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 15, 1996
PEOPLE'S BANK
on behalf of
PEOPLE'S BANK CREDIT CARD MASTER TRUST
(Exact Name of Registrant as Specified in its Charter)
Connecticut
(State or Other Jurisdiction of Incorporation)
33-63146, 33-73442, 33-84428
33-90012, 33-99506, 33-99508 06-1213065
(Commission File Number) (I.R.S. Employer Identification No.)
850 Main Street, Bridgeport, Connecticut 06604
(Address of Principal Executive Offices) (Zip Code)
(203) 338-7171
(Registrant's Telephone Number, Including Area Code)
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
INDEX TO EXHIBIT
Sequential No. Document Description
20 Monthly Servicer's Certificate
Item 5. Other Events.
The Registrant hereby incorporates by reference the information
contained in Exhibit 20 hereto in response to this Item 5.
Item 7. Financial Statements and Exhibits.
(c) Exhibits.
20. Monthly Servicer's Certificate for People's Bank Credit
Card Master Trust, Series 1993-1, 1994-1, 1994-2 and
1995-1
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 hereunto duly authorized.
PEOPLE'S BANK
Dated: May 22, 1996 By: /s/Vincent J. Calabrese
Vincent J. Calabrese
Vice President
MONTHLY SERVICER'S CERTIFICATE
PEOPLE'S BANK
People's Bank Credit Card Master Trust
For the May 10, 1996 Determination Date
For the April 1996 Monthly Period
The undersigned, a duly authorized representative of People's Bank, as
Servicer pursuant to the Pooling and Servicing Agreement dated as of
June 1, 1993 (the "Pooling and Servicing Agreement") by and between People's
Bank and Bankers Trust Company, as Trustee, does hereby certify as follows:
1. Capitalized terms used in this Certificate have their respective
meanings set forth in the Pooling and Servicing Agreement; provided, that the
"preceding Monthly Period" shall mean the Monthly Period immediately preceding
the calendar month in which this Certificate is delivered. This Certificate is
delivered pursuant to subsection 3.4 (b) of the Pooling and Servicing Agreement.
References herein to certain sections and subsections are references to the
respective sections and subsections of the Pooling and Servicing Agreement, as
amended by the applicable Series Supplement.
2. People's Bank is Servicer under the Pooling and Servicing Agreement.
3. The undersigned is a Servicing Officer.
4. The date of this Certificate is May 10, 1996, which is a
Determination Date under the Pooling and Servicing Agreement.
5. The aggregate amount of Collections processed during the preceding
Monthly Period (equal to 5(a) plus 5(b)) was equal to...........$155,073,881.07
(a) The aggregate amount of Collections of Finance Charge
Receivables collected during the preceding Monthly Period (the "Collections of
Finance Charge Receivables") was equal to........................$19,872,111.27
(b) The aggregate amount of Collections of Principal Receivables
collected during the preceding Monthly Period (the "Collections of Principal
Receivables") was equal to......................................$135,201,769.80
6. The aggregate amount of Receivables as of the end of the last day of
the preceding Monthly Period was equal to.....................$1,422,154,686.50
7. Attached hereto is a true and correct copy of the statements required
to be delivered by the Servicer on the date of this Certificate to the Paying
Agent pursuant to Article V.
8. To the knowledge of the undersigned, there are no Liens on any
Receivables in the Trust except as described below:
"NONE"
9. The amount by which the Aggregate Principal Receivables exceeds the
Aggregate Principal Receivables required to be maintained pursuant to the
Pooling and Servicing Agreement, is equal to....................$205,937,191.79
IN WITNESS WHEREOF, the undersigned has duly executed and delivered this
certificate this 10th Day of May 1996.
PEOPLE'S BANK
Servicer
By : /s/Mark K. Vitelli
Name: Mark K. Vitelli
Title: First Vice President
Schedule - to Monthly
Servicer's Certificate
PEOPLE'S BANK
People's Bank Credit Card Master Trust, Series 1993-1
For the May 10, 1996 Determination Date
For the April 1996 Monthly Period
1. The aggregate amount of Collections processed during the preceding
Monthly Period (equal to l(a) plus l(b)) was equal to............$20,470,427.59
(a) The aggregate amount of Collections of Finance Charge Receivables
collected during the preceding Monthly Period (the "Collections of Finance
Charge Receivables") allocated to Series 1993-1 was equal to.....$ 1,826,837.51
(b) The aggregate amount of Collections of Principal Receivables
collected during the preceding Monthly Period (the "Collections of Principal
Receivables") allocated to Series 1993-1 was equal to............$18,643,590.08
2. The aggregate amount of funds on deposit in the Series Accounts with
respect to Series 1993-1 with respect to Collections processed during the
preceding Monthly Period, and applicable to Series 1993-1 as of the Transfer
Date relating to the preceding Monthly Period was equal to.......$ 1,826,837.51
3. (a) The aggregate amount of funds on deposit in the Principal Account
with respect to Collections processed during the preceding Monthly Period and
allocated to Series 1993-1, as of the end of the last day of the preceding
Monthly Period was equal to......................................$16,666,666.67
(b) The aggregate amount of funds which will be on deposit in the
Principal Account on the Transfer Date following this Determination Date, will
be...............................................................$16,666,666.67
4. The aggregate amount of funds on deposit in the Collection Subaccount
relating to Series 1993-1 as of the end of the last day of the preceding Monthly
Period was equal to ...........................................$0
5. The aggregate amount of drawings required to be made under the Surety
Bond pursuant to Section 4.6 or 4.11 on the Determination Date in the current
calendar month is equal to...................................................$0
6. (a) The aggregate amount of Recoveries to be deposited to the
Collection Account and allocated to Series 1993-1 on the next succeeding
Transfer Date is equal to............................................$44,321.96
(b) The amount of earnings (net of losses and investment expenses)
on funds on deposit in the Excess Funding Account to be transferred from the
Excess Funding Account to the Finance Charge Account on the next succeeding
Transfer Date is equal to....................................................$0
7. The sum of all amounts payable to the Investor Certificateholders of
Series 1993-1 on the Distribution Date in the current Monthly Period is equal
to:
