<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, 1997
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
---------------------
NYLIFE SFD Holding Inc. as Master Administrator For
NAFCO Auto Trust-1, NAFCO Auto Trust-2, and NAFCO Auto Trust-3
(Exact name of registrant as specified in its charter)
Delaware 13-3475905
(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) 576-6456
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
Item 3. Quantitative and Qualitative Disclosures About Market Risk 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 3. Quantitative and Qualitative Disclosures About Market Risk
Not applicable.
3
<PAGE>
PART II
Item 1. Legal Proceedings
None.
Item 2. Changes in Securities
None.
Item 3. Defaults on Senior Securities
None.
Item 4. Submission of Matters to a Vote of Security Holders
None.
Item 5. Other Information
This Quarterly Report on Form 10-Q should be read in conjunction with the
Company's Annual Report on Form 10-K for the year ended December 31, 1996.
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, 1997 for the Due
Period beginning on May 1, 1997 and ending on July 31, 1997,
(ii) Servicer Report for the period beginning August 1, 1997
and ending on August 31, 1997 (iii) Servicer Report for the
period beginning September 1, 1997 and ending on September 30,
1997.
(99.2) Trust - 2
Master Administrator Reports dated (i) August 20, 1997 for the
Due Period beginning on July 1, 1997 and ending on July 31, 1997,
(ii) September 22, 1997 for the Due period beginning on August 1,
1997 and ending on August 31, 1997, (iii) October 20, 1997 for
the Due Period beginning on September 1, 1997 and ending on
September 30, 1997.
4
<PAGE>
(99.3) Trust - 3
Master Administrator Reports dated (i) August 20, 1997 for the
Due Period beginning on July 1, 1997 and ending on July 31, 1997,
(ii) September 22, 1997 for the Due Period beginning on August 1,
1997 and ending on August 31, 1997, (iii) October 20, 1997 for
the Due Period beginning on September 1, 1997 and ending on
September 30, 1997.
(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, 1997.
NYLIFE SFD Holding Inc., on behalf of
NAFCO Auto Trust-1, NAFCO Auto Trust-2, and
NAFCO Auto Trust-3
By: NYLIFE Depositary Corporation
General Partner
By: /s/ Kevin M. Micucci
-----------------------------------
Kevin M. Micucci
Principal Executive Officer
By: /s/ Scott J. Drath
-----------------------------------
Scott J. Drath
VP and Controller of the
General Partner
<PAGE>
INDEX TO EXHIBITS
Exhibit No. Description Page #
99.1 Master Administrator Reports 8-31
for Trust - 1
Servicer Reports August,
September 1997
99.2 Master Administrator Reports 32-67
for Trust - 2
99.3 Master Administrator Reports 68-103
for Trust - 3
<PAGE>
MASTER ADMINISTRATOR REPORT
---------------------------------------------------------------------
NAFCO AUTO TRUST - 1
For the August 20, 1997 Distribution Date
For period beginning on May 1, 1997
and ending on July 31, 1997 (the "Due Period")
---------------------------------------------------------------------
The undersigned, a duly authorized officer of NYLIFE SFD Holding 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 Auto
Funding II 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. NYLIFE SFD Holding 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, 1997.
5. POOL FACTOR.
(a) The Pool Factor with respect to
May 1, 1997 was. . . . . . . . . . . . . . . . . 0.22359999
---------------
(b) The Pool Factor with respect to
July 31, 1997 was. . . . . . . . . . . . . . . . 0.18351952
---------------
6. INVESTOR AND SELLER CERTIFICATE PRINCIPAL BALANCE (BEGINNING OF DUE
PERIOD).
(a) The Investor Certificate Principal
Balance as of May 1, 1997
(after giving effect to the disbursements
in reduction of principal, if any,
on the immediately preceding
Distribution Date) was . . . . . . . . . . . . . $ 2,289,440.25
---------------
1
<PAGE>
(b) The Seller Certificate Principal
Balance as of May 1, 1997
(after giving effect to the
disbursements in reduction
of principal, if any, on the
immediately preceding Distribution
Date) was. . . . . . . . . . . . . . . . . . . . $ 185,897.89
---------------
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 . . . . . . . . . $ 114,472.01
---------------
(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 . . . . . . . . . $ 143,348.75
---------------
(c) The amount to be deposited to
(withdrawn from) the Available
Cash Reserve Amount with respect
to the current Distribution Date
was. . . . . . . . . . . . . . . . . . . . . . . $ (28,876.74)
---------------
(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 . . . . . . . . . $ 114,472.01
---------------
2
<PAGE>
9. AGGREGATE MONTHLY SERVICING FEE.
(a) The aggregate Monthly Servicing Fee
paid to the Servicer on the June 19,
1997 Monthly Fee Date and the July 18,
1997 Monthly Fee Date was. . . . . . . . . . . . $ 22,960.22
---------------
(b) The Monthly Servicing Fee owing
to the Servicer on the related
Distribution Date is . . . . . . . . . . . . . . $ 16,814.44
---------------
(c) The total Monthly Servicing Fee paid
or payable to the Servicer in respect
of such Due Period [a+b] is. . . . . . . . . . . $ 39,774.66
---------------
10. AGGREGATE MONTHLY SUBROGATION AMOUNT.
(a) The aggregate Monthly Subrogation
Amount paid to the Master
Administrator on the June 19, 1997
Monthly Fee Date and the July 18,
1997 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, 1997 Monthly
Fee Date and the July 18, 1997
Monthly Fee Date was . . . . . . . . . . . . . . $ 6,839.05
---------------
(b) The Monthly Administrator Fee owing
on the related Distribution Date is. . . . . . . $ 3,936.26
---------------
(c) The total Monthly Administrator Fee
paid or payable to the Master Administrator
in respect of such Due Period [a+b] is . . . . . $ 10,775.31
---------------
3
<PAGE>
12. AVAILABLE FUNDS.
(a) The amount of Available Funds with
respect to the related Due Period was. . . . . . $ 575,378.12
---------------
(b) The amount of Available Funds with
respect to the immediately preceding
Due Period that were retained in the
Collection Account was . . . . . . . . . . . . . $ 20,868.89
---------------
(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. . . . . . . . . $ 7,577.45
---------------
(d) Total distributable funds with
respect to the related Due Period
[a+b+c] was. . . . . . . . . . . . . . . . . . . $ 603,824.46
---------------
(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,
1997 Monthly Fee Date and the July
18, 1997 Monthly Fee Date was. . . . . . . . . . $ 29,799.27
---------------
(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. . . . . . . . . . $ 574,025.19
---------------
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 . . . . . . . . . . . . . . . . . . . . . . . $ 16,814.44
---------------
(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 . . . . . . . . . . . . . . $ 3,936.26
---------------
(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. . . . . . . . . . $ 50,081.50
---------------
(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. . . . . . . . . . . . . . . . . $ 410,383.87
---------------
(f) The total amount of the
distribution to be made on such
Distribution Date to the Investor
Certificateholders [d+e] is. . . . . . . . . . . $ 460,465.37
---------------
(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 . . . . . . . . . . . $ 4,066.51
---------------
(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. . . . . . . . . . . . $ 33,322.33
---------------
5
<PAGE>
(i) The amount to be deposited(withdrawn) from
the Cash Reserve Account is. . . . . . . . . . . $ (28,876.74)
---------------
(j) The amount to be retained in
the Collection Account with the
respect to the Partial Payment
Amount is. . . . . . . . . . . . . . . . . . . . $ 16,647.89
---------------
(k) The amount to be disbursed to
the Seller Certificateholder
(other than the amounts referred
to in clauses (g) and (h) is . . . . . . . . . . $ 67,649.13
---------------
(l) The total amount of the
distribution to be made to the
Seller Certificateholders [g+h+k] is . . . . . . $ 105,037.97
---------------
14. INVESTOR AND SELLER CERTIFICATE PRINCIPAL BALANCE (END OF DUE PERIOD).
(a) The Investor Certificate Principal
Balance as of July 31, 1997
(after giving effect to the
disbursements in reduction of
principal, if any, made on the
related Distribution Date) is. . . . . . . . . . $ 1,879,056.38
---------------
(b) The Seller Certificate Principal
Balance as of July 31, 1997
(after giving effect to the
disbursements in reduction
of principal, if any, on the
related Distribution Date) is. . . . . . . . . . $ 152,575.56
---------------
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 1997.
NYLIFE SFD Holding INC.
as Master Administrator
By: /s/ Kevin Micucci
-----------------------------
Name: Kevin Micucci
Title: President
7
<PAGE>
ANNEX A
TO
MASTER ADMINISTRATOR REPORT
DATED August 15, 1997
EVENT OF ADMINISTRATOR TERMINATION
None
8
<PAGE>
ANNEX B
TO
MASTER ADMINISTRATOR REPORT
DATED August 15, 1997
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, 1997 [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) 262 $ 1,386,157
30 - 59 50 308,900
60 - 89 22 126,915
90 - 120 6 24,742
over 120 134 593,428
------- ------------
Totals: 474 $ 2,440,142
-------
-------
Aggregate Principal Balance of Defaulted
Auto Loans at July 31, 1997 (408,510)
---------------
Aggregate Principal Balance allocable
to Certificateholders $ 2,031,632
---------------
---------------
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. . . . $ 489,526.37
---------------
(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 . . . . . . . . . . . . . $ 85,851.75
---------------
(c) The total amounts collected on the Auto Loans
and deposited into the Collection Account for the
Due Period was. . . . . . . . . . . . . . . . . $ 575,378.12
---------------
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
---------- ---------------------
10 $61,460.07
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 . . . . . . . $ 4.891249
---------------
(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. . . $ 40.080464
---------------
(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. . . . . . . . . . . $ 44.971713
---------------
10
<PAGE>
SERVICER REPORT
NAFCO AUTO TRUST - 1
- --------------------------------------------------------------------------------
FOR THE PERIOD BEGINNING AUGUST 1, 1997 AND ENDING AUGUST 31, 1997
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 9/12/97.
