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) February 18, 1997
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 EXHIBITS
Exhibit
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, 1994-1, 1994-2, 1995-1 and 1996-1
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: February 28, 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 February 10, 1997 Determination Date
For the January 1997 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, as amended, (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 February 10, 1997, 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...$ 236,750,289.42
(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...............$ 29,161,012.83
(b) The aggregate amount of Collections of Principal Receivables
collected during the preceding Monthly Period (the "Collections of
Principal Receivables") was equal to....................$ 207,589,276.59
6. The aggregate amount of Receivables as of the end of the last day of the
preceding Monthly Period was equal to...................$ 2,101,838,499.23
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............$ 638,043,137.61
IN WITNESS WHEREOF, the undersigned has duly executed and delivered this
certificate this 10th Day of February 1997.
PEOPLE'S BANK
Servicer
By : /s/Lisa Brooks
Name: Lisa Brooks
Title: Manager
Schedule - to Monthly
Servicer's Certificate
PEOPLE'S BANK
People's Bank Credit Card Master Trust, Series 1994-1
For the February 10, 1997 Determination Date
For the January 1997 Monthly Period
1. The aggregate amount of Collections processed during the preceding Monthly
Period (equal to 1(a) plus 1(b)) was equal to...........$ 20,659,365.59
(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 1994-1 was equal
to......................................................$ 1,564,684.87
(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...$ 19,094,680.72
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......................................................$ 18,231,351.54
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...................$ 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 1994-1 as of the end of the last day of the preceding
Monthly Period was equal to.............................$ 0.00
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......................$ 0.00
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........................................$ 37,522.68
(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....................$ 0.00
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.........................$ 16,666,666.67
Payable in respect of interest..........................$ 495,833.33
Total...................................................$ 17,162,500.00
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 February 10, 1997 Determination Date
For the January 1997 Monthly Period
1. The aggregate amount of Collections processed during the preceding Monthly
Period (equal to 1(a) plus 1(b)) was equal to...........$ 43,553,995.27
(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......................................................$ 5,364,633.84
(b) The aggregate amount of Collections of Principal Receivables collected
during the preceding Monthly Period (the "Collections of Principal
Receivables") allocated to Series 1994-2 was equal to...$ 38,189,361.43
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......................................................$ 5,364,633.84
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...................$ 0.00
(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.................................................$ 0.00
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.............................$ 0.00
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..................$ 0.00
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........................................$ 128,649.20
(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................................$ 0.00
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.........................$ 2,022,116.38
Total..................................................$ 2,022,116.38
Class B Certificateholders
Payable in respect of principal........................$ 0.00
Payable in respect of interest.........................$ 111,149.40
Total..................................................$ 111,149.40
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 February 10, 1997 Determination Date
For the January 1997 Monthly Period
1. The aggregate amount of Collections processed during the preceding Monthly
Period (equal to 1(a) plus 1(b)) was equal to...........$ 43,553,995.27
(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......................................................$ 5,364,633.84
(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...$ 38,189,361.43
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......................................................$ 5,364,633.84
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...................$ 0.00
(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.......................................................$ 0.00
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.............................$ 0.00
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..................$ 0.00
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........................................$ 128,649.20
(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...............................$ 0.00
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.........................$ 2,040,060.82
Total..................................................$ 2,040,060.82
Class B Certificateholders
Payable in respect of principal........................$ 0.00
Payable in respect of interest.........................$ 110,204.96
Total..................................................$ 110,204.96
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 1996-1
For the February 10, 1997 Determination Date
For the January 1997 Monthly Period
1. The aggregate amount of Collections processed during the preceding Monthly
Period (equal to 1(a) plus 1(b)) was equal to...........$ 43,553,995.27
(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 1996-1 was equal
to......................................................$ 5,364,633.84
(b) The aggregate amount of Collections of Principal Receivables collected
during the preceding Monthly Period (the "Collections of Principal
Receivables") allocated to Series 1996-1 was equal to....$ 38,189,361.43
2. The aggregate amount of funds on deposit in the Series Accounts with
respect to Series 1996-1 with respect to Collections processed during the
preceding Monthly Period, and applicable to Series 1996-1 as of the
Transfer Date relating to the preceding Monthly Period was equal
to......................................................$ 5,364,633.84
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 1996-1, as of the end of the last day of the
preceding Monthly Period was equal to...................$ 0.00
(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.................................................$ 0.00
4. The aggregate amount of funds on deposit in the Collection Subaccount
relating to Series 1996-1 as of the end of the last day of the preceding
Monthly Period was equal to.............................$ 0.00
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..................$ 0.00
6. (a) The aggregate amount of Recoveries to be deposited to the Collection
Account and allocated to Series 1996-1 on the next succeeding Transfer
Date is equal to........................................$ 128,649.20
(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....................$ 0.00
7. The sum of all amounts payable to the Investor Certificateholders of
Series 1996-1 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.........................$ 2,016,795.02
