<PAGE>
<PAGE>
==============================================================================
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) July 10, 1996
American Express Credit Account Master Trust
(Issuer in respect of the
Class A Series 1996-1 6.80% Asset Backed Certificates
and Class B Series 1996-l 6.95% Asset Backed Certificates)
American Express Centurion Bank
(Co-Originator of the Trust and a Transferor)
(Exact name of registrant as specified in its charter)
Utah 000-20787-01 11-2869526
- ---------------------------- ------------ ---------------
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Numbers) Identification No.)
6985 Union Park Center, Midvale, Utah 84047
- ---------------------------------------- ----------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (801) 565-5000
American Express Receivables Financing Corporation II
(Co-Originator of the Trust and a Transferor)
(Exact name of registrant as specified in its charter)
Delaware 000-20787 13-3854638
- ---------------------------- ------------ -------------------
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Numbers) Identification No.)
200 Vesey Street, New York, New York 10285
- ----------------------------------------- ---------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (212) 640-4473
==============================================================================
<PAGE>
<PAGE>
Item 5. Other Events.
A. Merger of American Express Centurion Bank and American Express Deposit
Corporation.
The American Express Credit Account Master Trust (the "Trust") was
formed pursuant to a Pooling and Servicing Agreement (the "Agreement"), dated
as of May 16, 1996, among American Express Centurion Bank ("Centurion") and
American Express Receivables Financing Corporation II ("RFC II"), the co-
originators (each, in such capacity, an "Originator"), as transferors (the
"Transferors"), American Express Travel Related Services Company, Inc.
("TRS"), as servicer (the "Servicer"), and The Bank of New York, as trustee
(the "Trustee"). Centurion was incorporated under Delaware banking laws as a
limited service bank in 1985. As of July l, 1996, Centurion's business was
combined by merger with that of American Express Deposit Corporation ("AEDC"),
a Utah-chartered, FDIC-insured industrial loan company, that is also a
subsidiary of TRS. Substantially all of the assets and liabilities of
Centurion, including Centurion's rights and obligations under the Pooling and
Servicing Agreement and Centurion's rights and obligations with respect to the
Accounts owned by Centurion, were assumed by AEDC, which is the merger's
surviving institution. AEDC was renamed as American Express Centurion Bank.
B. Monthly Servicer's Certificate.
On May 16, 1996, the Trust issued $865,000,000 Class A Series 1996-1
6.80% Asset Backed Certificates and $60,000,000 Class B Series 1996-1 6.95%
Asset Backed Certificates (the "Class A Certificates" and the "Class B
Certificates", respectively, and collectively, the "Series 1996-l
Certificates"), offered pursuant to a Prospectus Supplement dated May 9, 1996
to Prospectus dated May 9, 1996 and issued under the Agreement and the Series
1996-l Supplement dated as of May 16, 1996, to the Agreement (the "Series
1996-1 Supplement"). Interest on the Series 1996-l Certificates will accrue
from May 16, 1996 and is payable on July 15, 1996 and on the fifteenth day of
each month thereafter (or, if such fifteenth day is not a business day, the
immediately succeeding business day) (each, a "Distribution Date"). Principal
with respect to the Class A Certificates and the Class B Certificates is
scheduled to be distributed on the May 200l Distribution Date, but may be paid
earlier or later under certain limited circumstances as provided in the
Agreement and Series 1996-l Supplement.
The Monthly Servicer's Certificate for the July 15, 1996 Distribution
Date covering the initial Monthly Period is filed as Exhibit 20.1 to this
Report.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(a) Not applicable.
(b) Not applicable.
(c) Exhibits:
4.l. Pooling and Servicing Agreement, dated as of May 16, 1996, among
American Express Centurion Bank and American Express Receivables Financing
Corporation II, as Transferors, American Express Travel Related Services
Company, Inc., as Servicer, and The Bank of New York, as Trustee, relating to
the American Express Credit Account Master Trust (incorporated by reference to
Exhibit 4.1 of Form 8-A filed by American Express Receivables Financing
Corporation II on May 30, 1996, File No. 000-20787).