4.1 Principal Reconciliation:
<TABLE>
<CAPTION>
Number of Accounts Aggregate Prin Balance
------------------ ------------------------------
<S> <C> <C>
Ending Balance 7/31/97 379 $2,031,631.94
Principal Payments ($72,851.37)
Prepayment of Principal -16 ($56,367.87)
Insurance Proceeds ($4,720.44)
Redeemed Repos this Reporting Period 0 $0.00
Force-Closed -1 ($714.16)
Net Aggregate Principal Balance of $0.00
Defaulted Auto Loans during 8/97 -8 ($56,487.84)
------------------ ------------------------------
------------------ ------------------------------
Ending Balance 8/31/97 354 $1,840,490.26
</TABLE>
4.12 Defaulted Principal Reconciliation
<TABLE>
<CAPTION>
Number of Accounts Aggregate Prin Balance
------------------ ------------------------------
<S> <C> <C>
Ending Balance 7/31/97 94 $408,510.32
New Repossessions 8 $56,487.84
New Skips 0 $0.00
New Gap 0 $0.00
New Repo Prev. Redeemed 0 $0.00
Recoveries on Defaulted Auto Loans -1 ($22,610.52)
Repos Redeemed During Reporting Period $0.00
Charge Off/ Forced Close/Repurchased -2 ($2,587.52)
New Repo Prev Reported as Skip 0 $0.00
------------------ ------------------------------
------------------ ------------------------------
Ending Balance 8/31/97 99 $439,800.12
</TABLE>
Page 1
<PAGE>
5 AGGREGATE PRINCIPAL BALANCE OF THE AUTO LOANS
a. AS of 7/31/97
<TABLE>
<CAPTION>
Number of Days Number of Aggregate Principal Balance
Delinquent Auto Loans of Auto Loans
--------------------- ------------------- ----------------------------
<S> <C> <C>
current (0 - 29) 262 $1,386,157.29
30 - 59 50 $308,899.77
60 - 89 22 $126,915.28
90 - 119 6 $24,742.49
over l20 134 $593,427.43
------------------- ----------------------------
------------------- ----------------------------
Totals: 474 $2,440,142.26
Aggregate Outstanding Principal Balance
of Defaulted Auto Loans as of 7/31/97 ($408,510.32)
----------------------------
Aggregate Principal Pool Balance as of 7/31/97
(Net of Defaulted Auto Loans) $2,031,631.94
----------------------------
----------------------------
</TABLE>
b. AS of 8/31/97
<TABLE>
<CAPTION>
Number of Days Number of Aggregate Principal Balance
Delinquent Auto Loans of Auto Loans
--------------------- ------------------- ----------------------------
<S> <C> <C>
current (0 - 29) 247 $1,288,631.83
30 - 59 44 $254,958.96
60 - 89 20 $105,353.99
90 - 119 9 $58,139.46
over 120 133 $573,206.14
------------------- ----------------------------
------------------- ----------------------------
Totals: 453 $2,280,290.38
Aggregate Outstanding Principal Balance
of Defaulted Auto Loans as of 8/31/97 ($439,800.12)
----------------------------
Aggregate Principal Pool Balance as of 8/31/97
(Net of Defaulted Auto Loans) $1,840,490.26
----------------------------
----------------------------
</TABLE>
Page 2
<PAGE>
6. DEFAULTED AUTO LOANS
a. Auto Loans that became Defaulted Auto Loans during the Reporting Period.
Number of Aggregate Principal Balance
Auto Loans of Auto Loans
---------- ----------------------------
8 Repossessions $56,487.84
0 Skip Claim Filed $0.00
O Gap Claim Filed $0.00
0 Repo Redeemd now repo $0.00
0 prev skip now repo $0.00
---------- ----------------------------
---------- ----------------------------
8 Total $56,487.84
b. Outstanding Defaulted Auto Loans as of 8/31/97
Number of Aggregate Principal Balance
Auto Loans of Auto Loans
---------- ----------------------------
85 Repossessions $42,912.50
7 Skip Claims Filed $60,820.06
3 Gap Claim Filed $1,408.65
4 repo red from pr period $334,658.91
========== ============================
99 Total $439,800.12
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
uto Loans Balance of Auto Loans Description of Modification
---------- ----------------------- ----------------------------
0 $0.00 Term Extended 1 month
Page 3
<PAGE>
8. REPURCHASED AUTO LOANS
Information with respect to Repurchased Auto Loans during the
Reporting Period.
<TABLE>
<CAPTION>
Number of Aggregate Principal Balance
Party Auto Loans of Auto Loans Aggregate Repurchase Price
---------------- ------------- ---------------------------- ------------------------------
<S> <C> <C> <C>
Seller
Originator 0 $0.00 $0.00
Master Servicer
------------- ---------------------------- ------------------------------
------------- ---------------------------- ------------------------------
Totals: 0 $0.00 $0.00
</TABLE>
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
------------------- ------------------------ --------------------
3 Proceeds from $10,450.00
sale of collateral
N/A Proceeds from $11,185.74
insurance claims
N/A Non-Cash insurance N/A
deductible claims
N/A Paid Ahead/Behind $214.37
N/A Payments / (Reversals) $1,811.81
0 Proceeds from $0.00
Repurchase
------------------- --------------------
------------------- --------------------
3 $23,661.92
10. REPOSSESSION INFORMATION
<TABLE>
<CAPTION>
Number of Aggregate Principal Balance
Action Auto Loans of Auto Loans Aggregate Amount Realized
---------------- ------------- ---------------------------- ------------------------------
<S> <C> <C> <C>
Repossession 8 $56,487.84
Disposed of after
Repossession * 3 $10,450.00
Repossessions
Redeemed 1 $5,977.27
------------- ---------------------------- ------------------------------
------------- ---------------------------- ------------------------------
Totals: 11 $62,465.11 $10,450.00
</TABLE>
Page 4
<PAGE>
<TABLE>
<S> <C>
11. LOSSES
a. The aggregate outstanding Principal Balance of Auto Loans written-off
during the Reporting Period was. . . . . . . . . . . . . . . . . . . . . . . . . . . $ $3,301.68
[Force Closed = ($12.08)] -----------------------------------
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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ $3,301.68
-----------------------------------
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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ $28,098.71
-----------------------------------
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 . . . . . . . . . . . . . . . . . . . $ $72,851.37
-----------------------------------
c. The aggregate portion of Payments collected on the Auto Loans allocable
to Prepayments* during the Reporting Period was. . . . . . . . . . . . . . . . . . . $ $59,459.22
[ Prin $56367.87 Int $3091.35] -----------------------------------
d. Insurance Proceeds received on Active Auto Loans . . . . . . . . . . . . . . . . . . $ $4,720.44
[ Prin $4720.44 Int $0.00] -----------------------------------
e. The aggregate portion of Payments collected on the Auto Loans allocable
to Defaulted Auto Loan proceeds during the Reporting Period was. . . . . . . . . . . $ $23,661.92
[Prin..$22610.52 Int...$1051.40] -----------------------------------
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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ $188,791.66
-----------------------------------
g. Total Late charges Received. . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ $2,105.91
-----------------------------------
h. Extension Fees on Precomputed Auto Loans. . . . . . . . . . . . . . . . . . . . . . $ $0.00
-----------------------------------
i. Excess Funds on Paid-Off Accounts . . . . . . . . . . . . . . . . . . . . . . . . . $ ($1,126.67)
108004110405001637 $72.17 108901119935030914 $208.80 ($140.00) ($161.41) -----------------------------------
108901119935030914 $161.41 108004020405000321 -438.00 108004020405000509 -829.64
j. Insurance Proceeds Excess Funds . . . . . . . . . . . . . . . . . . . . . . . . . . $ $1,267.64
108004020405000321 5682 438.00 108004020405000509 5682 829.64 -----------------------------------
k. Total Cash Received . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ $191,038.54
-----------------------------------
-----------------------------------
l. The aggregate portion of Insurance Deductible allocable to Defaulted
Auto Loan proceeds during the Reporting Period was. . . . . . . . . . . . . . . . . $ $0.00
[prin $0.00 int $0.00] -----------------------------------
m. The aggregate portion of Insurance Deductible allocable to Active
Auto Loan proceeds during the Reporting Period was. . . . . . . . . . . . . . . . . $ $0.00
[prin $0.00 int $0.00] ----------------------------------
</TABLE>
Page 5
<PAGE>
<TABLE>
<S> <C>
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 . . . . . . . . . . . . . $ $4,084.40
-----------------------------------
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 . . . . . . . . . . . . . . . . . . . . . . . . . . $ $1,052.96
-----------------------------------
c. The Servicer Variable Amount with respect to the calendar month
immediately preceding the date of this Servicer Report was. . . . . . . . . . . . . $ $683.89
-----------------------------------
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]. . . . . . . . . $ $3,420.44
-----------------------------------
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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ $9,241.69
-----------------------------------
</TABLE>
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, September 12, 1997.
Electronic Data Systems Corporation
as Servicer
By: /s/ Joanne P. McGrath
------------------------------------
Joanne P. McGrath, Senior Manager
Electronic Data Systems Corporation
Consumer Asset Management Division
Page 7
<PAGE>
SERVICER REPORT
NAFCO AUTO TRUST - 1
- --------------------------------------------------------------------------------
FOR THE PERIOD BEGINNING SEPTEMBER 1, 1997 AND ENDING SEPTEMBER 30, 1997
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 10/10/97.
4.1 Principal Reconciliation:
<TABLE>
<CAPTION>
Number of Accounts Aggregate Prin Balance
------------------ ------------------------------
<S> <C> <C>
Ending Balance 8/31/97 354 $1,840,490.26
Principal Payments ($68,310.09)
Prepayment of Principal -15 ($38,709.11)
Insurance Proceeds ($7,071.87)
Redeemed Repos this Reporting Period 0 $0.00
Force-Closed 0 ($774.78)
Net Aggregate Principal Balance of $0.00
Defaulted Auto Loans during 8/97 -11 ($79,924.72)
------------------ ------------------------------
------------------ ------------------------------
Ending Balance 9/30/97 328 $1,645,699.69
</TABLE>
4.12 Defaulted Principal Reconciliation
<TABLE>
<CAPTION>
Number of Accounts Aggregate Prin Balance
------------------ ------------------------------
<S> <C> <C>
Ending Balance 8/31/97 99 $439,800.12
New Repossessions 11 $79,924.72
New Skips 0 $0.00
New Gap 0 $0.00
New Repo Prev. Redeemed 0 $0.00
Recoveries on Defaulted Auto Loans -2 ($15,689.84)
Repos Redeemed During Reporting Period $0.00
Charge Off/ Forced Close/Repurchased -5 ($14,365.00)
New Repo Prev Reported as Skip 0 $0.00
------------------ ------------------------------
------------------ ------------------------------
Ending Balance 9/30/97 103 $489,670.00
</TABLE>
Page 1
<PAGE>
5 AGGREGATE PRINCIPAL BALANCE OF THE AUTO LOANS
a. AS of 8/30/97
<TABLE>
<CAPTION>
Number of Days Number of Aggregate Principal Balance
Delinquent Auto Loans of Auto Loans
--------------------- ------------------- ----------------------------
<S> <C> <C>
current (0 - 29) 247 $1,288,631.83
30 - 59 44 $254,958.96
60 - 89 20 $105,353.99
90 - 119 9 $58,139.46
over l20 133 $573,206.14
------------------- ----------------------------
------------------- ----------------------------
Totals: 453 $2,280,290.38
Aggregate Outstanding Principal Balance
of Defaulted Auto Loans as of 8/31/97 ($439,800.12)
----------------------------
Aggregate Principal Pool Balance as of 8/31/97
(Net of Defaulted Auto Loans) $1,840,490.26
----------------------------
----------------------------
</TABLE>
b. AS of 9/30/97
<TABLE>
<CAPTION>
Number of Days Number of Aggregate Principal Balance
Delinquent Auto Loans of Auto Loans
--------------------- ------------------- ----------------------------
<S> <C> <C>
current (0 - 29) 225 $1,146,567.61
30 - 59 43 $234,292.24
60 - 89 19 $108,830.23
90 - 119 9 $45,670.72
over 120 135 $500,008.89
------------------- ----------------------------
------------------- ----------------------------
Totals: 431 $2,135,369.69
Aggregate Outstanding Principal Balance
of Defaulted Auto Loans as of 9/30/97 ($489,670.00)
----------------------------
Aggregate Principal Pool Balance as of 9/30/97
(Net of Defaulted Auto Loans) $1,645,699.69
----------------------------
----------------------------
</TABLE>
Page 2
<PAGE>
6. DEFAULTED AUTO LOANS
a. Auto Loans that became Defaulted Auto Loans during the Reporting
Period.
