================================================================================
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) October 25, 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
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<PAGE>
Item 5. Other Events
On October 25, 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 October, 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: October, 1996
EXHIBITS TABLE
Monthly Remittance Report for the month of October, 1996.
<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 October 25, 1996, the Remittance date.
Due period ended: October 1, 1996
- --------------------------------------------------------------------------------
1 Total Actual Principal Collections 1,852,614.03
2 Total Actual Interest Collections 1,319,700.99
3 Additional Proceeds 0.00
------------
4 Aggregate Amount Received: 3,172,315.02
Monthly Advances
5 Delinquent Interest 7,509.91
6 Compensating Interest 5,454.94
7 Amounts Held for Future Distributions 0.00
------------
8 Available Remittance Amount: 3,185,279.87
9 Less: Service Fees 76,180.45
10 Expense Account Deposit 3,422.86
11 Plus: Cross Collateral Deposit 0.00
------------
12 Adjusted Remittance Amount: 3,105,676.56
Remaining Amount Available:
13 Adjusted Remittance Amount 3,105,676.56
14 Insured Payments 0.00
15 Insurance Account Deposit @ 13 bp
the Ending Principal balance 15,192.24
16 Cross Collateral Withdrawal 0.00
17 Class Remittance Amounts 3,090,484.32
18 Non-Recoverable Advances not
Previously Reimbursed 0.00
------------
19 Total Remaining Amount Available: 0.00
============
Amount of Reimbursements Pursuant to Sec. 5.04
20 Servicing Fee 0.00
21 Monthly Advances and Servicer Advances 0.00
22 Other Mortgage Payments 0.00
23 Interest Earned on P&I Deposits 0.00
24 Additional Servicing Compensation 0.00
- --------------------------------------------------------------------------------
1 of 4
<PAGE>
<TABLE>
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 October 25, 1996, the Remittance date.
Due period ended: October 1, 1996
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------
Total Class A-1 Class A-2 Class A-3
-------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
25 Loans Outstanding -- BOM 2254
26 Opening Principal Loan Balance 142,088,639.33 61,926,709.88 10,147,079.68 24,352,991.22
-------------- ------------- ------------- -------------
27 Additional Principal Reduction, LTD 3,321,540.81 2,142,915.01 149,193.14 358,063.53
28 Realized losses, LTD 0.00 0.00 0.00 0.00
29 Carryforward Amount 0.00 0.00 0.00 0.00
-------------- ------------- ------------- -------------
30 Total Class Principal 138,767,098.52 59,783,794.87 9,997,886.54 23,994,927.69
31 Class Factor per Loan Balance 99.3626848% 43.3053915% 7.0958599% 17.0300638%
32 Class Factor per Class Balance 97.0399290% 41.8068496% 6.9915290% 16.7796697%
33 Excess Spread 0.00
34 Cross Collateral Deposit 0.00 0.00
35 Cross Collateral Withdrawal 0.00
36 Additional Principal due Class A 444,639.65 444,639.65
37 Interest Remittance @ Class Yield 793,230.64 279,489.24 61,237.06 151,767.92
Principal Reductions:
38 Prepayments -- Number 20 20
39 Prepayments -- Dollar 1,539,399.44 1,539,399.44 0.00 0.00
40 Net Liquidation Proceeds 0.00 0.00 0.00 0.00
41 Curtailments 199,238.55 199,238.55 0.00 0.00
42 Normal and Excess Payments 113,976.04 113,976.04 0.00 0.00
-------------- ------------- ------------- -------------
