<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): July 15, 1998
-------------
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 JULY 15, 1998
Distribution Date for the Collection Period ending JUNE 30, 1998. 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: July 15, 1998 By: RUSSELL JURA
------------- ------------
Name: Russell Jura
Title: Assistant Secretary
3
<PAGE>
INDEX TO EXHIBITS
<TABLE>
<CAPTION>
EXHIBIT METHOD OF
NUMBER EXHIBIT FILING
-------- --------- --------
<S> <C> <C>
5.1 Monthly Servicer's Certificate Filed Herewith
with respect to the July 15, 1998
Distribution Date for the
Collection Period ending June 30,
1998.
</TABLE>
4
<PAGE>
<TABLE>
<CAPTION>
"Regular" Distribution Date: Yamaha Motor Master Trust Collection Period Ending:
15-Jul-98 6.25% Series 1994-1, 6.20% Series 1995-1 & Series 1998-1 30-Jun-98
- - -------------------------------------------------------------------------------------------------------------------------
<S> <C>
A. INFORMATION REGARDING THE YAMAHA MOTOR MASTER TRUST
1. Aggregate Pool Balance as of the beginning of the
preceding Collection Period ...................................................... 493,924,800.92
2. Aggregate amount of Collections during the preceding
Collection Period ................................................................ 126,234,387.09
a) Collections other than finance charges, cash Adjustment Payments
and cash Transferor Deposit Amounts....................................... 124,222,211.86
b) Finance Charge collections................................................ 2,012,175.23
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....................................................... 12,901.69
4. Aggregate amount of non-cash Adjustment Payments during the preceding
Collection Period................................................................. 5,575,285.95
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................................................... 75,355,459.06
7. Aggregate Pool Balance as of the end of the preceding
Collection Period................................................................. 439,469,860.48
8. The aggregate Trust Principal Component as of the beginning of the
preceding Collection Period was................................................... 486,515,928.91
9. The aggregate amount of Principal Collections during the
preceding Collection Period was................................................... 118,825,515.08
10. The aggregate amount of Defaulted Receivables during the preceding
Collection Period was............................................................. 12,708.16
11. The aggregate Trust Principal Component as of the end of the
preceding Collection Period was *................................................. 432,877,812.57
12. The aggregate amount of Yield Collections during the preceding
Collection Period was............................................................. 7,408,872.01
13. The Discount Factor during the preceding Collection Period was ................... 1.50%
14. The Monthly Payment Rate during the preceding Collection Period was .............. 25.56%
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.......................................... 0.03%
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................................ 4.89%
</TABLE>
1
<PAGE>
B. INFORMATION REGARDING THE SERIES INVESTED AMOUNTS & TRANSFEROR AMOUNT
<TABLE>
<CAPTION>
Series Series Series
1994-1 1995-1 1998-1 Aggregate
------------- ------------ ------------- ------------
<S> <C> <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 71,544,297.90 321,544,297.90
Class A Percentage (% of Invested Amount).............. 82.00% 82.00% 88.50% 83.36%
Series 1998-1 Commercial Paper Principal Component... --- --- 75,632,846.98 75,632,846.98
Series 1998-1 APA Bank Loan Balance.................. --- --- 0.00 0.00
b) Less Principal Funding Account or Capitalized
Interest Account (1998-1 only)......................... 0.00 0.00 500,000.00 500,000.00
c) Equals Class A Adjusted Invested Amount................ 150,000,000.00 100,000,000.00 71,044,297.90 321,044,297.90
d) Class B Invested Amount................................ 32,926,829.27 21,951,219.51 9,296,716.68 64,174,765.46
Class B Percentage (% of Invested Amount).............. 18.00% 18.00% 11.50% 16.64%
e) Aggregate Invested Amount.............................. 182,926,829.27 121,951,219.51 80,841,014.57 385,719,063.35
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 25,397,580.92 275,397,580.92
Class A Percentage (% of Invested Amount).............. 100.00% 100.00% 100.00% 100.00%
Series 1998-1 Commercial Paper Principal Component... --- --- 71,500,000.02 71,500,000.02
Series 1998-1 APA Bank Loan Balance.................. --- --- 0.00 0.00.