Number of Aggregate Principal Balance
Auto Loans of Auto Loans
---------- ----------------------------
11 Repossessions $79,924.72
0 Skip Claim Filed $0.00
O Gap Claim Filed $0.00
0 Repo Redeemd now repo $0.00
0 prev skip now repo $0.00
---------- ----------------------------
---------- ----------------------------
11 Total $79,924.72
b. Outstanding Defaulted Auto Loans as of 9/30/97
Number of Aggregate Principal Balance
Auto Loans of Auto Loans
---------- ----------------------------
89 Repossessions $407,515.77
7 Skip Claims Filed $1,408.65
3 Gap Claim Filed $60,820.06
4 repo red from pr period $19,925.52
---------- ----------------------------
---------- ----------------------------
103 Total $489,670.00
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
----------- ----------------------- ----------------------------
0 $0.00 Term Extended 1 month
Page 3
<PAGE>
8. REPURCHASED AUTO LOANS
Information with respect to Repurchased Auto Loans during the
Reporting Period.
<TABLE>
<CAPTION>
Number of Aggregate Principal Balance
Party Auto Loans of Auto Loans Aggregate Repurchase Price
---------------- ------------- ---------------------------- ------------------------------
<S> <C> <C> <C>
Seller
Originator 0 $0.00 $0.00
Master Servicer
------------- ---------------------------- ------------------------------
------------- ---------------------------- ------------------------------
Totals: 0 $0.00 $0.00
</TABLE>
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 $4,222.16
sale of collateral
N/A Proceeds from $9,391.63
insurance claims
N/A Non-Cash insurance N/A
deductible claims
N/A Paid Ahead/Behind $52.50
N/A Payments / (Reversals) $2,967.11
0 Proceeds from $0.00
Repurchase
------------------- --------------------
------------------- --------------------
4 $16,633.40
10. REPOSSESSION INFORMATION
<TABLE>
<CAPTION>
Number of Aggregate Principal Balance
Action Auto Loans of Auto Loans Aggregate Amount Realized
---------------- ------------- ---------------------------- ------------------------------
<S> <C> <C> <C>
Repossession 11 $79,924.72
Disposed of after
Repossession * 4 $4,222.16
Repossessions
Redeemed 0 $0.00
------------- ---------------------------- ------------------------------
------------- ---------------------------- ------------------------------
Totals: 15 $79,924.72 $4,222.16
</TABLE>
Page 4
<PAGE>
<TABLE>
<S> <C>
11. LOSSES
a. The aggregate outstanding Principal Balance of Auto Loans written-off
during the Reporting Period was . . . . . . . . . . . . . . . . . . . . . . . . . . $ $15,139.78
[Force Closed = ($6.80)] -----------------------------------
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. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ $15,139.78
-----------------------------------
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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ $23,244.67
-----------------------------------
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 . . . . . . . . . . . . . . . . . . . $ $68,310.09
-----------------------------------
c. The aggregate portion of Payments collected on the Auto Loans allocable
to Prepayments* during the Reporting Period was. . . . . . . . . . . . . . . . . . . $ $40,500.15
[Prin $38709.11 Int $1791.04] -----------------------------------
d. Insurance Proceeds received on Active Auto Loans . . . . . . . . . . . . . . . . . . $ $7,071.87
[Prin $7071.87 Int $0.00] -----------------------------------
e. The aggregate portion of Payments collected on the Auto Loans allocable
to Defaulted Auto Loan proceeds during the Reporting Period was. . . . . . . . . . . $ $16,633.40
[Prin..$15666.68 Int...$966.72] -----------------------------------
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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ $155,760.18
-----------------------------------
g. Total Late charges Received. . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ $1,635.27
-----------------------------------
h. Extension Fees on Precomputed Auto Loans. . . . . . . . . . . . . . . . . . . . . . $ $0.00
-----------------------------------
i. Excess Funds on Paid-Off Accounts . . . . . . . . . . . . . . . . . . . . . . . . . $ $357.23
108001020105000055 304.20 -----------------------------------
108001110105000045 27.28 108003110305000349 25.75
j. Insurance Proceeds Excess Funds. . . . . . . . . . . . . . . . . . . . . . . . . . . $ $0.00
-----------------------------------
k. Total Cash Received. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ $157,752.68
-----------------------------------
-----------------------------------
l. The aggregate portion of Insurance Deductible allocable to Defaulted
Auto Loan proceeds during the Reporting Period was . . . . . . . . . . . . . . . . . $ $0.00
[prin $0.00 int $0.00] -----------------------------------
m. The aggregate portion of Insurance Deductible allocable to Active
Auto Loan proceeds during the Reporting Period was . . . . . . . . . . . . . . . . . $ $0.00
[prin $0.00 int $0.00] -----------------------------------
</TABLE>
Page 5
<PAGE>
<TABLE>
<S> <C>
13. AMOUNT AND COMPUTATION OF MONTHLY SERVICING FEE.
a. The Reimbursable Servicer Expenses with respect to the calendar month
immediately preceding the date of this Servicer Report was . . . . . . . . . . . . . $ $7,744.75
-----------------------------------
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. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ $817.64
-----------------------------------
c. The Servicer Variable Amount with respect to the calendar month
immediately preceding the date of this Servicer Report was . . . . . . . . . . . . . $ $696.85
-----------------------------------
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] . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ $3,203.05
-----------------------------------
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. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ $12,462.29
-----------------------------------
</TABLE>
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 10, 1997.
Electronic Data Systems Corporation
as Servicer
By: /s/ Richard L. Coogan
--------------------------------------
Richard L. Coogan, Senior Manager
Electronic Data Systems Corporation
Consumer Asset Management Division
Page 7
<PAGE>
MASTER ADMINISTRATOR REPORT
---------------------------------------------------------------------
NAFCO AUTO TRUST - 2
For the August 20, 1997 Distribution Date
For the period beginning on July 1, 1997
and ending on July 31, 1997 (the "Due Period")
---------------------------------------------------------------------
The undersigned, a duly authorized officer of NYLIFE SFD Holding 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 Auto Funding II,
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. NYLIFE SFD Holding 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, 1997.
5. POOL FACTOR.
(a) The Pool Factor with respect to
July 1, 1997 was . . . . . . . . . . . . . . . . .38274091
---------------
(b) The Pool Factor with respect to
July 31, 1997 was. . . . . . . . . . . . . . . . .36360756
---------------
6. INVESTOR AND SELLER CERTIFICATE PRINCIPAL BALANCE (BEGINNING OF DUE
PERIOD).
(a) The Investor Certificate Principal
Balance as of July 1, 1997
(after giving effect to the disbursements
in reduction of principal, if any,
on the immediately preceding
Distribution Date) was . . . . . . . . . . . . . $ 14,239,109.99
---------------
1
<PAGE>
(b) The Seller Certificate Principal
Balance as of July 1, 1997 (after
giving effect to the disbursements
in reduction of principal, if any, on
the immediately preceding Distribution
Date) was. . . . . . . . . . . . . . . . . . . . $ 1,582,123.33
---------------
7. OCCURRENCE OF A REQUIRED RESERVE EVENT
(a) The Delinquency Ratio is . . . . . . . . . . . . 1.94%
---------------
(b) The Three Month Delinquency Ratio is . . . . . . *2.70%
---------------
(c) The Gross Loss Ratio is. . . . . . . . . . . . . *15.79%
---------------
(d) The Three Month Gross Loss Ratio is. . . . . . . *17.60%
---------------
(e) The percentage of eligible claims on the
ALPI policy not paid in a timely manner
is(*). . . . . . . . . . . . . . . . . . . . . . *44.30%
---------------
(f) The Required Reserve Percentage is . . . . . . . 10.00%
---------------
(g) *Indicates which Required Reserve Event
has occured.
SEE ANNEX C.1 FOR RATIO CALCULATIONS
(*) The percentage of claims on the ALPI policy not paid in a timely manner
includes $44,307.28 of claims which are currently in dispute. Such disputed
claims represent 1.4% of all eligible claims.
8. AGGREGATE MONTHLY SERVICING FEE.
(a) The Monthly Servicing Fee owing
to the Servicer on the related
Distribution Date is . . . . . . . . . . . . . . $ 89,975.72
---------------
(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. . . . . . . . . . . $ 89,975.72
---------------
2
<PAGE>
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-
---------------
(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. . . . . . . $ 20,493.26
---------------
(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 . . . . . $ 20,493.26
---------------
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 . . . $ 109,555.14
---------------
(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 . . . $ 30,790.21
---------------
(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 . . . . . . . . . . . . . . . . . . . $ 78,764.93
---------------
(b) The Available Cash Reserve Amount
3
<PAGE>
(i) The Required Cash Reserve Amount
(assuming all withdrawals or deposits to
be made with respect to the current
Distribution Date are made) is . . . . . $ 1,423,911.00
---------------
(ii) The Available Cash Reserve Amount
available for deposit to the Collection
Account on the related Deposit Date
(prior to any withdrawals or deposits
to be made with respect to the current
Distribution Date are made) is . . . . . $ 1,499,503.62
---------------
(iii) The amount to be deposited to
(withdrawn from) the Available Cash
Reserve Amount with respect to the
current Distribution Date is . . . . . . $ (75,592.62)
---------------
(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 . . . . . $ 1,423,911.00
---------------
(c) The total Cash Reserve Account as of the
end of the Due Period (after giving effect
to the deposits and withdrawals in (a) and
(b) above) is. . . . . . . . . . . . . . . . . . $ 1,502,675.93
---------------
12. AVAILABLE FUNDS.
(a) The amount of Available Funds with
respect to the related Due Period was. . . . . . $ 1,136,758.64
---------------
(b) The amount of Available Funds with
respect to the immediately preceding
Due Period that were retained in the
Collection Account was . . . . . . . . . . . . . $ 95,525.44
---------------
(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 . . . . . . . . . . . . $ 13,256.08
---------------
4
<PAGE>
(d) Total distributable funds with respect
to the related Due Period [a+b+c] was. . . . . . $ 1,245,540.16
---------------
(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 . . . . . . . $ 1,245,540.16
---------------
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 . . . . . . . . . . $ 89,975.72
---------------
(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 . . . . . . . . . . $ 20,493.26
---------------
(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. . . . . $ 83,061.47
---------------
(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. . . . . . . . . $ 711,817.89
---------------
(f) The total amount of the distribution
to be made on such Distribution Date
to the Investor Certificateholders [d+e] is. . . $ 794,879.36
---------------
(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 . . . . . $ 9,229.05
---------------
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. . . . $ 79,090.87
---------------
(i) The amount to be deposited (withdrawn) to
the Cash Reserve Account is. . . . . . . . . . . $ (75,592.62)
---------------
(j) The amount to be retained in the
Collection Account with respect to
the Partial Payment Amount is. . . . . . . . . . $ 105,737.67
---------------
(k) The amount to be disbursed to the
Seller Certificateholder (other than the
amounts referred to in (g) and (h)) is . . . . . $ 221,726.85
---------------
(l) The total amount of the
distribution to be made to the
Seller Certificateholders [g+h+k] is . . . . . . $ 310,046.77
---------------
14. INVESTOR AND SELLER CERTIFICATE PRINCIPAL BALANCE (END OF DUE PERIOD).
(a) The Investor Certificate Principal Balance
as of July 31, 1997 (after giving
effect to the disbursements in reduction
of principal, if any, on the immediately
preceding Distribution Date) was . . . . . . . . $ 13,527,292.10
---------------
(b) The Seller Certificate Principal
Balance as of July 31, 1997 (after
giving effect to the disbursements in
reduction of principal, if any, on the
related Distribution Date) was . . . . . . . . . $ 1,503,032.46
---------------
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 1997.