Payable in respect of principal................................$16,666,666.67
Payable in respect of interest....................................$533,333.33
Total..........................................................$17,200,000.00
8. No Series Pay Out Event or Trust Pay Out Event has occurred.
Schedule - to Monthly
Servicer's Certificate
PEOPLE'S BANK
People's Bank Credit Card Master Trust, Series 1994-1
For the May 10, 1996 Determination Date
For the April 1996 Monthly Period
1. The aggregate amount of Collections processed during the preceding
Monthly Period (equal to l(a) plus l(b)) was equal to............$21,383,846.34
(a) The aggregate amount of Collections of Finance Charge Receivables
collected during the preceding Monthly Period (the "Collections of Finance
Charge Receivables") allocated to Series 1994-1 was equal to......$2,740,256.26
(b) The aggregate amount of Collections of Principal Receivables
collected during the preceding Monthly Period (the "Collections of Principal
Receivables") allocated to Series 1994-1 was equal to............$18,643,590.08
2. The aggregate amount of funds on deposit in the Series Accounts with
respect to Series 1994-1 with respect to Collections processed during the
preceding Monthly Period, and applicable to Series 1994-1 as of the Transfer
Date relating to the preceding Monthly Period was equal to.......$ 2,740,256.26
3. (a) The aggregate amount of funds on deposit in the Principal Account
with respect to Collections processed during the preceding Monthly Period and
allocated to Series 1994-1, as of the end of the last day of the preceding
Monthly Period was equal to..................................................$0
(b) The aggregate amount of funds which will be on deposit in the
Principal Account on the Transfer Date following this Determination Date, will
be...........................................................................$0
4. The aggregate amount of funds on deposit in the Collection Subaccount
relating to Series 1994-1 as of the end of the last day of the preceding Monthly
Period was equal to..........................................................$0
5. The aggregate amount of drawings required to be made under the Surety
Bond pursuant to Section 4.6 or 4.11 on the Determination Date in the current
calendar month is equal to...................................................$0
6. (a) The aggregate amount of Recoveries to be deposited to the
Collection Account and allocated to Series 1994-1 on the next succeeding
Transfer Date is equal to...........................................$ 66,482.93
(b) The amount of earnings (net of losses and investment expenses)
on funds on deposit in the Excess Funding Account to be transferred from the
Excess Funding Account to the Finance Charge Account on the next succeeding
Transfer Date is equal to....................................................$0
7. The sum of all amounts payable to the Investor Certificateholders of
Series 1994-1 on the Distribution Date in the current Monthly Period is equal
to:
Payable in respect of principal...........................$ 0.00
Payable in respect of interest ...........................$ 850,000.00
Total.....................................................$ 850,000.00
8. No Series Pay Out Event or Trust Pay Out Event has occurred.
Schedule - to Monthly
Servicer's Certificate
PEOPLE'S BANK
People's Bank Credit Card Master Trust, Series 1994-2
For the May 10, 1996 Determination Date
For the April 1996 Monthly Period
1. The aggregate amount of Collections processed during the preceding
Monthly Period (equal to l(a) plus l(b)) was equal to............$42,767,692.68
(a) The aggregate amount of Collections of Finance Charge Receivables
collected during the preceding Monthly Period (the "Collections of Finance
Charge Receivables") allocated to Series 1994-2 was equal to......$5,480,512.53
(b) The aggregate amount of Collectionsof Principal Receivables
collected during the preceding Monthly Period (the "Collections of Principal
Receivables") allocated to Series 1994-2 was equal to............$37,287,180.15
2. The aggregate amount of funds on deposit in the Series Accounts with
respect to Series 1994-2 with respect to Collections processed during the
preceding Monthly Period, and applicable to Series 1994-2 as of the Transfer
Date relating to the preceding Monthly Period was equal to.......$ 5,480,512.53
3. (a) The aggregate amount of funds on deposit in the Principal Account
with respect to Collections processed during the preceding Monthly Period and
allocated to Series 1994-2, as of the end of the last day of the preceding
Monthly Period was equal to..................................................$0
(b) The aggregate amount of funds which will be on deposit in the
Principal Account on the Transfer Date following this Determination Date, will
be...........................................................................$0
4. The aggregate amount of funds on deposit in the Collection Subaccount
relating to Series 1994-2 as of the end of the last day of the preceding Monthly
Period was equal to..........................................................$0
5. The aggregate amount of withdrawals required to be made under the Cash
Collateral Account pursuant to Section 4.6 on the Determination Date in the
current calendar month is equal to...........................................$0
6. (a) The aggregate amount of Recoveries to be deposited to the
Collection Account and allocated to Series 1994-2 on the next succeeding
Transfer Date is equal to...........................................$132,965.85
(b) The amount of earnings (net of losses and investment expenses) on
funds on deposit in the Excess Funding Account to be transferred from the Excess
Funding Account to the Finance Charge Account on the next succeeding Transfer
Date is equal to.............................................................$0
7. The sum of all amounts payable to the Investor Certificateholders of
Series 1994-2 on the Distribution Date in the current Monthly Period is equal
to:
Class A Certificateholders
Payable in respect of principal.................$ 0.00
Payable in respect of interest..................$ 1,789,166.67
Total.....................$ 1,789,166.67
Class B Certificateholders
Payable in respect of principal.................$ 0.00
Payable in respect of interest..................$ 98,333.33
Total.....................$ 98,333.33
8. No Series Pay Out Event or Trust Pay Out Event has occurred.
Schedule - to Monthly
Servicer's Certificate
PEOPLE'S BANK
People's Bank Credit Card Master Trust, Series 1995-1
For the May 10, 1996 Determination Date
For the April 1996 Monthly Period
1. The aggregate amount of Collections processed during the preceding
Monthly Period (equal to l(a) plus l(b)) was equal to............$42,767,692.68
(a) The aggregate amount of Collections of Finance Charge Receivables
collected during the preceding Monthly Period (the "Collections of Finance
Charge Receivables") allocated to Series 1995-1 was equal to......$5,480,512.53
(b) The aggregate amount of Collections of Principal Receivables
collected during the preceding Monthly period (the "Collections of Principal
Receivables") allocated to Series 1995-1 was equal to............$37,287,180.15
2. The aggregate amount of funds on deposit in the Series Accounts with
respect to Series 1995-1 with respect to Collections processed during the
preceding Monthly Period, and applicable to Series 1995-1 as of the Transfer
Date relating to the preceding Monthly Period was equal to........$5,480,512.53
3. (a) The aggregate amount of funds on deposit in the Principal Account
with respect to Collections processed during the preceding Monthly Period and
allocated to Series 1995-1, as of the end of the last day of the preceding
Monthly Period was equal to..................................................$0
(b) The aggregate amount of funds which will be on deposit in the
Principal Account on the Transfer Date following this Determination Date, will
be...........................................................................$0
4. The aggregate amount of funds on deposit in the Collection Subaccount
relating to Series 1995-1 as of the end of the last day of the preceding Monthly
Period was equal to..........................................................$0
5. The aggregate amount of withdrawals required to be made under the Cash
Collateral Account pursuant to Section 4.6 on the Determination Date in the
current calendar month is equal to...........................................$0
6. (a) The aggregate amount of Recoveries to be deposited to the
Collection Account and allocated to Series 1995-1 on the next succeeding
Transfer Date is equal to...........................................$132,965.85
(b) The amount of earnings (net of losses and investment expenses) on
funds on deposit in the Excess Funding Account to be transferred from the Excess
Funding Account to the Finance Charge Account on the next succeeding Transfer
Date is equal to.............................................................$0
7. The sum of all amounts payable to the Investor Certificateholders of
Series 1995-1 on the Distribution Date in the current Monthly Period is equal
to:
