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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: June 15, 1998
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 May 1998 to the Series 1994-2
Certificateholders on June 15, 1998.
The registrant distributed the Certificateholders Statement
for the month of May 1998 to the Series 1995-1
Certificateholders on June 15, 1998.
The registrant distributed the Certificateholders Statement
for the month of May 1998 to the Series 1996-1
Certificateholders on June 15, 1998.
- 1 -
<PAGE>
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
May 1998.
99.2 Series 1995-1 Certificateholders Statement for the month of
May 1998.
99.3 Series 1996-1 Certificateholders Statement for the month of
May 1998.
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:
Michael T. Chalifoux
Chairman of the Board
Date: June 15, 1998
-2-
<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
EXHIBITS
TO
FORM 8-K
CIRCUIT CITY CREDIT CARD MASTER TRUST
<PAGE>
INDEX TO EXHIBITS
Exhibit
Number Exhibit
99.1 Series 1994-2 Certificateholders Statement for the month of
May 1998.
99.2 Series 1995-1 Certificateholders Statement for the month of
May 1998.
99.3 Series 1996-1 Certificateholders Statement for the month of
May 1998.
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:
Due Period Ending MAY 31, 1998
Determination Date JUNE 8, 1998
Distribution Date JUNE 15, 1998
--------
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
<TABLE>
<S> <C>
Receivables
1. The aggregate amount of Eligible Receivables as of the end of
the last day of the relevant Due Period $ 1,046,904,335.79
2. The aggregate amount of Principal Receivables as of the end
of the last day of the relevant Due Period $ 1,021,960,770.78
3. The aggregate amount of Finance Charge Receivables as of
the end of the last day of the relevant Due Period $ 24,943,565.01
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 $ 96,960,770.78
6. The minimum Transferor Amount as of the end of the last
day of the relevant Due Period $ 34,782,608.70
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 $ 7,262,591.71
9. The aggregate amount of Recoveries for the relevant Due Period $ 1,660,923.90
10. The Default Amount for the relevant Due Period $ 5,601,667.81
Collections
11. The aggregate amount of Collections of Principal Receivables
for the relevant Due Period $ 108,131,360.54
12. The aggregate amount of Collections of Finance Charge
Receivables for the relevant Due Period $ 18,884,128.48
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) $ 128,676,412.92
---------------------
15. The average Discount Percentage for the relevant Due Period % 0.00%
---------------------
Invested Amounts
16. 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
17. 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
18. 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
19. The aggregate Invested Amount across all series of Investor
Certificates outstanding as of the end of the last day of the
relevant Due Period $ 925,000,000
Investor Amounts
20. 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
21. 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
22. 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
23. The aggregate Investor Amount across all series of Investor
Certificates outstanding as of the end of the last day of the
relevant Due Period $ 925,000,000
Series 1994-2 Allocation Percentages
24. 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%
---------------------
25. The Floating Percentage with respect to the relevant
Due Period
a. Class A % 30.09%
b. Class B % 3.52%
c. Collateral Indebtedness Interest % 4.88%
d. Class D % 0.59%
---------------------
e. Series 1994-2 Total 39.08%
---------------------
Allocation of Collections
26. The Series 1994-2 allocation of Collections of Principal
Receivables for the relevant Due Period (line 25 times
line 11)
a. Class A $ 32,537,113.99
b. Class B $ 3,803,039.30
c. Collateral Indebtedness Interest $ 5,281,999.02
d. Class D $ 633,839.88
---------------------
e. Series 1994-2 Total $ 42,255,992.20
---------------------
27. The Series 1994-2 allocation of Collections of Finance
Charge Receivables for the relevant Due Period (line 25
times line 12)
a. Class A $ 5,682,301.96
b. Class B $ 664,165.16
c. Collateral Indebtedness Interest $ 922,451.62
d. Class D $ 110,694.19
---------------------
e. Series 1994-2 Total $ 7,379,612.93
---------------------
Portfolio Yield and Delinquencies
28. The Portfolio Yield for the relevant Due Period (including
Shared Excess Finance Charge Collections, if allocated)
with respect to Series 1994-2 % 15.57%
29. The 3-month average Portfolio Yield for the three most recent
Due Periods % 15.96%
30. The Base Rate for the relevant Due Period % 9.56%
31. The 3-month average Base Rate for the three most recent
Due Periods % 9.71%
32. Average Portfolio Yield less average Base Rate % 6.25%
33. 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
34. The aggregate outstanding balance of Receivables which were
delinquent as of the end of the relevant Due Period:
---------------------
(a) Delinquent 31 to 60 days $ 22,144,039.66
