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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report: December 16, 1996
CIRCUIT CITY CREDIT CARD MASTER TRUST
(Exact name of registrant as specified in its charter)
United States 0-26172 58-1897792
(State or other (Commission (IRS Employer
jurisdiction File No.) Identification No.)
of incorporation)
1800 Parkway Place, Marietta, Georgia 30067
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: 770-423-7900
Item 5. Other Events.
The registrant distributed the Certificateholders Statement for
the month of November 1996 to the Series 1994-2 Certificateholders
on December 16, 1996.
The registrant distributed the Certificateholders Statement for
the month of November 1996 to the Series 1995-1 Certificateholders
on December 16, 1996.
The registrant distributed the Certificateholders Statement for
the month of November 1996 to the Series 1996-1 Certificateholders
on December 16, 1996.
- 1 -
Item 7(c). Exhibits.
The following is filed as an exhibit to this report under Exhibit
28:
99.1 Series 1994-2 Certificateholders Statement for the month of
November 1996.
99.2 Series 1995-1 Certificateholders Statement for the month of
November 1996.
99.3 Series 1996-1 Certificateholders Statement for the month of
November 1996.
Signature
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.
CIRCUIT CITY CREDIT CARD
MASTER TRUST
By: FIRST NORTH AMERICAN
NATIONAL BANK, as
Transferor and Servicer
By: /s/ Michael T. Chalifoux
Michael T. Chalifoux
Chairman of the Board
and President
Date: December 16, 1996
-2-
INDEX TO EXHIBITS
Exhibit
Number Exhibit
99.1 Series 1994-2 Certificateholders Statement for the
month of November 1996.
99.2 Series 1995-1 Certificateholders Statement for the
month of November 1996.
99.3 Series 1996-1 Certificateholders Statement for the
month of November 1996.
FORM OF MONTHLY CERTIFICATEHOLDER'S STATEMENT
FIRST NORTH AMERICAN NATIONAL BANK
- --------------------------------------------------------------------------------
CIRCUIT CITY CREDIT CARD MASTER TRUST
SERIES 1994-2
- --------------------------------------------------------------------------------
Pursuant to the Master Pooling and Servicing Agreement dated as of October
4,1994 (as amended or supplemented, the "Pooling and Servicing Agreement"), as
supplemented by the Series 1994-2 Supplement, dated as of November 17, 1994 (the
"Supplement" and, together with the Pooling and Servicing Agreement, the
"Agreement"), each between First North American National Bank, as Transferor and
Servicer, and Bankers Trust Company, as Trustee, the Servicer is required to
prepare certain information each month regarding distributions to
Certificateholders and the performance of the Trust. The information with
respect to the applicable Distribution Date and Due Period is set forth below:
<TABLE>
<S> <C>
Due Period Ending NOVEMBER 30, 1996
Determination Date December 9, 1996
Distribution Date December 16, 1996
------
Class A Accumulation Period ("Y" or "N")? N
------
------
Class B Accumulation Period ("Y" or "N")? N
------
------
Early Amortization Period ("Y" or "N")? N
------
------
Class B Investor Amount paid in full ("Y" or "N")? N
------
MASTER TRUST INFORMATION
Receivables
1. The aggregate amount of Eligible Receivables as of the end of
the last day of the relevant Due Period $ 1,036,785,196.91
2. The aggregate amount of Principal Receivables as of the end
of the last day of the relevant Due Period $ 1,014,371,578.98
3. The aggregate amount of Finance Charge Receivables as of
the end of the last day of the relevant Due Period $ 22,413,617.93
4. The aggregate amount of Discount Option Receivables as of
---------------------------
the last day of the relevant Due Period $ 0.00
---------------------------
5. The Transferor Amount as of the end of the last day of the
relevant Due Period $ 34,371,578.98
6. The minimum Transferor Amount as of the end of the last
day of the relevant Due Period $ 37,677,345.54
7. The Excess Funding Account Balance as of the end of the
last day of the relevant Due Period $ 0.00
8. The aggregate principal balance of Receivables determined to be
Receivables of Defaulted Accounts for the relevant Due Period $ 7,226,902.99
9. The aggregate amount of Recoveries for the relevant Due Period $ 909,701.67
10. The Default Amount for the relevant Due Period 6,317,201.32
6,317,201.32
Collections
11. The aggregate amount of Collections of Principal Receivables
for the relevant Due Period $ 84,744,018.10
12. The aggregate amount of Collections of Finance Charge
Receivables for the relevant Due Period $ 17,096,725.90
13. The aggregate amount of interest earnings (net of losses
and investment expenses) on the Excess Funding
Account for the relevant Due Period $ 0.00
14. The aggregate amount of Collections processed for the relevant
Due Period (sum of lines 9+11+12+13) $ 102,750,445.67
---------------------------
15. The average Discount Percentage for the relevant Due Period % 0.00%
---------------------------
Invested Amounts
16. The Series 1994-1 Invested Amount as of the end of the last 55,000,000
day of the relevant Due Period $ 55,000,000
17. The Series 1994-2 Invested Amounts as of the end of the last
day of the relevant Due Period
a. Class A $ 308,000,000
b. Class B $ 36,000,000
c. Collateral Indebtedness Interest $ 50,000,000
d. Class D $ 6,000,000
---------------------------
e. Total Invested Amount (sum of a - d) $ 400,000,000
400,000,000
18. The Series 1995-1 Invested Amounts as of the end of the last
day of the relevant Due Period
a. Class A $ 216,000,000
b. Class B $ 30,000,000
c. Collateral Indebtedness Interest $ 39,000,000
d. Class D $ 15,000,000
---------------------------
e. Total Invested Amount (sum of a - d) $ 300,000,000
300,000,000
19. The Series 1996-1 Invested Amounts as of the end of the last
day of the relevant Due Period
a. Class A $ 162,000,000
b. Class B $ 22,500,000
c. Collateral Indebtedness Interest $ 29,250,000
d. Class D $ 11,250,000
---------------------------