Class A Certificateholders
Payable in respect of principal..................$ 0.00
Payable in respect of interest...................$ 1,805,000.00
Total......................$ 1,805,000.00
Class B Certificateholders
Payable in respect of principal..................$ 0.00
Payable in respect of interest...................$ 97,500.00
Total......................$ 97,500.00
8. No Series Pay Out Event or Trust Pay Out Event has occurred.
PEOPLE'S BANK CREDIT CARD MASTER TRUST SERIES 1993-1
MONTHLY SERVICER'S REPORT
End of Month
14-May-1996
# of Months Series in Existence: 35
Monthly Period Ended April 30, 1996
Distribution Date May 15, 1996
Determination Date May 10, 1996
1.Trust Activity Series 1993-1
Beginning of Month - Aggregate Principal Receivables 1,450,383,421.33
Principal Collections on the Receivables 135,201,769.80
Finance Charge Receivables 19,872,111.27
Receivables in Defaulted Accounts 7,078,061.04
End of Month - Aggregate Principal Receivables 1,422,154,686.50
Investor Interest Series 1993-1 116,666,666.66
Investor Interest Series 1994-1 200,000,000.00
Investor Interest Series 1994-2 400,000,000.00
Investor Interest Series 1995-1 400,000,000.00
Seller Principal Receivables 305,488,019.84
Investor Percentage with respect to
Finance Charges 8.2035146%
Charged-Off Accounts 8.2035146%
Principal Receivables 14.0631678%
Seller Percentage with respect to
Finance Charges 21.4806464%
Charged-Off Accounts 21.4806464%
Principal Receivables 15.6209932%
2. Allocation of Funds in Collection Account
Available Finance Charge Collections 1,826,837.51
Available Principal Collections 18,643,590.08
Investor Default Amount 650,684.13
Aggregate Collections Allocated to Certificateholders 20,470,427.59
Monthly Certificate Interest Payable to Certificateholders
(See "Calculation of Certificate Interest"#3) 533,333.33
Monthly Principal Payable To Certificateholders
(See "Calculation of Monthly Principal"#4) 16,666,666.67
Monthly Principal Reinvested In Receivables
(See "Calculation of Monthly Principal"#4) 2,627,607.54
(Net Deposit)/Draws on Shared Principal Collections 0.00
Collections Available to Reimburse Investor Charge offs 410,181.16
Aggregate Investor Charge Offs 0.00
Reimbursed Investor Charge Offs 0.00
Reimbursed Investor Charge Offs per $1,000 Original Investment 0.00
Monthly Investor Servicing Fee
(See "Calculation of Monthly Servicing Fee" #6) 222,222.22
Monthly Certificate Insurer Fee 10,416.67
Excess Servicing (Shortfall)(dollars) 410,181.16
Excess Servicing (Shortfall)(percentage of Invester Interest) 3.69%
Required Shared Finance Charge Collections from other Series 0.00
Draw on Shared Finance Charge Collections from other Series 0.00
Withdrawal from Cash Collateral Account 0.00
Surety Bond Claim 0.00
Certificate Insurer Fee Shortfall 0.00
Servicing Fee Shortfall 0.00
Investor Charge Offs 0.00
Investor Charge Offs per $1,000 Original Investment 0.00
Investor Certificate Interest Shortfall (Deficiency Amount) 0.00
Payments To Certificate Insurer 0.00
Deposits In Cash Collateral Account 0.00
Required Shared Finance Charge Collections for other Series 0.00
Deposit of Shared Finance Charge Collections for other Series 0.00
Total Distribution to Investors 17,200,000.00
Total Distribution to Investors per $1,000 Invested 86.00
3. Calculation of Certificate Interest
Certificate Rate 4.80%
This Month Certificate Interest 533,333.33
Previous Month's Deficiency Amount 0.00
Total Certificate Interest Distributable to Certificate 533,333.33
Total Certificate Interest Distributable per $1,000 of Original
Investment 2.67
4. Calculation of Monthly Principal
Beginning Investor Interest 133,333,333.33
Available Principal Collections 18,643,590.08
Investor Default Amount 650,684.13
Total Investor Monthly Principal 19,294,274.21
Investor Monthly Principal Reinvested in Receivables 2,627,607.54
Controlled Amortization Amount 16,666,666.67
Maximum Monthly Principal to Certificateholders 16,666,666.67
Required Shared Principal Collections for other Series 0.00
Deposit of Shared Principal Collections for other Series 0.00
Required Shared Principal Collections from other Series 0.00
Draw on Shared Principal Collections from other Series 0.00
Deficit Controlled Amortization Amount 0.00
Monthly Principal Payable to Certificateholders 16,666,666.67
Monthly Principal Payable per $1,000 of Original Investment 83.33
Ending Investor Interest 116,666,666.66
5. Calculation of Pool Factor
Pool Factor (Ending Certificate Balance divided by Initial Principal
Amount to 7 decimal places) 0.5833333
6. Calculation of Monthly Servicing Fee
Series Servicing Fee Percentage 2.00%
Beginning Investor Interest 133,333,333.33
Monthly Servicing Fee 222,222.22
7. Calculation of Remaining Surety Bond Amount
Available Surety Bond Amount on Previous Payment Date 13,500,000.00
Stated Surety Bond Amount 12,000,000.00
Unreimbursed Claims on Surety Bond 0.00
Reimbursements of Claims on Surety Bond 0.00
Available Surety Bond Amount (Dollars) 12,000,000.00
Available Surety Bond Amount (Percentage) 9.00%
8. Cash Collateral Account Activity
Beginning of Month Balance 5,250,000.00
Required Cash Collateral Account Amount 4,666,666.67
Cash Collateral Account Deposits 0.00
Reinvestment Income Received on Cash Collateral Account 24,500.00
Aggregate Cash Collateral Account Draws 0.00
Available Cash Collateral Amount (Dollars) 4,666,666.67
Available Cash Collateral Amount (Percentage) 3.50%
Total Credit Enhancement Percentage 12.50%
9. Past Due Statistics
(past due on a contractual basis)
1-30 days past due Dollars 79,296,852.64
Percent Dollars 5.58%
Number of Accts 30,677
Percent Number of Accts 2.89%
31-60 days past due Dollars 19,754,042.51
Percent Dollars 1.39%
Number of Accts 7,121
Percent Number of Accts 0.67%
61-90 days past due Dollars 13,197,197.21
Percent Dollars 0.93%
Number of Accts 4,334
Percent Number of Accts 0.41%
91-120 days past due Dollars 10,628,572.34
Percent Dollars 0.75%
Number of Accts 3,390
Percent Number of Accts 0.32%
121-150 days past due Dollars 8,211,979.02
Percent Dollars 0.58%
Number of Accts 2,535
Percent Number of Accts 0.24%
151-180 days past due Dollars 6,564,347.44
Percent Dollars 0.46%
Number of Accts 2,002
Percent Number of Accts 0.19%
181 + days past due Dollars 11,312,582.84
Percent Dollars 0.80%
