<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 March 31, 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
Part II Other Information
Item 1. Legal Proceedings 4
Item 2. Changes in Securities 4
Item 3. Defaults Upon Senior Securities 4
Item 4. Submission of Matters to a Vote of Security Holders 4
Item 5. Other Information 4
Item 6. Exhibits and Reports on Form 8-K 4-5
Signatures 6
2
<PAGE>
PART I
Item 1. Financial Statements
Not applicable.
Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations
Not applicable.
Item 5. Other Information
Not applicable.
3
<PAGE>
PART II
Item 1. Legal Proceedings
None.
Item 2. Changes in Securities
None.
Item 3. Defaults on Senior Securities
None.
Item 4. Submission of Matters to a Vote of Security Holders
None.
Item 5. Other Information
None.
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits
The following reflects all applicable Exhibits required under Item 601
of Regulation S-K;
(99) Additional Exhibits
(99.1) Trust - 1
Master Administrator Report dated February 20, 1997 for the Due Period
beginning on November 1, 1996 and ending on January 31, 1997, (ii)
Servicer Report for the period beginning February 1, 1997 and ending
on February 28, 1997 (iii) Servicer Report for the period beginning
March 1, 1997 and ending on March 31, 1997.
(99.2) Trust - 2
Master Administrator Reports dated (i) February 20, 1997 for the Due
Period beginning on January 1, 1997 and ending on January 31, 1997,
(ii) March 20, 1997 for the Due period beginning on February 1, 1997
and ending on February 28, 1997, (iii) April 21, 1997 for the Due
Period beginning on March 1, 1997 and ending on March 31, 1997.
4
<PAGE>
(99.3) Trust - 3
Master Administrator Reports dated (i) February 20, 1997 for the Due
Period beginning on January 1, 1997 and ending on January 31, 1997,
(ii) March 20, 1997 for the Due Period beginning on February 1, 1997
and ending on February 28, 1997, (iii) April 21, 1997 for the Due
Period beginning on March 1, 1997 and ending on March 31, 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 May 15, 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 February, March
1997
99.2 Master Administrator Reports 32-67
for Trust - 2
99.3 Master Administrator Reports 68-103
for Trust - 3
<PAGE>
SERVICER REPORT
NAFCO AUTO TRUST - 1
- --------------------------------------------------------------------------------
FOR THE PERIOD BEGINNING FEBRUARY 1,1997 AND ENDING FEBRUARY 28,1997
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 3/12/97.
4.1 Principal Reconciliation:
<TABLE>
<CAPTION>
Number of Accounts Aggregate Prin Balance
------------------ ------------------------------
<S> <C> <C>
Ending Balance 1/31/97 516 $3,099,767.69
Principal Payments ($107,908.00)
Prepayment of Principal -14 ($59,394.88)
Insurance Proceeds ($1,588.80)
Redeemed Repos this Reporting Period 0 $0.00
Force-Closed ($45.61)
Net Aggregate Principal Balance of $0.00
Defaulted Auto Loans during 2/97 -3 ($20,205.42)
================== ==============================
Ending Balance 2/28/97 499 $2,910,624.98
</TABLE>
4.12 Defaulted Principal Reconciliation
<TABLE>
<CAPTION>
Number of Accounts Aggregate Prin Balance
------------------ ------------------------------
<S> <C> <C>
Ending Balance 1/31/97 87 $433,628.60
New Repossessions 6 $46,033.77
New Skips 0 $0.00
New Gap 0 $0.00
New Repo Prev. Redeemed -2 ($13,601.87)
Recoveries on Defaulted Auto Loans -3 ($35,293.08)
Repos Redeemed During Reporting Period 0 $0.00
Charge Off/ Forced Close 0 $0.00
New Repo Prev Reported as Skip -1 $ 12,226.48)
================== ==============================
Ending Balance 2/28/97 87 $418,540.94
</TABLE>
Page 1
<PAGE>
5 Aggregate Principal Balance of the Auto Loans
a. AS of 1/31/97
<TABLE>
<CAPTION>
Number of Days Number of Aggregate Principal Balance
Delinquent Auto Loans of Auto Loans
--------------------- ------------------- ----------------------------
<S> <C> <C>
current (0 - 29) 413 $2,477,639.21
30 - 59 48 $304,214.05
60 - 89 17 $103,523.41
90 - 119 10 $80,304.88
over l20 115 $567,714.74
=================== ============================
Totals: 603 $3,533,396.29
Aggregate Outstanding Principal Balance
of Defaulted Auto Loans as of 1/31/97 ($433,628.60)
----------------------------
Aggregate Principal Pool Balance as of 1/31/97
(Net of Defaulted Auto Loans) $3,099,767.69
============================
</TABLE>
b. AS of 2/28/97
<TABLE>
<CAPTION>
Number of Days Number of Aggregate Principal Balance
Delinquent Auto Loans of Auto Loans
--------------------- ------------------- ----------------------------
<S> <C> <C>
current (0 - 29) 390 $2,276,935.17
30 - 59 53 $330,479.77
60 - 89 23 $143,329.20
90 - 119 5 $24,774.18
over 120 115 $553,647.60
=================== ============================
Totals: 586 $3,329,165.92
Aggregate Outstanding Principal Balance
of Defaulted Auto Loans as of 2/28/97 ($418,540.94)
----------------------------
Aggregate Principal Pool Balance as of 2/28/97
(Net of Defaulted Auto Loans) $2,910,624.98
============================
</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
---------- ----------------------------
6 Repossessions $46,033.77
0 Skip Claim Filed $0.00
O Gap Claim Filed $0.00
-2 Repo Redeemd now repo ($13,601.87)
-1 prev skip now repo ($12,226.48)
========== ============================
3 Total $20,205.42
b. Outstanding Defaulted Auto Loans as of 2/28/97
Number of Aggregate Principal Balance
Auto Loans of Auto Loans
---------- ----------------------------
72 Repossessions $315,424.54
9 Skip Claim Filed $88,914.51
4 Gap Claim Filed $1,929.44
2 repo red from pr period $12,272.45
========== ============================
87 Total $418,540.94
7. Auto Loans with Modified Payment Schedules
Auto Loans that have had their payment schedules modified in
accordance with the provisions of Section 4.04 (e) of the Pooling
and Servicing Agreement during the Reporting Period
Number of Aggregate Principal
Auto Loans Balance of Auto Loans Description of Modification
----------- ----------------------- ----------------------------
2 $11,984.11 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 $20,501.00
sale of collateral
N/A Proceeds from $14,162.08
insurance claims
N/A Non-Cash insurance N/A
deductible claims
N/A Paid Ahead/Behind $452.04
N/A Payments I (Reversals) $1,537.94
0 Proceeds from $0.00
Repurchase
=================== ====================
4 $36,653.06
10. Repossession Information
<TABLE>
<CAPTION>
Number of Aggregate Principal Balance
Party Auto Loans of Auto Loans Aggregate Amount Realized
---------------- ------------- ---------------------------- ------------------------------
<S> <C> <C> <C>
Repossession 6 $46,033.77
Disposed of after
Repossession (*) 4 $20,501.00
Repossessions
Redeemed 0 $0.00
============= ============================ ==============================
Totals: 10 $46,033.77 $20,501.00
</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..................................................... $ $45.61
[Force Closed = $45.61] -----------------------------------
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.......................................................................... $ $45.61
-----------------------------------
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............................................................ $ $44,260.45
-----------------------------------
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...................................... $ $107,908.00
-----------------------------------
c. The aggregate portion of Payments collected on the Auto Loans allocable
to Prepayments' during the Reporting Period was..................................... $ $62,177.41
[ Prin $59394.88 Int $2782.53] -----------------------------------
d. Insurance Proceeds received on Active Auto Loans.................................... $ $1,588.80
[ Prin $1588.80 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..................... $ $36,653.06
[Prin..$35293.08 lnt...$1359.98] -----------------------------------
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.............................................................. $ $252,587.72
-----------------------------------
g. Total Late charges Received......................................................... $ $2,809.80
-----------------------------------
h. Extension Fees on Precomputed Auto Loans............................................ $ $85.80
-----------------------------------
i. Excess Funds on Paid-Off Accounts................................................... $ $2,077.42
108003110305000544 $2075.96 108003020305000374 $1252.04 -----------------------------------
108003110305000544 ($1250.58)
j. Repurchase Proceeds................................................................. $ $0.00
-----------------------------------
k. Total Cash Received................................................................. $ $257,560.74
===================================
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.......................... $ $2,502.75
-----------------------------------
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.................................................... $ $1,404.90
-----------------------------------
c. The Servicer Variable Amount with respect to the calendar month
immediately preceding the date of this Servicer Report was.......................... $ $1,345.19
-----------------------------------
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].................. $ $4,993.75
-----------------------------------
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................................................................. $ $10,246.59
-----------------------------------
</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, March 12,1997.
Electronic Data Systems Corporation
as Servicer
By: /s/ Joanne McGrath
------------------------------------
Joanne McGrath, Senior Manager
Electronic Data Systems Corporation
Consumer Asset Management Division
Page 7
<PAGE>
SERVICER REPORT
NAFCO AUTO TRUST - 1
- --------------------------------------------------------------------------------
FOR THE PERIOD BEGINNING MARCH 1,1997 AND ENDING MARCH 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 4/12/97.