e. Total Invested Amount (sum of a - d) $ 225,000,000
225,000,000
20. The aggregate Invested Amount across all series of Investor
Certificates outstanding as of the end of the last day of the
relevant Due Period $ 980,000,000
980,000,000
Investor Amounts
21. The Series 1994-1 Investor Amount as of the end of the last
day of the relevant Due Period $ 55,000,000
22. The Series 1994-2 Investor Amounts as of the end of the last
day of the relevant Due Period
a. Class A $ 308,000,000
b. Class B $ 36,000,000
c. Collateral Indebtedness Interest $ 50,000,000
d. Class D $ 6,000,000
e. Total Investor Amount (sum of a - d) $ 400,000,000
400,000,000
23. The Series 1995-1 Investor Amounts as of the end of the last
day of the relevant Due Period
a. Class A $ 216,000,000
b. Class B $ 30,000,000
c. Collateral Indebtedness Interest $ 39,000,000
d. Class D $ 15,000,000
e. Total Investor Amount (sum of a - d) $ 300,000,000
300,000,000
24. The Series 1996-1 Investor Amounts as of the end of the last
day of the relevant Due Period
a. Class A $ 162,000,000
b. Class B $ 22,500,000
c. Collateral Indebtedness Interest $ 29,250,000
d. Class D $ 11,250,000
e. Total Investor Amount (sum of a - d) $ 225,000,000
225,000,000
25. The aggregate Investor Amount across all series of Investor
Certificates outstanding as of the end of the last day of the
relevant Due Period $ 980,000,000
Series 1994-2 Allocation Percentages
26. The Fixed Percentage with respect to the relevant
Due Period
a. Class A % 0.00%
b. Class B % 0.00%
c. Collateral Indebtedness Interest % 0.00%
d. Class D % 0.00%
---------------------------
e. Series 1994-2 Total 0.00%
---------------------------
27. The Floating Percentage with respect to the relevant
Due Period
a. Class A % 31.32%
b. Class B % 3.66%
c. Collateral Indebtedness Interest % 5.08%
d. Class D % 0.61%
---------------------------
e. Series 1994-2 Total 40.67%
---------------------------
Allocation of Collections
28. The Series 1994-2 allocation of Collections of Principal
Receivables for the relevant Due Period (line 25 times
line 11)
a. Class A $ 26,539,946.63
b. Class B $ 3,102,071.68
c. Collateral Indebtedness Interest $ 4,308,432.89
d. Class D $ 517,011.95
---------------------------------
e. Series 1994-2 Total $ 34,467,463.15
---------------------------------
34,467,463.15
29. The Series 1994-2 allocation of Collections of Finance
Charge Receivables for the relevant Due Period (line 25
times line 12)
a. Class A $ 5,354,315.30
b. Class B $ 625,829.06
c. Collateral Indebtedness Interest $ 869,207.03
d. Class D $ 104,304.84
---------------------------------
e. Series 1994-2 Total $ 6,953,656.24
---------------------------------
6,953,656.24
Portfolio Yield and Deliquencies
30. The Portfolio Yield for the relevant Due Period (including
Shared Excess Finance Charge Collections, if allocated)
with respect to Series 1994-2 % 13.15%
31. The 3-month average Portfolio Yield for the three most recent
Due Periods % 15.03%
32. The Base Rate for the relevant Due Period % 9.52%
33. The 3-month average Base Rate for the three most recent
Due Periods % 9.68%
34. Average Portfolio Yield less average Base Rate % 5.35%
35. The amount of Shared Excess Finance Charge Collections
allocable to Series 1994-2 with respect to any Finance Charge
Shortfall in such Series for the relevant Due Period $ 0.00
36. The aggregate outstanding balance of Receivables which were
delinquent as of the end of the relevant Due Period:
---------------------------
(a) Delinquent 31 to 60 days $ 26,132,739.15
---------------------------
(b) Delinquent 61 to 90 days $ 16,315,877.92
---------------------------
(c) Delinquent 91 days or more $ 27,792,514.88
---------------------------
Determination of Monthly Interest
37. Class A Monthly Interest:
a. Class A Monthly Interest $ 2,053,333.33
b. Funds allocated and available to pay Class A
Monthly Interest for relevant Due Period (4.3a) $ 5,354,315.30
* c. Class A Interest Shortfall (a less b) $ 0.00
d. Class A Additional Interest $ 0.00
38. Class B Monthly Interest:
a. Class B Monthly Interest $ 246,000.00
b. Funds allocated and available to pay Class B
Monthly Interest for relevant Due Period (4.3b) $ 625,829.06
* c. Class B Interest Shortfall (a less b) $ 0.00
d. Class B Additional Interest $ 0.00
39. Collateral Monthly Interest and Class D Monthly Interest:
a. Collateral/Class D Monthly Interest $ 290,538.89
b. Funds allocated and available to pay Collateral/
Class D Monthly Interest for relevant Due Period $ 973,511.87
* c. Collateral/Class D Interest Shortfall (a less b) $ 0.00
d. Collateral/Class D Additional Interest $ 0.00
Determination of Monthly Principal
40. Class A Monthly Principal (pursuant to section 4.4a):
(X).a. Fixed Allocation Percentage of Principal Receivable
Collections + Shared - Reallocted Coll. Applied $ 0.00
(Y).a. Controlled Accumulation Amount $ 0.00
b. Deficit Controlled Accumulation Amount $ 0.00
c. Controlled Deposit Amount $ 0.00
(Z).a. Class A Invested Amount $ 308,000,000.00
Class A Monthly Principal (the least of x,y,z) $ 0.00
41. Class B Monthly Principal (pursuant to section 4.4b)
(distributable only after payout of Class A)
(X).a. Fixed Allocation Percentage of Principal Receivable
Collections + Shared - Reallocted Collections
Applied - Class A Monthly Principal Applications $ 0.00
(Y).a. Controlled Accumulation Amount $ 0.00
b. Deficit Controlled Accumulation Amount $ 0.00
c. Controlled Deposit Amount $ 0.00
(Z).a. Class B Invested Amount $ 36,000,000.00
Class B Monthly Principal (the least of x,y,z) $ 0.00
42. Collateral Monthly Principal
a. pursuant to 4.4c (i) prior to occurrence of
Early Amortization or payment in full of the
Class B Investor Amount (optional) $ 0.00
b. pursuant to 4.4c (ii) prior to occurrence of
Early Amortization or payment in full of the
Class B Investor Amount $ 0.00
Available Funds
43. Class A Available Funds
a. Class A Finance Charge allocation (line 29a) $ 5,354,315.30
b. Prior to Class B Principal Commencement Date, the
amount of Principal Funding Investment Proceeds for