Total..................................................$ 2,016,795.02
Class B Certificateholders
Payable in respect of principal........................$ 0.00
Payable in respect of interest.........................$ 114,723.54
Total..................................................$ 114,723.54
8. No Series Pay Out Event or Trust Pay Out Event has occurred.
PEOPLE'S BANK CREDIT CARD MASTER TRUST SERIES 1994-1
MONTHLY SERVICER'S REPORT
Number of Months Series in Existence 36
Monthly Period Ended January 31, 1997
Distribution Date February 18, 1997
Determination Date February 10, 1997
1. Trust Activity Series 1994-1
Beginning of Month - Aggregate Principal Receivables 2,174,315,241.66
Principal Collections on the Receivables 207,589,276.59
Finance Charge Receivables 29,161,012.83
Receivables in Defaulted Accounts 9,680,692.02
End of Month - Aggregate Principal Receivables 2,101,838,499.23
Investor Interest Series 1994-1 100,000,000.00
Investor Interest Series 1994-2 400,000,000.00
Investor Interest Series 1995-1 400,000,000.00
Investor Interest Series 1996-1 400,000,000.00
Seller Principal Receivables 801,838,499.23
Investor Percentage with respect to...
Finance Charges 4.7577395%
Charged-Off Accounts 4.7577395%
Principal Receivables 9.5154790%
Seller Percentage with respect to ...
Finance Charges 38.1493868%
Charged-Off Accounts 38.1493868%
Principal Receivables 33.3916473%
2. Allocation of Funds in Collection Account
Available Finance Charge Collections 1,564,684.87
Available Principal Collections 19,094,680.72
Investor Default Amount 519,434.37
Aggregate Collections Allocated to Certificateholders 20,659,365.59
Monthly Certificate Interest Payable to Certificateholders
(See "Calculation of Certificate Interest" #3) 495,833.33
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) 2,947,448.42
(Net Deposit)/Draws on Shared Principal Collections 0.00
Collections Available to Reimburse Investor Charge offs 345,858.14
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) 194,444.44
Monthly Certificate Insurer Fee 9,114.58
Excess Servicing (Shortfall) (dollars) 345,858.14
Excess Servicing (Shortfall) (percentage of Investor Interest) 3.56%
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 Amounts) 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 17,162,500.00
Total Distribution to Investors per $1,000 Invested 85.81
3. Calculation of Certificate Interest
Certificate Rate 5.10000%
This Month Certificate Interest 495,833.33
Previous Month's Deficiency Amount 0.00
Total Certificate Interest Distributable to Certificateholders 495,833.33
Total Certificate Interest Distributable per $1,000 of Original
Investment 2.48
4. Calculation of Monthly Principal
Beginning Investor Interest 116,666,666.67
Available Principal Collections 19,094,680.72
Investor Default Amount 519,434.37
Total Investor Monthly Principal 19,614,115.09
Investor Monthly Principal Reinvested in Receivables 2,947,448.42
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 100,000,000.00
5. Calculation of Pool Factor
Pool Factor
(Ending Certificate Balance divided by Initial Principal Amount
to 7 decimal places) 0.5000000
6. Calculation of Monthly Servicing Fee
