<PAGE>
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): September 15, 1999
Charming Shoppes Master Trust
(Issuer and Co-Registrant)
Charming Shoppes Receivables Corp.
(Exact Name of Registrant as Specified in its Charter)
Delaware
(State or Other Jurisdiction of Incorporation)
333-71757 51-0383871
(Commission File Number) (I.R.S. Employer
Identification No.)
3411 Silverside Road, Wilmington, Delaware 19810
(Address of Principal Executive Offices) (Zip Code)
(302) 479-5510
(Registrant's Telephone Number, Including Area Code)
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
<PAGE>
Item 5. Other Events.
The Registrants are filing the Monthly Payment Instructions and
Notification to the Trustee and Monthly Certificateholders' Statement.
Item 7. Financial Statements and Exhibits.
(c) Exhibits.
A list of exhibits filed herewith is contained in the Index to
Exhibits hereto, which is incorporated herein by reference.
<PAGE>
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.
CHARMING SHOPPES RECEIVABLES CORP.
----------------------------------
(Registrant)
Dated: September 15, 1999 By: /s/ Kirk R. Simme, VP
----------------------
Name: Kirk R. Simme
Title: Vice President
SPIRIT OF AMERICA, INC., as Servicer
on behalf of Charming Shoppes Master Trust
------------------------------------------
(Co-Registrant)
Dated: September 15, 1999 By: /s/ Kirk R. Simme, VP
----------------------
Name: Kirk R. Simme
Title: Vice President
<PAGE>
INDEX TO EXHIBITS
Exhibit
No. Document Description
- ------- --------------------
20.1 Monthly Payment Instructions and Notification to the Trustee
and Monthly Certificateholders' Statement, dated as of September
15, 1999.
EXHIBIT 20.1
<TABLE>
<CAPTION>
SPIRIT OF AMERICA, INC.
CHARMING SHOPPES MASTER TRUST
Series 1999 - 1 (Exhibit B)
Monthly Servicer Payment Instructions
and Notification to the Trustee
The undersigned, a duly authorized representative of SPIRIT OF
AMERICA, INC. ("Spirit"), as Servicer pursuant to the Second Amended and
Restated Pooling and Servicing Agreement dated as of November 25, 1997
(the "Pooling and Servicing Agreement") by and among Charming Shoppes
Receivables Corp., as Seller, Spirit and First Union National Bank, as
trustee (the "Trustee"), does hereby certify as follows:
A) Capitalized terms used in this notice have
their respective meanings set forth in the Pooling
and Servicing Agreement; provided, that the "preceding
Due Period" shall mean the Due Period immediately
preceding the calendar month in which this notice is
delivered. References herein to certain sections
and subsections are references to the respective
sections and subsections of the Pooling and Servicing
Agreement. This notice is delivered pursuant to
Section 4.9 of the Pooling and Servicing Agreement.
B) Spirit is the Servicer under the Pooling and
Servicing Agreement.
C) The undersigned is a Servicing Officer.
D) The date of this notice is a Determination
Date under the Pooling and Servicing Agreement.
<S> <C>
I. INSTRUCTION TO MAKE A WITHDRAWAL
The Servicer does hereby instruct the Trustee
(i) to make a withdrawal from the Collection Account, the Principal
Funding Account and the Series Excess Funding Reserve Account as of this
Distribution Date, under the Pooling and Servicing Agreement, in an
aggregate amount as set forth below in respect of the following amounts
and, (ii) to apply the proceeds of such withdrawal in
accordance with Section 3 of the Series 1999-1 Supplement, as applicable
and Section 4.9 of the Pooling and Servicing Agreement, as
applicable:
A) Pursuant to subsection 4.9(a)(i):
(1) Class A Monthly Interest at the Class A Certificate
Rate on the Class A Investor Interest $852,267.58
Rate on the Investor Interest ......