such prior Due Period $ 0.00
c. Any amount of Reserve Account withdrawn and
included in Class A Available Funds (section 4.14d) $ 0.00
d. Class A Available Funds (sum a-c) $ 5,354,315.30
44. Class B Available Funds
a. Class B Finance Charge allocation (line 29b) $ 625,829.06
b. On or After Class B Principal Commencement Date, the
amount of Principal Funding Investment Proceeds for
such prior Due Period $ 0.00
c. Any amount of Reserve Account withdrawn and
included in Class B Available Funds (section 4.14d) $ 0.00
d. Class B Available Funds (sum a-c) $ 625,829.06
45. Collateral Available Funds:
a. Collateral Finance Charge allocation (line 29c) $ 869,207.03
46. Class D Available Funds
a. Class D Finance Charge allocation (line 29d) $ 104,304.84
Reallocated Principal Collections
47. Class D Subordinated Principal Collections (to the extent $ 0.00
needed to fund Required Amounts)
48. Collateral Subordinated Principal Collections (to the extent $ 0.00
needed to fund Required Amounts)
49. Class B Subordinated Principal Collections (to the extent $ 0.00
needed to fund Required Amounts)
50. Total Reallocated Principal Collections $ 0.00
0.00
Investor Default Amounts
51. Class A Investor Default Amount $ 1,978,407.32
% 7.47%
52. Class B Investor Default Amount $ 231,242.41
% 7.47%
53. Collateral Investor Default Amount $ 321,170.02
% 7.47%
54. Class D Investor Default Amount $ 38,540.40
% 7.47%
55. Aggregate Investor Default Amount $ 2,569,360.16
% 7.47%
Allocable Amounts for Series 1994-2
56. The Allocable Amount for Series 1994-2 as of the end of the
relevant Due Period (Inv Default Amt + Series 94-2 Adjust Amt)
Class A $ 1,978,407.32
Class B $ 231,242.41
Class C $ 321,170.02
Class D $ 38,540.40
---------------------------
Aggregate Allocable Amount $ 2,569,360.16
Required Amounts for Series 1994-2
57. Class A Required Amount (section 4.5a)
a. Class A Monthly Interest for current Distribution
Date $ 2,053,333.33
b. Class A Monthly Interest previously due but not
paid $ 0.00
c. Class A Additional Interest for prior Due Period
or previously due but not paid $ 0.00
d. Class A Allocable Amount $ 1,978,407.32
e. Class A Servicing Fee (if FNANB is no longer
servicer) $ 0.00
f. Class A Available Funds $ 5,354,315.30
g. Class A Required Amount (sum of a-e minus f) $ 0.00
58. Class B Required Amount (section 4.5b)
a. Class B Monthly Interest for current Distribution
Date $ 246,000.00
b. Class B Monthly Interest previously due but not
paid $ 0.00
c. Class B Additional Interest for prior Due Period
or previously due but not paid $ 0.00
d. Class B Servicing Fee (if FNANB is no longer
servicer) $ 0.00
e. Class B Available Funds $ 625,829.06
f. Excess of Class B Allocable Amount over
funds available to make payments (section 4.8d) $ 0.00
g. Class B Required Amount ((sum of a-d) minus e $
plus f) 0.00
59. Collateral/Class D Required Amount (section 4.5c,d)
a. Collateral/Class D Monthly Interest for current
Distribution date $ 290,538.89
b. Collateral/Class D Monthly Interest previously
due but not paid $ 0.00
c. Collateral/Class D Additional Interest for prior
Due Period or previously due but not paid $ 0.00
d. Collateral/Class D Servicing Fee (if FNANB is
no longer servicer) $ 0.00
e. Collateral/Class D Available Funds $ 973,511.87
f. Excess of Collateral/Class D Allocable Amount
amount over funds available to make payments $ 0.00
g. Collateral/Class D Required Amount ((sum of
a-d) minus e plus f) $ 0.00
Investor Charge-Offs
60. The aggregate amount of Class A Investor Charge-Offs and the
reductions in the Class B Invested Amount, Collateral Indebtedness
Amount and Class D Invested Amount
a. Class A $ 0.00
b. Class B $ 0.00
c. Collateral Indebtedness Amount $ 0.00
d. Class D $ 0.00
61. The aggregate amount of Class B Investor Charge-Offs and the
reductions in the Collateral Indebtedness Amount and Class D
Invested Amount
a. Class B $ 0.00
b. Collateral Indebtedness Amount $ 0.00
c. Class D $ 0.00
62. The aggregate amount of Collateral Charge-Offs and the reductions
in Class D Invested Amount
a. Collateral Indebtedness Amount $ 0.00
b. Class D $ 0.00
Servicing Fee
(2% of total Invested Amount)
63. Class A Servicing Fee for the relevant Due Period $ 513,333.33
64. Class B Servicing Fee for the relevant Due Period $ 60,000.00
65. Collateral Servicing Fee for the relevant Due Period $ 83,333.33
66. Class D Servicing Fee for the relevant Due Period $ 10,000.00
Enhancement
(13% of total Invested Amount)
67. Required Enhancement Amount
a. Invested Amount as of the last day of relevant Due
Period $ 400,000,000.00
b. Required Enhancement Amount (line a times 13%) 52,000,000.00
68. Enhancement Surplus
a. Amount on Deposit in the Cash Collateral Account $ 0.00
b. Collateral Indebtedness Amount $ 50,000,000.00
c. Class D Invested Amount $ 6,000,000.00
d. Required Enhancement Amount $ 52,000,000.00
e. Enhancement Surplus ((sum of a-c)less d) $ 4,000,000.00
f. Enhancement deficiency, deposit excess Finance
Charge to Cash Collateral Account $ 0.00
Reserve Account
69. Lowest historical 3 month average Portfolio Yield less 3 month
average Base Rate (must be > 4%, or line 70 will adjust accordingly) % 5.26%
70. Reserve Account Funding Date (based on line 69) 08/15/98
71. Required Reserve Account Amount (after the Reserve Account
Funding Date, 0.5% times the Class A Investor Amount) $ 1,540,000.00
72. Available Reserve Account Amount
a. Amount of deposit in the Reserve Account on the
relevant Distribution Date $ 0.00
b. Required Reserve Account Amount (line 71) $ 1,540,000.00
c. Available Reserve Account Amount $ 0.00
Principal Funding Account
73. Principal Funding Account Balance as of prior Distribution Date $ 0.00
74. Deposit to the Principal Funding Account on the current
Distribution Date $ 0.00
75. Withdrawal from the Principal Funding Account on the Current
Distribution Date $ 0.00
76. Principal Funding Account Balance as of the current
Distribution Date $ 0.00
77. As of the date hereof, no Early Amortization Event has been
deemed to have occured during the relevant Due Period.
