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Previous: DOMINICKS SUPERMARKETS INC, S-1MEF, 1996-10-29 |
Next: WNC HOUSING TAX CREDIT FUND V LP SERIES 4, 8-K, 1996-10-29 |
<PAGE> 1
FORM 8-K
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
PURSUANT TO SECTION 13 OR 15 (D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): October 18, 1996
WPS Receivables Corporation on behalf
of the WestPoint Stevens Receivables Master Trust
(Issuer in respect of the WestPoint Stevens Receivables
Master Trust Floating Rate Trade Receivables
Participation Certificates, Series 1994-1)
-------------------------------------------------------------
(Exact name of registrant as specified on its charter)
Delaware 33-76956 58-2080658
- ------------------ -------------------------- --------------
(State or other (Commission File No.) (I.R.S. Employer
jurisdiction of Identification No.)
incorporation or
organization)
507 West 10th Street, West Point, Georgia 31833
- --------------------------------------------- -------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (706) 645-4248
-------------------
Not Applicable
-----------------------------------------------------------
(Former name or former address, if changed since last report.)
1
<PAGE> 2
<TABLE>
<S> <C>
Item 5. Other Events.
The Registrant is filing the exhibit listed in Item 7 below.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
Exhibit 7.1 Monthly Settlement Statement for the Floating Rate Trade Receivables Participation Certificates, Series
1994-1 with respect to the October 18, 1996 Distribution Date.
</TABLE>
2
<PAGE> 3
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on behalf of the WestPoint
Stevens Receivables Master Trust by the undersigned, hereunto duly authorized.
WESTPOINT STEVENS RECEIVABLES
MASTER TRUST
By: WPS RECEIVABLES CORPORATION,
as Depositor
By: /s/ Craig J. Berlin
---------------------
Craig J. Berlin
President
Date: October 18, 1996
3
<PAGE> 4
EXHIBIT LIST
<TABLE>
<CAPTION>
Exhibit
- -------
<S> <C>
7.1 Monthly Settlement Statement for the Floating Rate Trade Receivables Participation Certificates, Series
1994-1 with respect to the October 18, 1996 Distribution Date
</TABLE>
4
<PAGE> 5
EXHIBIT 7.1
<TABLE>
<CAPTION>
===================================================================================================================================
A. MONTHLY RECEIVABLES ACTIVITY
Home Fashions Alamac Total
------------- ------ -----
<S> <C> <C> <C>
1. BEGINNING MONTHLY RECEIVABLES BALANCE 249,603,440.08
2. Plus: Invoices 123,352,741.83 16,464,067.72 139,816,809.55
3. Less: Cash Collections (131,376,322.05)
4a. Less: Cash Discounts (352,354.20) (90.52) (352,444.72)
4b. Less: Returns & Allowances (1,661,226.08) (317,145.96) (1,978,372.04)
4c. Less: Other Credits (121,139.25) 6,374.24 (114,765.01)
--------------------------- -------------- ------------- ---------------
4d. Total Dilution (2,134,719.53) (310,862.24) (2,445,581.77)
5. Less: Advertising Credits (2,625,450.49) 0.00 (2,625,450.49)
6. Less: Net Write-Offs (260,482.19) 0.00 (260,482.19)
7. Less: Miscellaneous 123,827.74
---------------
8. ENDING MONTHLY RECEIVABLES BALANCE 252,836,240.87
===============
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
B. TURNOVER DAYS
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------------
1. Turnover Days = ( a + b ) / 2 x ( 30 / c )
Home Fashions Alamac
<S> <C> <C>
(a).Aggregate Receivables Balance as of beginning of immediately preceding 214,985,074.31 34,618,365.77
Calculation Period
(b).Aggregate Receivables Balance as of most recent Cut-Off Date 216,191,172.92 36,645,067.95
(c).Aggregate Receivables generated during preceding Calculation Period 123,352,741.83 16,464,067.72
