|
|
|
|
|
|
|
|
|
|
|
|
|
|
Previous: MC LIQUIDATING CORP, 8-K, 1998-05-29 |
Next: WORLDWIDE INTERNET MARKETING INC, 8-K/A, 1998-05-29 |
<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): May 18, 1998
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 jurisdiction of (Commission File No.) (I.R.S. Employer
incorporation or organization) Identification No.)
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
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 99.2 Monthly Settlement Statement for the Floating Rate Trade
Receivables Participation Certificates, Series 1994-1 with
respect to the May 18, 1998 Distribution Date.
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: May 27, 1998
3
<PAGE> 4
EXHIBIT LIST
<TABLE>
<CAPTION>
Exhibit
- -------
<S> <C>
99.2 Monthly Settlement Statement for the Floating Rate Trade
Receivables Participation Certificates, Series 1994-1 with
respect to the May 18, 1998 Distribution Date
</TABLE>
4
<PAGE> 1
EXHIBIT 99.2
WESTPOINT STEVENS RECEIVABLES MASTER TRUST SETTLEMENT STATEMENT
A. MONTHLY RECEIVABLES ACTIVITY
<TABLE>
<CAPTION>
HOME FASHIONS ALAMAC TOTAL
------------- ------ -----
<S> <C> <C> <C> <C>
1. BEGINNING MONTHLY RECEIVABLES BALANCE 209,891,597.10
2. Plus: Invoices 165,286,968.33 0.00 165,286,968.33
3. Less: Cash Collections (138,994,318.41)
4a. Less: Cash Discounts (253,784.49) 59,485.47 (194,299.02)
4b. Less: Returns & Allowances (3,884,910.80) 0.00 (3,884,910.80)
4c. Less: Other Credits (390,524.70) (66,596.62) (457,121.32)
----------------------------- -------------- ---------- ---------------
4d. Total Dilution (4,529,219.99) (7,111.15) (4,536,331.14)
5. Less: Advertising Credits (3,351,549.56) 0.00 (3,351,549.56)
6. Less: Net Write-Offs 23,218.46 32,006.97 55,225.43
7. Less: Miscellaneous (344,264.30)
---------------
8. ENDING MONTHLY RECEIVABLES BALANCE 228,007,327.45
===============
</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 209,567,868.85 323,728.25
Calculation Period
(b). Aggregate Receivables Balance as of most recent Cut-Off Date 228,047,451.95 (40,124.50)
(c). Aggregate Receivables generated during preceding Calculation Period 165,286,968.33 0.00
(see A.2)
-------------- ----------
2. TURNOVER DAYS (TD) 39.70 N/A
-------------- ----------
----------
3. COMBINED TURNOVER DAYS 39.70
----------
</TABLE>
C. INVESTOR CERTIFICATES AND PURCHASED INTERESTS
<TABLE>
<S> <C> <C>
1. INVESTOR INVESTED AMOUNT (AS OF MOST RECENT CUT-OFF DATE):
Investor Revolving Certificates 0.00
Class A Fixed Principal Certificates 115,000,000.00
Class B Fixed Principal Certificates 18,000,000.00
Purchased Interests 0.00
------------------- --------------
Investor Invested Amount 133,000,000.00
==============
2. INTEREST RATES (AS OF MOST RECENT CUT-OFF DATE):
Investor Revolv. Cert. 0.00%
Class A Fixed Principal Certificates 5.96%
Class B Fixed Principal Certificates 6.26%
Purchased Interests 0.00%
------------------- --------------
Weighted Avg. Interest Rate 6.00%
