Totals $405,296.66
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
---------- --------------------- ---------------------------
1 $11,151.58 Term Extended 1 Month
Nafco Trust 1 8/96 Page 3
<PAGE>
8. Repurchased Auto Loans
Information with respect to Repurchased Auto Loans during the Reporting
Period.
Number of Aggregate Principal Aggregate
Party Auto Loans Balance of Auto Loans Repurchase Price
----- ---------- --------------------- ----------------
Seller N/A
Originator N/A
Master N/A
Servicer
========== ===================== ================
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
---------- -------------------- ----------
4 Proceeds from $28,500.00
sale of collateral
n/a Proceeds from $51,406.77
insurance claims
n/a Paid Ahead $ 96.11
n/a Payments/ (Reversals $ 2,978.11
0 Proceeds from $ 0.00
Repurchase
========== ==========
4 $82,980.99
10. Repossession Information
Number of Aggregate Principal Aggregate Amount
Action Auto Loans Balance of Auto Loans Realized
------ ---------- --------------------- --------
Repossession 5 $41,938.84
Disposed of after
Repossession 4 $28,500.00
Repossessions
Redeemed 0 $ 0.00
=========== ===================== ==========
Totals: 9 $41,938.84 $28,500.00
Nafco Trust 1 8/96 Page 4
<PAGE>
<TABLE>
<S> <C> <C>
11. Losses
a. The aggregate outstanding Principal Balance of Auto Loans written-off
during the Reporting Period was..[includes $12.36 in force close] .............. $ 12.36
-----------
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 ..................................................................... $ 12.36
-----------
12. Total Amount of Payments Collected during the Reporting Period and
Deposited into the Collection Account
a. The aggregate portion of Payments collected on the Auto Loans
allocable to Scheduled Payments* in Respect of Interest on the Auto
Loans during the Reporting Period was .......................................... $ 65,494.82
-----------
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 ................... $121,943.69
-----------
c. The aggregate portion of Payments collected on the Auto Loans
allocable to Prepayments' during the Reporting Period was ...................... $ 96,727.58
[prin..$92,409.01 int.$4,318.55]
-----------
d. Insurance Proceeds received on Active Auto Loans ............................... $ 7,108.73
[prin. $6,869.20 int. $239.53]
-----------
e. The aggregate portion of Payments collected on the Auto Loans allocable to ..... $ 82,980.99
Defaulted Auto Loan proceeds during the Reporting Period was
[prin. $79,543.08 int $3,437.91]
-----------
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 ................................................................. $374,255.79
-----------
g. Total Late Charges Received .................................................... $ 2,404.28
-----------
h. Excess Funds Recd. on Prev Paid Off Accounts ................................... $ 573.00
108-003-11-0305-000109
-----------
i. Extension Fee on Precomputed Loans ............................................. $ 86.77
-----------
k. Total Cash Received ............................................................ $377,319.84
===========
Nafco Trust 1 8/96 Page 5
<PAGE>
13. Amount and Computation of Monthly Servicing Fee.
a. The Reimbursable Servicer Expenses with respect to the calendar month
immediately preceding the date of this Servicer Report was ..................... $ 3,752.74
-----------
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 .. $ 1,202.14
-----------
c. The Servicer Variable Amount with respect to the calendar month immediately
preceding the date of this Servicer Report was ................................. $ 1,840.35
-----------
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] .......................................... $ 6,903.99
-----------
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 .................................................................... $ 13,800.22
-----------
</TABLE>
Nafco Trust 1 8/96 Page 6
<PAGE>
4. 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, September 12,1996.
Electronic Data Systems Corporation
as Servicer
By /s/ Joanne McGrath
-------------------------------
Joanne McGrath, Senior Manager
Electronic Data Systems
Corporation, CAMD
Nafco Trust 1 8/96 Page 7
<PAGE>
SERVICER REPORT
NAFCO AUTO TRUST - 1
- --------------------------------------------------------------------------------
FOR THE PERIOD BEGINNING SEPTEMBER 1, 1996 AND ENDING SEPTEMBER 30, 1996
The undersigned, a duly authorized representative of Electronic Data
Systems 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 1,1994 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. Electronic Data Systems 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 10/11/96
4.1 Principal Reconciliation
Number of
Accounts Aggregate Prin Balance
-------- ----------------------
Ending Balance 8/31/96 619 $4,197,363.76
Redeemed Repos this reporting period 1 $ 8,206.51
Repurchase 0 $ 0.00
Principal Payments $ (105,976.29)
Prepayment of Principal -16 $ (63,715.93)
Forced Closed / Charge Off 0 $ (10.48)
Insurance Proceeds $ (3,190.20)
Net Aggregate Principal Balance of
Defaulted Auto Loans during 9/96 -7 $ (66,116.88)
======== ======================
Ending Balance 9/30/96 597 $3,966,652.49
4.12 Defaulted Principal Reconciliation
Number of
Accounts Aggregate Prin Balance
-------- ----------------------
Ending Balance 8/31/96 77 $405,296.66
New Repossessions 7 $ 66,115.88
New Skips 0 $ 0.00
New Gaps 0 $ 0.00
Repos Redeemed During Reporting Period -1 $ (8,296.51)
Recoveries on Defaulted Auto Loans 2 $ 60,878.96)
Charge Off/Forced Close 1 $ (3,061.86)
New Repo Prev Reported as Skip 0 $ 0.00
======== ======================
Ending Balance 9/30/96 80 $399,175.21
Nafco Trust 1 9/96 Page 1
<PAGE>
5. Aggregate Principal Balance of the Auto Loans
a. As of 8/31/96
Number of Days Number of Aggregate Principal Balance
Delinquent Auto Loans of Auto Loans
---------- ---------- -------------
current (0 - 29) 525 $3,542,919.64
30 - 59 53 $ 402,221.02
60 - 89 6 $ 44,815.77
90 - 119 15 $ 97,518.68
over 120 97 $ 515,185.31
---------- -------------
Totals: 696 $4,602,660.42**
Aggregate Outstanding Principal Balance
of Defaulted Auto Loans as of 8/31/96 $ (405,296.66)
-------------
Aggregate Principal Pool Balance as of 8/31/96
(Net of Defaulted Auto Loans) $4,197,363.76
=============
b. As of 9/30/96
Number of Days Number of Aggregate Principal Balance
Delinquent Auto Loans of Auto Loans
---------- ---------- -------------
current (0 - 29) 500 $3,333,883.78
30 - 59 54 $ 394,065.73
60 - 89 12 $ 63,877.54
90 - 119 5 $ 44,856.48
over 120 106 $ 629,144.17
---------- -------------
Totals: 677 $4,365,827.70
Aggregate Outstanding Principal Balance
of Defaulted Auto Loans as of 9/30/96 $ (399,176.21)
-------------
Aggregate Principal Pool Balance as of 9/30/96
(Net of Defaulted Auto Loans) $3,966,652.49
=============
** The Aggregate Principal Balance shown in the above tables includes the
Aggregate Outstanding Principal Balance of Defaulted Auto Loans.