(see A.2)
-------------- -------------
2. TURNOVER DAYS (TD) 52.40 64.90
-------------- -------------
-------------
3. COMBINED TURNOVER DAYS 53.90
-------------
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------------
C. INVESTOR CERTIFICATES AND PURCHASED INTERESTS
1. Investor Invested Amount (as of most recent Cut-Off Date): 3. Investor Invested Amount on the date of
issuance (Series 1994-1 Certificates) :
<S> <C> <C> <C>
Investor Revolving Certificates 8,000,000.00
Class A Fixed Principal Certificates 115,000,000.00 Class A Fixed Principal Certificates 115,000,000.00
Class B Fixed Principal Certificates 18,000,000.00 Class B Fixed Principal Certificates 18,000,000.00
Purchased Interests 0.00
-------------- --------------
Investor Invested Amount 141,000,000.00 Investor Invested Amount 133,000,000.00
============== ==============
2. Interest Rates (as of most recent Cut-Off Date): 4. Amount on deposit in Principle Funding Account
(as of most recent Cut-Off Date):
Investor Revolv. Cert. 5.88%
Class A Fixed Principal Certificates 5.71% Principle Funding Account Balance 0.00
Class B Fixed Principal Certificates 6.01% ==============
Purchased Interests 0.00% 5. WPS Revolving Certificate Amount
--------------
Weighted Avg. Interest Rate 5.76% (as of most recent Cut-Off Date):
==============
WPS Revolving Certificate Amount 469,575.23
==============
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
5
<PAGE> 6
<TABLE>
<CAPTION>
page 2
===============================================================================================================================
D. LOSS RESERVE RATIOS
I. CLASS B
Loss Reserve Ratio = 2.0 x a x ( b / c ) x d
where:
<S> <C>
(a) highest 3-mon. average over the past 12 months of the "Aged
Receivables Ratio" ending on most recent Cut-Off Date (see Schedule A) 0.60%
(b) sum of total Receivables generated over past 4 months (see Schedule A) 581,476,351.10
(c) Balance of Eligible Receivables at most recent Cut-Off Date
(see Daily Report for most recent Cut-Off Date) 210,586,130.88
(d) "Payment Term Variable" (see below) 1.000
Payment Term Variable, calculated with respect to each division, shall equal
(a) 1.0, if the weighted average payment terms for the Receivables (calculated as of the
most recent Cut-Off Date) are less than or equal to 39 days, (b) 1.08, if such weighted
average payment terms are 40 to 44 days, (c) 1.125, if such weighted average payment
terms are 45 to 49 days, (d) 1.25, if such weighted average payment terms are
50 to 59 days, and (e) 1.375 if the weighted average payment terms are 60 to 69 days.
(also see Definitions.)
--------------
1. LOSS RESERVE RATIO (Class B only) 3.31%
--------------
II. CLASS A
Loss Reserve Ratio = 2.5 x a x ( b / c ) x d
where: (a), (b), (c) and (d) are defined and provided above.
--------------
2. LOSS RESERVE RATIO (Class A only) 4.14%
--------------
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
E. DILUTION RESERVE RATIOS
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------------
I. CLASS B
Dilution Reserve Ratio = [ ( 2.0 x a ) + ( ( b - a ) x ( b / a ) ) ] x ( c / d )
<S> <C>
(a) average of "Dilution Ratios" over the past 12 months (see Schedule B) 2.50%
(b) highest 2-month "Dilution Ratio" over the past 12 months (see Schedule B) 3.19%
(c) total sales over the past 2 months (see Schedule B) 290,556,910.03
(d) Balance of Eligible Receivables at most recent Cut-Off Date (see D.1(c)) 210,586,130.88
--------------
1. DILUTION RESERVE RATIO (Class B only) 8.10%
--------------
II. CLASS A
Dilution Reserve Ratio = [ ( 2.5 x a) + ( ( b - a ) x (b / a) ) ] x ( c / d )
where: (a), (b), (c) and (d) are defined and provided above.
