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Previous: ARCADIA RECEIVABLES FINANCE CORP, 8-K, 1998-05-28 |
Next: ARCADIA RECEIVABLES FINANCE CORP, 8-K, 1998-05-28 |
<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): April 5, 1998
ARCADIA FINANCIAL LTD.
as Servicer with respect to
OLYMPIC AUTOMOBILE RECEIVABLES TRUST, 1997-A
------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 333-14983 41-1743653
- - ------------------------------------------------------------------------------
(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
--------------------------
- - ------------------------------------------------------------------------------
(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 March 1,
1997 (the "Agreement"), among Olympic Automobile Receivables
Trust, 1997-A (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 (DE), National Association, 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
April 15, 1998, 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 28, 1998 OLYMPIC AUTOMOBILE RECEIVABLES TRUST,
1997-A
By ARCADIA FINANCIAL LTD.,
as Servicer with respect to Olympic
Automobile Receivables Trust, 1997-A
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 April 15, 1998,
delivered to the Trustee
<PAGE>
OLYMPIC AUTOMOBILE RECEIVABLES TRUST 1997 - A
MONTHLY SERVICER'S CERTIFICATE
Accounting Date: March 31, 1998
------------------
Determination Date: April 7, 1998
------------------
Distribution Date: April 15, 1998
------------------
Monthly Period Ending: March 31, 1998
------------------
This Certificate is delivered pursuant to Section 3.9 of the Sale and
Servicing Agreement, dated as of March 1, 1997, among Olympic Automobile
Receivables Trust, 1997-A (the "Trust"), Olympic 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.
<TABLE>
I. Collection Account Summary
<S><C>
Available Funds:
Payments Received $ 23,146,973.86
Liquidation Proceeds (excluding Purchase Amounts) $ 3,109,636.86
Current Monthly Advances $ 267,852.61
Amount of withdrawal, if any, from the Reserve Account $ 0.00
Monthly Advance Recoveries ($350,958.23)
Purchase Amounts - Warranty and Administrative Receivables $ 12,101.62
Purchase Amounts - Liquidated Receivables $ 0.00
Income from investment of funds in Trust Accounts $ 86,164.63
---------------
Total Available Funds $26,271,771.35
--------------
--------------
Amounts Payable on Distribution Date:
Reimbursement of Monthly Advances $ 0.00
Backup Servicer Fee $ 0.00
Basic Servicing Fee $ 476,415.54
Trustee and other fees $ 0.00
Class A-1 Interest Distributable Amount $ 0.00
Class A-2 Interest Distributable Amount $ 663,951.31
Class A-3 Interest Distributable Amount $ 688,906.67
Class A-4 Interest Distributable Amount $ 912,759.38
Class A-5 Interest Distributable Amount $ 471,296.67
Noteholders' Principal Distributable Amount $ 19,305,910.21
Certificate Holders Interest Distributable Amount $ 354,380.69
Certificate Holders Principal Distributable Amount $ 2,431,474.84
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 $ 966,676.05
---------------
Total Amounts Payable on Distribution Date $26,271,771.35
--------------
--------------
Page 1
1997 - A
<PAGE>
II. Available Funds
Collected Funds (see V)
Payments Received $ 23,146,973.86
Liquidation Proceeds (excluding Purchase Amounts) $ 3,109,636.86 $26,256,610.72
---------------
Purchase Amounts $ 12,101.62
Monthly Advances
Monthly Advances - current Monthly Period (net) ($83,105.62)
Monthly Advances - Outstanding Monthly Advances
not otherwise reimbursed to the Servicer $ 0.00 ($83,105.62)
--------------
Income from investment of funds in Trust Accounts $ 86,164.63
--------------
Available Funds $26,271,771.35
--------------
--------------
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) $ 476,415.54
(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 $ 0.00
Class A-2 Interest Distributable Amount $ 663,951.31
Class A-3 Interest Distributable Amount $ 688,906.67
Class A-4 Interest Distributable Amount $ 912,759.38
Class A-5 Interest Distributable Amount $ 471,296.67
(v) Noteholders' Principal Distributable Amount