---------------------
(b) Delinquent 61 to 90 days $ 12,904,250.57
---------------------
(c) Delinquent 91 days or more $ 24,512,976.70
---------------------
Determination of Monthly Interest
35. 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) $ 5,682,301.96
c. Class A Interest Shortfall (a less b) $ 0.00
d. Class A Additional Interest $ 0.00
36. 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) $ 664,165.16
c. Class B Interest Shortfall (a less b) $ 0.00
d. Class B Additional Interest $ 0.00
37. Collateral Monthly Interest and Class D Monthly Interest:
a. Collateral/Class D Monthly Interest $ 305,608.33
b. Funds allocated and available to pay Collateral/
Class D Monthly Interest for relevant Due Period $ 1,033,145.81
c. Collateral/Class D Interest Shortfall (a less b) $ 0.00
d. Collateral/Class D Additional Interest $ 0.00
Determination of Monthly Principal
38. 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
39. 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
40. 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
41. Class A Available Funds
a. Class A Finance Charge allocation (line 29a) $ 5,682,301.96
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) $ 5,682,301.96
42. Class B Available Funds
a. Class B Finance Charge allocation (line 29b) $ 664,165.16
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) $ 664,165.16
43. Collateral Available Funds:
a. Collateral Finance Charge allocation (line 29c) $ 922,451.62
44. Class D Available Funds
a. Class D Finance Charge allocation (line 29d) $ 110,694.19
Reallocated Principal Collections
45. Class D Subordinated Principal Collections (to the extent $ 0.00
needed to fund Required Amounts)
46. Collateral Subordinated Principal Collections (to the extent $ 0.00
needed to fund Required Amounts)
47. Class B Subordinated Principal Collections (to the extent $ 0.00
needed to fund Required Amounts)
48. Total Reallocated Principal Collections $ 0.00
0.00
Investor Default Amounts
49. Class A Investor Default Amount $ 1,685,561.92
% 6.58%
50. Class B Investor Default Amount $ 197,013.73
% 6.58%
51. Collateral Investor Default Amount $ 273,630.18
% 6.58%
52. Class D Investor Default Amount $ 32,835.62
% 6.58%
53. Aggregate Investor Default Amount $ 2,189,041.46
% 6.58%
Allocable Amounts for Series 1994-2
54. 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 $ 1,685,561.92
Class B $ 197,013.73
Class C $ 273,630.18
Class D $ 32,835.62
---------------------
Aggregate Allocable Amount $ 2,189,041.46
Required Amounts for Series 1994-2
55. 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 $ 1,685,561.92
e. Class A Servicing Fee (if FNANB is no longer
servicer) $ 0.00
f. Class A Available Funds $ 5,682,301.96
g. Class A Required Amount (sum of a-e minus f) $ 0.00
56. 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
c. Class B Additional Interest for prior Due Period
or previously due but not paid $ 0
d. Class B Servicing Fee (if FNANB is no longer
servicer) $ 0
e. Class B Available Funds $ 664,165.16
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
57. Collateral/Class D Required Amount (section 4.5c,d)
a. Collateral/Class D Monthly Interest for current
Distribution date $ 305,608.33
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 $ 1,033,145.81
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
58. 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
59. 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
60. 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)
61. Class A Servicing Fee for the relevant Due Period $ 513,333.33
62. Class B Servicing Fee for the relevant Due Period $ 60,000.00
63. Collateral Servicing Fee for the relevant Due Period $ 83,333.33
64. Class D Servicing Fee for the relevant Due Period $ 10,000.00
Enhancement
(14% of total Invested Amount)
65. 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 14%) 56,000,000.00
66. Enhancement Surplus
a. Amount on Deposit in the Cash Collateral Account $ 10,000,000.00
b. Collateral Indebtedness Amount $ 50,000,000.00
c. Class D Invested Amount $ 6,000,000.00
d. Required Enhancement Amount $ 56,000,000.00
e. Enhancement Surplus ((sum of a-c)less d) $ 10,000,000.00
f. Enhancement deficiency, deposit excess Finance
Charge to Cash Collateral Account $ 0.00
Reserve Account
67. Lowest historical 3 month average Portfolio Yield less 3 month
average Base Rate (must be > 4%, or line 70 will adjust accordingly) % 4.23%
68. Reserve Account Funding Date (based on line 69) 08/15/98
69. Required Reserve Account Amount (after the Reserve Account
Funding Date, 0.5% times the Class A Investor Amount) $ 1,540,000.00
70. 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
71. Principal Funding Account Balance as of prior Distribution Date $ 0.00
72. Deposit to the Principal Funding Account on the current
Distribution Date $ 0.00
73. Withdrawal from the Principal Funding Account on the Current
Distribution Date $ 0.00
74. Principal Funding Account Balance as of the current
Distribution Date $ 0.00
75. As of the date hereof, no Early Amortization Event has been
deemed to have occured during the relevant Due Period.
