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Previous: EVERGREEN MEDIA CORP, 10-Q/A, 1997-08-26 |
Next: OLYMPIC RECEIVABLES FINANCE CORP, 8-K, 1997-08-26 |
<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
----------------------------
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Act of 1934
Date of Report (Date of earliest event reported): May 5, 1997
ARCADIA FINANCIAL LTD.
as Servicer with respect to
OLYMPIC AUTOMOBILE RECEIVABLES TRUST, 1996-D
------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 333-14983 41-1857055
- ------------------------------------------------------------------------------
(State or other jurisdiction (Commission (IRS employer
of incorporation) file number) identification No.)
7825 Washington Avenue South, Minneapolis, Minnesota 55439-2435
---------------------------------------------------------------
(Address of principal executive offices)
Registrant's telephone number, including area code: (612) 942-9880
--------------------------
Olympic Financial Ltd.
- ------------------------------------------------------------------------------
(Former name or former address, if changed since last report
<PAGE>
Item 1. CHANGES IN CONTROL OF REGISTRANT.
Not applicable.
Item 2. ACQUISITION OR DISPOSITION OF ASSETS.
Not applicable.
Item 3. BANKRUPTCY OR RECEIVERSHIP.
Not applicable.
Item 4. CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANTS.
Not applicable.
Item 5. OTHER EVENTS.
Pursuant to the Sale and Servicing Agreement, dated as of December 1,
1996 (the "Agreement"), among Olympic Automobile Receivables
Trust, 1996-D (the "Trust"), as Issuer, Arcadia Receivables
Finance Corp., as Seller, Arcadia Financial Ltd., in its individual
capacity and as Servicer, and Norwest Bank Minnesota, National
Association, as Backup Servicer, Norwest Bank Minnesota, National
Association, as Indenture Trustee (the "Indenture Trustee"), made
distributions to the Note Distribution Account and to the
Certificate Distribution Account for distribution to the holders
of notes representing indebtedness of the Trust (the
"Noteholders") and to the holders of certificates representing
interests in the Trust (the "Certificateholders"), respectively,
and Mellon Bank, not in its individual capacity but as Owner
Trustee (the "Owner Trustee"), delivered to Certificateholders
and the Indenture Trustee delivered to Noteholders, respectively,
statements required by Section 4.9 of the Agreement, which
statements were prepared from information contained in the
Servicer's Certificate delivered to the Indenture Trustee and the
Owner Trustee pursuant to Section 3.9 of the Agreement and attached
hereto as Exhibit 99.1.
Item 6. RESIGNATIONS OF REGISTRANT'S DIRECTORS.
Not applicable.
<PAGE>
Item 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
(a) Financial statements of businesses acquired.
Not applicable.
(b) Pro forma financial information.
Not applicable.
(c) Exhibits.
The following exhibit is filed herewith. The exhibit number
corresponds with Item 601(b) of Regulation S-K.
Exhibit No. Description
----------- -----------
99.1 Servicer's Certificate, dated
May 15, 1997, delivered to the Trustee
<PAGE>
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 hereunto duly authorized.
May 15, 1997 OLYMPIC AUTOMOBILE RECEIVABLES TRUST,
1996-A
By ARCADIA FINANCIAL LTD.,
as Servicer with respect to Olympic
Automobile Receivables Trust, 1996-D
By: /s/ Brian S. Anderson
------------------------------------
Brian S. Anderson
Senior Vice President and Corporate
Controller
<PAGE>
INDEX TO EXHIBITS
Exhibit Number Page
- -------------- ----
99.1 Servicer's Certificate, dated May 15, 1997,
delivered to the Trustee
<PAGE>
OLYMPIC AUTOMOBILE RECEIVABLES TRUST 1996 - D
MONTHLY SERVICER'S CERTIFICATE
Accounting Date: April 30, 1997
--------------------
Determination Date: May 5, 1997
--------------------
Distribution Date: May 15, 1997
--------------------
Monthly Period Ending: April 30, 1997
--------------------
This Certificate is delivered pursuant to Section 3.9 of the Sale and
Servicing Agreement, dated as of December 1, 1996, among Olympic
Automobile Receivables Trust, 1996-D (the "Trust"), Arcadia
Receivables Finance Corp., as Seller, Arcadia Financial Ltd., in its
individual capacity and as Servicer, and Norwest Bank Minnesota,
National Association, as Backup Servicer (the "Sale and Servicing
Agreement"). Terms used and not otherwise defined herein have the
meaning assigned them in the Sale and Servicing Agreement.
Arcadia Financial Ltd., as Servicer under the Sale and Servicing
Agreement, hereby certifies that the following information is true and
correct for the Distribution Date and the Monthly Period set forth above.