Payable to Class A-1 Noteholders $ 0.00
Payable to Class A-2 Noteholders $19,305,910.21
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) Certificate Holders Interest Distributable Amount $ 354,380.69
(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) Certificate Principal Distributable Amount $ 2,431,474.84
(ix) Amounts owing and not paid to Security Insurer under Insurance Agreement $ 0.00
--------------
Total amounts payable on Distribution Date $25,305,095.30
--------------
--------------
Page 2
1997 - A
<PAGE>
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) $ 966,676.05
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
1997 - A
<PAGE>
V. Collected Funds
Payments Received:
Supplemental Servicing Fees $ 0.00
Amount allocable to interest $ 7,215,491.19
Amount allocable to principal $ 15,931,482.67
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 $23,146,973.86
Liquidation Proceeds:
Gross amount realized with respect to Liquidated Receivables $ 3,479,941.04
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 ($370,304.18)
---------------
Net Liquidation Proceeds $ 3,109,636.86
Allocation of Liquidation Proceeds:
Supplemental Servicing Fees $ 0.00
Amount allocable to interest $ 0.00
Amount 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 $26,256,610.72
--------------
--------------
VI. Purchase Amounts Deposited in Collection Account
Purchase Amounts - Warranty Receivables $ 0.00
Amount allocable to interest $ 0.00
Amount 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 $ 12,101.62
Amount allocable to interest $ 0.00
Amount allocable to principal $ 12,101.62
Amount allocable to Outstanding Monthly Advances (reimbursed to the
Servicer prior to deposit in the Collection Account) $ 0.00
---------------
Total Purchase Amounts $ 12,101.62
--------------
--------------
VII. Reimbursement of Outstanding Monthly Advances
Outstanding Monthly Advances $ 777,136.62
Outstanding Monthly Advances reimbursed to the Servicer prior
to deposit in the Collection Account from:
Payments received from Obligors ($350,958.23)
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 ($350,958.23)
Outstanding Monthly Advances to be reimbursed out of
Available Funds on the Distribution Date ($350,958.23)
Remaining Outstanding Monthly Advances $ 426,178.39
Monthly Advances - current Monthly Period $ 267,852.61
--------------
Outstanding Monthly Advances - immediately following the Distribution Date $ 694,031.00
--------------
--------------
Page 4
1997 - A
<PAGE>
VIII. Calculation of Interest and Principal Payments
A. Calculation of Principal Distribution Amount
Payments received allocable to principal $15,931,482.67
Aggregate of Principal Balances as of the Accounting Date of all
Receivables that became Liquidated Receivables
during the Monthly Period $ 5,793,800.76
Purchase Amounts - Warranty Receivables allocable to principal $ 0.00
Purchase Amounts - Administrative Receivables allocable to principal $ 12,101.62
Amounts withdrawn from the Pre-Funding Account $ 0.00
Cram Down Losses $ 0.00
--------------
Principal Distribution Amount $21,737,385.05
--------------
--------------
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) $ 0.00
Multiplied by the Class A-1 Interest Rate 5.500%
Multiplied by actual days in the period or in the case of the first
Distribution Date, by 25/360 0.08611111 $ 0.00
---------------
Plus any unpaid Class A-1 Interest Carryover Shortfall $ 0.00
--------------
Class A-1 Interest Distributable Amount $ 0.00
--------------
--------------
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) $130,080,255.90
Multiplied by the Class A-2 Interest Rate 6.125%
Multiplied by 1/12 or in the case of the first Distribution Date, by 25/360 0.08333333 $ 663,951.31
---------------
Plus any unpaid Class A-2 Interest Carryover Shortfall $ 0.00
--------------
Class A-2 Interest Distributable Amount $ 663,951.31
--------------
--------------
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) $129,170,000.00
Multiplied by the Class A-3 Interest Rate 6.400%
Multiplied by 1/12 or in the case of the first Distribution Date, by 25/360 0.08333333 $ 688,906.67