==============
3. INVESTOR INVESTED AMOUNT ON THE DATE OF
ISSUANCE (SERIES 1994-1 CERTIFICATES):
Class A Fixed Principal Certificates 115,000,000.00
Class B Fixed Principal Certificates 18,000,000.00
--------------
Investor Invested Amount 133,000,000.00
==============
4. AMOUNT ON DEPOSIT IN PRINCIPLE FUNDING ACCOUNT
(AS OF MOST RECENT CUT-OFF DATE):
Principle Funding Account Balance 0.00
==============
5. WPS REVOLVING CERTIFICATE AMOUNT
(AS OF MOST RECENT CUT-OFF DATE):
WPS Revolving Certificate Amount 0.00
==============
</TABLE>
<PAGE> 2
WESTPOINT STEVENS RECEIVABLES MASTER TRUST SETTLEMENT STATEMENT
page 2
D. LOSS RESERVE RATIOS
<TABLE>
<S> <C> <C>
I. CLASS B
- ----------
LOSS RESERVE RATIO = 2.0 x a x (b / c) x d
where:
(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) 0.42%
(b) sum of total Receivables generated over past 4 months (see Schedule A) 545,696,162.12
(c) Balance of Eligible Receivables at most recent Cut-Off Date
(see Daily Report for most recent Cut-Off Date) 183,578,523.80
(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) 2.50%
--------------
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) 3.12%
--------------
</TABLE>
E. DILUTION RESERVE RATIOS
<TABLE>
<S> <C> <C>
I. CLASS B
- ----------
DILUTION RESERVE RATIO= [(2.0 x a) + ((b - a) x (b / a))] x (c / d)
(a) average of "Dilution Ratios" over the past 12 months (see Schedule B) 2.70%
(b) highest 2-month "Dilution Ratio" over the past 12 months (see Schedule B) 3.24%
(c) total sales over the past 2 months (see Schedule B) 288,561,904.10
(d) Balance of Eligible Receivables at most recent Cut-Off Date (see D.1(c)) 183,578,523.80
--------------
1. DILUTION RESERVE RATIO (CLASS B ONLY) 9.51%
--------------
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) 11.63%
--------------
</TABLE>
<PAGE> 3
WESTPOINT STEVENS RECEIVABLES MASTER TRUST SETTLEMENT STATEMENT
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) 2.50%
Dilution Reserve Ratio (see E.1) 9.51%
-----
12.01% (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)) 2.70%
multiplied by:
(ii) Invoices generated over latest 2 months = 288,561,904.10 =
--------------------------------------------- --------------
Unpaid Balance of Receivables 228,007,327.45 1.27
-----
13.41% (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> <C>
1. Carrying Costs estimated to accrue over the next Calculation Period 980,000.00
(excluding interest on the WPS Finco Note)
</TABLE>
H. GENERAL INFORMATION
<TABLE>
<S> <C> <C>
1. Servicer's Fee for the most recent Calculation Period 361,061.01
================
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) 6,904,113,812.37
================
</TABLE>
<PAGE> 4
WESTPOINT STEVENS RECEIVABLES MASTER TRUST SETTLEMENT STATEMENT
page 4
I. LOSS TO LIQUIDATION RATIO
<TABLE>
<CAPTION>
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> <C>
Preceding Calculation Period (see A.6) (23,218.46) (32,006.97) (55,225.43)
