<PAGE>
UNITED STATES
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 15, 1996
YAMAHA MOTOR RECEIVABLES CORPORATION
------------------------------------
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
(ORIGINATOR OF THE YAMAHA MOTOR MASTER TRUST)
Delaware 33-72806, 33-94784 33-0592719
-------- ------------------ ----------
(STATE OR OTHER JURISDICTION (COMMISSION FILE (I.R.S. EMPLOYER
OF INCORPORATION) NUMBERS) IDENTIFICATION NO.)
6555 Katella Avenue
Cypress, CA 90630
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)
----------------------------------------
REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: (714) 761-7500
Page 1 of 4
Exhibit Index appears on Page 4
<PAGE>
Item 5. OTHER EVENTS
Pursuant to that certain Master Pooling and Servicing Agreement,
dated as of April 1, 1994, between Yamaha Motor Receivables Corporation, as
transferor, Yamaha Motor Corporation, U.S.A. as servicer (in such capacity,
the " Servicer"), and The Fuji Bank and Trust Company, as trustee, as
amended, supplemented or otherwise modified and in effect from time to time,
the Servicer prepared a Monthly Servicer's Certificate with respect to the
August 15, 1996 Distribution Date for the Collection Period ending July 31,
1996. A copy of such Monthly Servicer's Certificate is attached hereto as
Exhibit 5.1.
2
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
as amended, the registrant has duly caused this report to be signed on its
behalf by the undersigned hereunto duly authorized.
YAMAHA MOTOR RECEIVABLES CORPORATION
------------------------------------
(Registrant)
Dated: August 15, 1996 By: HIROSHI TANAKA
------------------- --------------
Name: Hiroshi Tanaka
Title: Secretary and Treasurer
3
<PAGE>
INDEX TO EXHIBITS
SEQUENTIALLY
EXHIBIT NUMBERED
NUMBER EXHIBIT PAGE
- - ----------- ------- ----
5.1 Monthly Servicer's Certificate
with respect to the August 15,
1996 Distribution Date for the
Collection Period ending July 31,
1996.
4
<PAGE>
<TABLE>
<CAPTION>
"Regular" Distribution Date YAMAHA MOTOR MASTER TRUST Collection Period Ending:
15-Aug-96 6.25% SERIES 1994-1 AND 6.20% SERIES 1995-1 31-Jul-96
- - ------------------------------------------------------------------------------------------------------------------------------------
A. INFORMATION REGARDING THE YAMAHA MOTOR MASTER TRUST
<S> <C>
1. Aggregate Pool Balance as of the beginning of the
preceding Collection Period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 499,554,645.37
2. Aggregate amount of Collections during the preceding
Collection Period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 118,498,063.59
a) Collections other than finance charges, cash Adjustment Payments
and cash Transferor Deposit Amounts. . . . . . . . . . . . . . . . . . . . . . . . . . . 115,471,210.34
b) Finance Charge collections . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,026,853.25
c) Cash Adjustment Payments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
d) Cash Transferor Deposit Amounts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
3. Aggregate amount of receivables written off (net of recoveries) during the
preceding Collection Period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
4. Aggregate amount of non-cash Adjustment Payments during the preceding
Collection Period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,130,831.71
5. Aggregate amount of non-cash Transferor Deposit Amounts during the preceding
Collection Period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
6. Aggregate amount of additional Receivables during
the Preceding Collection period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 92,163,810.88
7. Aggregate Pool Balance as of the end of the preceding
Collection Period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 470,116,414.20