--------------
2. DILUTION RESERVE RATIO (Class A only) 9.83%
--------------
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
6
<PAGE> 7
================================================================================
page 3
F. APPLICABLE RESERVE RATIO
<TABLE>
<S> <C> <C> <C>
1. Minimum Required Reserve Ratio 14.00% (1)
2. Sum of Required Reserve Ratios (for Class B):
Loss Reserve Ratio (see D.1) 3.31%
Dilution Reserve Ratio (see E.1) 8.10%
11.41% (2)
3. 10% plus the product of (i) and (ii) where: 10.00%
(i) average of "Dilution Ratios" over last 12 mos. (see E.1(a)) 2.50%
multiplied by:
(ii) Invoices generated over latest 2 months = 290,556,910.03=
------------------------------------------------- ------------------
Unpaid Balance of Receivables 252,836,240.87 1.15
-----
12.87% (3)
4. APPLICABLE RESERVE RATIO * 14.00%
</TABLE>
* The Applicable Reserve Ratio shall equal the greater of (1) the Minimum
Required Reserve Ratio, (2) the sum of the Required Reserve Ratios and (3)
the factor calculated in F.3.
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
G. DISCOUNT RATE RESERVE
*** THE DISCOUNT RATE RESERVE IS CALCULATED IN EACH DAILY REPORT;
HOWEVER, THE FOLLOWING INFORMATION IS USED IN THAT CALCULATION. ***
<TABLE>
<S> <C>
1. Carrying Costs estimated to accrue over the next Calculation Period 1,153,000.00
(excluding interest on the WPS Finco Note)
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
H. GENERAL INFORMATION
1. Servicer's Fee for the most recent Calculation Period 338,547.76
================
2. Trustee's Fee for the most recent Calculation Period 1,416.67
================
3. Accumulated amount paid to the Sellers for reinvestment in new Receivables
during the revolving period for Series 1994-1 Certificates (inception to liquidation) 4,344,451,362.20
================
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
7
<PAGE> 8
<TABLE>
<CAPTION>
page 4
================================================================================================================================
I. LOSS TO LIQUIDATION RATIO
1. Receivables (net of recoveries) that were written off as uncollectible (excluding
write-offs of interest on past due Receivables) or converted into promissory notes:
----------------------------------------------------------------------------------
Home Fashions Alamac Total
------------- ------ -----
<S> <C> <C> <C>
Preceding Calculation Period (see A.6) 260,482.19 0.00 260,482.19
2nd Preceding Calculation Period 0.00 0.00 0.00
3rd Preceding Calculation Period 34,978.98 221.00 35,199.98
2. Total Cash Collections
------------------------------------
Preceding Calculation Period (see A.3) 117,232,644.65 14,143,677.40 131,376,322.05
2nd Preceding Calculation Period 106,519,111.17 15,700,370.00 122,219,481.17
3rd Preceding Calculation Period 125,842,459.80 21,831,812.53 147,674,272.33
4. Loss to Liquidation Ratio = [ 3 months total of (1) ] / [ 3 months total of (2) ]
-------------- ------------- --------------
LOSS TO LIQUIDATION RATIO = 0.08% 0.00% 0.07%
-------------- ------------- --------------
- --------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------------
J. LIQUIDATION EVENTS and PAYOUT EVENTS
Number of
1. Portfolio-Based Liquidation Events (see 9.01 of PSA): Business Days Triggered?
<S> <C> <C>
A. The calculated amount of (i) the difference of (a) sum of the Certificate Calculation Amount 5.00 NO
plus PI Calculation Amount, and (b) the amount of funds then on deposit in the Equalization Account
exceeds (ii) the Base Amount
2. Portfolio-Based Payout Events (see Series Supplements): Trigger Percentage
------------------
A. (Class A Reserves - funds in Special Reserve Acct) > Trigger Percentage 40%, if WestPoint Receivables make up
-------------------------------------------------------- 90% or more of Net Elig. Receivables
Net Eligible Receivables 35%, on any other day
NO
B. For the last Business Day of any three consecutive Calculation Periods:
(Amt of funds in Equalization Acct and Set Aside Acct) > 35% ----- NO
---------------------------------------------------------------------------
Eligible Receivables + (Amt of funds in Equalization Acct & Set-Aside Acct)
3. Other Liquidation Events:
-------------
Triggered ? NO
-------------
If yes, explain below.