Series 1998-1 balance of Undistributed Principal
Collections.......................................... --- --- (46,102,419.10) (46,102,419.10)
------------- -------------
25,397,580.92 25,397,580.92
b) Less Principal Funding Account or Capitalized
Interest Account (1998-1 only)......................... 0.00 0.00 500,000.00 500,000.00
c) Equals Class A Adjusted Invested Amount................ 150,000,000.00 100,000,000.00 24,897,580.92 274,897,580.92
d) Class B Invested Amount................................ 32,926,829.27 21,951,219.51 3,300,250.63 58,178,299.41
e) Invested Amount........................................ 182,926,829.27 121,951,219.51 28,697,831.55 333,575,880.33
f) Class A Pool Factor.................................... 1.0000000 1.0000000 ---
g) Class B Pool Factor.................................... 1.0000000 1.0000000 ---
<CAPTION>
% Trust Principal
$ Amount Component
------------- ------------
<S> <C> <C> <C>
3. Transferor Interest as of the beginning of the preceding
Collection Period........................................... 100,796,865.55 20.72%
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%
5. Average Class A Invested Amount (98-A calendar month)....... --- --- 73,445,962.96
Average Class B Invested Amount (98-A calendar month)....... --- --- 9,543,825.70
</TABLE>
2
<PAGE>
B. INFORMATION REGARDING THE SERIES INVESTED AMOUNTS &
TRANSFEROR AMOUNT, CONT...
<TABLE>
<CAPTION>
% Trust
Principal
$ Amount Component
------------- ------------
<S> <C> <C> <C>
5. Transferor Interest as of the end of the preceding
Collection Period........................................... 99,301,932.24 22.94%
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........................................... 51,945,337.51 12.00%
