================================================================================
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) April 25, 1996
SUPERIOR BANK FSB (as depositor under the Pooling and Servicing Agreement, dated
as of March 1, 1996, providing for the issuance of AFC Mortgage Loan Asset
Backed Certificates, Series 1996-1)
Superior Bank FSB
------------------------------------------------------
(Exact name of registrant as specified in its charter)
United States 33-4492 36-1414142
- ---------------------------- ----------- ----------------------
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification Number)
One Lincoln Centre
Oakbrook Terrace, Illinois 60181
- -------------------------- ----------
(Address of Principal (Zip Code)
Executive Offices)
Registrant's telephone number, including area code (708) 916-4000
================================================================================
<PAGE>
Item 5. Other Events
------------
On April 25, 1996 (a "Remittance Date") a scheduled remittance was made
to the Certificateholders with respect to AFC Mortgage Loan Asset Backed
Certificates, Series 1996-1, issued pursuant to a Pooling and Servicing
Agreement, dated as of March 1, 1996, among Superior Band FSB., as Depositor,
Lee Servicing Company, a division of Superior Bank FSB., as Servicer and LaSalle
National Bank, as Trustee. The information contained in the Servicer's Monthly
Remittance Report to the Trustee, which shall be forwarded by the Trustee to the
Certificateholders, is attached hereto as Exhibit 21.1 and is incorporated
herein by reference.
Capitalized terms used herein and not defined shall have the same
meanings ascribed to them in the pooling and Servicing Agreement.
Items 2 through 4 and Items 6 and 8 are not included because they are
not applicable.
Item 7. Financial Statements, Pro Forma Financial Information and
Exhibits
(a) Not applicable
(b) Not applicable
(c) Exhibits
21.1 Monthly Remittance Report for the month of April, 1996.
<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.
SUPERIOR BANK F.B.
By: /s/ William C. Bracken
------------------------------
Name: William C. Bracken
Title: Executive Vice President
Dated: May 16, 1996
EXHIBITS TABLE
21.1 Monthly Remittance Report for the month of April, 1996.
<PAGE>
EXHIBIT 21.1
<PAGE>
ALLIANCE FUNDING COMPANY
BY LEE SERVICING COMPANY, A DIVISION OF SUPERIOR BANK, FSB
DESIGNATED SERVICER
SERVICER'S CERTIFICATE
1996-1 SUB-POOL 1
IN ACCORDANCE WITH SECTION 6.08 OF THE POOLING AND SERVICING AGREEMENT
DATED AS OF MARCH 1, 1996
LEE SERVICING COMPANY REPORTS THE FOLLOWING
INFORMATION PERTAINING TO SERIES 1996-1 SUB-POOL 1 FOR APRIL 25, 1996, THE
REMITTANCE DATE.
DUE PERIOD ENDED: APRIL 1, 1996
- --------------------------------------------------------------------------------
1 Total Actual Principal Collections 765,670.65
2 Total Actual Interest Collections 164,514.56
3 Additional Proceeds 0.00
----------------
4 Total Collections: 930,185.21
5 Pre-Funding Account Transfer 0.00
6 Interest Coverage Account Transfer 271,698.45
-----------------
7 Additional Transfers: 271,698.45
-----------------
8 Aggregate Amount Received: 1,201,883.66
Monthly Advance
9 Delinquent Interest 330,886.29
10 Compensating Interest 2,804.98
11 Amounts Held for Future
Distributions 0.00
-----------------
12 Available Remittance Amount: 1,535,574.93
13 Less: Service Fees 24,791.11
14 Expense Account Deposit: 2,055.86
-----------------
15 Adjusted Remittance Amount: 1,508,727.96
Remaining Amount Available:
16 Adjusted Remittance Amount 1,508,727.96
17 Insured Payments 0.00
18 Insurance Account Deposit @ 8,908.72
13 bp the Ending Principal
balance
19 Class Remittance Amounts 1,499,819.24
20 Non-Recoverable Advances not
previously reimbursed 0.00
-----------------
21 Total Remaining Amount Available: (0.00)
=================
Amount of Reimbursements Pursuant to
Sec. 5.04
22 Servicing Fee 0.00
23 Monthly Advances and Servicer
Advances 0.00
24 Other Mortgage Payments 0.00
25 Interest Earned on P&I Deposits 0.00
26 Additional Servicing Compensation 0.00
<PAGE>
ALLIANCE FUNDING COMPANY
BY LEE SERVICING COMPANY, A DIVISION OF SUPERIOR BANK, FSB
DESIGNATED SERVICER
SERVICER'S CERTIFICATE
1996-1 SUB-POOL 1
IN ACCORDANCE WITH SECTION 6.08 OF THE POOLING AND SERVICING AGREEMENT
DATED AS OF MARCH 1, 1996
LEE SERVICING COMPANY REPORTS THE FOLLOWING
INFORMATION PERTAINING TO SERIES 1996-1 SUB-POOL 1 FOR APRIL 25, 1996, THE
REMITTANCE DATE.