NYLIFE SFD Holding INC.
as Master Administrator
By: /s/ Kevin Micucci
-----------------------------
Name: Kevin Micucci
Title: President
7
<PAGE>
ANNEX A
TO
MASTER ADMINISTRATOR REPORT
DATED August 15, 1997
EVENT OF MASTER ADMINISTRATOR TERMINATION
None
8
<PAGE>
ANNEX B
TO
MASTER ADMINISTRATOR REPORT
DATED August 15, 1997
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, 1997 [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) 1,395 $ 11,544,477
30 - 59 238 1,989,327
60 - 89 76 656,765
90 - 120 30 278,809
over 120 551 3,696,776
------- ------------
Totals: 2,290 $ 18,166,154
-------
-------
Aggregate Principal Balance of Defaulted
Auto Loans at July 31, 1997 . . . . . . . . . . (3,135,829)
---------------
Aggregate Principal Balance allocable
to Certificateholders . . . . . . . . . . . . . $ 15,030,325
---------------
---------------
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. . . . $ 837,192.38
---------------
(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. . . . $ 258,563.82
---------------
(c) The total amounts collected on the Auto
Loans and deposited into the Collection
Account for the Due Period was [a+b] . . . . . . $ 1,095,756.20
---------------
9
<PAGE>
3. DEFAULTED AUTO LOANS.
Auto Loans that became Defaulted Auto Loans during the Due Period:
Number of Aggregate Principal
Auto Loans Balance of Auto Loans
---------- ---------------------
23 $198,741.67
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 . . . . . . . $ 2.232655
---------------
(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. . . $ 19.133347
---------------
(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. . . . . . . . . . . $ 21.366002
---------------
10
<PAGE>
ANNEX C
TO
MASTER ADMINISTRATOR REPORT
DATED August 15, 1997
Calculation of Required Cash Reserve Amount as of the August 20, 1997
Distribution Date.
(i) The Investor Certificate Principal Balance equals
$14,239,109.99.
(ii) Required Reserve Percentage equals 10%.
(iii) The Required Cash Reserve Amount equals (the product of (i) and
(ii)) $1,423,911.00.
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>
ANNEX C.1
Ratios
------
1. DELINQUENCY RATIO:
July Principal Balance 60+ days (net) = 352,391.49 = 1.94%
----------------------------------------- ---------------
July Aggregate Principal Balance 18,166,153.73
2. THREE MONTH DELINQUENCY RATIO:
Sum of May - July Principal Balances
Balances 60+ days (net) = 1,541,661.74 = 2.70%
----------------------------------------- ---------------
Sum of May - July Principal Balances 57,167,200.11
3. GROSS LOSS RATIO:
Twelve times the:
July Principal Balance of Defaulted
Auto Loans repossessed = 239,085.79 = 15.79%
----------------------------------------- ---------------
July Aggregate Principal Balance 18,166,153.73
4. THREE MONTH GROSS LOSS RATIO:
Twelve times the:
Sum of May - July Principal Balances
of Defaulted Auto Loans repossessed = 838,235.27 = 17.60%
----------------------------------------- ---------------
Sum of May - July Principal Balances 57,167,200.11
5. ALPI CLAIMS PAYMENT TEST:
Aggregate Principal Balance of
ALPI Claims not paid within timeframe = 1,410,711.59 = 44.30%
----------------------------------------- ---------------
Principal Balance of Eligible Claims 3,184,217.20
13
<PAGE>
MASTER ADMINISTRATOR REPORT
----------------------------------------------------------------------
NAFCO AUTO TRUST - 2
For the September 22, 1997 Distribution Date
For the period beginning on August 1, 1997
and ending on August 31, 1997 (the "Due Period")
----------------------------------------------------------------------
The undersigned, a duly authorized officer of NYLIFE SFD Holding 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 Auto Funding II,
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. NYLIFE SFD Holding 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, 1997.
5. POOL FACTOR.
(a) The Pool Factor with respect to
August 1, 1997 was . . . . . . . . . . . . . . . .36360756
---------------
(b) The Pool Factor with respect to
August 31, 1997 was. . . . . . . . . . . . . . . .34516413
---------------
6. INVESTOR AND SELLER CERTIFICATE PRINCIPAL BALANCE (BEGINNING OF DUE
PERIOD).
(a) The Investor Certificate Principal
Balance as of August 1, 1997
(after giving effect to the disbursements
in reduction of principal, if any,
on the immediately preceding
Distribution Date) was . . . . . . . . . . . . . $ 13,527,292.10
---------------
1
<PAGE>
(b) The Seller Certificate Principal
Balance as of August 1, 1997 (after
giving effect to the disbursements
in reduction of principal, if any, on
the immediately preceding Distribution
Date) was. . . . . . . . . . . . . . . . . . . . $ 1,503,032.46
---------------
7. OCCURRENCE OF A REQUIRED RESERVE EVENT
(a) The Delinquency Ratio is . . . . . . . . . . . . 2.26%
---------------
(b) The Three Month Delinquency Ratio is . . . . . . 2.23%
---------------
(c) The Gross Loss Ratio is. . . . . . . . . . . . . *14.78%
---------------
(d) The Three Month Gross Loss Ratio is. . . . . . . *16.68%
---------------
(e) The percentage of eligible claims on the
ALPI policy not paid in a timely manner is(*). . *50.05%
---------------
(f) The Required Reserve Percentage is . . . . . . . 10.00%
---------------
(g) *Indicates which Required Reserve Event has occured.
SEE ANNEX C.1 FOR RATIO CALCULATIONS
(*) The percentage of claims on the ALPI policy not paid in a timely manner
includes $44,307.28 of claims which are currently in dispute. Such disputed
claims represent 1.5% of all eligible claims.
8. AGGREGATE MONTHLY SERVICING FEE.
(a) The Monthly Servicing Fee owing
to the Servicer on the related
Distribution Date is . . . . . . . . . . . . . . $ 77,781.86
---------------
(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. . . . . . . . . . . $ 77,781.86
---------------
2
<PAGE>
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-
---------------
(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. . . . . . . $ 20,056.49
---------------
(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 . . . . . $ 20,056.49
---------------
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 . . . $ 78,764.93
---------------
(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 . . . $ 26,760.01
---------------
(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 . . . . . . $ 52,004.92
---------------
(b) The Available Cash Reserve Amount
3
<PAGE>
(i) The Required Cash Reserve Amount
(assuming all withdrawals or deposits to
be made with respect to the current
Distribution Date are made) is . . . . . $ 1,352,729.21
---------------
(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 . . . . . $ 1,423,911.00
---------------
(iii) The amount to be deposited to
(withdrawn from) the Available Cash
Reserve Amount with respect to the
current Distribution Date is . . . . . . $ (71,181.79)
---------------
(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 . . . . . $ 1,352,729.21
---------------
(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. . . . . . . . . . . . . . . . . . $ 1,404,734.13
---------------
12. AVAILABLE FUNDS.
(a) The amount of Available Funds with
respect to the related Due Period was. . . . . . $ 1,169,999.14
---------------
(b) The amount of Available Funds with
respect to the immediately preceding
Due Period that were retained in the
Collection Account was . . . . . . . . . . . . . $ 105,737.67
---------------
(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 . . . . . . . . . . . . $ 13,030.62
---------------
4
<PAGE>
(d) Total distributable funds with respect
to the related Due Period [a+b+c] was. . . . . . $ 1,288,767.43
---------------
(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 . . . . . . . $ 1,288,767.43
---------------
13. DISBURSEMENTS TO BE MADE ON THE RELATED DISTRIBUTION DATE.
The Certificate Rate is 7.00%.
(a) The amount of the aggregate Monthly
Servicing Fee to be paid to the Servicer
on such Distribution Date is . . . . . . . . . . $ 77,781.86
---------------
(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 . . . . . . . . . . $ 20,056.49
---------------
(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. . . . . $ 78,909.20
---------------
(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. . . . . . . . . $ 686,150.89
---------------
(f) The total amount of the distribution
to be made on such Distribution Date
to the Investor Certificateholders [d+e] is. . . $ 765,060.09
---------------
(g) The amount of the aggregate distribution
to be made on such Distribution Date
which constitutes interest on the Seller
Certificate at the Certificate Rate is . . . . . $ 8,767.69
---------------
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. . . . $ 76,238.99
---------------
(i) The amount to be deposited (withdrawn) to
the Cash Reserve Account is. . . . . . . . . . . $ (71,181.79)
---------------
(j) The amount to be retained in the
Collection Account with respect to
the Partial Payment Amount is. . . . . . . . . . $ 80,239.19
---------------
(k) The amount to be disbursed to the
Seller Certificateholder (other than the
amounts referred to in (g) and (h)) is . . . . . $ 331,804.91
---------------
(l) The total amount of the
distribution to be made to the
Seller Certificateholders [g+h+k] is . . . . . . $ 416,811.59
---------------
14. INVESTOR AND SELLER CERTIFICATE PRINCIPAL BALANCE (END OF DUE PERIOD).
(a) The Investor Certificate Principal Balance
as of August 31, 1997 (after giving
effect to the disbursements in reduction
of principal, if any, on the immediately
preceding Distribution Date) was . . . . . . . . $ 12,841,141.21
---------------
(b) The Seller Certificate Principal
Balance as of August 31, 1997 (after
giving effect to the disbursements in
reduction of principal, if any, on the
related Distribution Date) was . . . . . . . . . $ 1,426,793.47
---------------
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 1997.
