UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
(Mark One)
|X| Annual report pursuant to Section 13 or 15(d) of the Securities Exchange
Act of 1934
For the year ended December 31, 1996
OR
|_| Transition report pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
For the transition period from
Commission file number 33-56618
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 |_|
Indicate by check mark if disclosure of delinquent filers pursuant to Item
405 of Regulation S-K is not contained herein, and will not be contained, to the
best of the Registrant's knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form 10-K or any
amendment to this Form 10-K. [ x ]
The aggregate market value of the voting stock held by non-affiliates of
the Registrant. None.
<PAGE>
PART I
Item 1. Business
As of December 31, 1996, NAFCO Auto Funding L.P. (The "Partnership") was
the originator of three Auto Loan Trusts (the "Trusts") which had issued
publicly registered securities. The Registrant for each of these trusts was,
respectively, NAFCO Auto Trust-1, NAFCO Auto Trust- 2 and NAFCO Auto Trust-3.
NAFCO Auto Trust-1 was formed pursuant to an Amended and Restated Pooling and
Servicing Agreement dated August 1, 1994. NAFCO Auto Trust-2 was formed pursuant
to an Amended and Restated Pooling and Servicing Agreement dated June 1, 1995.
NAFCO Auto Trust-3 was formed pursuant to Amended and Restated Pooling and
Servicing Agreement dated October 1, 1995. On August 16, 1996, the partners of
the Partnership sold their partnership interests in the Partnership. Following
the sale, NYLIFE SFD Holding Inc. as the Master Administrator for each of the
Trusts (in such capacity, the "Master Administrator"), assumed responsibility
for filing all reports pursuant to the Securities and Exchange Act of 1934 and
accordingly is filing this report on behalf of each of the trusts.
The assets of each of the Trusts consists of consumer automobile loans and
certain other rights and properties pertaining thereto, all as more fully
described in the Registration Statements with respect to such Trusts. The Trusts
do not engage in any business except as may be incidental to management of their
assets.
NYLIFE SFD Holding Inc. is currently discussing certain aspects of the
servicing of the auto loans with Electronic Data Systems Corporation, the
servicer, in order to improve and maintain servicing functions. No determination
has been made that an Event of Servicer Termination, as that term is defined in
the Pooling and Servicing Agreements, has occurred, and it is anticipated that
any necessary improvements will be effected.
Item 2. Properties
None.
Item 3. Legal Proceedings
None.
Item 4. Submission of Matters to a Vote of Security Holders.
None.
(b) Reports on Form 8-K
None.
2
<PAGE>
PART II
Item 5. Market for Registrant's Common Equity and Related Stockholder Matters.
Not Applicable.
Item 6. Selected Financial Data.
Not Applicable.
Item 7. Management's Discussion and Analysis of Financial Condition and Results
of Operations.
Not Applicable.
Item 8. Financial Statements and Supplemental Data.
Not Applicable.
Item 9. Change in and Disagreements an Accounting and Financial Disclosure.
Not Applicable.
3
<PAGE>
PART III
Item 10. Directors and Officers of the Registrant
Not Applicable.
Item 11. Executive Compensation
Not Applicable.
Item 12. Security Ownership of Certain Beneficial Owners and Management
None.
Item 13. Certain Relationships and Related Transactions
Not Applicable.
PART IV
Item 14. Exhibits, Financial Statement Schedules, and Reports on Form 8-K
1. Financial Statements - None.
2. All schedules for which provision is made in the applicable
accounting regulations of the Securities and Exchange Commission have been
omitted since either (1) the information required is disclosed in the
financial statements and the notes thereto; (2) the schedules are not
required under the related instructions; or (3) the schedules are
inapplicable.
3. Trustee's Reports.
4
<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.
NAFCO AUTO TRUST-1
By: NYLIFE SFD Holding Inc.
By: /s/ Kevin M. Micucci
---------------------------
Name: Kevin M. Micucci
Title:President and Director of
NYLIFE SFD Holding Inc.
Date: March 31, 1997
NAFCO AUTO TRUST-2
By: NYLIFE SFD Holding Inc.
By: /s/Kevin M. Micucci
-------------------
Name: Kevin M. Micucci
Title: President and Director of
NYLIFE SFD Holding Inc.
Date: March 31, 1997
NAFCO AUTO TRUST-3
By: NYLIFE SFD Holding Inc.
By: /s/Kevin M. Micucci
-------------------
Name: Kevin M. Micucci
Title: President and Director of
NYLIFE SFD Holding Inc.
Date: March 31, 1997
Pursuant to the requirements of the Securities Exchange Act of 1934, this
report has been signed below by the following persons on behalf of the
Registrant by the appropriate officers and directors of the Master Administrator
and in the capacities and on the dates indicated.
5
<PAGE>
<TABLE>
<CAPTION>
Signature Title Date
- --------- ----- ----
<S> <C> <C>
President and Director of
/s/ Kevin M. Micucci NYLIFE SFD Holding Inc. March 31, 1997
- --------------------
Kevin M. Micucci
/s/ Jay S. Calhoun Vice President and Treasurer of March 31, 1997
- ------------------ NYLIFE SFD Holding Inc.
Jay S. Calhoun
/s/ Jefferson C. Boyce Director of NYLIFE SFD Holding Inc. March 31, 1997
- ----------------------
Jefferson C. Boyce
/s/ Scott J. Drath Vice President and Controller of Finance March 31, 1997
- ------------------ and Director of NYLIFE SFD Holding Inc.
Scott J. Drath
Vice President of Adminstration and
/s/ Robert Ziegler Secretary of NYLIFE SFD Holding Inc. March 31, 1997
- ------------------
Robert Ziegler
Vice President of Investment and
/s/Jean E. Hoystadt Director of NYLIFE SFD Holding Inc. March 31, 1997
- -------------------
Jean E. Hoystadt
/s/ Richard W. Zuccaro Vice President of NYLIFE SFD Holding Inc. March 31, 1997
- ----------------------
Richard W. Zuccaro
</TABLE>
<PAGE>
INDEX TO EXHIBITS
Exhibit No. Description
99.1 Trust - 1
Master Administrator Report dated November 20, 1996 for the Due
Period beginning August 1, 1996 and ending October 31, 1996, (ii)
Servicer Report for the period beginning November 1, 1996 through
November 30, 1996, (iii) Servicer Report for the period beginning
December 1, 1996 through December 31, 1996.
99.2 Trust - 2
Master Administrator Report dated November 20, 1996 for the Due
Period beginning October 1, 1996 and ending October 31, 1996, (ii)
Master Administrator Report dated December 20, 1996 for the Due
Period beginning November 1, 1996 through November 30, 1996, (iii)
Master Administrator Report dated January 21, 1997 for the Due
Period beginning December 1, 1996 through December 31, 1996.
99.3 Trust - 3
Master Administrator Report dated November 20, 1996 for the Due
Period beginning October 1, 1996 and ending October 31, 1996, (ii)
Master Administrator Report dated December 20, 1996 for the Due
Period beginning November 1, 1996 through November 30, 1996, (iii)
Master Administrator Report dated January 21, 1997 for the Due
Period beginning December 1, 1996 through December 31, 1996.
MASTER ADMINISTRATOR REPORT
---------------------------------------------------------
NAFCO AUTO TRUST - 1
For the November 20, 1996 Distribution Date
For period beginning on August 1, 1996
and ending on October 31, 1996 (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 November 18, 1996.
5. Pool Factor.
(a) The Pool Factor with respect to
July 31, 1996 was....................................0.40292514
----------
(b) The Pool Factor with respect to
October 31, 1996 was................................ 0.33671328
----------
6. Investor and Seller Certificate Principal Balance (beginning of Due
Period).
(a) The Investor Certificate Principal Balance as
of July 31, 1996 (after giving effect to the
disbursements in reduction of principal,
if any, on the immediately preceding
Distribution Date) was.......................... $ 4,125,550.54
--------------
1
<PAGE>
(b) The Seller Certificate Principal Balance as
of July 31, 1996 (after giving effect to the
disbursements in reduction of principal, if
any, on the immediately preceding
Distribution Date) was.......................... $ 334,986.32
--------------
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 ................................... $ 206,277.53
--------------
(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 ................................... $ 250,377.14
--------------
(c) The amount to be deposited to (withdrawn
from) the Available Cash Reserve Amount with
respect to the current Distribution Date
was............................................. $ (44,099.61)
--------------
(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 ......... $ 206,277.53
--------------
2
<PAGE>
9. Aggregate Monthly Servicing Fee.
(a) The aggregate Monthly Servicing Fee paid to
the Servicer on the August 19, 1996 Monthly
Fee Date and the September 19, 1996
Monthly Fee Date was ........................... $ 34,673.39
--------------
(b) The Monthly Servicing Fee owing to the
Servicer on the related Distribution Date is ... $ 10,187.56
--------------
(c) The total Monthly Servicing Fee paid or
payable to the Servicer in respect
of such Due Period [a+b] is .................... $ 44, 860.95
--------------
10. Aggregate Monthly Subrogation Amount.
(a) The aggregate Monthly Subrogation Amount paid
to the Master Administrator on the August 19,
1996 Monthly Fee Date and the September 19,
1995 Monthly Fee Date was....................... $ -0-
--------------
(b) The Monthly Subrogation Amount owing on the
related Distribution Date is ................... $ -0-
--------------
(c) The total Monthly Subrogation Amount paid or
payable to the Master Administrator in
respect of such Due Period [a+b] is ............ $ -0-
--------------
11. Aggregate Monthly Administrator Fee.
(a) The aggregate Monthly Administrator Fee paid
to the Master Administrator on the August 19,
1996 Monthly Fee Date and the September 19,
1996 Monthly Fee Date was ...................... $ 10,541.12
--------------
(b) The Monthly Administrator Fee owing
on the related Distribution Date is ............ $ 5,937.36
--------------
(c) The total Monthly Administrator Fee paid or
payable to the Master Administrator
in respect of such Due Period [a+b] is ......... $ 16,478.48
--------------
3
<PAGE>
12. Available Funds.
(a) The amount of Available Funds with
respect to the related Due Period was .......... $ 962,761.43
--------------
(b) The amount of Available Funds with respect to
the immediately preceding Due Period that
were retained in the Collection Account was..... $ 33,971.59
--------------
(c) Interest earned on and retained in the
Collection Account for the Due Period and
interest earned on the Cash Reserve Account
for the Due Period and transferred to the
Collection Account on the related Deposit
Date was ....................................... $ 12,540.70
--------------
(d) Total distributable funds with respect to the
related Due Period [a+b+c] was ................. $ 1,009,273.72
--------------
(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 August 19, 1996 Monthly Fee Date
and the September 19, 1996 Monthly Fee
Date was ....................................... $ 45,214.51
--------------
(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 .................. $ 964,059.21
--------------
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 ........................... $ 10,187.56
--------------
(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 ...................... $ 5,937.36
--------------
(d) The amount of the aggregate distribution to
be made on such Distribution Date which
constitutes interest on the Investor
Certificates at the Certificate Rate,
including any Shortfall so allocable is ........ $ 90,246.42
--------------
(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 ................................ $ 677,943.21
--------------
(f) The total amount of the distribution to be
made on such Distribution Date to the
Investor Certificateholders [d+e] is ........... $ 768,189.63
--------------
(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 ......... $ 7,327.83
--------------
(h) The amount of the aggregate distribution to
be made on such Distribution Date which
constitutes a reduction of principal with
respect to the Seller Certificate is ........... $ 55,047.61
--------------
5
<PAGE>
(i) The amount to be deposited(withdrawn) from
the Cash Reserve Account is..................... $ (44,099.61)
--------------
(j) The amount to be retained in the Collection
Account with the respect to the Partial
Payment Amount is .............................. $ 29,482.08
--------------
(k) The amount to be disbursed to the Seller
Certificateholder (other than the amounts
referred to in clauses (g) and (h) is .......... $ 131,986.75
--------------
(l) The total amount of the distribution to be
made to the Seller Certificateholders
[g+h+k] is...................................... $ 194,362.19
--------------
14. Investor and Seller Certificate Principal Balance (end of Due Period).
(a) The Investor Certificate Principal Balance as
of October 31, 1996 (after giving effect to
the disbursements in reduction of principal,
if any, made on the related Distribution Date)
is ............................................. $ 3,447,607.33
--------------
(b) The Seller Certificate Principal Balance as
of October 31, 1996 (after giving effect to
the disbursements in reduction of principal,
if any, on the related Distribution Date) is ... $ 279,938.71
--------------
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 November 1996.