IN WITNESS WHEREOF, THE undersigned has duly executed
and delivered this Certificate this 16th day of December, 1996
FIRST NORTH AMERICAN NATIONAL BANK,
as Servicer
By ____/s/ Michael T. Chalifoux
Name: Michael T. Chalifoux
Title: Chairman of the Board
</TABLE>
FORM OF MONTHLY CERTIFICATEHOLDER'S STATEMENT
FIRST NORTH AMERICAN NATIONAL BANK
- -------------------------------------------------------------------------------
CIRCUIT CITY CREDIT CARD MASTER TRUST
SERIES 1995-1
- -------------------------------------------------------------------------------
Pursuant to the Master Pooling and Servicing Agreement dated as of October
4,1994 (as amended or supplemented, the "Pooling and Servicing Agreement"), as
supplemented by the Series 1995-1 Supplement, dated as of September 7, 1995 (the
"Supplement" and, together with the Pooling and Servicing Agreement, the
"Agreement"), each between First North American National Bank, as Transferor and
Servicer, and Bankers Trust Company, as Trustee, the Servicer is required to
prepare certain information each month regarding distributions to
Certificateholders and the performance of the Trust. The information with
respect to the applicable Distribution Date and Due Period is set forth below:
<TABLE>
<S> <C>
Due Period Ending NOVEMBER 30, 1996
Determination Date December 9, 1996
Distribution Date December 16, 1996
------
Class A Accumulation Period ("Y" or "N")? N
------
------
Class B Accumulation Period ("Y" or "N")? N
------
------
Early Amortization Period ("Y" or "N")? N
------
------
Class B Investor Amount paid in full ("Y" or "N")? N
------
MASTER TRUST INFORMATION
Receivables
1. The aggregate amount of Eligible Receivables as of the end of
the last day of the relevant Due Period $ 1,036,785,196.91
2. The aggregate amount of Principal Receivables as of the end
of the last day of the relevant Due Period $ 1,014,371,578.98
3. The aggregate amount of Finance Charge Receivables as of
the end of the last day of the relevant Due Period $ 22,413,617.93
4. The aggregate amount of Discount Option Receivables as of
------------------------------
the last day of the relevant Due Period $ 0.00
------------------------------
5. The Transferor Amount as of the end of the last day of the
relevant Due Period $ 34,371,578.98
6. The minimum Transferor Amount as of the end of the last
day of the relevant Due Period $ 37,677,345.54
7. The Excess Funding Account Balance as of the end of the
last day of the relevant Due Period $ 0.00
8. The aggregate principal balance of Receivables determined to be
Receivables of Defaulted Accounts for the relevant Due Period $ 7,226,902.99
9. The aggregate amount of Recoveries for the relevant Due Period $ 909,701.67
10. The Default Amount for the relevant Due Period 6,317,201.32
6,317,201.32
Collections
11. The aggregate amount of Collections of Principal Receivables
for the relevant Due Period $ 84,744,018.10
12. The aggregate amount of Collections of Finance Charge
Receivables for the relevant Due Period $ 17,096,725.90
13. The aggregate amount of interest earnings (net of losses
and investment expenses) on the Excess Funding
Account for the relevant Due Period $ 0.00
14. The aggregate amount of Collections processed for the relevant
Due Period (sum of lines 9+11+12+13) $ 102,750,445.67
------------------------------
15. The average Discount Percentage for the relevant Due Period % 0.00%
------------------------------
Invested Amounts
16. The Series 1994-1 Invested Amount as of the end of the last
------------------------------------
day of the relevant Due Period $ 55,000,000
17. The Series 1994-2 Invested Amounts as of the end of the last
day of the relevant Due Period
a. Class A $ 308,000,000.00
b. Class B $ 36,000,000.00
c. Collateral Indebtedness Interest $ 50,000,000.00
d. Class D $ 6,000,000.00
------------------------------
e. Total Invested Amount (sum of a - d) $ 400,000,000.00
400,000,000.00
18. The Series 1995-1 Invested Amounts as of the end of the last
day of the relevant Due Period
a. Class A $ 216,000,000.00
b. Class B $ 30,000,000.00
c. Collateral Indebtedness Interest $ 39,000,000.00
d. Class D $ 15,000,000.00
------------------------------
e. Total Invested Amount (sum of a - d) $ 300,000,000.00
300,000,000.00
19. The Series 1996-1 Invested Amounts as of the end of the last
day of the relevant Due Period
a. Class A $ 162,000,000.00
b. Class B $ 22,500,000.00
c. Collateral Indebtedness Interest $ 29,250,000.00
d. Class D $ 11,250,000.00
------------------------------
e. Total Invested Amount (sum of a - d) $ 225,000,000.00
225,000,000.00
20. The aggregate Invested Amount across all series of Investor
Certificates outstanding as of the end of the last day of the
relevant Due Period $ 980,000,000
980,000,000
Investor Amounts
21. The Series 1994-1 Investor Amount as of the end of the last
day of the relevant Due Period $ 55,000,000
22. The Series 1994-2 Investor Amounts as of the end of the last
day of the relevant Due Period
a. Class A $ 308,000,000.00
b. Class B $ 36,000,000.00
c. Collateral Indebtedness Interest $ 50,000,000.00
d. Class D $ 6,000,000.00
------------------------------
e. Total Investor Amount (sum of a - d) $ 400,000,000.00
400,000,000.00
23. The Series 1995-1 Investor Amounts as of the end of the last
day of the relevant Due Period
a. Class A $ 216,000,000.00
b. Class B $ 30,000,000.00
c. Collateral Indebtedness Interest $ 39,000,000.00
d. Class D $ 15,000,000.00
------------------------------
e. Total Investor Amount (sum of a - d) $ 300,000,000.00
300,000,000.00
24. The Series 1996-1 Investor Amounts as of the end of the last
day of the relevant Due Period
a. Class A $ 162,000,000.00
b. Class B $ 22,500,000.00
c. Collateral Indebtedness Interest $ 29,250,000.00
d. Class D $ 11,250,000.00
------------------------------
e. Total Investor Amount (sum of a - d) $ 225,000,000.00
225,000,000.00
25. The aggregate Investor Amount across all series of Investor
Certificates outstanding as of the end of the last day of the
relevant Due Period $ 980,000,000.00
Series 1995-1 Allocation Percentages
26. The Fixed Percentage with respect to the relevant
Due Period
a. Class A % 0.00%
b. Class B % 0.00%
c. Collateral Indebtedness Interest % 0.00%
d. Class D % 0.00%
------------------------------
e. Series 1995-1 Total 0.00%
------------------------------
27. The Floating Percentage with respect to the relevant
Due Period
a. Class A % 21.96%
b. Class B % 3.05%
c. Collateral Indebtedness Interest % 3.97%
d. Class D % 1.53%
------------------------------
e. Series 1995-1 Total 30.50%
------------------------------
Allocation of Collections
28. The Series 1995-1 allocation of Collections of Principal
Receivables for the relevant Due Period (line 27 times
line 11)