8. The aggregate Trust Principal Component as of the beginning of the
preceding Collection Period was . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 492,061,325.69
9. The aggregate amount of Principal Collections during the
preceding Collection Period was . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 111,004,743.91
10. The aggregate amount of Defaulted Receivables during the preceding
Collection Period was . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
11. The aggregate Trust Principal Component as of the end of the
preceding Collection Period was * . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 463,064,667.99
12. The aggregate amount of Yield Collections during the preceding
Collection Period was . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,493,319.68
13. The Discount Factor during the preceding Collection Period was. . . . . . . . . . . . . . . . . 1.50%
14. The Monthly Payment Rate during the preceding Collection Period was . . . . . . . . . . . . . . 23.72%
15. Defaulted Receivables ( [ charged-off receivables less recoveries ] x
[1-Discount rate] ) during the preceding Collection Period, expressed as
an annual percentage of the Trust Principal Component as of the beginning
of the preceding Collection Period, were. . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00%
16. "Finance Charge" collections during the preceding Collection Period,
expressed as an annual percentage of the Pool Balance as of the
beginning of the preceding Collection Period, were . . . . . . . . . . . . . . . . . . . . . . 7.27%
</TABLE>
<PAGE>
B. INFORMATION REGARDING THE SERIES INVESTED AMOUNTS & TRANSFEROR AMOUNT
<TABLE>
<CAPTION>
Series Series
1994-1 1995-1 Aggregate
------ ------ ---------
<S> <C> <C> <C>
1. Aggregate Invested Amount and Pool Factor as of the beginning of
the preceding Collection Period
a) Class A Invested Amount. . . . . . . . . . . . . . . . . . 150,000,000.00 100,000,000.00 250,000,000.00
b) Less Class A Principal Funding Account . . . . . . . . . . 0.00 0.00 0.00
c) Equals Class A Adjusted Invested Amount. . . . . . . . . . 150,000,000.00 100,000,000.00 250,000,000.00
d) Class B Invested Amount. . . . . . . . . . . . . . . . . . 32,926,829.27 21,951,219.51 54,878,048.78
e) Aggregate Invested Amount. . . . . . . . . . . . . . . . . 182,926,829.27 121,951,219.51 304,878,048.78
f) Class A Pool Factor. . . . . . . . . . . . . . . . . . . . 1.0000000 1.0000000
g) Class B Pool Factor. . . . . . . . . . . . . . . . . . . . 1.0000000 1.0000000
2. Aggregate Invested Amount and Pool Factor as of the end
of the preceding Collection Period
a) Class A Invested Amount. . . . . . . . . . . . . . . . . . 150,000,000.00 100,000,000.00 250,000,000.00
b) Less Class A Principal Funding Account . . . . . . . . . . 0.00 0.00 0.00
c) Equals Class A Adjusted Invested Amount. . . . . . . . . . 150,000,000.00 100,000,000.00 250,000,000.00
d) Class B Invested Amount. . . . . . . . . . . . . . . . . . 32,926,829.27 21,951,219.51 54,878,048.78
e) Invested Amount. . . . . . . . . . . . . . . . . . . . . . 182,926,829.27 121,951,219.51 304,878,048.78
f) Class A Pool Factor. . . . . . . . . . . . . . . . . . . . 1.0000000 1.0000000
g) Class B Pool Factor. . . . . . . . . . . . . . . . . . . . 1.0000000 1.0000000
% Trust
Principal
Amount Component
------ ---------
3. Transferor Interest as of the beginning of the preceding
Collection Period . . . . . . . . . . . . . . . . . . . . . . . . 187,183,276.91 38.04%
a) Special Funding Account as of the beginning of the preceding
Collection Period. . . . . . . . . . . . . . . . . . . . . 0.00 0.00%
4. Available Subordinated Amount as of the beginning of the preceding
Collection Period . . . . . . . . . . . . . . . . . . . . . . . . 0.00 0.00%
</TABLE>
<PAGE>
B. INFORMATION REGARDING THE SERIES INVESTED AMOUNTS &
TRANSFEROR AMOUNT, Cont...