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 November 15, 1996
EVENT OF ADMINISTRATOR TERMINATION
None
8
<PAGE>
ANNEX B
TO
MASTER ADMINISTRATOR REPORT
DATED November 15, 1996
In addition to the information required by items 4-16 of the Master
Administrator Report the following information is to be included in the report
delivered to Investor Certificateholders pursuant to Section 7.05 of the Pooling
and Servicing Agreement:
1. Aggregate Principal Balance of the Auto Loans.
As of October 31, 1996 [the close of business on the last day of the
Due Period]
Number of Days Number of Aggregate Principal
Delinquent Auto Loans Balance of Auto Loans
---------- ---------- ---------------------
current (0-29) 485 $ 3,115,581
30 - 59 51 395,840
60 - 89 12 85,486
90 - 120 3 17,501
over 120 107 529,220
------------ -------------
Totals: 658 $ 4,143,628
============
Aggregate Principal Balance of Defaulted
Auto Loans at October 31, 1996 (416,082)
-------------
Aggregate Principal Balance allocable
to Certificateholders $ 3,727,546
=============
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.................. $ 784,834.64
--------------
(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 ......................... $ 182,416.30
--------------
(c) The total amounts collected on the Auto Loans
and deposited into the Collection Account for
the Due Period was.............................. $ 967,250.94
--------------
9
<PAGE>
3. Defaulted Auto Loans.
Auto Loans that became Defaulted Auto Loans during the Due Period:
Number of Aggregate Principal
Auto Loans Balance of Auto Loans
---------- ---------------------
17 $152,897.86
4. The information specified in item 13(d) through
(f) stated on the basis of $1,000 Initial
Principal Amount.
The Certificate Rate is 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 ...................................... $ 8.813987
--------------
(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 ............................ $ 66.211858
--------------
(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 ............. $ 75.025845
--------------
10
<PAGE>
SERVICER REPORT
NAFCO AUTO TRUST - 1
- --------------------------------------------------------------------------------
FOR THE PERIOD BEGINNING NOVEMBER 1, 1996 AND ENDING NOVEMBER 30, 1996
The undersigned, a duly authorized representative of Electronic Data
Systems Corporation as Servicer (the "Servicer"), pursuant to section 4.19 of
the Amended and Restated Pooling and Servicing Agreement (the "Pooling and
Servicing Agreement") dated as of August 1, 1994 by and among NAFCO Auto
Funding, L.P., as Seller, NAFCO Inc., as Master Administrator, the Servicer, and
Bankers Trust Company ,as Trustee, does hereby certify as follows:
1 Capitalized terms used in this Servicer Report (and not otherwise defined
otherwise defined herein) shall have the respective meanings set forth in
the Pooling and Servicing Agreement.
2 Electronic Data Systems Corporation is, as the date hereof, the Servicer
under the Pooling and Servicing Agreement.
3 The undersigned is an Officer of the Servicer.
4 This report is dated 12/12/96
4.1 Principal Reconciliation
<TABLE>
<CAPTION>
Number of Accounts Aggregate Prin Balance
------------------ ----------------------
<S> <C> <C>
Ending Balance 10/31/96 ............ 574 $3,727,546.04
Redeemed Repos this reporting period 0 $0.00
Repurchase ......................... $0.00
Principal Payments ................. ($107,021.85)
Prepayment of Principal ............ -19 ($96,949.91)
Forced Closed / Charge Off ......... ($27.94)
Insurance Proceeds ................. ($5,765.96)
Net Aggregate Principal Balance of
Defaulted Auto Loans during 11/96 -4 ($26,974.01)
================== ======================
Ending Balance 11/30/96 ............ 551 $3,490,806.37
</TABLE>
4.12 Defaulted Principal Reconciliation
<TABLE>
<CAPTION>
Number of Accounts Aggregate Prin Balance
------------------ ----------------------
<S> <C> <C>
Ending Balance 10/31/96 84 $416,081.96
New Repossessions 4 $26,974.01
New Skips 0 $0.00
New Gaps 0 $0.00
Repos Redeemed During Reporting Period 0 $0.00
Recoveries on Defaulted Auto Loans 0 ) ($2,940.93
Charge Off / Forced Close -2 ) ($3,786.63
New Repo Prev Reported as Skip 0 $0.00
================== ======================
Ending Balance 11/30/96 86 $436,328.41
</TABLE>
Nafco Trust 1 11/96
Page 1
<PAGE>
5 Aggregate Principal Balance of the Auto Loans
a. As of 10/31/96
Number of Days Number of Aggregate Principal Balance
Delinquent Auto Loans of Auto Loans
--------------- ------------- ---------------------------
current (0 - 29) 485 $3,115,580.88
30-59 51 $395,839.77
60-89 12 $85,486.29
90-119 3 $17,500.81
over l20 107 $529,220.25
------------- ---------------------------
Totals: 658 $4,143,628.00 **
Aggregate Outstanding Principal Balance
of Defaulted Auto Loans as of 10/31/96 ($416,081.96)
========================
Aggregate Principal Pool Balance as of 10/31/96
(Net of Defaulted Auto Loans) $3,727,546.04
========================
b. As of 11/30/96
Number of Days Number of Aggregate Principal Balance
Delinquent Auto Loans of Auto Loans
--------------- ------------- ---------------------------
current (0 - 29) 464 $2.91 5,470.34
30 - 59 49 $359,850.93
60 - 89 13 $76,502.57
90-119 3 $35,361.98
over 120 108 $539,948.96
------------- ---------------------------
Totals: 637 $3,927,134.78
Aggregate Outstanding Principal Balance
of Defaulted Auto Loans as of 11/30/96 ($436,328.41)
------------------------
Aggregate Principal Pool Balance as of
11/30/96 (Net of Defaulted Auto Loans) $3,490,806.37
========================
** The Aggregate Principal Balance shown in the above tables includes the
Aggregate Outstanding Principal Balance of Defaulted Auto Loans.
Nafco Trust 1 11/96
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
-------------- ---------------------------
4 repossessions $26,974.01
0 skip claims filed $0.00
0 gap claims filed $0.00
0 less: repos redeemed $0.00
0 prev rptd skip now repo $0.00
O repurchase $0.00
============== ===========================
4 Totals $26,974.01
b. Outstanding Defaulted Auto Loans as of 11/30/96
Number of Aggregate Principal Balance
Auto Loans of Auto Loans
-------------- ---------------------------
65 repossessions $304,790.34
10 skip claims filed $101,140.99
7 gap claims filed $2,997.77
4 Repo Redeemed $27,399.31
from prior reporting period
============== ===========================
86 Totals $436,328.41
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 $18,277.91 Term Extended 1 Month
Nafco Trust 1 11/96
Page 3
<PAGE>
8. Repurchased Auto Loans
Information with respect to Repurchased Auto Loans during the Reporting
Period.
Number of Aggregate Principal Aggregate
Party Auto Loans Balance of Auto Loans Repurchase Price
----- ---------- --------------------- -----------------
Seller N/A
Originator N/A
Master Servicer N/A
========== ===================== =================
Totals: 0 $0.00 $0.00
9. Recoveries
Information with respect to Recoveries on Defaulted Auto Loans during the
Reporting Period.
Number of Defaulted
Auto Loans on which Aggregate Amount of
there were Recoveries Source of Recoveries Recoveries
--------------------- -------------------- -------------------
0 Proceeds from $0.00
sale of collateral
n/a Proceeds from $4,637.76
insurance claims
n/a Paid Ahead ($1,131.55)
n/a Payments/ (Reversals $2,870.16
0 Proceeds from $0.00
Repurchase
===================== ===================
0 $6,376.37
10. Repossession Information
Number of Aggregate Principal Aggregate
Action Auto Loans Balance of Auto Loans Amount Realized
- ----------------- ---------- --------------------- ---------------
Repossession 4 $26,974.01
Disposed of after
Repossession 0 $0.00
Repossessions
Redeemed 1 $13,192.65
========== ===================== ===============
Totals: 5 $40,166.66 $0.00
Nafco Trust 1 11/96
Page 4
<PAGE>
11. Losses
a. The aggregate outstanding Principal Balance of
Auto Loans written-off during the Reporting
Period was [includes $27.94 in force close]............ $3,814.57
-------------
b. The aggregate amount of uninsured claims
(without duplication to amounts referred to in
clause a) during the Reporting Period was ............. N/A
-------------
C. The total amount of the losses on the Auto Loans
during the Reporting Period was ....................... $3,814.57
-------------
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 .............................. $53,830.47
-------------
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 ........ $107,021.85
-------------
c. The aggregate portion of Payments collected on
the Auto Loans allocable to Prepayments during
the Reporting Period was .............................. $101,474.93
[prin. $96949.91 int. $4525.02] -------------
d. Insurance Proceeds received on Active Auto Loans ...... $6.234.33
[prin. $5765.96 int. $488.37] -------------
e. The aggregate portion of Payments collected on
the Auto Loans allocable to Defaulted Auto Loan
proceeds during the Reporting Period
[prin. $2940.93 int. $3,435.44] was ............. $8,376.37
-------------
f. The total amount of Payments collected on the
Auto Loans and the total deposited into the
Collection Account during the Reporting Period was .... $274,,937.95
(sum of a+b+c+d+e) -------------
g. Total Late Charges Received ........................... $2,814.73
-------------
h. Excess Funds Recd. on Prev Paid Off Accounts .......... $10.67
108902119905020007 $-341.60 108901119906030608 -------------
$180.00 108901119906020215 $162.27
i. Extension Fee on Precomputed Loans .................... $110.11
-------------
j. Total Cash Received ................................... $277,873.46
-------------
Nafco Trust 1 11/96
Page 5
<PAGE>
13. Amount and Computation of Monthly Servicing Fee.
a. The Reimbursable Servicer Expenses with respect
to the calendar month immediately preceding the
date of this Servicer Report was ...................... $3,098.44
-------------
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 ............................................ $1.407.37
-------------
c. The Servicer Variable Amount with respect to the
calendar month immediately preceding the date of
this Servicer Report was .............................. $1,690.88
-------------
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] ................. $5,890.70
-------------
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 ................ $12,087.39
-------------
Nafco Trust 1 11/96
Page 6
<PAGE>
4. Events of Servicing Termination
No event has occurred and is continuing which constitutes an Event of
Servicing Termination or would constitute an Event of Servicing
Termination but for the requirement that notice be given or time elapse or
both [except as disclosed on the attached Annex A].