2nd Preceding Calculation Period 467,318.77 0.00 467,318.77
3rd Preceding Calculation Period 29,247.01 4,772.37 34,019.38
2. Total Cash Collections
---------------------------
Preceding Calculation Period (see A.3) 138,606,100.82 388,217.59 138,994,318.41
2nd Preceding Calculation Period 122,246,061.54 355,331.32 122,601,392.86
3rd Preceding Calculation Period 107,784,441.82 125,180.93 107,909,622.75
4. Loss to Liquidation Ratio = [3 months total of (1)] / [3 months total of (2)]
-------------- ---------- --------------
LOSS TO LIQUIDATION RATIO = 0.13% (3.13)% 0.12%
-------------- ---------- --------------
</TABLE>
J. LIQUIDATION EVENTS AND PAYOUT EVENTS
<TABLE>
<CAPTION>
Number of
1. Portfolio-Based Liquidation Events (see 9.01 of PSA): Business Days Triggered?
------------- ----------
<S> <C> <C> <C>
A. The calculated amount of (i) the difference of (a) sum of the 5.00 NO
Certificate Calculation Amount plus PI Calculation Amount, and
(b) the amount of funds then on deposit in the Equalization Account
exceeds (ii) the Base Amount
<CAPTION>
2. Portfolio-Based Payout Events (see Series Supplements): Trigger Percentage
------------------
<S> <C> <C>
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>
<PAGE> 5
WESTPOINT STEVENS RECEIVABLES MASTER TRUST SETTLEMENT STATEMENT
page 5
K. DISCOUNT RATE
<TABLE>
<S> <C> <C>
1. Discount Rate = 12 x a / b
(a) Carrying Costs accrued during the most recent Calculation Period 1,412,000.00
(including WPS Finco Note interest)
(b) Aggregate Unpaid Balance of all Receivables as of the most recent 228,007,327.45
Cut-off Date (see A.8)
--------------
2. DISCOUNT RATE 7.43%
--------------
</TABLE>
L. PURCHASE PRICE PERCENTAGE (See Section 2.2 of RPA)
<TABLE>
<CAPTION>
HOME FASHIONS ALAMAC
------------- ------
<S> <C> <C> <C>
1. Turnover Days (TD) (see B.2) 39.70 N/A
2. Profit Discount 0.20% N/A
3. Purchase Discount Reserve Ratio (PDRR)
PDRR = (TD / 360 x Discount Rate) + Profit Discount = 1.02% N/A
4. Loss to Liquidation Ratio (LLR) (see I.4) 0.13% N/A
5. Purchase Price Percentage (PPP)
PPP = 100% - (Purch. Disc. Res. Ratio + Loss to Liquid. Ratio) = 98.85% N/A
--------- ---------
6. PURCHASE PRICE PERCENTAGE 98.85% N/A
--------- ---------
</TABLE>
M. DISTRIBUTION TO CERTIFICATEHOLDERS IN PRECEDING CALCULATION PERIOD
<TABLE>
<CAPTION>
1. Total amount distributed in the preceding Calculation Period $ AMOUNT INTEREST RATE
---------- -------------
<S> <C> <C> <C>
(A) Class A Certificateholders 634,608.33 N/A
(B) Class B Certificateholders 104,280.00 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 634,608.33 6.0200%
(B) Class B Certificateholders 104,280.00 6.3200%
(C) Investor Revolving Certificateholders (non-use fees not incl) 0.00
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>
<PAGE> 6
WESTPOINT STEVENS RECEIVABLES MASTER TRUST SETTLEMENT STATEMENT
page 6
N. DELINQUENT BALANCES INCLUDING % OF TOTAL RECEIVABLES AT END OF PRECEDING
CALCULATION PERIOD
<TABLE>
<CAPTION>
Dollar Amount % Ending Rec Bal
-------------- ----------------
<S> <C> <C> <C> <C>
1. Delinquent 1 - 30 days 14,514,423.18 6.37%
Delinquent 31 - 60 days 4,617,924.00 2.03%
Delinquent 61 - 90 days 745,553.20 0.33%
Delinquent 91 - 120 days 346,319.77 0.15%
Delinquent over 120 days 1,077,623.95 0.47%
------------- ----------------
Total Delinquent Balance 21,301,844.10 9.34%
2. Ending Monthly Receivables Balance (see A.8) 228,007,327.45
</TABLE>
AGED RECEIVABLES RATIO SCHEDULE A
<TABLE>
<CAPTION>
91 TO
120 DAYS
PAST DUE SALES
-------- -----
<S> <C> <C> <C>
PRECEDING CUT-OFF DATE 346,319.77 165,286,968.33
2ND PREC. CUT-OFF DATE 616,732.24 123,274,935.77