4.2. Series 1996-l Supplement dated as of May 16, 1996 to Pooling and
Servicing Agreement dated as of May 16, 1996 (incorporated by reference to
Exhibit 4.2 of Form 8-A filed by American Express Receivables Financing
Corporation II on May 30, 1996, File No. 000-20787).
4.3. Supplemental Assumption Agreement dated as of June 27, 1996,
between American Express Centurion Bank, as Assignor, and American Express
Deposit Corporation, as Assignee, With Respect to the Pooling and Servicing
Agreement Governing the American Express Credit Account Master Trust.
20.1. Series 1996-1 Certificateholders' Statement for the July 15, 1996
Distribution Date and covering the initial Monthly Period.
<PAGE>
<PAGE>
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 thereunto duly authorized on the date indicated.
Dated: July 15, 1996
AMERICAN EXPRESS CREDIT ACCOUNT
MASTER TRUST
AMERICAN EXPRESS CENTURION BANK,
TRANSFEROR
By:/s/ Mark Hales
-------------------------------
Name: Mark Hales
Title: Chief Financial Officer
AMERICAN EXPRESS RECEIVABLES
FINANCING CORPORATION II, TRANSFEROR
By:/s/ Leslie R. Scharfstein
--------------------------------
Name: Leslie R. Scharfstein
Title: President
<PAGE>
<PAGE>
EXHIBIT INDEX
Designation Description Page
Exhibit 4.1 Pooling and Servicing Agreement, dated as of May 16, -
1996, among American Express Centurion Bank and
American Express Receivables Financing Corporation II,
as Transferors, American Express Travel Related
Services Company, Inc., as Servicer, and The Bank of
New York, as Trustee, relating to the American Express
Credit Account Master Trust (incorporated by reference
to Exhibit 4.1 of Form 8-A filed by American Express
Receivables Financing Corporation II on May 30, 1996,
File No. 000-20787).
Exhibit 4.2 Series 1996-l Supplement dated as of May 16, 1996 to -
Pooling and Servicing Agreement dated as of May 16,
1996 (incorporated by reference to Exhibit 4.2 of Form
8-A filed by American Express Receivables Financing
Corporation II on May 30, 1996, File No. 000-20787).
Exhibit 4.3 Supplemental Assumption Agreement dated as of June 27, 6
1996, between American Express Centurion Bank, as
Assignor, and American Express Deposit Corporation, as
Assignee, With Respect to the Pooling and Servicing
Agreement Governing the American Express Credit
Account Master Trust.
Exhibit 20.1 Series 1996-1 Certificateholders' Statement for the 12
July 15, 1996 Distribution Date and covering the
initial Monthly Period.
<PAGE>
<PAGE>
EXHIBIT 4.3
<PAGE>
<PAGE>
============================================================================
Supplemental Assumption Agreement
Dated as of June 27, 1996
between
American Express Centurion Bank,
as Assignor
and
American Express Deposit Corporation,
as Assignee
With Respect to the Pooling and Servicing
Agreement
Governing the
American Express Credit Account
Master Trust
============================================================================
<PAGE>
<PAGE>
SUPPLEMENTAL ASSUMPTION AGREEMENT
This SUPPLEMENTAL ASSUMPTION AGREEMENT, dated as of June 27, 1996 (this
"Assumption Agreement" or "Agreement"), between AMERICAN EXPRESS CENTURION
BANK, a Delaware banking corporation (the "Assignor" or "Centurion Bank"),
and AMERICAN EXPRESS DEPOSIT CORPORATION, a Utah-chartered industrial loan
company ("Assignee").
As of July 1, 1996 (the "Effective Date of the Merger"), the Assignor
intends to merge with and into the Assignee in the manner contemplated by that
certain Plan and Agreement dated June 27, 1996, between the Assignor and the
Assignee. The entity that survives such merger will legally change its name
to "American Express Centurion Bank." In connection with such merger, and in
order to satisfy the condition precedent to such merger and the Assignee's
related assumption of the Assignor's obligations under the Pooling Agreement
referred to below, the Assignor and the Assignee now wish to enter into this
Assumption Agreement, pursuant to which the Assignee shall expressly assume,
as of the Effective Date of the Merger, the performance of every covenant and
obligation of the Assignor under such Pooling Agreement.