15. Attached Schedules
Reference is made to the attached schedules that detail Insurance Claims
filed and loan balance reports that detail monthly amortization of
unearned interest on Actuarial and Precomputed loans and earned interest
and interest accruals on Simple interest loans.
To the best of our knowledge all information contained on this Servicer Report
and the attached schedules is accurate.
In Witness Whereof, the undersigned has duly executed and delivered this
certificate this day, December 12, 1996.
Electronic Data Systems Corporation
as Servicer
By: /s/ Joanne M. McGrath
------------------------------------
Joanne McGrath, Senior Manager
Electronic Data Systems Corporation, CAMD
Nafco Trust 1 11/96
Page 7
<PAGE>
SERVICER REPORT
NAFCO AUTO TRUST - 1
- --------------------------------------------------------------------------------
FOR THE PERIOD BEGINNING DECEMBER 1, 1996 AND ENDING DECEMBER 31, 1996
The undersigned, a duly authorized representative of Electronic Data
Systems Corporation as Servicer (the "Servicer"), pursuant to section 4.19 of
the Amended and Restated Pooling and Servicing Agreement (the "Pooling and
Servicing Agreement") dated as of August 1, 1994 by and among NAFCO Auto
Funding, 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 1/10/97
4.1 Principal Reconciliation
Number of Aggregate Prin
Accounts Balance
-------- -------
Ending Balance 11/30/96 551 $3,490,806.37
Redeemed Repos this reporting period 0 $ 0.00
Loan Transferred to Trust 5 0 $ 0.00
Principal Payments $ (101,135.28)
Prepayment of Principal -14 $ (49,011.80)
Forced Closed / Charge Off $ (24.65)
Insurance Proceeds $ 0.00
Net Aggregate Principal Balance of
Defaulted Auto Loans during 12/96 -4 $ (37,032.53)
Ending Balance 12/31/96 533 $3,303,602.11
======== =============
4.12 Defaulted Principal Reconciliation
Number of Aggregate Prin
Accounts Balance
-------- -------
Ending Balance 11/30/96 86 $ 436,328.41
New Repossessions 4 $ 37,032.53
New Skips 0 $ 0.00
New Gaps 0 $ 0.00
Repos Redeemed During Reporting Period 0 $ 0.00
Loan Transferred to Trust 5 -1 $ (6,950.67)
Recoveries on Defaulted Auto Loans -2 $ (30,949.58)
Charge Off / Forced Close -3 $ (2,286.38)
New Repo Prev Reported as Skip 0 $ 0.00
======== =============
Ending Balance 12/31/96 84 $ 433,174.31
Nafco Trust 1 11/96
Page 1
<PAGE>
5 Aggregate Principal Balance of the Auto Loans
a. As of 11/30/96
Number of Days Number of Aggregate Principal
Delinquent Auto Loans Balance of Auto Loans
---------- ---------- ---------------------
current (0 - 29) 464 $2,915,470.34
30-59 49 $ 359,850.93
60-89 13 $ 76,502.57
90-119 3 $ 35,361.98
over 120 108 $ 539,948.96
------ -------------
Totals: 637 $3,927,134.78
Aggregate Outstanding Principal Balance
of Defaulted Auto Loans as of 11/30/96 $ (436,328.41)
-------------
Aggregate Principal Pool Balance as of
11/30/96 (Net of Defaulted Auto Loans) $3,490,806.37
=============
b. As of l2/31/96
Number of Days Number of Aggregate Principal
Delinquent Auto Loans Balance of Auto Loans
---------- ---------- ---------------------
current (0 - 29) 436 $2,695,024.95
30-59 51 $ 353,451.60
60-89 16 $ 102,860.68
90-119 11 $ 49,943.72
over 120 103 $ 535,495.47
------ -------------
Totals: 617 $3,736,776.42**
Aggregate Outstanding Principal Balance
of Defaulted Auto Loans as of 12/31/96 $ (433,174.31)
-------------
Aggregate Principal Pool Balance as of
12/31/96 (Net of Defaulted Auto Loans) $3,303,602.11
=============
** The Aggregate Principal Balance shown in the above tables includes the
Aggregate Outstanding Principal Balance of Defaulted Auto Loans.
Nafco Trust 1 11/96
Page 2
<PAGE>
6. Defaulted Auto Loans
a. Auto Loans that became Defaulted Auto Loans during the Reporting Period.
Number of Aggregate Principal
Auto Loans Balance of Auto Loans
---------- ---------------------
4 repossessions $37,032.53
0 skip claims filed $0.00
0 gap claims filed $0.00
0 less: repos redeemed $0.00
0 prev rptd skip now repo $0.00
0 repurchase $0.00
========== =====================
4 Totals $37,032.53
b. Outstanding Defaulted Auto Loans as of 12/31/96
Number of Aggregate Principal
Auto Loans Balance of Auto Loans
---------- ---------------------
64 repossessions $302,343.42
10 skip claims filed $101,140.99
6 gap claims filed $2,564.91
4 Repo Redeemed $27,124.99
from prior reporting period
========== =====================
84 Totals $433,174.31
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
Aggregate Principal
Number of Balance of Auto Description of
Auto Loans Loans 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.
Number of Aggregate Principal Aggregate Repurchase
Party Auto Loans Balance of Auto Loans Price
--------------- ---------- --------------------- --------------------
Seller N/A
Originator N/A
Master Servicer N/A
========== ===================== ====================
Totals 0 $0.00 $0.00
9. Recoveries
Information with respect to Recoveries on Defaulted Auto Loans during the
Reporting Period.
Number of
Defaulted Auto
Loans on which
there were Aggregate Amount of
Recoveries Source of Recoveries Recoveries
-------------- -------------------- -------------------
6 Proceeds from $21,700.00
sale of collateral
n/a Proceeds from $9,574.25
insurance claims
n/a Paid Ahead $82.16
n/a Payments/(Reversals $1,065.41
0 Proceeds from $0.00
Repurchase
============== ===================
6 $32,421.82
10. Repossession Information
Number of Aggregate Principal Aggregate Amount
Action Auto Loans Balance of Auto Loans Realized
--------------- ---------- --------------------- ----------------
Repossession 4 $37,032.53
Disposed of after
Repossession 6 $21,700.00
Repossessions
Redeemed 0 $0.00
========== ===================== ================
Totals: 10 $37,032.53 $21,700.00
Page 4
<PAGE>
11. Losses
a. The aggregate outstanding Principal Balance of Auto
Loans written-off during the Reporting Period
was..(Includes $24.65 In force close) .................. $ $2,311.03
---------------
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 ........................ $ $2,311.03
---------------
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 ............................................. $ $49,485.88
---------------
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 ........................ $ $101,135.28
---------------
c. The aggregate portion of Payments collected on the
Auto Loans allocable to Prepayments* during the
Reporting Period was ................................... $ $50,846.34
(prin. $49,011.80 int. $1,834.54) ---------------
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 ........................ $ $32,421.82
(prin. $30,949.58 int. $1,472.24) ---------------
f. The total amount of Payments collected on the Auto
Loans and the total deposited into the Collection
Account during the Reporting Period (sum of a+b+c+d+e)
was .................................................... $ $233,889.32
---------------
g. Total Late Charges Collected ........................... $ $2,868.03
---------------
h. Excess Funds Recd. on Prev Paid Off Accounts ........... $ $225.99
108903119905030091 ($44.31) ---------------
108003110305001293 $270.00
i. Extension Fee on Precomputed Loans ..................... $ $54.02
---------------
j. Total Cash Received .................................... $ $237,037.36
---------------
Page 5
<PAGE>
13. Amount and Computation of Monthly Servicing Fee.
a. The Reimbursable Servicer Expenses with respect to the
calendar month immediately preceding the date of this
Servicer Report was .................................... $ $3,600.00
---------------
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 .................................................... $ $1,434.02
---------------
c. The Servicer Variable Amount with respect to the
calendar month immediately preceding the date of this
Servicer Report was .................................... $ $1,340.12
---------------
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) ... $ $5,605.16
---------------
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 ..................... $ $11,979.30
---------------
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, January 10, 1997.
Electronic Data Systems Corporation
as Servicer
By: /s/ Joanne M. McGrath
-------------------------------------
Joanne McGrath, Senior Manager
Electronic Data Systems Corporation, CAMD
Page 7
MASTER ADMINISTRATOR REPORT
---------------------------------------------------------
NAFCO AUTO TRUST - 2
For the November 20, 1996 Distribution Date
For the period beginning on October 1, 1996
and ending on October 31, 1996 (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. NAFCO Inc. is, as of the date hereof, the Master Administrator under
the Pooling and Servicing Agreement.
3. The undersigned is an Officer of the Master Administrator.
4. The date of this Report is November 15, 1996.
5. Pool Factor.
(a) The Pool Factor with respect to
October 1, 1996 was................................. .60406362
----------
(b) The Pool Factor with respect to
October 31, 1996 was ............................... .57184784
----------
6. Investor and Seller Certificate Principal Balance (beginning of
Due Period).
(a) The Investor Certificate Principal Balance as
of October 1, 1996 (after giving effect to
the disbursements in reduction of principal,
if any, on the immediately preceding
Distribution Date) was......................... $ 22,472,978.90
---------------
1
<PAGE>
(b) The Seller Certificate Principal Balance
as of October 1, 1996 (after giving
effect to the disbursements in reduction
of principal, if any, on the immediately
preceding Distribution Date) was............... $ 2,496,997.66
---------------
7. Occurrence of a Required Reserve Event
(a) The Delinquency Ratio is....................... 2.92%
---------------
(b) The Three Month Delinquency Ratio is........... 2.48%
---------------
(c) The Gross Loss Ratio is........................ 23.34%
---------------
(d) The Three Month Gross Loss Ratio is............ 20.35%
---------------
(e) The percentage of eligible claims on the
ALPI policy not paid in a timely manner is(*).. 19.28%
---------------
(f) A Reserve Requirement Event has occurred
and is continuing.
(g) The Required Reserve Percentage is............. 10.00%
---------------
(*) The percentage of claims on the ALPI policy not paid in a timely manner
includes $50,793.32 of claims which are currently in dispute. Such disputed
claims represent 2.6% of all eligible claims.