4.1 Principal Reconciliation:
<TABLE>
<CAPTION>
Number of Accounts Aggregate Prin Balance
------------------ ------------------------------
<S> <C> <C>
Ending Balance 2/28/97 499 $2,910,624.98
Principal Payments ($102,905.78)
Prepayment of Principal -23 ($100,188.94)
Insurance Proceeds $0.00
Redeemed Repos this Reporting Period 0 $0.00
Force-Closed ($15.81)
Net Aggregate Principal Balance of $0.00
Defaulted Auto Loans during 3/97 -7 ($49,998.82)
================== ==============================
Ending Balance 3/31/97 469 $2,657,515.63
</TABLE>
4.12 Defaulted Principal Reconciliation
<TABLE>
<CAPTION>
Number of Accounts Aggregate Prin Balance
------------------ ------------------------------
<S> <C> <C>
Ending Balance 2/28/97 87 $418,540.94
New Repossessions 7 $49,998.82
New Skips 0 $0.00
New Gap 0 $0.00
New Repo Prev. Redeemed 0 $0.00
Recoveries on Defaulted Auto Loans -1 ($26,716.24)
Repos Redeemed During Reporting Period 0 $0.00
Charge Off/ Forced Close -3 ($2,543.44)
New Repo Prev Reported as Skip 0 $0.00
================== ==============================
Ending Balance 3/31/97 90 $439,280.08
</TABLE>
Page 1
<PAGE>
5 Aggregate Principal Balance of the Auto Loans
a. AS of 2/28/97
<TABLE>
<CAPTION>
Number of Days Number of Aggregate Principal Balance
Delinquent Auto Loans of Auto Loans
--------------------- ------------------- ----------------------------
<S> <C> <C>
current (0 - 29) 390 $2,276,935.17
30 - 59 53 $330,479.77
60 - 89 23 $143,329.20
90 - 119 5 $24,774.18
over l20 115 $553,647.60
===================== =================== ============================
Totals: 586 $3,329,165.92
Aggregate Outstanding Principal Balance
of Defaulted Auto Loans as of 2/28/97 ($418,540.94)
----------------------------
Aggregate Principal Pool Balance as of 2/28/97
(Net of Defaulted Auto Loans) $2,910,624.98
============================
</TABLE>
b. AS of 3/31/97
<TABLE>
<CAPTION>
Number of Days Number of Aggregate Principal Balance
Delinquent Auto Loans of Auto Loans
--------------------- ------------------- ----------------------------
<S> <C> <C>
current (0 - 29) 366 $2,113,278.59
30 - 59 53 $304,346.75
60 - 89 18 $91,433.55
90 - 119 7 $42,419.24
over 120 115 $545,317.58
=================== ============================
Totals: 559 $3,096,795.71
Aggregate Outstanding Principal Balance
of Defaulted Auto Loans as of 3/31/97 ($439,280.08)
----------------------------
Aggregate Principal Pool Balance as of 3/31/97
(Net of Defaulted Auto Loans) $2,657,515.63
============================
</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
---------- ----------------------------
7 Repossessions $49,998.82
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
========== ============================
7 Total $49,998.82
b. Outstanding Defaulted Auto Loans as of 3/31/97
Number of Aggregate Principal Balance
Auto Loans of Auto Loans
---------- ----------------------------
75 Repossessions $336,670.63
9 Skip Claim Filed $88,914.51
4 Gap Claim Filed $1,710.69
2 repo red from pr period $11,984.25
========== ============================
90 Total $439,280.08
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
------------------- ------------------------ --------------------
5 Proceeds from $19,552.08
sale of collateral
N/A Proceeds from $9,080.08
insurance claims
N/A Non-Cash insurance N/A
deductible claims
N/A Paid Ahead/Behind ($291.54)
N/A Payments I (Reversals) $450.18
0 Proceeds from $0.00
Repurchase
=================== ====================
5 $28,790.80
10. Repossession Information
<TABLE>
<CAPTION>
Number of Aggregate Principal Balance
Action Auto Loans of Auto Loans Aggregate Amount Realized
---------------- ------------- ---------------------------- ------------------------------
<S> <C> <C> <C>
Repossession 7 $49,998.82
Disposed of after
Repossession * 5 $19,552.08
Repossessions
Redeemed 0 $0.00
============= ============================ ==============================
Totals: 12 $49,998.82 $19,552.08
</TABLE>
4
<PAGE>
<TABLE>
<S> <C>
11. Losses
a. The aggregate outstanding Principal Balance of Auto Loans written-off
during the Reporting Period was..................................................... $ $2,559.25
[ Force Closed = $15.81] -----------------------------------
b. The aggregate amount of uninsured claims (without duplication to
amounts referred to in clause a) during the Reporting Period was.................... $ N/A
-----------------------------------
c. The total amount of the losses on the Auto Loans during the Reporting
Period was.......................................................................... $ $2,559.25
-----------------------------------
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............................................................ $ $42,655.50
-----------------------------------
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...................................... $ $102,905.78
-----------------------------------
c. The aggregate portion of Payments collected on the Auto Loans allocable
to Prepayments(*) during the Reporting Period was................................... $ $105,284.62
[ Prin $100188.94 Int $5095.68] -----------------------------------
d. Insurance Proceeds received on Active Auto Loans.................................... $ $0.00
[ Prin $0.00 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..................... $ $28,790.80
[Prin..$26716.24 lnt...$2074.56] -----------------------------------
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.............................................................. $ $279,636.70
-----------------------------------
g. Total Late charges Received......................................................... $ $2,628.04
-----------------------------------
h. Extension Fees on Precomputed Auto Loans............................................ $ $0.00
-----------------------------------
i. Excess Funds on Paid-Off Accounts................................................... $ $1,250.58
108003110305000544 $1250.58 -----------------------------------
j. Repurchase Proceeds................................................................. $ $0.00
-----------------------------------
k. Total Cash Received................................................................. $ $283,515.32
===================================
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>
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.......................... $ $5,565.16
-----------------------------------
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................................................................. $ $1,314.02
-----------------------------------
c. The Servicer Variable Amount with respect to the calendar month
immediately preceding the date of this Servicer Report was.......................... $ $779.77
-----------------------------------
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].............................................................................. $ $4,645.19
-----------------------------------
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................................................................. $ $12,304.14
-----------------------------------
</TABLE>
6
<PAGE>
14. Events of Servicing Termination
No event has occurred and is continuing which constitutes an Event of
Servicing Termination or would constitute an Event of Servicing Termination
but for the requirement that notice be given or time elapse or both [except
as disclosed on the attached Annex A].
15. Attached Schedules
Reference is made to the attached schedules that detail Insurance Claims
filed and loan balance reports that detail monthly amortization of unearned
interest on Actuarial and Precomputed loans and earned interest and interest
accruals on Simple interest loans.
To the best of our knowledge all information contained on this Servicer Report
and the attached schedules is accurate. In Witness Whereof, the undersigned has
duly executed and delivered this certificate this day, April 12,1997.
Electronic Data Systems Corporation as
Servicer
By: /s/ Joanne McGrath
--------------------------------------
Joanne McGrath, Senior Manager
Electronic Data Systems Corporation
Consumer Asset Management Division
7
<PAGE>
MASTER ADMINISTRATOR REPORT
-----------------------------------------------------
NAFCO AUTO TRUST - 1
For the February 20, 1997 Distribution Date
For period beginning on November 1, 1996
and ending on January 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 February 15, 1997.
5. Pool Factor.
(a) The Pool Factor with respect to
November 1, 1996 was ........................... 0.33671328
----------
(b) The Pool Factor with respect to
January 31, 1997 was ........................... 0.28000538
----------
6. Investor and Seller Certificate Principal Balance (beginning of
Due Period).
(a) The Investor Certificate Principal
Balance as of November 1, 1996
(after giving effect to the disbursements
in reduction of principal, if any,
on the immediately preceding
Distribution Date) was ....................... $3,447,607.33
-------------
1
<PAGE>
(b) The Seller Certificate Principal
Balance as of November 1, 1996
(after giving effect to the
disbursements in reduction
of principal, if any, on the
immediately preceding Distribution
Date) was .................................... $ 279,938.71
-------------
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 ............... $ 172,380.37
-------------
(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 ............... $ 206,277.53
-------------
(c) The amount to be deposited to
(withdrawn from) the Available
Cash Reserve Amount with respect
to the current Distribution Date
was ......................................... $ (33,897.16)
-------------
(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 .............. $ 172,380.37
-------------
2
<PAGE>
9. Aggregate Monthly Servicing Fee.
(a) The aggregate Monthly Servicing Fee
paid to the Servicer on the December 19,
1996 Monthly Fee Date and the January 17,
1997 Monthly Fee Date was ................... $ 24,066.69
-------------
(b) The Monthly Servicing Fee owing
to the Servicer on the related
Distribution Date is ......................... $ l0,360.99
-------------
(c) The total Monthly Servicing Fee paid
or payable to the Servicer in respect
of such Due Period [a+b] is .................. $ 34,427.68
-------------
10. Aggregate Monthly Subrogation Amount.
(a) The aggregate Monthly Subrogation
Amount paid to the Master
Administrator on the December 19, 1996
Monthly Fee Date and the January 17,
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 December 19, 1996 Monthly
Fee Date and the January 17, 1997
Monthly Fee Date was ......................... $ 9,685.43
-------------
(b) The Monthly Administrator Fee owing
on the related Distribution Date is .......... $ 5,103.04
-------------
(c) The total Monthly Administrator Fee
paid or payable to the Master Administrator
in respect of such Due Period [a+b] is ....... $ 14,788.47
-------------
3
<PAGE>
12. Available Funds.
(a) The amount of Available Funds with
respect to the related Due Period was .........$ 786,375.97
-------------
(b) The amount of Available Funds with
respect to the immediately preceding
Due Period that were retained in the
Collection Account was .......................$ 29,482.08
-------------
(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 ..............$ 10,523.07
-------------
(d) Total distributable funds with
respect to the related Due Period
[a+b+c] was ..................................$ 826,381.12
-------------
(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 December 19,
1996 Monthly Fee Date and the January
17, 1997 Monthly Fee Date was ...............$ 33,752.12
-------------
(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 ................$ 792,629.00
-------------
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 ............................................$ 10,360.99
-------------
(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 ..........................$ 5,103.04
-------------
(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 .................$ 75,416.41
-------------
(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 ...............................$ 580,632.19
-------------
(f) The total amount of the
distribution to be made on such
Distribution Date to the Investor
Certificateholders [d+e] is ...................$ 656,048.60
-------------
(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 ....................$ 6,123.66
-------------
(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 .....................$ 47,146.16
-------------
5
<PAGE>
(i) The amount to be deposited(withdrawn) from
the Cash Reserve Account is ...................$ (33,897.16)
-------------
(j) The amount to be retained in
the Collection Account with the
respect to the Partial Payment
Amount is .....................................$ 31,629.93
-------------
(k) The amount to be disbursed to
the Seller Certificateholder
(other than the amounts referred
to in clauses (g) and (h) is ..................$ 70,113.78
-------------
(l) The total amount of the
distribution to be made to the
Seller Certificateholders [g+h+k] is ..........$ 123,383.60
-------------
14. Investor and Seller Certificate Principal Balance (end of Due
Period).