Series Servicing Fee Percentage 2.00%
Beginning Investor Interest 116,666,666.67
Monthly Servicing Fee 194,444.44
7. Calculation of Remaining Surety Bond Amount
Available Surety Bond Amount on Previous Payment Date 12,000,000.00
Stated Surety Bond Amount 10,500,000.00
Unreimbursed Claims on Surety Bond 0.00
Reimbursements of Claims on Surety Bond 0.00
Available Surety Bond Amount (Dollars) 10,500,000.00
Available Surety Bond Amount (Percentage) 9.00%
8. Cash Collateral Account Activity
Beginning of Month Balance 4,666,666.67
Required Cash Collateral Account Amount 4,083,333.33
Cash Collateral Account Deposits 0.00
Reinvestment Income Received on Cash Collateral Account 21,193.03
Aggregate Cash Collateral Account Draws 0.00
Available Cash Collateral Amount (Dollars) 4,083,333.33
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 109,576,523.25
Percent Dollars 5.21%
Number of Accts 38,119
Percent Number of Accts 2.82%
31-60 days past due Dollars 28,827,304.18
Percent Dollars 1.37%
Number of Accts 9,793
Percent Number of Accts 0.73%
61-90 days past due Dollars 19,836,606.96
Percent Dollars 0.94%
Number of Accts 6,114
Percent Number of Accts 0.45%
91-120 days past due Dollars 15,848,698.43
Percent Dollars 0.75%
Number of Accts 4,618
Percent Number of Accts 0.34%
121-150 days past due Dollars 13,024,029.12
Percent Dollars 0.62%
Number of Accts 3,682
Percent Number of Accts 0.27%
151-180 days past due Dollars 10,532,816.22
Percent Dollars 0.50%
Number of Accts 2,867
Percent Number of Accts 0.21%
181 + days past due Dollars 15,329,863.15
Percent Dollars 0.73%
Number of Accts 4,215
Percent Number of Accts 0.31%
10. Base Rate Calculation
Base Rate 7.20%
Portfolio Yield (net of losses) 10.75%
Excess of Portfolio Yield over Base Rate 3.55%
11. Number of Accounts in the Trust
Number of Additional Accounts 0
Number of Removed Accounts 0
Number of Automatic Additonal Accounts 917
Ending Number of Accounts 1,350,621
PEOPLE'S BANK CREDIT CARD MASTER TRUST SERIES 1994-2
MONTHLY SERVICER'S REPORT
Number of Months Series in Existence 28
Monthly Period Ended January 31, 1997
Distribution Date February 18, 1997
Determination Date February 10, 1997
Number of Days in Period 34
1. Trust Activity Series 1994-2
Beginning of Month - Aggregate Principal Receivables 2,174,315,241.66
Principal Collections on the Receivables 207,589,276.59
Finance Charge Receivables 29,161,012.83
Receivables in Defaulted Accounts 9,680,692.02
End of Month - Aggregate Principal Receivables 2,101,838,499.23
Investor Interest Series 1994-1 100,000,000.00
Investor Interest Series 1994-2 400,000,000.00
Investor Interest Series 1995-1 400,000,000.00
Investor Interest Series 1996-1 400,000,000.00
Seller Principal Receivables 801,838,499.23
Total Investor Percentage with respect to...
Finance Charges 19.0309579%
Charged-Off Accounts 19.0309579%
Principal Receivables 19.0309579%
Class A Percentage with respect to...
Finance Charges 18.0794100%
Charged-Off Accounts 18.0794100%
Principal Receivables 18.0794100%
Class B Percentage with respect to...
Finance Charges 0.9515479%
Charged-Off Accounts 0.9515479%
Principal Receivables 0.9515479%
Seller Percentage with respect to ...