<TABLE>
<CAPTION>
% Trust
Principal
Amount Component
------ ---------
<S> <C> <C>
5. Transferor Interest as of the end of the preceding
Collection Period . . . . . . . . . . . . . . . . . . . . . . . . 158,186,619.21 34.16%
a) Special Funding Account as of the end of the preceding
Collection Period. . . . . . . . . . . . . . . . . . . . . 0.00 0.00%
6. Available Subordinated Amount as of the end of the preceding
Collection Period . . . . . . . . . . . . . . . . . . . . . . . . 0.00 0.00%
7. Minimum Transferor Percentage (net of Available Subordinated Amount)
as of the end of the preceding Collection Period. . . . . . . . . 46,306,466.80 10.00%
C. INFORMATION REGARDING THE ALLOCATION OF COLLECTIONS
1. Floating Allocation Percentage
Series 1994-1 Investor Percentage. . . . . . . . . . . . . . . . . . . 37.18%
Series 1995-1 Investor Percentage. . . . . . . . . . . . . . . . . . . 24.78%
------
Aggregate Investor Percentage. . . . . . . . . . . . . . . . . . . . . 61.96%
Transferor Percentage. . . . . . . . . . . . . . . . . . . . . . . . . 38.04%
2. Fixed Allocation Percentage
Series 1994-1 Investor Percentage. . . . . . . . . . . . . . . . . . . NA
Series 1995-1 Investor Percentage. . . . . . . . . . . . . . . . . . . NA
Aggregate Investor Percentage. . . . . . . . . . . . . . . . . . . . . NA
Transferor Percentage. . . . . . . . . . . . . . . . . . . . . . . . . NA
3. Allocation of Yield Collections
Yield Collections allocable to Series 1994-1 . . . . . . . . . . . . . 2,785,687.76
Yield Collections allocable to Series 1995-1 . . . . . . . . . . . . . 1,857,125.17
------------
Aggregate Investor Yield Collections . . . . . . . . . . . . . . . . . 4,642,812.93
Yield Collections allocable to the Transferor. . . . . . . . . . . . . 2,850,506.75
4. Allocation of Special Funding Account Income
(allocated and distributed to the Transferor
during the Revolving Period)
Special Funding Account Income allocable to Series 1994-1. . . . . . . 0.00
Special Funding Account Income allocable to Series 1995-1. . . . . . . 0.00
Aggregate Investor Special Funding Account Income. . . . . . . . . . . 0.00
Special Funding Account Income allocable to the Transferor . . . . . . 0.00
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
5. Allocation of Defaults
Defaults allocable to Series 1994-1 (Investor Default Amount). . . . . 0.00
Defaults allocable to Series 1995-1 (Investor Default Amount). . . . . 0.00
Aggregate Investor Default Amount. . . . . . . . . . . . . . . . . . . 0.00
Defaults allocable to the Transferor . . . . . . . . . . . . . . . . . 0.00
6. Allocation of Principal Collections
Principal Collections allocable to Series 1994-1 . . . . . . . . . . . 41,266,697.42
Principal Collections allocable to Series 1995-1 . . . . . . . . . . . 27,511,131.61
-------------
Aggregate Investor Principal Collections . . . . . . . . . . . . . . . 68,777,829.03
Principal Collections allocable to the Transferor. . . . . . . . . . . 42,226,914.88
7. Allocation of Collection Account Income
(allocated and distributed to Series 1994-1
and Series 1995-1 during an Early Amortization Period)
Collection Account Income allocable to Series 1994-1 . . . . . . . . . 0.00
Collection Account Income allocable to Series 1995-1 . . . . . . . . . 0.00
Aggregate Investor Collection Account Income . . . . . . . . . . . . . 0.00
Collection Account Income allocable to the Transferor. . . . . . . . . 541.03
D. INFORMATION REGARDING YIELD COLLECTIONS
& INVESTMENT INCOME (YIELD FUNDS)
Series 1994-1 Series 1995-1 Aggregate
------------- ------------- ---------
