<PAGE 1>
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)
November 15, 1996
IBM CREDIT RECEIVABLES, INC., ON BEHALF OF THE
IBM CREDIT RECEIVABLES LEASE ASSET MASTER TRUST
(Issuer of the 4.55% Class A Lease Backed Certificates,
Series 1993-1,
5.33% Class A-1 Lease Backed Certificates, Series 1994-1
and
6.55% Class A-2 Lease Backed Certificates, Series 1994-1)
______________________________________________________________________
(Exact Name of Registrant as Specified in Charter)
Cayman Islands 33-69028 06-1383202
____________________________ _____________ _____________________
(State or Other Jurisdiction (Commission (IRS Employer
of Incorporation) File Number) Identification No.)
1133 Westchester Avenue, Room 3C2108
White Plains, New York 10604
__________________________________________ ___________
- -
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code (914) 642-5844
Not Applicable
_____________________________________________________________
(Former Name or Former Address, if changed Since Last
Report)
Item 5. Other Events
The Registrant is filing the exhibits listed in item 7 below.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
Exhibit 7.1 Monthly Statement for the 4.55% Class A Lease Backed Certificates,
Series 1993-1, with report to the Distribution Date occurring on
the date of this report.
Exhibit 7.2 Monthly Statement for the 5.33% Class A-1 Lease Backed Certificates,
Series 1994-1 and the 6.55% Class A-2 Lease Backed Certificates,
Series 1994-1, with report to the Distribution Date occurring on
the date of this report.
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 duty authorized.
IBM CREDIT RECEIVABLES LEASE ASSET
MASTER TRUST
By: IBM CREDIT RECEIVABLES, INC.
By:
______________________________
Name: Kimberly A. Kispert
Date: November 15, 1996 Title: President and Treasurer
<PAGE 2>
<TABLE>
Exhibit 7.1
MONTHLY STATEMENT
IBM CREDIT RECEIVABLES LEASE ASSET MASTER TRUST
SERIES 1993-1
- -
Delivered pursuant to Section 4.05 of the Pooling
and Servicing Agreement dated as of November 1, 1993,
between IBM Credit Receivables, Inc., a Cayman
Islands company, as Seller (the "Seller"), IBM Credit
Corporation, a Delaware corporation, as Servicer (the
"Servicer"), and Norwest Bank Minnesota, National
Association, a national banking association, as trustee (the
"Trustee"), set forth below is the required information
with respect to the Distribution Date of November 15, 1996
and with respect to the performance of the Trust during the
Collection Period from October 2, 1996 to November 1, 1996.
Capitalized terms used in this Certificate have their
respective meanings set forth in the Pooling and Servicing
Agreement:
<CAPTION>
A) Information Regarding the Current Total Per $1000
Monthly Distribution (Stated in total Distribution Original
and on the basis of $1,000 Original Certificate
Certificate Principal Amount). Principal
<S> <C> <C>
(1) The amounts by Class of the
distribution to Class A Certificateholders
and the Class B Certificateholders
on November 15, 1996.
Class A 15,735,017.38 15.73502
Class B 2,776,767.78 15.73502
</TABLE>
<PAGE 3>
<TABLE>
<S> <C> <C>
(2) The amounts by Class of the
distribution set forth in paragraph 1
above in respect of interest on the
Class A Certificates and the Class B
Certificates.
Class A 648,567.95 0.64857
Class B 114,453.17 0.64857
(3) The amount by Class of the
distribution set forth in paragraph 1
above in respect of principal of the
Class A Certificates and the Class B
Certificates.
Class A 15,086,449.43 15.08645
Class B 2,662,314.61 15.08645
B) Information Regarding the Performance of
the Series 1993-1 Full Amortization
Pool with respect to Series 1993-1's
Full Amortization Period.
- -
(1) Collections of Scheduled Payments:
(a) The aggregate amount of
Collections of Scheduled Payments
processed with respect to the Series 1993-1
Full Amortization Pool during the
Collection Period immediately
preceding the Distribution Date
allocated to each of Class A and Class B.
Class A 16,124,473.23
Class B 2,845,495.28
</TABLE>
<PAGE 4>
<TABLE>
<S> <C>
(b) The aggregate Contract
Balances of the Contracts
outstanding and the Participation
Balance of the Participation
Interest, if any, as of the day
before the last day of the
Collection Period immediately
preceding the Distribution Date
allocated to each of Class A and
Class B.