Finance Charges 38.1493868%
Charged-Off Accounts 38.1493868%
Principal Receivables 33.3916473%
2. Allocation of Funds in Collection Account
Class A Available Finance Charge Collections 5,096,402.15
Class A Monthly Cap Interest Payable to Class A Certificateholders
(See "Calculation of Certificate Interest" #3) 2,022,116.38
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 1,691,871.95
Unreimbursed Class A Investor Charge-offs 0.00
Excess Spread from Class A Finance Charge Collections 749,080.49
Class A Required Amount 0.00
Class B Available Finance Charge Collections 268,231.69
Class B Monthly Cap Interest Payable to Class B Certificateholders
(See "Calculation of Certificate Interest" #3) 111,149.40
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 89,045.89
Unreimbursed Class B Investor Charge-offs 0.00
Excess Spread from Class B Finance Charge Collections 34,703.07
Class B Required Amount 0.00
Total Excess Spread 783,783.56
Excess Spread 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 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 783,783.56
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) 0.00
Remaining Excess Servicing (Shortfall) (percentage of
Investor Interest) 0.00%
Class A Investor Certificate Interest Shortfall
(Deficiency Amounts) 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 38,189,361.43
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) 39,970,279.27
(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
Class B Investor Certificate Interest Shortfall
(Deficiency Amounts) 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 2,022,116.38
Total Distribution to Class A Investors per $1,000 Invested 5.32
Total Distribution to Class B Investors 111,149.40
Total Distribution to Class B Investors per $1,000 Invested 5.56
3. Calculation of Certificate Interest
Class A Certificate Rate 5.63438%
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 2,022,116.38
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 2,022,116.38
Total Class A Interest Distributable per $1,000 of Class A
Original Investment 5.32
Class B Certificate Rate 5.88438%
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 111,149.40
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 111,149.40
Total Class B Interest Distributable per $1,000 of Class B
Original Investment 5.56
Total Certificate Interest Distributable to
Certificateholders 2,133,265.78
Total Certificate Interest Distributable per $1,000 of
Original Investment 5.33
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 36,279,893.36
Class A Monthly Unreimbursed Charge-Offs 0.00
Total Class A Monthly Principal 37,971,765.31
Class A Monthly Principal Reinvested in Receivables 37,971,765.31
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 1,909,468.07
Class B Monthly Unreimbursed Charge-Offs 0.00
Total Class B Monthly Principal 1,998,513.95
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 1,998,513.95
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) 1.000000
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 783,783.56
Cash Collateral Account Deposits 0.00
Reinvestment Income Received on Cash Collateral Account 54,702.08
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 109,576,523.25
Percent Dollars 5.21%
Number of Accts 38,119
Percent Number of Accts 2.82%
31-60 days past due Dollars 28,827,304.18
Percent Dollars 1.37%
Number of Accts 9,793
Percent Number of Accts 0.73%
61-90 days past due Dollars 19,836,606.96
Percent Dollars 0.94%
Number of Accts 6,114
Percent Number of Accts 0.45%
91-120 days past due Dollars 15,848,698.43
Percent Dollars 0.75%
Number of Accts 4,618
Percent Number of Accts 0.34%
121-150 days past due Dollars 13,024,029.12
Percent Dollars 0.62%
Number of Accts 3,682
Percent Number of Accts 0.27%
151-180 days past due Dollars 10,532,816.22
Percent Dollars 0.50%
Number of Accts 2,867
Percent Number of Accts 0.21%
181 + days past due Dollars 15,329,863.15
Percent Dollars 0.73%
Number of Accts 4,215
Percent Number of Accts 0.31%
9. Base Rate Calculation
Base Rate 7.65%
Portfolio Yield (net of losses) 10.75%
Excess of Portfolio Yield over Base Rate 3.10%
10. Number of Accounts in the Trust
Number of Additional Accounts 0
Number of Removed Accounts 0
Number of Automatic Additonal Accounts 917
Ending Number of Accounts 1,350,621
PEOPLE'S BANK CREDIT CARD MASTER TRUST SERIES 1995-1
MONTHLY SERVICER'S REPORT
Number of Months Series in Existence 23
Monthly Period Ended January 31, 1997
Distribution Date February 18, 1997
Determination Date February 10, 1997
Number of Days in Period 34
1. Trust Activity Series 1995-1
Beginning of Month - Aggregate Principal Receivables 2,174,315,241.66
Principal Collections on the Receivables 207,589,276.59
Finance Charge Receivables 29,161,012.83
Receivables in Defaulted Accounts 9,680,692.02
End of Month - Aggregate Principal Receivables 2,101,838,499.23
Investor Interest Series 1994-1 100,000,000.00
Investor Interest Series 1994-2 400,000,000.00
Investor Interest Series 1995-1 400,000,000.00
Investor Interest Series 1996-1 400,000,000.00
Seller Principal Receivables 801,838,499.23
Total Investor Percentage with respect to...