DUE PERIOD ENDED: APRIL 1, 1996
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
TOTAL CLASS A1 CLASS A2 CLASS A3 CLASS A4
----- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C>
27 Number of Loans 864
28 Original Loan balance 52,491,569.72 13,913,428.12 22,134,999.28 4,743,214.13 6,324,285.51
29 Pre-Funding Account Balance 30,508,430.28 8,086,571.88 12,865,000.72 2,756,785.87 3,675,714.49
30 Additional principal reduction 0.00 0.00 0.00 0.00 0.00
31 Realized losses, LTD 0.00 0.00 0.00 0.00 0.00
32 Carryforward amount 0.00 0.00 0.00 0.00 0.00
------------- ------------- ------------- ------------ -------------
33 Total class principal 83,000,000.00 22,000,000.00 35,000,000.00 7,500,000.00 10,000,000.00
34 Pool factor per loan balance 56.7661771% 16.7631664% 26.6686738% 5.7147158% 7.6196211%
35 Factor per class balance 100.0000000% 26.5060241% 42.1686747% 9.0361446% 12.0481928%
36 Class R Remittance 252,531.93
37 Additional Principal due Class A (252,531.93)
38 Interest remittance @ Class Yield 481,616.66 119,533.33 199,500.00 44,500.00 62,833.33
Principal additions:
39 Number of loans 234
40 Transfers from Pre-Funding
Account 15,010,247.21 3,978,619.74 6,329,622.32 1,356,347.64 1,808,463.52
Principal reductions:
41 Prepayments - number 9 9
42 Prepayments - dollar 710,541.51 710,541.51 0.00 0.00 0.00
43 Net Liquidation Proceeds 0.00 0.00 0.00 0.00 0.00
44 Curtailments 0.00 0.00 0.00 0.00 0.00
45 Normal and excess payments 55,129.14 55,129.14 0.00 0.00 0.00
46 Pre-Funding Account Transfer 0.00 0.00 0.00 0.00 0.00
------------- ------------- ------------- ------------ -------------
47 Total principal Remittance 765,670.65 765,670.65 0.00 0.00 0.00
48 Additional principal reduction 252,531.93 252,531.93 0.00 0.00 0.00
------------- ------------- ------------- ------------ -------------
49 Total remittance 1,499,819.24 1,137,735.91 199,500.00 44,500.00 62,833.33
============= ============= ============= ============ =============
50 Current Month Realized Loss - number 0 0
51 Current Month Realized Loss - dollar 0.00 0.00
52 Number of Loans 1089
Class principal balance - end of month
53 Loan balance 66,736,146.28 17,126,377.21 28,464,621.60 6,099,561.77 8,132,749.03
54 Pre-Funding Account Balance 15,498,183.07 4,107,952.14 6,535,378.40 1,400,438.23 1,867,250.97
55 Additional principal reduction, LTD 252,531.93 252,531.93 0.00 0.00 0.00
56 Realized losses, LTD 0.00 0.00 0.00 0.00 0.00
------------- ------------- ------------- ------------ -------------
57 Total Class A principal 81,981,797.42 20,981,797.42 35,000,000.00 7,500,000.00 10,000,000.00
58 Class factor per loan balance 72.0762766% 20.6341894% 34.2947248% 7.3488696% 9.7984928%
59 Class factor per class balance 98.7732499% 25.2792740% 42.1686747% 9.0361446% 12.0481928%
CLASS A5 CLASS R
-------- -------
27 Number of Loans
28 Original Loan balance 5,375,642.68
29 Pre-Funding Account Balance 3,124,357.32
30 Additional principal reduction 0.00
31 Realized losses, LTD 0.00
32 Carryforward amount 0.00
-------------
33 Total class principal 8,500,000.00
34 Pool factor per loan balance 6.4766779%
35 Factor per class balance 10.2409639%
36 Class R Remittance 252,531.93
37 Additional Principal due Class A (252,531.93)
38 Interest remittance @ Class Yield 55,250.00
Principal additions:
39 Number of loans
40 Transfers from Pre-Funding
Account 1,537,193.99
Principal reductions:
41 Prepayments - number
42 Prepayments - dollar 0.00
43 Net Liquidation Proceeds 0.00
44 Curtailments 0.00
45 Normal and excess payments 0.00