(a) The Investor Certificate Principal
Balance as of January 31, 1997
(after giving effect to the
disbursements in reduction of
principal, if any, made on the
related Distribution Date) is .................$2,866,975.14
-------------
(b) The Seller Certificate Principal
Balance as of January 31, 1997
(after giving effect to the
disbursements in reduction
of principal, if any, on the
related Distribution Date) is .................$ 232,792.55
-------------
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 February 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 February 15, 1997
EVENT OF ADMINISTRATOR TERMINATION
None
8
<PAGE>
ANNEX B
TO
MASTER ADMINISTRATOR REPORT
DATED February 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 January 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) 413 $2,477,639
30 - 59 48 304,214
60 - 89 17 103,523
90 - 120 10 80,305
over 120 115 567,715
--- ----------
Totals: 603 $3,533,396
===
Aggregate Principal Balance of Defaulted
Auto Loans at January 31, 1997 (433,629)
----------
Aggregate Principal Balance allocable
to Certificateholders $3,099,767
==========
2. Total Amounts Collected for the Due Period and Deposited into the
Collection Account.
(a) The total amount of Payments collected on
the Auto Loans and deposited into the
Collection Account for the Due Period was .......$ 720,203.87
-------------
(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 ..........................$ 64,024.25
-------------
(c) The total amounts collected on the Auto Loans
and deposited into the Collection Account for the
Due Period was ..................................$ 784,228.12
-------------
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
---------- ---------------------
12 $89,082.11
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
$1,000 Initial Principal Amount is ..............$ 7.365603
-------------
(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 $1,000 Initial Principal Amount is .....$ 56.707900
-------------
(c) The total amount of the distribution to be
made on such Distribution Date to the Investor
Certificateholders on the basis of $1,000
Initial Principal Amount is .....................$ 64.073503
-------------
10
<PAGE>
MASTER ADMINISTRATOR REPORT
-----------------------------------------------------
NAFCO AUTO TRUST - 2
For the February 20, 1997 Distribution Date
For the period beginning on January 1, 1997
and ending on January 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 February 15, 1997.
5. Pool Factor.
(a) The Pool Factor with respect to
January 1, 1997 was .............................. .51683006
---------
(b) The Pool Factor with respect to
January 31, 1997 was ............................. .49113750
---------
6. Investor and Seller Certificate Principal Balance (beginning of
Due Period).
(a) The Investor Certificate Principal
Balance as of January 1, 1997
(after giving effect to the disbursements
in reduction of principal, if any,
on the immediately preceding
Distribution Date) was .......................$ 19,227,628.64
---------------
1
<PAGE>
(b) The Seller Certificate Principal
Balance as of January 1, 1997 (after
giving effect to the disbursements
in reduction of principal, if any, on
the immediately preceding Distribution
Date) was ................................... $ 2,136.403.18
---------------
7. Occurrence of a Required Reserve Event
(a) The Delinquency Ratio is ..................... 4.99%
---------------
(b) The Three Month Delinquency Ratio is ......... 3.56%
---------------
(c) The percentage of eligible claims on the
ALPI policy not paid in a timely manner
is(*) ........................................ *28.02%
---------------
Cumulative Monthly
---------- -------
(d) The Gross Loss Ratio is .......... 18.73% .... *17.80%
------ ------
(e) The Three Month Gross Loss Ratio is.... 17.79% .......*16.26%
------ ------
(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 $50,793.32 of claims which are currently in dispute. Such disputed
claims represent 2.4% of all eligible claims.
8. Aggregate Monthly Servicing Fee.
(a) The Monthly Servicing Fee owing
to the Servicer on the related
Distribution Date is ........................$ 80,329.20
---------------
(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 .................$ 80,329.20
---------------
2
<PAGE>
9. Aggrevate 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 ......................................$ 25,581.63
---------------
(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 ...........................................$ 25,581.63
---------------
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 .....$ 351,451.76
---------------
(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 .....$ 80,806.54
---------------
(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 ...............$ 270,645.22
---------------
3
<PAGE>
(b) The Available Cash Reserve Amount
(i) The Required Cash Reserve Amount
(assuming all withdrawals or deposits
to be made with respect to the current
Distribution Date are made) is ..........$ 1,922,762.86
--------------
(ii) The Available Cash Reserve Amount
available for deposit to the Collection
Account on the related Deposit Date
(prior to any withdrawals or deposits
to be made with respect to the current
Distribution Date are made) is ..........$ 2,029,823.20
--------------
(iii) The amount to be deposited to
(withdrawn from) the Available Cash
Reserve Amount with respect to the
current Distribution Date is ............$ (107,060.34)
--------------
(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 .........$ 1,922,762.86
---------------
(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 ....................................$ 2,193,408.08
---------------
12. Available Funds.
(a) The amount of Available Funds with respect to
the related Due Period was ...................$ 1,559,656.59
---------------
(b) The amount of Available Funds with respect to
the immediately preceding Due Period that
were retained in the Collection Account was...$ 109,525.30
---------------
(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 ..........................................$ 17,655.35
---------------
4
<PAGE>
(d) Total distributable funds with respect to the
related Due Period [a+b+c] was ...............$ 1,686,837.24
---------------
(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 ...........................................$ 1,686,837.24
---------------
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 .........................$ 80,329.20
---------------
(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 ....................$ 25,581.63
---------------
(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 ......$ 112,161.17
---------------
(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 ..............................$ 955.840.21
---------------
(f) The total amount of the distribution to be
made on such Distribution Date to the
Investor Certificateholders [d+e] is .........$ 1,068,001.38
---------------
(g) The amount of the aggregate distribution to
be made on such Distribution Date which
constitutes interest on the Seller
Certificate at the Certificate Rate is .......$ 12,462.35
---------------
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 .........$ 106,204.47
---------------
(i) The amount to be deposited (withdrawn) to the
Cash Reserve Account is ......................$ (107,060.34)
---------------
(j) The amount to be retained in the
Collection Account with respect to the
Partial Payment Amount is ....................$ 126,770.33
---------------
(k) The amount to be disbursed to the Seller
Certificateholder (other than the amounts
referred to in (g) and (h)) is ...............$ 374,548.22
---------------
(l) The total amount of the distribution to be
made to the Seller Certificateholders
[g+h+k] is ..................................$ 493,215.04
---------------
14. Investor and Seller Certificate Principal Balance (end of Due
Period).
(a) The Investor Certificate Principal Balance
as of January 31, 1997 (after giving
effect to the disbursements in reduction
of principal, if any, on the immediately
preceding Distribution Date) was ............$ 18,271,788.43
---------------
(b) The Seller Certificate Principal Balance
as of January 31,1997 (after giving effect
to the disbursements in reduction of
principal, if any, on the related
Distribution Date) was ......................$ 2,030,198.71
---------------
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 February 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 February 15, 1997
EVENT OF MASTER ADMINISTRATOR TERMINATION
None
8
<PAGE>
ANNEX B
TO
MASTER ADMINISTRATOR REPORT
DATED February 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 January 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) 1,678 $15,954,736
30 - 59 242 2,320,668
60 - 89 86 860,377
90 - 120 55 594,686
over 120 512 4,073,044
------- -----------
Totals: 2,573 $23,803,511
=======
Aggregate Principal Balance of Defaulted
Auto Loans at January 31, 1997 (3,501,524)
-----------
Aggregate Principal Balance allocable
to Certificateholders $20,301,987
===========
2. Total Amounts Collected during the Due Period and Deposited into the
Collection Account.
(a) The total amount of Payments collected on
the Auto Loans and deposited into the
Collection Account for the Due Period was ...... $1,242,738.02
-------------
(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 ................. $ 218,867.00
-------------
(c) The total amounts collected on the Auto
Loans and deposited into the Collection
Account for the Due Period was [a + b] ......... $1,461,605.02
-------------
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
---------- ---------------------
34 $371,514.91
4. The information specified in item 13(d) through (f) stated on the
basis of $1,000 Initial Principal Amount.
The Certificate Rate is 7%.
(a) The amount of the aggregate distribution
to be made on such Distribution Date which
constitutes interest on the Investor
Certificates at the Certificate Rate,
including any Shortfall so allocable
stated on the basis of $1,000 Initial
Principal Amount is ............................ $ 3.014842
-------------
(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 ............................ $ 25.692557
-------------
(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 .......... $ 28.707399
-------------
10
<PAGE>
ANNEX C
TO
MASTER ADMINISTRATOR REPORT
DATED February 15, 1997
Calculation of Required Cash Reserve Amount as of the February 20,
1997 Distribution Date.
(i) The Investor Certificate Principal Balance equals
$19,227,628.64.
(ii) Required Reserve Percentage equals 10%.