Nafco Trust 1 9/96 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
---------- ---------------------
7 repossessions $66,115.88
0 skip claims filed $ 0.00
0 gap claims filed $ 0.00
-1 less: repos redeemed $(8,296.51)
0 prev rptd skip now repo $ 0.00
0 repurchase $ 0.00
========== =====================
6 Totals $57,819.37
b. Outstanding Defaulted Auto Loans as of 9/30/96
Number of Aggregate Principal
Auto Loans Balance of Auto Loans
---------- ---------------------
62 repossessions $301,430.28
8 skip claims filed $ 78,512.96
7 gap claims filed $ 3,105.17
3 Repo Redeemed $ 16,126.80
from prior reporting period
========== =====================
80 Totals $399,175.21
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 $19,067.54 Term Extended 1 Month
Nafco Trust 1 9/96 Page 3
<PAGE>
8. Repurchased Auto Loans
Information with respect to Repurchased Auto Loans during the Reporting
Period.
Number of Aggregate Principal Aggregate
Party Auto Loans Balance of Auto Loans 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
---------- -------------------- ----------
11 Proceeds from $43,446.00
sale of collateral
n/a Proceeds from $16,404.70
insurance claims
n/a Paid Ahead $ (458.01)
n/a Payments/ (Reversals $ 2,495.42
0 Proceeds from $ 0.00
Repurchase
========== ==========
11 $61,888.11
10. Repossession Information
Number of Aggregate Principal Aggregate Amount
Action Auto Loans Balance of Auto Loans Realized
------ ---------- --------------------- --------
Repossession 7 $66,115.88
Disposed of after
Repossession 11 $43,446.00
Repossessions
Redeemed 1 $ 8,462.91
========== ===================== ==========
Totals: 19 $74,578.79 $43,446.00
Nafco Trust 1 9/96 Page 4
<PAGE>
<TABLE>
<S> <C> <C>
11. Losses
a. The aggregate outstanding Principal Balance of Auto Loans written-off during
the Reporting Period was..[includes $10.48 in force close] ..................... $ 3,072.34
-----------
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 ............................................................................ $ 3,072.34
-----------
12. Total Amount of Payments Collected during the Reporting Period and
Deposited into the Collection Account
a. The aggregate portion of Payments collected on the Auto Loans allocable to
Scheduled Payments in Respect of Interest on the Auto Loans during the
Reporting Period was ........................................................... $ 56,591.48
-----------
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 .......................................... $105,975.29
-----------
c. The aggregate portion of Payments collected on the Auto Loans allocable to
Prepayments during the Reporting Period was .................................... $ 66,510.13
[prin..$63,715.93 int. $2,794.20]
-----------
d. Insurance Proceeds received on Active Auto Loans ............................... $ 3,190.20
[prin. $3,190.20 int. $0]
-----------
e. The aggregate portion of Payments collected on the Auto Loans allocable to
Defaulted Auto Loan proceeds during the Reporting Period was ................... $ 61,888.11
[prin $60,878.96 int. $1,009.15]
-----------
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 ................................................................. $294,155.21
-----------
g. Total Late Charges Received .................................................... $ 2,667.80
-----------
h. Excess Funds Recd. on Prev Paid Off Accounts ................................... $ (239.53)
108-901-11-9935-324096 -----------
i. Extension Fee on Precomputed Loans ............................................. $ 134.38
-----------
k. Total Cash Received ............................................................ $296,717.86
===========
Nafco Trust 1 9/96 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 ..................... $ 11,320.53
-----------
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 .. $ 1,333.90
-----------
c. The Servicer Variable Amount with respect to the calendar month immediately
preceding the date of this Servicer Report was ................................. $ 1,670.00
-----------
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] .......................................... $ 6,548.74
-----------
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 .................................................................... $ 20,873.17
-----------
</TABLE>
Nafco Trust 1 9/96 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, October 11, 1996.
Electronic Data Systems Corporation
as Servicer
By /s/ Joanne McGrath
-------------------------------
Joanne McGrath, Senior Manager
Electronic Data Systems
Corporation, CAMD
Nafco Trust 1 9/96 Page 7
<PAGE>
----------------------------------------------------------
MASTER ADMINISTRATOR REPORT
NAFCO AUTO TRUST - 2
For the August 20, 1996 Distribution Date
For the period beginning on July 1, 1996
and ending on July 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 August 15, 1996.
5. Pool Factor.
(a) The Pool Factor with respect to
July 1, 1996 was ................................. .69950642
--------------
(b) The Pool Factor with respect to
July 31, 1996 was ................................ .66434250
--------------
6. Investor and Seller Certificate Principal Balance (beginning of Due
Period)
(a) The Investor Certificate Principal
Balance as of July 1, 1996
(after giving effect to the disbursements
in reduction of principal, if any,
on the immediately preceding
Distribution Date) was ........................... $26,023,737.18
--------------
1
<PAGE>
(b) The Seller Certificate Principal
Balance as of July 1, 1996 (after
giving effect to the disbursements
in reduction of principal, if any, on
the immediately preceding Distribution
Date) was ........................................ $2,962,769.68
-------------
7. Occurrence of a Required Reserve Event
(a) The Delinquency Ratio is ......................... 2.17%
-------------
(b) The Three Month Delinquency Ratio is ............. 2.36%
-------------
(c) The Gross Loss Ratio is .......................... 17.54%
-------------
(d) The Three Month Gross Loss Ratio is .............. 18.81%
-------------
(e) The percentage of eligible claims on the
ALPI policy not paid in a timely manner
is(*) ............................................ 19.73%
-------------
(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 S50,793.32 of claims which are currently in dispute. Such disputed
claims represent 3.45% of all eligible claims.
8. Aggregate Monthly Servicing Fee.
(a) The Monthly Servicing Fee owing
to the Servicer on the related
Distribution Date is ............................. $ 111,627.39
-------------
(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 ...................... $ 111,627.39
-------------
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 .............. $ 30,375.36
-------------
(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 ........... $ 30,375.36
-------------
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 .......... $ 951,370.62
-------------
(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 .......... $ 67,454.26
-------------
(iii) The aggregate amount of Monthly
Subrogation Amount to be deposited
into the Insurance Reserve Amount
on the related Deposit Date ................. $ -0-
-------------
(iv) The Insurance Reserve Amount as of
the end of the Due Period
is .......................................... $ 883,916.36
-------------
(b) The Available Cash Reserve Amount
(i) The Required Cash Reserve Amount
(assuming all withdrawals or deposits to
be made with respect to the current
Distribution Date are made) is .............. $2,602,373.72
-------------
3
<PAGE>
(ii) The Available Cash Reserve Amount
available for deposit to the Collection
Account on the related Deposit Date
prior to any withdrawals or deposits
to be made with respect to the current
Distribution Date are made) is .............. $2,162,661.79
-------------
(iii) The amount to be deposited to
(withdrawn from) the Available Cash
Reserve Amount with respect to the
current Distribution Date is ................ $ 97,988.01
-------------
(iv) The Available Cash Reserve Amount
available for deposit to the Collection
Account on the related Deposit Date
(after any withdrawals or deposits to be
made with respect to the current
Distribution Date are made) is .............. $2,260,649.80
-------------
(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 .................................... $3,144,566.16
