================================================================================
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) August 26, 1996
SUPERIOR BANK FSB (as depositor under the Pooling and Servicing Agreement, dated
as of June 1, 1996, providing for the issuance of AFC Mortgage Loan Asset
Backed Certificates, Series 1996-2)
Superior Bank FSB
------------------------------------------------------
(Exact name of registrant as specified in its charter)
United States 333-4492 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 August 26, 1996 (a "Remittance Date") a scheduled remittance was made to
the Certificateholders with respect to AFC Mortgage Loan Asset Backed
Certificates, Series 1996-2, issued pursuant to a Pooling and Servicing
Agreement, dated as of June 1, 1996, among Superior Bank 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 August, 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: August, 1996
<PAGE>
EXHIBITS TABLE
21.1 Monthly Remittance Report for the month of August, 1996.
ALLIANCE FUNDING COMPANY
by LEE SERVICING COMPANY, a division of SUPERIOR BANK, FSB
Designated Servicer
SERVICER'S CERTIFICATE
1996-2 Sub-Pool 1
In accordance with section 6.08 of the Pooling and Servicing Agreement dated
as of June 1, 1996 Lee Servicing Company reports the following
information pertaining to Series 1996-2 Sub-Pool 1
for August 26, 1996, the Remittance date.
Due period ended: August 1, 1996
---------------------------------------------------------------------------
1 Total Actual Principal Collections 1,812,225.32
2 Total Actual Interest Collections 936,829.33
3 Additional Proceeds 0.00
-------------
4 Total Collections: 2,749,054.65
5 Pre-Funding Account Transfer 30,222.50
6 Interest Coverage Account Transfer 86,195.15
-------------
7 Aggregate Amount Received: 2,865,472.30
Monthly Advances
8 Delinquent Interest 302,634.33
9 Compensating Interest 7,717.35
10 Amounts Held for Future Distributions 0.00
-------------
11 Available Remittance Amount: 3,175,823.98
12 Service Fees 59,637.08
13 Expense Account Deposit: 3,503.43
-------------
14 Adjusted Remittance Amount: 3,112,683.47
Remaining Amount Available:
15 Adjusted Remittance Amount 3,112,683.47
16 Insured Payments 0.00
17 Insurance Account Deposit 15,181.51
@13 bp the Ending
Principal balance
18 Class Remittance Amounts 3,097,501.96
19 Non-Recoverable Advances not
previously reimbursed 0.00
=============
20 Total Remaining Amount Available: 0.00
=============
Amount of Reimbursements Pursuant to Sec. 5.04
21 Servicing Fee 0.00
22 Monthly Advances and Servicer Advances 0.00
23 Other Mortgage Payments 0.00
24 Interest Earned on P&I Deposits 0.00
25 Additional Servicing Compensation 0.00
1 of 4
<PAGE>
ALLIANCE FUNDING COMPANY
by LEE SERVICING COMPANY, a division of SUPERIOR BANK, FSB
Designated Servicer
SERVICER'S CERTIFICATE
1996-2 Sub-Pool 1
In accordance with section 6.08 of the Pooling and Servicing Agreement dated
as of June 1, 1996 Lee Servicing Company reports the following
information pertaining to Series 1996-2 Sub-Pool 1
for August 26, 1996, the Remittance date.