(iii) The Required Cash Reserve Amount equals (the product of (i)
and (ii)) $1,922,762.86
For purposes of this Annex C, the following term shall have the
following meaning:
"Required Reserve Percentage" means:
(a) for any Payment Date on which there is not an uncured Reserve
Requirement Event, 5 %;
(b) if the Three-Month Delinquency Ratio for any Due Period
exceeds 4% (a "Three Month Delinquency Test"), the Required
Reserve Percentage on each succeeding Payment Date shall be
10%; provided, however, that if, for any Due Period following
the third Due Period following the occurrence of a Three Month
Delinquency Test, the Three Month Delinquency Ratio is less
than 4% (a "Three Month Delinquency Cure"), the provisions of
this clause (b) shall no longer apply until another Three
Month Delinquency Test occurs:
(c) if the Delinquency Ratio for any Due Period exceeds 6% (a
"Delinquency Test"), the Required Reserve Percentage on each
succeeding Payment Date shall be 10%; provided, however, that
if, for any Due Period following the third Due Period
following the occurrence of the less than 6% (a "Delinquency
Cure"), the provisions of this clause (c) shall no longer
apply until another Delinquency Test occurs;
(d) if the Gross Loss Ratio for any Due Period exceeds 18% (a
"Loss Test"), the Required Reserve Percentage on each
succeeding Payment Date shall be 10%; provided, however, that
if, for any Due Period following the third Due Period
following the occurrence of the Loss Test, the Three Month
Gross Ratio is less than 18% (a "Loss Cure"), the provisions
of this clause (d) shall no longer apply until another Test
occurs;
11
<PAGE>
(e) if the Three-Month Gross Loss Ratio for any Due Period exceeds
14.5% (a "Three Month Loss Test"), the Required Reserve
Percentage on each succeeding Payment Date shall be 10%;
provided however, that if, for any Due Period following the
occurrence of a Three Month Loss Test, the Three Month Gross
Loss Ratio is less than 14.5% (a "Three Month Loss Cure"), the
provisions of this clause (e) shall no longer apply until
another Three Month Loss Test occurs; and
(f) if 20% of more of eligible claims of the Auto Loans Protection
Policy are not paid by the Insurance Companies within the time
specified therein, the Required Reserve Percentage on each
succeeding Payment Date shall be 10% as of the close of
business on the last day of the preceding Due Period.
12
<PAGE>
ANNEX C .1
Monthly:
Ratios
------
1. Delinquency Ratio:
January Principal Balance 60+ days = 1,186,935.27 = 4.99%
----------------------------------- -------------
January Aggregate Principal Balance 23,803,511.59
2. Three Month Deliquency Ratio:
Sum of Nov. - Jan. Principal
Balances 60+ days (net) = 2,656,848.41 = 3.56%
------------------------------------ -------------
Sum of Nov.- Jan. Principal Balances 74,569,853.44
3. ALPI Claims Payment Test:
Aggregate Principal Balance of
ALPI Claims not paid within timef = 645,311.60 = 28.02%
------------------------------------ -------------
Principal Balance of Eligible Claims 2,303,134.19
4. Gross Loss Ratio:
Twelve times the:
January Principal Balance of Defaulted
Auto Loans repossessed = 353,124.93 = 17.80%
------------------------------------ -------------
January Aggregate Principal Balance 23,803,511.59
5. Three month Gross Loss Ratio:
Twelve times the:
Sum of Nov. - Jan. Principal Balances
of Defaulted Auto Loans repossess = 1,010,407.12 = 16.26%
------------------------------------ -------------
Sum of Nov. - Jan. Principal Balances 74,569,853 44
Cumulative:
4a. Gross Loss Ratio:
Twelve times the:
January Principal Balance of Defaulted
Auto Loans repossessed = 371,514.91 = 18.73%
------------------------------------ -------------
January Aggregate Principal Balance 23,803,511.59
5a. Three month Gross Loss Ratio:
Twelve times the:
Sum of Nov. - Jan. Principal Balances
of Defaulted Auto Loans repossess = 1,105,730.43 = 17.79%
------------------------------------ -------------
Sum of Nov. - Jan. Principal Balances 74,569,853.44
<PAGE>
MASTER ADMINISTRATOR REPORT
-----------------------------------------------------------
NAFCO AUTO TRUST - 2
For the March 20, 1997 Distribution Date
For the period beginning on February 1, 1997 and ending on
February 28, 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 March 15, 1997.
5. Pool Factor.
(a) The Pool Factor with respect to February
1, 1997 was ........................................ .49113750
---------
(b) The Pool Factor with respect to February
28, 1997 was ....................................... .46986268
---------
6. Investor and Seller Certificate Principal Balance (beginning of Due
Period).
(a) The Investor Certificate Principal Balance
as of February 1, 1997 (after giving
effect to the disbursements in reduction
of principal, if any, on the immediately
preceding Distribution Date) was .............. $18,271,788.43
--------------
1
<PAGE>
(b) The Seller Certificate Principal Balance
as of February 1, 1997 (after giving
effect to the disbursements in reduction
of principal, if any, on the immediately
preceding Distribution Date) was .............. $2,030,198.71
-------------
7. Occurrence of a Required Reserve Event
(a) The Delinquency Ratio is ..................... 4.41%
------
(b) The Three Month Delinquency Ratio is ......... *4.29%
------
(c) The Gross Loss Ratio is ...................... *12.11%
------
(d) The Three Month Gross Loss Ratio is .......... *15.09%
------
(e) The percentage of eligible claims on the
ALPI policy not paid in a timely manner
is(*) ........................................ *29.08%
------
(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 $50,793.32 of claims which are currently in dispute. Such disputed
claims represent 2.4% of all eligible claims.
8. Aggregate Monthly Servicing Fee.
(a) The Monthly Servicing Fee owing to the
Servicer on the related Distribution Date
is ................................................ $74,372.75
----------
(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 ............................... $74,372.75
----------
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 .................... $ 22,548.57
-----------
(b) The amount of accrued and unpaid Monthly
Administrator Fees in respect of prior Due
Periods is ...................................... $ -0-
-----------
(c) The total Monthly Administrator Fee paid
or payable to the Master Administrator in
respect of such Due Period [a+b] is ............. $ 22,548.57
-----------
11. The Cash Reserve Account.
(a) The Insurance Reserve Amount/The Insurance
Deductible
(i) The Insurance Reserve Amount as of
the first day of the Due Period ........... $ 267,264.31
------------
(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 ............................... $ 51,956.84
-------------
(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 ............. $ 215,307.47
-------------
3
<PAGE>
(b) The Available Cash Reserve Amount
(i) The Required Cash Reserve Amount
(assuming all withdrawals or
deposits to be made with respect to
the current Distribution Date are
made) is ................................ $1,827,178.84
-------------
(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 .......... $1,922,762.86
-------------
(iii) The amount to be deposited to
(withdrawn from) the Available Cash
Reserve Amount with respect to the
current Distribution Date is ............ $ (95,584.02)
-------------
(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 ................................ $1,827,178.84
-------------
(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 ................................. $2,042,486.31
-------------
12. Available Funds.
(a) The amount of Available Funds with respect
to the related Due Period was ................. $1,204,334.86
-------------
(b) The amount of Available Funds with respect
to the immediately preceding Due Period
that were retained in the Collection
Account was ................................... $ 126,770.33
-------------
(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 .............................. $ 14,910.72
-------------
4
<PAGE>
(d) Total distributable funds with respect to
the related Due Period [a+b+c] was ............ $1,346,015.91
-------------
(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 ............................... $1,346,015.91
-------------
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 .................. $ 74,372.75
-------------
(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 .................. $ 22,548.57
-------------
(d) The amount of the aggregate distribution
to be made on such Distribution Date which
constitutes interest on the Investor
Certificates at the Certificate Rate,
including any Shortfall so allocable is ....... $ 106,585.43
-------------
(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 ............................... $ 791,487.18
-------------
(f) The total amount of the distribution to be
made on such Distribution Date to the
Investor Certificateholders [d + e] is ........ $ 898,072.61
-------------
(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 ........ $ 11,842.83
-------------
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 .......... $ 87,943.02
-------------
(i) The amount to be deposited (withdrawn) to
the Cash Reserve Account is ................... $ (95,584.02)
-------------
(j) The amount to be retained in the
Collection Account with respect to the
Partial Payment Amount is ..................... $ 107,780.51
-------------
(k) The amount to be disbursed to the Seller
Certificateholder (other than the amounts
referred to in (g) and (h)) is ................ $ 239,039.64
-------------
(l) The total amount of the distribution to be
made to the Seller Certificateholders [g+
h+k] is ....................................... $ 338,825.49
-------------
14. Investor and Seller Certificate Principal
Balance (end of Due Period).
(a) The Investor Certificate Principal Balance
as of February 28, 1997 (after giving
effect to the disbursements in reduction
of principal, if any, on the immediately
preceding Distribution Date) was ............. $17,480,301.25
--------------
(b) The Seller Certificate Principal Balance
as of February 28,1997 (after giving
effect to the disbursements in reduction
of principal, if any, on the related
Distribution Date) was ....................... $ 1,942,255.69
--------------
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 March 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 March 15, 1997
EVENT OF MASTER ADMINISTRATOR TERMINATION
None
8
<PAGE>
ANNEX B
TO
MASTER ADMINISTRATOR REPORT
DATED March 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 February 28, 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) 1,619 $ 15,004,986
30-59 277 2,612,040
60-89 79 825,885
90-120 44 421,304
over 120 520 4,045,409
----- ------------
Totals: 2,539 $ 22,909,624
=====
Aggregate Principal Balance of Defaulted
Auto Loans at February 28, 1997 (3,487,068.)