I. Collection Account Summary
<TABLE>
<CAPTION>
<S> <C> <C>
Available Funds:
Payments Received $23,050,437.12
Liquidation Proceeds (excluding Purchase Amounts) $730,297.71
Current Monthly Advances $210,062.06
Amount of withdrawal, if any, from the Reserve Account $0.00
Monthly Advance Recoveries ($127,672.95)
Purchase Amounts-Warranty and Administrative Receivables $19,882.28
Purchase Amounts - Liquidated Receivables $0.00
Income from investment of funds in Trust Accounts $98,739.38
--------------
Total Available Funds $23,981,745.60
--------------
--------------
Amounts Payable on Distribution Date:
Reimbursement of Monthly Advances $0.00
Backup Servicer Fee $0.00
Basic Servicing Fee $558,876.75
Trustee and other fees $0.00
Class A-1 Interest Distributable Amount $82,138.37
Class A-2 Interest Distributable Amount $1,030,208.33
Class A-3 Interest Distributable Amount $619,791.67
Class A-4 Interest Distributable Amount $756,250.00
Class A-5 Interest Distributable Amount $466,145.83
Noteholders' Principal Distributable Amount $17,209,819.70
Certificateholders' Interest Distributable Amount $372,604.17
Certificateholders' Principal Distributable Amount $0.00
Amounts owing and not paid to Security Insurer under
Insurance Agreement $0.00
Supplemental Servicing Fees (not otherwise paid
to Servicer) $0.00
Spread Account Deposit $2,885,910.78
--------------
Total Amounts Payable on Distribution Date $23,981,745.60
--------------
--------------
</TABLE>
Page 1
<PAGE>
II. Available Funds
<TABLE>
<CAPTION>
<S> <C> <C>
Collected Funds (see V)
Payments Received $23,050,437.12
Liquidation Proceeds (excluding Purchase Amounts) $730,297.71 $23,780,734.83
--------------
Purchase Amounts $19,882.28
Monthly Advances
Monthly Advances - current Monthly Period (net) $82,389.11
Monthly Advances - Outstanding Monthly Advances
not otherwise reimbursed to the Servicer $0.00 $82,389.11
--------------
$98,739.38
Income from investment of funds in Trust Accounts --------------
$23,981,745.60
Available Funds --------------
--------------
III. Amounts Payable on Distribution Date
(i)(a) Taxes due and unpaid with respect to the Trust
(not otherwise paid by OFL or the Servicer) $0.00
(i)(b) Outstanding Monthly Advances (not otherwise reimbursed
to Servicer and to be reimbursed on the Distribution Date) $0.00
(i)(c) Insurance Add-On Amounts (not otherwise reimbursed
to Servicer) $0.00
(ii) Accrued and unpaid fees (not otherwise paid by OFL or
the Servicer):
Owner Trustee $0.00
Administrator $0.00
Indenture Trustee $0.00
Indenture Collateral Agent $0.00
Lockbox Bank $0.00
Custodian $0.00
Backup Servicer $0.00
Collateral Agent $0.00 $0.00
--------------
(iii)(a) Basic Servicing Fee (not otherwise paid to Servicer) $558,876.75
(iii)(b) Supplemental Servicing Fees (not otherwise
paid to Servicer) $0.00
(iii)(c) Servicer reimbursements for mistaken deposits or
postings of checks returned for insufficient
funds (not otherwise reimbursed to Servicer) $0.00
(iv) Class A-1 Interest Distributable Amount $82,138.37
Class A-2 Interest Distributable Amount $1,030,208.33
Class A-3 Interest Distributable Amount $619,791.67
Class A-4 Interest Distributable Amount $756,250.00
Class A-5 Interest Distributable Amount $466,145.83
(v) Noteholders' Principal Distributable Amount
Payable to Class A-1 Noteholders $17,209,819.70
Payable to Class A-2 Noteholders $0.00
Payable to Class A-3 Noteholders $0.00
Payable to Class A-4 Noteholders $0.00
Payable to Class A-5 Noteholders $0.00
(vi) Certificateholders' Interest Distributable Amount $372,604.17
(vii) Unpaid principal balance of the Class A-1 Notes after deposit
to the Note Distribution Account of any funds in the
Class A-1 Holdback Subaccount (applies only on the
Class A-1 Final Scheduled Distribution Date) $0.00
(viii) Certificateholders' Principal Distributable Amount $0.00
(ix) Amounts owing and not paid to Security Insurer under
Insurance Agreement $0.00
--------------
Total amounts payable on Distribution Date $21,095,834.82
--------------
--------------
</TABLE>
Page 2
<PAGE>
<TABLE>
<CAPTION>
<S> <C>
IV. Calculation of Credit Enhancement Fee ("Spread Account
Deposit"); withdrawal from Reserve Account; Deficiency Claim
Amount; Pre-Funding Account Shortfall and Class A-1 Maturity
Shortfall
Spread Account deposit:
Amount of excess, if any, of Available Funds
over total amounts payable (or amount of such
excess up to the Spread Account Maximum Amount) $2,885,910.78
Reserve Account Withdrawal on any Determination Date:
Amount of excess, if any, of total amounts payable over
Available Funds (excluding amounts payable under
item (vii) of Section III) $0.00
Amount available for withdrawal from the Reserve Account
(excluding the Class A-1 Holdback Subaccount), equal to
the difference between the amount on deposit in the Reserve
Account and the Requisite Reserve Amount (amount on deposit
in the Reserve Account calculated taking into account any
withdrawals from or deposits to the Reserve Account in respect
of transfers of Subsequent Receivables) $0.00
(The amount of excess of the total amounts payable (excluding
amounts payable under item (vii) of Section III) payable over
Available Funds shall be withdrawn by the Indenture Trustee
from the Reserve Account (excluding the Class A-1 Holdback
Subaccount) to the extent of the funds available for
withdrawal from in the Reserve Account, and deposited in
the Collection Account.)