</TABLE>
C. INFORMATION REGARDING THE ALLOCATION OF COLLECTIONS
<TABLE>
<S> <C>
1. Floating Allocation Percentage
Series 1994-1 Investor Percentage.............................. 37.60%
Series 1995-1 Investor Percentage.............................. 25.07%
Series 1998-1 Investor Percentage.............................. 17.06%
Transferor Percentage.......................................... 20.28%
-------
100.00%
2. Fixed Allocation Percentage
Series 1994-1 Investor Percentage.............................. NA
Series 1995-1 Investor Percentage.............................. NA
Series 1998-1 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
Yield Collections allocable to Series 1998-1................... 1,263,803.89
------------
Aggregate Investor Yield Collections .......................... 5,906,616.81
Yield Collections allocable to the Transferor.................. 1,502,255.20
------------
Total allocable Yield Collections.............................. 7,408,872.01
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
Special Funding Account Income allocable to Series 1998-1...... 0.00
----
Aggregate Investor Special Funding Account Income.............. 0.00
Special Funding Account Income allocable to the Transferor..... 0.00
----
Total allocable Special Funding Account Income................. 0.00
</TABLE>
3
<PAGE>
C. INFORMATION REGARDING THE ALLOCATION OF COLLECTIONS, CONT...
<TABLE>
<CAPTION>
$ Amount
--------
<S> <C>
5. Allocation of Defaults
Defaults allocable to Series 1994-1 (Investor Default Amount).. 4,778.19
Defaults allocable to Series 1995-1 (Investor Default Amount).. 3,185.46
Defaults allocable to Series 1998-1 (Investor Default Amount).. 2,167.76
--------
Aggregate Investor Default Amount.............................. 10,131.40
Defaults allocable to the Transferor........................... 2,576.76
---------
Total allocable Defaults...................................... 12,708.16
6. Allocation of Principal Collections
Principal Collections allocable to Series 1994-1............... 44,677,621.88
Principal Collections allocable to Series 1995-1............... 29,785,081.25
Principal Collections allocable to Series 1998-1............... 19,744,420.74
--------------
Aggregate Investor Principal Collections....................... 94,207,123.87
Principal Collections allocable to the Transferor.............. 24,618,391.21
--------------
Total allocable Principal Collections.......................... 118,825,515.08
7. Allocation of Collection Account Income (allocated and
distributed to Series 1994-1, Series 1995-1 and
Series 1998-1 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
Collection Account Income allocable to Series 1998-1 .......... 0.00
----
Aggregate Investor Collection Account Income................... 0.00
Collection Account Income allocable to the Transferor ......... 753.54
Total allocable Collection Account Income...................... 753.54
</TABLE>
D. INFORMATION REGARDING YIELD COLLECTIONS & INVESTMENT INCOME (YIELD FUNDS)
<TABLE>
<CAPTION>
Series Series Series
1994-1 1995-1 1998-1 Aggregate
------------- ------------ ------------- ------------
<S> <C> <C> <C> <C>
1. Yield Collections (including "finance charges") allocable
to Series 1994-1, Series 1995-1 and Series 1998-1 during
the preceding Collection Period were....................... 2,785,687.76 1,857,125.17 1,263,803.89 5,906,616.81
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, Series 1995-1 and Series 1998-1 during
the preceding Collection Period were........................ 0.00 0.00 0.00 0.00
4. Collection Account investment income allocable to
Series 1994-1, Series 1995-1 and Series 1998-1 during the
preceding Collection Period were............................ 0.00 0.00 0.00 0.00
5. Capitalized Interest Account Investment and Interest
income (allocable to Series 1998-1 only) during the
preceding Collection Period was............................. --- --- 2,119.69 2,119.69
6. Total Yield Funds allocable to Series 1994-1,
Series 1995-1 and Series 1998-1 during the preceding
Collection Period were...................................... 2,785,687.76 1,857,125.17 1,265,923.58 5,908,736.50
a. Total Yield Funds allocable to Series 1994-1,
Series 1995-1 and Series 1998-1 as an annual
percentage of the Invested Amount as of the