Class A 171,050,888.68
Class B 30,185,450.94
(c) The aggregate amount of
Collections of Finance Charge
Payments processed with respect to
the Series 1993-1 Full Amortization Pool
during the Collection Period immediately
preceding the Distribution Date
allocated to each of Class A and
Class B.
Class A 1,399,822.10
Class B 247,027.43
(d) The aggregate amount of
Collections of Principal Payments
processed with respect to the Series
1993-1 Full Amortization Pool during
the Collection Period immediately
preceding the Distribution Date
allocated to each of Class A and
Class B.
Class A 14,724,651.13
- -
Class B 2,598,467.85
</TABLE>
<PAGE 5>
<TABLE>
<S> <C>
(e) The aggregate amount of net
Recoveries processed with respect
to the Series 1993-1 Full Amortization
Pool during the Collection Period immediately
preceding the Distribution Date
allocated to each of Class A and
Class B.
Class A 0.00
Class B 0.00
(2) Contract Balances of the Contracts
and Participation Balance of the Participation
Interest, if any, included in the Series 1993-1
Full Amortization Pool as of the day
before the last day of the immediately
preceding Collection Period.
(a) The aggregate Contract
Balances and Participation Balance
of the Participation Interest, if any,
included in the Series 1993-1 Full
Amortization Pool as of the day
before the last day of the immediately
preceding Collection Period. 337,693,683.09
(b) The Class A Invested Amount
and the Class B Invested Amount
(each as defined in the Pooling and
Servicing Agreement) as of the day
before the last day of the immediately
preceding Collection Period.
Class A 171,050,888.68
Class B 30,185,450.94
</TABLE>
<PAGE 6>
<TABLE>
<S> <C>
(c) The Class A Invested Amount on
the date of issuance of the Class A
Certificates (the "Initial Class A
Invested Amount") and the Class B
Invested Amount on the date of
issuance of the Class B
Certificates (the "Initial Class B
Invested Amount")
- -
Class A 1,000,000,000.00
Class B 176,470,588.24
(d) The allocation percentage with
respect to the allocation of
Finance Charge Payments, Principal
Payments and Defaulted Amounts to
the Class A Certificateholders with
respect to the immediately preceding
Collection Period. 50.65%
(e) The allocation percentage with
respect to the allocation of
Finance Charge Payments, Principal
Payments and Defaulted Amounts to
the Class B Certificateholders with
respect to the immediately preceding
Collection Period. 8.94%
</TABLE>
<PAGE 7>
<TABLE>
<CAPTION>
(3) Delinquent Balances of Contracts in
the Trust.
The aggregate Contract Balances of the Aggregate
Contracts which were delinquent as of Contract
the close of business on the last day of Balances
the Collection Period immediately
preceding the Distribution Date:
<S> <C>
(a) 31-60 days 2,996,965.22
(b) 61-90 days 1,177,303.69
(c) 91 or more days 774,277.64
TOTAL 4,948,546.55
(4) Defaulted Amount.
The Defaulted Amount for the Collection
Period immediately preceding the
Distribution Date allocable to each
of Class A and Class B.
Class A 361,798.30
Class B 63,846.76
(5) Investor Charge-Offs;
Reimbursement of Charge-Offs.
(a) The amount of the withdrawal,
- -
if any, from the Reserve Account. 0.00
</TABLE>
<PAGE 8>
<TABLE>
<S> <C>
(b) The amount
required for such
Distribution Date pursuant to
section 4.05 (c)(i) and (ii)
over the Class B Available
Finance Charge Collections,
but not more than the Class B
Investor Default Amount for
such Distribution Date, and
not below zero (a "Class B
Investor Charge-Off"). 0.00
(c) The Excess of the Defaulted
Amount allocable to the Class A
Certificates over the Class B Investor
Charge-Off, which excess is charged
to the Class A Invested Amount
(a "Class A Investor Charge-Off"). 0.00
(d) The amounts of the Class A
Investor Charge-Offs and Class B
Investor Charge-Offs set forth in
item 5(c) and item 5(b) above, per
$1,000 interest (which will have
the effect of reducing, pro rata,
the amount of each Class A
Certificateholder's and Class B
Certificateholder's Invested
Amount, respectively).