(2) Class A Deficiency Amount: $0.00
(3) Class A Additional Interest: $0.00
B) Pursuant to subsection 4.9(a)(ii):
(1) The Class A Servicing Fee $295,806.45
(2) Accrued and unpaid Class A Servicing Fee $0.00
C) Pursuant to subsection 4.9(a)(iii):
(1) The Class A Investor Loss Amount $867,964.29
D) Pursuant to subsection 4.9(a)(iv):
(1) The Class A Investor Dilution Amount $0.00
E) Pursuant to subsection 4.9(a)(v):
(1) Portion of Excess Spread from Class A Available Funds to $2,370,369.97
be allocated and distributed as provided in Section 4.11
F) Pursuant to subsection 4.9(b)(i):
(1) Class B Monthly Interest at the Class B Certificate Rate $244,523.44
on the Class B Investor Interest
(2) Class B Deficiency Amount $0.00
(3) Class B Additional Interest $0.00
G) Pursuant to subsection 4.9(b)(ii):
(1) The Class B Servicing Fee $81,290.32
(2) Accrued and unpaid Class B Servicing Fee $0.00
H) Pursuant to subsection 4.9(b)(iii):
(1) Portion of Excess Spread from Class B Available Funds
to be allocated and distributed as provided in Section 4.11 $238,524.54
I) Pursuant to subsection 4.9(c)(i):
(1) The Class C Servicing Fee $27,096.77
(2) Accrued and unpaid Class C Servicing Fee, if applicable $0.00
J) Pursuant to subsection 4.9(c)(ii):
(1) Portion of Excess Spread from Class C Available Funds to $217,133.13
be allocated and distributed as provided in Section 4.11
K) Pursuant to subsection 4.9(d)(i):
(1) The Class D Servicing Fee $47,419.35
(2) Accrued and unpaid Class D Servicing Fee, if applicable $0.00
L) Pursuant to subsection 4.9(d)(ii):
(1) Portion of Excess Spread from Class D Available Funds to $379,982.97
be allocated and distributed as provided in Section 4.11
TOTAL $5,622,378.81
M) Pursuant to subsection 4.9(e)(i):
(1) Amount to be applied pursuant to Class D Purchase Agreement $0.00
N) Pursuant to subsection 4.9(e)(ii):
(1) Amount to be treated as Shared Excess Principal Collections $0.00
O) Pursuant to subsection 4.9(e)(iii):
(1) Amount to be paid to the Holder of the Exchangeable $0.00
Sellers' Certificate
P) Pursuant to subsection 4.9(f)(i):
(1) Class A Monthly Principal $0.00
Q) Pursuant to subsection 4.9(f)(ii):
(1) Class B Monthly Principal $0.00
R) Pursuant to subsection 4.9(f)(iii):
(1) Class C Monthly Principal to be applied in accordance $0.00
with the Class D Purchase Agreement
S) Pursuant to subsection 4.9(f)(iv):
(1) Class D-1 Monthly Principal $0.00
(2) Class D-2 Monthly Principal $0.00
T) Pursuant to subsection 4.9(f)(v):
(1) Amount to be applied pursuant with the Class D Purchase $0.00
Agreement
U) Pursuant to subsection 4.9(f)(vi):
(1) Amount to be treated as Shared Excess Principal Collections $0.00
V) Pursuant to subsection 4.9(f)(vii):
(1) Amount to be paid to the holder of the Exchangeable $0.00
Sellers' Certificate
Total $0.00
II. INSTRUCTION TO MAKE CERTAIN PAYMENTS
Pursuant to Section 4.9, the Servicer does hereby instruct the Trustee
to pay in accordance with Section 5.1 from the Collection Account
as of this Distribution Date under the Pooling and Servicing Agreement,
under the Pooling and Servicing Agreement:
1. Amount to be distributed to Class A Certificateholders $0.00
2. Amount to be distributed to Class B Certificateholders $0.00
3. Amount to be distributed to Class D-1 Certificateholders $0.00
4. Amount to be distributed to Class D-2 Certificateholders $0.00
III. APPLICATION OF EXCESS SPREAD
Pursuant to Section 4.11, the Servicer does hereby instruct the Trustee
to apply the Excess Spread with respect to the related Due Period and to
make the following priority:
A. The amount equal to the Class A Required Amount, if any, $0.00
which will be used to fund the Class A Required Amount