Amount of withdrawal, if any, from the Reserve Account $0.00
Reserve Account Withdrawal on Determination Date for Class A-1
Final Scheduled Distribution Date:
Amount by which (a) the remaining principal balance of the
Class A-1 Notes exceeds (b) Available Funds after payment
of amounts set forth in item (v) of Section III $0.00
Amount available in the Class A-1 Holdback Subaccount $0.00
(The amount by which the remaining principal balance of
the Class A-1 Notes exceeds Available Funds (after payment
of amount set forth in item (v) of Section III) shall be
withdrawn by the Indenture Trustee from the Class A-1
Holdback Subaccount, to the extent of funds available for
withdrawal from the Class A-1 Holdback Subaccount, and
deposited in the Note Distribution Account for payment to
the Class A-1 Noteholders)
Amount of withdrawal, if any, from the Class A-1 Holdback Subaccount $0.00
Deficiency Claim Amount:
Amount of excess, if any, of total amounts payable over funds
available for withdrawal from Reserve Amount, the Class A-1
Holdback Subaccount and Available Funds $0.00
(on the Class A-1 Final Scheduled Distribution Date, total amounts
payable will not include the remaining principal balance of the
Class A-1 Notes after giving effect to payments made under items
(v) and (vii) of Section III and pursuant to a withdrawal from
the Class A-1 Holdback Subaccount)
Pre-Funding Account Shortfall:
Amount of excess, if any, on the Distribution Date on or
immediately following the end of the Funding Period, of (a)
the sum of the Class A-1 Prepayment Amount, the Class A-2
Prepayment Amount, the Class A-3 Prepayment Amount, the
Class A-4 Prepayment Amount, and the Class A-5 Prepayment Amount,
over (b) the amount on deposit in the Pre-Funding Account $0.00
Class A-1 Maturity Shortfall:
Amount of excess, if any, on the Class A-1 Final Scheduled
Distribution Date, of (a) the unpaid principal balance of the
Class A-1 Notes over (b) the sum of the amounts deposited in
the Note Distribution Account under item (v) and (vii) of
Section III or pursuant to a withdrawal from the Class A-1
Holdback Subaccount. $0.00
(In the event a Deficiency Claim Amount, Pre-Funding Account
Shortfall or Class A-1 Maturity Shortfall exists, the Trustee
shall deliver a Deficiency Notice to the Collateral Agent, the
Security Insurer, the Fiscal Agent, if any, the Owner Trustee
and the Servicer specifying the Deficiency Claim Amount, the
Pre-Funding Account Shortfall or the Class A-1 Maturity Shortfall.)
