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Previous: SUPERIOR BANK FSB, 8-K, 1996-06-20 |
Next: INTERCAPITAL QUALITY MUNICIPAL SECURITIES, N-30D, 1996-06-20 |
================================================================================
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) May 28, 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 May 28, 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 Bank FSB., as Depositor,
Lee Servicing Company, a division of Superior Bank FSB., as Servicer and LaSalle
National Bank, as Trustee. The info rmation 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 May, 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 24, 1996
EXHIBITS TABLE
21.1 Monthly Remittance Report for the month of May, 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 MAY 28, 1996, THE REMITTANCE DATE.
DUE PERIOD ENDED: MAY 1, 1996
- --------------------------------------------------------------------------------
1 Total Actual Principal Collections 379,007.56
2 Total Actual Interest Collections 525,050.87
3 Additional Proceeds 0.00
------------
4 Total Collections: 904,058.43
5 Pre-Funding Account Transfer 2,527.68
6 Interest Coverage Account Transfer 49,253.36
------------
7 Additional Transfers: 51,781.04
------------
8 Aggregate Amount Received: 955,839.47
Monthly Advance
9 Delinquent Interest 191,380.76
10 Compensating Interest 1,207.55
11 Amounts Held for Future Distributions 0.00
------------
12 Available Remittance Amount: 1,148,427.78
13 Less: Service Fees 32,863.05
14 Expense Account Deposit: 2,040.01
------------
15 Adjusted Remittance Amount: 1,113,524.72
Remaining Amount Available:
16 Adjusted Remittance Amount 1,113,524.72
17 Insured Payments 0.00
18 Insurance Account Deposit @ 13 bp
the Ending Principal balance 8,867.39
19 Class Remittance Amounts 1,104,657.33
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
1 of 4
<PAGE>
<TABLE>
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 MAY 28, 1996, THE REMITTANCE DATE.
DUE PERIOD ENDED: MAY 1, 1996
<CAPTION>
Total Class A1 Class A2 Class A3
------------- ------------- ------------- ------------
<S> <C> <C> <C> <C>
27 Number of Loans 1089
28 Original Loan balance 66,736,146.28 17,126,377.21 28,464,621.60 6,099,561.77
29 Pre-Funding Account Balance 15,498,183.07 4,107,952.14 6,535,378.40 1,400,438.23
30 Additional principal reduction 252,531.93 252,531.93 0.00 0.00
31 Realized losses, LTD 0.00 0.00 0.00 0.00
32 Carryforward amount 0.00 0.00 0.00 0.00
------------- ------------- ------------- ------------
33 Total class principal 81,981,797.42 20,981,797.42 35,000,000.00 7,500,000.00
34 Pool factor per loan balance 72.0762766% 20.6341894% 34.2947248% 7.3488696%
35 Factor per class balance 100.0000000% 26.5060241% 42.1686747% 9.0361446%
36 Class R Remittance 247,037.66
37 Additional Principal due Class A (247,037.66)
38 Interest remittance @ Class Yield 476,084.43 114,001.10 199,500.00 44,500.00
Principal additions:
39 Number of loans 246
40 Transfers from Pre-Funding Account 15,495,655.39 4,107,282.15 6,534,312.51 1,400,209.82
Principal reductions:
41 Prepayments - number 8 8
42 Prepayments - dollar 316,761.56 316,761.56 0.00 0.00
43 Net Liquidation Proceeds 0.00 0.00 0.00 0.00
44 Curtailments 0.00 0.00 0.00 0.00
45 Normal and excess payments 62,246.00 62,246.00 0.00 0.00
46 Pre-Funding Account Transfer 2,527.68 669.99 1,065.89 228.40
------------- ------------- ------------- ------------
47 Total principal Remittance 381,535.24 379,677.55 1,065.89 228.40
48 Additional principal reduction 247,037.66 247,037.66 0.00 0.00
------------- ------------- ------------- ------------
49 Total remittance 1,104,657.33 740,716.31 200,565.89 44,728.40
============= ============= ============= ============
50 Current Month Realized Loss - number 0 0
51 Current Month Realized Loss - dollar 0.00 0.00
52 Number of Loans 1327
Class principal balance - end of month
53 Loan balance 81,852,794.11 20,854,651.80 34,998,934.11 7,499,771.59
54 Pre-Funding Account Balance 0.00 0.00 (0.00) 0.00
55 Additional principal reduction, LTD 499,569.59 499,569.59 0.00 0.00
56 Realized losses, LTD 0.00 0.00 0.00 0.00
------------- ------------- ------------- ------------
57 Total Class A principal 81,353,224.52 20,355,082.21 34,998,934.11 7,499,771.60
58 Class factor per loan balance 88.3771723% 25.1260865% 42.1673905% 9.0358694%
59 Class factor per class balance 98.0159332% 24.5241954% 42.1673905% 9.0358694%
Class A4 Class A5 Class R
------------ ------------ ----------
<S> <C> <C> <C>
27 Number of Loans
28 Original Loan balance 8,132,749.03 6,912,836.67
29 Pre-Funding Account Balance 1,867,250.97 1,587,163.33
30 Additional principal reduction 0.00 0.00
31 Realized losses, LTD 0.00 0.00
32 Carryforward amount 0.00 0.00
------------ ------------
33 Total class principal 10,000,000.00 8,500,000.00
34 Pool factor per loan balance 9.7984928% 8.3287189%