Finance Charges 19.0309579%
Charged-Off Accounts 19.0309579%
Principal Receivables 19.0309579%
Class A Percentage with respect to...
Finance Charges 18.0794100%
Charged-Off Accounts 18.0794100%
Principal Receivables 18.0794100%
Class B Percentage with respect to...
Finance Charges 0.9515479%
Charged-Off Accounts 0.9515479%
Principal Receivables 0.9515479%
Seller Percentage with respect to ...
Finance Charges 38.1493868%
Charged-Off Accounts 38.1493868%
Principal Receivables 33.3916473%
2. Allocation of Funds in Collection Account
Class A Available Finance Charge Collections 5,096,402.15
Class A Monthly Cap Interest Payable to Class A Certificateholders
(See "Calculation of Certificate Interest" #3) 2,040,060.82
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 1,691,871.95
Unreimbursed Class A Investor Charge-offs 0.00
Excess Spread from Class A Finance Charge Collections 731,136.05
Class A Required Amount 0.00
Class B Available Finance Charge Collections 268,231.69
Class B Monthly Cap Interest Payable to Class B Certificateholders
(See "Calculation of Certificate Interest" #3) 110,204.96
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 89,045.89
Unreimbursed Class B Investor Charge-offs 0.00
Excess Spread from Class B Finance Charge Collections 35,647.52
Class B Required Amount 0.00
Total Excess Spread 766,783.56
Excess Spread 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 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 766,783.56
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) 0.00
Remaining Excess Servicing (percentage of Investor Interest) 0.00%
Class A Investor Certificate Interest Shortfall (Deficiency Amounts) 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 38,189,361.43
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) 39,970,279.27
(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
Class B Investor Certificate Interest Shortfall (Deficiency Amounts) 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 2,040,060.82
Total Distribution to Class A Investors per $1,000 Invested 5.37
Total Distribution to Class B Investors 110,204.96
Total Distribution to Class B Investors per $1,000 Invested 5.51
3. Calculation of Certificate Interest
Class A Certificate Rate 5.68438%
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 2,040,060.82
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 2,040,060.82
Total Class A Interest Distributable per $1,000 of Class A
Original Investment 5.37
Class B Certificate Rate 5.83438%
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 110,204.96
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 110,204.96
Total Class B Interest Distributable per $1,000 of Class B
Original Investment 5.51
Total Certificate Interest Distributable to
Certificateholders 2,150,265.77
Total Certificate Interest Distributable per $1,000 of
Original Investment 5.38
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 36,279,893.36
Class A Monthly Unreimbursed Charge-Offs 0.00
Total Class A Monthly Principal 37,971,765.31
Class A Monthly Principal Reinvested in Receivables 37,971,765.31
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 1,909,468.07
Class B Monthly Unreimbursed Charge-Offs 0.00
Total Class B Monthly Principal 1,998,513.95
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 1,998,513.95
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 766,783.56
Cash Collateral Account Deposits 0.00
Reinvestment Income Received on Cash Collateral Account 36,330.91
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 109,576,523.25
Percent Dollars 5.21%
Number of Accts 38,119
Percent Number of Accts 2.82%
31-60 days past due Dollars 28,827,304.18
Percent Dollars 1.37%
Number of Accts 9,793
Percent Number of Accts 0.73%
61-90 days past due Dollars 19,836,606.96