</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:
Due Period Ending MAY 31, 1998
Determination Date JUNE 8, 1998
Distribution Date JUNE 15, 1998
------
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
<TABLE>
<S> <C>
Receivables
1. The aggregate amount of Eligible Receivables as of the end of
the last day of the relevant Due Period $ 1,046,904,335.79
2. The aggregate amount of Principal Receivables as of the end
of the last day of the relevant Due Period $ 1,021,960,770.78
3. The aggregate amount of Finance Charge Receivables as of
the end of the last day of the relevant Due Period $ 24,943,565.01
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 $ 96,960,770.78
6. The minimum Transferor Amount as of the end of the last
day of the relevant Due Period $ 34,782,608.70
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 $ 7,262,591.71
9. The aggregate amount of Recoveries for the relevant Due Period $ 1,660,923.90
10. The Default Amount for the relevant Due Period $ 5,601,667.81
Collections
11. The aggregate amount of Collections of Principal Receivables
for the relevant Due Period $ 108,131,360.54
12. The aggregate amount of Collections of Finance Charge
Receivables for the relevant Due Period $ 18,884,128.48
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) $ 128,676,412.92
-------------------
15. The average Discount Percentage for the relevant Due Period % 0.00%
-------------------
Invested Amounts
16. 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
17. 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
18. 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
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 $ 925,000,000.00
Investor Amounts
21. 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
22. 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
23. 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
24. The aggregate Investor Amount across all series of Investor
Certificates outstanding as of the end of the last day of the
relevant Due Period $ 925,000,000.00
Series 1995-1 Allocation Percentages
25. 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%
-------------------
26. The Floating Percentage with respect to the relevant
Due Period
a. Class A % 21.10%
b. Class B % 2.93%
c. Collateral Indebtedness Interest % 3.81%
d. Class D % 1.47%
-------------------
e. Series 1995-1 Total 29.31%
-------------------
Allocation of Collections
27. The Series 1995-1 allocation of Collections of Principal
Receivables for the relevant Due Period (line 27 times
line 11)
a. Class A $ 22,818,235.79
b. Class B $ 3,169,199.41
c. Collateral Indebtedness Interest $ 4,119,959.24
d. Class D $ 1,584,599.71
-------------------
e. Series 1995-1 Total $ 31,691,994.15
-------------------
28. The Series 1995-1 allocation of Collections of Finance
Charge Receivables for the relevant Due Period (line 27
times line 12)
a. Class A $ 3,984,990.97
b. Class B $ 553,470.97
c. Collateral Indebtedness Interest $ 719,512.26
d. Class D $ 276,735.48
-------------------
e. Series 1995-1 Total $ 5,534,709.68
-------------------
Portfolio Yield and Deliquencies
29. The Portfolio Yield for the relevant Due Period (including
Shared Excess Finance Charge Collections, if allocated)
with respect to Series 1995-1 % 15.57%
30. The 3-month average Portfolio Yield for the three most recent
Due Periods % 15.96%
31. The Base Rate for the relevant Due Period % 8.18%
32. The 3-month average Base Rate for the three most recent
Due Periods % 8.30%
33. Average Portfolio Yield less average Base Rate % 7.66%
34. 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
35. The aggregate outstanding balance of Receivables which were
delinquent as of the end of the relevant Due Period:
-------------------
(a) Delinquent 31 to 60 days $ 22,144,039.66
-------------------
(b) Delinquent 61 to 90 days $ 12,904,250.57
-------------------
(c) Delinquent 91 days or more $ 24,512,976.70
-------------------
Determination of Monthly Interest
36. 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) $ 3,984,990.97
c. Class A Interest Shortfall (a less b) $ 0.00
d. Class A Additional Interest $ 0.00
37. 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) $ 553,470.97
c. Class B Interest Shortfall (a less b) $ 0.00
d. Class B Additional Interest $ 0.00