NYLIFE SFD Holding 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, 1997
EVENT OF MASTER ADMINISTRATOR TERMINATION
None
8
<PAGE>
ANNEX B
TO
MASTER ADMINISTRATOR REPORT
DATED September 17, 1997
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, 1997 [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) 1,297 $ 10,380,097
30 - 59 267 2,255,404
60 - 89 83 691,300
90 - 120 43 376,632
over 120 538 3,487,573
-------- ------------
Totals: 2,228 $ 17,191,006
--------
--------
Aggregate Principal Balance of Defaulted
Auto Loans at August 31, 1997. . . . . . . . . . . . (2,923,071)
---------------
Aggregate Principal Balance allocable
to Certificateholders. . . . . . . . . . . . . . . . $ 14,267,935
---------------
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. . . . $ 781,452.00
---------------
(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. . . . $ 387,285.61
---------------
(c) The total amounts collected on the Auto
Loans and deposited into the Collection
Account for the Due Period was [a+b] . . . . . . $ 1,168,737.61
---------------
9
<PAGE>
3. DEFAULTED AUTO LOANS.
Auto Loans that became Defaulted Auto Loans during the Due Period:
Number of Aggregate Principal
Auto Loans Balance of Auto Loans
---------- ---------------------
21 $193,666.13
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 . . . . . . . $ 2.121044
---------------
(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 . . $ 18.443429
---------------
(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. . . . . . . . . . . $ 20.564473
---------------
10
<PAGE>
ANNEX C
TO
MASTER ADMINISTRATOR REPORT
DATED September 17, 1997
Calculation of Required Cash Reserve Amount as of the September 22,
1997 Distribution Date.
(i) The Investor Certificate Principal Balance equals
$13,527,292.10.
(ii) Required Reserve Percentage equals 10%.
(iii) The Required Cash Reserve Amount equals (the product of (i) and
(ii)) $1,352,729.21.
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>
ANNEX C.1
Ratios
------
1. DELINQUENCY RATIO:
August Principal Balance 60+ days (net) = 388,907.87 = 2.26%
----------------------------------------- ---------------
August Aggregate Principal Balance 17,191,005.53
2. THREE MONTH DELINQUENCY RATIO:
Sum of June - August Principal Balances
Balances 60+ days (net) = 1,211,621.36 = 2.23%
----------------------------------------- ---------------
Sum of June - August Principal Balances 54,422,449.03
3. GROSS LOSS RATIO:
Twelve times the:
August Principal Balance of Defaulted
Auto Loans repossessed = 211,727.45 = 14.78%
----------------------------------------- ---------------
August Aggregate Principal Balance 17,191,005.53
4. THREE MONTH GROSS LOSS RATIO:
Twelve times the:
Sum of June - August Principal Balances
of Defaulted Auto Loans repossessed = 756,462.77 = 16.68%
----------------------------------------- ---------------
Sum of June - August Principal Balances 54,422,449.03
5. ALPI CLAIMS PAYMENT TEST:
Aggregate Principal Balance of
ALPI Claims not paid within timeframe = 1,456,415.21 = 50.05%
----------------------------------------- ---------------
Principal Balance of Eligible Claims 2,910,035.85
13
<PAGE>
MASTER ADMINISTRATOR REPORT
---------------------------------------------------------------------
NAFCO AUTO TRUST - 2
For the October 20, 1997 Distribution Date
For the period beginning on September 1, 1997
and ending on September 30, 1997 (the "Due Period")
---------------------------------------------------------------------
The undersigned, a duly authorized officer of NYLIFE SFD Holding 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 Auto Funding II,
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. NYLIFE SFD Holding 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 16, 1997.
5. POOL FACTOR.
(a) The Pool Factor with respect to
September 1, 1997 was. . . . . . . . . . . . . . .34516413
---------------
(b) The Pool Factor with respect to
September 30, 1997 was . . . . . . . . . . . . . .32091706
---------------
6. INVESTOR AND SELLER CERTIFICATE PRINCIPAL BALANCE (BEGINNING OF DUE
PERIOD).
(a) The Investor Certificate Principal
Balance as of September 1, 1997
(after giving effect to the disbursements
in reduction of principal, if any,
on the immediately preceding
Distribution Date) was . . . . . . . . . . . . . $ 12,841,141.21
---------------
1
<PAGE>
(b) The Seller Certificate Principal
Balance as of September 1, 1997 (after
giving effect to the disbursements
in reduction of principal, if any, on
the immediately preceding Distribution
Date) was. . . . . . . . . . . . . . . . . . . .$ 1,426,793.47
---------------
7. OCCURRENCE OF A REQUIRED RESERVE EVENT
(a) The Delinquency Ratio is . . . . . . . . . . . . 1.27%
---------------
(b) The Three Month Delinquency Ratio is . . . . . . 1.84%
---------------
(c) The Gross Loss Ratio is. . . . . . . . . . . . . *32.55%
---------------
(d) The Three Month Gross Loss Ratio is. . . . . . . *20.76%
---------------
(e) The percentage of eligible claims on the
ALPI policy not paid in a timely manner
is(*). . . . . . . . . . . . . . . . . . . . . . *44.71%
---------------
(f) The Required Reserve Percentage is . . . . . . . 10.00%
---------------
(g) *Indicates which Required Reserve Event has occured.
SEE ANNEX C.1 FOR RATIO CALCULATIONS
(*) The percentage of claims on the ALPI policy not paid in a timely manner
includes $44,307.28 of claims which are currently in dispute. Such disputed
claims represent 1.3% of all eligible claims.
8. AGGREGATE MONTHLY SERVICING FEE.
(a) The Monthly Servicing Fee owing
to the Servicer on the related
Distribution Date is . . . . . . . . . . . . . . $ 80,431.07
---------------
(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 . . . . . . . . . . $ 80,431.07
---------------
2
<PAGE>
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-
---------------
(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. . . . . . . $ 19,128.16
---------------
(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 . . . . . $ 19,128.16
---------------
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 . . . . $ 52,004.92
---------------
(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 . . . . $ 23,319.54
---------------
(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 . . . . . . . . . . . . . . . . . . . . $ 28,685.38
---------------
(b) The Available Cash Reserve Amount
3
<PAGE>
(i) The Required Cash Reserve Amount
(assuming all withdrawals or deposits to
be made with respect to the current
Distribution Date are made) is . . . . . . $ 1,284,114.12
---------------
(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 . . . . . . $ 1,352,729.21
---------------
(iii) The amount to be deposited to
(withdrawn from) the Available Cash
Reserve Amount with respect to the
current Distribution Date is . . . . . . . $ (68,615.09)
---------------
(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 . . . . . . $ 1,284,114.12
---------------
(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. . . . . . . . . . . . . . . . . . $ 1,312,799.50
---------------
12. AVAILABLE FUNDS.
(a) The amount of Available Funds with
respect to the related Due Period was. . . . . . $ 1,043,485.62
---------------
(b) The amount of Available Funds with
respect to the immediately preceding
Due Period that were retained in the
Collection Account was . . . . . . . . . . . . . $ 80,239.19
---------------
(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 . . . . . . . . . . . . $ 11,747.36
---------------
4
<PAGE>
(d) Total distributable funds with respect
to the related Due Period [a+b+c] was. . . . . . $ 1,135,472.17
---------------
(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 . . . . . . . $ 1,135,472.17
---------------
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 . . . . . . . . . . $ 80,431.07
---------------
(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 . . . . . . . . . . $ 19,128.16
---------------
(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. . . . . $ 74,906.66
---------------
(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. . . . . . . . . $ 902,063.78
---------------
(f) The total amount of the distribution
to be made on such Distribution Date
to the Investor Certificateholders [d+e] is. . . $ 976,970.44
---------------
(g) The amount of the aggregate distribution
to be made on such Distribution Date
which constitutes interest on the Seller
Certificate at the Certificate Rate is . . . . . $ -0-
---------------
5
<PAGE>
(h) The amount of the aggregate distribution
to be made on such Distribution Date
which constitutes a reduction of principal
with respect to the Seller Certificate is. . . . $ -0-
---------------
(i) The amount to be deposited (withdrawn) to
the Cash Reserve Account is. . . . . . . . . . . $ (68,615.09)
---------------
(j) The amount to be retained in the
Collection Account with respect to
the Partial Payment Amount is. . . . . . . . . . $ 90,275.13
---------------
(k) The amount to be disbursed to the
Seller Certificateholder (other than the
amounts referred to in (g) and (h)) is . . . . . $ 37,282.46
---------------
(l) The total amount of the
distribution to be made to the
Seller Certificateholders [g+h+k] is . . . . . . $ 37,282.46
---------------
14. INVESTOR AND SELLER CERTIFICATE PRINCIPAL BALANCE (END OF DUE PERIOD).
(a) The Investor Certificate Principal Balance
as of September 30, 1997 (after giving
effect to the disbursements in reduction
of principal, if any, on the immediately
preceding Distribution Date) was . . . . . . . . $ 11,939,077.43
---------------
(b) The Seller Certificate Principal
Balance as of September 30, 1997 (after
giving effect to the disbursements in
reduction of principal, if any, on the
related Distribution Date) was . . . . . . . . . $ 1,426,793.47
---------------
15. EVENTS OF ADMINISTRATOR TERMINATION.
No event has occurred and is continuing which constitutes an
Event of Administrator Termination or would constitute an
Event of Administrator Termination but for the requirement
that notice be given or time elapse or both [except as disclosed
on the attached Annex A].
6
<PAGE>
IN WITNESS WHEREOF, the undersigned has duly executed and delivered
this certificate this 16th day of October 1997.
NYLIFE SFD Holding INC.
as Master Administrator
By: /s/ Kevin Micucci
-----------------------------
Name: Kevin Micucci
Title: President
7
<PAGE>
ANNEX A
TO
MASTER ADMINISTRATOR REPORT
DATED October 16, 1997
EVENT OF MASTER ADMINISTRATOR TERMINATION
None
8
<PAGE>
ANNEX B
TO
MASTER ADMINISTRATOR REPORT
DATED October 16, 1997
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, 1997 [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) 1,247 $ 9,710,877
30 - 59 254 2,109,749
60 - 89 86 730,419
90 - 120 52 406,845
over 120 539 3,408,643
------- ------------
Totals: 2,178 $ 16,366,533
-------
-------
Aggregate Principal Balance of Defaulted
Auto Loans at September 30, 1997 (3,100,891)
---------------
Aggregate Principal Balance allocable
to Certificateholders $ 13,265,642
---------------
---------------
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. . . . $ 768,200.48
---------------
(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. . . . $ 241,929.66
---------------
(c) The total amounts collected on the Auto
Loans and deposited into the Collection
Account for the Due Period was [a+b] . . . . . . $ 1,010,130.14
---------------
9
<PAGE>
3. DEFAULTED AUTO LOANS.
Auto Loans that became Defaulted Auto Loans during the Due Period:
Number of Aggregate Principal
Auto Loans Balance of Auto Loans
---------- ---------------------
44 $437,165.81
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 . . . . . . . $ 2.013458
---------------
(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. . . $ 24.247071
---------------
(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. . . . . . . . . . . $ 26.260529
---------------
10
<PAGE>
ANNEX C
TO
MASTER ADMINISTRATOR REPORT
DATED October 16, 1997
Calculation of Required Cash Reserve Amount as of the October 20, 1997
Distribution Date.