Class A 0.00
Class B 0.00
</TABLE>
<PAGE 9>
<TABLE>
<S> <C>
(e) The total amounts reimbursed
to the Trust for such Distribution
Date in respect of Class A Investor
Charge-Offs and Class B Investor
Charge-Offs, respectively, for
prior Distribution Dates.
Class A 0.00
Class B 0.00
(f) The amounts set forth in
item 5(e) above, per $1,000
interest (which will have the
- -
effect of increasing, pro rata, the
amount of each Class A
Certificateholder's and Class B
Certificateholder's Invested
Amount, respectively).
Class A 0.00
Class B 0.00
(g) The amount, if any, by which
the outstanding principal balances
of the Class A Certificates and
Class B Certificates exceed the
Class A Invested Amount and Class B
Invested Amount, respectively, as
of the end of the day on the Record
Date with respect to the
Distribution Date.
Class A 0.00
Class B 0.00
</TABLE>
<PAGE 10>
<TABLE>
<S> <C>
(6) Investor Monthly Servicing fee.
The amount of the series 1993-1 Monthly
Servicing Fee payable to the Servicer
for the Distribution Date. 167,696.95
(7) Available Reserve Amount
(a) The amount available to be
withdrawn from the Reserve Account
for the Class A Certificateholders
as of the close of business on such
Distribution Date, before giving
effect to all withdrawals from, or
deposits to the Reserve Account on
such Distribution Date. 10,000,000.00
(b) The ratio of the Available
Reserve Amount to the
Invested Amount of the Class A
Certificates as of the close of
business on such Distribution Date,
after giving effect to all withdrawals
from the Reserve Account and payments
to the Reserve Depositor on such
Distribution Date. 6.41%
(8) Deficit Controlled Amortization
Amount.
- -
The existing Deficit Controlled
Amortization amount for such
Distribution Date. 0.00
</TABLE>
<PAGE 11>
<TABLE>
<S> <C>
C) The Pool Factors.
The Pool Factors for the preceding
Determination Date for Class A and
Class B, respectively, which represent
the ratios of the Class A Invested
Amount and Class B Invested Amount,
respectively, as of such Determination
Date to the Class A Initial Invested
Amount and the Class B Initial Invested
Amount, respectively.
Class A 0.1559644
Class B 0.1559644
D) Contract Balance.
(1) The aggregate Contract Balances of
the Contracts and the Participation
Balance of the Participation Interest,
if any, included in the Series 1993-1 Full
Amortization Pool at the close of business
on the last day of the immediately preceding
Collection Period. 307,909,571.99
IBM CREDIT CORPORATION,
Servicer
by: /s/ N. J. DiMarco
N. J. DiMarco
Manager Remarketing & Investor Accounting
</TABLE>
<PAGE 12>
MONTHLY SERVICER'S CERTIFICATE
IBM CREDIT CORPORATION
IBM CREDIT RECEIVABLES LEASE ASSET MASTER TRUST
SERIES 1993-1
The undersigned, a duly authorized representative
- -
of IBM Credit Corporation, as Servicer ("IBMCC"), pursuant
to the Pooling and Servicing Agreement dated as of
November 1, 1993 (as amended and supplemented, the
"Agreement"), as supplemented by the Series 1993-1
Supplement (as amended and supplemented, the "Series
Supplement"), among IBM Credit Receivables, Inc., a Cayman
Islands company, as Seller (the "Seller"), IBM Credit
Corporation, a Delaware corporation, as Servicer (the
"Servicer"), and Norwest Bank Minnesota, National
Association, a national banking association, Trustee, does
hereby certify as follows:
1. Capitalized terms used in this Certificate
have their respective meanings as set forth in the
Agreement or Series Supplement, as Applicable.
2. IBMCC is, as of the date hereof, the Servicer
under the Agreement.
3. The undersigned is a Servicing Officer.
4. This Certificate relates to the Distribution
Date occurring on November 15, 1996.
5. As of the date hereof, to the best knowledge
of the undersigned, the Servicer has performed in all
material respects all its obligations under the
Agreement through the Collection Period preceding such
Distribution Date.