46 Pre-Funding Account Transfer 0.00
-------------
47 Total principal Remittance 0.00
48 Additional principal reduction 0.00
-------------
49 Total remittance 55,250.00 0.00
=============
50 Current Month Realized Loss - number
51 Current Month Realized Loss - dollar
52 Number of Loans
Class principal balance - end of month
53 Loan balance 6,912,836.67
54 Pre-Funding Account Balance 1,587,163.33
55 Additional principal reduction, LTD 0.00
56 Realized losses, LTD 0.00
-------------
57 Total Class A principal 8,500,000.00
58 Class factor per loan balance 8.3287189%
59 Class factor per class balance 10.2409639%
</TABLE>
<PAGE>
ALLIANCE FUNDING COMPANY
BY LEE SERVICING COMPANY, A DIVISION OF SUPERIOR BANK, FSB
DESIGNATED SERVICER
SERVICER'S CERTIFICATE
1996-1 SUB-POOL 1
IN ACCORDANCE WITH SECTION 6.08 OF THE POOLING AND SERVICING AGREEMENT
DATED AS OF MARCH 1, 1996
LEE SERVICING COMPANY REPORTS THE FOLLOWING
INFORMATION PERTAINING TO SERIES 1996-1 SUB-POOL 1 FOR APRIL 25, 1996, THE
REMITTANCE DATE.
DUE PERIOD ENDED: APRIL 1, 1996
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
TOTAL CLASS A1 CLASS A2 CLASS A3 CLASS A4 CLASS A5
----- -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
60 Weighted Note Rate - THIS remittance 11.43711%
61 Weighted Note Rate - NEXT remittance N/A
62 Pass-Through Rate - THIS
remittance 6.52000% 6.84000% 7.12000% 7.54000% 7.80000%
63 Weighted Average Remaining Term 225.04
64 Original Pool - Principal Balance 52,491,569.72 13,913,428.12 22,134,999.28 4,743,214.13 6,324,285.51 5,375,642.68
65 Original Pool - Pre-Funding Account 30,508,430.28 8,086,571.88 12,865,000.72 2,756,785.87 3,675,714.49 3,124,357.32
66 Original Pool - Additonal Principal
Reduction 0.00 0.00 0.00 0.00 0.00 0.00
------------- ------------- ------------- ------------ ------------- ------------
67 Original Pool Total 83,000,000.00 22,000,000.00 35,000,000.00 7,500,000.00 10,000,000.00 8,500,000.00
68 Original Pool - Number of Loans 864
</TABLE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CLASS A OVER-COLLATERALIZATION RECONCILIATION
Beg. of Month Current Month End of Month
------------- ------------- ------------
<S> <C> <C> <C>
69 Additional Principal Reduction, LTD 0.00 252,531.93 252,531.93
70 Less: Realized Losses, LTD 0.00 0.00 0.00
------------ ---------- ------------
71 Over-collateralization of Principal 0.00 252,531.93 252,531.93
============ ========== ============
72 Base Overcollateralization Required 4,150,000.00
73 Required Over-collateralication Amount 4,150,000.00
CURRENT MONTH SUBORDINATED AMOUNT Beg. of Month Current Month End of Month
------------- ------------- ------------
74 Original Subordinated Amount N/A 8,798,000.00
75 Less: Cummulative Realized Losses 0.00 0.00 0.00
76 Plus: Cummulative Additional Proceeds 0.00 0.00 0.00
------------ --------- ------------
77 Current Subordinated Amount 0.00 8,798,000.00
============ ========= ============
NONRECOVERABLE ADVANCE RECONCILIATION
78 Beginning of Month 0.00
79 Current Month Unpaid Nonrecoverable
Advance 0.00
80 Less: Current Month Reimbursment 0.00
---------
81 End of Month 0.00
=========
</TABLE>
<PAGE>
ALLIANCE FUNDING COMPANY
BY LEE SERVICING COMPANY, A DIVISION OF SUPERIOR BANK, FSB
DESIGNATED SERVICER
SERVICER'S CERTIFICATE
1996-1 SUB-POOL 1
IN ACCORDANCE WITH SECTION 6.08 OF THE POOLING AND SERVICING AGREEMENT
DATED AS OF MARCH 1, 1996
LEE SERVICING COMPANY REPORTS THE FOLLOWING
INFORMATION PERTAINING TO SERIES 1996-1 SUB-POOL 1 FOR APRIL 25, 1996, THE
REMITTANCE DATE.