and be applied in accordance with, and in the priority
set forth in subsection 4.9(a)
B. The amount equal to the aggregate amount of Class A $0.00
Investor Charge-offs which have not been previously
reimbursed (after giving effect to the allocation on
such Distribution Date of certain other amounts applied
for that purpose) which will be treated as a portion of
Investor Principal Collections
C. The amount equal to the Class B Required Amount, if any, $0.00
which will be used to fund the Class B Required Amount
and be applied in accordance with, and in the priority
set forth in subsection 4.9(b) and then in accordance with,
and in the priority set forth in, subsection 4.11(c)(II)
D. The amount equal to the aggregate amount by which the Class B $0.00
Investor Interest has been reduced below the initial Class B
Series Investor Interest for reasons other than payment of
principal to the Class B Certificateholders (but not in excess
of the aggregate amount of such reductions which have not been
previously reimbursed) which will be treated as a portion of
Investor Principal Collections
E. The amount equal to the aggregate amount of accrued but unpaid $0.00
Class C Servicing Fees (after giving effect to the application
of Class C Available Funds thereto pursuant to Section 4.9)
F. The amount equal to the Class C Monthly Interest plus the amount $0.00
of any past due Class C Monthly Interest which will be paid to
the Class C Holder for application in accordance with the Class C
Purchase Agreement
G. The amount equal to the Class C Investor Loss Amount, if any, $0.00
for the prior Due Period which will be treated as a portion of
Available Principal Collections
H. The amount equal to the Class C Investor Dilution Amount, if any,
for the prior Due Period which will be treated as a portion of
Available Principal Collections
I. The amount equal to the aggregate amount by which the Class C $0.00
Investor Interest has been reduced below the initial Class C
Investor Interest for reasons other than payment of
principal to the Class C Investor Holder (but not in excess
of the unreimbursed amount of such reductions) which will be
treated as a portion of Available Principal Collections
J. The amount equal to the aggregate amount of any other $0.00
amounts then due to the Class C Certificateholders out of
Excess Spread and Shared Excess Finance Charge Collections
allocated to Series 1999 - 1 to be distributed to the Class C
Certificateholders for application in accordance with the
Class C Purchase Agreement
K. The amount equal to the aggregate amount of accrued but unpaid $0.00
Class D Servicing Fees which will be paid to the Servicer
(after giving effect to the application of Class D Available
Funds thereto pursuant to Section 4.9)
L. The amount equal to the Class D-1 Monthly Interest plus the amount $0.00
of any past due Class D-1 Monthly Interest which will be paid to
the Class D-1 Certificateholders
L. The amount equal to the Class D-1 Monthly Interest plus the amount $0.00
of any past due Class D-1 Deficiency Amount which will be paid to
the Class D-1 Holder for application in accordance with the
Class D Purchase Agreement
M. The amount equal to the Class D-2 Monthly Interest plus the amount $0.00
of any past due Class D-2 Deficiency Amount which will be paid to
the Class D-2 Holder for application in accordance with the
Class D Purchase Agreement
N. The amount equal to the Class D Investor Loss Amount, if any, $0.00
for the prior Due Period which will be treated as a portion of
Available Principal Collections
O. The amount equal to the Class D Investor Dilution Amount, if any, $0.00