4. Servicer Defaults (see Section 10.01 of the Pooling and Servicing
Agreement)
-------------
Triggered ? NO
-------------
If yes, explain below.
- --------------------------------------------------------------------------------------------------------------------------------
</TABLE>
8
<PAGE> 9
<TABLE>
<CAPTION>
page 5
==================================================================================================================================
K. DISCOUNT RATE
1. Discount Rate = 12 x a / b
<S> <C>
(a) Carrying Costs accrued during the most recent Calculation Period 1,214,000.00
(including WPS Finco Note interest)
(b) Aggregate Unpaid Balance of all Receivables as of the most recent 252,836,240.87
Cut-off Date (see A.8)
--------------
2. DISCOUNT RATE 5.76%
--------------
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
L. PURCHASE PRICE PERCENTAGE (See Section 2.2 of RPA)
<TABLE>
- -----------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
Home Fashions Alamac
------------- ------
<S> <C> <C>
1. Turnover Days (TD) (see B.2) 52.40 64.90
2. Profit Discount 0.20% 0.20%
3. Purchase Discount Reserve Ratio (PDRR)
PDRR ( TD / 360 x Discount Rate ) + Profit Discount = 1.04% 1.24%
4. Loss to Liquidation Ratio (LLR) (see I.4) 0.08% 0.00%
5. Purchase Price Percentage (PPP)
PPP 100% - (Purch. Disc. Res. Ratio + Loss to Liquid. Ratio) = 98.88% 98.76%
----- -----
6. PURCHASE PRICE PERCENTAGE 98.88% 98.76%
----- -----
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
M. DISTRIBUTION TO CERTIFICATEHOLDERS IN PRECEDING CALCULATION PERIOD
1. Total amount distributed in the preceding Calculation Period $ AMOUNT INTEREST RATE
-------- -------------
<S> <C> <C>
(A) Class A Certificateholders 546,968.75 N/A
(B) Class B Certificateholders 90,112.50 N/A
(C) Investor Revolving Certificateholders (non-use fees not incl) 0.00 N/A
2. Total amount allocable to Interest and Interest Rate
(A) Class A Certificateholders 546,968.75 5.7700%
(B) Class B Certificateholders 90,112.50 6.0700%
(C) Investor Revolving Certificateholders (non-use fees not incl) 0.00 0.0000%
3. Total amount allocable to Principle
(A) Class A Certificateholders 0.00 N/A
(B) Class B Certificateholders 0.00 N/A
(C) Investor Revolving Certificateholders 0.00 N/A
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
9
<PAGE> 10
<TABLE>
<CAPTION>
page 6
===================================================================================================================================
N. DELINQUENT BALANCES INCLUDING % OF TOTAL RECEIVABLES AT END OF PRECEDING CALCULATION PERIOD
Dollar Amount % Ending Rec Bal
------------- ----------------
<S> <C> <C> <C>
1. Delinquent 1 - 30 days 13,078,252.12 5.17%
Delinquent 31 - 60 days 3,816,058.88 1.51%
Delinquent 61 - 90 days 458,899.46 0.18%
Delinquent 91 - 120 days 377,741.61 0.15%
Delinquent over 120 days 1,173,934.91 0.46%
------------- ---------
Total Delinquent Balance 18,904,886.98 7.48%
2. Ending Monthly Receivables Balance (see A.8) 252,836,240.87
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
===================================================================================================================================