beginning of the preceding Collection Period were....... 18.27% 18.27% 18.30% 18.28%
</TABLE>
4
<PAGE>
E. INFORMATION REGARDING THE DISTRIBUTION OF YIELD COLLECTIONS AND INVESTMENT
INCOME ALLOCABLE TO SERIES 1994-1, SERIES 1995-1 AND SERIES 1998-1
<TABLE>
<CAPTION>
Series Series Series
1994-1 1995-1 1998-1 Aggregate
------------- ------------ ------------- ------------
<S> <C> <C> <C> <C>
1. Total Yield Funds allocable to Series 1994-1,
Series 1995-1 and Series 1998-1............................ 2,785,687.76 1,857,125.17 1,265,923.58 5,908,736.50
2. Plus Draw on Capitalized Interest Account (for
Series 1998-1 only)........................................ --- --- 0.00 0.00
3. Total Yield Funds allocable to Series 1994-1,
Series 1995-1 and Series 1998-1, including draw on
Capitalized Interest Account for Series 19981............... 2,785,687.76 1,857,125.17 1,265,923.58 5,908,736.50
4. Less Class A Monthly Interest paid.......................... 781,250.00 516,666.67 343,604.15 1,641,520.82
Class A Certificate Rate................................. 6.250% 6.200% 5.614%
- CP Rate (applicable to Series 1998-1 only).......... --- --- 5.614%
- Euro Dollar Rate (applicable to Series 1998-1 only). --- --- 6.160%
- Base Rate (applicable to Series 1998-1 only)........ --- --- 9.000%
5. Less Class A Past Due Monthly Interest paid................. 0.00 0.00 0.00 0.00
6. Less Class B Monthly Interest paid.......................... 176,981.71 117,987.80 48,992.91 343,962.42
7. Less Class B Past Due Monthly Interest paid................. 0.00 0.00 0.00 0.00
8. Less [program] Fees paid (applicable to Series 1998-1 only). --- --- 11,010.42 11,010.42
9. Less Past Due Program Fees paid (Series 1998-1 only)........ --- --- 0.00 0.00
10. Less Monthly Servicing Fee paid............................ 304,878.05 203,252.03 134,735.02 642,865.11
11. Less Past Due Monthly Servicing Fee paid................... 0.00 0.00 0.00 0.00
12. Less Reimbursement of previously unreimbursed Class A
Charge-Offs................................................ 0.00 0.00 0.00 0.00
(distributed as Excess Principal during the
Revolving Period)
13. Plus Reallocated Transferor Principal...................... 0.00 0.00 0.00 0.00
14. Less Investor Default Amount............................... 4,778.19 3,185.46 2,167.76 10,131.40
(Excess Principal during the Revolving Period)
15. Less Interest on previously unreimbursed
Class B Charge-Offs........................................ 0.00 0.00 0.00 0.00
16. Less Reimbursement of previously unreimbursed
Class B Charge-Offs........................................ 0.00 0.00 0.00 0.00
(Excess Principal during the Revolving Period)
17. Equals Remaining Yield Funds allocable to Series 1994-1,
Series 1995-1 (including draw on Capitalized Interest
Account for Series 1998-1)................................. 1,517,799.81 1,016,033.21 725,413.32 3,259,246.34
</TABLE>
5
<PAGE>
F. INFORMATION REGARDING MONTHLY DISTRIBUTION SHORTFALLS TO SERIES 1994-1,
SERIES 1995-1 and SERIES 1998-1
<TABLE>
<CAPTION>
Series Series Series
1994-1 1995-1 1998-1 Aggregate
------------- ------------ ------------- ------------
<S> <C> <C> <C> <C>
1. Class A Monthly Interest shortfall during the preceding
Collection Period........................................... 0.00 0.00 0.00 0.00
2. Class B Monthly Interest shortfall during the preceding
Collection Period........................................... 0.00 0.00 0.00 0.00
3. Monthly Servicing Fee shortfall during the preceding
Collection Period........................................... 0.00 0.00 0.00 0.00
4. Monthly Program Fees shortfall during the preceding
Collection Period........................................... --- --- 0.00 0.00
5. Class A Investor Charge-Offs during the preceding
Collection Period........................................... 0.00 0.00 0.00 0.00
6. Class B Investor Charge-Offs during the preceding
Collection Period........................................... 0.00 0.00 0.00 0.00
7. Cumulative Unreimbursed Class A Investor Charge-Offs........ 0.00 0.00 0.00 0.00
8. Cumulative Unreimbursed Class B Investor Charge-Offs........ 0.00 0.00 0.00 0.00
9. Cumulative Reallocated Transferor Principal................. 0.00 0.00 0.00 0.00
</TABLE>
6
<PAGE>
G. INFORMATION REGARDING THE CALCULATION AND DISTRIBUTION OF PRINCIPAL
<TABLE>
<CAPTION>
Series Series Series