1. Yield Collections (including "finance charges")
allocable to Series 1994-1 and 1995-1 during
the preceding Collection Period were. . . . . . . . . . . . . . . 2,785,687.76 1,857,125.17 4,642,812.93
2. Principal Funding Account investment income during
the preceding Collection Period was . . . . . . . . . . . . . . . 0.00 0.00 0.00
3. Special Funding Account investment income allocable to
Series 1994-1 and Series 1995-1 during the preceding
Collection Period were. . . . . . . . . . . . . . . . . . . . . . 0.00 0.00 0.00
4. Collection Account investment income allocable to
Series 1994-1 and Series 1995-1 during the preceding
Collection Period were. . . . . . . . . . . . . . . . . . . . . . 0.00 0.00 0.00
5. Total Yield Funds allocable to Series 1994-1 and
Series 1995-1 during the preceding Collection Period were . . . . 2,785,687.76 1,857,125.17 4,642,812.93
a. Total Yield Funds allocable to Series 1994-1
and Series 1995-1 as an annual percentage of the
Series 1994-1 Invested Amount as of the beginning
of the preceding Collection Period were. . . . . . . . . . 18.27% 18.27%
</TABLE>
<PAGE>
E. INFORMATION REGARDING THE DISTRIBUTION OF YIELD COLLECTIONS and
INVESTMENT INCOME ALLOCABLE TO SERIES 1994-1 AND 1995-1
<TABLE>
<CAPTION>
Series 1994-1 Series 1995-1 Aggregate
------------- ------------- ---------
<S> <C> <C> <C>
1. Total Yield Funds allocable to Series 1994-1
and Series 1995-1 . . . . . . . . . . . . . . . . . . . . . . . . 2,785,687.76 1,857,125.17 4,642,812.93
2. Less Class A Monthly Interest paid. . . . . . . . . . . . . . . . 781,250.00 516,666.67 1,297,916.67
3. Less Class A Past Due Monthly Interest paid . . . . . . . . . . . 0.00 0.00 0.00
4. Less Class B Monthly Interest paid. . . . . . . . . . . . . . . . 176,981.71 117,987.80 294,969.51
5. Less Class B Past Due Monthly Interest paid . . . . . . . . . . . 0.00 0.00 0.00
6. Less Monthly Servicing Fee paid . . . . . . . . . . . . . . . . . 304,878.05 203,252.03 508,130.08
7. Less Past Due Monthly Servicing Fee paid. . . . . . . . . . . . . 0.00 0.00 0.00
8. Less Reimbursement of previously unreimbursed
Class A Charge-Offs . . . . . . . . . . . . . . . . . . . . . . . 0.00 0.00 0.00
(distributed as Excess Principal during the Revolving Period)
9. Plus Reallocated Transferor Principal . . . . . . . . . . . . . . 0.00 0.00 0.00
10. Less Investor Default Amount. . . . . . . . . . . . . . . . . . . 0.00 0.00 0.00
(Excess Principal during the Revolving Period)
11. Less Interest on previously unreimbursed
Class B Charge-Offs . . . . . . . . . . . . . . . . . . . . . . . 0.00 0.00 0.00
12. Less Reimbursement of previously unreimbursed
Class B Charge-Offs . . . . . . . . . . . . . . . . . . . . . . . 0.00 0.00 0.00
(Excess Principal during the Revolving Period)
13. Equals Remaining Yield Funds allocable to
Series 1994-1 and Series 1995-1 . . . . . . . . . . . . . . . . . 1,522,578.00 1,019,218.67 2,541,796.67
F. INFORMATION REGARDING MONTHLY DISTRIBUTION SHORTFALLS TO SERIES 1994-1 and Series 1995-1
Series 1994-1 Series 1995-1 Aggregate
------------- ------------- ---------
1. Class A Monthly Interest shortfall during the
preceding Collection Period . . . . . . . . . . . . . . . . . . . 0.00 0.00 0.00
2. Class B Monthly Interest shortfall during the
preceding Collection Period . . . . . . . . . . . . . . . . . . . 0.00 0.00 0.00
3. Monthly Servicing Fee shortfall during the
preceding Collection Period . . . . . . . . . . . . . . . . . . . 0.00 0.00 0.00
4. Class A Investor Charge-Offs during the
preceding Collection Period . . . . . . . . . . . . . . . . . . . 0.00 0.00 0.00