---------------
Plus any unpaid Class A-3 Interest Carryover Shortfall $ 0.00
--------------
Class A-3 Interest Distributable Amount $ 688,906.67
--------------
--------------
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) $165,330,000.00
Multiplied by the Class A-4 Interest Rate 6.625%
Multiplied by 1/12 or in the case of the first Distribution Date, by 25/360 0.08333333 $ 912,759.38
---------------
Plus any unpaid Class A-4 Interest Carryover Shortfall $ 0.00
--------------
Class A-4 Interest Distributable Amount $ 912,759.38
--------------
--------------
Page 5
1997 - A
<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) $ 83,170,000.00
Multiplied by the Class A-5 Interest Rate 6.800%
Multiplied by 1/12 or in the case of the first Distribution Date, by 25/360 0.08333333 $ 471,296.67
---------------
Plus any unpaid Class A-5 Interest Carryover Shortfall $0.00
--------------
Class A-5 Interest Distributable Amount $471,296.67
--------------
--------------
H. Calculation of Noteholders' Interest Distributable Amount
Class A-1 Interest Distributable Amount $ 0.00
Class A-2 Interest Distributable Amount $ 663,951.31
Class A-3 Interest Distributable Amount $ 688,906.67
Class A-4 Interest Distributable Amount $ 912,759.38
Class A-5 Interest Distributable Amount $ 471,296.67
Noteholders' Interest Distributable Amount $ 2,736,914.01
--------------
--------------
I. Calculation of Noteholders' Principal Distributable Amount:
Noteholders' Monthly Principal Distributable Amount:
Principal Distribution Amount $21,737,385.05
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) 88.81% $19,305,910.21
---------------
Unpaid Noteholders' Principal Carryover Shortfall $ 0.00
--------------
Noteholders' Principal Distributable Amount $19,305,910.21
--------------
--------------
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) $ 0.00
--------------
--------------
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) $19,305,910.21
--------------
--------------
Page 6
1997 - A
<PAGE>
K. Calculation of Certificate Holders Interest Distributable Amount
Certificate Holders Monthly Interest Distributable Amount:
Certificate Balance (as of the close of business
on the preceding Distribution Date) $63,948,394.94
Multilpied by the Certificate Pass-Through Rate 6.650%
Multiplied by 1/12 or in the case of the first Distribution Date, by 25/360 0.08333333 $ 354,380.69
---------------
Plus any unpaid Certificate Interest Carryover Shortfall $ 0.00
--------------
Certificate Holders Interest Distributable Amount $ 354,380.69
--------------
--------------
L. Calculation of Certificate Principal Distributable Amount:
Certificate Holders Monthly Principal Distributable Amount:
Principal Distribution Amount $ 21,737,385.05
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) 11.19% $ 2,431,474.84
---------------
Unpaid Certificate Holders Principal Carryover Shortfall $ 0.00
--------------
Certificate Holders Principal Distributable Amount $ 2,431,474.84
--------------
--------------
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 Disrtibution Date,
as of the Closing Date $ 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 May 1997 Distribution Date or in the case the amount on deposit in the
Pre-Funding Account has been 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
---------------
$ 0.00
--------------
--------------
Page 7
1997 - A
<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 (May 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
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
1997 - A
<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) 6.34% (weighted average interest of 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 Interest Rate (based on the
outstanding Class A-1, Class A-2 Class A-3, Class A-4, and Class A-5
principal balance and the Certificate Balance), divided by 360, (y)
$0.00 (the Pre-Funded Amount on such Distribution Date) and
(z) 0 (the number of days until the May 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 April 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