Percent Dollars 0.94%
Number of Accts 6,114
Percent Number of Accts 0.45%
91-120 days past due Dollars 15,848,698.43
Percent Dollars 0.75%
Number of Accts 4,618
Percent Number of Accts 0.34%
121-150 days past due Dollars 13,024,029.12
Percent Dollars 0.62%
Number of Accts 3,682
Percent Number of Accts 0.27%
151-180 days past due Dollars 10,532,816.22
Percent Dollars 0.50%
Number of Accts 2,867
Percent Number of Accts 0.21%
181 + days past due Dollars 15,329,863.15
Percent Dollars 0.73%
Number of Accts 4,215
Percent Number of Accts 0.31%
9. Base Rate Calculation
Base Rate 7.69%
Portfolio Yield (net of losses) 10.75%
Excess of Portfolio Yield over Base Rate 3.06%
10. Number of Accounts in the Trust
Number of Additional Accounts 0
Number of Removed Accounts 0
Number of Automatic Additonal Accounts 917
Ending Number of Accounts 1,350,621
PEOPLE'S BANK CREDIT CARD MASTER TRUST SERIES 1996-1
MONTHLY SERVICER'S REPORT
Number of Months Series in Existence 7
Monthly Period Ended January 31, 1997
Distribution Date February 18, 1997
Determination Date February 10, 1997
Number of Days in Period 34
1. Trust Activity Series 1996-1
Beginning of Month - Aggregate Principal Receivables 2,174,315,241.66
Principal Collections on the Receivables 207,589,276.59
Finance Charge Receivables 29,161,012.83
Receivables in Defaulted Accounts 9,680,692.02
End of Month - Aggregate Principal Receivables 2,101,838,499.23
Investor Interest Series 1994-1 100,000,000.00
Investor Interest Series 1994-2 400,000,000.00
Investor Interest Series 1995-1 400,000,000.00
Investor Interest Series 1996-1 400,000,000.00
Seller Principal Receivables 801,838,499.23
Total Investor Percentage with respect to...
Finance Charges 19.0309579%
Charged-Off Accounts 19.0309579%
Principal Receivables 19.0309579%
Class A Percentage with respect to...
Finance Charges 18.0318326%
Charged-Off Accounts 18.0318326%
Principal Receivables 18.0318326%
Class B Percentage with respect to...
Finance Charges 0.9991253%
Charged-Off Accounts 0.9991253%
Principal Receivables 0.9991253%
Seller Percentage with respect to ...
Finance Charges 38.1493868%
Charged-Off Accounts 38.1493868%
Principal Receivables 33.3916473%
2. Allocation of Funds in Collection Account
Class A Available Finance Charge Collections 5,082,990.57
Class A Monthly Cap Interest Payable to Class A Certificateholders
(See "Calculation of Certificate Interest" #3) 2,016,795.02
Unpaid Class A Monthly Cap Interest 0.00
Class A Monthly Servicing Fee
(See "Calculation of Monthly Servicing Fee" #6) 631,666.67
Unpaid Class A Monthly Servicing Fee 0.00
Class A Investor Default Amount 1,687,419.66
Unreimbursed Class A Investor Charge-offs 0.00
Excess Spread from Class A Finance Charge Collections 747,109.23
Class A Required Amount 0.00
Class B Available Finance Charge Collections 281,643.28
Class B Monthly Cap Interest Payable to Class B Certificateholders
(See "Calculation of Certificate Interest" #3) 114,723.54
Unpaid Class B Monthly Cap Interest 0.00
Class B Monthly Servicing Fee
(See "Calculation of Monthly Servicing Fee" #6) 35,000.00
Unpaid Class B Monthly Servicing Fee 0.00
Class B Investor Default Amount 93,498.19
Unreimbursed Class B Investor Charge-offs 0.00
Excess Spread from Class B Finance Charge Collections 38,421.55
Class B Required Amount 0.00
Total Excess Spread 785,530.78
Excess Spread 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 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 785,530.78
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) 0.00
Remaining Excess Servicing (percentage of Investor Interest) 0.00%
Class A Investor Certificate Interest Shortfall (Deficiency Amounts) 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 38,189,361.43
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) 39,970,279.28