DUE PERIOD ENDED: APRIL 1, 1996
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CLASS CLASS CLASS CLASS
A1 A2 A3 A4
-------------- -------------- ------------- --------------
<S> <C> <C> <C> <C> <C>
82 Total Class Principal - Original Pool $83,000,000.00 $22,000,000.00 $35,000,000.00 $7,500,000.00 $10,000,000.00
83 Interest Remittance Amount 481,616.66 119,533.33 199,500.00 44,500.00 62,833.33
84 Interest Rate Factor / 1000 5.802610 5.433333 5.700000 5.933333 6.283333
85 Total Principal Collections 765,670.65 765,670.65 0.00 0.00 0.00
86 Prefunding Account Transfer 0.00 0.00 0.00 0.00 0.00
87 Additional Principal Reduction 252,531.93 252,531.93 0.00 0.00 0.00
-------------- -------------- -------------- ------------- --------------
88 Principal Remittance Amount 1,018,202.58 1,018,202.58 0.00 0.00 0.00
89 Principal Payment Factor/1000 12.267501 46.281935 0.000000 0.000000 0.000000
90 Principal Factor 987.732499 953.718065 1,000.000000 1,000.000000 1,000.000000
CLASS
A5
-------------
<S> <C>
82 Total Class Principal - Original Pool $8,500,000.00
83 Interest Remittance Amount 55,250.00
84 Interest Rate Factor / 1000 6.500000
85 Total Principal Collections 0.00
86 Prefunding Account Transfer 0.00
87 Additional Principal Reduction 0.00
-------------
88 Principal Remittance Amount 0.00
89 Principal Payment Factor/1000 0.000000
90 Principal Factor 1,000.000000
</TABLE>
<PAGE>
ALLIANCE FUNDING COMPANY
BY LEE SERVICING COMPANY, A DIVISION OF SUPERIOR BANK FSB,
DESIGNATED SERVICER
SERVICERS CERTIFICATE
1996-1 SUB POOL 2
IN ACCORDANCE WITH SECTION 6.08 OF THE POOLING AND SERVICING AGREEMENT
DATED AS OF MARCH 1, 1996
AND THE INSURANCE AGREEMENT DATED AS OF MARCH 22, 1996, LEE
SERVICING COMPANY REPORTS THE FOLLOWING INFORMATION PERTAINING TO
SERIES 1996-1 SUB POOL 2 FOR APRIL 25, 1996, THE REMITTANCE DATE.