Due period ended: August 1, 1996
<TABLE>
<CAPTION>
Total Class A-1 Class A-2 Class A-3
----- --------- --------- ---------
<S> <C> <C> <C> <C>
26 Number of Loans 1976
27 Opening Principal Loan Balance 127,136,589.61 56,552,256.21 8,934,725.75 21,443,341.79
28 Pre-Funding Account Balance 17,366,883.71 7,772,591.31 1,214,467.39 2,914,721.74
29 Additional Principal Reduction 2,524,005.14 1,345,379.34 149,193.14 358,063.53
30 Realized losses, LTD 0.00 0.00 0.00 0.00
31 Carryforward Amount 0.00 0.00 0.00 0.00
----------------------------------------------------------------
32 Total Class Principal 141,979,468.18 62,979,468.18 10,000,000.00 24,000,000.00
33 Pool factor per Loan Balance 88.9067061% 39.5470323% 6.2480600% 14.9953439%
34 Factor per Class Balance 99.2863414% 44.0415861% 6.9930070% 16.7832168%
35 Excess Spread 430,645.38
36 Additional Principal due Class A (430,645.38)
37 Interest remittance @ Class Yield 824,408.76 310,558.76 61,250.00 151,800.00
Principal Additions:
38 Number of Loans 304
39 Transfers from Pre-Funding Account 17,336,661.21 7,759,065.16 1,212,353.93 2,909,649.43
Principal Reductions:
40 Prepayments - Number 20 20
41 Prepayments - Dollar 1,696,590.57 1,696,590.57 0.00 0.00
42 Net Liquidation Proceeds 0.00 0.00 0.00 0.00
43 Curtailments 0.00 0.00 0.00 0.00
44 Normal and Excess Payments 115,634.75 115,634.75 0.00 0.00
45 Pre-Funding Account Transfer 30,222.50 13,526.15 2,113.46 5,072.31
----------------------------------------------------------------
46 Total Principal Remittance 1,842,447.82 1,825,751.47 2,113.46 5,072.31
47 Additional Principal Reduction 430,645.38 430,645.38 0.00 0.00
----------------------------------------------------------------
48 Total Remittance 3,097,501.96 2,566,955.61 63,363.46 156,872.31
================================================================
49 Current Month Realized Loss - Number 0 0
50 Current Month Realized Loss - Dollar 0.00 0.00
51 Number of Loans 2260
Class Principal Balance - EOM
52 Closing Principal Loan Balance 142,661,025.50 62,499,096.05 10,147,079.68 24,352,991.22
53 Pre-Funding Account Balance 0.00 0.00 0.00 0.00
54 Additional Principal Reduction, LTD 2,954,650.52 1,776,024.72 149,193.14 358,063.53
55 Realized Losses, LTD 0.00 0.00 0.00 0.00
----------------------------------------------------------------
56 Closing Class Principal Balance 139,706,374.98 60,723,071.32 9,997,886.54 23,994,927.69
57 Class Factor per Loan Balance 99.7629549% 43.7056616% 7.0958599% 17.0300638%
58 Class Factor per Class Balance 97.6967657% 42.4636862% 6.9915291% 16.7796697%
<CAPTION>
Class A-4 Class A-5 Class A-6 Class R
--------- --------- --------- -------
<S> <C> <C> <C> <C>
26 Number of Loans
27 Opening Principal Loan Balance 8,041,253.17 22,336,814.37 9,828,198.32
28 Pre-Funding Account Balance 1,093,020.66 3,036,168.48 1,335,914.13
29 Additional Principal Reduction 134,273.83 372,982.85 164,112.45
30 Realized losses, LTD 0.00 0.00 0.00
31 Carryforward Amount 0.00 0.00 0.00
-----------------------------------------------
32 Total Class Principal 9,000,000.00 25,000,000.00 11,000,000.00
33 Pool factor per Loan Balance 5.6232540% 15.6201499% 6.8728660%
34 Factor per Class Balance 6.2937063% 17,4825175% 7.6923077%
35 Excess Spread 430,645.38
36 Additional Principal due Class A (430,645.38)
37 Interest remittance @ Class Yield 58,050.00 166,666.67 76,083.33
Principal Additions:
38 Number of Loans
39 Transfers from Pre-Funding Account 1,091,118.54 3,030,884.83 1,333,589.32
Principal Reductions:
40 Prepayments - Number
41 Prepayments - Dollar 0.00 0.00 0.00
42 Net Liquidation Proceeds 0.00 0.00 0.00