35 Factor per class balance 12.0481928% 10.2409639%
36 Class R Remittance 247,037.66
37 Additional Principal due Class A (247,037.66)
38 Interest remittance @ Class Yield 62,833.33 55,250.00
Principal additions:
39 Number of loans
40 Transfers from Pre-Funding Account 1,866,946.43 1,586,904.47
Principal reductions:
41 Prepayments - number
42 Prepayments - dollar 0.00 0.00
43 Net Liquidation Proceeds 0.00 0.00
44 Curtailments 0.00 0.00
45 Normal and excess payments 0.00 0.00
46 Pre-Funding Account Transfer 304.54 258.86
------------ ------------ ----------
47 Total principal Remittance 304.54 258.86
48 Additional principal reduction 0.00 0.00
------------ ------------
49 Total remittance 63,137.87 55,508.86 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 9,999,695.46 8,499,741.14
54 Pre-Funding Account Balance (0.00) 0.00
55 Additional principal reduction, LTD 0.00 0.00
56 Realized losses, LTD 0.00 0.00
------------ ------------
57 Total Class A principal 9,999,695.46 8,499,741.14
58 Class factor per loan balance 12.0478259% 10.2406520%
59 Class factor per class balance 12.0478259% 10.2406520%
</TABLE>
2 of 4
<PAGE>
<TABLE>
ALLIANCE FUNDING COMPANY
BY LEE SERVICING COMPANY, A DIVISION OF SUPERIOR BANK, FSB
DESIGNATED SERVICER
SERVICER'S CERTIFICATE
1996-1 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 MAY 28, 1996, THE REMITTANCE DATE.
DUE PERIOD ENDED: MAY 1, 1996
<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 11.35194%
61 Weighted Note Rate - NEXT remittance 11.35394%
62 Pass-Through Rate - THIS remittance 6.52000% 6.84000% 7.12000% 7.54000% 7.80000%
63 Weighted Average Remaining Term 223.93
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 0.00 0.00 0.00 0.00 0.00 0.00
Reduction
------------ ------------- ------------- ------------ ------------- ------------
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>
CLASS A OVER-COLLATERALIZATION RECONCILIATION
<CAPTION>
Beg. of Month Current Month End of Month
------------- ------------- ------------
<S> <C> <C> <C>
69 Additional Principal Reduction, LTD 252,531.93 247,037.66 499,569.59
70 Less: Realized Losses, LTD 0.00 0.00 0.00
---------- ---------- ------------
71 Over-collateralization of Principal 252,531.93 247,037.66 499,569.59
========== ========== ============
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>
3 of 4
<PAGE>
<TABLE>
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 MAY 28, 1996, THE REMITTANCE DATE.
DUE PERIOD ENDED: MAY 1, 1996
<CAPTION>
Class A1 Class A2 Class A3 Class A4 Class A5
-------------- -------------- -------------- ------------- -------------- -------------
<S> <C> <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 $8,500,000.00
83 Interest Remittance Amount 476,084.43 114,001.10 199,500.00 44,500.00 62,833.33 55,250.00
84 Interest Rate Factor / 1000 5.735957 5.181868 5.700000 5.933333 6.283333 6.500000
85 Total Principal Collections 379,007.56 379,007.56 0.00 0.00 0.00 0.00
86 Prefunding Account Transfer 2,527.68 669.99 1,065.89 228.40 304.54 258.86
87 Additional Principal Reduction 247,037.66 247,037.66 0.00 0.00 0.00 0.00
-------------- -------------- -------------- ------------- -------------- -------------
88 Principal Remittance Amount 628,572.90 626,715.21 1,065.89 228.40 304.54 258.86
89 Principal Payment Factor/1000 7.573167 28.487055 0.030454 0.030454 0.030454 0.030454
90 Principal Factor 980.159332 925.231010 999.969546 999.969546 999.969546 999.969546
91 Prior Month Principal Factor 987.732499 953.718065 1,000.000000 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
1996-1 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 MAY 28, 1996, THE REMITTANCE DATE.
PERIOD ENDED: MAY 1, 1996
- --------------------------------------------------------------------------------
1 Total Actual Principal Collections 1,945,430.62
2 Total Actual Interest Collections 446,346.59
3 Additional Proceeds 0.00
------------
4 Total Collections 2,391,777.21
5 Pre-Funding Account Transfer 1,934.78
6 Interest Coverage Account Transfer 34,687.84
------------
Additional Transfers: 36,622.62
------------
7 Aggregate Amount Received: 2,428,399.83
Monthly Advance
8 Delinquent Interest 170,865.80
9 Compensating Interest 6,533.61
10 Amounts Held for Future Distributions 0.00
11 Supplemental Interest 0.00
------------
12 Available Remittance Amount: 2,605,799.24
13 Less: Service Fees 33,109.59
14 Expense Account Deposit 2,018.35
15 Deposits/Withdrawals for Cross Collaterlization 0.00
------------
16 Adjusted Remittance Amount: 2,570,671.30
Remaining Amount Available:
17 Adjusted Remittance Amount 2,570,671.30
18 Insured Payments 0.00
19 Insurance Account Deposit @ 13bp
the ending Class A P-balance 9,027.51
20 Class Remittance Amounts 2,561,643.79
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>
<TABLE>
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 01, 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 MAY 28, 1996, THE REMITTANCE DATE.