PERIOD ENDED: APRIL 1, 1996
- --------------------------------------------------------------------------------
1 Total Actual Principal Collections 156,659.70
2 Total Actual Interest Collections 86,381.54
3 Additional Proceeds 0.00
-------------
4 Total Collections: 243,041.24
5 Pre-Funding Account Transfer 0.00
6 Interest Coverage Account Transfer 207,801.38
-------------
Additional Transfers: 207,801.38
-------------
7 Aggregate Amount Received: 450,842.62
Monthly Advance
8 Delinquent Interest 351,013.20
9 Compensating Interest 474.08
10 Amounts Held for Future Distributions 0.00
11 Supplemental Interest 0.00
-------------
12 Available Remittance Amount: 802,329.90
13 Less: Service Fees 20,229.88
14 Expense Account Deposit 2,071.08
15 Deposits/Withdrawals for Cross Collaterlization 0.00
-------------
16 Adjusted Remittance Amount: 780,028.94
Remaining Amount Available:
17 Adjusted Remittance Amount 780,028.94
18 Insured Payments 0.00
19 Insurance Account Deposit @ 13bp
the ending Class A P-balance 9,238.48
20 Class Remittance Amounts 770,790.46
21 Non-Recoverable Advances not
previously reimbursed 0.00
-------------
22 Total Remaining Amount Available: 0.00
=============
Amount of Reimbursements Pursuant to Sec. 5.04
23 Servicing Fee 0.00
24 Monthly Advances and Servicer Advances 0.00
25 Other Mortgage Payments 0.00
26 Interest Earned on P&I Deposits 0.00
27 Additional Servicing Compensation 0.00
<PAGE>
ALLIANCE FUNDING COMPANY
BY LEE SERVICING COMPANY, A DIVISION OF SUPERIOR BANK FSB,
DESIGNATED SERVICER
SERVICERS CERTIFICATE
1996-1 SUB POOL 2
IN ACCORDANCE WITH SECTION 6.08 OF THE POOLING AND SERVICING AGREEMENT
DATED AS OF MARCH 1, 1996
AND THE INSURANCE AGREEMENT DATED AS OF MARCH 22, 1996, LEE
SERVICING COMPANY REPORTS THE FOLLOWING INFORMATION PERTAINING TO
SERIES 1996-1 SUB POOL 2 FOR APRIL 25, 1996, THE REMITTANCE DATE.
PERIOD ENDED: APRIL 1, 1996
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
TOTAL CLASS 2-A CLASS R
------------- ------------- ------------
<S> <C> <C> <C>
28 Number of Loans 499
29 Opening Loan balance 57,027,110.90 57,027,110.90
30 Pre-Funding Account Balance 28,407,783.59 28,407,783.59
31 Additional principal reduction, LTD 2,434,894.49 2,434,894.49
32 Realized losses, LTD 0.00 0.00
33 Carryforward amount 0.00 0.00
------------- -------------
34 Total Class Principal Balance 83,000,000.00 83,000,000.00
35 Pool factor per loan balance 68.7073625% 68.7073625%
36 Factor per class balance 100.0000000% 100.0000000%
37 Class R Remittance 161,814.33 161,814.33
38 Additional Principal due Class A (161,814.33) (161,814.33)
39 Deposits/Withdrawals for Cross
Collaterlization 0.00 0.00
40 Interest remittance 452,316.43 452,316.43
Principal additions:
41 Number of loans 123
42 Transfers from Pre-Funding Account 15,200,452.64 15,200,452.64
Principal reductions:
43 Prepayments - number 2 2
44 Prepayments - dollar 128,182.27 128,182.27
45 Net Liquidation Proceeds 0.00 0.00
46 Curtailments 0.00 0.00
47 Normal and excess payments 28,477.43 28,477.43
48 Pre-Funding Account Transfer 0.00 0.00
------------- ------------- -----------
49 Total principal remittance 156,659.70 156,659.70
50 Additional principal reduction 161,814.33 161,814.33
------------- ------------- -----------
51 Total remittance 770,790.46 770,790.46 0.00
============= ============= ===========
52 Carryforward Amount 0.00
53 Current Month Realized Loss - number 0
54 Current Month Realized Loss - dollar 0.00
55 Number of Loans # 620
Class principal balance - end of month
56 Loan balance 72,070,903.84 72,070,903.84
57 Pre-Funding Account Balance 13,207,330.95 13,207,330.95
58 Additional principal reduction, LTD 2,596,708.82 2,596,708.82
59 Realized losses, LTD 0.00 0.00
60 Carryforward amount 0.00 0.00
------------- -------------
61 Total Class A principal 82,681,525.97 82,681,525.97
62 Class factor per loan balance 86.8324143% 86.8324143%
63 Class factor per class balance 99.6162963% 99.6162963%
</TABLE>
<PAGE>
ALLIANCE FUNDING COMPANY
BY LEE SERVICING COMPANY, A DIVISION OF SUPERIOR BANK FSB,
DESIGNATED SERVICER
SERVICERS CERTIFICATE
1996-1 SUB POOL 2
IN ACCORDANCE WITH SECTION 6.08 OF THE POOLING AND SERVICING AGREEMENT
DATED AS OF MARCH 1, 1996
AND THE INSURANCE AGREEMENT DATED AS OF MARCH 22, 1996, LEE
SERVICING COMPANY REPORTS THE FOLLOWING INFORMATION PERTAINING TO
SERIES 1996-1 SUB POOL 2 FOR APRIL 25, 1996, THE REMITTANCE DATE.