a. Class A $ 18,612,430.10
b. Class B $ 2,585,059.74
c. Collateral Indebtedness Interest $ 3,360,577.66
d. Class D $ 1,292,529.87
------------------------------------
e. Series 1995-1 Total $ 25,850,597.36
------------------------------------
25,850,597.36
29. The Series 1995-1 allocation of Collections of Finance
Charge Receivables for the relevant Due Period (line 27
times line 12)
a. Class A $ 3,754,974.36
b. Class B $ 521,524.22
c. Collateral Indebtedness Interest $ 677,981.48
d. Class D $ 260,762.11
------------------------------------
e. Series 1995-1 Total $ 5,215,242.17
------------------------------------
5,215,242.17
Portfolio Yield and Deliquencies
30. The Portfolio Yield for the relevant Due Period (including
Shared Excess Finance Charge Collections, if allocated)
with respect to Series 1995-1 % 13.15%
31. The 3-month average Portfolio Yield for the three most recent
Due Periods % 15.03%
32. The Base Rate for the relevant Due Period % 8.13%
33. The 3-month average Base Rate for the three most recent
Due Periods % 8.25%
34. Average Portfolio Yield less average Base Rate % 6.78%
35. The amount of Shared Excess Finance Charge Collections
allocable to Series 1995-1 with respect to any Finance Charge
Shortfall in such Series for the relevant Due Period $ 0.00
36. The aggregate outstanding balance of Receivables which were
delinquent as of the end of the relevant Due Period:
------------------------------
(a) Delinquent 31 to 60 days $ 26,132,739.15
------------------------------
(b) Delinquent 61 to 90 days $ 16,315,877.92
------------------------------
(c) Delinquent 91 days or more $ 27,792,514.88
------------------------------
Determination of Monthly Interest
37. Class A Monthly Interest:
a. Class A Monthly Interest $ 1,147,500.00
b. Funds allocated and available to pay Class A
Monthly Interest for relevant Due Period (4.3a) $ 3,754,974.36
* c. Class A Interest Shortfall (a less b) $ 0.00
d. Class A Additional Interest $ 0.00
38. Class B Monthly Interest:
a. Class B Monthly Interest $ 165,625.00
b. Funds allocated and available to pay Class B
Monthly Interest for relevant Due Period (4.3b) $ 521,524.22
* c. Class B Interest Shortfall (a less b) $ 0.00
d. Class B Additional Interest $ 0.00
39. Collateral Monthly Interest and Class D Monthly Interest:
a. Collateral/Class D Monthly Interest $ 271,560.00
b. Funds allocated and available to pay Collateral/
Class D Monthly Interest for relevant Due Period $ 938,743.59
* c. Collateral/Class D Interest Shortfall (a less b) $ 0.00
d. Collateral/Class D Additional Interest $ 0.00
Determination of Monthly Principal
40. Class A Monthly Principal (pursuant to section 4.4a):
(X).a. Fixed Allocation Percentage of Principal Receivable
Collections + Shared - Reallocted Coll. Applied $ 0.00
(Y).a. Controlled Accumulation Amount $ 0.00
b. Deficit Controlled Accumulation Amount $ 0.00
c. Controlled Deposit Amount $ 0.00
(Z).a. Class A Invested Amount $ 216,000,000.00
Class A Monthly Principal (the least of x,y,z) $ 0.00
41. Class B Monthly Principal (pursuant to section 4.4b)
(distributable only after payout of Class A)
(X).a. Fixed Allocation Percentage of Principal Receivable
Collections + Shared - Reallocted Collections
Applied - Class A Monthly Principal Applications $ 0.00
(Y).a. Controlled Accumulation Amount $ 0.00
b. Deficit Controlled Accumulation Amount $ 0.00
c. Controlled Deposit Amount $ 0.00
(Z).a. Class B Invested Amount $ 30,000,000.00
Class B Monthly Principal (the least of x,y,z) $ 0.00
42. Collateral Monthly Principal
a. pursuant to 4.4c (i) prior to occurrence of
Early Amortization or payment in full of the
Class B Investor Amount (optional) $ 0.00
b. pursuant to 4.4c (ii) prior to occurrence of
Early Amortization or payment in full of the
Class B Investor Amount $ 0.00
Available Funds
43. Class A Available Funds
a. Class A Finance Charge allocation (line 29a) $ 3,754,974.36
b. Prior to Class B Principal Commencement Date, the
amount of Principal Funding Investment Proceeds for
such prior Due Period $ 0.00
c. Any amount of Reserve Account withdrawn and
included in Class A Available Funds (section 4.14d) $ 0.00
d. Class A Available Funds (sum a-c) $ 3,754,974.36
44. Class B Available Funds
a. Class B Finance Charge allocation (line 29b) $ 521,524.22
b. On or After Class B Principal Commencement Date, the
amount of Principal Funding Investment Proceeds for
such prior Due Period $ 0.00
c. Any amount of Reserve Account withdrawn and
included in Class B Available Funds (section 4.14d) $ 0.00
d. Class B Available Funds (sum a-c) $ 521,524.22
45. Collateral Available Funds:
a. Collateral Finance Charge allocation (line 29c) $ 677,981.48
46. Class D Available Funds
a. Class D Finance Charge allocation (line 29d) $ 260,762.11
Reallocated Principal Collections
47. Class D Subordinated Principal Collections (to the extent $ 0.00
needed to fund Required Amounts)
48. Collateral Subordinated Principal Collections (to the extent $ 0.00
needed to fund Required Amounts)
49. Class B Subordinated Principal Collections (to the extent $ 0.00
needed to fund Required Amounts)
50. Total Reallocated Principal Collections $ 0.00
0.00
Investor Default Amounts
51. Class A Investor Default Amount $ 1,387,454.49
% 7.47%
52. Class B Investor Default Amount $ 192,702.01
% 7.47%
53. Collateral Investor Default Amount $ 250,512.62
% 7.47%
54. Class D Investor Default Amount $ 96,351.01
% 7.47%
55. Aggregate Investor Default Amount $ 1,927,020.12
% 7.47%
Allocable Amounts for Series 1995-1
56. The Allocable Amount for Series 1995-1 as of the end of the
relevant Due Period (Inv Default Amt + Series 95-1 Adjust Amt)
Class A $ 1,387,454.49
Class B $ 192,702.01
Class C $ 250,512.62
Class D $ 96,351.01
------------------------------
Aggregate Allocable Amount $ 1,927,020.12
Required Amounts for Series 1995-1
57. Class A Required Amount (section 4.5a)
a. Class A Monthly Interest for current Distribution
Date $ 1,147,500.00
b. Class A Monthly Interest previously due but not
paid $ 0.00
c. Class A Additional Interest for prior Due Period
or previously due but not paid $ 0.00
d. Class A Investor Allocable Amount $ 1,387,454.49
e. Class A Servicing Fee (if FNANB is no longer
servicer) $ 0.00
f. Class A Available Funds $ 3,754,974.36
g. Class A Required Amount (sum of a-e minus f) $ 0.00
58. Class B Required Amount (section 4.5b)
a. Class B Monthly Interest for current Distribution
Date $ 165,625.00
b. Class B Monthly Interest previously due but not
paid $ 0.00
c. Class B Additional Interest for prior Due Period
or previously due but not paid $ 0.00
d. Class B Servicing Fee (if FNANB is no longer
servicer) $ 0.00
e. Class B Available Funds $ 521,524.22
f. Excess of Class B Allocable Amount over
funds available to make payments (section 4.8d) $ 0.00