(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
Class B Investor Certificate Interest Shortfall (Deficiency Amounts) 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 2,016,795.02
Total Distribution to Class A Investors per $1,000 Invested 5.32
Total Distribution to Class B Investors 114,723.54
Total Distribution to Class B Investors per $1,000 Invested 5.46
3. Calculation of Certificate Interest
Class A Certificate Rate 5.63438%
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 2,016,795.02
Expected Class A Principal 379,000,000.00
This Month Class A Cap Shortfall 0.00
Class A Excess Interest 0.00
Total Class A Interest Distributable to Class A
Certificateholders 2,016,795.02
Total Class A Interest Distributable per $1,000 of Class A
Original Investment 5.32
Class B Certificate Rate 5.78438%
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 114,723.54
Expected Class B Principal 21,000,000.00
This Month Class B Cap Shortfall 0.00
Class B Excess Interest 0.00
Total Class B Interest Distributable to Class B
Certificateholders 114,723.54
Total Class B Interest Distributable per $1,000 of Class B
Original Investment 5.46
Total Certificate Interest Distributable to
Certificateholders 2,131,518.56
Total Certificate Interest Distributable per $1,000 of
Original Investment 5.33
4. Calculation of Monthly Principal
Beginning Investor Interest 400,000,000.00
Beginning Class A Interest 379,000,000.00
Class A Available Principal Collections 36,184,419.96
Class A Monthly Unreimbursed Charge-Offs 0.00
Total Class A Monthly Principal 37,871,839.61
Class A Monthly Principal Reinvested in Receivables 37,871,839.61
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 21,000,000.00
Class B Available Principal Collections 2,004,941.48
Class B Monthly Unreimbursed Charge-Offs 0.00
Total Class B Monthly Principal 2,098,439.66
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 2,098,439.66
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 379,000,000.00
Ending Class B Interest 21,000,000.00
5. Calculation of Pool Factor
Pool Factor
(Ending Certificate Balance divided by Initial Principal
Amount to 7 decimal places) 1.000000
6. Calculation of Monthly Servicing Fee
Series Servicing Fee Percentage 2.00%
Beginning Class A Investor Interest 379,000,000.00
Beginning Class B Investor Interest 21,000,000.00
Beginning Investor Interest 400,000,000.00
Class A Monthly Servicing Fee 631,666.67
Class B Monthly Servicing Fee 35,000.00
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 785,530.78
Cash Collateral Account Deposits 0.00
Reinvestment Income Received on Cash Collateral Account 54,702.08
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 109,576,523.25
Percent Dollars 5.21%
Number of Accts 38,119
Percent Number of Accts 2.82%
31-60 days past due Dollars 28,827,304.18
Percent Dollars 1.37%
Number of Accts 9,793
Percent Number of Accts 0.73%
61-90 days past due Dollars 19,836,606.96
Percent Dollars 0.94%
Number of Accts 6,114
Percent Number of Accts 0.45%
91-120 days past due Dollars 15,848,698.43
Percent Dollars 0.75%
Number of Accts 4,618
Percent Number of Accts 0.34%
121-150 days past due Dollars 13,024,029.12
Percent Dollars 0.62%
Number of Accts 3,682
Percent Number of Accts 0.27%
151-180 days past due Dollars 10,532,816.22
Percent Dollars 0.50%
Number of Accts 2,867
Percent Number of Accts 0.21%
181 + days past due Dollars 15,329,863.15
Percent Dollars 0.73%
Number of Accts 4,215
Percent Number of Accts 0.31%
9. Base Rate Calculation
Base Rate 7.64%
Portfolio Yield (net of losses) 10.75%
Excess of Portfolio Yield over Base Rate 3.11%
10. Number of Accounts in the Trust
Number of Additional Accounts 0
Number of Removed Accounts 0
Number of Automatic Additonal Accounts 917
Ending Number of Accounts 1,350,621