Page 3
<PAGE>
V. Collected Funds
Payments Received:
Supplemental Servicing Fees $0.00
Amount allocable to interest $7,928,255.82
Amounts allocable to principal $15,122,181.30
Amount allocable to Insurance Add-On Amounts $0.00
Amount allocable to Outstanding Monthly Advances
(reimbursed to the Servicer prior to deposit
in the Collection Account) $0.00
--------------
Total Payments Received $23,050,437.12
Liquidation Proceeds:
Gross amount realized with respect to Liquidated Receivables $851,043.40
Less: (i) reasonable expenses incurred by Servicer
in connection with the collection of such Liquidated
Receivables and the repossession and disposition
of the related Financed Vehicles and (ii) amounts
required to be refunded to Obligors on such
Liquidated Receivables ($120,745.69)
--------------
Net Liquidation Proceeds $730,297.71
Allocation of Liquidation Proceeds:
Supplemental Servicing Fees $0.00
Amount allocable to interest $0.00
Amounts allocable to principal $0.00
Amount allocable to Insurance Add-On Amounts $0.00
Amount allocable to Outstanding Monthly Advances
(reimbursed to the Servicer prior to deposit in
the Collection Account) $0.00 $0.00
-------------- --------------
Total Collected Funds $23,780,734.83
--------------
--------------
VI. Purchase Amounts Deposited in Collection Account
Purchase Amounts - Warranty Receivables $0.00
Amount allocable to interest $0.00
Amounts allocable to principal $0.00
Amount allocable to Outstanding Monthly Advances
(reimbursed to the Servicer prior to deposit in
the Collection Account) $0.00
Purchase Amounts - Administrative Receivables $19,882.28
Amount allocable to interest $0.00
Amounts allocable to principal $19,882.28
Amount allocable to Outstanding Monthly Advances
(reimbursed to the Servicer prior to deposit in the
Collection Account) $0.00
--------------
Total Purchase Amounts $19,882.28
--------------
--------------
VII. Reimbursement of Outstanding Monthly Advances
Outstanding Monthly Advances $303,515.44
Outstanding Monthly Advances reimbursed to the Servicer prior
to deposit in the Collection Account from:
Payments received from Obligors ($127,672.95)
Liquidation Proceeds $0.00
Purchase Amounts - Warranty Receivables $0.00
Purchase Amounts - Administrative Receivables $0.00
--------------
Outstanding Monthly Advances to be netted against Monthly
Advances for the current Monthly Period ($127,672.95)
Outstanding Monthly Advances to be reimbursed out of
Available Funds on the Distribution Date ($127,672.95)
Remaining Outstanding Monthly Advances $175,842.49
Monthly Advances - current Monthly Period $210,062.06
--------------
Outstanding Monthly Advances - immediately following
the Distribution Date $385,904.55
--------------
--------------
Page 4
<PAGE>
VIII. Calculation of Interest and Principal Payments
A. Calculation of Principal Distribution Amount
Payments received allocable to principal $15,122,181.30
Aggregate of Principal Balances as of the Accounting Date of all
Receivables that became Liquidated Receivables
during the Monthly Period $2,067,756.12
Purchase Amounts - Warranty Receivables allocable to principal $0.00
Purchase Amounts - Administrative Receivables allocable to principal $19,882.28
Amounts withdrawn from the Pre-Funding Account $0.00
Cram Down Losses $0.00
--------------
Principal Distribution Amount $17,209,819.70
--------------
--------------
B. Calculation of Class A-1 Interest Distributable Amount
Class A-1 Monthly Interest Distributable Amount:
Outstanding principal balance of the Class A-1 Notes (as of the
immediately preceding Distribution Date after distributions
of principal to Class A-1 Noteholders on such Distribution Date) $18,152,125.86
Multiplied by the Class A-1 Interest Rate 5.430%
Multiplied by actual days in the period, in case of the first
Distribution Date, by 34/360 0.08333333 $82,138.37
--------------
Plus any unpaid Class A-1 Interest Carryover Shortfall $0.00
--------------
Class A-1 Interest Distributable Amount $82,138.37
--------------
--------------
C. Calculation of Class A-2 Interest Distributable Amount
Class A-2 Monthly Interest Distributable Amount:
Outstanding principal balance of the Class A-2 Notes (as of
the immediately preceding Distribution Date after
distributions of principal to Class A-2 Noteholders on
such Distribution Date) $215,000,000.00
Multiplied by the Class A-2 Interest Rate 5.75%
Multiplied by 1/12 or, in case of the first Distribution Date, by 33/360 0.08333333 $1,030,208.33
--------------
Plus any unpaid Class A-2 Interest Carryover Shortfall $0.00
--------------
Class A-2 Interest Distributable Amount $1,030,208.33
--------------
--------------
D. Calculation of Class A-3 Interest Distributable Amount
Class A-3 Monthly Interest Distributable Amount:
Outstanding principal balance of the Class A-3 Notes (as of the
immediately preceding Distribution Date after distributions
of principal to Class A-3 Noteholders on such Distribution Date) $125,000,000.00
Multiplied by the Class A-3 Interest Rate 5.950%
Multiplied by 1/12 or, in case of the first Distribution Date, by 33/360 0.08333333 $619,791.67
--------------
Plus any unpaid Class A-3 Interest Carryover Shortfall $0.00
--------------
Class A-3 Interest Distributable Amount $619,791.67
--------------
--------------
E. Calculation of Class A-4 Interest Distributable Amount
Class A-4 Monthly Interest Distributable Amount:
Outstanding principal balance of the Class A-4 Notes (as of
the immediately preceding Distribution Date after
distributions of principal to Class A-4 Noteholders on
such Distribution Date) $150,000,000.00