for the prior Due Period which will be treated as a portion of
Available Principal Collections
P. The amount equal to the aggregate amount by which the Class D $0.00
Investor Interest has been reduced below the initial Class D
Investor Interest for reasons other than payment of
principal to the Class D Certificateholder (but not in excess
of the unreimbursed amount of such reductions) which will be
treated as a portion of Available Principal Collections
Available Principal Collections
Q. The balance, if any, after giving effect to the payments made $0.00
pursuant to subparagraphs (A) through (P) above to be applied
as Shared Excess Finance Charge Collections for such
Distribution Date
IV. REALLOCATED PRINCIPAL COLLECTIONS
Pursuant to Section 4.12, the Servicer does hereby instruct the Trustee
to withdraw from the Collection Account and apply Reallocated Principal
Collections pursuant to Section 4.12 with respect to the related
Due Period in the following amounts:
A. Reallocated Class D Principal Collections $0.00
B. Reallocated Class C Principal Collections $0.00
B. Reallocated Class B Principal Collections $0.00
V. ACCRUED AND UNPAID AMOUNTS
After giving effect to the withdrawals and transfers
to be made in accordance with this notice, the following
amounts will be accrued and unpaid with respect to all Due
Periods preceding the current calendar month:
A. Subsection 4.9(a)(i) and (b)(i):
(1) The aggregate amount of the Class A Deficiency Amount $0.00
(2) The aggregate amount of the Class B Deficiency Amount $0.00
B. Subsection 4.9(a)(ii) and (b)(ii):
(1) The aggregate amount of the Class A accrued and unpaid $0.00
Monthly Servicing Fee
(2) The aggregate amount of the Class B accrued and unpaid $0.00
Monthly Servicing Fee
C. Section 4.10:
(1) the aggregate amount of all unreimbursed Class A Investor $0.00
Charge-Offs
(2) the aggregate amount of all unreimbursed Class B Investor $0.00
Charge-Offs
(3) the aggregate amount of all unreimbursed Class C Investor $0.00
Charge-Offs
(4) the aggregate amount of all unreimbursed Class D-1 Investor $0.00
Charge-Offs
(5) the aggregate amount of all unreimbursed Class D-2 Investor $0.00
Charge-Offs
</TABLE>
SPIRIT OF AMERICA, INC.
By: \s\ Kirk R. Simme, VP
---------------------------
Kirk R. Simme
Vice President
<TABLE>
<CAPTION>
SPIRIT OF AMERICA, INC.
CHARMING SHOPPES MASTER TRUST
Series 1999-1 - (Exhibit C)
SERVICER REPORT
Monthly Certificateholders' Statement:
Under Section 5.2 of the Series 1999-1 Supplement dated as July 22, 1999,
(the "Series 1999-1 Supplement", and together with the Second Amended and
Restated Pooling and Servicing Agreement dated as of November 25, 1997, the
Pooling and Servicing Agreement) by and among Charming Shoppes Receivable
Corp., as Seller, Spirit of America, Inc. ("Spirit"), as Servicer, and
First Union National Bank, as Trustee, Spirit, as Servicer, is required to
prepare certain information each month regarding current distributions to
Series 1999-1 Certificateholders and the performances of the Charming Shoppes
Master Trust (the "Trust") during the previous month.
The information which is required to be prepared with respect to the
Distribution Date stated below, and with respect to the performance of the
Trust during the preceding Due Period is set forth below. Certain of the
information is presented on the basis of an original principal amount of
$1,000 per Series 1999-1 Certificate (a "Certificate"). Certain other infor-
mation is presented based on the aggregate amounts for the Trust as a whole.
Capitalized terms used in this Statement have their respective meanings set
forth in the Pooling and Servicing Agreement.