PERIOD ENDED: MAY 1, 1996
<CAPTION>
Total Class 2-A Class R
------------- ------------- ------------
<S> <C> <C> <C>
28 Number of Loans 620
29 Opening Loan balance 72,070,903.84 72,070,903.84
30 Pre-Funding Account Balance 13,207,330.95 13,207,330.95
31 Additional principal reduction, LTD 2,596,708.82 2,596,708.82
32 Realized losses, LTD 0.00 0.00
33 Carryforward amount 0.00 0.00
------------- -------------
34 Total Class Principal Balance 82,681,525.97 82,681,525.97
35 Pool factor per loan balance 86.8324143% 86.8324143%
36 Factor per class balance 100.0000000% 100.0000000%
37 Class R Remittance 174,877.76 174,877.76
38 Additional Principal due Class A (174,877.76) (174,877.76)
39 Deposits/Withdrawals for Cross Collaterlization 0.00 0.00
40 Interest remittance 439,400.63 439,400.63
Principal additions:
41 Number of loans 116
42 Transfers from Pre-Funding Account 13,205,396.17 13,205,396.17
Principal reductions:
43 Prepayments - number 13 13
44 Prepayments - dollar 1,778,142.66 1,778,142.66
45 Net Liquidation Proceeds 0.00 0.00
46 Curtailments 0.00 0.00
47 Normal and excess payments 167,287.96 167,287.96
48 Pre-Funding Account Transfer 1,934.78 1,934.78
------------- ------------- ------------
49 Total principal Remittance 1,947,365.40 1,947,365.40
50 Additional principal reduction 174,877.76 174,877.76
------------- ------------- ------------
51 Total remittance 2,561,643.79 2,561,643.79 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 # 723
Class principal balance - end of month
56 Loan balance 83,330,869.39 83,330,869.39
57 Pre-Funding Account Balance 0.00 0.00
58 Additional principal reduction, LTD 2,771,586.58 2,771,586.58
59 Realized losses, LTD 0.00 0.00
60 Carryforward amount 0.00 0.00
------------- -------------
61 Total Class A principal 80,559,282.81 80,559,282.81
62 Class factor per loan balance 100.3986378% 100.3986378%
63 Class factor per class balance 97.0593769% 97.0593769%
</TABLE>
Page 2 of 4
<PAGE>
<TABLE>
ALLIANCE FUNDING COMPANY
BY LEE SERVICING COMPANY, A DIVISION OF SUPERIOR BANK FSB,
DESIGNATED SERVICER
SERVICERS CERTIFICATE
1996-1 SUB POOL 2
IN ACCORDANCE WITH SECTION 6.08 OF THE POOLING AND SERVICING AGREEMENT DATED AS OF MARCH 01, 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 MAY 28, 1996, THE REMITTANCE DATE.
PERIOD ENDED: MAY 1, 1996
<CAPTION>
Total Class A1
------------- -------------
<S> <C> <C>
64 Weighted Note Rate: 9.44288%
65 Pass-Through Rate: 5.79750% 5.79750%
66 Related Remittance Period 25-Apr-96 thru 27-May-96
67 Days in Related Period: 33
68 Weighted Average Remaining Term 357.31
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
- ---------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
CLASS A OVERCOLLATERALIZATION RECONCILIATION
<CAPTION>
Beginning of Month Current Month End of Month
------------------ ------------- ------------
<S> <C> <C> <C>
74 Additional Principal Reduction, LTD 2,596,708.82 174,877.76 2,771,586.58
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 2,596,708.82 174,877.76 2,771,586.58
============ ========== ============
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
============
</TABLE>
Page 3 of 4
<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 MAY 28, 1996, THE REMITTANCE DATE.
PERIOD ENDED: MAY 1, 1996
Class A1
-------------- --------------
87 Total Class Principal - Original Pool $83,000,000.00 $83,000,000.00
88 Interest Remittance Amount 439,400.63 439,400.63
89 Interest Rate Factor / 1000 5.293983 5.293983
90 Total Principal Collections 1,945,430.62 1,945,430.62
91 Prefunding Account Transfer 1,934.78 1,934.78
92 Additional Principal Reduction 174,877.76 174,877.76
-------------- --------------
93 Principal Remittance Amount 2,122,243.16 2,122,243.16
94 Principal Payment Factor/1000 25.569195 25.569195
95 Principal Factor 970.593768 970.593768
96 Prior Month Principal Factors 996.162963 996.162963
page 4 of 4
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