Number of Accts 3,263
Percent Number of Accts 0.31%
10. Base Rate Calculation
Base Rate 6.90%
Portfolio Yield (net of losses) 10.59%
Excess of Portfolio Yield over Base Rate 3.69%
11. Number of Accounts in the Trust
Number of Additional Accounts 0
Number of Removed Accounts 137
Number of Automatic Additonal Accounts 4,523
Ending Number of Accounts 1,060,315
PEOPLE'S BANK CREDIT CARD MASTER TRUST SERIES 1994-1
MONTHLY SERVICER'S REPORT
End of Month
14-May-1996
# of Months Series in Existence: 27
Monthly Period Ended April 30, 1996
Distribution Date May 15, 1996
Determination Date May 10, 1996
1.Trust Activity Series 1994-1
Beginning of Month - Aggregate Principal Receivables 1,450,383,421.33
Principal Collections on the Receivables 135,201,769.80
Finance Charge Receivables 19,872,111.27
Receivables in Defaulted Accounts 7,078,061.04
End of Month - Aggregate Principal Receivables 1,422,154,686.50
Investor Interest Series 1993-1 116,666,666.66
Investor Interest Series 1994-1 200,000,000.00
Investor Interest Series 1994-2 400,000,000.00
Investor Interest Series 1995-1 400,000,000.00
Seller Principal Receivables 305,488,019.84
Investor Percentage with respect to
Finance Charges 14.0631678%
Charged-Off Accounts 14.0631678%
Principal Receivables 14.0631678%
Seller Percentage with respect to
Finance Charges 21.4806464%
Charged-Off Accounts 21.4806464%
Principal Receivables 15.6209932%
2. Allocation of Funds in Collection Account
Available Finance Charge Collections 2,740,256.26
Available Principal Collections 18,643,590.08
Investor Default Amount 976,026.19
Aggregate Collections Allocated to Certificateholders 21,383,846.34
Monthly Certificate Interest Payable to Certificateholders
(See "Calculation of Certificate Interest" #3) 850,000.00
Monthly Principal Payable To Certificateholders
(See"Calculation of Monthly Principal" #4) 0.00
Monthly Principal Reinvested In Receivables
(See "Calculation of Monthly Principal" #4) 19,619,616.27
(Net Deposit)/Draws on Shared Principal Collections 0.00
Collections Available to Reimburse Investor Charge offs 565,271.74
Aggregate Investor Charge Offs 0.00
Reimbursed Investor Charge Offs 0.00
Reimbursed Investor Charge Offs per $1,000 Original Investment 0.00
Monthly Investor Servicing Fee
(See"Calculation of Monthly Servicing Fee" #6) 333,333.33
Monthly Certificate Insurer Fee 15,625.00
Excess Servicing (Shortfall) (dollars) 565,271.74
Excess Servicing (Shortfall) (percentage of Investor Interest) 3.39%
Required Shared Finance Charge Collections from other Series 0.00
Draw on Shared Finance Charge Collections from other Series 0.00
Withdrawal from Cash Collateral Account 0.00
Surety Bond Claim 0.00
Certificate Insurer Fee Shortfall 0.00
Servicing Fee Shortfall 0.00
Investor Charge Offs 0.00
Investor Charge Offs per $1,000 Original Investment 0.00
Investor Certificate Interest Shortfall (Deficiency Amount) 0.00
Payments To Certificate Insurer 0.00
Deposits In Cash Collateral Account 0.00
Required Shared Finance Charge Collections for other Series 0.00
Deposit of Shared Finance Charge Collections for other Series 0.00
Total Distribution to Investors 850,000.00
Total Distribution to Investors per $1,000 Invested 4.25
3. Calculation of Certificate Interest
Certificate Rate 5.10%
This Month Certificate Interest 850,000.00
Previous Month's Deficiency Amount 0.00
Total Certificate Interest Distributable to Certificateholders 850,000.00
Total Certificate Interest Distributable per $1,000 of Original
Investment 4.25
4. Calculation of Monthly Principal
Beginning Investor Interest 200,000,000.00
Available Principal Collections 18,643,590.08
Investor Default Amount 976,026.19
Total Investor Monthly Principal 19,619,616.27
Investor Monthly Principal Reinvested in Receivables 19,619,616.27
Controlled Amortization Amount 0.00
Maximum Monthly Principal to Certificateholders 0.00
Required Shared Principal Collections for other Series 0.00
Deposit of Shared Principal Collections for other Series 0.00
Required Shared Principal Collections from other Series 0.00
Draw on Shared Principal Collections from other Series 0.00
Deficit Controlled Amortization Amount 0.00
Monthly Principal Payable to Certificateholders 0.00
Monthly Principal Payable per $1,000 of Original Investment 0.00
Ending Investor Interest 200,000,000.00
5. Calculation of Pool Factor
Pool Factor (Ending Certificate Balance divided by Initial
Principal Amount to 7 decimal places) 1.0000000
6. Calculation of Monthly Servicing Fee
Series Servicing Fee Percentage 2.00%
Beginning Investor Interest 200,000,000.00
Monthly Servicing Fee 333,333.33
7. Calculation of Remaining Surety Bond Amount
Available Surety Bond Amount on Previous Payment Date 18,000,000.00
Stated Surety Bond Amount 18,000,000.00
Unreimbursed Claims on Surety Bond 0.00
Reimbursements of Claims on Surety Bond 0.00
Available Surety Bond Amount (Dollars) 18,000,000.00
Available Surety Bond Amount (Percentage) 9.00%
8. Cash Collateral Account Activity
Beginning of Month Balance 7,000,000.00
Required Cash Collateral Account Amount 7,000,000.00
Cash Collateral Account Deposits 0.00
Reinvestment Income Received on Cash Collateral Account 32,666.67
Aggregate Cash Collateral Account Draws 0.00
Available Cash Collateral Amount (Dollars) 7,000,000.00
Available Cash Collateral Amount (Percentage) 3.50%
Total Credit Enhancement Percentage 12.50%
9. Past Due Statistics
(past due on a contractual basis)
1-30 days past due Dollars 79,296,852.64
Percent Dollars 5.58%
Number of Accts 30,677
Percent Number of Accts 2.89%
31-60 days past due Dollars 19,754,042.51
Percent Dollars 1.39%
Number of Accts 7,121
Percent Number of Accts 0.67%
61-90 days past due Dollars 13,197,197.21
Percent Dollars 0.93%
Number of Accts 4,334
Percent Number of Accts 0.41%
91-120 days past due Dollars 10,628,572.34
Percent Dollars 0.75%
Number of Accts 3,390
Percent Number of Accts 0.32%
121-150 days past due Dollars 8,211,979.02
Percent Dollars 0.58%
Number of Accts 2,535
Percent Number of Accts 0.24%
151-180 days past due Dollars 6,564,347.44
Percent Dollars 0.46%
Number of Accts 2,002
Percent Number of Accts 0.19%
181 + days past due Dollars 11,312,582.84
Percent Dollars 0.80%
Number of Accts 3,263
Percent Number of Accts 0.31%
10. Base Rate Calculation
Base Rate 7.20%