8. Aggregate Monthly Servicing Fee.
(a) The Monthly Servicing Fee owing to the
Servicer on the related Distribution Date is .. $ 83,097.58
---------------
(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.................... $ 83,097.58
---------------
9. Aggregate Monthly Subrogation Amount.
(a) The Monthly Subrogation Amount owing on
the related Distribution Date is............... $ -0-
---------------
2
<PAGE>
(b) The amount of accrued and unpaid Monthly
Subrogation Amount in respect of prior
Due Periods is ................................ $ -0-
---------------
(c) The total Monthly Subrogation Amount
paid or payable to the Master
Administrator in respect of such Due
Period [a+b] is .............................. $ -0-
---------------
10. Aggregate Monthly Administrator Fee.
(a) The Monthly Administrator Fee owing
on the related Distribution Date is ........... $ 28,594.42
---------------
(b) The amount of accrued and unpaid Monthly
Administrator Fees in respect of prior Due
Periods is..................................... $ -0-
---------------
(c) The total Monthly Administrator Fee paid
or payable to the Master Administrator
in respect of such Due Period [a+b] is ........ $ 28,594.42
---------------
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....... $ 576,988.09
---------------
(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..................... $ 81,923.45
---------------
(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............. $ 495,064.64
---------------
(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................................. $ 2,247,297.89
---------------
3
<PAGE>
(ii) The Available Cash Reserve Amount
available for deposit to the
Collection Account on the related
Deposit Date (prior to any
withdrawals or deposits to be made
with respect to the current
Distribution Date are made) is........... $ 2,370,854.73
---------------
(iii) The amount to be deposited to
(withdrawn from) the Available Cash
Reserve Amount with respect to the
current Distribution Date is............. $ (123,556.84)
---------------
(iv) The Available Cash Reserve Amount
available for deposit to the
Collection Account on the related
Deposit Date (after any withdrawals
or deposits to be made with respect
to the current Distribution Date
are made) is............................. $ 2,247,297.89
---------------
(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....................... $ 2,742,362.53
---------------
12. Available Funds.
(a) The amount of Available Funds with
respect to the related Due Period was.......... $ 1,514,736.64
---------------
(b) The amount of Available Funds with
respect to the immediately preceding Due
Period that were retained in the
Collection Account was......................... $ 116,070.25
---------------
(c) Interest earned on and retained in the
Collection Account for the Due Period
and interest earned on the Cash Reserve
Account and transferred to the
Collection Account for the Due Period on
the related Deposit Date was .................. $ 20,699.37
---------------
(d) Total distributable funds with respect
to the related Due Period [a+b+c] was ......... $ 1,651,506.26
---------------
(e) The amount of Available Funds used to
purchase additional Auto Loans during
the related Due Period was .................... $ -0-
---------------
4
<PAGE>
(f) The amount of Available Funds and
interest earned on the Collection
Account remaining after the purchase of
additional Auto Loans with respect
to the related Due Period [d-e] is ............ $ 1,651,506.26
---------------
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................... $ 83,097.58
---------------
(b) The amount of the aggregate Monthly
Subrogation Amount to be paid to the
Master Administrator on such
Distribution date is........................... $ -0-
---------------
(c) The amount of the Monthly Administrator
Fee to be paid to the Master
Administrator on such Distribution Date is..... $ 28,594.42
---------------
(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.. $ 131,092.38
---------------
(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 ............................... $ 1,198,523.83
---------------
(f) The total amount of the distribution to
be made on such Distribution Date
to the Investor Certificateholders [d+e] is ... $ 1,329,616.21
---------------
(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 ........ $ 14,565.82
---------------
(h) The amount of the aggregate distribution
to be made on such Distribution Date
which constitutes a reduction of
principal with respect to the Seller
Certificate is ................................ $ 133,169.32
---------------
(i) The amount to be deposited (withdrawn)
to the Cash Reserve Account is................. $ (123,556.84)
---------------
5
<PAGE>
(j) The amount to be retained in the
Collection Account with respect to
the Partial Payment Amount is ................. $ 107,251.09
---------------
(k) The amount to be disbursed to the Seller
Certificateholder (other than the
amounts referred to in (g) and (h)) is ........ $ 78,768.66
---------------
(l) The total amount of the distribution to
be made to the Seller Certificateholders
[g+h+k] is .................................... $ 226,503.80
---------------
14. Investor and Seller Certificate Principal Balance (end of Due Period).
(a) The Investor Certificate Principal
Balance as of October 31, 1996 (after
giving effect to the disbursements in
reduction of principal, if any, on the
immediately preceding Distribution Date) was... $ 21,274,455.07
---------------
(b) The Seller Certificate Principal Balance
as of October 31,1996 (after giving
effect to the disbursements in reduction
of principal, if any, on the related
Distribution Date) was......................... $ 2,363,828.34
---------------
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 November 1996.
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 November 15, 1996
EVENT OF MASTER ADMINISTRATOR TERMINATION
None
8
<PAGE>
ANNEX B
TO
MASTER ADMINISTRATOR REPORT
DATED November 15, 1996
In addition to the information required by items 4-16 of the Master
Administrator Report the following information is to be included in the report
delivered to Investor Certificateholders pursuant to Section 7.05 of the Pooling
and Servicing Agreement:
1. Aggregate Principal Balance of the Auto Loans.
As of October 31, 1996 [the close of business on the last day of the
Due Period]
Number of Days Number of Aggregate Principal
Delinquent Auto Loans Balance of Auto Loans
---------- ---------- ---------------------
current (0-29) 1,973 $ 19,633,775
30 - 59 221 2,349,519
60 - 89 87 952,330
90 - 120 52 591,360
over 120 406 3,296,989
-------------- -------------
Totals: 2,739 $ 26,823,973
==============
Aggregate Principal Balance of Defaulted
Auto Loans at October 31, 1996 (3,185,690)
--------------
Aggregate Principal Balance allocable
to Certificateholders $ 23,638,283
==============
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...... $ 1,231,536.41
---------------
(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 .... $ 210,095.94
---------------
(c) The total amounts collected on the Auto
Loans and deposited into the Collection
Account for the Due Period was [a+b]........... $ 1,441,632.35
---------------
9
<PAGE>
3. Defaulted Auto Loans.
Auto Loans that became Defaulted Auto Loans during the Due Period:
Number of Aggregate Principal
Auto Loans Balance of Auto Loans
---------- ---------------------
44 $525,255.88
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 ............ $ 3.523704
---------------
(b) The amount of the aggregate distribution
to be made on such Distribution Date
which constitutes payments in reduction
of principal with respect to the
Investor Certificate on the basis of $1,000
Initial Principal Amount is ................... $ 32.215784
---------------
(c) The total amount of the distribution to
be made on such Distribution Date to the
Investor Certificateholders on the basis
of $1,000 Initial Principal Amount is ......... $ 35.739488
---------------
10
<PAGE>
ANNEX C
TO
MASTER ADMINISTRATOR REPORT
DATED November 15, 1996
Calculation of Required Cash Reserve Amount as of the November 20, 1996
Distribution Date.
(i) The Investor Certificate Principal Balance equals $22,472,978.90.
(ii) Required Reserve Percentage equals 10%.
(iii) The Required Cash Reserve Amount equals (the product of (i) and
(ii)) $2,247,297.89
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;
11
<PAGE>
(e) if the Three-Month Gross Loss Ratio for any Due Period exceeds
14.5% (a "Three Month Loss Test"), the Required Reserve
Percentage on each succeeding Payment Date shall be 10%; provided
however, that if, for any Due Period following the occurrence of
a Three Month Loss Test, the Three Month Gross Loss Ratio is less
than 14.5% (a "Three Month Loss Cure"), the provisions of this
clause (e) shall no longer apply until another Three Month Loss
Test occurs; and
(f) if 20% of more of eligible claims of the Auto Loans Protection
Policy are not paid by the Insurance Companies within the time
specified therein, the Required Reserve Percentage on each
succeeding Payment Date shall be 10% as of the close of business
on the last day of the preceding Due Period.
12
<PAGE>
MASTER ADMINISTRATOR REPORT
---------------------------------------------------------
NAFCO AUTO TRUST - 2
For the December 20, 1996 Distribution Date
For the period beginning on November 1, 1996
and ending on November 30, 1996 (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 December 17, 1996.
5. Pool Factor.
(a) The Pool Factor with respect to
October 1, 1996 was................................. .57184784
----------
(b) The Pool Factor with respect to
October 31, 1996 was ............................... .54560740
----------
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... $ 21,274,455.07
---------------
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............... $ 2,363,828.34
---------------
7. Occurrence of a Required Reserve Event
(a) The Delinquency Ratio is....................... 2.32%
---------------
(b) The Three Month Delinquency Ratio is........... 2.50%
---------------
(c) The Gross Loss Ratio is........................ 20.14%
---------------
(d) The Three Month Gross Loss Ratio is............ 22.03%
---------------
(e) The percentage of eligible claims on the
ALPI policy not paid in a timely manner
is(*).......................................... 22.40%
---------------
(f) A Reserve Requirement Event has occurred
and is continuing.
(g) The Required Reserve Percentage is............. 10.00%
---------------
(*) The percentage of claims on the ALPI policy not paid in a timely manner
includes $50,793.32 of claims which are currently in dispute. Such disputed
claims represent 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 .. $ 82,593.61
---------------
(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.................... $ 82,593.61
---------------
9. Aggregate Monthly Subrogation Amount.
(a) The Monthly Subrogation Amount owing on
the related Distribution Date is............... $ -0-
---------------
2
<PAGE>
(b) The amount of accrued and unpaid Monthly
Subrogation Amount in respect of prior
Due Periods is ................................ $ -0-
---------------
(c) The total Monthly Subrogation Amount
paid or payable to the Master
Administrator in respect of such Due
Period [a+b] is .............................. $ -0-
---------------
10. Aggregate Monthly Administrator Fee.
(a) The Monthly Administrator Fee owing
on the related Distribution Date is ........... $ 26,316.05
---------------
(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 ........ $ 26,316.05
---------------
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....... $ 495,064.64
---------------
(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............................... $ 33,512.47
---------------
(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............. $ 461,552.17
---------------
(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........... $ 2,127,445.51
---------------
3
<PAGE>
(ii) The Available Cash Reserve Amount
available for deposit to the
Collection Account on the related
Deposit Date (prior to any
withdrawals or deposits to be made
with respect to the current
Distribution Date are made) is........... $ 2,247,297.89
---------------
(iii) The amount to be deposited to
(withdrawn from) the Available Cash
Reserve Amount with respect to the
current Distribution Date is............. $ (119,852.38)
---------------
(iv) The Available Cash Reserve Amount
available for deposit to the
Collection Account on the related
Deposit Date (after any withdrawals
or deposits to be made with respect
to the current Distribution Date are
made) is................................. $ 2,127,445.51
---------------
(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....................... $ 2,588,997.68
---------------
12. Available Funds.
(a) The amount of Available Funds with
respect to the related Due Period was.......... $ 1,225,528.24
---------------
(b) The amount of Available Funds with
respect to the immediately preceding Due
Period that were retained in the
Collection Account was......................... $ 107,251.09
---------------
(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 .................. $ 18,434.57
---------------
(d) Total distributable funds with respect
to the related Due Period [a+b+c] was ......... $ 1,351,213.90
---------------
(e) The amount of Available Funds used to
purchase additional Auto Loans during
the related Due Period was .................... $ -0-
---------------
4
<PAGE>
(f) The amount of Available Funds and
interest earned on the Collection
Account remaining after the purchase of
additional Auto Loans with respect
to the related Due Period [d-e] is ............ $ 1,351,213.90
---------------
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.......... $ 82,593.61
---------------
(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..... $ 26,316.05
---------------
(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................................... $ 124,100.99
---------------
(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 ...................... $ 976,223.03
---------------
(f) The total amount of the distribution to
be made on such Distribution Date to the
Investor Certificateholders [d+e] is .......... $ 1,100,324.02
---------------
(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 ........ $ 13,789.00
---------------
(h) The amount of the aggregate distribution
to be made on such Distribution Date
which constitutes a reduction of
principal with respect to the Seller
Certificate is ................................ $ 108,469.22
---------------
(i) The amount to be deposited
(withdrawn) to the Cash Reserve Account is .... $ (119,852.38)
---------------
5
<PAGE>
(j) The amount to be retained in the
Collection Account with respect to
the Partial Payment Amount is ................. $ 116,530.21
---------------
(k) The amount to be disbursed to the Seller
Certificateholder (other than the
amounts referred to in (g) and (h)) is ........ $ 23,044.17
---------------
(l) The total amount of the distribution to
be made to the Seller Certificateholders
[g+h+k] is .................................... $ 145,302.39
---------------
14. Investor and Seller Certificate Principal Balance (end of Due Period).
(a) The Investor Certificate Principal
Balance as of November 30, 1996 (after
giving effect to the disbursements in
reduction of principal, if any, on the
immediately preceding Distribution Date) was... $ 20,298,232.04
---------------
(b) The Seller Certificate Principal Balance
as of November 30,1996 (after giving
effect to the disbursements in reduction
of principal, if any, on the related
Distribution Date) was......................... $ 2,255,359.12
---------------
15. Events of Administrator Termination.
No event has occurred and is continuing which constitutes an
Event of Administrator Termination or would constitute an
Event of Administrator Termination but for the requirement
that notice be given or time elapse or both [except as
disclosed on the attached Annex A].