g. Class B Required Amount ((sum of a-d) minus e $
plus f) 0.00
59. Collateral/Class D Required Amount (section 4.5c,d)
a. Collateral/Class D Monthly Interest for current
Distribution date $ 271,560.00
b. Collateral/Class D Monthly Interest previously
due but not paid $ 0.00
c. Collateral/Class D Additional Interest for prior
Due Period or previously due but not paid $ 0.00
d. Collateral/Class D Servicing Fee (if FNANB is
no longer servicer) $ 0.00
e. Collateral/Class D Available Funds $ 938,743.59
f. Excess of Collateral/Class D Allocable Amount
over funds available to make payments $ 0.00
g. Collateral/Class D Required Amount ((sum of
a-d) minus e plus f) $ 0.00
Investor Charge-Offs
60. The aggregate amount of Class A Investor Charge-Offs and the
reductions in the Class B Invested Amount, Collateral Indebtedness
Amount and Class D Invested Amount
a. Class A $ 0.00
b. Class B $ 0.00
c. Collateral Indebtedness Amount $ 0.00
d. Class D $ 0.00
61. The aggregate amount of Class B Investor Charge-Offs and the
reductions in the Collateral Indebtedness Amount and Class D
Invested Amount
a. Class B $ 0.00
b. Collateral Indebtedness Amount $ 0.00
c. Class D $ 0.00
62. The aggregate amount of Collateral Charge-Offs and the reductions
in Class D Invested Amount
a. Collateral Indebtedness Amount $ 0.00
b. Class D $ 0.00
Servicing Fee
(2% of total Invested Amount)
63. Class A Servicing Fee for the relevant Due Period $ 360,000.00
64. Class B Servicing Fee for the relevant Due Period $ 50,000.00
65. Collateral Servicing Fee for the relevant Due Period $ 65,000.00
66. Class D Servicing Fee for the relevant Due Period $ 25,000.00
Enhancement
(18% of total Invested Amount)
67. Required Enhancement Amount
a. Invested Amount as of the last day of relevant Due
Period $ 300,000,000.00
b. Required Enhancement Amount (line a times 18%) 54,000,000.00
68. Enhancement Surplus
a. Amount on Deposit in the Cash Collateral Account $ 0.00
b. Collateral Indebtedness Amount $ 39,000,000.00
c. Class D Invested Amount $ 15,000,000.00
d. Required Enhancement Amount $ 54,000,000.00
e. Enhancement Surplus ((sum of a-c)less d) $ 0.00
f. Enhancement deficiency, deposit excess Finance
Charge to Cash Collateral Account $ 0.00
Reserve Account
69. Lowest historical 3 month average Portfolio Yield less 3 month
average Base Rate (must be > 3%, or line 70 will adjust accordingly) % 6.68%
70. Reserve Account Funding Date (based on line 67) 06/15/99
71. Required Reserve Account Amount (after the Reserve Account
Funding Date, 0.5% times the Class A Investor Amount) $ 1,080,000.00
72. Available Reserve Account Amount
a. Amount of deposit in the Reserve Account on the
relevant Distribution Date $ 0.00
b. Required Reserve Account Amount (line 71) $ 1,080,000.00
c. Available Reserve Account Amount $ 0.00
Principal Funding Account
73. Principal Funding Account Balance as of prior Distribution Date $ 0.00
74. Deposit to the Principal Funding Account on the current
Distribution Date $ 0.00
75. Withdrawal from the Principal Funding Account on the Current
Distribution Date $ 0.00
76. Principal Funding Account Balance as of the current
Distribution Date $ 0.00
77. As of the date hereof, no Early Amortization Event has been
deemed to have occured during the relevant Due Period.
IN WITNESS WHEREOF, THE undersigned has duly executed
and delivered this Certificate this 16th day of December, 1996
FIRST NORTH AMERICAN NATIONAL BANK,
as Servicer
By ____/s/ Michael T. Chalifoux________________________________
Name: Michael T. Chalifoux
Title: Chairman of the Board
</TABLE>
FORM OF MONTHLY CERTIFICATEHOLDER'S STATEMENT
FIRST NORTH AMERICAN NATIONAL BANK
- --------------------------------------------------------------------------------
CIRCUIT CITY CREDIT CARD MASTER TRUST
SERIES 1996-1
- --------------------------------------------------------------------------------
Pursuant to the Master Pooling and Servicing Agreement dated as of October
4,1994 (as amended or supplemented, the "Pooling and Servicing Agreement"),
as supplemented by the Series 1996-1 Supplement, dated as of November 27,
1996 (the "Supplement" and, together with the Pooling and Servicing
Agreement, the "Agreement"), each between First North American National
Bank, as Transferor and Servicer, and Bankers Trust Company, as Trustee, the
Servicer is required to prepare certain information each month regarding
distributions to Certificateholders and the performance of the Trust. The
information with respect to the applicable Distribution Date and Due Period
is set forth below:
<TABLE>
<S> <C>
Due Period Ending NOVEMBER 30, 1996
Determination Date December 9, 1996
Distribution Date December 16, 1996
--------
Class A Accumulation Period ("Y" or "N")? N
--------
--------
Class B Accumulation Period ("Y" or "N")? N
--------
--------
Early Amortization Period ("Y" or "N")? N
--------
--------
Class B Investor Amount paid in full ("Y" or "N")? N
--------
MASTER TRUST INFORMATION
Receivables
1. The aggregate amount of Eligible Receivables as of the end
of
the last day of the relevant Due Period $ 1,036,785,196.91
2. The aggregate amount of Principal Receivables as of the end
of the last day of the relevant Due Period $ 1,014,371,578.98
3. The aggregate amount of Finance Charge Receivables as of
the end of the last day of the relevant Due Period $ 22,413,617.93
4. The aggregate amount of Discount Option Receivables as of
--------------------
the last day of the relevant Due Period $ 0.00
--------------------
5. The Transferor Amount as of the end of the last day of the
relevant Due Period $ 34,371,578.98
6. The minimum Transferor Amount as of the end of the last
day of the relevant Due Period $ 37,677,345.54
7. The Excess Funding Account Balance as of the end of the
last day of the relevant Due Period $ 0.00
8. The aggregate principal balance of Receivables determined
to be
Receivables of Defaulted Accounts for the relevant Due $ 7,226,902.99
Period
9. The aggregate amount of Recoveries for the relevant Due $ 909,701.67
Period
10. The Default Amount for the relevant Due Period 6,317,201.32
6,317,201.32
Collections
11. The aggregate amount of Collections of Principal
Receivables
for the relevant Due Period $ 84,744,018.10
12. The aggregate amount of Collections of Finance Charge
Receivables for the relevant Due Period $ 17,096,725.90
13. The aggregate amount of interest earnings (net of losses
and investment expenses) on the Excess Funding
Account for the relevant Due Period $ 0.00
14. The aggregate amount of Collections processed for the
relevant
Due Period (sum of lines 9+11+12+13) $ 102,750,445.67
--------------------
15. The average Discount Percentage for the relevant Due Period % 0.00%
--------------------
Invested Amounts