Portfolio Yield (net of losses) 10.59%
Excess of Portfolio Yield over Base Rate 3.39%
11. Number of Accounts in the Trust
Number of Additional Accounts 0
Number of Removed Accounts 137
Number of Automatic Additonal Accounts 4,523
Ending Number of Accounts 1,060,315
PEOPLE'S BANK CREDIT CARD MASTER TRUST SERIES 1994-2
MONTHLY SERVICER'S REPORT
End of Month
14-May-1996
# of Months Series in Existence: 19
Monthly Period Ended April 30, 1996
Distribution Date May 15, 1996
Determination Date May 10, 1996
Number of Days in Period 30
1.Trust Activity Series 1994-2
Beginning of Month - Aggregate Principal Receivables 1,450,383,421.33
Principal Collections on the Receivables 135,201,769.80
Finance Charge Receivables 19,872,111.27
Receivables in Defaulted Accounts 7,078,061.04
End of Month - Aggregate Principal Receivables 1,422,154,686.50
Investor Interest Series 1993-1 116,666,666.66
Investor Interest Series 1994-1 200,000,000.00
Investor Interest Series 1994-2 400,000,000.00
Investor Interest Series 1995-1 400,000,000.00
Seller Principal Receivables 305,488,019.84
Total Investor Percentage with respect to
Finance Charges 28.1263356%
Charged-Off Accounts 28.1263356%
Principal Receivables 28.1263356%
Class A Percentage with respect to
Finance Charges 26.7200188%
Charged-Off Accounts 26.7200188%
Principal Receivables 26.7200188%
Class B Percentage with respect to
Finance Charges 1.4063168%
Charged-Off Accounts 1.4063168%
Principal Receivables 1.4063168%
Seller Percentage with respect to
Finance Charges 21.4806464%
Charged-Off Accounts 21.4806464%
Principal Receivables 15.6209932%
2. Allocation of Funds in Collection Account
Class A Available Finance Charge Collections 5,206,486.90
Class A Monthly Cap Interest Payable to Class A Certificateholders
(See "Calculation of Certificate Interest" #3) 1,789,166.67
Unpaid Class A Monthly Cap Interest 0.00
Class A Monthly Servicing Fee
(See"Calculation of Monthly Servicing Fee" #6) 633,333.33
Unpaid Class A Monthly Servicing Fee 0.00
Class A Investor Default Amount 1,854,449.77
Unreimbursed Class A Investor Charge-offs 0.00
Excess Spread from Class A Finance Charge Collections 929,537.13
Class A Required Amount 0.00
Class B Available Finance Charge Collections 274,025.63
Class B Monthly Cap Interest Payable to Class B Certificateholders
(See "Calculation of Certificate Interest" #3) 98,333.33
Unpaid Class B Monthly Cap Interest 0.00
Class B Monthly Servicing Fee
(See"Calculation of Monthly Servicing Fee" #6) 33,333.33
Unpaid Class B Monthly Servicing Fee 0.00
Class B Investor Default Amount 97,602.62
Unreimbursed Class B Investor Charge-offs 0.00
Excess Spread from Class B Finance Charge Collections 44,756.35
Class B Required Amount 0.00
Total Excess Spread 974,293.48
Excess Spread and Shared Finance Charges used to Satisfy Class A
Required Amount 0.00
Excess Spread used to satisfy Unpaid Class A Monthly Cap Interest 0.00
Excess Spread used to satisfy Unpaid Class A Monthly Servicing Fee 0.00
Excess Spread used to satisfy Unreimbursed Class A Investor Charge-offs 0.00
Remaining Class A Required Amount 0.00
Excess Spread used to satisfy Class B Required Amount 0.00
Excess Spread used to satisfy Unpaid Class B Monthly Cap Interest 0.00
Excess Spread used to satisfy Unpaid Class B Monthly Servicing Fee 0.00
Excess Spread used to satisfy Unreimbursed Class B Investor Charge-offs 0.00
Remaining Class B Required Amount 0.00
Shared Finance Charges used to satisfy Remaining Class A Required
Amount 0.00
Shared Finance Charges used to satisfy Unpaid Class A Monthy Cap
Interest 0.00
Shared Finance Charges used to satisfy Unpaid Class A Monthly
Servicing Fee 0.00
Shared Finance Charges used to satisfy Unreimbursed Class A
Investor Charge-offs 0.00
Remaining Class A Required Amount 0.00
Cash Collateral Withdrawal used to satisfy Remaining Class A Required
Amount 0.00
Cash Collateral Withdrawal used to satisfy Unpaid Class A Monthly Cap
Interest 0.00
Cash Collateral Withdrawal used to satisfy Unpaid Class A Monthly
Servicing Fee 0.00
Cash Collateral Withdrawal used to satisfy Unreimbursed Class A
Investor Charge-offs 0.00
Remaining Class A Required Amount 0.00
Class B Reallocated Amount used to satisfy Remaining Class A Required
Amount 0.00
Class B Reallocated Amount used to satisfy Unpaid Class A Monthly Cap
Interest 0.00
Class B Reallocated Amount used to satisfy Unpaid Class A Monthly
Servicing Fee 0.00
Class B Reallocated Amount used to satisfy Unreimbursed Class A
Investor Charge-offs 0.00
Remaining Class A Required Amount 0.00
Class B Investor Interest used to satisfy Unreimbursed Class A
Investor Charge-offs 0.00
Shared Finance Charges used to satisfy Remaining Class B Required
Amount 0.00
Shared Finance Charges used to satisfy Unpaid Class B Monthly Cap
Interest 0.00
Shared Finance Charges used to satisfy Unpaid Class B Monthly
Servicing Fee 0.00
Shared Finance Charges used to satisfy Unreimbursed Class B Investor
Charge-offs 0.00
Remaining Class B Required Amount 0.00
Cash Collateral Withdrawal used to satisfy Remaining Class B Required
Amount 0.00
Cash Collateral Withdrawal used to satisfy Unpaid Class B Monthly Cap
Interest 0.00
Cash Collateral Withdrawal used to satisfy Unpaid Class B Monthly
Servicing Fee 0.00
Cash Collateral Withdrawal used to satisfy Unreimbursed Class B
Investor Charge-offs 0.00
Remaining Class B Required Amount 0.00
Excess Spread used to satisfy interest on overdue Class A
(See "Calculation of Certificate Interest" #3) 0.00
Excess Spread used to satisfy interest on overdue Class B
(See "Calculation of Certificate Interest" #3) 0.00
Excess Spread used to satisfy reimbursements of Class B Interest 0.00
Excess Spread used to satisfy deposits into Required Cash Collateral
Account 0.00
Excess Spread used to satisfy shortfalls of the Class A Interest
Payments 0.00
Excess Spread used to satisfy shortfalls of the Class B Interest
Payments 0.00
Excess Spread used to satisfy payments per Loan Agreement 974,293.48
Excess Spread used to satisfy Class A Excess Interest 0.00
Excess Spread used to satisfy Class B Excess Interest 0.00
Remaining Excess Servicing (Shortfall) (dollars) 957,226.81
Remaining Excess Servicing (Shortfall) (percentage of Investor
Interest) 2.87%
Class A Investor Certificate Interest Shortfall 0.00