<PAGE 13>
6. As of the date hereof, to the best knowledge
of the undersigned, no Pay Out Event occurred on or
prior to such Distribution Date.
7. As of the date hereof, to the best knowledge
of the undersigned, no Lien has been placed on any of
the Contracts other than pursuant to the Agreement.
IN WITNESS WHEREOF, the undersigned has duly
executed and delivered this Certificate this 12th day
of November, 1996.
IBM CREDIT CORPORATION,
Servicer,
by: /s/ N. J. DiMarco
N. J. DiMarco
Manager Remarketing & Investor Accounting
<PAGE 14>
<TABLE>
- -
MONTHLY STATEMENT
IBM CREDIT RECEIVABLES LEASE ASSET MASTER TRUST
SERIES 1994-1
Delivered pursuant to Section 4.05 of the Pooling
and Servicing Agreement dated as of August 3, 1994,
between IBM Credit Receivables, Inc., a Cayman
Islands company, as Seller (the "Seller"), IBM Credit
Corporation, a Delaware corporation, as Servicer (the
"Servicer"), and Norwest Bank Minnesota, National
Association, a national banking association, as trustee (the
"Trustee"), set forth below is the required information
with respect to the Distribution Date of November 15, 1996
and with respect to the performance of the Trust during the
Collection Period from October 2, 1996 to November 1, 1996.
Capitalized terms used in this Certificate have their
respective meanings set forth in the Pooling and Servicing
Agreement:
<CAPTION>
A) Information Regarding the Current Total Per $1000
Monthly Distribution (Stated in total Distribution Original
and on the basis of $1,000 Original Certificate
Certificate Principal Amount). Principal
Amount
<S> <C> <C>
(1) The amounts by Class of the
distribution to Class A1 Certificateholders,
Class A2 Certificateholders and
the Class B Certificateholders
on November 15, 1996.
Class A1 0.00 0.00000
Class A2 7,103,443.47 36.12943
Class B 1,226,276.61 23.16300
</TABLE>
<PAGE 15>
<TABLE>
<S> <C> <C>
(2) The amounts by Class of the
distribution set forth in paragraph 1
above in respect of interest on the
Class A1 Certificates and the Class A2
and the Class B Certificates.
Class A1 0.00 0.00000
Class A2 413,989.22 2.10563
Class B 73,056.92 1.37996
(3) The amount by Class of the
distribution set forth in paragraph 1
above in respect of principal of the
Class A1 Certificates and the Class A2
- -
and the Class B Certificates.
Class A1 0.00 0.00000
Class A2 6,689,454.25 34.02380
Class B 1,153,219.69 21.78304
B) Information Regarding the Performance of
the Series 1994-1 Full Amortization Pool
Pool with respect to Series 1994-1's
Full Amortization Period.
(1) Collections of Scheduled Payments:
(a) The aggregate amount of
Collections of Scheduled Payments
processed with respect to the
Series 1994-1 Full Amortization Pool during
the Collection Period immediately
preceding the Distribution Date
allocated to each of Class A and Class B.
Class A 7,149,722.44
Class B 1,261,715.74
</TABLE>
<PAGE 16>
<TABLE>
<S> <C>
(b) The aggregate Contract
Balances of the Contracts
outstanding and the Participation
Balance of the Participation
Interests, if any, as of the day
before the last day of the
Collection Period immediately
preceding the Distribution Date
allocated to each of Class A and
Class B.
Class A 75,845,353.79
Class B 13,384,474.35
(c) The aggregate amount of
Collections of Finance Charge
Payments processed with respect to
the Series 1994-1 Full Amortization Pool
during the Collection Period immediately
preceding the Distribution Date
allocated to each of Class A and
Class B.
Class A 620,692.49
Class B 109,533.97
- -
(d) The aggregate amount of
Collections of Principal Payments
processed with respect to the
Series 1994-1 Full Amortization Pool
during the Collection Period immediately
preceding the Distribution Date
allocated to each of Class A and
Class B.
Class A 6,529,029.94
Class B 1,152,181.77
</TABLE>
<PAGE 17>
<TABLE>
<S> <C>
(e) The aggregate amount of net
Recoveries processed with respect
to the Series 1994-1 Full Amortization Pool
during the Collection Period immediately
preceding the Distribution Date
allocated to each of Class A and
Class B.