------------
Aggregate Principal Balance allocable
to Certificateholders $ 19,422,556
============
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 ..... $ 984,067.44
-------------
(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 ..... $ 187,300.40
-------------
(c) The total amounts collected on the Auto
Loans and deposited into the Collection
Account for the Due Period was [a+b] .......... $1,171,367.84
-------------
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 $208,269.76
4. The information specified in item 13(d) through (f) stated on the
basis of $1,000 Initial Principal Amount.
The Certificate Rate is 7%.
(a) The amount of the aggregate distribution
to be made on such Distribution Date which
constitutes interest on the Investor
Certificates at the Certificate Rate,
including any Shortfall so allocable
stated on the basis of $1,000 Initial
Principal Amount is .............................. $ 2.864969
-----------
(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 .............................. $ 21.274821
-----------
(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 ............ $ 24.139790
-----------
10
<PAGE>
ANNEX C
TO
MASTER ADMINISTRATOR REPORT
DATED March 15, 1997
Calculation of Required Cash Reserve Amount as of the March 20, 1997
Distribution Date.
(i) The Investor Certificate Principal Balance
equals $18,271,788.43.
(ii) Required Reserve Percentage equals 10%.
(iii) The Required Cash Reserve Amount equals
(the product of (i) and (ii))
$1,827,178.84
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
1. Delinquency Ratio:
February Principal Balance 60+ days = 1,009,569.47 = 4.41%
------------------------------------ -------------
February Aggregate Principal Balance 22,909,624.81
2. Three Month Delinquency Ratio:
Sum of Dec. - Feb. Principal
Balances 60+ days (net) = 3,064,979.15 = 4.29%
------------------------------------ --------------
Sum of Dec.- Feb. Principal Balances 71,499,776.87
3. Gross Loss Ratio:
Twelve times the:
February Principal Balance of
Defaulted Auto Loans repossessed = 231,205.60 = 12.11%
------------------------------------ --------------
February Aggregate Principal Balance 22,909,624.81
4. Three month Gross Loss Ratio:
Twelve times the:
Sum of Dec. - Feb. Principal Balances
of Defaulted Auto Loans repossess = 899,049.98 = 15.09%
------------------------------------ --------------
Sum of Dec. - Feb. Principal Balances 71,499,776.87
5. ALPI Claims Payment Test:
Aggregate Principal Balance of
ALPI Claims not paid within timefr = 709,736.73 = 29.08%
------------------------------------ --------------
Principal Balance of Eligible Claims 2,440,589.20
<PAGE>
MASTER ADMINISTRATOR REPORT
---------------------------------------------------------------
NAFCO AUTO TRUST - 2
For the April 21, 1997 Distribution Date
For the period beginning on March 1, 1997
and ending on March 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 April 16, 1997.
5. Pool Factor.
(a) The Pool Factor with respect to
March 1, 1997 was ................................. .46986268
---------
(b) The Pool Factor with respect to
March 31, 1997 was ................................ .45025022
---------
6. Investor and Seller Certificate Principal Balance (beginning of
Due Period).
(a) The Investor Certificate Principal Balance
as of March 1, 1997 (after giving effect
to the disbursements in reduction of
principal, if any, on the immediately
preceding Distribution Date) was .............. $17,480,301.25
--------------
1
<PAGE>
(b) The Seller Certificate Principal Balance
as of March 1, 1997 (after giving effect
to the disbursements in reduction of
principal, if any, on the immediately
preceding Distribution Date) was .............. $ 1,942,255.69
--------------
7. Occurrence of a Required Reserve Event
(a) The Delinquency Ratio is ........................... 5.57%
---------
(b) The Three Month Delinquency Ratio is ............... *4.98%
---------
(c) The Gross Loss Ratio is ............................ 6.87%
---------
(d) The Three Month Gross Loss Ratio is ................ *12.41%
---------
(e) The percentage of eligible claims on the
ALPI policy not paid in a timely manner
is(*) .............................................. *34.40%
---------
(f) The Required Reserve Percentage is ................. 10.00%
---------
(g) *Indicates which Required Reserve Event
has occurred.
See ANNEX C.1 for Ratio Calculations
(*) The percentage of claims on the ALPI policy not paid in a timely manner
includes $53,232.28 of claims which are currently in dispute. Such disputed
claims represent 2.2% of all eligible claims.
8. Aggregate Monthly Servicing Fee.
(a) The Monthly Servicing Fee owing to the
Servicer on the related Distribution Date
is ............................................... $ 91,364.28
-----------
(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 ............................. $ 91,364.28
-----------
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 .................... $ 23,518.97
-----------
(13) 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 ............. $ 23,518.97
-----------
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 ............ $215,307.47
-----------
(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.......... $ 43,672.65
-----------
(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 ............... $171,634.82
-----------
3
<PAGE>
(b) The Available Cash Reserve Amount
(i) The Required Cash Reserve Amount
(assuming all withdrawals or deposits
to be made with respect to the
current Distribution Date are made)
is ........................................ $1,748,030.13
-------------
(ii) The Available Cash Reserve Amount
available for deposit to the
Collection Account on the related
Deposit Date (prior to any withdrawals
or deposits to be made with respect
to the current Distribution Date are
made) is .................................. $1,827,178.84
-------------
(iii) The amount to be deposited to
(withdrawn from) the Available Cash
Reserve Amount with respect to the
current Distribution Date is ............. $ (79,148.71)
-------------
(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 ................................. $1,748,030.13
-------------
(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 ............................................ $1,919,664.95
-------------
12. Available Funds.
(a) The amount of Available Funds with respect
to the related Due Period was ................. $1,371,262.00
-------------
(b) The amount of Available Funds with respect
to the immediately preceding Due Period
that were retained in the Collection
Account was ................................... $ 107,780.51
-------------
(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 .............................. $ 14,616.72
-------------
4
<PAGE>
(d) Total distributable funds with respect to
the related Due Period [a+b+c] was ............ $1,493,659.23
-------------
(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 ............................... $l,493,659.23
-------------
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 .................. $ 91,364.28
-------------
(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 .................. $ 23,518.97
-------------
(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 ....... $ 101,968.42
-------------
(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 ............................... $ 729,642.29
-------------
(f) The total amount of the distribution to be
made on such Distribution Date to the
Investor Certificateholders [d+e] is .......... $ 831,610.71
-------------
(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 ........ $ 11,329.82
-------------
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 .......... $ 81,071.36
-------------
(i) The amount to be deposited (withdrawn) to
the Cash Reserve Account is ................... $ (79,148.71)
-------------
(J) The amount to be retained in the
Collection Account with respect to the
Partial Payment Amount is ..................... $ 105,616.80
-------------
(k) The amount to be disbursed to the Seller
Certificateholder (other than the amounts
referred to in (g) and (h)) is ................ $ 428,296.00
-------------
(l) The total amount of the distribution to be
made to the Seller Certificateholders
[g+h+k] is .................................... $ 520,697.18
-------------
14. Investor and Seller Certificate Principal Balance (end of Due
Period).
(a) The Investor Certificate Principal Balance
as of March 31, 1997 (after giving effect
to the disbursements in reduction of
principal, if any, on the immediately
preceding Distribution Date) was ............. $16,750,658.96
--------------
(b) The Seller Certificate Principal Balance
as of March 31,1997 (after giving effect
to the disbursements in reduction of
principal, if any, on the related
Distribution Date) was ....................... $1,861,184.33
-------------
15. Events of Administrator Termination.
No event has occurred and is continuing which constitutes an Event
of Administrator Termination or would constitute an Event of
Administrator Termination but for the requirement that notice be
given or time elapse or both [except as disclosed on the attached
Annex A].
6
<PAGE>
IN WITNESS WHEREOF, the undersigned has duly executed and delivered
this certificate this 16th day of April 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 April 16, 1997
EVENT OF MASTER ADMINISTRATOR TERMINATION
None
8
<PAGE>
ANNEX B
TO
MASTER ADMINISTRATOR REPORT
DATED April 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 March 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) 1,619 $ 14,661,807
30-59 228 2,152,100
60-89 83 747,104
90 - 120 31 347,916
over 120 540 3,969,441
---------- -----------
Totals: 2,501 $21,878,368
========== ===========
Aggregate Principal Balance of Defaulted Auto
Loans at March 31, 1997 (3,266,525)
-----------
Aggregate Principal Balance allocable
to Certificateholders $18,611,843
-----------
2. Total Amounts Collected during the Due Period and Deposited into the
Collection Account.
(a) The total amount of Payments collected on
the Auto Loans and deposited into the
Collection Account for the Due Period was ..... $ 1,049,478.94
--------------
(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 ................ $ 280,274.12
--------------
(c) The total amounts collected on the Auto
Loans and deposited into the Collection
Account for the Due Period was [a+b] .......... $ 1,329,753.06
--------------
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
---------- ---------------------
15 $132,177.40
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 ............................ $ 2.740866
------------
(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 ............................ $ 19.612458
------------
(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 .......... $ 22.353324
------------
10
<PAGE>
ANNEX C
TO
MASTER ADMINISTRATOR REPORT
DATED April 16, 1997
Calculation of Required Cash Reserve Amount as of the April 21, 1997
Distribution Date.
(i) The Investor Certificate Principal Balance equals
$17,480,301.25.
(ii) Required Reserve Percentage equals 10%.