38. Collateral Monthly Interest and Class D Monthly Interest:
a. Collateral/Class D Monthly Interest $ 284,115.00
b. Funds allocated and available to pay Collateral/
Class D Monthly Interest for relevant Due Period $ 996,247.74
c. Collateral/Class D Interest Shortfall (a less b) $ 0.00
d. Collateral/Class D Additional Interest $ 0.00
Determination of Monthly Principal
39. 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
40. 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
41. 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
42. Class A Available Funds
a. Class A Finance Charge allocation (line 29a) $ 3,984,990.97
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) $ 3,984,990.97
43. Class B Available Funds
a. Class B Finance Charge allocation (line 29b) $ 553,470.97
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) $ 553,470.97
44. Collateral Available Funds:
a. Collateral Finance Charge allocation (line 29c) $ 719,512.26
45. Class D Available Funds
a. Class D Finance Charge allocation (line 29d) $ 276,735.48
Reallocated Principal Collections
46. Class D Subordinated Principal Collections (to the extent $ 0.00
needed to fund Required Amounts)
47. Collateral Subordinated Principal Collections (to the extent $ 0.00
needed to fund Required Amounts)
48. Class B Subordinated Principal Collections (to the extent $ 0.00
needed to fund Required Amounts)
49. Total Reallocated Principal Collections $ 0.00
0.00
Investor Default Amounts
50. Class A Investor Default Amount $ 1,182,082.39
% 6.58%
51. Class B Investor Default Amount $ 164,178.11
% 6.58%
52. Collateral Investor Default Amount $ 213,431.54
% 6.58%
53. Class D Investor Default Amount $ 82,089.05
% 6.58%
54. Aggregate Investor Default Amount $ 1,641,781.09
% 6.58%
Allocable Amounts for Series 1995-1
55. 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 $ 1,182,082.39
Class B $ 164,178.11
Class C $ 213,431.54
Class D $ 82,089.05
-------------------
Aggregate Allocable Amount $ 1,641,781.09
Required Amounts for Series 1995-1
56. 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 $ 1,182,082.39
e. Class A Servicing Fee (if FNANB is no longer
servicer) $ 0.00
f. Class A Available Funds $ 3,984,990.97
g. Class A Required Amount (sum of a-e minus f) $ 0.00
57. 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
c. Class B Additional Interest for prior Due Period
or previously due but not paid $ 0
d. Class B Servicing Fee (if FNANB is no longer
servicer) $ 0
e. Class B Available Funds $ 553,470.97
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
58. Collateral/Class D Required Amount (section 4.5c,d)
a. Collateral/Class D Monthly Interest for current
Distribution date $ 284,115.00
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 $ 996,247.74
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
59. 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
60. 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
61. 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)
62. Class A Servicing Fee for the relevant Due Period $ 360,000.00
63. Class B Servicing Fee for the relevant Due Period $ 50,000.00
64. Collateral Servicing Fee for the relevant Due Period $ 65,000.00
65. Class D Servicing Fee for the relevant Due Period $ 25,000.00
Enhancement
(18% of total Invested Amount)
66. 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
67. 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
68. Lowest historical 3 month average Portfolio Yield less 3 month
average Base Rate (must be > 3%, or line 70 will adjust accordingly) % 4.45%
69. Reserve Account Funding Date (based on line 67) 06/15/99
70. Required Reserve Account Amount (after the Reserve Account
Funding Date, 0.5% times the Class A Investor Amount) $ 1,080,000.00
71. 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
72. Principal Funding Account Balance as of prior Distribution Date $ 0.00
73. Deposit to the Principal Funding Account on the current
Distribution Date $ 0.00
74. Withdrawal from the Principal Funding Account on the Current
Distribution Date $ 0.00
75. Principal Funding Account Balance as of the current
Distribution Date $ 0.00
76. As of the date hereof, no Early Amortization Event has been
deemed to have occured during the relevant Due Period.