Class A 0.00
Class B 0.00
(2) Contract Balances of the Contracts
and Participation Balance of the
Participation Interests, included in the
Series 1994-1 Full Amortization Pool as of
the day before the last day of the immediately
preceding Collection Period.
(a) The aggregate Contract
Balances and Participation Balance
of the Participation Interests,
included in the Series 1994-1 Full
Amortization Pool as of the day before the
last day of the immediately
preceding Collection Period. 136,457,343.47
(b) The Class A1 Invested Amount,
Class A2 Invested Amount and
the Class B Invested Amount
(each as defined in the Pooling and
Servicing Agreement) as of the day
before the last day of the immediately
preceding Collection Period.
Class A1 0.00
Class A2 75,845,353.79
Class B 13,384,474.35
- -
(c) The Class A1 Invested Amount on
the date of issuance of the Class A1
Certificates (the "Initial Class A1
Invested Amount") and the Class A2
invested Amount on the date of
issuance of the Class A2 Certificates
(the "Initial Class A2 Invested
Amount") and the Class B
Invested Amount on the date of
issuance of the Class B
Certificates (the "Initial Class B
Invested Amount")
Class A1 103,389,000.00
Class A2 196,611,000.00
Class B 52,941,177.00
(d) The allocation percentage with
respect to the allocation of
Finance Charge Payments, Principal
Payments and Defaulted Amounts to
the Class A Certificateholders with
respect to the immediately preceding
Collection Period. 55.58%
(e) The allocation percentage with
respect to the allocation of
Finance Charge Payments, Principal
Payments and Defaulted Amounts to
the Class B Certificateholders with
respect to the immediately preceding
Collection Period. 9.81%
(3) Delinquent Balances of Contracts in
the Trust.
</TABLE>
<PAGE 19>
<TABLE>
<CAPTION>
The aggregate Contract Balances of the Aggregate
Contracts which were delinquent as of Contract
the close of business on the last day of Balances
the Collection Period immediately
preceding the Distribution Date:
<S> <C>
(a) 31-60 days 2,996,965.22
(b) 61-90 days 1,177,303.69
(c) 91 or more days 774,277.64
TOTAL 4,948,546.55
- -
(4) Defaulted Amount.
The Defaulted Amount for the Collection
Period immediately preceding the
Distribution Date allocable to each
of Class A and Class B.
Class A 160,424.31
Class B 28,310.17
(5) Investor Charge-Offs;
Reimbursement of Charge-Offs.
(a) The amount of the withdrawal,
if any, from the Reserve Account. 0.00
</TABLE>
<PAGE 20>
<TABLE>
<S> <C>
(b) The amount
required for such
Distribution Date pursuant to
section 4.05 (c)(i) and (ii)
over the Class B Available
Finance Charge Collections,
but not more than the Class B
Investor Default Amount for
such Distribution Date, and
not below zero (a "Class B
Investor Charge-Off"). 0.00
(c) The Excess of the Defaulted
Amount allocable to the Class A
Certificates over the Class B Investor
Charge-Off, which excess is charged
to the Class A Invested Amount
(a "Class A Investor Charge-Off"). 0.00
(d) The amounts of the Class A
Investor Charge-Offs and Class B
Investor Charge-Offs set forth in
item 5(c) and item 5(b) above, per
$1,000 interest (which will have
the effect of reducing, pro rata,
the amount of each Class A
Certificateholder's and Class B
Certificateholder's Invested
Amount, respectively).
Class A 0.00
Class B 0.00
</TABLE>
<PAGE 21>
<TABLE>
- -
<S> <C>
(e) The total amounts reimbursed
to the Trust for such Distribution
Date in respect of Class A Investor
Charge-Offs and Class B Investor
Charge-Offs, respectively, for
prior Distribution Dates.
Class A 0.00
Class B 0.00
(f) The amounts set forth in
item 5(e) above, per $1,000
interest (which will have the
effect of increasing, pro rata, the
amount of each Class A
Certificateholder's and Class B
Certificateholder's Invested
Amount, respectively).