5. Class B Investor Charge-Offs during the
preceding Collection Period . . . . . . . . . . . . . . . . . . . 0.00 0.00 0.00
6. Cumulative Unreimbursed Class A Investor Charge-Offs. . . . . . . 0.00 0.00 0.00
7. Cumulative Unreimbursed Class B Investor Charge-Offs. . . . . . . 0.00 0.00 0.00
8. Cumulative Reallocated Transferor Principal . . . . . . . . . . . 0.00 0.00 0.00
</TABLE>
<PAGE>
G. INFORMATION REGARDING THE CALCULATION AND DISTRIBUTION OF PRINCIPAL
<TABLE>
<CAPTION>
Series 1994-1 Series 1995-1 Aggregate
------------- ------------- ---------
<S> <C> <C> <C>
1. Available Principal Funds (funds on deposit in the
Collection Account for principal distribution)
a) Remaining Yield Funds allocable to
Series 1994-1 and Series 1995-1. . . . . . . . . . . . . . 0.00 0.00 0.00
(distributed to Transferor during Revolving Period)
b) Principal Collections allocable to Series 1994-1
and Series 1995-1. . . . . . . . . . . . . . . . . . . . . 41,266,697.42 27,511,131.61 68,777,829.03
c) Investor Defaults. . . . . . . . . . . . . . . . . . . . . 0.00 0.00 0.00
d) Reallocated Transferor Principal . . . . . . . . . . . . . 0.00 0.00 0.00
e) Principal Collections allocable to the Transferor. . . . . 25,336,148.93 16,890,765.95 42,226,914.88
f) Balance of Special Funding Account
(Undistributed Principal Collections). . . . . . . . . . . 0.00 0.00 0.00
(retained in Collection Account during
the Revolving Period)
g) Total Available Principal Funds. . . . . . . . . . . . . . 66,602,846.35 44,401,897.56 111,004,743.91
2. Total Principal Paid to Class A . . . . . . . . . . . . . . . . . 0.00 0.00 0.00
a) Class A Monthly Principal. . . . . . . . . . . . . . . . . 0.00 0.00 0.00
b) Remaining Available Principal Funds. . . . . . . . . . . . 0.00 0.00 0.00
3. Class B Monthly Principal . . . . . . . . . . . . . . . . . . . . 0.00 0.00 0.00
4. Excess Principal Collections. . . . . . . . . . . . . . . . . . . 66,602,846.35 44,401,897.56 111,004,743.91
(distributed to Transferor)
H. INFORMATION REGARDING THE PRINCIPAL FUNDING ACCOUNT
Series 1994-1 Series 1995-1 Aggregate
------------- ------------- ---------
1. Principal Funding Account amount as of the beginning
of the preceding Collection Period. . . . . . . . . . . . . . . . 0.00 0.00 0.00
2. Plus Class A principal deposits made during the
preceding Collection Period . . . . . . . . . . . . . . . . . . . 0.00 0.00 0.00
3. Less principal withdrawals made during the
preceding Collection Period . . . . . . . . . . . . . . . . . . . 0.00 0.00 0.00
4. Principal Funding Account amount as of the end of the
preceding Collection Period . . . . . . . . . . . . . . . . . . . 0.00 0.00 0.00
5. Principal Funding Account investment income during
the preceding Collection Period . . . . . . . . . . . . . . . . . 0.00 0.00 0.00
6. Principal Funding Account investment rate during
the preceding Collection Period . . . . . . . . . . . . . . . . . 0.00% 0.00%
</TABLE>
<PAGE>
I. INFORMATION REGARDING TRANSFEROR SUBORDINATION EVENT TRIGGERS
<TABLE>
<CAPTION>
Series 1994-1 Series 1995-1 Aggregate
------------- ------------- ---------
<S> <C> <C> <C>
Transferor Subordination Event ? . . . . . . . . . . . . . . . . . . . NO NO
Required Transferor Subordination Amount . . . . . . . . . . . . . . . 0.00 0.00 0.00
Required Transferor Subordination Amount
(% Class A Adjusted Invested Amount) . . . . . . . . . . . . . . . . . 0.00% 0.00%
Available Subordinated Amount as of the end of
the preceding Collection Period. . . . . . . . . . . . . . . . . . . . 0.00 0.00 0.00
TRANSFEROR SUBORDINATION EVENT TRIGGERS
Trigger Actual Subord. Event ?