43 Curtailments 0.00 0.00 0.00
44 Normal and Excess Payments 0.00 0.00 0.00
45 Pre-Funding Account Transfer 1,902.12 5,283.65 2,324.81
---------------------------------------------------------------
46 Total Principal Remittance 1,902.12 5,283.65 2,324.81
47 Additional Principal Reduction 0.00 0.00 0.00
---------------------------------------------------------------
48 Total Remittance 59,952.12 171,950.32 78,408.14 0.00
===============================================================
49 Current Month Realized Loss - Number
50 Current Month Realized Loss - Dollar
51 Number of Loans
Class Principal Balance - EOM
52 Closing Principal Loan Balance 9,132,371.71 25,367,699.20 11,161,787.64
53 Pre-Funding Account Balance 0.00 0.00 0.00
54 Additional Principal Reduction, LTD 134,273.83 372,982.85 164,112.45
55 Realized Losses, LTD 0.00 0.00 0.00
------------------------------------------------
56 Closing Class Principal Balance 8,998,097.89 24,994,716.35 10,997,675.19
57 Class Factor per Loan Balance 6.3862739% 17.7396498% 7.8054459%
58 Class Factor per Class Balance 6.2923762% 17.4788226% 7.6906820%
</TABLE>
2 of 4
<PAGE>
ALLIANCE FUNDING COMPANY
by LEE SERVICING COMPANY, a division of SUPERIOR BANK, FSB
Designated Servicer
SERVICER'S CERTIFICATE
1996-2 Sub-Pool 1
In accordance with section 6.08 of the Pooling and Servicing Agreement dated
as of June 1, 1996 Lee Servicing Company reports the following
information pertaining to Series 1996-2 Sub-Pool 1
for August 26, 1996, the Remittance date.
Due period ended: August 1, 1996
<TABLE>
<CAPTION>
Total Class A-1 Class A-2 Class A-3
----- --------- --------- ---------
<S> <C> <C> <C> <C>
59 Weighted Note Rate - THIS Remittance 11.15021%
60 Weighted Note Rate - NEXT Remittance 11.25834%
61 Related Remittance Period for Libor
Rate 25-Jul-96 thru 25-Aug-96
62 Days in Related Period 32
63 Pass-Through Rate - THIS remittance 5.54750% 7.350% 7.590%
64 Weighted Average Remaining Term 219.85
65 Original Pool - Principal Balance 91,623,068.53 41,006,128.57 6,407,207.59 15,377,298.21
66 Original Pool - Pre-Funding Account 53,510,393.37 23,948,707.52 3,741,985.55 8,980,765.32
67 Original Pool - Additonal Principal
Reduction 2,133,461.89 954,836.09 149,193.14 358,063.53
----------------------------------------------------------------
68 Original Pool Total 143,000,000.00 64,000,000.00 10,000,000.00 24,000,000.00
70 Original Pool - Number of Loans 864
<CAPTION>
Class A-4 Class A-5 Class A-6
--------- --------- ---------
<S> <C> <C> <C>
59 Weighted Note Rate - THIS Remittance
60 Weighted Note Rate - NEXT Remittance
61 Related Remittance Period for Libor
Rate
62 Days in Related Period
63 Pass-Through Rate - THIS remittance 7.740% 8.000% 8.300%
64 Weighted Average Remaining Term
65 Original Pool - Principal Balance 5,766,486.83 16,018,018.97 7,047,928.35
66 Original Pool - Pre-Funding Account 3,367,787.00 9,354,963.88 4,116,184.10
67 Original Pool - Additonal Principal 134,273.83 372,982.85 164,112.45
Reduction
---------------------------------------------
68 Original Pool Total 9,000,000.00 25,000,000.00 11,000,000.00
70 Original Pool - Number of Loans
</TABLE>
<TABLE>
- ----------------------------------------------------------------------------------------------
<CAPTION>
Class A Over-Collateralization
Reconciliation
------------------------------
Beg.of Month Current Month End of Month
-----------------------------------------------
<S> <C> <C> <C>
71 Additional Principal Reduction, LTD 2,524,005.14 430,645.38 2,954,650.52
72 Less: Realized Losses, LTD 0.00 0.00 0.00
-----------------------------------------------