AGED RECEIVABLES RATIO Schedule A
<CAPTION>
91 to
120 days
past due Sales
-------- -----
<S> <C> <C> <C>
Preceding Cut-Off Date 377,741.61 139,816,809.55
2nd Prec. Cut-Off Date 264,131.94 150,740,100.48
3rd Prec. Cut-Off Date 313,721.29 155,240,862.90
4th Prec. Cut-Off Date 686,024.07 135,678,578.17
5th Prec. Cut-Off Date 317,941.46 121,499,827.00
Aged Receivables Ratio = Rec. 91 to 120 days past due as of Prec Calc Pd
plus write-offs per Aged Receiv. Ratio definition* = 377,741.61
--------------------------------------------------- --------------
Sales in month 4 mos. prior 121,499,827.00
---------
= 0.31%
---------
* see "Definitions" for further explanation
Aged Receivables Ratio:
- -----------------------
Preceding Calculation Period (from above) 0.31%
2nd Preceding Calculation Period (from preceding Settlement Statement) 0.18%
3rd Preceding Calculation Period (from 2nd preceding Settlement Statement) 0.26%
Preceding month's 3-month average of Aged Receivables Ratio 0.25%
2nd preceding month's 3-month average of Aged Receivables Ratio 0.34%
3rd " 0.36%
4th " 0.43%
5th " 0.31%
6th " 0.34%
7th " 0.27%
8th " 0.29%
9th " 0.21%
10th " 0.22%
11th " 0.60%
12th " 0.58%
---------
HIGHEST 3-MONTH AVERAGE OVER PAST 12 MONTHS 0.60%
---------
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
10
<PAGE> 11
page 7
<TABLE>
<CAPTION>
====================================================================================================================================
DILUTION RATIO Schedule B
Dilution Ratio = Total Dilution in Calculation Period
--------------------------------------------
Sales in month two Calculation Periods prior 2-mon. avg
of the
Dilution Sales Dilution Ratio Dilution Ratio
-------- ----- -------------- --------------
<S> <C> <C> <C> <C>
Preceding Cut-Off Date 2,445,581.77 139,816,809.55 1.58% 1.85%
2nd Prec. Cut-Off Date 2,926,509.01 150,740,100.48 2.16% 2.39%
3rd Prec. Cut-Off Date 3,217,459.28 155,240,862.90 2.65% 2.53%
4th Prec. Cut-Off Date 3,536,487.28 135,678,578.17 2.44% 2.39%
5th Prec. Cut-Off Date 2,791,631.38 121,499,827.00 2.33% 2.63%
6th Prec. Cut-Off Date 3,537,197.81 145,207,903.51 2.91% 2.67%
7th Prec. Cut-Off Date 3,094,301.11 119,648,074.96 2.44% 2.84%
8th Prec. Cut-Off Date 3,893,519.45 121,377,709.60 3.27% 3.19%
9th Prec. Cut-Off Date 3,694,621.39 126,806,177.55 3.11% 2.29%
10th Prec. Cut-Off Date 2,717,124.29 119,227,257.18 1.69% 1.86%
11th Prec. Cut-Off Date 3,022,987.70 118,907,188.29 2.05% 2.69%
12th Prec. Cut-Off Date 4,790,533.16 160,926,640.46 3.35% 2.70%
13th Prec. Cut-Off Date 3,048,143.01 147,526,367.79
14th Prec. Cut-Off Date 2,789,108.29 142,809,463.94
15th Prec. Cut-Off Date 4,678,666.79 147,167,425.33
16th Prec. Cut-Off Date 2,532,939.28 131,189,368.25
---------
AVERAGE OVER PAST 12 MONTHS 2.50%
---------
--------
HIGHEST 3-MONTH AVERAGE OVER PAST 12 MONTHS 3.19%
--------
- -------------------------------------------------------------------------------------------------------------------------------
</TABLE>
11
<PAGE> 12
<TABLE>
<CAPTION>
page 8
===============================================================================================================================