1994-1 1995-1 1998-1 Aggregate
------------- ------------ ------------- ------------
<S> <C> <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, Series 1995-1 and Series 1998-1......... 0.00 0.00 0.00 0.00
(distributed to Transferor during Revolving Period)
b) Principal Collections allocable to Series 1994-1,
Series 1995-1 and Series 1998-1........................ 44,677,621.88 29,785,081.25 19,744,420.74 94,207,123.87
c) Investor Defaults...................................... 4,778.19 3,185.46 2,167.76 10,131.40
d) Reallocated Transferor Principal....................... 0.00 0.00 0.00 0.00
e) Principal Collections allocable to the Transferor...... 0.00 0.00 24,618,391.21 24,618,391.21
f) Balance of Special Funding Account (Undistributed
Principal Collections)................................. 0.00 0.00 0.00 0.00
(retained in Collection Account during the
Revolving Period)
g) Beginning balance of Undistributed Principal
Collections ........................................... --- --- 4,088,549.08 4,088,549.08
h) Excess Principal from Series 1994-1,
Series 1995,1 and Series 1998-1........................ 0.00 0.00 74,470,666.77 74,470,666.77
1) From Series 1994-1................................ --- 0.00 44,682,400.06 44,682,400.06
2) From Series 1995-1............................... 0.00 --- 29,788,266.71 29,788,266.71
3) From Series 1998-1............................... 0.00 0.00 --- 0.00
i) Total Available Principal Funds........................ 44,682,400.06 29,788,266.71 122,924,195.56 197,394,862.34
2. Principal Paid to Class A................................... 0.00 0.00 44,297.88 44,297.88
3. Undistirbuted Principal Collections......................... --- --- 46,102,419.10 46,102,419.10
4. Class B Monthly Principal................................... 0.00 0.00 5,996,466.05 5,996,466.05
5. Excess Principal Collections................................ 44,682,400.06 29,788,266.71 0.00 74,470,666.77
7. Series 1998-1 Additional Invested Amount.................... --- --- 0.00 0.00
a) Class A Additional Invested Amount..................... --- --- 0.00 0.00
b) Class B Additional Invested Amount..................... --- --- 0.00 0.00
</TABLE>
7
<PAGE>
H. INFORMATION REGARDING THE PRINCIPAL FUNDING ACCOUNT
<TABLE>
<CAPTION>
Series Series Series
1994-1 1995-1 1998-1 Aggregate
------------- ------------ ------------- ------------
<S> <C> <C> <C> <C>
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% --- 0.00%
</TABLE>
I. INFORMATION REGARDING TRANSFEROR SUBORDINATION EVENT TRIGGERS
<TABLE>
<CAPTION>
Series Series Series
1994-1 1995-1 1998-1 Aggregate
------------- ------------ ------------- ------------
<S> <C> <C> <C> <C>
Transferor Subordination Event ? .............................. NO NO NO
Required Transferor Subordination Amount....................... 0.00 0.00 0.00 0.00
Required Transferor Subordination Amount (% Class A Adjusted
Invested Amount)............................................... 0.00% 0.00% 0.00%
Available Subordinated Amount as of the end of the preceding
Collection Period.............................................. 0.00 0.00 0.00 0.00
</TABLE>
<TABLE>
<CAPTION>
Trigger Actual Subord. Event ?
Transferor Subordination Event Triggers Level Level (1=yes)
- - --------------------------------------- ------------- ---------- -------
<S> <C> <C> <C>
1. Minimum November through April Monthly Payment Rate (3-mo moving avg).... 10.00% 23.62% 0
2. Minimum May through October Monthly Payment Rate (3-mo moving avg)....... 13.00% 23.62% 0
3. Maximum All-Terrain Vehicles (as % of Pool Balance)...................... 33.33% 23.38% 0
4. Maximum other than motorcycles, scooters, water vehicles,
all-terain vehicles, outboard and snow mobiles (as % of Pool Balance).... 10.00% 1.32% 0
5 Maximum Dealer "holdbacks" on non-sold products plus Sales
Program Discounts........................................................ 5.00% 0.07% 0
6. Maximum Fiscal Year New Accounts as a % of Beginning Fiscal
Year Total Accounts...................................................... 8.00% 1.60% 0
7. Maximum Fiscal Quarter New Accounts as a % of Beginning Fiscal
Quarter Total Accounts................................................... 5.00% 1.60% 0
8. Maximum Defaulted Receivables minus Recoveries plus
Repossessions (as an Annual % of Pool Balance) (3-month moving average).. 7.50% 0.39% 0