6
<PAGE>
IN WITNESS WHEREOF, the undersigned has duly executed and delivered this
certificate this 17th day of December 1996.
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 December 17, 1996
EVENT OF MASTER ADMINISTRATOR TERMINATION
None
8
<PAGE>
ANNEX B
TO
MASTER ADMINISTRATOR REPORT
DATED December 17, 1996
In addition to the information required by items 4-16 of the Master
Administrator Report the following information is to be included in the report
delivered to Investor Certificateholders pursuant to Section 7.05 of the Pooling
and Servicing Agreement:
1. Aggregate Principal Balance of the Auto Loans.
As of November 30, 1996 [the close of business on the last day of the
Due Period]
Number of Days Number of Aggregate Principal
Delinquent Auto Loans Balance of Auto Loans
---------- ---------- ---------------------
current (0-29) 1,886 $ 18,550,403
30 - 59 248 2,591,181
60 - 89 65 668,443
90 - 120 54 581,963
over 120 443 3,587,711
------------- ------------
Totals: 2,696 $ 25,979,701
=============
Aggregate Principal Balance of Defaulted
Auto Loans at November 30, 1996 (3,426,110)
------------
Aggregate Principal Balance allocable
to Certificateholders $ 22,553,591
============
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...... $ 1,027,805.10
---------------
(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 .... $ 154,931.55
---------------
(c) The total amounts collected on the Auto
Loans and deposited into the Collection
Account for the Due Period was [a+b]........... $ 1,182,736.65
---------------
9
<PAGE>
3. Defaulted Auto Loans.
Auto Loans that became Defaulted Auto Loans during the Due Period:
Number of Aggregate Principal
Auto Loans Balance of Auto Loans
---------- ---------------------
37 $435,947.23
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 ............ $ 3.335779
---------------
(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 ... $ 26.240438
---------------
(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 ......... $ 29.576217
---------------
10
<PAGE>
ANNEX C
TO
MASTER ADMINISTRATOR REPORT
DATED December 17, 1996
Calculation of Required Cash Reserve Amount as of the December 20, 1996
Distribution Date.
(i) The Investor Certificate Principal Balance equals $21,274,455.07.
(ii) Required Reserve Percentage equals 10%.
(iii) The Required Cash Reserve Amount equals (the product of (i) and (ii))
$2,127,445.51
For purposes of this Annex C, the following term shall have the following
meaning:
"Required Reserve Percentage" means:
(a) for any Payment Date on which there is not an uncured Reserve
Requirement Event, 5%;
(b) if the Three-Month Delinquency Ratio for any Due Period exceeds 4% (a
"Three Month Delinquency Test"), the Required Reserve Percentage on
each succeeding Payment Date shall be 10%; provided, however, that if,
for any Due Period following the third Due Period following the
occurrence of a Three Month Delinquency Test, the Three Month
Delinquency Ratio is less than 4% (a "Three Month Delinquency Cure"),
the provisions of this clause (b) shall no longer apply until another
Three Month Delinquency Test occurs:
(c) if the Delinquency Ratio for any Due Period exceeds 6% (a "Delinquency
Test"), the Required Reserve Percentage on each succeeding Payment
Date shall be 10%; provided, however, that if, for any Due Period
following the third Due Period following the occurrence of the less
than 6% (a "Delinquency Cure"), the provisions of this clause (c)
shall no longer apply until another Delinquency Test occurs;
(d) if the Gross Loss Ratio for any Due Period exceeds 18% (a "Loss
Test"), the Required Reserve Percentage on each succeeding Payment
Date shall be 10%; provided, however, that if, for any Due Period
following the third Due Period following the occurrence of the Loss
Test, the Three Month Gross Ratio is less than 18% (a "Loss Cure"),
the provisions of this clause (d) shall no longer apply until another
Test occurs;
11
<PAGE>
(e) if the Three-Month Gross Loss Ratio for any Due Period exceeds 14.5%
(a "Three Month Loss Test"), the Required Reserve Percentage on each
succeeding Payment Date shall be 10%; provided however, that if, for
any Due Period following the occurrence of a Three Month Loss Test,
the Three Month Gross Loss Ratio is less than 14.5% (a "Three Month
Loss Cure"), the provisions of this clause (e) shall no longer apply
until another Three Month Loss Test occurs; and
(f) if 20% of more of eligible claims of the Auto Loans Protection Policy
are not paid by the Insurance Companies within the time specified
therein, the Required Reserve Percentage on each succeeding Payment
Date shall be 10% as of the close of business on the last day of the
preceding Due Period.
12
<PAGE>
MASTER ADMINISTRATOR REPORT
---------------------------------------------------------
NAFCO AUTO TRUST - 2
For the January 21, 1997 Distribution Date
For the period beginning on December 1, 1996
and ending on December 31, 1996 (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 January 15, 1997.
5. Pool Factor.
(a) The Pool Factor with respect to
December 1, 1996 was ................................ .54560740
---------
(b) The Pool Factor with respect to
December 31, 1996 was ............................... .51683006
---------
6. Investor and Seller Certificate Principal Balance (beginning of Due
Period).
(a) The Investor Certificate Principal Balance as of December 1, 1996
(after giving effect to the disbursements in reduction of
principal, if any, on the immediately preceding Distribution
Date) was....................................... $ 20,298,232.04
---------------
1
<PAGE>
(b) The Seller Certificate Principal Balance as of December 1, 1996
(after giving effect to the disbursements in reduction of
principal, if any, on the immediately preceding Distribution
Date) was....................................... $ 2,255,359.12
---------------
7. Occurrence of a Required Reserve Event
(a) The Delinquency Ratio is........................ 3.50%
---------------
(b) The Three Month Delinquency Ratio is............ 2.91%
---------------
(c) The percentage of eligible claims on the
ALPI policy not paid in a timely manner
is(*)........................................... *24.56%
---------------
Cumulative Monthly
---------- -------
(d) The Gross Loss Ratio is................. 14.44% *15.24%
------ ------
(e) The Three Month Gross Loss Ratio is..... 19.48% *18.23%
------ ------
(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 ........................... $ 72,617.04
---------------
(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..................... $ 72,617.04
---------------
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 ............ $ 25,808.70
---------------
(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 ......... $ 25,808.70
---------------
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......... $ 461,552.16
---------------
(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......... $ 110,100.40
---------------
(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......................................... $ 351,451.76
---------------
3
<PAGE>
(b) The Available Cash Reserve Amount
(i) The Required Cash Reserve Amount
(assuming all withdrawals or deposits to
be made with respect to the current
Distribution Date are made) is............. $ 2,029,823.20
---------------
(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............. $ 2,127,445.51
---------------
(iii) The amount to be deposited to
(withdrawn from) the Available Cash
Reserve Amount with respect to the
current Distribution Date is............... $ (97,622.31)
---------------
(iv) The Available Cash Reserve Amount
available for deposit to the Collection
Account on the related Deposit Date
(after any withdrawals or deposits to be
made with respect to the current
Distribution Date are made) is............. $ 2,029,823.20
---------------
(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................................... $ 2,381,274.96
---------------
12. Available Funds.
(a) The amount of Available Funds with
respect to the related Due Period was........... $ 1,374,102.96
---------------
(b) The amount of Available Funds with
respect to the immediately preceding
Due Period that were retained in the
Collection Account was.......................... $ 116,530.21
---------------
(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 ..... $ 18,233.87
---------------
4
<PAGE>
(d) Total distributable funds with respect
to the related Due Period [a+b+c] was .......... $ 1,508,867.04
---------------
(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 ............. $ 1,508,867.04
---------------
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.................... $ 72,617.04
---------------
(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.................... $ 25,808.69
---------------
(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......... $ 118,406.35
---------------
(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 ................ $ 1,070,603.40
---------------
(f) The total amount of the distribution
to be made on such Distribution Date
to the Investor Certificateholders [d+e] is .... $ 1,189,009.75
---------------
(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 ......... $ 13,156.26
---------------
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 ...... $ 118,955.94
---------------
(i) The amount to be deposited (withdrawn) to
the Cash Reserve Account is..................... $ (97,622.31)
---------------
(j) The amount to be retained in the
Collection Account with respect to
the Partial Payment Amount is .................. $ 109,525.30
---------------
(k) The amount to be disbursed to the
Seller Certificateholder (other than the
amounts referred to in (g) and (h)) is ......... $ 77,416.36
---------------
(l) The total amount of the
distribution to be made to the
Seller Certificateholders [g+h+k] is ........... $ 209,528.56
---------------
14. Investor and Seller Certificate Principal Balance (end of Due Period).
(a) The Investor Certificate Principal Balance
as of December 31, 1996 (after giving
effect to the disbursements in reduction
of principal, if any, on the immediately
preceding Distribution Date) was................ $ 19,227,628.64
---------------
(b) The Seller Certificate Principal
Balance as of December 31,1996 (after
giving effect to the disbursements in
reduction of principal, if any, on the
related Distribution Date) was.................. $ 2,136,403.18
---------------
15. Events of Administrator Termination.
No event has occurred and is continuing which constitutes an
Event of Administrator Termination or would constitute an
Event of Administrator Termination but for the requirement
that notice be given or time elapse or both [except as
disclosed on the attached Annex A].
6
<PAGE>
IN WITNESS WHEREOF, the undersigned has duly executed and delivered this
certificate this 15th day of January 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 January 15, 1997
EVENT OF MASTER ADMINISTRATOR TERMINATION
None
8
<PAGE>
ANNEX B
TO
MASTER ADMINISTRATOR REPORT
DATED January 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 December 31, 1996 [the close of business on the last day of the
Due Period]
Number of Days Number of Aggregate Principal
Delinquent Auto Loans Balance of Auto Loans
---------- ---------- ---------------------
current (0-29) 1,758 $17,071,857
30 - 59 261 2,532,627
60 - 89 87 945,835
90 - 120 40 425,299
over 120 465 3,811,023
----------- -----------
Totals: 2,611 $24,786,641
=========== ===========
Aggregate Principal Balance of Defaulted
Auto Loans at December 31, 1996 (3,422,609)
-----------
Aggregate Principal Balance allocable
to Certificateholders $21,364,032
===========
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....... $ 1,113,839.87
---------------
(b) The total amount of Recoveries on
Defaulted Auto Loans collected on the
Auto Loans and deposited into the
Collection Account for the Due Period was....... $ 157,167.60
---------------
(c) The total amounts collected on the Auto
Loans and deposited into the Collection
Account for the Due Period was [a+b]............ $ 1,271,007.47
---------------
9
<PAGE>
3. Defaulted Auto Loans.
Auto Loans that became Defaulted Auto Loans during the Due Period:
Number of Aggregate Principal
Auto Loans Balance of Auto Loans
---------- ---------------------
30 $298,268.29
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 ............. $ 3.182710
---------------
(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 .... $ 28.777341
---------------
(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 .................... $ 31.960051
---------------
10
<PAGE>
ANNEX C
TO
MASTER ADMINISTRATOR REPORT
DATED January 15, 1997
Calculation of Required Cash Reserve Amount as of the January 21, 1997
Distribution Date.