3RD PREC. CUT-OFF DATE 757,743.37 118,287,353.24
4TH PREC. CUT-OFF DATE 396,623.45 138,846,904.78
5TH PREC. CUT-OFF DATE 684,190.31 126,444,698.69
AGED RECEIVABLES RATIO = Rec. 91 to 120 days past due as of Prec Calc Pd
plus write-offs per Aged Receiv. Ratio definition* = 346,319.77
-------------------------------------------------- --------------
Sales in month 4 mos. prior 126,444,698.69
----------
= 0.27%
----------
* see "Definitions" for further explanation
AGED RECEIVABLES RATIO:
- -----------------------
Preceding Calculation Period (from above) 0.27%
2nd Preceding Calculation Period (from preceding Settlement Statement) 0.46%
3rd Preceding Calculation Period (from 2nd preceding Settlement Statement) 0.47%
PRECEDING MONTH'S 3-MONTH AVERAGE OF AGED RECEIVABLES RATIO 0.40%
2nd preceding month's 3-month average of Aged Receivables Ratio 0.40%
3rd " 0.40%
4th " 0.35%
5th " 0.32%
6th " 0.25%
7th " 0.24%
8th " 0.23%
9th " 0.22%
10th " 0.22%
11th " 0.37%
12th " 0.42%
--------------
HIGHEST 3-MONTH AVERAGE OVER PAST 12 MONTHS 0.42%
--------------
</TABLE>
<PAGE> 7
WESTPOINT STEVENS RECEIVABLES MASTER TRUST SETTLEMENT STATEMENT
page 7
DILUTION RATIO SCHEDULE B
<TABLE>
<CAPTION>
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 4,536,331.14 165,286,968.33 3.84% 3.14%
2ND PREC. CUT-OFF DATE 3,527,809.23 123,274,935.77 2.54% 3.15%
3RD PREC. CUT-OFF DATE 4,822,371.45 118,287,353.24 3.81% 3.24%
4TH PREC. CUT-OFF DATE 3,600,526.87 138,846,904.78 2.70% 2.55%
5TH PREC. CUT-OFF DATE 3,896,691.59 126,444,698.69 2.43% 2.10%
6TH PREC. CUT-OFF DATE 2,654,391.99 133,178,386.31 1.76% 2.41%
7TH PREC. CUT-OFF DATE 4,593,206.29 160,258,207.12 3.06% 2.33%
8TH PREC. CUT-OFF DATE 2,898,180.37 150,967,875.54 1.70% 1.92%
9TH PREC. CUT-OFF DATE 3,267,532.30 150,145,930.54 2.18% 2.72%
10TH PREC. CUT-OFF DATE 4,206,910.71 170,918,590.57 3.36% 2.70%
11TH PREC. CUT-OFF DATE 3,555,794.19 149,862,468.90 2.20% 2.46%
12TH PREC. CUT-OFF DATE 3,751,396.74 125,339,056.79 2.79% 2.94%
13TH PREC. CUT-OFF DATE 4,023,258.04 161,859,337.64
14TH PREC. CUT-OFF DATE 4,318,603.59 134,657,634.52
15TH PREC. CUT-OFF DATE 3,435,369.48 129,472,584.88
16TH PREC. CUT-OFF DATE 3,105,369.96 143,210,309.77
---------
AVERAGE OVER PAST 12 MONTHS 2.70%
---------
---------
HIGHEST 3-MONTH AVERAGE OVER PAST 12 MONTHS 3.24%
---------
</TABLE>
<PAGE> 8
WESTPOINT STEVENS RECEIVABLES MASTER TRUST SETTLEMENT STATEMENT
page 8
AVAILABLE SUBORDINATION AMOUNT (CALCULATE DURING LIQUIDATION PERIOD) SCHEDULE C
<TABLE>
<S> <C> <C>
A. On Liquidation Commencement Date
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>
ALLOCABLE CHARGED-OFF AMOUNT (CALCULATE DURING LIQUIDATION PERIOD) SCHEDULE D
<TABLE>
<S> <C> <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.
</TABLE>
<TABLE>
<S> <C> <C> <C> <C>
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 0.00
to their respective Class Allocation 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 0.00
respective Class Allocation Percentages, until their respective Class Invested
Amounts have been reduced to 0.
---------
0.00
</TABLE>
<PAGE> 9
WESTPOINT STEVENS RECEIVABLES MASTER TRUST SETTLEMENT STATEMENT
page 9
NET RECOVERIES (CALCULATE DURING LIQUIDATION PERIOD) SCHEDULE E
<TABLE>
<S> <C> <C> <C> <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 0.00
to their respective 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
(ii) to the Subordinated Classes and Subordinated Purchased Interests, in 0.00
accordance to their respective 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>
<PAGE> 10
WESTPOINT STEVENS RECEIVABLES MASTER TRUST SETTLEMENT STATEMENT
INFORMATION FOR SETTLEMENT STATEMENT