Class A Charge-offs 0.00
Unreimbursed Class A Charge Offs 0.00
Unreimbursed Class A Charge Offs per $1,000 Original Investment 0.00
Class A Monthly Servicing Fee Shortfall 0.00
Class B Investor Certificate Interest Shortfall 0.00
Class B Charge-offs 0.00
Unreimbursed Class B Charge Offs 0.00
Unreimbursed Class B Charge Offs per $1,000 Original Investment 0.00
Class B Monthly Servicing Fee Shortfall 0.00
Available Principal Collections 37,287,180.15
Monthly Principal Payable To Class A Certificateholders
(See "Calculation of Monthly Principal" #4) 0.00
Monthly Principal Payable To Class B Certificateholders
(See "Calculation of Monthly Principal" #4) 0.00
Monthly Principal Reinvested In Receivables
(See "Calculation of Monthly Principal" #4) 39,239,232.53
(Net Deposit)/Draws on Shared Principal Collections 0.00
Required Shared Finance Charge Collections from other Series 0.00
Draw on Shared Finance Charge Collections from other Series 0.00
Withdrawal from Cash Collateral Account 0.00
Required Shared Finance Charge Collections for other Series 0.00
Deposit of Shared Finance Charge Collections for other Series 0.00
Total Distribution to Class A Investors 1,789,166.67
Total Distribution to Class A Investors per $1,000 Invested 4.71
Total Distribution to Class B Investors 98,333.33
Total Distribution to Class B Investors per $1,000 Invested 4.92
3. Calculation of Certificate Interest
Class A Certificate Rate 5.6500%
Class A Interest Rate Cap Provider Deposit 0.00
Previous Month's Class A Deficiency Amount 0.00
Class A Interest at the Certificate Rate + 0.5% on Deficiency Amount 0.00
This Month Class A Certificate Interest 1,789,166.67
Expected Class A Principal 380,000,000.00
This Month Class A Cap Shortfall 0.00
Class A Excess Interest 0.00
Total Class A Interest Distributable to Class A
Certificateholders 1,789,166.67
Total Class A Interest Distributable per $1,000 of Class A
Original Investment 4.71
Class B Certificate Rate 5.9000%
Class B Interest Rate Cap Provider Deposit 0.00
Previous Month's Class B Deficiency Amount 0.00
Class B Interest at the Certificate Rate + 0.5% on Deficiency
Amount 0.00
This Month Class B Certificate Interest 98,333.33
Expected Class B Principal 20,000,000.00
This Month Class B Cap Shortfall 0.00
Class B Excess Interest 0.00
Total Class B Interest Distributable to Class B Certificateholders 98,333.33
Total Class B Interest Distributable per $1,000 of Class B Original
Investment 4.92
Total Certificate Interest Distributable to Certificateholders 1,887,500.00
Total Certificate Interest Distributable per $1,000 of Original
Investment 4.72
4. Calculation of Monthly Principal
Beginning Investor Interest 400,000,000.00
Beginning Class A Interest 380,000,000.00
Class A Available Principal Collections 35,422,821.14
Class A Monthly Unreimbursed Charge-Offs 0.00
Total Class A Monthly Principal 37,277,270.91
Class A Monthly Principal Reinvested in Receivables 37,277,270.91
Class A Controlled Amortization Amount 0.00
Maximum Monthly Principal to Class A Certificateholders 0.00
Class A Deficit Controlled Amortization Amount 0.00
Monthly Principal Payable to Class A Certificateholders 0.00
Class A Monthly Principal Payable per $1,000 of Original Investment 0.00
Beginning Class B Interest 20,000,000.00
Class B Available Principal Collections 1,864,359.01
Class B Monthly Unreimbursed Charge-Offs 0.00
Total Class B Monthly Principal 1,961,961.62
Class B Reallocated Principal 0.00
Prior Month's Cumulative Class B Reallocated Principal 0.00
Class B Reduction of Interest 0.00
Prior Month's Cumulative Class B Reduction of Interest 0.00
Class B Monthly Principal Reinvested in Receivables 1,961,961.62
Class B Controlled Amortization Amount 0.00
Maximum Monthly Principal to Class B Certificateholders 0.00
Required Shared Principal Collections for other Series 0.00
Deposit of Shared Principal Collections for other Series 0.00
Required Shared Principal Collections from other Series 0.00
Draw on Shared Principal Collections from other Series 0.00
Class B Deficit Controlled Amortization Amount 0.00
Monthly Principal Payable to Class B Certificateholders 0.00
Class B Monthly Principal Payable per $1,000 of Original Investment 0.00
Ending Investor Interest 400,000,000.00
Ending Class A Interest 380,000,000.00
Ending Class B Interest 20,000,000.00
5. Calculation of Pool Factor
Pool Factor (Ending Certificate Balance divided by Initial
Principal Amount to 7 decimal places) 1.0000000
6. Calculation of Monthly Servicing Fee
Series Servicing Fee Percentage 2.00%
Beginning Class A Investor Interest 380,000,000.00
Beginning Class B Investor Interest 20,000,000.00
Beginning Investor Interest 400,000,000.00
Class A Monthly Servicing Fee 633,333.33
Class B Monthly Servicing Fee 33,333.33
Total Monthly Servicing Fee 666,666.67
7. Cash Collateral Account Activity
Beginning of Month Balance 36,000,000.00
Required Cash Collateral Account Amount 36,000,000.00
Excess Spread used to satisfy payments per loan agreement 974,293.48
Cash Collateral Account Deposits 0.00
Reinvestment Income Received on Cash Collateral Account 56,800.00
Aggregate Cash Collateral Account Draws 0.00
Available Cash Collateral Amount (Dollars) 36,000,000.00
Available Cash Collateral Amount (Percentage) 9.00%
8. Past Due Statistics
(past due on a contractual basis)
1-30 days past due Dollars 79,296,852.64
Percent Dollars 5.58%
Number of Accts 30,677
Percent Number of Accts 2.89%
31-60 days past due Dollars 19,754,042.51
Percent Dollars 1.39%
Number of Accts 7,121
Percent Number of Accts 0.67%
61-90 days past due Dollars 13,197,197.21
Percent Dollars 0.93%
Number of Accts 4,334
Percent Number of Accts 0.41%
91-120 days past due Dollars 10,628,572.34
Percent Dollars 0.75%
Number of Accts 3,390
Percent Number of Accts 0.32%
121-150 days past due Dollars 8,211,979.02
Percent Dollars 0.58%
Number of Accts 2,535
Percent Number of Accts 0.24%
151-180 days past due Dollars 6,564,347.44
Percent Dollars 0.46%
Number of Accts 2,002
Percent Number of Accts 0.19%
181 + days past due Dollars 11,312,582.84
Percent Dollars 0.80%
Number of Accts 3,263
Percent Number of Accts 0.31%
9. Base Rate Calculation
Base Rate 7.66%
Portfolio Yield (net of losses) 10.59%
Excess of Portfolio Yield over Base Rate 2.93%
10. Number of Accounts in the Trust