(i) The Investor Certificate Principal Balance equals $20,298,232.04.
(ii) Required Reserve Percentage equals 10%.
(iii) The Required Cash Reserve Amount equals (the product of (i) and (ii))
$2,029,823.20
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
Cumulative:
Ratios
------
1. Delinquency Ratio:
December Principal Balance 50+ days = 868,474.41 = 3.50%
------------------------------------ -------------
December Aggregate Principal Balance 24,786,640.47
2. Three Month Delinquency Ratio
Sum of Oct. - Dec. Principal
Balances 60+ days (net) = 2,254,072.51 = 2.91%
------------------------------------ -------------
Sum of Oct. - Dec. Principal Balances 77,590,314.85
3. Gross Loss Ratio:
Twelve times the:
December Principal Balance of Defaulted
Auto Loans repossessed = 298,268.29 = 14.44%
------------------------------------ -------------
December Aggregate Principal Balance 24,786,640.47
4. Three month Gross Loss Ratio:
Twelve times the:
Sum of Oct. - Dec. Principal Balances
of Defaulted Auto Loans repossess = 1,259,471.40 = 19.48%
------------------------------------ -------------
Sum of Oct. - Dec. Principal Balances 77,590,314.85
5. ALPI Claims Payment Test:
Aggregate Principal Balance of
ALPI Claims not paid within timefr = 549,910.91 = 24.58%
------------------------------------ -------------
Principal Balance of Eligible Claims 2,239,325.92
Monthly:
3a. Gross Loss Ratio
Twelve times the:
December Principal Balance of Defaulted
Auto Loans repossessed = 314,719.45 = 15.24%
------------------------------------ -------------
December Aggregate Principal Balance 24,786,640.47
4. Three month Gross Loss Ratio:
Twelve times the:
Sum of Oct. - Dec. Principal Balances
of Defaulted Auto Loans repossess = 1,179,014.81 = 18.23%
------------------------------------ -------------
Sum of Oct. - Dec. Principal Balances 77,590,314.85
MASTER ADMINISTRATOR REPORT
---------------------------------------------------------
NAFCO AUTO TRUST - 3
For the November 20, 1996 Distribution Date
For the period beginning on October 1, 1996
and ending on October 31, 1996 (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 November 15, 1996.
5. Pool Factor.
(a) The Pool Factor with respect to
October 1, 1996 was............................. .81071769
---------------
(b) The Pool Factor with respect to
October 31, 1996 was ........................... .78166407
---------------
6. Investor and Seller Certificate Principal Balance (beginning of Due
Period).
(a) The Investor Certificate Principal Balance as of
October 1, 1996 (after giving effect to the
disbursements in reduction of principal, if any,
on the immediately preceding
Distribution Date) was.......................... $ 26,769,898.05
---------------
1
<PAGE>
(b) The Seller Certificate Principal Balance as of
October 1, 1996 (after giving effect to the
disbursements in reduction of principal, if any,
on the immediately preceding Distribution
Date) was....................................... $ 2,977,749.92
---------------
7. Occurrence of a Required Reserve Event
(a) The Delinquency Ratio is........................ 5.08%
---------------
(b) The Three Month Deliquency Ratio is............. 4.69%
---------------
(c) The Gross Loss Ratio is......................... 28.85%
---------------
(d) The Three Month Gross Loss Ratio is............. 24.79%
---------------
(e) The percentage of eligible claims on the
ALPI policy not paid in a timely manner
is(*)........................................... 16.41%
---------------
(g) The Required Reserve Percentage is.............. 10.00%
---------------
(*) 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.
8. Aggregate Monthly Servicing Fee.
(a) The Monthly Servicing Fee owing
to the Servicer on the related
Distribution Date is ........................... $ 89,625.77
---------------
(b) The amount of accrued and unpaid
Monthly Servicing Fees in respect of
prior Due Periods is ........................... $ -0-
---------------
(c) The total Monthly Servicing Fee paid
or payable to the Servicer in respect
of such Due Period [a+b] is..................... $ 89,625.77
---------------
9. Aggregate Monthly Subrogation Amount.
(a) The Monthly Subrogation Amount
owing on the related Distribution
Date is......................................... $ -0-
---------------
(b) The amount of accrued and unpaid Monthly
Subrogation Amount in respect of prior
Due Periods is ................................. $ -0-
---------------
2
<PAGE>
(c) The total Monthly Subrogation Amount
paid or payable to the Master Administrator
in respect of such Due Period [a+b] is ......... $ -0-
---------------
10. Aggregate Monthly Administrator Fee.
(a) The Monthly Administrator Fee owing
on the related Distribution Date is ............ $ 27,090.76
---------------
(b) The amount of accrued and unpaid
Monthly Administrator Fees in respect
of prior Due Periods is......................... $ -0-
---------------
(c) The total Monthly Administrator Fee
paid or payable to the Master Administrator
in respect of such Due Period [a+b] is ......... $ 27,090.76
---------------
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......... $ 1,322,140.02
---------------
(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......... $ 52,081.59
---------------
(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......................................... $ 1,270,058.43
---------------
3
<PAGE>
(b) The Available Cash Reserve Amount
(i) The Required Cash Reserve Amount
(assuming all withdrawals or deposits to
be made with respect to the current
Distribution Date are made) is............. $ 2,676,989.81
---------------
(ii) The Available Cash Reserve Amount
available for deposit to the Collection
Account on the related Deposit Date
(prior to any withdrawals or deposits
to be made with respect to the current
Distribution Date are made) is............. $ 1,608,964.05
---------------
(iii) The amount to be deposited to
(withdrawn from) the Available Cash
Reserve Amount with respect to the
current Distribution Date is............... $ 119,344,.82
---------------
(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............. $ 1,728,308.87
---------------
(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................................... $ 2,998,367.30
---------------
12. Available Funds.
(a) The amount of Available Funds with
respect to the related Due Period was........... $ 1,437,876.11
---------------
(b) The amount of Available Funds with
respect to the immediately preceding
Due Period that were retained in the
Collection Account was.......................... $ 68,382.89
---------------
(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 ............................... $ 19,516.00
---------------
4
<PAGE>
(d) Total distributable funds with respect
to the related Due Period [a+b+c] was........... $ 1,525,775.00
---------------
(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.............. $ 1,525,775.00
---------------
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.................... $ 89,625.77
---------------
(b) The amount of the aggregate Monthly
Subrogation Amount to be paid to the
Master Administrator on such
Distribution date is............................ $ -0-
---------------
(c) The amount of the Monthly Administrator
Fee to be paid to the Master Administrator
on such Distribution Date is.................... $ 27,090.76
---------------
(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......... $ 145,003.61
---------------
(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 ................ $ 959,350.37
---------------
(f) The total amount of the distribution
to be made on such Distribution Date
to the Investor Certificateholders [d+e] is..... $ 1,104,353.98
---------------
(g) The amount of the aggregate distribution
to be made on such Distribution Date
which constitutes interest on the Seller
Certificate at the Certificate Rate is.......... $ 16,129.48
---------------
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....... $ 109,911.29
---------------
(i) The amount to be deposited in
the Cash Reserve Account is..................... $ 119,344,.82
---------------
(j) The amount to be retained in the
Collection Account with respect to
the Reinvestment Amount and the
Partial Payment Amount is....................... $ 59,318.90
---------------
(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............ $ 126,040.77
---------------
14. Investor and Seller Certificate Principal Balance (end of Due Period).
(a) The Investor Certificate Principal Balance
as of October 31, 1996 (after giving
effect to the disbursements in reduction
of principal, if any, on the immediately
preceding Distribution Date) was................ $ 25,810,547.68
---------------
(b) The Seller Certificate Principal
Balance as of October 31, 1996 (after
giving effect to the disbursements in
reduction of principal, if any, on the
immediately preceding Distribution
Date or the effect of the computation
of the Individual Sold Balance relating
to the purchase of additional Auto
Loans during the Interest-Only Period
in accordance with the terms of the
Pooling and Servicing Agreement) was............ $ 2,867,838.63
---------------
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 November 1996.
NAFCO INC.
as Master Administrator
By: /s/Scott Drath
-----------------------------
Name: Scott Drath
Title: Vice President
7
<PAGE>
ANNEX A
TO
MASTER ADMINISTRATOR REPORT
DATED November 15, 1996
EVENT OF MASTER ADMINISTRATOR TERMINATION
None
8
<PAGE>
ANNEX B
TO
MASTER ADMINISTRATOR REPORT
DATED November 15, 1996
In addition to the information required by items 4-16 of the Master
Administrator Report the following information is to be included in the report
delivered to Investor Certificateholders pursuant to Section 7.05 of the Pooling
and Servicing Agreement:
1. Aggregate Principal Balance of the Auto Loans.
As of October 31, 1996 [the close of business on the last day of the
Due Period]
Number of Days Number of Aggregate Principal
Delinquent Auto Loans Balance of Auto Loans
---------- ---------- ---------------------
current (0-29) 1980 $21,693,375
30 - 59 274 3,249,675
60 - 89 91 1,043,885
90 - 120 59 689,975
over 120 389 3,269,600
----------- -----------
Totals: 2,793 $29,946,510
===========
Aggregate Principal Balance of Defaulted
Auto Loans at October 31, 1996 (1,268,124)
---------------
Aggregate Principal Balance allocable
to Certificateholders $ 28,678,386
===============
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....... $ 1,193,534.96
---------------
(b) The total amount of Recoveries on
Defaulted Auto Loans collected on the
Auto Loans and deposited into the
Collection Account for the Due Period was....... $ 201,323.55
---------------
(c) The total amounts collected on the Auto
Loans and deposited into the Collection
Account for the Due Period was [a+b]............ $ 1,394,858.51
---------------
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
---------- ---------------------
31 $368,589.35
4. The information specified in item 13(d) through (f)
stated on the basis of $1,000 Initial Principal Amount.
The Certificate Rate is 6.5%
(a) The amount of the aggregate distribution
to be made on such Distribution Date which
constitutes interest on the Investor Certificates
at the Certificate Rate, including any
Shortfall so allocable stated on the basis of
$1,000 Initial Principal Amount is ............. $ 4.391387
---------------
(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 .... $ 29.053615
---------------
(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 .................... $ 33.445002
---------------
10
<PAGE>
ANNEX C
TO
MASTER ADMINISTRATOR REPORT
DATED November 15, 1996
Calculation of Required Cash Reserve Amount as of the November 20, 1996
Distribution Date.
(i) The Investor Certificate Principal Balance equals $26,769,898.05
(ii) Required Reserve Percentage equals 10%.