AVAILABLE SUBORDINATION AMOUNT (calculate during Liquidation Period) Schedule C
A. On Liquidation Commencement Date
<S> <C>
1. Unpaid Balance of Receivables held by the Trust at opening of next preceding Business Day 0.00
2. Less: Certificate Calculation Amount as of next preceding Business Day 0.00
3. Less: PI Calculation Amount as of next preceding Business Day 0.00
4. Plus: Balance of deposit in Equalization Account at end of next preceding Business Day 0.00
5. Less: Discount Rate Reserve as of next preceding Business Day 0.00
----------
6. AVAILABLE SUBORDINATION AMOUNT 0.00
B. On each Settlement Date after the Liquidation Commencement Date
1. Available Subordination Amount as calculated on next preceding Settlement Date 0.00
2. Less: Charge-off Amount (if positive) for most recently ended Calculation Period 0.00
3. Plus: Net Recoveries (if positive) for most recently ended Calculation Period 0.00
----------
4. AVAILABLE SUBORDINATION AMOUNT 0.00
- ---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------------
ALLOCABLE CHARGED-OFF AMOUNT (calculate during Liquidation Period) Schedule D
<S> <C>
A. If Available Subordination Amount is greater than zero, the Allocable Charged-off Amount equals 0.
B. On the first Settlement Date on which the Available Subordination Amount is reduced to 0,
Allocable Charged-off Amount equals (1) minus (2), if positive:
1. Charged-off Amount for most recently ended Calculation Period 0.00
2. Available Subordination Amount as of next preceding Settlement Date 0.00
----------
Allocable Charged-off Amount 0.00
C. On each subsequent Settlement Date, the Allocable Charged-off Amount equals the
Charged-off Amount (if positive) for the most recently ended Calculation Period.
Allocation of Charged-off Amounts to Certificates and Purchased Interests, if such Allocable Charged-off Amounts are greater than
zero:
First, to WPSF Revolving Certificate:
1. WPSF Allocation Percentage 0.00
2. Allocable Charged-off Amount 0.00
3. WPSF allocation (1) x (2) ----------
------>> 0.00
Second, to the Investor Certificates and Purchased Interests:
(i) to the Subordinated Classes and Subordinated Purchased Interests, in accordance to their respective Class Allocation 0.00
Percentages, until their respective Class Invested Amounts and PI Invested Amounts have been reduced to 0
(ii) to the Senior Classes and Senior Purchased Interests, in accordance to their respective Class Allocation Percentages, 0.00
until their respective Class Invested Amounts have been reduced to 0.
----------
0.00
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
12
<PAGE> 13
<TABLE>
<CAPTION>
page 9
==================================================================================================================================
NET RECOVERIES (calculate during Liquidation Period) Schedule E
<S> <C>
A. If Available Subordination Amount is greater than zero, the allocable Net
Recoveries equals 0.
B. Allocation of Net Recoveries (if positive) shall be allocated