<S> <C>
Initial Closing Date: 15-Sep-99
A. Information Regarding the Current Monthly Distribution (Stated on the
Basis of $1,000 Original Certificate Principal Amount)
1. Total amount of the current monthly distribution in respect of
Class A Monthly Principal: $0.00
2. Total amount of the current monthly distribution in respect of
Class B Monthly Principal: $0.00
3. Total amount of the current monthly distribution in respect of
Class C Monthly Principal: $0.00
4. Total amount of the current monthly distribution in respect of
Class D-1 Monthly Principal: $0.00
5. Total amount of the current monthly distribution in respect of
Class D-2 Monthly Principal: $0.00
6. Total amount of the current monthly distribution in respect of
Class A Monthly Interest: $852,267.58
7. Total amount of the current monthly distribution in respect of
Class A Deficiency Amounts: $0.00
8. Total amount of the current monthly distribution in respect of
Class A Additional Interest: $0.00
9. Total amount of the current monthly distribution in respect of
Class B Monthly Interest: $244,523.44
10. Total amount of the current monthly distribution in respect of
Class B Deficiency Amounts: $0.00
11. Total amount of the current monthly distribution in respect of
Class B Additional Interest: $0.00
12. Total amount of the current monthly distribution in respect of
Class C Monthly Interest: $89,070.31
13. Total amount of the current monthly distribution in respect of
any accrued and unpaid Class C Deficiency Amounts: $0.00
14. Total amount of the current monthly distribution in respect of
Class D-1 Monthly Interest: $86,959.96
15. Total amount of the current monthly distribution in respect of
accrued and unpaid Class D-1 Deficiency Amounts: $0.00
16. Total amount of the current monthly distribution in respect of
Class D-2 Monthly Interest: $89,967.77
17. Total amount of the current monthly distribution in respect of
accrued and unpaid Class D-2 Deficiency Amounts: $0.00
B. Information Regarding the Performance of the Trust:
1. Collections of Principal Receivables
(a) The Aggregate amount of Collections of Principal Receivables
processed during the related Due Period and allocated in
respect of the Class A Certificates. $0.00
(b) The Aggregate amount of Collections of Principal Receivables
processed during the related Due Period and allocated in
respect of the Class B Certificates. $0.00
(c) The Aggregate amount of Collections of Principal Receivables
processed during the related Due Period and allocated in
respect of the Class C Certificates. $0.00
(d) The Aggregate amount of Collections of Principal Receivables
processed during the related Due Period and allocated in
respect of the Class D Certificates. $0.00
2. Principal Receivables in the Trust
(a) The aggregate amount of Principal Receivables in the Trust
as of the end of the day on the last day of the preceding
Due Period: $270,375,066.59
(b) The Excess Funding Amount (the aggregate amount on deposit
in the Excess Funding Account) as of the end of the last day
of the preceding Due Period: $0.00
(c) The Series Investor Interest in the Trust as of
as of the last day of the preceding Due Period: 150,000,000.00
(d) The Floating Allocation Percentage with respect to the 55.4785%
related Due Period:
(e) The Class A Floating Allocation with respect to the 65.5000%
related Due Period:
(f) The Class B Floating Allocation with respect to the 18.0000%
related Due Period:
(g) The Class C Floating Allocation with respect to the 60.0000%
related Due Period:
(h) The Class D Floating Allocation with respect to the 10.5000%
related Due Period:
(i) The Class D-1 Floating Allocation with respect to the 5.2500%
related Due Period:
(j) The Class D-2 Floating Allocation with respect to the 5.2500%
related Due Period:
(k) The Principal Allocation Percentage with respect to the
related Due Period: 0.0000%
(l) The Class A Fixed Allocation with respect to the related
Due Period: 0.0000%
(m) The Class B Fixed Allocation with respect to the related
Due Period: 0.0000%
(n) The Class C Fixed Allocation with respect to the related
Due Period: 0.0000%