(iii) The Required Cash Reserve Amount equals (the product of (i) and (ii))
$2,676,989.81
For purposes of this Annex C, the following term shall have the following
meaning:
"Required Reserve Percentage" means:
(a) for any Payment Date on which there is not an uncured Reserve
Requirement Event, 5%;
(b) if the Three-Month Delinquency Ratio for any Due Period exceeds 4% (a
"Three Month Delinquency Test"), the Required Reserve Percentage on
each succeeding Payment Date shall be 10%; provided, however, that if,
for any Due Period following the third Due Period following the
occurrence of a Three Month Delinquency Test, the Three Month
Delinquency Ratio is less than 4% (a "Three Month Delinquency Cure"),
the provisions of this clause (b) shall no longer apply until another
Three Month Delinquency Test occurs:
(c) if the Delinquency Ratio for any Due Period exceeds 6% (a "Delinquency
Test"), the Required Reserve Percentage on each succeeding Payment
Date shall be 10%; provided, however, that if, for any Due Period
following the third Due Period following the occurrence of the less
than 6% (a "Delinquency Cure"), the provisions of this clause (c)
shall no longer apply until another Delinquency Test occurs;
(d) if the Gross Loss Ratio for any Due Period exceeds 18% (a "Loss
Test"), the Required Reserve Percentage on each succeeding Payment
Date shall be 10%; provided, however, that if, for any Due Period
following the third Due Period following the occurrence of the Loss
Test, the Three Month Gross Ratio is less than 18% (a "Loss Cure"),
the provisions of this clause (d) shall no longer apply until another
Test occurs;
11
<PAGE>
(e) if the Three-Month Gross Loss Ratio for any Due Period exceeds 14.5%
(a "Three Month Loss Test"), the Required Reserve Percentage on each
succeeding Payment Date shall be 10%; provided however, that if, for
any Due Period following the occurrence of a Three Month Loss Test,
the Three Month Gross Loss Ratio is less than 14.5% (a "Three Month
Loss Cure"), the provisions of this clause (e) shall no longer apply
until another Three Month Loss Test occurs; and
(f) if 20% of more of eligible claims of the Auto Loans Protection Policy
are not paid by the Insurance Companies within the time specified
therein, the Required Reserve Percentage on each succeeding Payment
Date shall be 10% as of the close of business on the last day of the
preceding Due Period.
12
<PAGE>
MASTER ADMINISTRATOR REPORT
------------------------------------------
NAFCO AUTO TRUST - 3
For the December 20, 1996 Distribution Date
For the period beginning on November 1, 1996
and ending on November 30, 1996 (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 December 17, 1996.
5. Pool Factor.
(a) The Pool Factor with respect to
November 1, 1996 was............................... .78166407
---------
(b) The Pool Factor with respect to
November 30, 1996 was ............................. .75702638
---------
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 ........... $ 25,810,547.68
----------------
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 ........... $ 2,867,838.63
----------------
7. Occurrence of a Required Reserve Event
(a) The Delinquency Ratio is............................... 5.89%
-----
(b) The Three Month Deliquency Ratio is.................... 5.32%
-----
(c) The Gross Loss Ratio is................................ 32.20%
-----
(d) The Three Month Gross Loss Ratio is.................... 28.71%
-----
(e) The percentage of eligible claims on the
ALPI policy not paid in a timely manner
is(*).................................................. 27.38%
-----
(g) The Required Reserve Percentage is..................... 10.00%
-----
(*) 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.
8. Aggregate Monthly Servicing Fee.
(a) The Monthly Servicing Fee owing to the
Servicer on the related Distribution Date
is ......................................... $ 86,483.10
----------------
(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......................... $ 86,483.10
----------------
9. Aggregate Monthly Subrogation Amount.
(a) The Monthly Subrogation Amount owing on
the related Distribution Date is............ $ -0-
----------------
(b) The amount of accrued and unpaid Monthly
Subrogation Amount in respect of prior Due
Periods is.................................. $ -0-
----------------
2
<PAGE>
(c) The total Monthly Subrogation Amount paid
or payable to the Master Administrator in
respect of such Due Period [a+b] is......... $ -0-
----------------
10. Aggregate Monthly Administrator Fee.
(a) The Monthly Administrator Fee owing on the
related Distribution Date is................ $ 24,453.16
----------------
(b) The amount of accrued and unpaid Monthly
Administrator Fees in respect of prior Due
Periods is.................................. $ -0-
----------------
(c) The total Monthly Administrator Fee paid
or payable to the Master Administrator in
respect of such Due Period [a+b] is......... $ 24,453.16
----------------
11. The Cash Reserve Account.
(a) The Insurance Reserve Amount/The Insurance
Deductible
(i) The Insurance Reserve Amount as of
the first day of the Due Period....... $ 1,270,058.43
----------------
(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............................ $ 46,005.23
----------------
(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.......... $ 1,224,053.20
----------------
3
<PAGE>
(b) The Available Cash Reserve Amount
(i) The Required Cash Reserve Amount
(assuming all withdrawals or
deposits to be made with respect to
the current Distribution Date are
made) is.............................. $ 2,581,054.77
----------------
(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........ $ 1,728,308.87
----------------
(iii) The amount to be deposited to
(withdrawn from) the Available Cash
Reserve Amount with respect to the
current Distribution Date is.......... $ 64,474.75
----------------
(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.............................. $ 1,792,783.62
----------------
(c) The total Cash Reserve Account as of the
end of the Due Period (after giving effect
to the deposits and withdrawals in (a) and
(b) above) is............................... $ 3,016,836.82
----------------
12. Available Funds.
(a) The amount of Available Funds with respect
to the related Due Period was............... $ 1,215,264.12
----------------
(b) The amount of Available Funds with respect
to the immediately preceding Due Period
that were retained in the Collection
Account was................................. $ 59,318.90
----------------
(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...... $ 18,268.80
----------------
4
<PAGE>
(d) Total distributable funds with respect to
the related Due Period [a+b+c] was.......... $ 1,292,851.82
----------------
(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............................. $ 1,292,851.82
----------------
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................ $ 86,483.10
----------------
(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................ $ 24,453.16
----------------
(d) The amount of the aggregate distribution
to be made on such Distribution Date which
constitutes interest on the Investor
Certificates at the Certificate Rate,
including any Shortfall so allocable is..... $ 139,807.13
----------------
(e) The amount of the aggregate distribution
to be made on such Distribution Date which
constitutes payments in reduction of
principal with respect to the Investor
Certificates is............................. $ 813,536.52
----------------
(f) The total amount of the distribution to be
made on such Distribution Date to the
Investor Certificateholders [d+e] is........ $ 953,343.65
----------------
(g) The amount of the aggregate distribution
to be made on such Distribution Date which
constitutes interest on the Seller
Certificate at the Certificate Rate is...... $ 15,534.13
----------------
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........ $ 90,392.95
----------------
(i) The amount to be deposited in the Cash
Reserve Account is.......................... $ 64,474.75
----------------
(j) The amount to be retained in the
Collection Account with respect to the
Reinvestment Amount and the Partial
Payment Amount is........................... $ 58,170.09
----------------
(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.................................. $ 105,927.08
----------------
14. Investor and Seller Certificate Principal Balance (end of Due
Period).
(a) The Investor Certificate Principal Balance
as of November 30, 1996 (after giving
effect to the disbursements in reduction
of principal, if any, on the immediately
preceding Distribution Date) was............ $ 24,997,011.16
----------------
(b) The Seller Certificate Principal Balance
as of November 30, 1996 (after giving
effect to the disbursements in reduction
of principal, if any, on the immediately
preceding Distribution Date or the effect
of the computation of the Individual Sold
Balance relating to the purchase of
additional Auto Loans during the
Interest-Only Period in accordance with
the terms of the Pooling and Servicing
Agreement) was.............................. $ 2,777,445.68
----------------
15. Events of Administrator Termination.
No event has occurred and is continuing which
constitutes an Event of Administrator
Termination or would constitute an Event of
Administrator Termination but for the
requirement that notice be given or time elapse
or both [except as disclosed on the attached
Annex A].
6
<PAGE>
IN WITNESS WHEREOF, the undersigned has duly executed and delivered
this certificate this 17th day of December 1996.
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 December 17, 1996
EVENT OF MASTER ADMINISTRATOR TERMINATION
None
8
<PAGE>
ANNEX B
TO
MASTER ADMINISTRATOR REPORT
DATED December 17, 1996
In addition to the information required by items 4-16 of the Master
Administrator Report the following information is to be included in the report
delivered to Investor Certificateholders pursuant to Section 7.05 of the Pooling
and Servicing Agreement:
1. Aggregate Principal Balance of the Auto Loans.
As of November 30, 1996 [the close of business on the last day of
the Due Period]
Number of Days Number of Aggregate Principal
Delinquent Auto Loans Balance of Auto Loans
---------- ---------- ---------------------
current (0-29) 1877 $ 20,227,941
30 - 59 290 3,393,905
60 - 89 96 1,070,462
90 - 120 67 751,635
over 120 428 3,699,280
----- ------------
Totals: 2,758 $ 29,143,223
=====
Aggregate Principal Balance of Defaulted
Auto Loans at November 30, 1996 (1,368,766)
------------
Aggregate Principal Balance allocable
to Certificateholders $ 27,774,457
============
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... $ 1,035,981.14
----------------
(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.............. $ 134,426.56
----------------
(c) The total amounts collected on the Auto
Loans and deposited into the Collection
Account for the Due Period was [a+b]........ $ 1,170,407.70
----------------
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
---------- ---------------------
22 $279,668.30
4. The information specified in item 13(d) through
(f) stated on the basis of $1,000 Initial
Principal Amount.
The Certificate Rate is 6.5%
(a) The amount of the aggregate distribution
to be made on such Distribution Date which
constitutes interest on the Investor
Certificates at the Certificate Rate,
including any Shortfall so allocable
stated on the basis of $1,000 Initial
Principal Amount is......................... $ 4.234014
----------------
(b) The amount of the aggregate distribution
to be made on such Distribution Date which
constitutes payments in reduction of
principal with respect to the Investor
Certificate on the basis of $1,000 Initial
Principal Amount is......................... $ 24.637690
----------------
(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....... $ 28.871704
----------------
10
<PAGE>
ANNEX C
TO
MASTER ADMINISTRATOR REPORT
DATED December 17, 1996
Calculation of Required Cash Reserve Amount as of the December 20, 1996
Distribution Date.
(i) The Investor Certificate Principal Balance equals $25,810,547.68
(ii) Required Reserve Percentage equals 10%.
(iii) The Required Cash Reserve Amount equals (the product of (i) and
(ii)) $2,581,054.77
For purposes of this Annex C, the following term shall have the following
meaning:
"Required Reserve Percentage" means:
(a) for any Payment Date on which there is not an uncured Reserve
Requirement Event, 5%;
(b) if the Three-Month Delinquency Ratio for any Due Period exceeds 4%
(a "Three Month Delinquency Test"), the Required Reserve Percentage
on each succeeding Payment Date shall be 10%; provided, however,
that if, for any Due Period following the third Due Period following
the occurrence of a Three Month Delinquency Test, the Three Month
Delinquency Ratio is less than 4% (a "Three Month Delinquency
Cure"), the provisions of this clause (b) shall no longer apply
until another Three Month Delinquency Test occurs:
(c) if the Delinquency Ratio for any Due Period exceeds 6% (a
"Delinquency Test"), the Required Reserve Percentage on each
succeeding Payment Date shall be 10%; provided, however, that if,
for any Due Period following the third Due Period following the
occurrence of the less than 6% (a "Delinquency Cure"), the
provisions of this clause (c) shall no longer apply until another
Delinquency Test occurs;
(d) if the Gross Loss Ratio for any Due Period exceeds 18% (a "Loss
Test"), the Required Reserve Percentage on each succeeding Payment
Date shall be 10%; provided, however, that if, for any Due Period
following the third Due Period following the occurrence of the Loss
Test, the Three Month Gross Ratio is less than 18% (a "Loss Cure"),
the provisions of this clause (d) shall no longer apply until
another Test occurs;
11
<PAGE>
(e) if the Three-Month Gross Loss Ratio for any Due Period exceeds 14.5%
(a "Three Month Loss Test"), the Required Reserve Percentage on each
succeeding Payment Date shall be 10%; provided however, that if, for
any Due Period following the occurrence of a Three Month Loss Test,
the Three Month Gross Loss Ratio is less than 14.5% (a "Three Month
Loss Cure"), the provisions of this clause (e) shall no longer apply
until another Three Month Loss Test occurs; and
(f) if 20% of more of eligible claims of the Auto Loans Protection
Policy are not paid by the Insurance Companies within the time
specified therein, the Required Reserve Percentage on each
succeeding Payment Date shall be 10% as of the close of business on
the last day of the preceding Due Period.