73 Over-collateralization of Principal 2,524,005.14 430,645.38 2,954,650.52
===============================================
74 Base Over-Collateralization Required 7,430,833.00
75 Required Over-Collateralication Amount 7,430,833.00
Current Month Subordinated Amount Beg.of Month Current Month End of Month
--------------------------------- -----------------------------------------------
76 Original Subordinated Amount 14,745,560.00 N/A 14,745,560.00
77 Less: Cummulative Realized Losses 0.00 0.00 0.00
78 Plus: Cummulative Additional Proceeds 0.00 0.00 0.00
===============================================
79 Current Subordinated Amount 14,745,560.00 14,745,560.00
===============================================
Nonrecoverable Advance Reconciliation
-------------------------------------
80 Beginning of Month 0.00
81 Current Month Unpaid Nonrecoverable Advance 0.00
82 Less: Current Month Reimbursment 0.00
-----------------
83 End of Month 0.00
</TABLE>
3 of 4
<PAGE>
ALLIANCE FUNDING COMPANY
by LEE SERVICING COMPANY, a division of SUPERIOR BANK, FSB
Designated Servicer
SERVICER'S CERTIFICATE
1996-2 Sub-Pool 1
In accordance with section 6.08 of the Pooling and Servicing Agreement dated
as of June 1, 1996 Lee Servicing Company reports the following
information pertaining to Series 1996-2 Sub-Pool 1
for August 26, 1996, the Remittance date.
Due period ended: August 1, 1996
<TABLE>
<CAPTION>
Class Class Class
A1 A2 A3
--------------------------------------------------------------------
<S> <C> <C> <C> <C>
84 Total Class Principal - Original Pool $143,000,000.00 $64,000,000.00 $10,000,000.00 $24,000,000.00
85 Interest Remittance Amount 824,408.76 310,558.76 61,250.00 151,800.00
86 Interest Rate Factor / 1000 5.765096 4.852481 6.125000 6.325000
87 Total Principal Collections 1,812,225.32 1,812,225.32 0.00 0.00
88 Prefunding Account Transfer 30,222.50 13,526.15 2,113.46 5,072.31
89 Additional Principal Reduction 430,645.38 430,645.38 0.00 0.00
--------------------------------------------------------------------
90 Principal Remittance Amount 2,273,093.20 2,256,396.86 2,113.46 5,072.31
91 Principal Payment Factor/1000 15.895757 35.256201 0.211346 0.211346
92 Current Month Ending Principal Factor 976.967657 948.797989 999.788654 999.788654
93 Prior Month Ending Principal Factor 992.863414 984.054190 1,000.000000 1,000.000000
<CAPTION>
Class Class Class
A4 A5 A6
-----------------------------------------------
<S> <C> <C> <C>
84 Total Class Principal - Original Pool $9,000,000.00 $25,000,000.00 $11,000,000.00
85 Interest Remittance Amount 58,050.00 166,666.67 76,083.33
86 Interest Rate Factor / 1000 6.450000 6.666667 6.916666
87 Total Principal Collections 0.00 0.00 0.00
88 Prefunding Account Transfer 1,902.12 5,283.65 2,324.81
89 Additional Principal Reduction 0.00 0.00 0.00
-----------------------------------------------
90 Principal Remittance Amount 1,902.12 5,283.65 2,324.81
91 Principal Payment Factor/1000 0.211346 0.211346 0.211346
92 Current Month Ending Principal Factor 999.788654 999.788654 999.788654
93 Prior Month Ending Principal Factor 1,000.000000 1,000.000000 1,000.000000
</TABLE>
4 of 4
<PAGE>
ALLIANCE FUNDING COMPANY
by LEE SERVICING COMPANY, A division of SUPERIOR BANK FSB,
Designated Servicer
SERVICERS CERTIFICATE
1996-2 SUB POOL 2
In accordance with section 6.08 of the Pooling and Servicing Agreement dated
as of June 01, 1996 and the Insurance Agreement dated as of June 19, 1996,
Lee Servicing Company reports the following information pertaining to
series 1996-2 Sub Pool 2 for August 26, 1996, the Remittance date.