(o) The Class D Fixed Allocation with respect to the related
Due Period: 0.0000%
(p) The Class D-1 Fixed Allocation with respect to the related
Due Period: 0.0000%
(q) The Class D-2 Fixed Allocation with respect to the related
Due Period: 0.0000%
3. Delinquent Balances
The aggregate amount of outstanding balances in the Accounts which were
delinquent as of the last day of the current Due Period
a. 30 to 59 days delinquent $12,749,747.92
b. 60 to 89 days delinquent $6,180,553.52
c. 90 to 119 days delinquent $4,401,952.18
d. 120 Days or more delinquent $3,817,936.57
4. Investor Loss Amount
(a) The Investor Loss Amount for the related Due Period: $1,325,136.32
(b) The Class A Investor Loss Amount for the related Due Period: $867,964.29
(c) The Class B Investor Loss Amount for the related Due Period: $238,524.54
(d) The Class C Investor Loss Amount for the related Due Period: $79,508.18
(e) The Class D-1 Investor Loss Amount for the related Due Period: $69,569.66
(f) The Class D-2 Investor Loss Amount for the related Due Period: $69,569.66
5. Series 1999-1 Dilution Amount
(a) The Series 1999-1 Dilution Amount for the related Due Period: $897,924.62
(b) The Class A Investor Dilution Amount for the related Due Period: $588,140.63
(c) The Class B Investor Dilution Amount for the related Due Period: $161,626.43
(d) The Class C Investor Dilution Amount for the related Due Period: $53,875.48
(e) The Class D-1 Investor Dilution Amount for the related Due Period: $47,141.04
(f) The Class D-2 Investor Dilution Amount for the related Due Period: $47,141.04
(g) The Series Unfunded Dilution Amount for the related Due Period: $0.00
6. Investor Charge Offs
(a) The aggregate amount of Class A Investor Charge offs for
the related Due Period: $0.00
(b) The aggregate amount of Class A Investor Charge offs set
forth in 6(a) above per $1,000 of original certificate principal
amount: $0.00
(c) The aggregate amount of Class B Investor Charge offs for
the related Due Period: $0.00
(d) The aggregate amount of Class B Investor Charge offs set
forth in 6(c) above per $1,000 of original certificate principal
amount: $0.00
(e) The aggregate amount of Class C Investor Charge offs for
the related Due Period: $0.00
(f) The aggregate amount of Class C Investor Charge offs set
forth in 6(e) above per $1,000 of original certificate principal
amount: $0.00
(g) The aggregate amount of Class D-1 Investor Charge offs for
the related Due Period: $0.00
(h) The aggregate amount of Class D-1 Investor Charge offs set
forth in 6(g) above per $1,000 of original certificate principal
amount: $0.00
(i) The aggregate amount of Class D-2 Investor Charge offs for
the related Due Period: $0.00
(j) The aggregate amount of Class D-2 Investor Charge offs set
forth in 6(i) above per $1,000 of original certificate principal
amount: $0.00
(k) The aggregate amount of Class A Investor Charge offs
reimbursed on this Distribution Date: $0.00
(l) The aggregate amount of Class A Investor Charge offs set
forth in 6(k) above per $1,000 of original certificate principal
amount reimbursed on this Distribution Date: $0.00
(m) The aggregate amount of Class B Investor Charge offs
reimbursed on this Distribution Date: $0.00
(n) The aggregate amount of Class B Investor Charge offs set
forth in 6(m) above per $1,000 of original certificate principal
amount reimbursed on this Distribution Date: $0.00
(o) The aggregate amount of Class C Investor Charge offs
reimbursed on this Distribution Date: $0.00
(p) The aggregate amount of Class C Investor Charge offs set
forth in 6(o) above per $1,000 of original certificate principal
amount reimbursed on this Distribution Date: $0.00
(q) The aggregate amount of Class D-1 Investor Charge offs
reimbursed on this Distribution Date: $0.00
(r) The aggregate amount of Class D-1 Investor Charge offs set
forth in 6(q) above per $1,000 of original certificate principal
amount reimbursed on this Distribution Date: $0.00
(s) The aggregate amount of Class D-2 Investor Charge offs
reimbursed on this Distribution Date: $0.00
(t) The aggregate amount of Class D-2 Investor Charge offs set