-------------
12. Available Funds.
(a) The amount of Available Funds with
respect to the related Due Period was ............ $1,919,216.99
-------------
(b) The amount of Available Funds with
respect to the immediately preceding
Due Period that were retained in the
Collection Account was ........................... $ 100,660.15
-------------
(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 ......................... $ 21,951.14
-------------
(d) Total distributable funds with respect
to the related Due Period [a+b+c] was ............ $2,041,828.28
-------------
(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 ............... $2,041,828.28
-------------
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 ..................... $ 111,627.39
-------------
(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 ..................... $ 30,375.36
-------------
(d) The amount of the aggregate distribution
to be made on such Distribution Date
which constitutes interest on the Investor
Certificates at the Certificate Rate,
including any Shortfall so allocable is .......... $ 151,805.13
-------------
(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 .................. $1,308,203.28
-------------
(f) The total amount of the distribution
to be made on such Distribution Date
to the Investor Certificateholders [d+e] is ...... $1,460,008.41
-------------
(g) The amount of the aggregate distribution
to be made on such Distribution Date
which constitutes interest on the Seller
Certificate at the Certificate Rate is ........... $ 17,282.82
-------------
(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 ........ $ 216,599.25
-------------
(i) The amount to be deposited (withdrawn) to
the Cash Reserve Account is ...................... $ 97,988.01
-------------
5
<PAGE>
(j) The amount to be retained in the
Collection Account with respect to
the Partial Payment Amount is .................... $ 107,947.03
-------------
(k) The amount to be disbursed to the
Seller Certificateholder (other than the
amounts referred to in (g) and (h)) is ........... $ -0-
-------------
(1) The total amount of the
distribution to be made to the
Seller Certificateholders [g+h+k] is ............. $ 233,882.07
-------------
14. Investor and Seller Certificate Principal Balance (end of Due Period).
(a) The Investor Certificate Principal Balance
as of July 31, 1996 (after giving
effect to the disbursements in reduction
of principal, if any, on the immediately
preceding Distribution Date) was ................. $24,715,533.90
-------------
(b) The Seller Certificate Principal
Balance as of July 31,1996 (after
giving effect to the disbursements in
reduction of principal, if any, on the
related Distribution Date) was ................... $ 2,740,170.43
-------------
15. Events of Administrator Termination.
No event has occurred and is continuing which constitutes an Event of
Administrator Termination or would constitute an Event of
Administrator Termination but for the requirement that notice be given
or time elapse or both [except as disclosed on the attached Annex A].
6
<PAGE>
IN WITNESS WHEREOF, the undersigned has duly executed and delivered this
certificate this 15th day of August 1996.
NAFCO INC.
as Master Administrator
By: /s/Scott Drath
-------------------------
Name: Scott Drath
Title: Vice President
7
<PAGE>
ANNEX A
TO
MASTER ADMINISTRATOR REPORT
DATED August 15, 1996
EVENT OF MASTER ADMINISTRATOR TERMINATION
None
<PAGE>
ANNEX B
TO
MASTER ADMINISTRATOR REPORT
DATED August 15, 1996
In addition to the information required by items 4-16 of the Master
Administrator Report the following information is to be included in the report
delivered to Investor Certificateholders pursuant to Section 7.05 of the Pooling
and Servicing Agreement:
1. Aggregate Principal Balance of the Auto Loans.
As of July 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) 2,204 $23,144,133
30 - 59 241 2,779,389
60 - 89 75 914,445
90 - 120 60 674,535
over 120 329 2,757,549
----- -----------
Totals: 2,909 $30,270,051
=====
Aggregate Principal Balance of Defaulted
Auto Loans at July 31, 1996 (2,808,347)
------------
Aggregate Principal Balance allocable
to Certificateholders $ 27,461,704
============
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 ......... $ 1,503,142.11
--------------
(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 ................................ $ 341,333.74
--------------
(c) The total amounts collected on the Auto
Loans and deposited into the Collection
Account for the Due Period was [a+b] .............. $ 1,844,475.85
--------------
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
---------- ---------------------
37 $449,750.47
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 ......................................... $ 4.080454
-----------
(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 ............................... $ 35.163919
-----------
(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 ................ $ 39.244373
-----------
10
<PAGE>
ANNEX C
TO
MASTER ADMINISTRATOR REPORT
DATED August 15, 1996
Calculation of Required Cash Reserve Amount as of the August 20, 1996
Distribution Date.
(i) The Investor Certificate Principal Balance equals $26,023,737.18.
(ii) Required Reserve Percentage equals 10%.
(iii) The Required Cash Reserve Amount equals (the product of (i) and
(ii)) $2,602,373.72
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 18%; provided, however, that if, for any Due Period
following the third Due Period following the occurrence of the Loss
Test, the Three Month Cross 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 September 20, 1996 Distribution Date
For the period beginning on August 1, 1996
and ending on August 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 September 17, 1996.
5. Pool Factor.
(a) The Pool Factor with respect to
August 1, 1996 was ............................... .66434250
---------
(b) The Pool Factor with respect to
August 31, 1996 was .............................. .63727515
---------
6. Investor and Seller Certificate Principal Balance (beginning of Due
Period).
(a) The Investor Certificate Principal Balance
as of August 1, 1996 (after giving effect
to the disbursements in reduction of
principal, if any, on the immediately
preceding Distribution Date) was .................. $24,715,533.90
--------------
1
<PAGE>
(b) The Seller Certificate Principal Balance as
of August 1, 1996 (after giving effect to
the disbursements in reduction of
principal, if any, on the immediately
preceding Distribution Date) was .................. $ 2,746,170.43
--------------
7. Occurrence of a Required Reserve Event
(a) The Delinquency Ratio is .................... 2.27%
--------------
(b) The Three Month Delinquency Ratio is ........ 2.38%
--------------
(c) The Gross Loss Ratio is ..................... 15.48%
--------------
(d) The Three Month Gross Loss Ratio is ......... 17.75%
--------------
(e) The percentage of eligible claims on
the ALPI policy not paid in a timely
manner is(*) ................................ 17.75%
--------------
(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 $50,311.32 of claims which are currently in dispute. Such disputed
claims represent 2.80% of all eligible claims.
8. Aggregate Monthly Servicing Fee.
(a) The Monthly Servicing Fee owing to
the Servicer on the related
Distribution Date is ........................ $ 104,743.96
------------
(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 ................. $ 104,743.96
------------
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 Month]v Administrator Fee.
(a) The Monthly Administrator Fee owing
on the related Distribution Date is ......... $ 29,715.37
-------------
(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 ............................. $ 29,715.37
-------------
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 ................................ $ 883,916.36
-------------
(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. ........................... $ 163,803.49