</TABLE>
8
<PAGE>
J. INFORMATION REGARDING EARLY AMORTIZATION EVENT TRIGGERS
<TABLE>
<S> <C>
Series 1994-1 Early Amortization Event ? ....................................... NO
Series 1995-1 Early Amortization Event ? ....................................... NO
Series 1998-1 Early Amortization Event ? ....................................... NO
</TABLE>
<TABLE>
<CAPTION>
Series Series Series
Early Amortization Event Triggers Trigger 1994-1 1995-1 1998-1
------- ------ ------ ------
<S> <C> <C> <C> <C>
1. a. Min Class B Invested Amt as a % of Class A Inv Amt (Series 1994-1)............ 17.00% 21.95% NA NA
b. Min Class B Invested Amt as a % of Class A & B Inv Amt (Series 1995-1)........ 17.50% NA 18.00% NA
c. Min Class B Invested Amt as a % of Class A & B Inv Amt (Series 1998-1)........ 11.00% NA NA 11.50%
2. Max consecutive months that Special Funding Account may exceed $0................. 12
3. Minimum Transferor Interest ( ** note ** below)................................... 10.00% 12.00% 12.00% 12.00%
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% 12.00% 12.00% 12.00%
5. Minimum November through April Monthly Payment Rate (3-mo moving avg)............. 8.00% 23.62% 23.62% 23.62%
6. Minimum May through October Monthly Payment Rate (3-mo moving avg)................ 11.00% 23.62% 23.62% 23.62%
7. Maximum Defaulted Receivables minus Recoveries plus Repossessions
(as an annual % of Pool Balance) (3-mo moving avg)................................ 10.00% 0.39% 0.39% 0.39%
8. Class B Invested Amount is less than Initial Class B Invested Amount
for three consecutive periods..................................................... 32,926,829 21,951,220 ---
- - ----------------------------------------------------------------------------------------------------------------
</TABLE>
** 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 .
<TABLE>
<S> <C>
Is the short term rating of DFS P-1 ?....................................................... NO
Balance of 10-day Overdrafts as of the end of the preceding Collection Period.............. 48,077,761.15
Transferor Interest as of the end of the preceding Collection Period.......................... 99,301,932.24
Principal Component of 10-Day Draft balance as of the end of the preceeding Coll. Period...... 47,356,594.73
Adjusted Transferor Interest.................................................................. 51,945,337.51
Adjusted Transferor Interest (% TPC).......................................................... 12.00%
Minimum Transferor Interest................................................................... 51,945,337.51
</TABLE>
9
<PAGE>
K. INFORMATION REGARDING THE SERVICER CASH COLLATERAL ACCOUNT
<TABLE>
<S> <C>
1. Servicer Cash Collateral Account balance as of the beginning of the
preceding Collection Period........................................................... 1,297,917.67
2. Servicer Cash Collateral Account balance as of the end of the
preceding Collection Period........................................................... 1,297,917.67
3. Withdrawals from the Servicer Cash Collateral Account during the
preceding Collection Period........................................................... 5,786.64
4. Investment Income and Deposits to the Servicer Cash Collateral Account during the
preceding Collection Period........................................................... 5,786.64
</TABLE>
L. INFORMATION REGARDING DISTRIBUTIONS TO SERIES 1994-1, 1995-1 AND 1998-1
CLASS A CERTIFICATES
<TABLE>
<CAPTION>
Series Amount Explanation
------ ------ -----------
<S> <C> <C>
1994-1 $781,250.00 Class A Monthly Interest
1994-1 $0.00 Class A Principal *
1995-1 $516,666.67 Class A Monthly Interest
1995-1 $0.00 Class A Principal **
1998-1 $343,604.15 Class A Monthly Interest
1998-1 $46,146,716.97 Class A Principal (Increase)/Reduction ***
</TABLE>
<TABLE>
<S> <C>
* Amount of Series 1994-1 Class A Principal deposited to Principal Funding AC = $0.00
** Amount of Series 1995-1 Class A Principal deposited to Principal Funding AC = $0.00
*** Amount of Series 1998-1 Undistributed Principal deposited to Collection AC = $46,102,419.10
</TABLE>
NAME: /s/ Kevin Fujimoto
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TITLE: Treasurer
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