43 Total Principal Remittance 1,852,614.03 1,852,614.03 0.00 0.00
44 Additional Principal Reduction 444,639.65 444,639.65 0.00 0.00
-------------- ------------- ------------- -------------
45 Total Remittance 3,090,484.32 2,576,742.92 61,237.06 151,767.92
============== ============= ============= =============
46 Current Month Realized Loss -- Number 0 0
47 Current Month Realized Loss -- Dollar 0.00 0.00
Class Principal Balance -- EOM
48 Loans Outstanding -- EOM 2234
49 Closing Loan Balance 140,236,025.30 60,074,095.85 10,147,079.68 24,352,991.22
50 Additional Principal Reduction, LTD 3,766,180.46 2,587,554.66 149,193.14 358,063.53
51 Realized Losses, LTD 0.00 0.00 0.00 0.00
52 Carryforward Amount 0.00 0.00 0.00 0.00
-------------- ------------- ------------- -------------
53 Total Class Principal Balance 136,469,844.84 57,486,541.19 9,997,886.54 23,994,927.69
54 Class Factor per Loan Balance 98.0671505% 42.0098572% 7.0958599% 17.0300638%
55 Class Factor per Class Balance 95.4334579% 40.2003785% 6.9915291% 16.7796697%
- ----------------------------------------------------------------------------------------------------------------------
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------
Class A-4 Class A-5 Class A-6 Class R
------------ ------------- ------------- -------------
<S> <C> <C> <C> <C>
25 Loans Outstanding -- BOM
26 Opening Principal Loan Balance 9,132,371.71 25,367,699.20 11,161,787.64
------------ ------------- -------------
27 Additional Principal Reduction, LTD 134,273.83 372,982.85 164,112.45
28 Realized losses, LTD 0.00 0.00 0.00
29 Carryforward Amount 0.00 0.00 0.00
------------ ------------- -------------
30 Total Class Principal 8,998,097.88 24,994,716.35 10,997,675.19
31 Class Factor per Loan Balance 6.3862739% 17.7396498% 7.8054459%
32 Class Factor per Class Balance 6.2923761% 17.4788226% 7.6906820%
33 Excess Spread 0.00
34 Cross Collateral Deposit
35 Cross Collateral Withdrawal 0.00
36 Additional Principal due Class A
37 Interest Remittance @ Class Yield 58,037.73 166,631.44 76,067.25
Principal Reductions:
38 Prepayments -- Number
39 Prepayments -- Dollar 0.00 0.00 0.00
40 Net Liquidation Proceeds 0.00 0.00 0.00
41 Curtailments 0.00 0.00 0.00
42 Normal and Excess Payments 0.00 0.00 0.00
------------ ------------- ------------- -------------
43 Total Principal Remittance 0.00 0.00 0.00
44 Additional Principal Reduction 0.00 0.00 0.00
------------ ------------- ------------- -------------
45 Total Remittance 58,037.73 166,631.44 76,067.25 0.00
============ ============= ============= =============
46 Current Month Realized Loss -- Number
47 Current Month Realized Loss -- Dollar
Class Principal Balance -- EOM
48 Loans Outstanding -- EOM
49 Closing Loan Balance 9,132,371.71 25,367,699.20 11,161,787.64
50 Additional Principal Reduction, LTD 134,273.83 372,982.85 164,112.45
51 Realized Losses, LTD 0.00 0.00 0.00
52 Carryforward Amount 0.00 0.00 0.00
------------ ------------- -------------
53 Total Class Principal Balance 8,998,097.88 24,994,716.35 10,997,675.19
54 Class Factor per Loan Balance 6.3862739% 17.7396498% 7.8054459%
55 Class Factor per Class Balance 6.2923761% 17.4788226% 7.6906820%
- ----------------------------------------------------------------------------------------------------------------------
</TABLE>
2 of 4
<PAGE>
<TABLE>
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 October 25, 1996, the Remittance date.