12
<PAGE>
MASTER ADMINISTRATOR REPORT
---------------------------------------------------------
NAFCO AUTO TRUST - 3
For the January 21, 1997 Distribution Date
For the period beginning on December 1, 1996
and ending on December 31, 1996 (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 Janaury 15, 1997.
5. Pool Factor.
(a) The Pool Factor with respect to
December 1, 1996 was............................ .75702638
---------------
(b) The Pool Factor with respect to
December 31, 1996 was .......................... .73066956
---------------
6. Investor and Seller Certificate Principal Balance (beginning of Due
Period).
(a) The Investor Certificate Principal Balance as of
December 1, 1996 (after giving effect to the
disbursements in reduction of principal, if any,
on the immediately preceding
Distribution Date) was.......................... $ 24,997,011.16
---------------
1
<PAGE>
(b) The Seller Certificate Principal Balance as of
December 1, 1996 (after giving effect to the
disbursements in reduction of principal, if any,
on the immediately preceding Distribution
Date) was....................................... $ 2,777,445.68
---------------
7. Occurrence of a Required Reserve Event
(a) The Delinquency Ratio is........................ * 6.94%
---------------
(b) The Three Month Deliquency Ratio is............. * 5.95%
---------------
(c) The percentage of eligible claims on the
ALPI policy not paid in a timely manner
is(*)........................................... * 33.55%
---------------
(*) 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 Monthly
---------- -------
(d) The Gross Loss Ratio is.............. 33.52% 12.71%
------ ------
(e) The Three Month Gross Loss Ratio is.. 31.48% *17.63%
------ ------
(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 ........................... $ 84,005.59
---------------
(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..................... $ 84,005.59
---------------
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 ............ $ 26,652.42
---------------
(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 ......... $ 26,652.42
---------------
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......... $ 1,224,053.20
---------------
(ii) The aggregate Insurance Deductible
to be deposited by the Seller into the
Cash Reserve Account on the Deposit
Date with respect to additional Auto
Loans acquired............................. $ -0-
---------------
(iii) The aggregate amount to be withdrawn
from the Insurance Reserve Amount,
deposited into the Collection Account
and applied against the aggregate
amount of the Insurance Deductible......... $ 104,557.67
---------------
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......................................... $ 1,119,495.53
---------------
(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............. $ 2,499,701.12
---------------
(ii) The Available Cash Reserve Amount
available for deposit to the Collection
Account on the related Deposit Date
(prior to any withdrawals or deposits
to be made with respect to the current
Distribution Date are made) is............. $ 1,792,783.62
---------------
(iii) The amount to be deposited to
(withdrawn from) the Available Cash
Reserve Amount with respect to the
current Distribution Date is............... $ 112,158.66
---------------
(iv) The Available Cash Reserve Amount
available for deposit to the Collection
Account on the related Deposit Date
(after any withdrawals or deposits to be
made with respect to the current
Distribution Date are made) is............. $ 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................................... $ 3,024,437.81
---------------
4
<PAGE>
12. Available Funds.
(a) The amount of Available Funds with
respect to the related Due Period was........... $ 1,333,186.55
---------------
(b) The amount of Available Funds with
respect to the immediately preceding
Due Period that were retained in the
Collection Account was.......................... $ 58,170.09
---------------
(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 ....................... $ 19,087.04
---------------
(d) Total distributable funds with respect
to the related Due Period [a+b+c] was........... $ 1,410,443.68
---------------
(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.............. $ 1,410,443.68
---------------
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.................... $ 84,005.59
---------------
(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.................... $ 26,652.42
---------------
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......... $ 135,400.48
---------------
(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 ................ $ 870,302.24
---------------
(f) The total amount of the distribution
to be made on such Distribution Date
to the Investor Certificateholders [d+e] is..... $ 1,005,702.72
---------------
(g) The amount of the aggregate distribution
to be made on such Distribution Date
which constitutes interest on the Seller
Certificate at the Certificate Rate is.......... $ 15,044.50
---------------
(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....... $ 96,700.24
---------------
(i) The amount to be deposited in
the Cash Reserve Account is..................... $ 112,158.66
---------------
(j) The amount to be retained in the
Collection Account with respect to
the Reinvestment Amount and the
Partial Payment Amount is....................... $ 70,179.55
---------------
(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............ $ 111,744.74
---------------
6
<PAGE>
14. Investor and Seller Certificate Principal Balance (end of Due Period).
(a) The Investor Certificate Principal Balance
as of December 31, 1996 (after giving
effect to the disbursements in reduction
of principal, if any, on the immediately
preceding Distribution Date) was................ $ 24,126,708.92
---------------
(b) The Seller Certificate Principal Balance as of
December 31, 1996 (after giving effect to the
disbursements in reduction of principal, if any,
on the immediately preceding Distribution
Date or the effect of the computation of the
Individual Sold Balance relating to the purchase
of additional Auto Loans during the
Interest-Only Period in accordance with the
terms of the
Pooling and Servicing Agreement) was............ $ 2,680,745.44
---------------
15. Events of Administrator Termination.
No event has occurred and is continuing which constitutes
an Event of Administrator Termination or would constitute
an Event of Administrator Termination but for the
requirement that notice be given or time elapse or both
[except as disclosed on the attached Annex A].
7
<PAGE>
IN WITNESS WHEREOF, the undersigned has duly executed and delivered this
certificate this 15th day of Janaury 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 Janaury 15, 1997
EVENT OF MASTER ADMINISTRATOR TERMINATION
None
9
<PAGE>
ANNEX B
TO
MASTER ADMINISTRATOR REPORT
DATED Janaury 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 December 31, 1996 [the close of business on the last day of the
Due Period]
Number of Days Number of Aggregate Principal
Delinquent Auto Loans Balance of Auto Loans
---------- ---------- ---------------------
current (0-29) 1818 $19,320,792
30 - 59 269 3,071,004
60 - 89 108 1,255,645
90 - 120 50 526,263
over 120 463 4,040,366
----------- -----------
Totals: 2,708 $28,214,070
===========
Aggregate Principal Balance of Defaulted
Auto Loans at December 31, 1996 (1,406,616)
---------------
Aggregate Principal Balance allocable
to Certificateholders $26,807,454
---------------
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....... $ 1,030,517.34
---------------
(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....... $ 186,102.08
---------------
(c) The total amounts collected on the Auto
Loans and deposited into the Collection
Account for the Due Period was [a+b]............ $ 1,216,619.42
---------------
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
---------- ---------------------
28 $352,162.19
4. The information specified in item 13(d) through (f)
stated on the basis of $1,000 Initial Principal Amount.
The Certificate Rate is 6.5%
(a) The amount of the aggregate distribution to
be made on such Distribution Date which
constitutes interest on the Investor Certificates
at the Certificate Rate, including any
Shortfall so allocable stated on the basis of
$1,000 Initial Principal Amount is ............. $ 4.100560
---------------
(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 .... $ 26.356821
---------------
(c) The total amount of the distribution to be
made on such Distribution Date to the Investor
Certificateholders on the basis of $1,000
Initial Principal Amount is .................... $ 30.457381
---------------
11
<PAGE>
ANNEX C
TO
MASTER ADMINISTRATOR REPORT
DATED Janaury 15, 1997
Calculation of Required Cash Reserve Amount as of the Janaury 21, 1996
Distribution Date.
(i) The Investor Certificate Principal Balance equals $24,997,011.16
(ii) Required Reserve Percentage equals 10%.
(iii) The Required Cash Reserve Amount equals (the product of (i) and (ii))
$2,499,701.12
For purposes of this Annex C, the following term shall have the following
meaning:
"Required Reserve Percentage" means:
(a) for any Payment Date on which there is not an uncured Reserve
Requirement Event, 5%;
(b) if the Three-Month Delinquency Ratio for any Due Period exceeds 4% (a
"Three Month Delinquency Test"), the Required Reserve Percentage on
each succeeding Payment Date shall be 10%; provided, however, that if,
for any Due Period following the third Due Period following the
occurrence of a Three Month Delinquency Test, the Three Month
Delinquency Ratio is less than 4% (a "Three Month Delinquency Cure"),
the provisions of this clause (b) shall no longer apply until another
Three Month Delinquency Test occurs;
(c) if the Delinquency Ratio for any Due Period exceeds 6% (a "Delinquency
Test"), the Required Reserve Percentage on each succeeding Payment
Date shall be 10%; provided, however, that if, for any Due Period
following the third Due Period following the occurrence of the less
than 6% (a "Delinquency Cure"), the provisions of this clause (c)
shall no longer apply until another Delinquency Test occurs;
(d) if the Gross Loss Ratio for any Due Period exceeds 18% (a "Loss
Test"), the Required Reserve Percentage on each succeeding Payment
Date shall be 10%; provided, however, that if, for any Due Period
following the third Due Period following the occurrence of the Loss
Test, the Three Month Gross Ratio is less than 18% (a "Loss Cure"),
the provisions of this clause (d) shall no longer apply until another
Test occurs;
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
Cummulative: Ratios
------
1. Delinquency Ratio:
December Principal Balance 60+ days ( = 1,958,470.00 = 6.94%
------------------------------------- -------------
December Aggregate Principal Balance 28,214,069.89
2. Three Month Delinquency Ratio:
Sum of Oct-December Principal Balances
60+ days (net) = 5,197,856.76 = 5.95%
------------------------------------- -------------
Sum of Oct-December Principal Balances 87,303,802.66
3. ALPI Claims Payment Test:
Aggregate Principal Balance of
ALPI Claims not paid within timefra = 483,528.63 = 33.55%
------------------------------------- -------------
Principal Balance of Eligible Claims 1,441,328.27
4. Gross Loss Ratio:
Twelve times the:
December Principal Balance of Defaulted
Auto Loans repossessed = 788,165.40 = 33.52%
------------------------------------- -------------
December Aggregate Principal Balance 28,214,069.89
5. Three month Gross Loss Ratio:
Twelve times the:
Sum of Oct-December Principal Balances
of Defaulted Auto Loans repossessed = 2,290,057.64 = 31.48%
------------------------------------- -------------
Sum of Oct-December Principal Balances 87,303,802.66
Monthly:
4a. Gross Loss Ratio:
Twelve times the:
December Principal Balance of Defaulted
Auto Loans repossessed = 298,750.96 = 12.71%
------------------------------------- -------------
December Aggregate Principal Balance 28,214,069.89
5.a Three month Gross Loss Ratio:
Twelve times the:
Sum of Oct-December Principal Balances
of Defaulted Auto Loans repossessed = 1,282,383.38 = 17.63%
------------------------------------- -------------
Sum of Oct-December Principal Balances 87,303,802.66