NOW, THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which is acknowledged, the Assignor and the Assignee hereby
agree as follows:
SECTION 1. DEFINITIONS.
Each capitalized term used in this Agreement and not otherwise defined
herein shall have the meaning specified in the Pooling and Servicing Agreement
dated as of May 16, 1996 (the "Pooling Agreement"), among the Assignor and
American Express Receivables Financing Corporation II, a Delaware corporation
("RFC II"), as Transferors; American Express Travel Related Services Company,
Inc., a New York corporation ("TRS"), as Servicer; and The Bank of New York, a
New York banking corporation, as Trustee (in such capacity, the "Trustee")
relating to the American Express Credit Account Master Trust (the "Trust").
All references to Sections herein are to Sections of this Agreement unless
otherwise indicated and the words "herein", "hereof" and "hereunder" and other
words of similar import refer to this Agreement as a whole and not to any
particular Section or other subdivision.
Where any provision in this Agreement refers to action to be taken by
any Person, or which such Person is prohibited from taking, such provision
shall be applicable whether such action is taken directly or indirectly by
such Person.
<PAGE>
<PAGE>
SECTION 2. ASSIGNMENT BY ASSIGNOR.
The Assignor hereby assigns, conveys and transfers, as of the Effective
Date of the Merger, all of its rights, title and interests in, to and under
(a) the Pooling Agreement, (b) the Original Transferor Certificate, (c) the
Series 1996-1 Supplement to the Pooling Agreement dated as of May 16, 1996
(the "Series 1996-1 Supplement"), among the Assignor and RFC II as
Transferors, TRS as Servicer, and The Bank of New York as Trustee, and (d) the
Loan Agreement dated as of May 16, 1996 (the "Loan Agreement"), among The Bank
of New York as Trustee, the Assignor and RFC II as Transferors, TRS as
Servicer, Credit Lyonnais New York Branch as Agent, and the CA Investors from
time to time party thereto, in each case including, without limitation, all of
the Assignor's rights, title and interests incidental to such documents and
each other agreement related thereto.
SECTION 3. ASSUMPTION BY ASSIGNEE.
The Assignee hereby accepts the assignment contemplated by Section 2
and, as of the Effective Date of the Merger, assumes, and agrees that, as of
the Effective Date of the Merger, it will be unconditionally bound in respect
of, all duties and obligations of the Assignor under (a) the Pooling
Agreement, (b) the Original Transferor Certificate (or any Transferor
Certificate now or hereafter issued by the Trust in substitution for the
Original Transferor Certificate), (c) the Series 1996-1 Supplement, (d) the
Loan Agreement and (e) each other document or agreement related thereto
(collectively, the "Operative Documents"). The Assignee agrees that it is
liable for all duties and obligations under the Operative Documents as though
it were identified as a "Transferor" or Centurion Bank therein.
SECTION 4. ASSIGNEE AS TRANSFEROR.
In consequence of the assumption contemplated by Section 3, the
Assignee, as of the Effective Date of the Merger, shall be deemed a
"Transferor" or Centurion Bank for all purposes, and shall enjoy the rights
and privileges and perform the obligations of "a Transferor" and Centurion
Bank, under each Operative Document, and each reference in each Operative
Document to "the Transferors," "a Transferor" or Centurion Bank shall be
deemed to include the Assignee for all purposes.
SECTION 5. CERTAIN REPRESENTATIONS OF THE ASSIGNEE.
The Assignee represents and warrants that it is an Affiliate of the
Assignor that satisfies the criteria specified in clause (x) of subsection
7.02(a)(i) of the Pooling Agreement, that the Assignee is not eligible as a
debtor under the Bankruptcy Code, and that the Assignee has the corporate
power and authority to enter into and perform its obligations under this
Agreement and, accordingly, the duties and obligations of a Transferor and
Centurion Bank under the Operative Documents.
SECTION 6. MISCELLANEOUS.
Section 6.01 Amendments and Waivers. No term, covenant, agreement or
condition of this Agreement may be terminated, amended or compliance therewith
waived (either generally or in a particular instance, retroactively or
prospectively) except by an instrument or instruments in writing executed by
each party hereto.