(iii) The Required Cash Reserve Amount equals (the product of (i)
and (ii)) $1,748,030.13
For purposes of this Annex C, the following term shall have the
following meaning:
"Required Reserve Percentage" means:
(a) for any Payment Date on which there is not an uncured Reserve
Requirement Event, 5%;
(b) if the Three-Month Delinquency Ratio for any Due Period
exceeds 4% (a "Three Month Delinquency Test"), the Required
Reserve Percentage on each succeeding Payment Date shall be
10%; provided, however, that if, for any Due Period following
the third Due Period following the occurrence of a Three Month
Delinquency Test, the Three Month Delinquency Ratio is less
than 4% (a "Three Month Delinquency Cure"), the provisions of
this clause (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:
March Principal Balance 60+ days (net) = 1,218,854.12 = 5.57%
----------------------------------------- ---------------
March Aggregate Principal Balance 21,878,368.57
2. Three Month Delinquency Ratio:
Sum of Jan. - Mar. Principal
Balances 60+ days (net) = 3,415,358.86 = 4.98%
----------------------------------------- ---------------
Sum of Jan.- Mar. Principal Balances 68,591,504.97
3. Gross Loss Ratio:
Twelve times the:
March Principal Balance of Defaulted
Auto Loans repossessed = 125,185.64 = 6.87%
----------------------------------------- ---------------
March Aggregate Principal Balance 21,878,368.57
4. Three month Gross Loss Ratio:
Twelve times the:
Sum of Jan. - Mar. Principal Balances
of Defaulted Auto Loans repossessed = 709,516.17 = 12.41%
----------------------------------------- ---------------
Sum of Jan. - Mar. Principal Balances 68,591,504.97
5. ALPI Claims Payment Test:
Aggregate Principal Balance of
ALP Claims not paid within timeframe = 838,972.04 = 34.40%
----------------------------------------- ---------------
Principal Balance of Eligible Claims 2,438,960.25
<PAGE>
MASTER ADMINISTRATOR REPORT
---------------------------------------------------------------
NAFCO AUTO TRUST - 3
For the February 20, 1997 Distribution Date
For the period beginning on Janaury 1, 1997
and ending on January 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 February 15, 1997.
5. Pool Factor.
(a) The Pool Factor with respect to Janaury 1,
1997 was ........................................ .73066956
---------
(b) The Pool Factor with respect to Janaury
31, 1997 was .................................... .69702844
---------
6. Investor and Seller Certificate Principal
Balance beginning of Due Period).
(a) The Investor Certificate Principal Balance
as of Janaury 1, 1997 (after giving effect
to the disbursements in reduction of
principal, if any, on the immediately
preceding Distribution Date) was .......... $ 24,126,708.92
---------------
1
<PAGE>
(b) The Seller Certificate Principal Balance
as of Janaury 1, 1997 (after giving effect
to the disbursements in reduction of
principal, if any, on the immediately
preceding Distribution Date) was .......... $ 2,680,745.44
---------------
7. Occurrence of a Required Reserve Event
(a) The Delinquency Ratio is ............. *9.47%
------
(b) The Three Month Deliquency Ratio is... *7.39%
------
(c) The percentage of eligible claims on the
ALPI policy not paid in a timely manner
is(*) ................................ *33.86%
-------
(*) 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.
Cumulative Monthy
---------- -------
(d) The Gross Loss Ratio is .............. 41.48% *24.04%
------ -------
(e) The Three Month Gross Loss Ratio is .. 35.63% *17.72%
------ -------
(f) The Required Reserve Percentage is ... 10.00%
------
(g) * Indicates which Required Reserve Event has occurred.
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 .......................................... $ 86,906.83
--------------
(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 ......................... $ 86,906.83
--------------
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 ................ $ 26,851.01
--------------
(b) The amount of accrued and unpaid Monthly
Administrator Fees in respect of prior Due
Periods is .................................. $ -0-
--------------
(c) The total Monthly Administrator Fee paid
or payable to the Master Administrator in
respect of such Due Period [a+b] is ......... $ 26,851.01
--------------
11. The Cash Reserve Account.
(a) The Insurance Reserve Amount/The Insurance
Deductible
(i) The Insurance Reserve Amount as of
the first day of the Due Period ....... $ 1,119,495.53
--------------
(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 ............................ $ 57,608.25
--------------
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 .......... $ 1,061,887.28
--------------
(b) The Available Cash Reserve Amount
(i) The Required Cash Reserve Amount
(assuming all withdrawals or
deposits to be made with respect to
the current Distribution Date are
made) is .............................. $ 2,412,670.89
(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 ........ $ 1,904,942.28
--------------
(iii) The amount to be deposited to
(withdrawn from) the Available Cash
Reserve Amount with respect to the
current Distribution Date is so ....... $ -0-
--------------
(iv) The Available Cash Reserve Amount
available for deposit to the
Collection Account on the related
Deposit Date (after any withdrawals
or deposits to be made with respect
to the current Distribution Date are
made) is .............................. $ 1,904,942.28
--------------
(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 ............................... $ 2,966,829.56
--------------
4
<PAGE>
12. Available Funds
(a) The amount of Available Funds with respect
to the related Due Period was ............... $ 1,444,900.62
--------------
(b) The amount of Available Funds with respect
to the immediately preceding Due Period
that were retained in the Collection
Account was ................................. $ 70,179.55
--------------
(c) Interest earned on and retained in the
Collection Account and interest earned on
the Cash Reserve Account and transferred
into the Collection Account for the Due
Period on the related Deposit Date was ...... $ 19,008.81
--------------
(d) Total distributable funds with respect to
the related Due Period [a+b+c] was .......... $ 1,534,088.98
--------------
(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 ............................. $ 1,534,088.98
--------------
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 ................ $ 86,906.83
--------------
(b) The amount of the aggregate Monthly
Subrogation Amount to be paid to the
Master Administrator on such Distribution
date is ..................................... $ -0-
--------------
(c) The amount of the Monthly Administrator
Fee to be paid to the Master Administrator
on such Distribution Date is ................ $ 26,851.01
--------------
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 ..... $ 130,686.34
--------------
(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 ............................. $ 1,110,829.68
--------------
(f) The total amount of the distribution to be
made on such Distribution Date to the
Investor Certificateholders [d+e] is ........ $ 1,241,516.02
--------------
(g) The amount of the aggregate distribution
to be made on such Distribution Date which
constitutes interest on the Seller
Certificate at the Certificate Rate is ...... $ 14,520.70
--------------
(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 ........ $ 90,790.43
--------------
(i) The amount to be deposited in the Cash
Reserve Account is .......................... $ -0-
--------------
(j) The amount to be retained in the
Collection Account with respect to the
Reinvestment Amount and the Partial
Payment Amount is ........................... $ 73,503.99
--------------
(k) The amount to be disbursed to the Seller
Certificateholder (other than the amounts
referred to in (g) and (h) is ............... $ -0-
--------------
(l) The total amount of the distribution to be
made to the Seller Certificateholders
[g+h+k] is .................................. $ 105,311.13
--------------
6
<PAGE>
14. Investor and Seller Certificate Principal
Balance (end of Due Period).
(a) The Investor Certificate Principal Balance
as of Janaury 31, 1997 (after giving
effect to the disbursements in reduction
of principal, if any, on the immediately
preceding Distribution Date) was ............ $23,015,879.24
--------------
(b) The Seller Certificate Principal Balance
as of Janaury 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 .............................. $ 2,589,955.01
--------------
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 February 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 February 15, 1997
EVENT OF MASTER ADMINISTRATOR TERMINATION
None
9
<PAGE>
ANNEX B
TO
MASTER ADMINISTRATOR REPORT
DATED February 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 Janaury 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) 1705 $ 17,857,271
30-59 267 2,867,056
60-89 120 1,369,024
90 - 120 62 720,419
over 120 516 4,416,267
------- -------------
Totals: 2,670 $ 27,230,037
=======
Aggregate Principal Balance of Defaulted
Auto Loans at Janaury 31, 1997 .............. (1,656,838)
-------------
Aggregate Principal Balance allocable to
Certificateholders .......................... $ 25,573,199
=============
2. Total Amounts Collected during the Due Period
and Deposited into the Collection Account.
(a) The total amount of Payments collected on
the Auto Loans and deposited into the
Collection Account for the Due Period was ... $ 1,129,014.00
--------------
(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 .............. $ 254,953.93
--------------
(c) The total amounts collected on the Auto
Loans and deposited into the Collection
Account for the Due Period was [a+b] ...... $ 1,383,967.93
--------------
10
<PAGE>
3. Defaulted Auto Loans.
Auto Loans that became Defaulted Auto Loans during the Due Period:
Number of Aggregate Principal
Auto Loans Balance of Auto Loans
---------- ---------------------
46 $551,424.28
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 ......................... $ 3.957793
-------------
(b) The amount of the aggregate distribution
to be made on such Distribution Date which
constitutes payments in reduction of
principal with respect to the Investor
Certificate on the basis of $1,000 Initial
Principal Amount is ......................... $ 33.641117
-------------
(c) The total amount of the distribution to be
made on such Distribution Date to the
Investor Certificateholders on the basis
of $1,000 Initial Principal Amount is ....... $ 37.598910
-------------
11
<PAGE>
ANNEX C
TO
MASTER ADMINISTRATOR REPORT
DATED February 15, 1997
Calculation of Required Cash Reserve Amount as of the February 20,
1997 Distribution Date.
(i) The Investor Certificate Principal Balance equals
$24,126,708.92
(ii) Required Reserve Percentage equals 10%.