PERIOD ENDED: APRIL 1, 1996
- --------------------------------------------------------------------------------
TOTAL CLASS A1
----- --------
64 Weighted Note Rate: 9.45230%
65 Pass-Through Rate: 5.77016% 5.77016%
66 Related Remittance
Period 22-Mar-96 thru 24-Apr-96
67 Days in Related Period: 34
68 Weighted Average
Remaining Term 358.06
69 Original Pool -
Principal Balance 57,027,110.90 57,027,110.90
70 Original Pool -
Pre-Funding Account 28,407,783.59 28,407,783.59
71 Original Pool -
Additional Principal
Reduction 2,434,894.49 2,434,894.49
-------------- -------------
72 Original Pool Total 83,000,000.00 83,000,000.00
73 Original Pool - Number
of Loans 318
-----------------------------------------------------------------------------
CLASS A OVERCOLLATERALIZATION RECONCILIATION
Beginning of Month Current Month End of Month
------------------ ------------- ------------
74 Additional Principal
Reduction, LTD 2,434,894.49 161,814.33 2,596,708.82
75 Less: Realized Losses
LTD 0.00 0.00 0.00
76 Deposits/Withdrawals
from Cross
Collaterlization 0.00 0.00 0.00
------------ ---------- ------------
77 Overcollateralization
of Principal 2,434,894.49 161,814.33 2,596,708.82
============ ========== ============
78 Base
Overcollateralization
Requirement 4,058,157.00
CURRENT MONTH
SUBORDINATED AMOUNT Beginning of Month Current Month End of Month
------------------ ------------- ------------
79 Original Subordinated
Amount 9,269,686.00 N/A 9,269,686.00
80 Less: Cumulative
Realized Losses 0.00 0.00 0.00
81 Plus: Cumulative
Additional Proceeds 0.00 0.00 0.00
------------ ---------- ------------
82 Current Subordinated
Amount 9,269,686.00 9,269,686.00
============ ========== ============
NONRECOVERABLE ADVANCE
RECONCILIATION
83 Beginning of Month 0.00
84 Current Month Unpaid
Nonrecoverable Advance 0.00
85 Less: Current Month
Reimbursment 0.00
------------
86 End of Month 0.00
============
<PAGE>
ALLIANCE FUNDING COMPANY
BY LEE SERVICING COMPANY, A DIVISION OF SUPERIOR BANK FSB,
DESIGNATED SERVICER
SERVICERS CERTIFICATE
1996-1 SUB POOL 2
IN ACCORDANCE WITH SECTION 6.08 OF THE POOLING AND SERVICING AGREEMENT
DATED AS OF MARCH 1, 1996
AND THE INSURANCE AGREEMENT DATED AS OF MARCH 22, 1996, LEE
SERVICING COMPANY REPORTS THE FOLLOWING INFORMATION PERTAINING TO
SERIES 1996-1 SUB POOL 2 FOR APRIL 25, 1996, THE REMITTANCE DATE.
PERIOD ENDED: APRIL 1, 1996
- --------------------------------------------------------------------------------
CLASS
A1
-------------- --------------
87 Total Class Principal -
Original Pool $83,000,000.00 $83,000,000.00
88 Interest Remittance Amount 452,316.43 452,316.43
89 Interest Rate Factor / 1000 5.449596 5.449596
90 Total Principal Collections 156,659.70 156,659.70
91 Prefunding Account Transfer 0.00 0.00
92 Additional Principal Reduction 161,814.33 161,814.33
-------------- --------------
93 Principal Remittance Amount 318,474.03 318,474.03
94 Principal Payment Factor/1000 3.837037 3.837037
95 Principal Factor 996.162963 996.162963