</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:
Due Period Ending MAY 31, 1998
Determination Date JUNE 8, 1998
Distribution Date JUNE 15, 1998
-------
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
<TABLE>
<S> <C>
Receivables
1. The aggregate amount of Eligible Receivables as of the end of
the last day of the relevant Due Period $ 1,046,904,335.79
2. The aggregate amount of Principal Receivables as of the end
of the last day of the relevant Due Period $ 1,021,960,770.78
3. The aggregate amount of Finance Charge Receivables as of
the end of the last day of the relevant Due Period $ 24,943,565.01
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 $ 96,960,770.78
6. The minimum Transferor Amount as of the end of the last
day of the relevant Due Period $ 34,782,608.70
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 $ 7,262,591.71
9. The aggregate amount of Recoveries for the relevant Due Period $ 1,660,923.90
10. The Default Amount for the relevant Due Period $ 5,601,667.81
Collections
11. The aggregate amount of Collections of Principal Receivables
for the relevant Due Period $ 108,131,360.54
12. The aggregate amount of Collections of Finance Charge
Receivables for the relevant Due Period $ 18,884,128.48
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) $ 128,676,412.92
-------------------
15. The average Discount Percentage for the relevant Due Period % 0.00%
-------------------
Invested Amounts
16. 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
17. 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
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
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 $ 925,000,000.00
Investor Amounts
21. 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
22. 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
23. 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
24. The aggregate Investor Amount across all series of Investor
Certificates outstanding as of the end of the last day of the
relevant Due Period $ 925,000,000.00
Series 1996-1 Allocation Percentages
25. 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%
-------------------
26. The Floating Percentage with respect to the relevant
Due Period
a. Class A % 15.83%
b. Class B % 2.20%
c. Collateral Indebtedness Interest % 2.86%
d. Class D % 1.10%
-------------------
e. Series 1996-1 Total 21.98%
-------------------
Allocation of Collections
27. The Series 1996-1 allocation of Collections of Principal
Receivables for the relevant Due Period (line 27 times
line 11)
a. Class A $ 17,113,676.84
b. Class B $ 2,376,899.56
c. Collateral Indebtedness Interest $ 3,089,969.43
d. Class D $ 1,188,449.78
-------------------
e. Series 1996-1 Total $ 23,768,995.61
-------------------
28. The Series 1996-1 allocation of Collections of Finance
Charge Receivables for the relevant Due Period (line 27
times line 12)
a. Class A $ 2,988,743.23
b. Class B $ 415,103.23
c. Collateral Indebtedness Interest $ 539,634.20
d. Class D $ 207,551.61
-------------------
e. Series 1996-1 Total $ 4,151,032.27
-------------------
Portfolio Yield and Deliquencies
29. The Portfolio Yield for the relevant Due Period (including
Shared Excess Finance Charge Collections, if allocated)
with respect to Series 1996-1 % 15.57%
30. The 3-month average Portfolio Yield for the three most recent
Due Periods % 15.96%
31. The Base Rate for the relevant Due Period % 7.93%
32. The 3-month average Base Rate for the three most recent
Due Periods % 7.94%
33. Average Portfolio Yield less average Base Rate % 8.02%
34. 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
35. The aggregate outstanding balance of Receivables which were
delinquent as of the end of the relevant Due Period:
-------------------
(a) Delinquent 31 to 60 days $ 22,144,039.66
-------------------
(b) Delinquent 61 to 90 days $ 12,904,250.57
-------------------
(c) Delinquent 91 days or more $ 24,512,976.70
-------------------
Determination of Monthly Interest
36. Class A Monthly Interest:
a. Class A Monthly Interest $ 812,761.88
b. Funds allocated and available to pay Class A
Monthly Interest for relevant Due Period (4.3a) $ 2,988,743.23
c. Class A Interest Shortfall (a less b) $ 0.00
d. Class A Additional Interest $ 0.00
37. Class B Monthly Interest:
a. Class B Monthly Interest $ 117,339.84
b. Funds allocated and available to pay Class B
Monthly Interest for relevant Due Period (4.3b) $ 415,103.23
c. Class B Interest Shortfall (a less b) $ 0.00
d. Class B Additional Interest $ 0.00
38. Collateral Monthly Interest and Class D Monthly Interest:
a. Collateral/Class D Monthly Interest $ 218,186.72
b. Funds allocated and available to pay Collateral/
Class D Monthly Interest for relevant Due Period $ 747,185.81
c. Collateral/Class D Interest Shortfall (a less b) $ 0.00