(iii) The Required Cash Reserve Amount equals (the product of (i)
and (ii)) $2,412,670.89
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
Monthly:
1. Delinquency Ratio: Ratios
-------
January Principal Balance 60+ days (net) = 2,577,467.88 = 9.47%
--------------------------------------- ---------------
January Aggregate Principal Balance 27,230,037.17
2. Three Month Deliquency Ratio:
Sum of Nov-January Principal Balances
60+ days (net) = 6,252,982.28 = 7.39%
--------------------------------------- ---------------
Sum of Nov-January Principal Balances 84,587,329.67
3. ALPI Claims Payment Test:
Aggregate Principal Balance of
ALPI Claims not paid within timeframe = 519,750.34 = 33.86%
--------------------------------------- ---------------
Principal Balance of Eligible Claims 1,535,058.21
4. Gross Loss Ratio:
Twelve times the:
January Principal Balance of Defaulted
Auto Loans repossessed = 545,526.81 = 24.04%
--------------------------------------- ---------------
January Aggregate Principal Balance 27,230,037.17
5. Three month Gross Loss Ratio:
Twelve times the:
Sum of Nov-January Principal Balances
of Defaulted Auto Loans repossessed = 1,249,280.73 = 17.72%
--------------------------------------- ---------------
Sum of Nov-January Principal Balances 84,587,329.67
Cummulative:
4a. Gross Loss Ratio:
Twelve times the:
January Principal Balance of Defaulted
Auto Loans repossessed = 941,172.42 = 41.48%
--------------------------------------- ---------------
January Aggregate Principal Balance 27,230,037.17
5a. Three month Gross Loss Ratio:
Twelve times the:
Sum of Nov-January Principal Balances
of Defaulted Auto Loans repossessed = 2,511,381.39 = 35.63%
--------------------------------------- ---------------
Sum of Nov-January Principal Balances 84,587,329.67
<PAGE>
MASTER ADMINISTRATOR REPORT
--------------------------------------------------------------
NAFCO AUTO TRUST - 3
For the March 20, 1997 Distribufion Date
For the period beginning on February 1, 1997
and ending on February 28, 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 defmed 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 March 15, 1997.
5. Pool Factor.
(a) The Pool Factor with respect to
February 1, 1997 was ........................ .69702844
---------
(b) The Pool Factor with respect to
February 28, 1997 was ....................... .66773878
---------
6. Investor and Seller Certificate Principal Balance (beginning of Due
Period).
(a) The Investor Certificate Principal Balance
as of February 1, 1997 (after giving
effect to the disbursements in reduction
of principal, if any, on the immediately
preceding Distribution Date) was ............ $ 23,015,879.24
--------------
1
<PAGE>
(b) The Seller Certificate Principal Balance
as of February 1, 1997 (after giving
effect to the disbursements in reduction
of principal, if any, on the immediately
preceding Distribution Date)
was.............................................$2,589,955.O1
--------------
7. Occurrence of a Required Reserve Event
(a) The Delinquency Ratio is.....................................* 7.92%
----
(b) The Three Month Delinquency Ratio is.........................* 8.10%
----
(c) The Gross Loss Ratio is......................................*15.99%
-----
(d) The Three Month Gross Loss Ratio is .........................*17.54%
-----
(e) The percentage of eligible claims on the
ALPI policy not paid in a timely manner
is(*)........................................................*32.21%
-----
(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.........................................$ 88,124.80
-------------
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 .............................................$ 88,124.80
-------------
2
<PAGE>
9. Aggregate Monthlv 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.........................................$ 24,964.75
-------------
(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..............................................$ 22,964.75
-------------
11. The Cash Reserve Account.
(a) The Insurance Reserve Amount/The
Insurance Deductible
(i) The Insurance Reserve Amount as of
the first day of the Due
Period....................................$1,061,887.28
--------------
(ii) The aggregate Insurance Deductible
to be deposited by the Seller into
the Cash Reserve Account on the
Deposit Date with respect to
additional Auto Loans acquired...........$ -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................................$ 75,929.18
--------------
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 .............$ 985,958.10
--------------
(b) The Available Cash Reserve Amount
(i) The Required Cash Reserve Amount
(assuming all withdrawals or
deposits to be made with respect
to the current Distribution Date
are made) is . ...........................$2,301,587.92
--------------
(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 ...........$1,904,942.28
--------------
(iii) The amount to be deposited to
(withdrawn from) the Available
Cash Reserve Amount with respect
to the current Distribution Date
is... ....................................$ 11,467.16
--------------
(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....... ................................$1,916,409.44
--------------
(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 above) is ...........................$2,902,367.54
--------------
4
<PAGE>
12. Available Funds
(a) The amount of Available Funds with
respect to the related Due Period was ..........$1,353,381.92
--------------
(b) The amount of Available Funds with
respect to the immediately preceding Due
Period that were retained in the
Collection Account was .........................$ 73,503.99
--------------
(c) Interest earned on and retained in the
Collection Account and interest earned
on the Cash Reserve Account and
transferred into the Collection Account
for the Due Period on the related
Deposit Date was ...............................$ 17,456.69
--------------
(d) Total distributable funds with respect
to the related Due Period [a+b+c]
was ............................................$1,444.342.60
--------------
(e) The amount of Available Funds used to
purchase additional Auto Loans during
the related Due Period was .....................$ -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 ................$1,444,342.60
--------------
13. Disbursements to be made on the related Distribution Date:
The Certificate Rate is 6.50%.
(a) The amount of the aggregate Monthly
Servicing Fee to be paid to the Servicer
on such Distribution Date is ...................$ 88,124.80
--------------
(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 .............................................$ 24,964.75
--------------
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 ...................................$ 124,669.35
--------------
(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 .......................$ 967,144.58
--------------
(f) The total amount of the distribution to
be made on such Distribution Date to the
Investor Certificateholders [d+e] is ...........$1,091,813.93
--------------
(g) The amount of the aggregate distribution
to be made on such Distribution Date
which constitutes interest on the Seller
Certificate at the Certificate Rate is .........$ 14,028.92
--------------
(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 .................................$ 140,095.60
--------------
(i) The amount to be deposited in the Cash
Reserve Account is .............................$ 11,467.16
--------------
(j) The amount to be retained in the
Collection Account with respect to the
Reinvestment Amount and the Partial
Payment Amount is ..............................$ 73,847.44
--------------
(k) The amount to be disbursed to the Seller
Certificateholder (other than the
amounts referred to in (g) and (h) .............$ -0-
--------------
(1) The total amount of the distribution to
be made to the Seller Certificateholders
[g+h+k] is .....................................$ 154,124.52
--------------
6
<PAGE>
14. Investor and Seller Certificate Principal Balance (end of Due
Period).
(a) The Investor Certificate Principal Balance
as of February 28, 1997 (after giving
effect to the disbursements in reduction
of principal, if any, on the immediately
preceding Distribution Date) was................$22,048,734.66
--------------
(b) The Seller Certificate Principal Balance
as of February 28, 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...................................$2,449,859.41
-------------
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 March 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 March 15, 1997
EVENT OF MASTER ADMINISTRATOR TERMINATION
None
9
<PAGE>
ANNEX B
TO
MASTER ADMINISTRATOR REPORT
DATED March 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 February 28, 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) 1684 $17,345,407
30 - 59 261 2,793,667
60 - 89 88 926,669
90 - 120 70 795,236
over 120 526 4,421,368
----- -----------
Totals: 2,629 $26,282,347
=====
Aggregate Principal Balance of Defaulted
Auto Loans at February 28, 1997 (1,783,753)
-----------
Aggregate Principal Balance allocable
to Certificateholders $24,498,594
===========
2. Total Amounts Collected during the Due Period and Deposited into the
Collection Account.
(a) The total amount of Payments collected on
the Auto Loans and deposited into the
Collection Account for the Due Period was........$1,071,142.50
-------------
(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.....................$205,966.79
-----------
(c) The total amounts collected on the Auto
Loans and deposited into the Collection
Account for the Due Period was [a+b].............$1,277,109.29
-------------
10
<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
---------- ---------------------
34 $391,099.60
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..................................$3.775571
---------
(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.................................$29.289660
----------
(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...............$33.065231
----------
11
<PAGE>
ANNEX C
TO
MASTER ADMINISTRATOR REPORT
DATED March 15, 1997
Calculation of Required Cash Reserve Amount as of the March 20, 1997
Distribution Date.
(i) The Investor Certificate Principal Balance equals
$23,015,879.24
(ii) Required Reserve Percentage equals 10%.
(iii) The Required Cash Reserve Amount equals (the product of (i)
and (ii)) $2,301,587.92
For purposes of this Annex C, the following term shall have the
following meaning:
"Required Reserve Percentage" means:
(a) for any Payment Date on which there is not an uncured Reserve
Requirement Event, 5%;
(b) if the Three-Month Delinquency Ratio for any Due Period
exceeds 4% (a "Three Month Delinquency Test"), the Required
Reserve Percentage on each succeeding Payment Date shall be
10%; provided, however, that if, for any Due Period following
the third Due Period following the occurrence of a Three Month
Delinquency Test, the Three Month Delinquency Ratio is less
than 4% (a "Three Month Delinquency Cure"), the provisions of
this clause (b) shall no longer apply until another Three
Month Delinquency Test occurs;
(c) if the Delinquency Ratio for any Due Period exceeds 6% (a
"Delinquency Test"), the Required Reserve Percentage on each
succeeding Payment Date shall be 10%; provided, however, that
if, for any Due Period following the third Due Period
following the occurrence of the less than 6% (a "Delinquency
Cure"), the provisions of this clause (c) shall no longer
apply until another Delinquency Test occurs;
(d) if the Gross Loss Ratio for any Due Period exceeds 18% (a
"Loss Test"), the Required Reserve Percentage on each
succeeding Payment Date shall be 10%; provided, however, that
if, for any Due Period following the third Due Period
following the occurrence of the Loss Test, the Three Month
Gross Ratio is less than 18% (a "Loss Cure"), the provisions
of this clause (d) shall no longer apply until another Test
occurs;
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:
February Principal Balance 60+ days (net = 2,081,741.70 = 7.92%
---------------------------------------- -------------
February Aggregate Principal Balance 26,282,347.26
2. Three Month Deliquency Ratio:
Sum of Dec-February Principal Balances
60+ days (net) = 6,617,679.58 = 8.10%
---------------------------------------- -------------
Sum of Dec-February Principal Balances 81,726,454.32
3. Gross Loss Ratio:
Twelve times the:
February Principal Balance of Defaulted
Auto Loans repossessed = 350,139.72 = 15.99%
---------------------------------------- -------------
February Aggregate Principal Balance 26,282,347.26
4. Three month Gross Loss Ratio:
Twelve times the:
Sum of Dec. - Feb. Principal Balances
of Defaulted Auto Loans repossessed = 1,194,417.49 = 17.54%
---------------------------------------- -------------
Sum of Dec. - Feb. Principal Balances 81,726,454.32
5. ALPI Claims Payment Test:
Aggregate Principal Balance of
ALPI Claims not paid within timeframe = 563,465.69 = 32.21%
---------------------------------------- -------------
Principal Balance of Eligible Claims 1,749,134.21
<PAGE>
MASTER ADMINISTRATOR REPORT
------------------------------------------------------
NAFCO AUTO TRUST - 3
For the April 21, 1997 Distribution Date
For the period beginning on March 1, 1997
and ending on March 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 April 16, 1997.