Multiplied by the Class A-4 Interest Rate 6.05%
Multiplied by 1/12 or, in case of the first Distribution Date, by 33/360 0.08333333 $756,250.00
--------------
Plus any unpaid Class A-4 Interest Carryover Shortfall $0.00
--------------
Class A-4 Interest Distributable Amount $756,250.00
--------------
--------------
Page 5
<PAGE>
F. Calculation of Class A-5 Interest Distributable Amount
Class A-5 Monthly Interest Distributable Amount:
Outstanding principal balance of the Class A-5 Notes (as of the
immediately preceding Distribution Date after distributions
of principal to Class A-5 Noteholders on such Distribution Date) $89,500,000.00
Multiplied by the Class A-5 Interest Rate 6.25%
Multiplied by 1/12 or, in case of the first Distribution Date, by 33/360 0.08333333 $466,145.83
--------------
Plus any unpaid Class A-5 Interest Carryover Shortfall $0.00
--------------
Class A-5 Interest Distributable Amount $466,145.83
--------------
--------------
H. Calculation of Noteholders' Interest Distributable Amount
Class A-1 Interest Distributable Amount $82,138.37
Class A-2 Interest Distributable Amount $1,030,208.33
Class A-3 Interest Distributable Amount $619,791.67
Class A-4 Interest Distributable Amount $756,250.00
Class A-5 Interest Distributable Amount $466,145.83
Noteholders' Interest Distributable Amount $2,954,534.20
--------------
--------------
I. Calculation of Noteholders' Principal Distributable Amount:
Noteholders' Monthly Principal Distributable Amount:
Principal Distribution Amount $17,209,819.70
Multiplied by Noteholders' Percentage ((i) for each
Distribution Date before the principal balance of the
Class A-1 Notes is reduced to zero, 100%, (ii) for the
Distribution Date on which the principal balance of the
Class A-1 Notes is reduced to zero, 100% until the
principal balance of the Class A-1 Notes is reduced to
zero and with respect to any remaining portion
of the Principal Distribution Amount, the initial
principal balance of the Class A-2 Notes over
the Aggregate Principal Balance (plus any funds
remaining on deposit in the Pre-Funding Account) as of
the Accounting Date for the preceding Distribution Date
minus that portion of the Principal Distribution Amount
applied to retire the Class A-1 Notes and (iii) for each
Distribution Date thereafter, outstanding principal balance
of the Class A-2 Notes on the Determination Date over
the Aggregate Principal Balance (plus any funds remaining
on deposit in the Pre-Funding Account) as of the
Accounting Date for the preceding Distribution Date) 100.00% $17,209,819.70
--------------
Unpaid Noteholders' Principal Carryover Shortfall $0.00
--------------
Noteholders' Principal Distributable Amount $17,209,819.70
--------------
--------------
J. Application of Noteholders' Principal Distribution Amount:
Amount of Noteholders' Principal Distributable Amount
payable to Class A-1 Notes (equal to entire Noteholders'
Principal Distributable Amount until the principal balance
of the Class A-1 Notes is reduced to zero) $17,209,819.70
--------------
--------------
Amount of Noteholders' Principal Distributable Amount
payable to Class A-2 Notes (no portion of the Noteholders'
Principal Distributable Amount is payable to the Class A-2
Notes until the principal balance of the Class A-1 Notes
has been reduced to zero; thereafter, equal to the entire
Noteholders' Principal Distributable Amount) $0.00
--------------
--------------
Page 6
<PAGE>
K. Calculation of Certificateholders' Interest Distributable Amount
Certificate holders' Monthly Interest Distributable Amount:
Certificate Balance (as of the close of business
on the preceding Distribution Date) $73,000,000.00
Multiplied by the Certificate Pass-Through Rate 6.125%
Multiplied by 1/12 or, in case of the first
Distribution Date, by 33/360 0.08333333 $372,604.17
--------------
Plus any unpaid Certificateholders' Interest Carryover Shortfall $0.00
--------------
Certificateholders' Interest Distributable Amount $372,604.17
--------------
--------------
L. Calculation of Certificateholders' Principal Distributable Amount:
Certificateholders' Monthly Principal Distributable Amount:
Principal Distribution Amount $17,209,819.70
Multiplied by Certificateholders' Percentage ((i) for each
Distribution Date before the principal balance of the
Class A-1 Notes is reduced to zero, 0%, (ii) for the
Distribution Date on which the principal balance of the
Class A-1 Notes is reduced to zero, 0% until the
principal balance of the Class A-1 Notes is reduced to
zero and with respect to any remaining portion of the
Principal Distribution Amount, 100% minus the Noteholders'
Percentage (computed after giving effect to the retirement
of the Class A-1 Notes) and (iii) for each Distribution
Date thereafter, 100% minus Noteholders' Percentage) 0.00% $0.00
--------------
Unpaid Certificateholders' Principal Carryover Shortfall $0.00
--------------
Certificateholders' Principal Distributable Amount $0.00
--------------
--------------
IX. Pre-Funding Account
A. Withdrawals from Pre-Funding Account:
Amount on deposit in the Pre-Funding Account as
of the preceding Distribution Date or, in the case of
the first Distribution Date, as of the Closing Date
Pre-Funded Amount $0.00
--------------
$0.00
--------------
--------------
Less: withdrawals from the Pre-Funding Account in respect
of transfers of Subsequent Receivables to the Trust
occurring on a Subsequent Transfer Date (an amount
equal to (a) $0 (the aggregate Principal Balance of
Subsequent Receivables transferred to the Trust)
plus (b) $0 (an amount equal to $0 multiplied by (A)