-------------
(iii) The aggregate amount of Monthly
Subrogation Amount to be
deposited into the Insurance
Reserve Amount on the related
Deposit Date .......................... $ -0-
-------------
(iv) The Insurance Reserve Amount as
of the end of the Due Period is ....... $ 720,112.87
-------------
(b) The Available Cash Reserve Amount
(i) The Required Cash Reserve
Amount (assuming all
withdrawals or deposits to be
made with respect to the
current Distribution Date are
made) is .............................. $2,471,553.39
-------------
3
<PAGE>
(ii) The Available Cash Reserve
Amount available for deposit to
the Collection Account on the
related Deposit Date (prior to
any withdrawals or deposits to
be made with respect to the
current Distribution Date are
made) is .............................. $2,260,649.80
-------------
(iii) The amount to be deposited to
(withdrawn from) the Available
Cash Reserve Amount with
respect to the current
Distribution Date is .................. $ 210,903.59
-------------
(iv) The Available Cash Reserve
Amount available for deposit to
the Collection Account on the
related Deposit Date (after any
withdrawals or deposits to be
made with respect to the
current Distribution Date are
made) is .............................. $2,471,553.39
-------------
(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 ........ $3,191,666.26
-------------
12. Available Funds.
(a) The amount of Available Funds with
respect to the related Due Period was ....... $1,649,479.68
-------------
(b) The amount of Available Funds with
respect to the immediately preceding
Due Period that were retained in the
Collection Account was ...................... $ 107,947.03
-------------
(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 ......................................... $ 21,255.66
-------------
(d) Total distributable funds with
respect to the related Due Period
[a+b+c] was ................................. $1,778,682.37
-------------
(e) The amount of Available Funds used to
purchase additional Auto Loans during
the related Due Period was .................. $ -0-
-------------
4
<PAGE>
(f) The amount of Available Funds and
interest earned on the Collection
Account remaining after the purchase
of additional Auto Loans with respect
to the related Due Period [d-e] is .......... $1,778,682.37
-------------
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 ....... $ 104,743.96
-------------
(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 ........................ $ 29,715.37
-------------
(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 ............... $ 144,173.95
-------------
(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 ............................. $1,006,986.56
-------------
(f) The total amount of the distribution
to be made on such Distribution Date
to the Investor Certificateholders [d+e]
is .......................................... $1,151,160.51
-------------
(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 ..................... $ 16,019.33
-------------
(h) The amount of the aggregate
distribution to be made on such
Distribution Date which constitutes a
reduction of principal with respect
to the Seller Certificate is ................ $ 111,887.39
-------------
(i) The amount to be deposited
(withdrawn) to the Cash Reserve
Account is .................................. $ 210,903.59
-------------
5
<PAGE>
(j) The amount to be retained in the
Collection Account with respect to
the Partial Payment Amount is .............. $ 115,765.11
--------------
(k) The amount to be disbursed to the
Seller Certificateholder (other than
the amounts referred to in (g) and
(h)) is .................................... $ 38,487.11
--------------
(l) The total amount of the distribution
to be made to the Seller
Certificateholders [g+h+k] is .............. $ 166,393.83
--------------
14. Investor and Seller Certificate Principal Balance (end of Due
Period).
(a) The Investor Certificate Principal
Balance as of August 31, 1996 (after
giving effect to the disbursements m
reduction of principal, if any, on
the immediately preceding
Distribution Date) was ..................... $23,708,547.34
--------------
(b) The Seller Certificate Principal
Balance as of August 31,1996 (after
giving effect to the disbursements in
reduction of principal, if any, on
the related Distribution Date) was ......... $ 2,634,283.04
--------------
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 September 1996.
NAFCO INC
as Master Administrator
By: /s/ Scott Drath
----------------------------
Name: Scott Drath
Title: Vice President
7
<PAGE>
ANNEX A
TO
MASTER ADMINISTRATOR REPORT
DATED September 17, 1996
EVENT OF MASTER ADMINISTRATOR TERMINATION
None
8
<PAGE>
ANNEX B
TO
MASTER ADMINISTRATOR REPORT
DATED September 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 August 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) 2,137 $ 21,994,384
30 - 59 244 2,768,657
60 - 89 68 816,943
90 - 120 56 679,693
over 120 352 2,829,187
----- ------------
Totals: 2,857 $ 29,088,864
=====
Aggregate Principal Balance of Defaulted
Auto Loans at August 31, 1996 (2,746,033)
------------
Aggregate Principal Balance allocable
to Certificateholders $ 26,342,830
============
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 ......... $ 1,177,898.09
---------------
(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 ................................ 299,960.02
---------------
(c) The total amounts collected on the Auto
Loans and deposited into the Collection
Account for the Due Period was [a + b] ............ 1,477,858.11
---------------
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
---------- ---------------------
32 $ 374,761.38
4. The information specified in item 13(d) through
(f) stated on the basis of $1,000 Initial
Principal Amount.
The Certificate Rate is 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 ......................................... $ 3.875331
----------
(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 .......................... $27.067348
----------
(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 ......................................... $30.942679
----------
10
<PAGE>
ANNEX C
TO
MASTER ADMINISTRATOR REPORT
DATED September 17, 1996
Calculation of Required Cash Reserve Amount as of the September 20, 1996
Distribution Date.
(i) The Investor Certificate Principal Balance equals 24,715,533.90.
(ii) Required Reserve Percentage equals 10%.
(iii) The Required Cash Reserve Amount equals (the product of (i) and
(ii)) $2,471,553.39
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 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 ehoiNe 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 October 21, 1996 Distribution Date
For the period beginning on September 1, 1996
and ending on September 30, 1996 (the "Due Period")
- --------------------------------------------------------------------------------
The undersigned, a duly authorized officer of NAFCO Inc., as Master
Administrator (the "Master Administrator"), pursuant to Section 5.11 of the
Amended and Restated Pooling and Servicing Agreement (the "Pooling and Servicing
Agreement") dated as of June 1, 1995, by and among NAFCO Auto Funding, L.P., as
Seller, the Master Administrator, Electronic Data Systems Corporation, as
Servicer and Bankers Trust Company, as Trustee, does hereby certify as follows:
1. Capitalized terms used in this Master Administrator Report and not
otherwise defined herein shall have the respective meanings set
forth in the Pooling and Servicing Agreement.
2. NAFCO Inc. is, as of the date hereof, the Master Administrator under
the Pooling and Servicing Agreement.
3. The undersigned is an Officer of the Master Administrator.
4. The date of this Report is October 17, 1996.
5. Pool Factor.
(a) The Pool Factor with respect to
September 1, 1996 was .............................. .63727515
---------
(b) The Pool Factor with respect to
September 30, 1996 was ............................. .60406362
---------
6. Investor and Seller Certificate Principal Balance (beginning of Due
Period).
(a) The Investor Certificate Principal
Balance as of September 1, 1996
(after giving effect to the
disbursements in reduction of
principal, if any, on the immediately
preceding Distribution Date) was ............. $23,708,547.34
--------------
1
<PAGE>
(b) The Seller Certificate Principal
Balance as of September 1, 1996
(after giving effect to the
disbursements in reduction of
principal, if any, on the immediately
preceding Distribution Date) was ............. $ 2,634,283.04
--------------
7. Occurrence of a Required Reserve Event
(a) The Delinquency Ratio is ..................... 2.28%
--------------
(b) The Three Month Delinquency Ratio is ......... 2.24%
--------------
(c) The Gross Loss Ratio is ...................... 22.55%
--------------
(d) The Three Month Gross Loss Ratio is .......... 18.46%
--------------
(e) The percentage of eligible claims on
the ALPI policy not paid in a timely
manner is(*) ................................. 17.90%
--------------
(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 $50,793.32 claims which are currently in dispute. Such disputed claims
represent 2.6% of all eligible claims.