Period Ended: August 1, 1996
1 Total Actual Principal Collections 692,315.09
2 Total Actual Interest Collections 441,394.70
3 Additional Proceeds 0.00
------------------
4 Total Collections: 1,133,709.79
5 Pre-Funding Account Transfer 310.18
6 Interest Coverage Account Transfer 47,037.74
------------------
Additional Transfers: 47,347.92
------------------
7 Aggregate Amount Received: 1,181,057.71
Monthly Advance
8 Delinquent Interest 168,816.70
9 Compensating Interest 3,288.19
10 Amounts Held for Future Distributions 0.00
11 Supplemental Interest 0.00
------------------
12 Available Remittance Amount: 1,353,162.60
13 Less: Service Fees 52,503.60
14 Expense Account Deposit 2,021.47
15 Deposits/Withdrawals for Cross Collaterlization 0.00
------------------
16 Adjusted Remittance Amount: 1,298,637.53
Remaining Amount Available:
17 Adjusted Remittance Amount 1,298,637.53
18 Insured Payments 0.00
19 Insurance Account Deposit @ 13bp 8,759.71
the ending Class A P-balance
20 Class Remittance Amounts 1,289,877.82
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 1 of 4
<PAGE>
ALLIANCE FUNDING COMPANY
by LEE SERVICING COMPANY, A division of SUPERIOR BANK FSB,
Designated Servicer
SERVICERS CERTIFICATE
1996-2 SUB POOL 2
In accordance with section 6.08 of the Pooling and Servicing Agreement dated
as of June 01, 1996 and the Insurance Agreement dated as of June 19, 1996,
Lee Servicing Company reports the following information pertaining to
series 1996-2 Sub Pool 2 for August 26, 1996, the Remittance date.
Period Ended: August 1, 1996
<TABLE>
<CAPTION>
Total Class 2-A Class R
----------------- --------------- --------------
<S> <C> <C> <C>
28 Number of Loans 603
29 Opening Loan balance 73,331,104.28 73,331,104.28
30 Pre-Funding Account Balance 11,159,983.63 11,159,983.63
31 Additional principal reduction, LTD 2,939,583.63 2,939,583.63
32 Realized losses, LTD 0.00 0.00
33 Carryforward amount 0.00 0.00
----------------------------------
34 Total Class Principal Balance 81,551,504.28 81,551,504.28
35 Pool factor per loan balance 89.4281760% 89.4281760%
36 Factor per class balance 100.0000000% 100.0000000%
37 Class R Remittance 179,165.17 179,165.17
38 Additional Principal due Class A (179,165.17) (179,165.17)
39 Deposits/Withdrawals for Cross Collaterlization 0.00 0.00
40 Interest remittance 418,087.38 418,087.38
Principal additions:
41 Number of loans 90
42 Transfers from Pre-Funding Account 11,159,673.45 11,159,673.45
Principal reductions:
43 Prepayments - number 6 6
44 Prepayments - dollar 649,035.73 649,035.73
45 Net Liquidation Proceeds 0.00 0.00
46 Curtailments 0.00 0.00
47 Normal and excess payments 43,279.36 43,279.36
48 Pre-Funding Account Transfer 310.18 310.18
---------------------------------------------------------------------
49 Total principal Remittance 692,625.27 692,625.27
50 Additional principal reduction 179,165.17 179,165.17
---------------------------------------------------------------------
51 Total remittance 1,289,877.82 1,289,877.82 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 # 687
Class principal balance - end of month
56 Loan balance 83,798,462.64 83,798,462.64
57 Pre-Funding Account Balance 0.00 0.00
58 Additional principal reduction, LTD 3,118,748.80 3,118,748.80
59 Realized losses, LTD 0.00 0.00
60 Carryforward amount 0.00 0.00
-----------------------------------
61 Total Class A principal 80,679,713.84 80,679,713.84
62 Class factor per loan balance 102.1932471% 102.1932471%
63 Class factor per class balance 98.3898949% 98.3898949%
</TABLE>
Page 2 of 4
<PAGE>
ALLIANCE FUNDING COMPANY
by LEE SERVICING COMPANY, A division of SUPERIOR BANK FSB,
Designated Servicer
SERVICERS CERTIFICATE
1996-2 SUB POOL 2
In accordance with section 6.08 of the Pooling and Servicing Agreement dated
as of June 01, 1996 and the Insurance Agreement dated as of June 19, 1996,
Lee Servicing Company reports the following information pertaining to
series 1996-2 Sub Pool 2 for August 26, 1996, the Remittance date.