(i) The Investor Certificate Principal Balance equals
$12,841,141.21.
(ii) Required Reserve Percentage equals 10%.
(iii) The Required Cash Reserve Amount equals (the product of (i) and
(ii)) $1,284,114.12.
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>
ANNEX C.1
Ratios
------
1. DELINQUENCY RATIO:
September Principal Balance 60+ days (net) = 207,956.02 = 1.27%
------------------------------------------ ---------------
September Aggregate Principal Balance 16,366,532.63
2. THREE MONTH DELINQUENCY RATIO:
Sum of July - September Principal Balances
Balances 60+ days (net) = 949,255.38 = 1.84%
------------------------------------------ ---------------
Sum of July - September Principal Balances 51,723,691.89
3. GROSS LOSS RATIO:
Twelve times the:
September Principal Balance of Defaulted
Auto Loans repossessed = 443,911.58 = 32.55%
------------------------------------------ ---------------
September Aggregate Principal Balance 16,366,532.63
4. THREE MONTH GROSS LOSS RATIO:
Twelve times the:
Sum of July - September Principal Balances
of Defaulted Auto Loans repossessed = 894,724.82 = 20.76%
------------------------------------------ ---------------
Sum of July - September Principal Balances 51,723,691.89
5. ALPI CLAIMS PAYMENT TEST:
Aggregate Principal Balance of
ALPI Claims not paid within timeframe = 1,481,743.56 = 44.71%
------------------------------------------ ---------------
Principal Balance of Eligible Claims 3,313,863.40
13
<PAGE>
MASTER ADMINISTRATOR REPORT
---------------------------------------------------------------------
NAFCO AUTO TRUST - 3
For the August 20, 1997 Distribution Date
For the period beginning on July 1, 1997
and ending on July 31, 1997 (the "Due Period")
---------------------------------------------------------------------
The undersigned, a duly authorized officer of NYLIFE SFD Holding 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 Auto Funding II,
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. NYLIFE SFD Holding 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, 1997.
5. POOL FACTOR.
(a) The Pool Factor with respect to
July 1, 1997 was . . . . . . . . . . . . . . . . .54838905
---------------
(b) The Pool Factor with respect to
July 31, 1997 was. . . . . . . . . . . . . . . . .51672184
---------------
6. INVESTOR AND SELLER CERTIFICATE PRINCIPAL BALANCE (BEGINNING OF DUE
PERIOD).
(a) The Investor Certificate Principal
Balance as of July 1, 1997
(after giving effect to the disbursements
in reduction of principal, if any,
on the immediately preceding
Distribution Date) was . . . . . . . . . . . . . $ 18,107,806.43
---------------
(b) The Seller Certificate Principal
1
<PAGE>
Balance as of July 1, 1997 (after
giving effect to the disbursements
in reduction of principal, if any, on
the immediately preceding Distribution
Date) was. . . . . . . . . . . . . . . . . . . . $ 2,047,527.46
---------------
7. OCCURRENCE OF A REQUIRED RESERVE EVENT
(a) The Delinquency Ratio is. . . . . . . . . . . . . . . *8.82%
---------------
(b) The Three Month Deliquency Ratio is . . . . . . . . . *9.22%
---------------
(c) The Gross Loss Ratio is . . . . . . . . . . . . . . . *23.03%
---------------
(d) The Three Month Gross Loss Ratio is . . . . . . . . . *20.55%
---------------
(e) The percentage of eligible claims on the
ALPI policy not paid in a timely manner is(*) . . . . *52.77%
---------------
(f) The Required Reserve Percentage is. . . . . . . . . . 10.00%
---------------
(g) * Indicates which Required Reserve Event has occurred.
(*) The percentage of claims on the ALPI policy not paid in a timely manner
includes $ 0 of claims which are currently in dispute. Such disputed claims
represent n/a % of all eligible claims
.
SEE ANNEX C.1 FOR RATIO CALCULATIONS.
8. AGGREGATE MONTHLY SERVICING FEE.
(a) The Monthly Servicing Fee owing
to the Servicer on the related
Distribution Date is . . . . . . . . . . . . . . $ 114,550.51
---------------
(b) The amount of accrued and unpaid
Monthly Servicing Fees in respect of
prior Due Periods is . . . . . . . . . . . . . . $ -0-
---------------
(c) The total Monthly Servicing Fee paid
or payable to the Servicer in respect
of such Due Period [a+b] is. . . . . . . . . . . $ 114,550.51
---------------
2
<PAGE>
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-
---------------
(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. . . . . . . $ 25,075.48
---------------
(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 . . . . . $ 25,075.48
---------------
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 . . . . $ 460,252.20
---------------
(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 . . . . $ 131,097.32
---------------
3
<PAGE>
(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 . . . . . . . . . . . . . . . . . . . . $ 329,154.88
---------------
(b) The Available Cash Reserve Amount
(i) The Required Cash Reserve Amount
(assuming all withdrawals or deposits to
be made with respect to the current
Distribution Date are made) is . . . . . . $ 1,810,780.64
---------------
(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 . . . . . . $ 1,892,414.27
---------------
(iii) The amount to be deposited to
(withdrawn from) the Available Cash
Reserve Amount with respect to the
current Distribution Date is . . . . . . . $ (81,633.63)
---------------
(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 . . . . . . $ 1,810,780.64
---------------
(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. . . . . . . . . . . . . . . . . . $ 2,139,935.52
---------------
4
<PAGE>
12. AVAILABLE FUNDS.
(a) The amount of Available Funds with
respect to the related Due Period was. . . . . . $ 1,357,842.07
---------------
(b) The amount of Available Funds with
respect to the immediately preceding
Due Period that were retained in the
Collection Account was . . . . . . . . . . . . . $ 52,891.31
---------------
(c) Interest earned on and retained in the
Collection Account and interest earned
on the Cash Reserve Account and
transferred into the Collection Account
for the Due Period on the related
Deposit Date was . . . . . . . . . . . . . . . . $ 16,975.38
---------------
(d) Total distributable funds with respect
to the related Due Period [a+b+c] was. . . . . . $ 1,427,708.76
---------------
(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 . . . . . . . $ 1,427,708.76
---------------
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 . . . . . . . . . . $ 114,550.51
---------------
(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 . . . . . . . . . . $ 25,075.48
---------------
5
<PAGE>
(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. . . . . $ 98,083.95
---------------
(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 . . . . . . . . $ 1,045,651.16
---------------
(f) The total amount of the distribution
to be made on such Distribution Date
to the Investor Certificateholders [d+e] is. . . $ 1,143,735.11
---------------
(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 . . . . . $ 11,090.77
---------------
(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. . . . $ 72,526.63
---------------
(i) The amount to be deposited (withdrawn)in
the Cash Reserve Account is. . . . . . . . . . . $ (81,633.63)
---------------
(j) The amount to be retained in the
Collection Account with respect to
the Reinvestment Amount and the
Partial Payment Amount is. . . . . . . . . . . . $ 60,730.26
---------------
(k) The amount to be disbursed to the
Seller Certificateholder (other than the
amounts referred to in (g) and (h) is. . . . . . $ 81,633.63
---------------
(l) The total amount of the
distribution to be made to the
Seller Certificateholders [g+h+k] is . . . . . . $ 165,251.03
---------------
6
<PAGE>
14. INVESTOR AND SELLER CERTIFICATE PRINCIPAL BALANCE (END OF DUE PERIOD).
(a) The Investor Certificate Principal Balance
as of July 31, 1997 (after giving
effect to the disbursements in reduction
of principal, if any, on the immediately
preceding Distribution Date) was . . . . . . . . $ 17,062,155.27
---------------
(b) The Seller Certificate Principal
Balance as of July 31, 1997 (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 . . . . . . $ 1,975,000.83
---------------
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].
7
<PAGE>
IN WITNESS WHEREOF, the undersigned has duly executed and delivered
this certificate this 15th day of August 1997.
NYLIFE SFD Holding INC.
as Master Administrator
By: /s/ Kevin Micucci
---------------------------
Name: Kevin Micucci
Title: President
8
<PAGE>
ANNEX A
TO
MASTER ADMINISTRATOR REPORT
DATED August 15, 1997
EVENT OF MASTER ADMINISTRATOR TERMINATION
None
9
<PAGE>
ANNEX B
TO
MASTER ADMINISTRATOR REPORT
DATED August 15, 1997
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, 1997 [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) 1417 $ 13,108,931
30 - 59 240 2,469,039
60 - 89 78 742,608
90 - 120 45 449,881
over 120 612 4,490,752
------- ------------
Totals: 2,392 $ 21,261,211
-------
-------
Aggregate Principal Balance of Defaulted
Auto Loans at July 31, 1997 (2,303,261)
---------------
Aggregate Principal Balance allocable
to Certificateholders $ 18,957,950
---------------
---------------
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. . . . $ 975,354.87
---------------
(b) The total amount of Recoveries on
Defaulted Auto Loans collected on the
Auto Loans and deposited into the
Collection Account for the Due Period was. . . . $ 243,550.93
---------------
(c) The total amounts collected on the Auto
Loans and deposited into the Collection
Account for the Due Period was [a+b] . . . . . . $ 1,218,905.80
---------------
3. DEFAULTED AUTO LOANS.
10
<PAGE>
Auto Loans that became Defaulted Auto Loans during the Due Period:
Number of Aggregate Principal
Auto Loans Balance of Auto Loans
---------- ---------------------
50 $512,193.52
4. The information specified in item 13(d) through (f)
STATED ON THE BASIS OF $1,000 INITIAL PRINCIPAL AMOUNT.
The Certificate Rate is 6.5%
(a) The amount of the aggregate distribution to
be made on such Distribution Date which
constitutes interest on the Investor Certificates
at the Certificate Rate, including any
Shortfall so allocable stated on the basis of
$1,000 Initial Principal Amount is . . . . . . . $ 2.970441
---------------
(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. . . $ 31.667207
---------------
(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. . . . . . . . . . . $ 34.637648
---------------
11
<PAGE>
ANNEX C
TO
MASTER ADMINISTRATOR REPORT
DATED August 15, 1997
Calculation of Required Cash Reserve Amount as of the August 20, 1997
Distribution Date.
(i) The Investor Certificate Principal Balance equals
$18,107,806.43
(ii) Required Reserve Percentage equals 10%.
(iii) The Required Cash Reserve Amount equals (the product of (i) and
(ii)) $1,810,780.64
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;
12
<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.