Level Level (1=yes)
----- ----- -------
1. Minimum November through April Monthly Payment Rate
(3-mo moving avg) . . . . . . . . . . . . . . . . . . . . . . . . 10.00% 21.87% 0
2. Minimum May through October Monthly Payment Rate
(3-mo moving avg) . . . . . . . . . . . . . . . . . . . . . . . . 13.00% 21.87% 0
3. Maximum All-Terrain Vehicles (as % of Pool Balance) . . . . . . . 33.33% 17.90% 0
4. Maximum other than motorcycles, scooters, water vehicles,
all-terain vehicles, outboard and snow mobiles
(as % of Pool Balance). . . . . . . . . . . . . . . . . . . . . . 10.00% 1.55% 0
5. Maximum Dealer "holdbacks" on non-sold products
plus Sales Program Discounts. . . . . . . . . . . . . . . . . . . 5.00% 0.10% 0
6. Maximum Fiscal Year New Accounts as a % of Beginning
Fiscal Year Total Accounts. . . . . . . . . . . . . . . . . . . . 8.00% 3.11% 0
7. Maximum Fiscal Quarter New Accounts as a % of
Beginning Fiscal Quarter Total Accounts . . . . . . . . . . . . . 5.00% 0.37% 0
8. Maximum Defaulted Receivables minus Recoveries plus
Repossessions (as an Annual % of Pool Balance)
(3-month moving average). . . . . . . . . . . . . . . . . . . . . 7.50% 0.25% 0
</TABLE>
<PAGE>
J. INFORMATION REGARDING EARLY AMORTIZATION EVENT TRIGGERS
<TABLE>
<CAPTION>
<S> <C> <C> <C>
Series 1994-1 Early Amortization Event ? . . . . . . . . . . . . . . . NO
Series 1995-1 Early Amortization Event ? . . . . . . . . . . . . . . . NO
Series Series
Early Amortization Event Triggers Trigger 1994-1 1995-1
------- ------ ------
1. a. Min Class B Invested Amt as a % of Class A
Inv Amt (Series 1994-1). . . . . . . . . . . . . . . . . . 17.00% 21.95% NA
b. Min Class B Invested Amt as a % of Class A & B
Inv Amt (Series 1995-1). . . . . . . . . . . . . . . . . . 17.50% NA 18.00%
2. Max consecutive months that Special Funding Account
may exceed $0 . . . . . . . . . . . . . . . . . . . . . . . . . . 12
3. Minimum Transferor Interest (** note ** below). . . . . . . . . . 10.00% 24.95% 24.95%
4. Minimum Transferor Interest (** note ** below]
if "finance charge" yield (expressed as an annual
percentage of the Pool Balance) is less than 6% . . . . . . . . . 12.00% 24.95% 24.95%
5. Minimum November through April Monthly Payment Rate
(3-mo moving avg) . . . . . . . . . . . . . . . . . . . . . . . . 8.00% 21.87% 21.87%
6. Minimum May through October Monthly Payment Rate
(3-mo moving avg) . . . . . . . . . . . . . . . . . . . . . . . . 11.00% 21.87% 21.87%
7. Maximum Defaulted Receivables minus Recoveries plus
Repossessions (as an annual % of Pool Balance)
(3-mo moving avg) . . . . . . . . . . . . . . . . . . . . . . . . 10.00% 0.25% 0.25%
8. Class B Invested Amount is less than Initial Class B
Invested Amount for three consecutive periods . . . . . . . . . . 32,926,829 21,951,220
- - -----------------------------------------------------------------------------------------------------------------------------
** Note **: For purposes of determining whether the Transferor Interest is greater than the Minimum Transferor
Interest, the Transferor Interest is reduced by the principal component (1 minus the Discount Factor) of 10-day
draft balances if the short term rating of DFS is not P-1 .
Is the short term rating of DFS P-1 ? . . . . . . . . . . . . . . . NO
Balance of 10-day Overdrafts as of the end of the
preceding Collection Period . . . . . . . . . . . . . . . . . . . . 43,298,087
Transferor Interest as of the end of the
preceding Collection Period . . . . . . . . . . . . . . . . . . . . 158,186,619
Principal Component of 10-Day Draft balance as of the
end of the preceeding Coll. Period. . . . . . . . . . . . . . . . . 42,648,616
----------
Adjusted Transferor Interest. . . . . . . . . . . . . . . . . . . . 115,538,003
</TABLE>
<PAGE>
K. INFORMATION REGARDING THE SERVICER CASH COLLATERAL ACCOUNT
<TABLE>
<CAPTION>
<S> <C>
1. Servicer Cash Collateral Account balance as of
the beginning of the preceding Collection Period. . . . . . . . . 1,297,916.67
2. Servicer Cash Collateral Account balance as of
the end of the preceding Collection Period. . . . . . . . . . . . 1,297,916.67
3. Withdrawals from the Servicer Cash Collateral Account
during the preceding Collection Period. . . . . . . . . . . . . . 5,413.16
4. Investment Income on the Servicer Cash Collateral Account
during the preceding Collection Period. . . . . . . . . . . . . . 5,413.16
</TABLE>
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