Number of Additional Accounts 0
Number of Removed Accounts 137
Number of Automatic Additonal Accounts 4,523
Ending Number of Accounts 1,060,315
PEOPLE'S BANK CREDIT CARD MASTER TRUST SERIES 1995-1
MONTHLY SERVICER'S REPORT
End of Month
14-May-1996
# of Months Series in Existence: 14
Monthly Period Ended April 30, 1996
Distribution Date May 15, 1996
Determination Date May 10, 1996
Number of Days in Period 30
1.Trust Activity Series 1995-1
Beginning of Month - Aggregate Principal Receivables 1,450,383,421.33
Principal Collections on the Receivables 135,201,769.80
Finance Charge Receivables 19,872,111.27
Receivables in Defaulted Accounts 7,078,061.04
End of Month - Aggregate Principal Receivables 1,422,154,686.50
Investor Interest Series 1993-1 116,666,666.66
Investor Interest Series 1994-1 200,000,000.00
Investor Interest Series 1994-2 400,000,000.00
Investor Interest Series 1995-1 400,000,000.00
Seller Principal Receivables 305,488,019.84
Total Investor Percentage with respect to
Finance Charges 28.1263356%
Charged-Off Accounts 28.1263356%
Principal Receivables 28.1263356%
Class A Percentage with respect to
Finance Charges 26.7200188%
Charged-Off Accounts 26.7200188%
Principal Receivables 26.7200188%
Class B Percentage with respect to
Finance Charges 1.4063168%
Charged-Off Accounts 1.4063168%
Principal Receivables 1.4063168%
Seller Percentage with respect to
Finance Charges 21.4806464%
Charged-Off Accounts 21.4806464%
Principal Receivables 15.6209932%
2. Allocation of Funds in Collection Account
Class A Available Finance Charge Collections 5,206,486.90
Class A Monthly Cap Interest Payable to Class A Certificateholders
(See "Calculation of Certificate Interest" #3) 1,805,000.00
Unpaid Class A Monthly Cap Interest 0.00
Class A Monthly Servicing Fee
(See"Calculation of Monthly Servicing Fee" #6) 633,333.33
Unpaid Class A Monthly Servicing Fee 0.00
Class A Investor Default Amount 1,854,449.77
Unreimbursed Class A Investor Charge-offs 0.00
Excess Spread from Class A Finance Charge Collections 913,703.80
Class A Required Amount 0.00
Class B Available Finance Charge Collections 274,025.63
Class B Monthly Cap Interest Payable to Class B Certificateholders
(See "Calculation of Certificate Interest" #3) 97,500.00
Unpaid Class B Monthly Cap Interest 0.00
Class B Monthly Servicing Fee
(See"Calculation of Monthly Servicing Fee" #6) 33,333.33
Unpaid Class B Monthly Servicing Fee 0.00
Class B Investor Default Amount 97,602.62
Unreimbursed Class B Investor Charge-offs 0.00
Excess Spread from Class B Finance Charge Collections 45,589.68
Class B Required Amount 0.00
Total Excess Spread 959,293.48
Excess Spread and Shared Finance Charges used to Satisfy
Class A Required Amount 0.00
Excess Spread used to satisfy Unpaid Class A Monthly Cap Interest 0.00
Excess Spread used to satisfy Unpaid Class A Monthly Servicing Fee 0.00
Excess Spread used to satisfy Unreimbursed Class A Investor Charge-offs 0.00
Remaining Class A Required Amount 0.00
Excess Spread used to satisfy Class B Required Amount 0.00
Excess Spread used to satisfy Unpaid Class B Monthly Cap Interest 0.00
Excess Spread used to satisfy Unpaid Class B Monthly Servicing Fee 0.00
Excess Spread used to satisfy Unreimbursed Class B Investor Charge-offs 0.00
Remaining Class B Required Amount 0.00
Shared Finance Charges used to satisfy Remaining Class A Required
Amount 0.00
Shared Finance Charges used to satisfy Unpaid Class A Monthly Cap
Interest 0.00
Shared Finance Charges used to satisfy Unpaid Class A Monthly Servicing
Fee 0.00
Shared Finance Charges used to satisfy Unreimbursed Class A Investor
Charge-offs 0.00
Remaining Class A Required Amount 0.00
Cash Collateral Withdrawal used to satisfy Remaining Class A
Required Amount 0.00
Cash Collateral Withdrawal used to satisfy Unpaid Class A Monthly
Cap Interest 0.00
Cash Collateral Withdrawal used to satisfy Unpaid Class A Monthly
Servicing Fee 0.00
Cash Collateral Withdrawal used to satisfy Unreimbursed Class A
Investor Charge-offs 0.00
Remaining Class A Required Amount 0.00
Class B Reallocated Amount used to satisfy Remaining Class A
Required Amount 0.00
Class B Reallocated Amount used to satisfy Unpaid Class A Monthly
Cap Interest 0.00
Class B Reallocated Amount used to satisfy Unpaid Class A Monthly
Servicing Fee 0.00
Class B Reallocated Amount used to satisfy Unreimbursed Class A
Investor Charge-offs 0.00
Remaining Class A Required Amount 0.00
Class B Investor Interest used to satisfy Unreimbursed Class A
Investor Charge-offs 0.00
Shared Finance Charges used to satisfy Remaining Class B Required
Amount 0.00
Shared Finance Charges used to satisfy Unpaid Class B Monthly Cap
Interest 0.00
Shared Finance Charges used to satisfy Unpaid Class B Monthly
Servicing Fee 0.00
Shared Finance Charges used to satisfy Unreimbursed Class B Investor
Charge-offs 0.00
Remaining Class B Required Amount 0.00
Cash Collateral Withdrawal used to satisfy Remaining Class B
Required Amount 0.00
Cash Collateral Withdrawal used to satisfy Unpaid Class B Monthly
Cap Interest 0.00
Cash Collateral Withdrawal used to satisfy Unpaid Class B Monthly
Servicing Fee 0.00
Cash Collateral Withdrawal used to satisfy Unreimbursed Investor
Charge-offs 0.00
Remaining Class B Required Amount 0.00
Excess Spread used to satisfy interest on overdue Class A
(See "Calculation of Certificate Interest" #3) 0.00
Excess Spread used to satisfy interest on overdue Class B
(See "Calculation of Certificate Interest" #3) 0.00
Excess Spread used to satisfy reimbursements of Class B Interest 0.00
Excess Spread used to satisfy deposits into Required Cash Collateral
Account 0.00
Excess Spread used to satisfy shortfalls of the Class A Interest
Payments 0.00
Excess Spread used to satisfy shortfalls of the Class B Interest
Payments 0.00
Excess Spread used to satisfy payments per Loan Agreement 959,293.48
Excess Spread used to satisfy Class A Excess Interest 0.00
Excess Spread used to satisfy Class B Excess Interest 0.00
Remaining Excess Servicing (dollars) 943,115.70
Remaining Excess Servicing (percentage of Investor Interest) 2.83%
Class A Investor Certificate Interest Shortfall 0.00
Class A Charge-offs 0.00
Unreimbursed Class A Charge Offs 0.00
Unreimbursed Class A Charge Offs per $1,000 Original Investment 0.00
Class A Monthly Servicing Fee Shortfall 0.00