8. Aggregate Monthly Servicing Fee.
(a) The Monthly Servicing Fee owing to
the Servicer on the related
Distribution Date is ......................... $ 95,669.23
--------------
(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 .................. $ 95,669.23
--------------
9. Aggregate Monthly Subrogation Amount.
(a) The Monthly Subrogation Amount owing
on the related Distribution Date is .......... $ -0-
--------------
2
<PAGE>
(b) The amount of accrued and unpaid
Monthly Subrogation Amount in respect
of prior Due Periods is ...................... $ -0-
--------------
(c) The total Monthly Subrogation Amount
paid or payable to the Master
Administrator in respect of such Due
Period [a+b] is .............................. $ -0-
--------------
10. Aggregate Monthly Administrator Fee.
(a) The Monthly Administrator Fee owing
on the related Distribution Date is .......... $ 27,665.48
--------------
(b) The amount of accrued and unpaid
Monthly Administrator Fees in respect
of prior Due Periods is ...................... $ -0-
--------------
(c) The total Monthly Administrator Fee
paid or payable to the Master
Administrator in respect of such Due
Period [a+b] is .............................. $ 27,665.48
--------------
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 ................................. $ 720,112.87
--------------
(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 ............................. $ 143,124.78
--------------
(iii) The aggregate amount of Monthly
Subrogation Amount to be
deposited into the Insurance
Reserve Amount on the related
Deposit Date ........................... $ -0-
--------------
(iv) The Insurance Reserve Amount as
of the end of the Due Period is ........ $ 576,988.09
--------------
(b) The Available Cash Reserve Amount
(i) The Required Cash Reserve
Amount (assuming all
withdrawals or deposits to be
made with respect to the
current Distribution Date are
made) is ................................ $ 2,370,854.73
--------------
3
<PAGE>
(ii) The Available Cash Reserve
Amount available for deposit to
the Collection Account on the
related Deposit Date prior to
any withdrawals or deposits to
be made with respect to the
current Distribution Date are
made) is ............................... $ 2,471,553.39
---------------
(iii) The amount to be deposited to
(withdrawn from) the Available
Cash Reserve Amount with
respect to the current
Distribution Date is ................... $ (100,698.66)
---------------
(iv) The Available Cash Reserve
Amount available for deposit to
the Collection Account on the
related Deposit Date (after any
withdrawals or deposits to be
made with respect to the
current Distribution Date are
made) is ............................... $ 2,370,854.73
---------------
(c) The total Cash Reserve Account as of
the end of the Due Period (after
giving effect to the deposits and
withdrawals in (a) and (b) above) is ......... $ 2,947,842.82
---------------
12. Available Funds.
(a) The amount of Available Funds with
respect to the related Due Period was ........ $ 1,558,891.94
---------------
(b) The amount of Available Funds with
respect to the immediately preceding
Due Period that were retained in the
Collection Account was ....................... $ 115,765.11
---------------
(c) Interest earned on and retained in
the Collection Account for the Due
Period and interest earned on the
Cash Reserve Account and transferred
to the Collection Account for the Due
Period on the related Deposit Date
was .......................................... $ 20,071.95
---------------
(d) Total distributable funds with
respect to the related Due Period
[a+b+c] was .................................. $ 1,694,729.00
---------------
(e) The amount of Available Funds used to
purchase additional Auto Loans during
the related Due Period was ................... $ -0-
---------------
4
<PAGE>
(f) The amount of Available Funds and
interest earned on the Collection
Account remaining after the purchase
of additional Auto Loans with respect
to the related Due Period [d-e] is ........... $ 1,694,729.00
---------------
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 ........ $ 95,669.23
---------------
(b) The amount of the aggregate Monthly
Subrogation Amount to be paid to the
Master Administrator on such
Distribution date is ......................... $ -0-
---------------
(c) The amount of the Monthly
Administrator Fee to be paid to the
Master Administrator on such
Distribution Date is ......................... $ 27,665.48
---------------
(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 ................ $ 138,299.86
---------------
(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 .............................. $ 1,235,568.44
---------------
(f) The total amount of the distribution
to be made on such Distribution Date
to the Investor Certificateholders
[d+e] is ..................................... $ 1,373,868.30
---------------
(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 ...................... $ 15,366.65
---------------
(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 ................. $ 137,285.38
---------------
(i) The amount to be deposited
(withdrawn) to the Cash Reserve
Account is ................................... $ (100,698.66)
---------------
5
<PAGE>
(j) The amount to be retained in the
Collection Account with respect to
the Partial Payment Amount is ................ $ 116,070.25
---------------
(k) The amount to be disbursed to the
Seller Certificateholder (other than
the amounts referred to in (g) and
(h)) is ...................................... $ 29,502.37
---------------
(1) The total amount of the distribution
to be made to the Seller
Certificateholders [g+h+k] is ................ $ 182,154.40
---------------
14. Investor and Seller Certificate Principal
Balance (end of Due Period).
(a) The Investor Certificate Principal
Balance as of September 30, 1996
(after giving effect to the
disbursements in reduction of
principal, if any, on the immediately
preceding Distribution Date) was ............. $ 22,472,978.90
---------------
(b) The Seller Certificate Principal
Balance as of August 31, 1996 (after
giving effect to the disbursements in
reduction of principal, if any. on
the related Distribution Date) was ........... $ 2,496,997.66
---------------
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 October 1996.
NAFCO INC.
as Master Administrator
By: /s/ Scott Drath
----------------------------
Name: Scott Drath
Title: Vice President
7
<PAGE>
ANNEX A
TO
MASTER ADMINISTRATOR REPORT
DATED October 17, 1996
EVENT OF MASTER ADMINISTRATOR TERMINATION
None
8
<PAGE>
ANNEX B
TO
MASTER ADMINISTRATOR REPORT
DATED October 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 September 30, 1996 [the close of business on the last day of
the Due Period]
Number of Days Number of Aggregate Principal
Delinquent Auto Loans Balance of Auto Loans
-------------- ---------- ---------------------
current (0-29) 2.000 $ 20,191,626
30 - 59 293 3.197,616
60 - 89 70 803,528
90 - 120 52 616,972
over 120 378 3,117,586
----- ------------
Totals: 2,793 $ 27,927,328
=====
Aggregate Principal Balance of Defaulted
Loans at September 30, 1996 (2,957,351)
------------
Aggregate Principal Balance allocable to
Certificateholders $ 24,969,977
============
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 .......... $ 1,203,878.43
---------------
(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 ................................. $ 241,045.35
---------------
(c) The total amounts collected on the Auto
Loans and deposited into the Collection
Account for the Due Period was [a+b] ............... $ 1,444,923.78
---------------
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
---------- ---------------------
52 $564,060.48
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 .......................................... $ 3.717438
---------------
(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 ................................ $ 33.211527
---------------
(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 ................ $ 36.928965
---------------
10
<PAGE>
ANNEX C
TO
MASTER ADMINISTRATOR REPORT
DATED October 17, 1996
Calculation of Required Cash Reserve Amount as of the October 21, 1996
Distribution Date.
(i) The Investor Certificate Principal Balance equals $23,708,547.34.
(ii) Required Reserve Percentage equals 10%.
(iii) The Required Cash Reserve Amount equals (the product of (i) and
(ii)) $2,370,854.73
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 (0) 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 August 20, 1996 Distribution Date
For the period beginning on July 1, 1996
and ending on July 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 August 15, 1996.