(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;
13
<PAGE>
ANNEX C.1
Ratios
------
1. DELINQUENCY RATIO:
July Principal Balance 60+ days (net) = 1,874,988.47 = 8.82%
----------------------------------------- ---------------
July Aggregate Principal Balance 21,261,211.03
2. THREE MONTH DELINQUENCY RATIO:
Sum of May - July Principal Balances
60+ days (net) = 6,151,351.32 = 9.22%
----------------------------------------- ---------------
Sum of May - July Principal Balances 66,726,067.27
3. GROSS LOSS RATIO:
Twelve times the:
July Principal Balance of Defaulted
Auto Loans repossessed = 407,997.36 = 23.03%
----------------------------------------- ---------------
July Aggregate Principal Balance 21,261,211.03
4. THREE MONTH GROSS LOSS RATIO:
Twelve times the:
Sum of May - July Principal Balances
of Defaulted Auto Loans repossessed = 1,142,406.32 = 20.55%
----------------------------------------- ---------------
Sum of May - July Principal Balances 66,726,067.27
5. ALPI CLAIMS PAYMENT TEST:
Aggregate Principal Balance of
ALPI Claims not paid within timeframe = 1,409,921.58 = 52.77%
----------------------------------------- ---------------
Principal Balance of Eligible Claims 2,672,033.60
14
<PAGE>
MASTER ADMINISTRATOR REPORT
---------------------------------------------------------------------
NAFCO AUTO TRUST - 3
For the September 22, 1997 Distribution Date
For the period beginning on August 1, 1997
and ending on August 31, 1997 (the "Due Period")
---------------------------------------------------------------------
The undersigned, a duly authorized officer of NYLIFE SFD Holding 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 Auto Funding II,
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. NYLIFE SFD Holding 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, 1997.
5. POOL FACTOR.
(a) The Pool Factor with respect to
August 1, 1997 was . . . . . . . . . . . . . . . .51672184
---------------
(b) The Pool Factor with respect to
August 31, 1997 was. . . . . . . . . . . . . . . .49499058
---------------
6. INVESTOR AND SELLER CERTIFICATE PRINCIPAL BALANCE (BEGINNING OF DUE
PERIOD).
(a) The Investor Certificate Principal
Balance as of August 1, 1997
(after giving effect to the disbursements
in reduction of principal, if any,
on the immediately preceding
Distribution Date) was . . . . . . . . . . . . . $ 17,062,155.27
---------------
1
<PAGE>
(b) The Seller Certificate Principal
Balance as of August 1, 1997 (after
giving effect to the disbursements
in reduction of principal, if any, on
the immediately preceding Distribution
Date) was. . . . . . . . . . . . . . . . . . . . $ 1,975,000.83
---------------
7. OCCURRENCE OF A REQUIRED RESERVE EVENT
(a) The Delinquency Ratio is. . . . . . . . . . . . . . . *9.66%
---------------
(b) The Three Month Deliquency Ratio is . . . . . . . . . *9.21%
---------------
(c) The Gross Loss Ratio is . . . . . . . . . . . . . . . *21.02%
---------------
(d) The Three Month Gross Loss Ratio is . . . . . . . . . *20.11%
---------------
(e) The percentage of eligible claims on the
ALPI policy not paid in a timely manner
is(*) . . . . . . . . . . . . . . . . . . . . . *54.59%
---------------
(f) The Required Reserve Percentage is. . . . . . . . . . 10.00%
---------------
(g) * Indicates which Required Reserve Event has occurred.
(*) The percentage of claims on the ALPI policy not paid in a timely manner
includes $ 0 of claims which are currently in dispute. Such disputed claims
represent n/a % of all eligible claims
.
SEE ANNEX C.1 FOR RATIO CALCULATIONS.
8. AGGREGATE MONTHLY SERVICING FEE.
(a) The Monthly Servicing Fee owing
to the Servicer on the related
Distribution Date is . . . . . . . . . . . . . . $ 81,765.18
---------------
(b) The amount of accrued and unpaid
Monthly Servicing Fees in respect of
prior Due Periods is . . . . . . . . . . . . . . $ -0-
---------------
(c) The total Monthly Servicing Fee paid
or payable to the Servicer in respect
of such Due Period [a+b] is. . . . . . . . . . . $ 81,765.18
---------------
2
<PAGE>
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-
---------------
(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. . . . . . . $ 22,728.02
---------------
(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 . . . . . $ 22,728.02
---------------
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. . . . $ 329,154.88
---------------
(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. . . . $ 75,196.50
---------------
3
<PAGE>
(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. . . . . . . . . . . . . . . . . . . . $ 253,958.38
---------------
(b) The Available Cash Reserve Amount
(i) The Required Cash Reserve Amount
(assuming all withdrawals or deposits to
be made with respect to the current
Distribution Date are made) is. . . . . . $ 1,706,215.53
---------------
(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. . . . . . $ 1,810,780.64
---------------
(iii) The amount to be deposited to
(withdrawn from) the Available Cash
Reserve Amount with respect to the
current Distribution Date is. . . . . . . $ (104,565.11)
---------------
(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. . . . . . $ 1,706,215.53
---------------
(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. . . . . . . . . . . . . . . . . . $ 1,960,173.91
---------------
4
<PAGE>
12. AVAILABLE FUNDS.
(a) The amount of Available Funds with
respect to the related Due Period was. . . . . . $ 974,197.84
---------------
(b) The amount of Available Funds with
respect to the immediately preceding
Due Period that were retained in the
Collection Account was . . . . . . . . . . . . . $ 60,730.26
---------------
(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 . . . . . . . . . . . . . . . . $ 16,109.75
---------------
(d) Total distributable funds with respect
to the related Due Period [a+b+c] was. . . . . . $ 1,051,037.85
---------------
(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 . . . . . . . $ 1,051,037.85
---------------
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 . . . . . . . . . . $ 81,765.18
---------------
(b) The amount of the aggregate Monthly
Subrogation Amount to be paid to the
Master Administrator on such
Distribution date is . . . . . . . . . . . . . . $ -0-
---------------
(c) The amount of the Monthly Administrator
Fee to be paid to the Master Administrator
on such Distribution Date is . . . . . . . . . . $ 22,728.02
---------------
5
<PAGE>
(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. . . . . $ 92,420.01
---------------
(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 . . . . . . . . $ 717,566.25
---------------
(f) The total amount of the distribution
to be made on such Distribution Date
to the Investor Certificateholders [d+e] is. . . $ 809,986.26
---------------
(g) The amount of the aggregate distribution
to be made on such Distribution Date
which constitutes interest on the Seller
Certificate at the Certificate Rate is . . . . . $ 10,697.92
---------------
(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. . . . $ 68,122.95
---------------
(i) The amount to be deposited (withdrawn)in
the Cash Reserve Account is. . . . . . . . . . . $ (104,565.11)
---------------
(j) The amount to be retained in the
Collection Account with respect to
the Reinvestment Amount and the
Partial Payment Amount is. . . . . . . . . . . . $ 57,737.52
---------------
(k) The amount to be disbursed to the
Seller Certificateholder (other than the
amounts referred to in (g) and (h) is. . . . . . $ 104,565.11
---------------
(l) The total amount of the
distribution to be made to the
Seller Certificateholders [g+h+k] is . . . . . . $ 183,385.98
---------------
6
<PAGE>
14. INVESTOR AND SELLER CERTIFICATE PRINCIPAL BALANCE (END OF DUE PERIOD).
(a) The Investor Certificate Principal Balance
as of August 31, 1997 (after giving
effect to the disbursements in reduction
of principal, if any, on the immediately
preceding Distribution Date) was . . . . . . . . $ 16,344,589.02
---------------
(b) The Seller Certificate Principal
Balance as of August 31, 1997 (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 . . . . . . $ 1,906,877.88
---------------
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].
7
<PAGE>
IN WITNESS WHEREOF, the undersigned has duly executed and delivered
this certificate this 17th day of September 1997.
NYLIFE SFD Holding 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, 1997
EVENT OF MASTER ADMINISTRATOR TERMINATION
None
9
<PAGE>
ANNEX B
TO
MASTER ADMINISTRATOR REPORT
DATED September 17, 1997
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, 1997 [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) 1326 $ 11,981,277
30 - 59 278 2,770,650
60 - 89 82 802,922
90 - 120 45 416,570
over 120 629 4,558,101
------- ------------
Totals: 2,360 $ 20,529,520
-------
-------
Aggregate Principal Balance of Defaulted
Auto Loans at August 31, 1997 (2,368,865)
---------------
Aggregate Principal Balance allocable
to Certificateholders $ 18,160,654
---------------
---------------
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. . . . $ 690,864.58
---------------
(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. . . . $ 211,129.50
---------------
(c) The total amounts collected on the Auto
Loans and deposited into the Collection
Account for the Due Period was [a+b] . . . . . . $ 901,994.08
---------------
3. DEFAULTED AUTO LOANS.
10
<PAGE>
Auto Loans that became Defaulted Auto Loans during the Due Period:
Number of Aggregate Principal
Auto Loans Balance of Auto Loans
---------- ---------------------
37 $362,023.80
4. The information specified in item 13(d) through (f)
STATED ON THE BASIS OF $1,000 INITIAL PRINCIPAL AMOUNT.
The Certificate Rate is 6.5%
(a) The amount of the aggregate distribution to
be made on such Distribution Date which
constitutes interest on the Investor Certificates
at the Certificate Rate, including any
Shortfall so allocable stated on the basis of
$1,000 Initial Principal Amount is . . . . . . . $ 2.798910
---------------
(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. . . $ 21.731261
---------------
(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. . . . . . . . . . . $ 24.530171
---------------
11
<PAGE>
ANNEX C
TO
MASTER ADMINISTRATOR REPORT
DATED September 17, 1997
Calculation of Required Cash Reserve Amount as of the September 22,
1997 Distribution Date.
(i) The Investor Certificate Principal Balance equals
$17,062,155.27
(ii) Required Reserve Percentage equals 10%.
(iii) The Required Cash Reserve Amount equals (the product of (i) and
(ii)) $1,706,215.53
For purposes of this Annex C, the following term shall have the
following meaning:
"REQUIRED RESERVE PERCENTAGE" MEANS:
(a) for any Payment Date on which there is not an uncured
Reserve Requirement Event, 5%;
(b) if the Three-Month Delinquency Ratio for any Due Period
exceeds 4% (a "Three Month Delinquency Test"), the
Required Reserve Percentage on each succeeding Payment
Date shall be 10%; provided, however, that if, for any Due
Period following the third Due Period following the
occurrence of a Three Month Delinquency Test, the Three
Month Delinquency Ratio is less than 4% (a "Three Month
Delinquency Cure"), the provisions of this clause (b) shall
no longer apply until another Three Month Delinquency Test
occurs;
(c) if the Delinquency Ratio for any Due Period exceeds 6% (a
"Delinquency Test"), the Required Reserve Percentage on each
succeeding Payment Date shall be 10%; provided, however, that
if, for any Due Period following the third Due Period following
the occurrence of the less than 6% (a "Delinquency Cure"), the
provisions of this clause (c) shall no longer apply until
another Delinquency Test occurs;
(d) if the Gross Loss Ratio for any Due Period exceeds 18%
(a "Loss Test"), the Required Reserve Percentage on each
succeeding Payment Date shall be 10%; provided, however,
that if, for any Due Period following the third Due Period
following the occurrence of the Loss Test, the Three Month
Gross Ratio is less than 18% (a "Loss Cure"), the provisions
of this clause (d) shall no longer apply until another Test
occurs;
12
<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.