Period Ended: August 1, 1996
<TABLE>
<CAPTION>
Total Class A1
------------------ --------------
<S> <C> <C> <C>
64 Weighted Note Rate: 9.48324%
65 Pass-Through Rate: 5.76750% 5.76750%
66 Related Remittance Period 25-Jul-96 thru 25-Aug-96
67 Days in Related Period: 32
68 Weighted Average Remaining Term 356.87
69 Original Pool - Principal Balance 53,157,223.06 53,157,223.06
70 Original Pool - Pre-Funding Account 31,641,122.34 31,641,122.34
71 Original Pool - Additional Principal Reduction 2,798,345.40 2,798,345.40
-----------------------------------
72 Original Pool Total 82,000,000.00 82,000,000.00
73 Original Pool - Number of Loans 441
----------------------------------------------------------------------------------------------------------
Class A OverCollateralization Reconciliation
Beginning of Current Month End of Month
Month
-----------------------------------------------------
74 Additional Principal Reduction, LTD 2,939,583.63 179,165.17 3,118,748.80
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 2,939,583.63 179,165.17 3,118,748.80
=====================================================
78 Base Overcollateralization Requirement 4,027,921.00
Current Month Subordinated Amount Beginning of Current Month End of Month
Month
-----------------------------------------------------
79 Original Subordinated Amount 9,327,818.00 N/A 9,327,818.00
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 9,327,818.00 9,327,818.00
=====================================================
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
==================
</TABLE>
Page 3 of 4
<PAGE>
ALLIANCE FUNDING COMPANY
by LEE SERVICING COMPANY, A division of SUPERIOR BANK FSB,
Designated Servicer
SERVICERS CERTIFICATE
1996-2 SUB POOL 2
In accordance with section 6.08 of the Pooling and Servicing Agreement dated
as of June 01, 1996 and the Insurance Agreement dated as of June 19, 1996,
Lee Servicing Company reports the following information pertaining to
series 1996-2 Sub Pool 2 for August 26, 1996, the Remittance date.
Period Ended: August 1, 1996
<TABLE>
<CAPTION>
Class
A1
-----------------------------------
<S> <C> <C>
87 Total Class Principal - Original Pool $82,000,000.00 $82,000,000.00
88 Interest Remittance Amount 418,087.38 418,087.38
89 Interest Rate Factor / 1000 5.098627 5.098627
90 Total Principal Collections 692,315.09 692,315.09
91 Prefunding Account Transfer 310.18 310.18
92 Additional Principal Reduction 179,165.17 179,165.17
-----------------------------------
93 Principal Remittance Amount 871,790.44 871,790.44
94 Principal Payment Factor/1000 10.631591 10.631591
95 Principal Factor 989.368409 989.368409
96 Prior Month Principal Factor 994.530540 994.530540
</TABLE>
Page 4 of 4