Class B Investor Certificate Interest Shortfall 0.00
Class B Charge-offs 0.00
Unreimbursed Class B Charge Offs 0.00
Unreimbursed Class B Charge Offs per $1,000 Original Investment 0.00
Class B Monthly Servicing Fee Shortfall 0.00
Available Principal Collections 37,287,180.15
Monthly Principal Payable To Class A Certificateholders
(See "Calculation of Monthly Principal" #4) 0.00
Monthly Principal Payable To Class B Certificateholders
(See "Calculation of Monthly Principal" #4) 0.00
Monthly Principal Reinvested In Receivables
(See "Calculation of Monthly Principal" #4) 39,239,232.53
(Net Deposit)/Draws on Shared Principal Collections 0.00
Required Shared Finance Charge Collections from other Series 0.00
Draw on Shared Finance Charge Collections from other Series 0.00
Withdrawal from Cash Collateral Account 0.00
Required Shared Finance Charge Collections for other Series 0.00
Deposit of Shared Finance Charge Collections for other Series 0.00
Total Distribution to Class A Investors 1,805,000.00
Total Distribution to Class A Investors per $1,000 Invested 4.75
Total Distribution to Class B Investors 97,500.00
Total Distribution to Class B Investors per $1,000 Invested 4.88
3. Calculation of Certificate Interest
Class A Certificate Rate 5.7000%
Class A Interest Rate Cap Provider Deposit 0.00
Previous Month's Class A Deficiency Amount 0.00
Class A Interest at the Certificate Rate + 0.5% on Deficiency Amount 0.00
This Month Class A Certificate Interest 1,805,000.00
Expected Class A Principal 380,000,000.00
This Month Class A Cap Shortfall 0.00
Class A Excess Interest 0.00
Total Class A Interest Distributable to Class A
Certificateholders 1,805,000.00
Total Class A Interest Distributable per $1,000 of Class A Original
Investment 4.75
Class B Certificate Rate 5.8500%
Class B Interest Rate Cap Provider Deposit 0.00
Previous Month's Class B Deficiency Amount 0.00
Class B Interest at the Certificate Rate + 0.5% on Deficiency Amount 0.00
This Month Class B Certificate Interest 97,500.00
Expected Class B Principal 20,000,000.00
This Month Class B Cap Shortfall 0.00
Class B Excess Interest 0.00
Total Class B Interest Distributable to Class B Certificateholders 97,500.00
Total Class B Interest Distributable per $1,000 of Class B Original
Investment 4.88
Total Certificate Interest Distributable to Certificateholders 1,902,500.00
Total Certificate Interest Distributable per $1,000 of Original
Investment 4.76
4. Calculation of Monthly Principal
Beginning Investor Interest 400,000,000.00
Beginning Class A Interest 380,000,000.00
Class A Available Principal Collections 35,422,821.14
Class A Monthly Unreimbursed Charge-Offs 0.00
Total Class A Monthly Principal 37,277,270.91
Class A Monthly Principal Reinvested in Receivables 37,277,270.91
Class A Controlled Amortization Amount 0.00
Maximum Monthly Principal to Class A Certificateholders 0.00
Class A Deficit Controlled Amortization Amount 0.00
Monthly Principal Payable to Class A Certificateholders 0.00
Class A Monthly Principal Payable per $1,000 of Original Investment 0.00
Beginning Class B Interest 20,000,000.00
Class B Available Principal Collections 1,864,359.01
Class B Monthly Unreimbursed Charge-Offs 0.00
Total Class B Monthly Principal 1,961,961.62
Class B Reallocated Principal 0.00
Prior Month's Cumulative Class B Reallocated Principal 0.00
Class B Reduction of Interest 0.00
Prior Month's Cumulative Class B Reduction of Interest 0.00
Class B Monthly Principal Reinvested in Receivables 1,961,961.62
Class B Controlled Amortization Amount 0.00
Maximum Monthly Principal to Class B Certificateholders 0.00
Required Shared Principal Collections for other Series 0.00
Deposit of Shared Principal Collections for other Series 0.00
Required Shared Principal Collections from other Series 0.00
Draw on Shared Principal Collections from other Series 0.00
Class B Deficit Controlled Amortization Amount 0.00
Monthly Principal Payable to Class B Certificateholders 0.00
Class B Monthly Principal Payable per $1,000 of Original Investment 0.00
Ending Investor Interest 400,000,000.00
Ending Class A Interest 380,000,000.00
Ending Class B Interest 20,000,000.00
5. Calculation of Pool Factor
Pool Factor (Ending Certificate Balance divided by Initial
Principal Amount to 7 decimal places) 1.0000000
6. Calculation of Monthly Servicing Fee
Series Servicing Fee Percentage 2.00%
Beginning Class A Investor Interest 380,000,000.00
Beginning Class B Investor Interest 20,000,000.00
Beginning Investor Interest 400,000,000.00
Class A Monthly Servicing Fee 633,333.33
Class B Monthly Servicing Fee 33,333.33
Total Monthly Servicing Fee 666,666.67
7. Cash Collateral Account Activity
Beginning of Month Balance 36,000,000.00
Required Cash Collateral Account Amount 36,000,000.00
Excess Spread used to satisfy payments per Loan Agreement 959,293.48
Cash Collateral Account Deposits 0.00
Reinvestment Income Received on Cash Collateral Account 37,333.33
Aggregate Cash Collateral Account Draws 0.00
Available Cash Collateral Amount (Dollars) 36,000,000.00
Available Cash Collateral Amount (Percentage) 9.00%
8. Past Due Statistics
(past due on a contractual basis)
1-30 days past due
Dollars 79,296,852.64
Percent Dollars 5.58%
Number of Accts 30,677
Percent Number of Accts 2.89%
31-60 days past due Dollars 19,754,042.51
Percent Dollars 1.39%
Number of Accts 7,121
Percent Number of Accts 0.67%
61-90 days past due Dollars 13,197,197.21
Percent Dollars 0.93%
Number of Accts 4,334
Percent Number of Accts 0.41%
91-120 days past due Dollars 10,628,572.34
Percent Dollars 0.75%
Number of Accts 3,390
Percent Number of Accts 0.32%
121-150 days past due Dollars 8,211,979.02
Percent Dollars 0.58%
Number of Accts 2,535
Percent Number of Accts 0.24%
151-180 days past due Dollars 6,564,347.44
Percent Dollars 0.46%
Number of Accts 2,002
Percent Number of Accts 0.19%
181 + days past due Dollars 11,312,582.84
Percent Dollars 0.80%
Number of Accts 3,263
Percent Number of Accts 0.31%
9. Base Rate Calculation
Base Rate 7.71%
Portfolio Yield (net of losses) 10.59%
Excess of Portfolio Yield over Base Rate 2.88%
10. Number of Accounts in the Trust
Number of Additional Accounts 0
Number of Removed Accounts 137
Number of Automatic Additonal Accounts 4,523
Ending Number of Accounts 1,060,315