forth in 6(s) above per $1,000 of original certificate principal
amount reimbursed on this Distribution Date: $0.00
7. Series 1999-1 Investor Monthly Servicing Fee
(a) The amount of the Class A Servicing Fee payable by the Trust
to the Servicer for the related Due Period: $295,806.45
(b) The amount of the Class B Servicing Fee payable by the Trust
to the Servicer for the related Due Period: $81,290.32
(c) The amount of the Class C Servicing Fee payable by the Trust
to the Servicer for the related Due Period: $27,096.77
(d) The amount of the Class D Servicing Fee payable by the Trust
to the Servicer for the related Due Period: $47,419.35
8. Reallocations
(a) The amount of Reallocated Class D-2 Principal Collections
with respect to this Distribution Date: $0.00
(b) The amount of Reallocated Class D-1 Principal Collections
with respect to this Distribution Date: $0.00
(c) The amount of Reallocated Class C Principal Collections
with respect to this Distribution Date: $0.00
(d) The amount of Reallocated Class B Principal Collections
with respect to this Distribution Date: $0.00
(e) The Class D-2 Investor Interest as of the close of business on this
Distribution Date: $0.00
(f) The Class D-1 Investor Interest as of the close of business on this
Distribution Date: $0.00
(g) The Class C Investor Interest as of the close of business on this
Distribution Date: $0.00
(h) The Class B Investor Interest as of the close of business on this
Distribution Date: $0.00
(i) The Class A Investor Interest as of the close of business on this
Distribution Date: $0.00
9. Collections of Finance Charge Receivables
(a) The aggregate amount of Collections of Finance Charge
Receivables received during the related Due Period which were
allocated in respect of the Class A Certificates: $2,370,369.97
(b) The aggregate amount of Collections of Finance Charge
Receivables received during the related Due Period which were
allocated in respect of the Class B Certificates: $651,399.38
(c) The aggregate amount of Collections of Finance Charge
Receivables received during the related Due Period which were
allocated in respect of the Class C Certificates: $217,133.13
(d) The aggregate amount of Collections of Finance Charge
Receivables received during the related Due Period which were
allocated in respect of the Class D Certificates: $379,982.97
10. Available Funds
(a) The Amount of Class A Available Funds on deposit in the
Collections Account on this Distribution Date: $2,370,369.97
(b) The Amount of Class B Available Funds on deposit in the
Collections Account on this Distribution Date: $651,399.38
(c) The Amount of Class C Available Funds on deposit in the
Collections Account on this Distribution Date: $217,133.13
(d) The Amount of Class D Available Funds on deposit in the
Collections Account on this Distribution Date: $379,982.97
11. Portfolio Yield
The Portfolio Yield for the related Due Period: 18.6049%
12. Shared Principal Collections
(a) The Cumulative Principal Shortfall with respect to such
Distribution Date: $0.00
(b) Shared Principal Collections allocable to Certificates
on such Distribution Date: $0.00
13. Shared Excess Finance Charge Collections
(a) The Finance Charge Shortfall with respect to such
Distribution Date: $0.00
(b) The Shared Excess Finance Charge Collections allocable
to the Certificates on such Distribution Date: $0.00
C. Floating-Rate Determination
1. LIBOR for the Interest Period ending on this Distribution Date: 5.2688%
2. Excess of Portfolio Yield over Base Rate: 10.5775%
The amount by which the Portfolio Yield for the prior Due Period
exceeds the Base Rate for such Due Period
D. Recap of Initial Invested Amounts:
Class A Initial Invested Amount as of this Settlement $98,250,000.00
Class B Initial Invested Amount as of this Settlement $27,000,000.00
Class C Initial Invested Amount as of this Settlement $9,000,000.00
Class D-1 Initial Invested Amount as of this Settlement $7,875,000.00
Class D-2 Initial Invested Amount as of this Settlement $7,875,000.00
</TABLE>
SPIRIT OF AMERICA, INC.
By: \s\ Kirk R. Simme, VP
---------------------------
Kirk R. Simme
Vice President