among the various outstanding Classes of Investor
Certificates outstanding Purchased Interests and the WPSF
Revolving Certificate as follows:
First, to WPSF Revolving Certificate:
1. WPSF Allocation Percentage 0.00
2. Total Net Recoveries 0.00
----------
3. WPSF allocation (1) x (2) ------>> 0.00
Second, to the Investor Certificates and Purchased Interests:
(i) to the Senior Classes and Senior Purchased Interests, in accordance to their respective Class Allocation 0.00
Percentages, until all previous reductions to their respective Class Invested Amounts and PI Invested
Amounts on account of Allocable Charged-Off Amounts have been reinstated
(ii) to the Subordinated Classes and Subordinated Purchased Interests, in accordance to their respective 0.00
Class Allocation Percentages, until all previous reductions to their respective Class Invested Amounts
and PI Invested Amounts on account of Allocable Charged-Off Amounts have been reinstated ----------
0.00
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
13
<PAGE> 14
INFORMATION FOR SETTLEMENT STATEMENT
OCTOBER 1996
G(1). ESTIMATED CARRYING COSTS TO ACCRUE: 9/29-11/2 35 days
-----------------
<TABLE>
<CAPTION>
INTEREST: /360 # DAYS INT RATE CERT. AMOUNT CALC. INTEREST
--------------
<S> <C> <C> <C> <C> <C>
360 19 5.7075% 115,000,000.00 9/29-10/17 346,413.54
360 19 6.0075% 18,000,000.00 9/29-10/17 57,071.25
360 16 5.7075% 115,000,000.00 10/18-11/2 291,716.67
360 16 6.0075% 18,000,000.00 10/18-11/2 48,060.00
360 23 5.7500% 8,000,000.00 10/10-11/12 29,388.89
360 0.00
360 0.00
360 0.00
----------
772,650.35
NON-USE: /360 # DAYS INT RATE UNUSED AMT. CALC. FEE
-----------
360 35 0.3000% 19,000,000.00 9/29-11/2 5,541.67
------------
360 0.00
360 0.00
360 0.00
360 0.00
360 0.00
360 0.00
360 0.00
--------
5,541.67
</TABLE>
CURRENT MONTH SERVICE FEE: (2% TIMES ENDING A/R BALANCE ON 1ST DAY OF
PRECEDING CALC PERIOD DIVIDED BY 12)
<TABLE>
ENDING A/R CALC. FEE
--------------- -------------
<S> <C> <C> <C>
2.00% 12 224,913,410.95 374,855.68
TOTAL CARRYING COSTS TO ACCRUE: (INTEREST PLUS NON-USE FEE
------------
(ROUNDED TO 000) PLUS SERVICE FEE) 1,153,000.00
------------
</TABLE>
14
<PAGE> 15
INFORMATION FOR SETTLEMENT STATEMENT
OCTOBER 1996
I(2). CALCULATION OF THE SEPARATION OF CASH COLLECTIONS INTO HOME FASHIONS AND
ALAMAC
<TABLE>
<CAPTION>
H. FASHIONS ALAMAC TOTAL
--------------- ---------------- ---------------
<S> <C> <C> <C>
BEGINNING A/R 214,985,074.31 34,618,365.77 249,603,440.08
SALES 123,352,741.83 16,464,067.72 139,816,809.55
-----------------------------------
COLLECTIONS** (117,232,644.65) (14,143,677.40) (131,376,322.05)
-----------------------------------
DILUTION (2,134,719.53) (310,862.24) (2,445,581.77)
ADVERTISING (2,625,450.49) 0.00 (2,625,450.49)
WRITE-OFFS (260,482.19) 0.00 (260,482.19)
MISC.* 106,653.64 17,174.10 123,827.74
- --------------- --------------- --------------- ---------------
ENDING A/R 216,191,172.92 36,645,067.95 252,836,240.87
</TABLE>
OK OK OK
* SPLIT BETWEEN H. FASHIONS AND ALAMAC BASED ON BEGINNING A/R.