(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;
13
<PAGE>
ANNEX C.1
Ratios
------
1. DELINQUENCY RATIO:
August Principal Balance 60+ days (net) = 1,983,004.87 = 9.66%
----------------------------------------- ---------------
August Aggregate Principal Balance 20,529,519.64
2. THREE MONTH DELINQUENCY RATIO:
Sum of June - August Principal Balances
60+ days (net) = 5,904,705.01 = 9.21%
----------------------------------------- ---------------
Sum of June - August Principal Balances 64,098,526.51
3. GROSS LOSS RATIO:
Twelve times the:
August Principal Balance of Defaulted
Auto Loans repossessed = 359,568.25 = 21.02%
----------------------------------------- ---------------
August Aggregate Principal Balance 20,529,519.64
4. THREE MONTH GROSS LOSS RATIO:
Twelve times the:
Sum of June - August Principal Balances
of Defaulted Auto Loans repossessed = 1,074,346.68 = 20.11%
----------------------------------------- ---------------
Sum of June - August Principal Balances 64,098,526.51
5. ALPI CLAIMS PAYMENT TEST:
Aggregate Principal Balance of
ALPI Claims not paid within timeframe = 1,525,431.96 = 54.59%
----------------------------------------- ---------------
Principal Balance of Eligible Claims 2,794,360.10
14
<PAGE>
MASTER ADMINISTRATOR REPORT
---------------------------------------------------------
NAFCO AUTO TRUST - 3
For the October 20, 1997 Distribution Date
For the period beginning on September 1, 1997
and ending on September 30, 1997 (the "Due Period")
-----------------------------------------------------------
The undersigned, a duly authorized officer of NYLIFE SFD Holding 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 Auto Funding II,
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. NYLIFE SFD Holding 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 16, 1997.
5. POOL FACTOR.
(a) The Pool Factor with respect to
September 1, 1997 was . . . . . . . . . . . . . .49499058
--------------
(b) The Pool Factor with respect to
September 30, 1997 was. . . . . . . . . . . . . .47057859
--------------
6. INVESTOR AND SELLER CERTIFICATE PRINCIPAL BALANCE (BEGINNING OF DUE
PERIOD).
(a) The Investor Certificate Principal
Balance as of September 1, 1997
(after giving effect to the disbursements
in reduction of principal, if any,
on the immediately preceding
Distribution Date) was. . . . . . . . . . . . . $16,344,589.02
--------------
(b) The Seller Certificate Principal
1
<PAGE>
Balance as of September 1, 1997 (after
giving effect to the disbursements
in reduction of principal, if any, on
the immediately preceding Distribution
Date) was . . . . . . . . . . . . . . . . . . . $ 1,906,877.88
--------------
7. OCCURRENCE OF A REQUIRED RESERVE EVENT
(a) The Delinquency Ratio is . . . . . . . . . . . . . . * 9.54%
--------------
(b) The Three Month Deliquency Ratio is. . . . . . . . . *9.33%
--------------
(c) The Gross Loss Ratio is. . . . . . . . . . . . . . . *35.11%
--------------
(d) The Three Month Gross Loss Ratio is. . . . . . . . . *26.23%
--------------
(e) The percentage of eligible claims on the
ALPI policy not paid in a timely manner
is(*) . . . . . . . . . . . . . . . . . . . . . . . . * 57.38%
--------------
(f) The Required Reserve Percentage is. . . . . . . . . . 10.00%
--------------
(g) * Indicates which Required Reserve Event has occurred.
(*) The percentage of claims on the ALPI policy not paid in a timely manner
includes $ 0 of claims which are currently in dispute. Such disputed
claims represent n/a % of all eligible claims
.
SEE ANNEX C.1 FOR RATIO CALCULATIONS.
8. AGGREGATE MONTHLY SERVICING FEE.
(a) The Monthly Servicing Fee owing
to the Servicer on the related
Distribution Date is . . . . . . . . . . . . . . $ 103,776.51
--------------
(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. . . . . . . . . . . $ 103,776.51
--------------
2
<PAGE>
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-
--------------
(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. . . . . . . $ 21,041.20
--------------
(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 . . . . . $ 21,041.20
--------------
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. . . $ 253,958.38
--------------
(ii) The aggregate Insurance Deductible
to be deposited by the Seller into the
Cash Reserve Account on the Deposit
Date with respect to additional Auto
Loans acquired. . . . . . . . . . . . . $ -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. . . $ 20,786.64
--------------
3
<PAGE>
(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. . . . . . . . . . . . . . . . . . . $ 233,171.74
--------------
(b) THE AVAILABLE CASH RESERVE AMOUNT
(i) The Required Cash Reserve Amount
(assuming all withdrawals or deposits to
be made with respect to the current
Distribution Date are made) is. . . . . $ 1,634,458.90
--------------
(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. . . . . $ 1,706,215.53
--------------
(iii) The amount to be deposited to
(withdrawn from) the Available Cash
Reserve Amount with respect to the
current Distribution Date is. . . . . . $ (71,756.63)
--------------
(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. . . . . $ 1,634,458.90
--------------
(c) The total Cash Reserve Account as of the
end of the Due Period (after giving effect
to the deposits and withdrawals in (a) and
(b) above) is . . . . . . . . . . . . . . . . . $ 1,867,630.64
--------------
4
<PAGE>
12. AVAILABLE FUNDS.
(a) The amount of Available Funds with
respect to the related Due Period was . . . . . $ 1,079,410.06
--------------
(b) The amount of Available Funds with
respect to the immediately preceding
Due Period that were retained in the
Collection Account was. . . . . . . . . . . . . $ 57,737.52
--------------
(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 . . . . . . . . . . . . . . . $ 13,636.13
--------------
(d) Total distributable funds with respect
to the related Due Period [a+b+c] was . . . . . $ 1,150,783.71
--------------
(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. . . . . . . $ 1,150,783.71
--------------
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. . . . . . . . . . $ 103,776.51
--------------
(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. . . . . . . . . . $ 21,041.20
--------------
5
<PAGE>
(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 . . . . $ 88,533.19
--------------
(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 . . . . . . . . $ 806,083.95
--------------
(f) The total amount of the distribution
to be made on such Distribution Date
to the Investor Certificateholders [d+e] is . . $ 894,617.14
--------------
(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. . . . . $ 10,328.92
--------------
(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 . . . $ 56,848.68
--------------
(i) The amount to be deposited (withdrawn)in
the Cash Reserve Account is . . . . . . . . . . $ (71,756.63)
--------------
(j) The amount to be retained in the
Collection Account with respect to
the Reinvestment Amount and the
Partial Payment Amount is . . . . . . . . . . . $ 64,171.26
--------------
(k) The amount to be disbursed to the
Seller Certificateholder (other than the
amounts referred to in (g) and (h) is . . . . . $ 71,756.63
--------------
(l) The total amount of the
distribution to be made to the
Seller Certificateholders [g+h+k] is. . . . . . $ 138,934.23
--------------
6
<PAGE>
14. INVESTOR AND SELLER CERTIFICATE PRINCIPAL BALANCE (END OF DUE PERIOD).
(a) The Investor Certificate Principal Balance
as of September 30, 1997 (after giving
effect to the disbursements in reduction
of principal, if any, on the immediately
preceding Distribution Date) was. . . . . . . . $15,538,505.07
--------------
(b) The Seller Certificate Principal
Balance as of September 30, 1997 (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. . . . . . $ 1,850,029.20
--------------
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].
7
<PAGE>
IN WITNESS WHEREOF, the undersigned has duly executed and delivered
this certificate this 16th day of October 1997.
NYLIFE SFD Holding INC.
as Master Administrator
By: /s/ Kevin Micucci
-----------------------------
Name: Kevin Micucci
Title: Vice President
8
<PAGE>
ANNEX A
TO
MASTER ADMINISTRATOR REPORT
DATED October 16, 1997
EVENT OF MASTER ADMINISTRATOR TERMINATION
None
9
<PAGE>
ANNEX B
TO
MASTER ADMINISTRATOR REPORT
DATED October 16, 1997
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, 1997 [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) 1304 $11,493,157
30 - 59 236 2,294,981
60 - 89 91 883,829
90 - 120 43 416,880
over 120 658 4,660,759
------- -----------
Totals: 2,332 $19,749,606
-------
-------
Aggregate Principal Balance of Defaulted
Auto Loans at September 30, 1997 (2,484,601)
-----------
Aggregate Principal Balance allocable
to Certificateholders $17,265,005
-----------
-----------
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 . . . $ 834,742.23
--------------
(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 . . . $ 217,447.45
--------------
(c) The total amounts collected on the Auto
Loans and deposited into the Collection
Account for the Due Period was [a+b]. . . . . . $ 1,052,189.68
--------------
3. DEFAULTED AUTO LOANS.
10
<PAGE>
Auto Loans that became Defaulted Auto Loans during the Due Period:
Number of Aggregate Principal
Auto Loans Balance of Auto Loans
---------- ---------------------
34 $344,841.69
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. . . . . . . $ 2.681199
--------------
(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 . . $ 24.411991
--------------
(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 . . . . . . . . . . $ 27.093190
--------------
11
<PAGE>
ANNEX C
TO
MASTER ADMINISTRATOR REPORT
DATED October 16, 1997
Calculation of Required Cash Reserve Amount as of the October 20, 1997
Distribution Date.
(i) The Investor Certificate Principal Balance equals
$16,344,589.02
(ii) Required Reserve Percentage equals 10%.
(iii) The Required Cash Reserve Amount equals (the product of (i)
and (ii) $1,634,458.90
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;
12
<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.
(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;
13
<PAGE>
ANNEX C.1
Ratios
------
1. DELINQUENCY RATIO:
September Principal Balance 60+ days (net) = 1,883,948.66 = 9.54%
----------------------------------------- ---------------
September Aggregate Principal Balance 19,749,606.40
2. THREE MONTH DELINQUENCY RATIO:
Sum of July-September Principal Balances
60+ days (net) = 5,741,942.00 = 9.33%
----------------------------------------- ---------------
Sum of July-September Principal Balances 61,540,337.07
3. GROSS LOSS RATIO:
Twelve times the:
September Principal Balance of Defaulted
Auto Loans repossessed = 577,770.90 = 35.11%
----------------------------------------- ---------------
September Aggregate Principal Balance 19,749,606.40
4. THREE MONTH GROSS LOSS RATIO:
Twelve times the:
Sum of July-September Principal Balances
of Defaulted Auto Loans repossessed = 1,345,336.51 = 26.23%
----------------------------------------- ---------------
Sum of July-September Principal Balances 61,540,337.07
5. ALPI CLAIMS PAYMENT TEST:
Aggregate Principal Balance of
ALPI Claims not paid within timeframe = 1,651,929.09 = 57.38%
----------------------------------------- ---------------
Principal Balance of Eligible Claims 2,879,010.73
14