one less (B)((i) the Pre-Funded Amount after giving
effect to transfer of Subsequent Receivables over (ii) $0)) $0.00
Less: any amounts remaining on deposit in the Pre-Funding
Account in the case of the February 1997 Distribution
Date or in the case the amount on deposit in the
Pre-Funding Account has been reduced to $100,000 or less as
of the Distribution Date (see B below) $0.00
--------------
Amount remaining on deposit in the Pre-Funding Account after
Distribution Date
Pre-Funded Amount $0.00
--------------
$28.40
--------------
--------------
Page 7
<PAGE>
IX. Pre-Funding Account (cont.)
B. Distributions to Noteholders and Certificateholders
from certain withdrawals from the Pre-Funding Account:
Amount withdrawn from the Pre-Funding Account as a result
of the Pre-Funded Amount not being reduced to zero on
the Distribution Date on or immediately preceding the
end of the Funding Period (February 1997 Distribution
Date) or the Pre-Funded Amount being reduced to
$100,000 or less on any Distribution Date $0.00
Class A-1 Prepayment Amount (equal to the Class A-1
Noteholders' pro rata share (based on the respective
current outstanding principal balance of each class
of Notes and the current Certificate Balance) of the
Pre-Funded Amount as of the Distribution Date) $0.00
Class A-2 Prepayment Amount (equal to the Class A-2
Noteholders' pro rata share (based on the respective
current outstanding principal balance of each class
of Notes and the current Certificate Balance) of the
Pre-Funded Amount as of the Distribution Date) $0.00
Class A-3 Prepayment Amount (equal to the Class A-3
Noteholders' pro rata share (based on the respective
current outstanding principal balance of each class
of Notes and the current Certificate Balance) of the
Pre-Funded Amount as of the Distribution Date) $0.00
Class A-4 Prepayment Amount (equal to the Class A-4
Noteholders' pro rata share (based on the respective
current outstanding principal balance of each class
of Notes and the current Certificate Balance) of the
Pre-Funded Amount as of the Distribution Date) $0.00
Class A-5 Prepayment Amount (equal to the Class A-5
Noteholders' pro rata share (based on the respective
current outstanding principal balance of each class
of Notes and the current Certificate Balance) of the
Pre-Funded Amount as of the Distribution Date) $0.00
Class A-6 Prepayment Amount (equal to the Class A-6
Noteholders' pro rata share (based on the respective
current outstanding principal balance of each class
of Notes and the current Certificate Balance) of the
Pre-Funded Amount as of the Distribution Date) $0.00
Certificate Prepayment Amount (equal to the
Certificateholders' pro rata share (based on the
respective current outstanding principal balance of
each class of Notes and the current Certificate Balance)
of the Pre-Funded Amount as of the Distribution Date) $0.00
C. Prepayment Premiums:
Class A-1 Prepayment Premium $0.00
Class A-2 Prepayment Premium $0.00
Class A-3 Prepayment Premium $0.00
Class A-4 Prepayment Premium $0.00
Class A-5 Prepayment Premium $0.00
Certificate Prepayment Premium $0.00
Page 8
<PAGE>
X. Reserve Account
Requisite Reserve Amount:
Portion of Requisite Reserve Amount calculated with
respect to Class A-1 Notes, Class A-2 Notes,
Class A-3 Notes, Class A-4 Notes, Class A-5 Notes, and Certificates:
Product of (x) 6.08% (weighted average interest
of the Class A-1 Interest Rate, Class A-2 Interest Rate,
Class A-3 Interest Rate, Class A-4 Interest Rate,
Class A-5 Interest Rate and Certificate Pass-Through
Rate (based on the outstanding Class A-1 principal
balance, Class A-2 principal balance, Class A-3 principal
balance, Class A-4 principal balance, Class A-5 principal
balance and Certificate Balance), divided by 360, (y)
$0.00 (the Pre-Funded Amount on such Distribution Date)
and (z) 33 (the number of days until the February 1997
Distribution Date)) $0.00
Less the product of (x) 2.5% divided by 360,
(y) $0.00 (the Pre-Funded Amount on such
Distribution Date) and (z) 0 (the number of days
until the February 1997 Distribution Date) $0.00
--------------
Requisite Reserve Amount $0.00
--------------
--------------
Amount on deposit in the Reserve Account (other than
the Class A-1 Holdback Subaccount) as of the
preceding Distribution Date or, in the case of the
first Distribution Date, as of the Closing Date $0.00
Plus the excess, if any, of the Requisite Reserve
Amount over amount on deposit in the Reserve Account
(other than the Class A-1 Holdback Subaccount) (which
excess is to be deposited by the Indenture Trustee