16. The Series 1994-1 Invested Amount as of the end of the 55,000,000
last
day of the relevant Due Period $ 55,000,000
17. The Series 1994-2 Invested Amounts as of the end of the
last
day of the relevant Due Period
a. Class A $ 308,000,000.00
b. Class B $ 36,000,000.00
c. Collateral Indebtedness Interest $ 580,000,000.00
d. Class D $ 6,000,000.00
--------------------
e. Total Invested Amount (sum of a - d) $ 400,000,000.00
400,000,000.00
18. The Series 1995-1 Invested Amounts as of the end of the
last
day of the relevant Due Period
a. Class A $ 216,000,000.00
b. Class B $ 30,000,000.00
c. Collateral Indebtedness Interest $ 39,000,000.00
d. Class D $ 15,000,000.00
--------------------
e. Total Invested Amount (sum of a - d) $ 300,000,000.00
300,000,000.00
19. The Series 1996-1 Invested Amounts as of the end of the
last
day of the relevant Due Period
a. Class A $ 162,000,000.00
b. Class B $ 22,500,000.00
c. Collateral Indebtedness Interest $ 29,250,000.00
d. Class D $ 11,250,000.00
e. Total Invested Amount (sum of a - d) $ 225,000,000.00
225,000,000.00
20. The aggregate Invested Amount across all series of Investor
Certificates outstanding as of the end of the last day of
the
relevant Due Period $ 980,000,000
980,000,000
Investor Amounts
21. The Series 1994-1 Investor Amount as of the end of the
last
day of the relevant Due Period $ 55,000,000
22. The Series 1994-2 Investor Amounts as of the end of the
last
day of the relevant Due Period
a. Class A $ 308,000,000.00
b. Class B $ 36,000,000.00
c. Collateral Indebtedness Interest $ 50,000,000.00
d. Class D $ 6,000,000.00
--------------------
e. Total Investor Amount (sum of a - d) $ 400,000,000.00
400,000,000.00
23. The Series 1995-1 Investor Amounts as of the end of the
last
day of the relevant Due Period
a. Class A $ 216,000,000.00
b. Class B $ 30,000,000.00
c. Collateral Indebtedness Interest $ 39,000,000.00
d. Class D $ 15,000,000.00
--------------------
e. Total Investor Amount (sum of a - d) $ 300,000,000.00
300,000,000.00
24. The Series 1996-1 Investor Amounts as of the end of the
last
day of the relevant Due Period
a. Class A $ 162,000,000.00
b. Class B $ 22,500,000.00
c. Collateral Indebtedness Interest $ 29,250,000.00
d. Class D $ 11,250,000.00
--------------------
e. Total Investor Amount (sum of a - d) $ 225,000,000.00
225,000,000.00
25. The aggregate Investor Amount across all series of Investor
Certificates outstanding as of the end of the last day of
the
relevant Due Period $ 980,000,000.00
Series 1996-1 Allocation Percentages
26. The Fixed Percentage with respect to the relevant
Due Period
a. Class A % 0.00%
b. Class B % 0.00%
c. Collateral Indebtedness Interest % 0.00%
d. Class D % 0.00%
--------------------
e. Series 1996-1 Total 0.00%
--------------------
27. The Floating Percentage with respect to the relevant
Due Period
a. Class A % 4.12%
b. Class B % 0.57%
c. Collateral Indebtedness Interest % 0.74%
d. Class D % 0.29%
--------------------
e. Series 1996-1 Total 5.72% 5.72%
--------------------
Allocation of Collections
28. The Series 1996-1 allocation of Collections of Principal
Receivables for the relevant Due Period (line 27 times
line 11)
a. Class A $ 3,174,981.63
b. Class B $ 440,969.67
c. Collateral Indebtedness Interest $ 573,260.57
d. Class D $ 220,484.84
----------------------------
e. Series 1996-1 Total $ 4,409,696.71
----------------------------
4,409,696.71
29. The Series 1996-1 allocation of Collections of Finance
Charge Receivables for the relevant Due Period (line 27
times line
12)
a. Class A $ 658,659.40
b. Class B $ 91,480.47
c. Collateral Indebtedness Interest $ 118,924.61
d. Class D $ 45,740.24
----------------------------
e. Series 1996-1 Total $ 914,804.72
----------------------------
914,804.72
Portfolio Yield and Deliquencies
30. The Portfolio Yield for the relevant Due Period (including
Shared Excess Finance Charge Collections, if allocated)
with respect to Series 1996-1 % 11.81%
31. The 3-month average Portfolio Yield for the three most
recent
Due Periods % 11.81%
32. The Base Rate for the relevant Due Period % 5.46%
33. The 3-month average Base Rate for the three most recent
Due Periods % 5.46%
34. Average Portfolio Yield less average Base Rate % 6.35%
35. The amount of Shared Excess Finance Charge Collections
allocable to Series 1996-1 with respect to any Finance
Charge
Shortfall in such Series for the relevant Due Period $ 0.00
36. The aggregate outstanding balance of Receivables which were
delinquent as of the end of the relevant Due Period:
--------------------
(a) Delinquent 31 to 60 days $ 26,132,739.15
--------------------
(b) Delinquent 61 to 90 days $ 16,315,877.92
--------------------
(c) Delinquent 91 days or more $ 27,792,514.88
--------------------
Determination of Monthly Interest
37. Class A Monthly Interest:
a. Class A Monthly Interest $ 474,097.50
b. Funds allocated and available to pay
Class A
Monthly Interest for relevant Due $ 658,659.40
Period (4.3a)
* c. Class A Interest Shortfall (a less b) $ 0.00
d. Class A Additional Interest $ 0.00
38. Class B Monthly Interest:
a. Class B Monthly Interest $ 68,578.13
b. Funds allocated and available to pay
Class B
Monthly Interest for relevant Due $ 91,480.47
Period (4.3b)
* c. Class B Interest Shortfall (a less b) $ 0.00
d. Class B Additional Interest $ 0.00
39. Collateral Monthly Interest and Class D Monthly Interest:
a. Collateral/Class D Monthly Interest $ 127,715.62
b. Funds allocated and available to pay
Collateral/
Class D Monthly Interest for relevant $ 164,664.85
Due Period
* c. Collateral/Class D Interest Shortfall (a $ 0.00
less b)
d. Collateral/Class D Additional Interest $ 0.00
Determination of Monthly Principal
40. Class A Monthly Principal (pursuant to section 4.4a):
(X). a. Fixed Allocation Percentage of Principal
Receivable
Collections + Shared - Reallocted Coll. $ 0.00
(Y). a. Controlled Accumulation Amount $ 0.00
b. Deficit Controlled Accumulation Amount $ 0.00
c. Controlled Deposit Amount $ 0.00
(Z). a. Class A Invested Amount $ 216,000,000.00
Class A Monthly Principal (the least of x,y,z) $ 0.00
41. Class B Monthly Principal (pursuant to section 4.4b) (distributable
only after payout of Class A)
(X). a. Fixed Allocation Percentage of Principal
Receivable
Collections + Shared - Reallocted
Collections
Applied - Class A Monthly Principal $ 0.00
Applications
(Y). a. Controlled Accumulation Amount $ 0.00
b. Deficit Controlled Accumulation Amount $ 0.00
c. Controlled Deposit Amount $ 0.00
(Z). a. Class B Invested Amount $ 30,000,000.00
Class B Monthly Principal (the least of x,y,z) $ 0.00
42. Collateral Monthly Principal
a. pursuant to 4.4c (i) prior to occurrence
of
Early Amortization or payment in full of
the
Class B Investor Amount (optional) $ 0.00
b. pursuant to 4.4c (ii) prior to