5. Pool Factor.
(a) The Pool Factor with respect to July
1, 1996 was ....................................... .90717630
(b) The Pool Factor with respect to July
31, 1996 was ...................................... .87412769
6. Investor and Seller Certificate Principal Balance (beginning of Due
Period)
(a) The Investor Certificate Principal
Balance as of July 1, 1996 (after
giving effect to the disbursements in
reduction of principal, if any, on
the immediately preceding
Distribution Date) was ....................... $ 29,954,961.29
---------------
1
<PAGE>
(b) The Seller Certificate Principal
Balance as of July 1, 1996 (after
giving effect to the disbursements in
reduction of principal, if any, on
the immediately preceding
Distribution Date) was ....................... $ 3,389,935.24
---------------
7. Occurrence of a Required Reserve Event
(a) The Delinquency Ratio is ..................... 3.91%
---------------
(b) The Three Month Delinquency Ratio is ......... 3.29%
---------------
(c) The Gross Loss Ratio is ...................... 17.75%
---------------
(d) The Three Month Gross Loss Ratio is .......... 14.53%
---------------
(e) The percentage of eligible claims on
the ALPI policy not paid in a timely
manner is(*) ................................. 13.28%
---------------
(g) The Required Reserve Percentage is ........... 10.00%
---------------
(*) The percentage of claims on the ALPI policy not paid in a timely manner
includes $_________ which are currently in dispute. Such disputed claims
represent _______% of all eligible claims.
8. Aggregate Monthly Servicing Fee.
(a) The Monthly Servicing Fee owing to
the Servicer on the related
Distribution Date is ......................... $ 108,623.54
---------------
(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 .................. $ 108,623.54
---------------
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 .......... $ 28,178.93
---------------
(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 ............................. $ 28,178.93
---------------
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 ................................. $ 1,556,442.77
---------------
(ii) The aggregate Insurance
Deductible to be deposited by
the Seller into the Cash
Reserve Account on the Deposit
Date with respect to additional
Auto Loans acquired .................... $ -0-
---------------
(iii) The aggregate amount to be
withdrawn from the Insurance
Reserve Amount, deposited into
the Collection Account and
applied against the aggregate
amount of the Insurance
Deductible ............................. $ 59,878.47
---------------
(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 ........ $ l,496,564.30
---------------
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 ............................... $ 2,995,496.13
---------------
(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 ............................... $ l,440,527.05
---------------
(iii) The amount to be deposited to
(withdrawn from) the Available
Cash Reserve Amount with
respect to the current
Distribution Date is ................... $ 49,852.13
---------------
(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 ............................... $ 1,490,379.18
---------------
(c) The total Cash Reserve Account as of
the end of the Due Period (after
giving effect to the deposits and
withdrawals in (a) and (b) above) is ......... $ 2,986,943.48
---------------
12. Available Funds.
(a) The amount of Available Funds with respect
to the related Due Period was ...................... $ 1,617,996.79
---------------
(b) The amount of Available Funds with respect
to the immediately preceding Due Period
that were retained in the Collection
Account was ........................................ $ 75,210.95
---------------
(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 ............. $ 20,644.19
---------------
4
<PAGE>
(d) Total distributable funds with respect to
the related Due Period [a+b+c] was ................. $ 1,713,851.93
---------------
(e) The amount of Available Funds used to
purchase additional Auto Loans during the
related Due Period was ............................. $ -0-
---------------
(f) The amount of Available Funds and interest
earned on the Collection Account remaining
after the purchase of additional Auto Loans
with respect to the related Due Period
[d-e] is ........................................... $ 1,713,851.93
---------------
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 ........ $ 108,623.54
---------------
(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 ......................... $ 28,178.93
---------------
(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 ................ $ 162,256.04
---------------
(e) The amount of the aggregate
distribution to be made on such
Distribution Date which constitutes
payments in reduction of principal
with respect to the Investor
Certificates is .............................. $ 1,091,264.95
---------------
(f) The total amount of the distribution
to be made on such Distribution Date
to the Investor Certificateholders
[d+e] is ..................................... $ 1,253,520.99
---------------
(g) The amount of the aggregate
distribution to be made on such
Distribution Date which constitutes
interest on the Seller Certificate at
the Certificate Rate is ...................... $ 18,362.15
---------------
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 ................. $ 182,857.87
---------------
(i) The amount to be deposited in the
Cash Reserve Account is ...................... $ 49,852.13
---------------
(j) The amount to be retained in the
Collection Account with respect to
the Reinvestment Amount and the
Partial Payment Amount is .................... $ 72,456.33
---------------
(k) The amount to be disbursed to the
Seller Certificateholder (other than
the amounts referred to in (g) and
(h) is ....................................... $ -0-
---------------
(1) The total amount of the distribution
to be made to the Seller
Certificateholders [g+h+k] is ................ $ 201,220.02
---------------
14. Investor and Seller Certificate principal
Balance (end of Due Period).
(a) The Investor Certificate Principal
Balance as of July 31, 1996 (after
giving effect to the disbursements in
reduction of principal, if any, on
the immediately preceding
Distribution Date) was ....................... $ 28,863,696.34
---------------
(b) The Seller Certificate Principal
Balance as of July 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 ..................... $ 3,207,077.37
---------------
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 b9th [except as disclosed on the
attached Annex A].
6
<PAGE>
IN WITNESS WHEREOF, the undersigned has duly executed and delivered this
certificate this 15th day of August 1996.
NAFCO INC.
as Master Administrator
By: /s/ Scott Drath
------------------------
Name: Scott Drath
Title: Vice President
7
<PAGE>
ANNEX A
TO
MASTER ADMINISTRATOR REPORT
DATED August 15, 1996
EVENT OF MASTER ADMINISTRATOR TERMINATION
None
8
<PAGE>
ANNEX B
TO
MASTER ADMINISTRATOR REPORT
DATED August 15, 1996
In addition to the information required by items 4-16 of the Master
Administrator Report the following information is to be included in the report
delivered to Investor Certificateholders pursuant to Section 7.05 of the Pooling
and Servicing Agreement:
1. Aggregate Principal Balance of the Auto Loans.
As of July 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) 2,244 $ 25,766,995
30 - 59 250 3,129,699
60 - 89 84 1,052,997
90 - 120 55 614,788
over 120 276 2,395,250
----- ------------
Totals: 2,909 $ 32,959,730
=====
Aggregate Principal Balance of Defaulted Auto
Loans at July 31, 1996 (888,956)
------------
Aggregate Principal Balance allocable to
Certificateholders $ 32,070,774
============
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 .......... $ 1,247,703.76
---------------
(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 ................................. $ 313,169.18
---------------
(c) The total amounts collected on the Auto
Loans and deposited into the Collection
Account for the Due Period was [a+b] ............... $ 1,560,872.94
---------------
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
---------- ---------------------
40 $510,063.97
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 .......................................... $ 4.913872
---------------
(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 ................................ $ 33.048605
---------------
(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 ................. $ 37.962477
---------------
10
<PAGE>
ANNEX C
TO
MASTER ADMINISTRATOR REPORT
DATED August 15, 1996
Calculation of Required Cash Reserve Amount as of the August 20, 1996
Distribution Date .
(i) The Investor Certificate Principal Balance equals $29,954,961.29
(ii) Required Reserve Percentage equals 10%.
(iii) The Required Cash Reserve Amount equals (the product of (i) and
(ii)) $2,995,496.13
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 0)) 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 September 20, 1996 Distribution Date
For the period beginning on August 1, 1996
and ending on August 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 September 17, 1996.