** FORCE
K(1)(A). CARRYING COSTS ACCRUED DURING CALCULATION PERIOD JUST ENDED: (SEE
BACK-UP IN CLOSE WORKPAPERS & VICKIE'S FINCO INTEREST SCHEDULE)
<TABLE>
<S> <C>
INTEREST 619,414.72
NON-USE FEE 5,033.33
SERVICE FEE 338,547.76
FINCO NOTE INTEREST 251,176.47
------------------- ------------
TOTAL (ROUNDED TO 000) 1,214,000.00
------------
</TABLE>
15
<PAGE> 16
A/R BALANCE BY TERMS TYPE / 9/28/96 /
<TABLE>
<CAPTION>
A/R AMOUNT
-----------------------------------------------------------------
DIVISION 30 DAYS 60 DAYS OTHER TOTAL
-----------------------------------------------------------------
<S> <C> <C> <C> <C>
ALAMAC 499,487.65 36,294,094.62 (148,514.32) 36,645,067.95
% TO TOTAL 1.36% 99.04% -0.41%
HOME FASHIONS 181,650,874.21 32,313,251.68 2,227,047.03 216,191,172.92
% TO TOTAL 84.02% 14.95% 1.03%
TOTAL 182,150,361.86 68,607,346.30 2,078,532.71 252,836,240.87
% TO TOTAL 72.04% 27.14% 0.82%
WEIGHTED AVERAGE PAYMENT TERMS FOR THE RECEIVABLES
30 DAYS % TO TOTAL FOR 30 DAYS PLUS OTHER TIMES 30 21.86
60 DAYS % TO TOTAL FOR 60 DAYS TIMES 60 16.28
--------------
TOTAL WEIGHTED AVERAGE PAYMENT TERMS 38.14
==============
</TABLE>
<TABLE>
<CAPTION>
PAYMENT TERM VARIABLE
<S> <C>
IF TOTAL WEIGHTED AVERAGE PAYMENT TERMS IS < 40, USE 1.00 / 1.00 /
IF TOTAL WEIGHTED AVERAGE PAYMENT TERMS IS >=40 AND <45, USE 1.08
IF TOTAL WEIGHTED AVERAGE PAYMENT TERMS IS >=45 AND <50, USE 1.125
IF TOTAL WEIGHTED AVERAGE PAYMENT TERMS IS >=50 AND <60, USE 1.25
IF TOTAL WEIGHTED AVERAGE PAYMENT TERMS IS >=60 AND <70, USE 1.375
</TABLE>
ACCOUNTS RECEIVABLE SUMMARY TRIAL BALANCE - AGED OVERDUE
<TABLE>
<CAPTION>
OVERDUE POSITION
TOTAL ------------------------------------------------------------------------------------------------
RECEIVABLE TOTAL TO 30 DAYS 31 - 60 DAYS 61 - 90 DAYS 91 - 120 DAYS OVER 120 DAYS
------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
213,863,661.42 16,898,484.77 12,410,271.73 3,301,837.72 382,277.87 303,607.32 500,490.13
36,645,067.95 1,225,280.85 307,080.31 134,900.67 70,185.66 48,871.50 664,242.71
2,327,511.50 781,121.36 360,900.08 379,320.49 6,435.93 25,262.79 9,202.07
- ------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------
252,836,240.87 18,904,886.98 13,078,252.12 3,816,058.88 458,899.46 377,741.61 1,173,934.91
- ------------------------------------------------------------------------------------------------------------------
</TABLE>
16
<PAGE> 17
[WESTPOINT STEVENS LETTERHEAD]
Craig J. Berlin
Corporate Credit Director
Senior Credit Officer October 15, 1996
To: Chemical Bank
The First National Bank of Chicago
WPS Receivables Corporation
Standard & Poor's Ratings Group
Moody's Investor Services
WESTPOINT STEVENS INC. (the "Servicer") hereby certifies that:
1. This Certificate is being delivered pursuant to Section
3.06 of the Pooling and Servicing Agreement, dated as of December 10,
1993, and amended and restated as of May 27, 1994 (as the same may be
amended, supplemented, amended and restated or otherwise modified from
time to time, the "Agreement"), among WPS Receivables Corporation, as
Transferor, the Servicer, and Chemical Bank, as the Trustee.
2. As of the date of this Certificate, the Authorized Officer
(as defined in the Agreement) that is executing this Certificate is not
aware of the occurrence and continuance of any Liquidation Event,
Unmatured Liquidation Event or Pay-Out Event (each as defined in the
Agreement).
IN WITNESS WHEREOF, the Servicer has caused this Certificate to
be executed by its duly authorized officer this 15th day of October,
1996.
WESTPOINT STEVENS INC.
By:/s/Craig J. Berlin
----------------------
Craig J. Berlin
Corporate Credit Director
Senior Credit Officer
CJB/zkp
17
400 WEST 10TH STREET, POST OFFICE BOX 71, WEST POINT, GEORGIA 31833
AREA 706 645-4248 - FAX 706 645-4885
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