occurrence of
Early Amortization or payment in full of
the
Class B Investor Amount $ 0.00
Available Funds
43. Class A Available Funds
a. Class A Finance Charge allocation (line $ 658,659.40
29a)
b. Prior to Class B Principal Commencement Date,
the
amount of Principal Funding Investment Proceeds
for
such prior Due Period $ 0.00
c. Any amount of Reserve Account withdrawn
and
included in Class A Available Funds $ 0.00
(section 4.14d)
d. Class A Available Funds (sum a-c) $ 658,659.40
44. Class B Available Funds
a. Class B Finance Charge allocation (line $ 91,480.47
29b)
b. On or After Class B Principal Commencement Date,
the
amount of Principal Funding Investment Proceeds
for
such prior Due Period $ 0.00
c. Any amount of Reserve Account withdrawn
and
included in Class B Available Funds $ 0.00
(section 4.14d)
d. Class B Available Funds (sum a-c) $ 91,480.47
45. Collateral Available Funds:
a. Collateral Finance Charge allocation $ 118,924.61
(line 29c)
46. Class D Available Funds
a. Class D Finance Charge allocation (line $ 45,740.24
27d)
Reallocated Principal Collections
47. Class D Subordinated Principal Collections (to the extent $ 0.00
needed to fund Required Amounts)
48. Collateral Subordinated Principal Collections (to the $ 0.00
extent
needed to fund Required Amounts)
49. Class B Subordinated Principal Collections (to the extent $ 0.00
needed to fund Required Amounts)
50. Total Reallocated Principal Collections $ 0.00
0.00
Investor Default Amounts
51. Class A Investor Default Amount $ 260,147.72
% 7.47%
52. Class B Investor Default Amount $ 36,131.63
% 7.47%
53. Collateral Investor Default Amount $ 46,971.12
% 7.47%
54. Class D Investor Default Amount $ 18,065.81
% 7.47%
55. Aggregate Investor Default Amount $ 361,316.27
% 7.47%
Allocable Amounts for Series 1996-1
56. The Allocable Amount for Series 1996-1 as of the end of
the
relevant Due Period (Inv Default Amt + Series 96-1 Adjust
Amt)
Class A $
260,147.72
Class B $
36,131.63
Class C $
46,971.12
Class D $
18,065.81
Aggregate Allocable Amount $
361,316.27
Required Amounts for Series 1996-1
57. Class A Required Amount (section 4.5a)
a. Class A Monthly Interest for current
Distribution
Date $ 474,097.50
b. Class A Monthly Interest previously due
but not
paid $ 0.00
c. Class A Additional Interest for prior
Due Period
or previously due but not paid $ 0.00
d. Class A Investor Allocable Amount $ 260,147.72
e. Class A Servicing Fee (if FNANB is no
longer
servicer) $ 0.00
f. Class A Available Funds $ 658,659.40
g. Class A Required Amount (sum of a-e $ 75,585.82
minus f)
58. Class B Required Amount (section 4.5b)
a. Class B Monthly Interest for current
Distribution
Date $ 68,578.13
b. Class B Monthly Interest previously due
but not
paid $ 0.00
c. Class B Additional Interest for prior
Due Period
or previously due but not paid $ 0.00
d. Class B Servicing Fee (if FNANB is no
longer
servicer) $ 0.00
e. Class B Available Funds $ 91,480.47
f. Excess of Class B Allocable Amount over
funds available to make payments $ 0.00
(section 4.8d)
g. Class B Required Amount ((sum of a-d) $
minus e
plus f) 0.00
59. Collateral/Class D Required Amount (section 4.5c,d)
a. Collateral/Class D Monthly Interest for
current
Distribution date $ 127,715.62
b. Collateral/Class D Monthly Interest
previously
due but not paid $ 0.00
c. Collateral/Class D Additional Interest
for prior
Due Period or previously due but not paid $ 0.00
d. Collateral/Class D Servicing Fee (if
FNANB is
no longer servicer) $ 0.00
e. Collateral/Class D Available Funds $ 164,664.85
f. Excess of Collateral/Class D Allocable
Amount
over funds available to make payments $ 0.00
g. Collateral/Class D Required Amount ((sum
of
a-d) minus e plus f) $ 0.00
Investor Charge-Offs
60. The aggregate amount of Class A Investor Charge-Offs and
the
reductions in the Class B Invested Amount, Collateral
Indebtedness
Amount and Class D Invested Amount
a. Class A $ 0.00
b. Class B $ 0.00
c. Collateral Indebtedness Amount $ 0.00
d. Class D $ 0.00
61. The aggregate amount of Class B Investor Charge-Offs and
the
reductions in the Collateral Indebtedness Amount and
Class D
Invested
Amount
a. Class B $ 0.00
b. Collateral Indebtedness Amount $ 0.00
c. Class D $ 0.00
62. The aggregate amount of Collateral Charge-Offs and the
reductions
in Class D Invested Amount
a. Collateral Indebtedness Amount $ 0.00
b. Class D $ 0.00
Servicing Fee
(2% of total Invested Amount)
63. Class A Servicing Fee for the relevant Due Period $ 270,000.00
64. Class B Servicing Fee for the relevant Due Period $ 37,500.00
65. Collateral Servicing Fee for the relevant Due Period $ 48,750.00
66. Class D Servicing Fee for the relevant Due Period $ 18,750.00
Enhancement
(18% of total Invested Amount)
67. Required Enhancement Amount
a. Invested Amount as of the last day of relevant Due
Period $ 225,000,000.00
b. Required Enhancement Amount (line a times 18%) 40,500,000.00
68. Enhancement Surplus
a. Amount on Deposit in the Cash Collateral $ 0.00
Account
b. Collateral Indebtedness Amount $ 29,250,000.00
c. Class D Invested Amount $ 11,250,000.00
d. Required Enhancement Amount $ 40,500,000.00
e. Enhancement Surplus ((sum of a-c)less d) $ 0.00
f. Enhancement deficiency, deposit excess
Finance
Charge to Cash Collateral Account $ 0.00
Reserve Account
69. Lowest historical 3 month average Portfolio Yield less 3
month
average Base Rate (must be > 4%, or line 70 will adjust % 11.81%
accordingly)
70. Reserve Account Funding Date (based on line 69) 06/15/99
71. Required Reserve Account Amount (after the Reserve Account
Funding Date, 0.5% times the Class A Investor Amount) $ 1,080,000.00
72. Available Reserve Account Amount
a. Amount of deposit in the Reserve Account on the
relevant Distribution Date $ 0.00
b. Required Reserve Account Amount (line 71) $ 1,080,000.00
c. Available Reserve Account Amount $ 0.00
Principal Funding Account
73. Principal Funding Account Balance as of prior Distribution $ 0.00
Date
74. Deposit to the Principal Funding Account on the current
Distribution $ 0.00
Date
75. Withdrawal from the Principal Funding Account on the
Current
Distribution $ 0.00
Date
76. Principal Funding Account Balance as of the current
Distribution $ 0.00
Date
LIBOR Determination
77. LIBOR Determination date for the relevant Due Period 25-Nov-96
78. LIBOR rate for the relevant Due Period % 5.375%
79. As of the date hereof, no Early Amortization Event has been deemed to
have occured during the relevant Due Period.
IN WITNESS WHEREOF, THE undersigned has duly executed
and delivered this Certificate this 16th day of December, 1996
FIRST NORTH AMERICAN NATIONAL BANK,
as Servicer
By /s/ Michael T. Chalifoux
Name: Michael T. Chalifoux
Title: Chairman of the Board
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