5. Pool Factor.
(a) The Pool Factor with respect to
August 1, 1996 was ................................. .87412769
---------
(b) The Pool Factor with respect to
August 31, 1996 was ................................ .84252433
---------
6. Investor and Seller Certificate Principal Balance (beginning of Due
Period)
(a) The Investor Certificate Principal
Balance as of August 1, 1996
(after giving effect to the disbursements
in reduction of principal, if any,
on the immediately preceding
Distribution Date) was ....................... $ 28,863,696.34
---------------
1
<PAGE>
(b) The Seller Certificate Principal
Balance as of August 1, 1996 (after
giving effect to the disbursements
in reduction of principal, if any, on
the immediately preceding Distribution
Date) was .................................... $ 3,207,077.37
--------------
7. Occurrence of a Required Reserve Event
(a) The Delinquency Ratio is ..................... 4.02%
----
(b) The Three Month Deliquency Ratio is .......... 3.67%
----
(c) The Gross Loss Ratio is ...................... 20.51%
-----
(d) The Three Month Gross Loss Ratio is .......... 17.01%
-----
(e) The percentage of eligible claims on the
ALPI policy not paid in a timely manner
is(*) ........................................ 13.91%
-----
(g) The Required Reserve Percentage is ........... 10.00%
-----
(*) The percentage of claims on the ALPI policy not paid in a timely manner
includes $ _________ of claims which are currently in dispute. Such disputed
claims represent ________% of all eligible claims.
8. Aggregate Monthly Servicing Fee.
(a) The Monthly Servicing Fee owing
to the Servicer on the related
Distribution Date is ......................... $ 104,003.03
--------------
(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 .................. $ 104,003.03
--------------
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 .......... $ 26,688.57
--------------
(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 $ 26,688.57
--------------
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 ...... $ 1,496,564.41
--------------
(ii) The aggregate Insurance Deductible
to be deposited by the Seller into the
Cash Reserve Account on the Deposit
Date with respect to additional Auto
Loans acquired .......................... $ -0-
--------------
(iii) The aggregate amount to be withdrawn
from the Insurance Reserve Amount,
deposited into the Collection Account
and applied against the aggregate
amount of the Insurance Deductible ...... $ 123,062.34
--------------
(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 ...................................... $ 1,373,502.07
--------------
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 .......... $ 2,886,369.63
--------------
(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 .......... $ 1,490,379.18
--------------
(iii) The amount to be deposited to
(withdrawn from) the Available Cash
Reserve Amount with respect to the
current Distribution Date is ............ $ 118,584.87
--------------
(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 .......... $ 1,608,964.05
--------------
(c) The total Cash Reserve Account as of the
end of the Due Period (after giving effect
to the deposits and withdrawals in (a) and
(b) above) is ................................ $ 2,982,466.12
--------------
12. Available Funds.
(a) The amount of Available Funds with
respect to the related Due Period was ........ $ 1,566,254.57
--------------
(b) The amount of Available Funds with
respect to the immediately preceding
Due Period that were retained in the
Collection Account was ....................... $ 72,456.33
--------------
(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 ............................. $ 19,603.60
--------------
4
<PAGE>
(d) Total distributable funds with respect
to the related Due Period [a+b+c] was ........ $ 1,658,314.50
--------------
(e) The amount of Available Funds used to
purchase additional Auto Loans during
the related Due Period was ................... $ -0-
--------------
(f) The amount of Available Funds and
interest earned on the Collection
Account remaining after the purchase
of additional Auto Loans with respect
to the related Due Period [d-e] is ........... $ 1,658,314.50
--------------
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 ................. $ 104,003.03
--------------
(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 ................. $ 26,688.57
--------------
(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 ...... $ 156,345.02
--------------
(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 .............. $ 1,043,543.12
--------------
(f) The total amount of the distribution
to be made on such Distribution Date
to the Investor Certificateholders [d+e] is .. $ 1,199,888.14
--------------
(g) The amount of the aggregate distribution
to be made on such Distribution Date
which constitutes interest on the Seller
Certificate at the Certificate Rate is ....... $ 17,371.67
--------------
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 .... $ 115,949.23
--------------
(i) The amount to be deposited in
the Cash Reserve Account is .................. $ 118,584.87
--------------
(j) The amount to be retained in the
Collection Account with respect to
the Reinvestment Amount and the
Partial Payment Amount is .................... $ 75,828.99
--------------
(k) The amount to be disbursed to the Seller
Certificateholder (other than the
amounts referred to in (g) and (h)) is ....... $ -0-
--------------
(1) The total amount of the distribution
to be made to the Seller Certificateholders
[g+h+k] is ................................... $ 133,320.90
--------------
14. Investor and Seller Certificate Principal Balance (end of Due Period).
(a) The Investor Certificate Principal Balance
as of August 31, 1996 (after giving
effect to the disbursements in reduction
of principal, if any, on the immediately
preceding Distribution Date) was ............. $ 27,820,153.22
--------------
(b) The Seller Certificate Principal
Balance as of July 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 ......... $ 3,091,128.14
--------------
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 September 1996.
NAFCO INC.
as Master Administrator
By: /s/ Scott Drath
----------------------------------
Name: Scott Drath
Title: Vice President
8
<PAGE>
ANNEX A
TO
MASTER ADMINISTRATOR REPORT
DATED September 17, 1996
EVENT OF MASTER ADMINISTRATOR TERMINATION
None
8
<PAGE>
ANNEX B
TO
MASTER ADMINISTRATOR REPORT
DATED September 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 September 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) 2,154 $ 24,436,980
30 - 59 264 3,226,470
60 - 89 81 959,559
90 - 120 59 692,242
over 120 306 2,581,704
----- ------------
Totals: 2,864 $ 31,896,955
=====
Aggregate Principal Balance of Defaulted
Auto Loans at August 31, 1996 (985,674)
------------
Aggregate Principal Balance allocable
to Certificateholders $ 30,911,281
============
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 .... $ 1,186,921.33
--------------
(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 .... $ 252,898.24
--------------
(c) The total amounts collected on the Auto
Loans and deposited into the Collection
Account for the Due Period was [a+b] ......... $ 1,439,819.57
--------------
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
---------- ---------------------
37 $463,676.70
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 ........ $ 4.734858
--------------
(6) 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 .. $ 31.603365
--------------
(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 .................. $ 36.338223
--------------
10
<PAGE>
ANNEX C
TO
MASTER ADMINISTRATOR REPORT
DATED September 17, 1996
Calculation of Required Cash Reserve Amount as of the September 20, 1996
Distribution Date.
(i) The Investor Certificate Principal Balance equals $28,863,696.34
(ii) Required Reserve Percentage equals 10%.
(iii) The Required Cash Reserve Amount equals (the product of (i) and (ii))
$2,886,369.63
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 October 21, 1996 Distribution Date
For the period beginning on September 1, 1996 and ending on
September 30, 1996 (the "Due Period")
--------------------------------------
The undersigned, a duly authorized officer of NAFCO Inc., as Master
Administrator (the "Master Administrator"), pursuant to Section 5.11 of the
Amended and Restated Pooling and Servicing Agreement (the "Pooling and Servicing
Agreement") dated as of October 1, 1995, by and among NAFCO Auto Funding, L.P.,
as Seller, the Master Administrator, Electronic Data Systems Corporation, as
Servicer and Bankers Trust Company, as Trustee, does hereby certify as follows:
1. Capitalized terms used in this Master Administrator Report and
not otherwise defined herein shall have the respective meanings set
forth in the Pooling and Servicing Agreement.
2. NAFCO Inc. is, as of the date hereof, the Master Administrator
under the Pooling and Servicing Agreement.