Class A 0.00
Class B 0.00
(g) The amount, if any, by which
the outstanding principal balances
of the Class A1 Certificates,
Class A2 Certificates and Class B
Certificates exceed the Class A1
Invested Amount, Class A2
Invested Amount and Class B Invested
Amount, respectively, as
of the end of the day on the Record
Date with respect to the
Distribution Date.
Class A1 0.00
Class A2 0.00
Class B 27,272.25
</TABLE>
<PAGE 22>
<TABLE>
<S> <C>
(6) Investor Monthly Servicing fee.
The amount of the series 1994-1 Monthly
Servicing Fee payable to the Servicer
for the Distribution Date. 74,358.19
(7) Available Reserve Amount
(a) The amount available to be
withdrawn from the Reserve Account
for the Class A Certificateholders
as of the close of business on such
- -
Distribution Date, before giving
effect to all withdrawals from, or
deposits to the Reserve Account on
such Distribution Date. 3,000,000.00
(b) The ratio of the Available
Reserve Amount to the
Invested Amount of the Class A
Certificates as of the close of
business on such Distribution Date,
after giving effect to all withdrawals
from the Reserve Account and payments
to the Reserve Depositor on such
Distribution Date. 4.34%
(8) Deficit Controlled Amortization
Amount.
The existing Deficit Controlled
Amortization amount for such
Distribution Date. 0.00
</TABLE>
<PAGE 23>
<TABLE>
<S> <C>
C) The Pool Factors.
The Pool Factors for the preceding
Determination Date for Class A1,
Class A2 and Class B respectively, which
represent the ratios of Class A1 Invested
Amount, Class A2 Invested Amount
and Class B Invested Amount,
respectively, as of such Determination
Date to the Class A Initial Invested
Amount and the Class B Initial Invested
Amount, respectively.
Class A1 0.0000000
Class A2 0.3517397
Class B 0.2305197
D) Contract Balance.
(1) The aggregate Contract Balances of
the Contracts and the Participation
Balance of the Participation Interests,
included in the Series 1994-1 Full Amortization
Pool at the close of business on the
last day of the immediately preceding
Collection Period. 124,421,996.40
IBM CREDIT CORPORATION,
- -
Servicer
by: /s/ N. J. DiMarco
N. J. DiMarco
Manager Remarketing & Investor Accounting
</TABLE>
<PAGE 24>
MONTHLY SERVICER'S CERTIFICATE
IBM CREDIT CORPORATION
IBM CREDIT RECEIVABLES LEASE ASSET MASTER TRUST
SERIES 1994-1
The undersigned, a duly authorized representative
of IBM Credit Corporation, as Servicer ("IBMCC"), pursuant
to the Pooling and Servicing Agreement dated as of
August 1, 1994 (as amended and supplemented, the
"Agreement"), as supplemented by the Series 1994-1
Supplement (as amended and supplemented, the "Series
Supplement"), among IBM Credit Receivables, Inc., a Cayman
Islands company, as Seller (the "Seller"), IBM Credit
Corporation, a Delaware corporation, as Servicer (the
"Servicer"), and Norwest Bank Minnesota, National
Association, a national banking association, Trustee, does
hereby certify as follows:
1. Capitalized terms used in this Certificate
have their respective meanings as set forth in the
Agreement or Series Supplement, as Applicable.
2. IBMCC is, as of the date hereof, the Servicer
under the Agreement.
3. The undersigned is a Servicing Officer.
4. This Certificate relates to the Distribution
Date occurring on November 15, 1996.
<PAGE 25>
5. As of the date hereof, to the best knowledge
of the undersigned, the Servicer has performed in all
material respects all its obligations under the
Agreement through the Collection Period preceding such
Distribution Date.
6. As of the date hereof, to the best knowledge
of the undersigned, no Pay Out Event occurred on or
prior to such Distribution Date.
7. As of the date hereof, to the best knowledge
- -
of the undersigned, no Lien has been placed on any of
the Contracts other than pursuant to the Agreement.
IN WITNESS WHEREOF, the undersigned has duly
executed and delivered this Certificate this 12th day
of November, 1996.
IBM CREDIT CORPORATION,
Servicer,
by: /s/ N. J. DiMarco
N. J. DiMarco
Manager Remarketing & Investor Accounting