Due period ended: October 1, 1996
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
Total Class A-1 Class A-2 Class A-3 Class A-4 Class A-5 Class A-6
-------------- ------------- ------------- ------------- ------------ ------------- -------------
<S> <C> <C> <C> <C> <C> <C> <C>
56 Weighted Note Rate --
THIS Remittance 11.26018%
57 Weighted Note Rate --
NEXT Remittance 11.26310%
58 Related Remittance
Period for Libor Rate 25-Sep-96 thru 24-Oct-96
59 Days in Related
Period 30
60 Pass-Through Rate --
THIS Remittance 5.61000% 7.350% 7.590% 7.740% 8.000% 8.300%
61 Weighted Average
Remaining Term 218.16
62 Original Pool --
Principal Balance 91,623,068.53 41,006,128.57 6,407,207.59 15,377,298.21 5,766,486.83 16,018,018.97 7,047,928.35
63 Original Pool --
Pre-Funding Account 53,510,393.37 23,948,707.52 3,741,985.55 8,980,765.32 3,367,787.00 9,354,963.88 4,116,184.10
64 Original Pool --
Additional Principal
Reduction 2,133,461.89 954,836.09 149,193.14 358,063.53 134,273.83 372,982.85 164,112.45
-------------- ------------- ------------- ------------- ------------ ------------- -------------
65 Original Pool Total 143,000,000.00 64,000,000.00 10,000,000.00 24,000,000.00 9,000,000.00 25,000,000.00 11,000,000.00
66 Original Pool --
Number of Loans 864
- ------------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- ------------------------------------------------------------------------------------------------------------
Class A Overcollateralization Reconciliation Beg. of Month Current Month End of Month
-------------------------------------------- ------------- ------------- -------------
<S> <C> <C> <C>
67 Additional Principal Reduction, LTD 3,321,540.81 444,639.65 3,766,180.46
68 Cross Collateral Deposits, LTD 0.00 0.00 0.00
69 Less: Realized Losses, LTD 0.00 0.00 0.00
------------- ---------- -------------
70 Overcollateralization of Principal 3,321,540.81 444,639.65 3,766,180.46
============= ========== ============
71 Base Overcollateralization Required 7,430,833.00
72 Required Overcollateralization Amount 7,430,833.00
Current Month Subordinated Amount Beg. of Month Current Month End of Month
--------------------------------- ------------- ------------- -------------
73 Original Subordinated Amount 14,745,560.00 N/A 14,745,560.00
74 Less: Cumulative Realized Losses 0.00 0.00 0.00
75 Plus: Cumulative Additional Proceeds 0.00 0.00 0.00
------------- ------------- -------------
76 Current Subordinated Amount 14,745,560.00 14,745,560.00
============= ============= =============
Nonrecoverable Advance Reconciliation
-------------------------------------
77 Beginning of Month 0.00
78 Current Month Nonrecoverable Advance 0.00
79 Less: Current Month Reimbursment 0.00
-------------
80 End of Month 0.00
=============
- ------------------------------------------------------------------------------------------------------------
</TABLE>
3 of 4
<PAGE>
<TABLE>
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 October 25, 1996, the Remittance date.
Due period ended: October 1, 1996
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------
Class A1 Class A2 Class A3
--------------- -------------- -------------- --------------
<S> <C> <C> <C> <C>
81 Total Class Principal -- Original Pool $143,000,000.00 $64,000,000.00 $10,000,000.00 $24,000,000.00
82 Interest Remittance Amount 793,230.64 279,489.24 61,237.06 151,767.92
83 Interest Rate Factor / 1000 5.547067 4.367019 6.123706 6.323663
84 Total Principal Collections 1,852,614.03 1,852,614.03 0.00 0.00
85 Additional Principal Reduction 444,639.65 444,639.65 0.00 0.00
--------------- -------------- -------------- --------------
86 Principal Remittance Amount 2,297,253.68 2,297,253.68 0.00 0.00
87 Principal Payment Factor / 1000 16.064711 35.894589 0.000000 0.000000
88 Current Month Ending Principal Factor 954.334579 898.227205 999.788654 999.788654
89 Prior Month Ending Principal Factor 970.399290 934.121794 999.788654 999.788654
- ---------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- ------------------------------------------------------------------------------------------------------
Class A4 Class A5 Class A6
------------- -------------- --------------
<S> <C> <C> <C>
81 Total Class Principal -- Original Pool $9,000,000.00 $25,000,000.00 $11,000,000.00
82 Interest Remittance Amount 58,037.73 166,631.44 76,067.25
83 Interest Rate Factor / 1000 6.448637 6.665258 6.915205
84 Total Principal Collections 0.00 0.00 0.00
85 Additional Principal Reduction 0.00 0.00 0.00
------------- -------------- --------------
86 Principal Remittance Amount 0.00 0.00 0.00
87 Principal Payment Factor / 1000 0.000000 0.000000 0.000000
88 Current Month Ending Principal Factor 999.788654 999.788654 999.788654
89 Prior Month Ending Principal Factor 999.788654 999.788654 999.788654
- ------------------------------------------------------------------------------------------------------
</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 October 25, 1996, the Remittance date.