5. Pool Factor.
(a) The Pool Factor with respect to March 1,
1997 was............................................ .66773878
---------
(b) The Pool Factor with respect to March 31,
1997 was............................................ .63305675
---------
6. Investor and Seller Certificate Principal Balance (beginning of Due
Period).
(a) The Investor Certificate Principal Balance
as of March 1, 1997 (after giving effect
to the disbursements in reduction of
principal, if any, on the immediately
preceding Distribution Date) was................$22,048,734.66
--------------
1
<PAGE>
(b) The Seller Certificate Principal Balance
as of March 1, 1997 (after giving effect
to the disbursements in reduction of
principal, if any, on the immediately
preceding Distribution Date) was.................$2,449,859.41
-------------
7. Occurrence of a Required Reserve Event
(a) The Delinquency Ratio is...............................* 8.94%
----
(b) The Three Month Deliquency Ratio is....................* 8.78%
----
(c) The Gross Loss Ratio is...............................* 17.63%
-----
(d) The Three Month Gross Loss Ratio is...................* 19.30%
-----
(e) The percentage of eligible claims on the
ALPI policy not paid in a timely manner
is(*).................................................* 42.60%
-----
(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.................................................$110,147.90
-----------
(b) The amount of accrued and unpaid Monthly
Servicing Fees in respect of prior Due
Periods is...............................................$ -0-
-----
(c) The total Monthly Servicing Fee paid or
payable to the Servicer in respect of such
Due Period [a+b] is................................$110,147.90
-----------
2
<PAGE>
9. Aggregate Monthly Subrogation Amount.
(a) The Monthly Subrogation Amount owing on
the related Distribution Date is.........................$ -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........................$25,893.08
----------
(b) The amount of accrued and unpaid Monthly
Administrator Fees in respect of prior Due
Periods is...............................................$ -0-
-----
(c) The total Monthly Administrator Fee paid
or payable to the Master Administrator in
respect of such Due Period [a+b] is..,,.............$25,893.08
----------
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..............$985,958.10
-----------
(ii) The aggregate Insurance Deductible
to be deposited by the Seller into
the Cash Reserve Account on the
Deposit Date with respect to
additional Auto Loans acquired.....................$ -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...................................$122,278.04
-----------
3
<PAGE>
(iv) The aggregate amount of Monthly
Subrogation Amount to be deposited
into the Insurance Reserve Amount on
the related Deposit Date...........................$ -0-
-----
(v) The Insurance Reserve Amount as of
the end of the Due Period is.................$863,680.06
-----------
(b) The Available Cash Reserve Amount
(i) The Required Cash Reserve Amount
(assuming all withdrawals or
deposits to be made with respect to
the current Distribution Date are
made) is...................................$2,204,873.47
-------------
(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.............$1,916,409.44
-------------
(iii) The amount to be deposited to
(withdrawn from) the Available Cash
Reserve Amount with respect to the
current Distribution Date is.......................$ -0-
-----
(iv) The Available Cash Reserve Amount
available for deposit to the
Collection Account on the related
Deposit Date (after any withdrawals
or deposits to be made with respect
to the current Distribution Date are
made) is...................................$1,916,409.44
-------------
(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....................................$2,780,089.50
-------------
4
<PAGE>
12. Available Funds.
(a) The amount of Available Funds with respect
to the related Due Period was....................$1,461,385.42
-------------
(b) The amount of Available Funds with respect
to the immediately preceding Due Period
that were retained in the Collection
Account was.........................................$73,847.44
----------
(c) Interest earned on and retained in the
Collection Account and interest earned on
the Cash Reserve Account and transferred
into the Collection Account for the Due
Period on the related Deposit Date was..............$18,536.73
----------
(d) Total distributable funds with respect to
the related Due Period [a+b+c] was...............$1,553,769.59
-------------
(e) The amount of Available Funds used to
purchase additional Auto Loans during the
related Due Period was...................................$ -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..................................$1,553,769.59
-------------
13. Disbursements to be made on the related Distribution Date.
The Certificate Rate is 6.50%.
(a) The amount of the aggregate Monthly
Servicing Fee to be paid to the Servicer
on such Distribution Date is.......................$110,147.90
-----------
(b) The amount of the aggregate Monthly
Subrogation Amount to be paid to the
Master Administrator on such Distribution
date is..................................................$ -0-
-----
(c) The amount of the Monthly Administrator
Fee to be paid to the Master Administrator
on such Distribution Date is........................$25,893.08
----------
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............$119,430.65
-----------
(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..................................$1,145,200.78
-------------
(f) The total amount of the distribution to be
made on such Distribution Date to the
Investor Certificateholders [d+e] is.............$1,264,631.43
-------------
(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..............$13,270.07
----------
(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................$66,856.02
----------
(i) The amount to be deposited in the Cash
Reserve Account is.........................................$ 0
---
(j) The amount to be retained in the
Collection Account with respect to the
Reinvestment Amount and the Partial
Payment Amount is...................................$72,971.09
----------
(k) The amount to be disbursed to the Seller
Certificateholder (other than the amounts
referred to in (g) and (h) is............................$ -0-
-----
(1) The total amount of the distribution to be
made to the Seller Certificateholders [g+
h+k] is.............................................$80,126.09
----------
6
<PAGE>
14. Investor and Seller Certificate Principal Balance (end of Due
Period).
(a) The Investor Certificate Principal Balance
as of March 31, 1997 (after giving effect
to the disbursements in reduction of
principal, if any, on the immediately
preceding Distribution Date) was................$20,903,533.88
--------------
(b) The Seller Certificate Principal Balance
as of March 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...................................$2,383,003.39
-------------
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 April 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 April 16, 1997
EVENT OF MASTER ADMINISTRATOR TERMINATION
None
9
<PAGE>
ANNEX B
TO
MASTER ADMINISTRATOR REPORT
DATED April 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 March 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) 1647 $16,570,164
30-59 241 2,596,093
60-89 75 811,721
90 - 120 55 580,522
over 120 565 4,619,667
----- -----------
Totals: 2,583 $25,178,167
=====
Aggregate Principal Balance of Defaulted
Auto Loans at March 31, 1997 (1,952,018)
-----------
Aggregate Principal Balance allocable
to Certificateholders $23,226,149
===========
2. Total Amounts Collected during the Due Period and Deposited into the
Collection Account.
(a) The total amount of Payments collected on
the Auto Loans and deposited into the
Collection Account for the Due Period was........$1,039,606.94
-------------
(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.....................$300,376.79
-----------
(c) The total amounts collected on the Auto
Loans and deposited into the Collection
Account for the Due Period was [a+b].............$1,339,983.73
-------------
10
<PAGE>
3. Defaulted Auto Loans.
Auto Loans that became Defaulted Auto Loans during the Due Period:
Number of Aggregate Principal
Auto Loans Balance of Auto Loans
---------- ---------------------
49 $572,173.76
4. The information specified in item 13(d) through (f) stated on the
basis of $1,000 Initial Principal Amount.
The Certificate Rate is 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..................................$3.616919
---------
(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.................................$34.682035
----------
(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...............$38.298954
----------
11
<PAGE>
ANNEX C
TO
MASTER ADMINISTRATOR REPORT
DATED April 16, 1997
Calculation of Required Cash Reserve Amount as of the April 21, 1997
Distribution Date.
(i) The Investor Certificate Principal Balance equals
$22,048,734.66
(ii) Required Reserve Percentage equals 10%.
(iii) The Required Cash Reserve Amount equals (the product of (i)
and (ii)) $2,204,873.47
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 it 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:
March Principal Balance 60+ days (net = 2,250,530.75 = 8.94%
---------------------------------------- -------------
March Aggregate Principal Balance 25,178,166.67
2. Three Month Deliquency Ratio:
Sum of Jan-March Principal Balances
60+ days (net) = 6,909,740.33 = 8.78%
---------------------------------------- -------------
Sum of Jan-March Principal Balances 78,690,551.10
3. Gross Loss Ratio:
Twelve times the:
March Principal Balance of Defaulted
Auto Loans repossessed = 369,971.19 = 17.63%
---------------------------------------- -------------
March Aggregate Principal Balance 25,178,166.67
4. Three month Gross Loss Ratio:
Twelve times the:
Sum of Jan. - Mar. Principal Balances
of Defaulted Auto Loans repossessed = 1,265,637.72 = 19.30%
---------------------------------------- -------------
Sum of Jan. - Mar. Principal Balances 78,690,551.10
5. ALPI Claims Payment Test:
Aggregate Principal Balance of
ALPI Claims not paid within timeframe = 763,321.80 = 42.60%
---------------------------------------- -------------
Principal Balance of Eligible Claims 1,791,758.25