d. Collateral/Class D Additional Interest $ 0.00
Determination of Monthly Principal
39. 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
40. 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
41. 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
42. Class A Available Funds
a. Class A Finance Charge allocation (line 29a) $ 2,988,743.23
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) $ 2,988,743.23
43. Class B Available Funds
a. Class B Finance Charge allocation (line 29b) $ 415,103.23
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) $ 415,103.23
44. Collateral Available Funds:
a. Collateral Finance Charge allocation (line 29c) $ 539,634.20
45. Class D Available Funds
a. Class D Finance Charge allocation (line 27d) $ 207,551.61
Reallocated Principal Collections
46. Class D Subordinated Principal Collections (to the extent $ 0.00
needed to fund Required Amounts)
47. Collateral Subordinated Principal Collections (to the extent $ 0.00
needed to fund Required Amounts)
48. Class B Subordinated Principal Collections (to the extent $ 0.00
needed to fund Required Amounts)
49. Total Reallocated Principal Collections $ 0.00
Investor Default Amounts
50. Class A Investor Default Amount $ 886,561.79
% 6.58%
51. Class B Investor Default Amount $ 123,133.58
% 6.58%
52. Collateral Investor Default Amount $ 160,073.66
% 6.58%
53. Class D Investor Default Amount $ 61,566.79
% 6.58%
54. Aggregate Investor Default Amount $ 1,231,335.82
% 6.58%
Allocable Amounts for Series 1996-1
55. 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 $ 886,561.79
Class B $ 123,133.58
Class C $ 160,073.66
Class D $ 61,566.79
Aggregate Allocable Amount $ 1,231,335.82
Required Amounts for Series 1996-1
56. Class A Required Amount (section 4.5a)
a. Class A Monthly Interest for current Distribution
Date $ 812,761.88
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 $ 886,561.79
e. Class A Servicing Fee (if FNANB is no longer
servicer) $ 0.00
f. Class A Available Funds $ 2,988,743.23
g. Class A Required Amount (sum of a-e minus f) $ 0.00
57. Class B Required Amount (section 4.5b)
a. Class B Monthly Interest for current Distribution
Date $ 117,339.84
b. Class B Monthly Interest previously due but not
paid $ 0
c. Class B Additional Interest for prior Due Period
or previously due but not paid $ 0
d. Class B Servicing Fee (if FNANB is no longer
servicer) $ 0
e. Class B Available Funds $ 415,103.23
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
58. Collateral/Class D Required Amount (section 4.5c,d)
a. Collateral/Class D Monthly Interest for current
Distribution date $ 218,186.72
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 $ 747,185.81
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
59. 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
b. Class B $ 0
c. Collateral Indebtedness Amount $ 0
d. Class D $ 0
60. 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
b. Collateral Indebtedness Amount $ 0
c. Class D $ 0
61. The aggregate amount of Collateral Charge-Offs and the reductions
in Class D Invested Amount
a. Collateral Indebtedness Amount $ 0
b. Class D $ 0
Servicing Fee
(2% of total Invested Amount)
62. Class A Servicing Fee for the relevant Due Period $ 270,000.00
63. Class B Servicing Fee for the relevant Due Period $ 37,500.00
64. Collateral Servicing Fee for the relevant Due Period $ 48,750.00
65. Class D Servicing Fee for the relevant Due Period $ 18,750.00
Enhancement
(18% of total Invested Amount)
66. 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
67. Enhancement Surplus
a. Amount on Deposit in the Cash Collateral Account $ 0.00
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
68. Lowest historical 3 month average Portfolio Yield less 3 month
average Base Rate (must be > 4%, or line 70 will adjust accordingly) % 5.01%
69. Reserve Account Funding Date (based on line 69) 08/15/00
70. Required Reserve Account Amount (after the Reserve Account
Funding Date, 0.5% times the Class A Investor Amount) $ 810,000.00
71. 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) $ 810,000.00
c. Available Reserve Account Amount $ 0.00
Principal Funding Account
72. Principal Funding Account Balance as of prior Distribution Date $ 0.00
73. Deposit to the Principal Funding Account on the current
Distribution Date $ 0.00
74. Withdrawal from the Principal Funding Account on the Current
Distribution Date $ 0.00
75. Principal Funding Account Balance as of the current
Distribution Date $ 0.00
LIBOR Determination
76. LIBOR Determination date for the relevant Due Period 13-May-98
77. LIBOR rate for the relevant Due Period % 5.656%
78. As of the date hereof, no Early Amortization Event has been
deemed to have occured during the relevant Due Period.
</TABLE>
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