Period Ended: October 1, 1996
- --------------------------------------------------------------------------------
1 Total Actual Principal Collections 1,687,593.64
2 Total Actual Interest Collections 611,524.07
3 Additional Proceeds 0.00
------------
4 Aggregate Amount Received: 2,299,117.71
Monthly Advance
5 Delinquent Interest 46,434.72
6 Compensating Interest 2,683.61
7 Amounts Held for Future Distributions 0.00
8 Supplemental Interest 0.00
------------
9 Available Remittance Amount: 2,348,236.04
10 Less: Service Fees 41,241.13
11 Expense Account Deposit 1,942.26
12 Plus: Cross Collateral Deposit 0.00
------------
13 Adjusted Remittance Amount: 2,305,052.65
Remaining Amount Available:
14 Adjusted Remittance Amount 2,305,052.65
15 Insured Payments 0.00
16 Insurance Account Deposit @ 13bp
on the Ending Class A P-balance 8,774.34
17 Cross Collateral Withdrawal 0.00
18 Class Remittance Amounts 2,296,278.31
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
- --------------------------------------------------------------------------------
Page 1 of 4
<PAGE>
<TABLE>
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 October 25, 1996, the Remittance date.
Period Ended: October 1, 1996
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------
Total Class 2-A Class R
------------- ------------- -------------
<S> <C> <C> <C>
26 Loans Outstanding -- BOM 680
27 Opening Principal Loan Balance 82,681,488.40 82,681,488.40
28 Additional Principal Reduction, LTD 3,303,385.58 3,303,385.580
29 Realized Losses, LTD 0.00 0.00
30 Carryforward Amount 0.00 0.00
------------- -------------
31 Total Class Principal 79,378,102.82 79,378,102.82
32 Class Factor per Loan Balance 100.8310834% 100.8310834%
33 Class Factor per Class Balance 96.8025644% 96.8025644%
34 Excess Spread 0.00 0.00
35 Cross Collateral Deposit 0.00 0.00
36 Cross Collateral Withdrawal 0.00 0.00
37 Additional Principal due Class A 223,039.39 223,039.39
38 Interest Remittance @ Class Yield 385,645.28 385,645.28
Principal Reductions:
39 Prepayments -- Number 10 10
40 Prepayments -- Dollar 1,642,187.09 1,642,187.09
41 Net Liquidation Proceeds 0.00 0.00
42 Curtailments 0.00 0.00
43 Normal and Excess Payments 45,406.55 45,406.55
------------- -------------
44 Total Principal Remittance 1,687,593.64 1,687,593.64
45 Additional Principal Reduction 223,039.39 223,039.39
------------- ------------- -------------
46 Total Remittance 2,296,278.31 2,296,278.31 0.00
============= ============= =============
47 Carryforward Amount 0.00
48 Current Month Realized Loss -- Number 0 0
49 Current Month Realized Loss -- Dollar 0.00 0.00
Class Principal Balance -- EOM
50 Loans Outstanding -- EOM # 670
51 Closing Loan Balance 80,993,894.76 80,993,894.76
52 Additional Principal Reduction, LTD 3,526,424.97 3,526,424.97
53 Realized Losses, LTD 0.00 0.00
54 Carryforward Amount 0.00 0.00
------------- -------------
55 Total Class Principal Balance 77,467,469.79 77,467,469.79
56 Class Factor per Loan Balance 98.7730424% 98.7730424%
57 Class Factor per Class Balance 94.4725241% 94.4725241%
- ---------------------------------------------------------------------------------------------------------------
</TABLE>
Page 2 of 4
<PAGE>
<TABLE>
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 October 25, 1996, the Remittance date.