MAY 1998
<TABLE>
<CAPTION>
G(1). ESTIMATED CARRYING COSTS TO ACCRUE: 5/3-5/30
----------------
INTEREST: /360 # DAYS INT RATE CERT. AMOUNT CALC. INTEREST
--------------
<S> <C> <C> <C> <C> <C> <C>
360 15 5.9575% 115,000,000.00 5/3-5/17 285,463.54
360 15 6.2575% 18,000,000.00 5/3-5/17 46,931.25
360 13 6.0200% 115,000,000.00 5/18-5/30 249,997.22
360 13 6.3200% 18,000,000.00 5/18-5/30 41,080.00
360 0.00
360 0.00
360 0.00
360 0.00
------------
623,472.01
<CAPTION>
NON-USE: /360 # DAYS INT RATE UNUSED AMT. CALC. FEE
--------------
<S> <C> <C> <C> <C> <C> <C>
360 28 0.3000% 27,000,000.00 5/3-5/30 6,300.00
----------------
360 0.00
360 0.00
360 0.00
360 0.00
360 0.00
360 0.00
360 0.00
------------
6,300.00
</TABLE>
<TABLE>
<CAPTION>
CURRENT MONTH SERVICE FEE: (2% TIMES ENDING A/R BALANCE ON 1ST DAY OF PRECEDING CALC PERIOD
DIVIDED BY 12)
ENDING A/R CALC. FEE
-------------- -------------
<S> <C> <C> <C> <C>
2.00% 12 210,075,349.36 (3/30/98) 350,125.58
TOTAL CARRYING COSTS TO ACCRUE: (INTEREST PLUS NON-USE FEE ------------
(ROUNDED TO 000) PLUS SERVICE FEE) 980,000.00
------------
</TABLE>
<PAGE> 11
INFORMATION FOR SETTLEMENT STATEMENT
MAY 1998
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 209,567,868.85 323,728.25 209,891,597.10
SALES 165,286,968.33 0.00 165,286,968.33
COLLECTIONS** (138,606,100.82) (388,217.59) (138,994,318.41)
DILUTION (4,529,219.99) (7,111.15) (4,536,331.14)
ADVERTISING (3,351,549.56) 0.00 (3,351,549.56)
WRITE-OFFS 23,218.46 32,006.97 55,225.43
MISC.* (343,733.32) (530.98) (344,264.30)
- ------------- --------------- ----------- ---------------
ENDING A/R 228,047,451.95 (40,124.50) 228,007,327.45
OK 0K 0K
</TABLE>
* 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>
<CAPTION>
<S> <C>
INTEREST 780,667.71
NON-USE FEE 7,875.00
SERVICE FEE 361,061.01
FINCO NOTE INTEREST 261,935.22
------------------- ------------
------------
TOTAL (ROUNDED TO 000) 1,412,000.00
------------
</TABLE>
<PAGE> 12
A/R BALANCE BY TERMS TYPE @ 5/5/98
--------
<TABLE>
<CAPTION>
A/R AMOUNT
-----------------------------------------------------------------
DIVISION 30 DAYS 60 DAYS OTHER TOTAL
- -------- -----------------------------------------------------------------
<S> <C> <C> <C> <C>
ALAMAC 0.00 14,787.44 (54,911.94) (40,124.50)
% TO TOTAL 0.00% -36.85% 136.85%
HOME FASHIONS 185,981,811.99 38,410,274.00 3,655,365.96 228,047,451.95
% TO TOTAL 81.55% 16.84% 1.60%
TOTAL 185,981,811.99 38,425,061.44 3,600,454.02 228,007,327.45
% TO TOTAL 81.57% 16.85% 1.58%
</TABLE>
WEIGHTED AVERAGE PAYMENT TERMS FOR THE RECEIVABLES
<TABLE>
<S> <C> <C>
30 DAYS % TO TOTAL FOR 30 DAYS PLUS OTHER TIMES 30 24.94
60 DAYS % TO TOTAL FOR 60 DAYS TIMES 60 10.11
--------------
TOTAL WEIGHTED AVERAGE PAYMENT TERMS 35.06
==============
</TABLE>
---------------------
PAYMENT TERM VARIABLE
---------------------
<TABLE>
<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 ABD <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 ------------------------------------------------------------------------------------------
DIVISION RECEIVABLE TOTAL TO 30 DAYS 31-60 DAYS 61-90 DAYS 91-120 DAYS OVER 120 DAYS
------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
HOME FASH. 226,408,312.91 21,120,954.95 14,418,230.41 4,579,104.44 732,316.23 339,739.39 1,051,564.48
ALAMAC (40,124.50) 1,449.44 0.00 0.00 0.00 0.00 1,449.44
CORPORATE 1,639,139.04 179,439.71 96,192.77 38,819.56 13,236.97 6,580.38 24,610.03
------------------------------------------------------------------------------------------------------------
TOTAL 228,007,327.45 21,301,844.10 14,514,423.18 4,617,924.00 745,553.20 346,319.77 1,077,623.95
</TABLE>
|
|