in the Reserve Account from amounts withdrawn from
the Pre-Funding Account in respect of transfers of
Subsequent Receivables) $0.00
Less: the excess, if any, of the amount on deposit in
the Reserve Account (other than the Class A-1
Holdback Subaccount) over the Requisite Reserve
Amount (and amount withdrawn from the Reserve Account
to cover the excess, if any, of total amounts payable
over Available Funds, which excess is to be
transferred by the Indenture Trustee to or upon the
order of the General Partners from amounts withdrawn
from the Pre-Funding Account in respect of transfers
of Subsequent Receivables) $0.00
Less: withdrawals from the Reserve Account (other
than the Class A-1 Holdback Subaccount) to
cover the excess, if any, of total amount
payable over Available Funds (see IV above) $0.00
--------------
Amount remaining on deposit in the Reserve Account
(other than the Class A-1 Holdback Subaccount)
after the Distribution Date $0.00
--------------
--------------
XI. Class A-1 Holdback Subaccount:
Class A-1 Holdback Amount:
Class A-1 Holdback Amount as of preceding
Distribution Date or the Closing Date, as applicable, $0.00
Plus deposit to the Class A-1 Holdback Subaccount
(equal to 2.5% of the amount, if any, by which $0
(the Target Original Pool Balance set forth in the
Sale and Servicing Agreement) is greater than $0
(the Original Pool Balance after giving effect to
the transfer of Subsequent Receivables on the
Distribution Date or on a Subsequent Transfer Date
preceding the Distribution Date)) $0.00
Less withdrawal, if any, of amount from the Class A-1
Holdback Subaccount to cover a Class A-1 Maturity
Shortfall (see IV above) $0.00
Less withdrawal, if any, of amount remaining in the
Class A-1 Holdback Subaccount on the Class A-1 Final
Scheduled Maturity Date after giving effect to any
payment out of the Class A-1 Holdback Subaccount
to cover a Class A-1 Maturity Shortfall (amount of
withdrawal to be released by the Indenture Trustee
to the General Partners) $0.00
--------------
Class A-1 Holdback Subaccount immediately following
the Distribution Date $0.00
--------------
--------------
Page 9
<PAGE>
XII. Calculation of Servicing Fees
Aggregate Principal Balance as of the first day of the Monthly Period $670,652,097.46
Multiplied by Basic Servicing Fee Rate 1.00%
Divided by Months per year 0.083333%
---------------
Basic Servicing Fee $558,876.75
Less: Backup Servicer Fees (annual rate of 1 bp) $0.00
Supplemental Servicing Fees $0.00
---------------
Total of Basic Servicing Fees and Supplemental Servicing Fees $558,876.75
---------------
---------------
XIII. Information for Preparation of Statements to Noteholders
a. Aggregate principal balance of the Notes as of first day of Monthly Period
Class A-1 Notes $18,152,125.86
Class A-2 Notes $215,000,000.00
Class A-3 Notes $125,000,000.00
Class A-4 Notes $150,000,000.00
Class A-5 Notes $89,500,000.00
b. Amount distributed to Noteholders allocable to principal
Class A-1 Notes $17,209,819.70
Class A-2 Notes $0.00
Class A-3 Notes $0.00
Class A-4 Notes $0.00
Class A-5 Notes $0.00
c. Aggregate principal balance of the Notes (after giving effect to
distributions on the Distribution Date)
Class A-1 Notes $942,306.16
Class A-2 Notes $215,000,000.00
Class A-3 Notes $125,000,000.00
Class A-4 Notes $150,000,000.00
Class A-5 Notes $89,500,000.00
d. Interest distributed to Noteholders
Class A-1 Notes $82,138.37
Class A-2 Notes $1,030,208.33
Class A-3 Notes $619,791.67
Class A-4 Notes $756,250.00
Class A-5 Notes $466,145.83
e. Remaining Certificate Balance $73,000,000.00
f. 1. Class A-1 Interest Carryover Shortfall, if any (and change in amount from preceding statement) $0.00
2. Class A-2 Interest Carryover Shortfall, if any (and change in amount from preceding statement) $0.00
3. Class A-3 Interest Carryover Shortfall, if any (and change in amount from preceding statement) $0.00
4. Class A-4 Interest Carryover Shortfall, if any (and change in amount from preceding statement) $0.00
5. Class A-5 Interest Carryover Shortfall, if any (and change in amount from preceding statement) $0.00
7. Certificateholders' Interest Carryover Shortfall, if any (and change in amount from preceding
statement) $0.00
8. Class B Certificateholders' Principal Carryover Shortfall, if any (and change in amount from
preceding statement) $0.00
Page 10
<PAGE>
XIV. Information for Preparation of Statements to Noteholders (continued)
g. Amount distributed payable out of amounts withdrawn from or pursuant to:
1. Reserve Account $0.00
2. Spread Account Class A-1 Holdback Subaccount $0.00
3. Claim on the Note Policy $0.00
h. Remaining Pre-Funded Amount $28.40
i. Remaining Reserve Amount $0.00
j. Amount on deposit on Class A-1 Holdback Subaccount $0.00
k. Prepayment amounts
Class A-1 Prepayment Amount $0.00
Class A-2 Prepayment Amount $0.00
Class A-3 Prepayment Amount $0.00
Class A-4 Prepayment Amount $0.00
Class A-5 Prepayment Amount $0.00
l. Prepayment Premiums
Class A-1 Prepayment Premium $0.00
Class A-2 Prepayment Premium $0.00
Class A-3 Prepayment Premium $0.00
Class A-4 Prepayment Premium $0.00
Class A-5 Prepayment Premium $0.00
m. Total of Basic Servicing Fee, Supplemental Servicing Fees and other fees, if any,
paid by the Trustee on behalf of the Trust $558,876.75
n. Note Pool Factors (after giving effect to distributions on the Distribution Date)
Class A-1 Notes 0.01215879
Class A-2 Notes 1.00000000
Class A-3 Notes 1.00000000
Class A-4 Notes 1.00000000
Class A-5 Notes 1.00000000
XV. Information for Preparation of Statements to Certificateholders
a. Aggregate Certificate Balance as of first day of Monthly Period $73,000,000.00
b. Amount distributed to Certificateholders allocable to principal $0.00
c. Aggregate Certificate Balance (after giving effect to
distributions on the Distribution Date) $73,000,000.00
d. Interest distributed to Certificateholders $372,604.17
e. Remaining Certificate Balance $73,000,000.00
f. Aggregate principal balance of the Notes (after giving effect to
distributions on the Distribution Date)
Class A-1 Notes $942,306.16
Class A-2 Notes $215,000,000.00
Class A-3 Notes $125,000,000.00
Class A-4 Notes $150,000,000.00
Class A-5 Notes $89,500,000.00
g. 1. Class A-1 Interest Carryover Shortfall, if any (and change in amount from preceding statement) $0.00
2. Class A-2 Interest Carryover Shortfall, if any (and change in amount from preceding statement) $0.00
3. Class A-3 Interest Carryover Shortfall, if any (and change in amount from preceding statement) $0.00
4. Class A-4 Interest Carryover Shortfall, if any (and change in amount from preceding statement) $0.00
5. Class A-5 Interest Carryover Shortfall, if any (and change in amount from preceding statement) $0.00
7. Certificateholders' Interest Carryover Shortfall, if any (and change in amount from preceding
statement) $0.00
8. Certificateholders' Principal Carryover Shortfall, if any (and change in amount from preceding
statement) $0.00
h. Amount distributed payable out of amounts withdrawn from or pursuant to:
1. Reserve Account $0.00
2. Spread Account $0.00
3. Claim on the Certificate Policy $0.00
i. Remaining Pre-Funded Amount $0.00
j. Remaining Reserve Amount $0.00
k. Certificate Prepayment Amount $0.00
l. Certificate Prepayment Premium $0.00
m. Total of Basic Servicing Fee, Supplemental Servicing Fees and other fees, if any,
paid by the Trustee on behalf of the Trust $558,876.75
n. Certificate Pool Factor (after giving effect to distributions on the Distribution Date) 1.00000000
Page 11
<PAGE>
XVI. Pool Balance and Aggregate Principal Balance
Original Pool Balance at beginning of Monthly Period $729,999,971.60
Subsequent Receivables $0.00
---------------
Original Pool Balance at end of Monthly Period $729,999,971.60
---------------
---------------
Aggregate Principal Balance as of preceding Accounting Date $670,652,097.46
Aggregate Principal Balance as of current Accounting Date $653,442,277.76
Monthly Period Liquidated Receivables Monthly Period Administrative Receivables
Loan # Amount Loan # Amount
------ ------ ------ ------
see attached listing $2,067,756.12 see attached listing $19,882.28
$0.00 $0.00
$0.00 $0.00
$0.00 -----
$2,067,756.12 $19,882.28
------------- -----------
------------- -----------
XVIII. Delinquency Ratio
Sum of Principal Balances (as of the Accounting Date)
of all Receivables delinquent more than 30 days with
respect to all or any portion of a Scheduled Payment
as of the Accounting Date $17,240,981.09
Aggregate Principal Balance as of the Accounting Date $653,442,277.76
----------------
Delinquency Ratio 2.63848571%
-------------
-------------
</TABLE>
IN WITNESS WHEREOF, I, Michael Sherman, a Responsible Officer of Arcadia
Financial Ltd., have executed this Certificate as of the Determination
Date set forth above.
ARCADIA FINANCIAL LTD.
By: /s/ Michael J. Sherman
----------------------------
Name: Michael J. Sherman
----------------------------
Title: Vice President / Treasurer
----------------------------
Page 12
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