3. The undersigned is an Officer of the Master Administrator.
4. The date of this Report is October 17, 1996.
5. Pool Factor.
(a) The Pool Factor with
respect to September 1,
1996 was ........................................... .84252433
---------
(b) The Pool Factor with
respect to September 30,
1996 was ........................................... .81071769
---------
6. Investor and Seller Certificate Principal Balance (beginning of Due
Period).
(a) The Investor Certificate
Principal Balance as of
September 1, 1996 (after
giving effect to the
disbursements in
reduction of principal,
if any, on the
immediately preceding
Distribution Date) was ....................... $ 27,820,153.22
---------------
<PAGE>
(b) The Seller Certificate
Principal Balance as of
September 1, 1996 (after
giving effect to the
disbursements in
reduction of principal,
if any, on the
immediately preceding
Distribution Date) was ....................... $ 3,091,128.14
---------------
7. Occurrence of a Required Reserve Event
(a) The Delinquency Ratio is ..................... 5 00%
-----
(b) The Three Month Deliquency Ratio is .......... 4.30%
-----
(c) The Gross Loss Ratio is ...................... 25.28%
-----
(d) The Three Month Gross Loss Ratio is .......... 21.13%
-----
(e) The percentage of eligible
claims on the ALPI policy
not paid in a timely
manner is(*) ................................. 11.99%
-----
(g) The Required Reserve Percentage is ........... 10.00%
-----
(*) The percentage of claims on the ALPI policy not paid in a timely manner
includes $_________ of claims which are currently in dispute. Such disputed
claims represent _____% of all eligible claims.
8. Aggregate Monthly Servicing Fee.
(a) The Monthly Servicing Fee
owing to the Servicer on
the related Distribution
Date is ...................................... $ 107,311.65
-------------
(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 .............................. $ 107,311.65
-------------
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-
-------------
<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 ......................... $ 25,254.52
-------------
(b) The amount of accrued and
unpaid Monthly
Administrator Fees in
respect of prior Due
Periods is ................................... $ -0-
-------------
Administrator Fee paid or
payable to the Master
Administrator in respect
of such Due Period [a+b]
is ........................................... $ 25,254.52
-------------
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 .................................. $1,373,502.07
-------------
(ii) The aggregate Insurance
Deductible to be deposited by
the Seller into the Cash
Reserve Account on the Deposit
Date with respect to
additional Auto Loans acquired .......... $ -0-
-------------
(iii)The aggregate amount to be
withdrawn from the Insurance
Reserve Amount, deposited into
the Collection Account and
applied against the aggregate
amount of the Insurance
Deductible .............................. $ $51,362.05
-------------
(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 ............................... $1,322,140.02
-------------
<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 ................................ $2,782,015.32
-------------
(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 .......... $1,608,964.05
-------------
(iii)The amount to be deposited to
(withdrawn from) the Available
Cash Reserve Amount with
respect to the current
Distribution Date is .................... $ -0-
-------------
(iv) The Available Cash Reserve
Amount available for deposit
to the Collection Account on
the related Deposit Date
(after any withdrawals or
deposits to be made with
respect to the current
Distribution Date are made) is .......... $1,608,964.05
-------------
(c) The total Cash Reserve Account as
of the end of the Due Period (after
giving effect to the deposits and
withdrawals in (a) and (b) above)
is ........................................... $2,931,104.07
-------------
12. Available Funds.
(a) The amount of Available Funds with
respect to the related Due Period
was .......................................... $1,437,369.09
-------------
(b) The amount of Available Funds with
respect to the immediately
preceding Due Period that were
retained in the Collection Account
was .......................................... $ 75,828.99
-------------
(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 ..................... $ 18,820.48
-------------
<PAGE>
(d) Total distributable funds with
respect to the related Due Period
[a+b+c] was .................................. $1,532,018.56
-------------
(e) The amount of Available Funds used
to purchase additional Auto Loans
during the related Due Period was ............ $ -0-
-------------
(f) The amount of Available Funds and
interest earned on the Collection
Account remaining after the
purchase of additional Auto Loans
with respect to the related Due
Period [d-e] is .............................. $1,532,018.56
-------------
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 ........................................... $ 107,311.65
-------------
(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 ......................... $ 25,254.52
-------------
(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 ................................. $ 150,692.50
-------------
(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 .............................. $1,050,255.17
-------------
(f) The total amount of the
distribution to be made on such
Distribution Date to the Investor
Certificateholders [d+e] is .................. $1,200,947.67
-------------
(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 ................... $ 16,743.61
-------------
<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 ........................................... $ 113,378.22
-------------
(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 .................... $ 68,382.89
-------------
(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 ........................................... $ 130,121.83
-------------
14. Investor and Seller Certificate Principal Balance (end of Due Period).
(a) The Investor Certificate Principal
Balance as of September 30, 1996
(after giving effect to the
disbursements in reduction of
principal, if any, on the
immediately preceding Distribution
Date) was .................................... $26,769,898.05
-------------
(b) The Seller Certificate Principal
Balance as of September 30, 1996
(after giving effect to the
disbursements in reduction of
principal, if any, on the
immediately preceding Distribution
Date or the effect of the
computation of the Individual Sold
Balance relating to the purchase of
additional Auto Loans during the
Interest-Only Period in accordance
with the terms of the Pooling and
Servicing Agreement) was ..................... $2,977,749.92
-------------
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].
<PAGE>
IN WITNESS WHEREOF, the undersigned has duly executed and delivered this
certificate this 17th day of October 1996.
NAFCO INC.
as Master Administrator
By: /s/ Scott Drath
------------------------
Name: Scott Drath
Title: Vice President
<PAGE>
ANNEX A
TO
MASTER ADMINISTRATOR REPORT
DATED October 17, 1996
EVENT OF MASTER ADMINISTRATOR TERMINATION
None
<PAGE>
ANNEX B
TO
MASTER ADMINISTRATOR REPORT
DATED October 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 September 30, 1996 [the close of business on the last day of the
Due Period]
Number of Days Number of Aggregate Principal
Delinquent Auto Loans Balance of Auto Loans
---------- ---------- ---------------------
current (0-29) 2,013 $ 22,425,921
30 - 59 312 3,728,649
60 - 89 97 1,170,438
90 - 120 53 608,740
over 120 354 2,960,892
-------- ---------
Totals: 2,829 $ 30,894,640
========
Aggregate Principal Balance of
Defaulted Auto Loans at September
30, 1996 (1,150,309)
------------
Aggregate Principal Balance
allocable to Certificateholders $ 29,744,331
============
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 ............... $1,108,379.83
-------------
(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 ................................... $ 285,073.31
-------------
(c) The total amounts collected on the
Auto Loans and deposited into the
Collection Account for the Due
Period was [a+b] ............................. $1,393,453.14
-------------
<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
---------- ---------------------
42 $497,272.21
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 ........... $ 4.563673
--------------
(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 .. $ 31.806637
--------------
(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 .................. $ 36.370310
--------------
<PAGE>
ANNEX C
TO
MASTER ADMINISTRATOR REPORT
DATED October 17, 1996
Calculation of Required Cash Reserve Amount as of the October 21, 1996
Distribution Date.
(i) The Investor Certificate Principal Balance equals
$27,820,153.22
(ii) Required Reserve Percentage equals 10%.
(iii) The Required Cash Reserve Amount equals (the product of (i) and
(ii)) $2,782,015.32
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;
<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.