1997 - A
<PAGE>
XII. Calculation of Servicing Fees
Aggregate Principal Balance as of the first day $571,698,650.85
of the Monthly Period
Multiplied by Basic Servicing Fee Rate 1.00%
Multiplied by Months per year 0.083333%
---------------
Basic Servicing Fee $ 476,415.54
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 $ 476,415.54
---------------
---------------
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 $ 0.00
Class A-2 Notes $130,080,255.90
Class A-3 Notes $129,170,000.00
Class A-4 Notes $165,330,000.00
Class A-5 Notes $ 83,170,000.00
b. Amount distributed to Noteholders allocable
to principal
Class A-1 Notes $ 0.00
Class A-2 Notes $ 19,305,910.21
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 $ 0.00
Class A-2 Notes $110,774,345.69
Class A-3 Notes $129,170,000.00
Class A-4 Notes $165,330,000.00
Class A-5 Notes $ 83,170,000.00
d. Interest distributed to Noteholders
Class A-1 Notes $ 0.00
Class A-2 Notes $ 663,951.31
Class A-3 Notes $ 688,906.67
Class A-4 Notes $ 912,759.38
Class A-5 Notes $ 471,296.67
e. Remaining Certificate Balance $ 61,516,920.10
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. Certificate Interest Carryover Shortfall,
if any (and change in amount from preceding statement) $ 0.00
8. Certificate Principal Carryover Shortfall,
if any (and change in amount from preceding statement) $ 0.00
Page 10
1997 - A
<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. Class A-1 Holdback Subaccount $ 0.00
3. Claim on the Note Policy $ 0.00
h. Remaining Pre-Funded Amount $ 0.00
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 $ 476,415.54
n. Note Pool Factors (after giving effect to distributions on the
Distribution Date)
Class A-1 Notes 0.00000000
Class A-2 Notes 0.46606507
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 $ 63,948,394.94
b. Amount distributed to Certificateholders allocable to principal $ 2,431,474.84
c. Aggregate Certificate Balance (after giving effect to
distributions on the Distribution Date) $ 61,516,920.10
d. Interest distributed to Certificateholders $ 354,380.69
e. Remaining Certificate Balance $ 61,516,920.10
f. Aggregate principal balance of the Notes (after
giving effect to distributions on the
Distribution Date)
Class A-1 Notes $ 0.00
Class A-2 Notes $110,774,345.69
Class A-3 Notes $129,170,000.00
Class A-4 Notes $165,330,000.00
Class A-5 Notes $ 83,170,000.00
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. Certificate Interest Carryover Shortfall, if any,
(and change in amount from preceding statement) $ 0.00
8. Certificate 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 $ 476,415.54
n. Certificate Pool Factor (after giving effect to
distributions on the Distribution Date) 0.79376671
Page 11
1997 - A
<PAGE>
XVI. Pool Balance and Aggregate Principal Balance
Original Pool Balance at beginning of Monthly Period $774,999,994.84
Subsequent Receivables $ 0.00
---------------
Original Pool Balance at end of Monthly Period $774,999,994.84
---------------
---------------
Aggregate Principal Balance as of preceding Accounting Date 571,698,650.85
Aggregate Principal Balance as of current Accounting Date $549,961,265.80
Monthly Period Liquidated Receivables Monthly Period Adminsitrative Receivables
Loan # Amount Loan # Amount
------ ------ ------ ------
see attached listing $2,966,431.07 see attached listing $12,101.62
$1,838,275.96 $ 0.00
$ 10,976.10 $ 0.00
$ 978,117.63 $ 0.00
------------- ----------
$5,793,800.76 $12,101.62
------------- ----------
------------- ----------
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 $ 31,419,108.16
Aggregate Principal Balance as of the Accounting Date $549,961,265.80
---------------
Delinquency Ratio 5.71296746%
-----------
-----------
</TABLE>
IN WITNESS WHEREOF, I, Scott R. Fjellman, a Responsible Officer of Arcadia
Financial Ltd., have executed this Certificate as of the date set forth above.
ARCADIA FINANCIAL LTD.
By: /s/ Scott R. Fjellman
---------------------------------------
Name: Scott R. Fjellman
Title: Vice President / Securitization
Page 12
1997 - A
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