Period Ended: October 1, 1996
<CAPTION>
- ---------------------------------------------------------------------------------------------
Total Class A1
------------- -------------
<S> <C> <C>
58 Weighted Note Rate This Remittance: 9.63821%
59 Weighted Note Rate Next Remittance: 9.88353%
60 Related Remittance Period for Libor Rate 25-Sep-96 thru 24-Oct-96
61 Days in Related Period: 30
62 Pass-Through Rate: 5.83000% 5.83000%
63 Weighted Average Remaining Term 354.86
64 Original Pool -- Principal Balance 53,157,223.06 53,157,223.06
65 Original Pool -- Pre-Funding Account 31,641,122.34 31,641,122.34
66 Original Pool -- Additional Principal Reduction 2,798,345.40 2,798,345.40
------------- -------------
67 Original Pool Total 82,000,000.00 82,000,000.00
68 Original Pool -- Number of Loans 441
- ---------------------------------------------------------------------------------------------
<CAPTION>
- --------------------------------------------------------------------------------------------------------------
Class A Overcollateralization Reconciliation Beginning of Month Current Month End of Month
-------------------------------------------- ------------------- ------------- ------------
<S> <C> <C> <C>
69 Additional Principal Reduction, LTD 3,303,385.58 223,039.39 3,526,424.97
70 Cross Collateral Deposits, LTD 0.00 0.00 0.00
71 Less: Realized Losses, LTD 0.00 0.00 0.00
------------ ---------- ------------
72 Overcollateralization of Principal 3,303,385.58 223,039.39 3,526,424.97
============ ========== ============
73 Base Overcollateralization Requirement 4,027,921.00
74 Required Overcollateralization Requirement 4,027,921.00
Current Month Subordinated Amount Beginning of Month Current Month End of Month
--------------------------------- ------------------- ------------- ------------
75 Original Subordinated Amount 9,327,818.00 N/A 9,327,818.00
76 Less: Cumulative Realized Losses 0.00 0.00 0.00
77 Plus: Cumulative Additional Proceeds 0.00 0.00 0.00
------------ ---------- ------------
78 Current Subordinated Amount 9,327,818.00 9,327,818.00
============ ========== ============
Nonrecoverable Advance Reconciliation
-------------------------------------
79 Beginning of Month 0.00
80 Current Month Unpaid Nonrecoverable Advance 0.00
81 Less: Current Month Reimbursment 0.00
------------
82 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 October 25, 1996, the Remittance date.
Period Ended: October 1, 1996
- --------------------------------------------------------------------------------
Total Class A1
-------------- --------------
83 Total Class Principal -- Original Pool $82,000,000.00 $82,000,000.00
84 Interest Remittance Amount 385,645.28 385,645.28
85 Interest Rate Factor / 1000 4.702991 4.702991
86 Total Principal Collections 1,687,593.64 1,687,593.64
87 Additional Principal Reduction 223,039.39 223,039.39
-------------- --------------
88 Principal Remittance Amount 1,910,633.03 1,910,633.03
89 Principal Payment Factor / 1000 23.300403 23.300403
90 Principal Factor 944.725241 944.725241
91 Prior Month Principal Factor 968.025644 968.025644
- --------------------------------------------------------------------------------
Page 4 of 4