-2-
<PAGE>
<PAGE>
SECTION 6.02 NOTICES. Unless otherwise expressly specified or
permitted by the terms hereof or any Operative Document, all communications
and notices to the Assignee under any Operative Document shall be in writing
and delivered to the Assignee at the following address in a manner permitted
by such Operative Document:
AMERICAN EXPRESS CENTURION BANK
(f.k.a. AMERICAN EXPRESS DEPOSIT CORPORATION)
6985 Union Park Center
Midvale, Utah 84047
Facsimile No.: (801) 565-5016
Telephone No.: (801) 565-5102
Attention: Chief Financial Officer
SECTION 6.03 GOVERNING LAW THIS AGREEMENT SHALL BE IN ALL RESPECTS
GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK
INCLUDING ALL MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE.
SECTION 6.04 SEVERABILITY. Whenever possible, each provision of this
Agreement shall be interpreted in such manner as to be effective and valid
under applicable law, but if any provision of this Agreement shall be
prohibited by or invalid under applicable law, such provision shall be
ineffective to the extent of such prohibition or invalidity, without
invalidating the remainder of such provision or the remaining provisions of
this Agreement.
SECTION 6.05 COUNTERPARTS. This Agreement may be executed in any
number of counterparts, each executed counterpart constituting an original but
all together only one Agreement.
SECTION 6.06 HEADINGS. The headings of the sections of this Agreement
are inserted for purposes of convenience only and shall not be construed to
affect the meaning or construction of any of the provisions hereof.
SECTION 6.07 FURTHER ASSURANCES. Each party hereto will promptly and
duly execute and deliver such further documents to make such further
assurances for and take such further action reasonably requested by any party
to whom such first party is obligated, all as may be reasonably necessary to
carry out more effectively the intent and purpose of this Agreement and the
Operative Documents.
3<PAGE>
<PAGE>
IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
duly executed by their respective officers thereunto duly authorized as of the
day and year first above written.
AMERICAN EXPRESS CENTURION BANK,
as Assignor
By: /s/ Frank L. Skillern
_____________________________________
Name: Frank L. Skillern
Title: Chief Executive Officer
AMERICAN EXPRESS DEPOSIT CORPORATION,
as Assignee
By: /s/ David E. Poolsen
_____________________________________
Name: David E. Poolsen
Title: President
ACKNOWLEDGED AND ACCEPTED BY:
AMERICAN EXPRESS TRAVEL RELATED SERVICES
COMPANY, INC., as Servicer
By: /s/ Jay B. Stevelman
___________________________________
Name: Jay B. Stevelman
Title: Senior Vice President & Treasurer
THE BANK OF NEW YORK, as Trustee
By: /s/ Peter M. Lagatta
___________________________________
Name: Peter M. Lagatta
Title: Assistant Treasurer
CREDIT LYONNAIS NEW YORK BRANCH, as the Agent
under the Loan Agreement
By: /s/ Catherine R. Lau
___________________________________
Name: Catherine R. Lau
Title: Vice President
4<PAGE>
<PAGE>
<PAGE>
EXHIBIT 20.1
<PAGE>
<PAGE>
MONTHLY SERVICER'S CERTIFICATE
AMERICAN EXPRESS TRAVEL RELATED SERVICES COMPANY, INC.
--------------------------------------------
AMERICAN EXPRESS CREDIT ACCOUNT MASTER TRUST
SERIES 1996-1
--------------------------------------------
The undersigned, a duly authorized representative of American Express Travel
Related Services Company, Inc., as Servicer ("TRS"), pursuant to the Pooling
and Servicing Agreement, dated as of May 16, 1996 (as amended and
supplemented, the "Agreement"), as supplemented by the Series 1996-1
Supplement (as amended and supplemented, the "Series Supplement"), among TRS,
as Servicer, American Express Centurion Bank and American Express Receivables
Financing Corporation II, as Transferors, and The Bank of New York, as
Trustee, does hereby certify as follows:
1. Capitalized terms used in this Certificate have their respective meanings
as set forth in the Agreement or the Series Supplement, as applicable.
2. TRS is, as of the date hereof, the Servicer under the Agreement.
3. The undersigned is a Servicing Officer.
4. This Certificate relates to the Distribution Date occurring on July 15,
1996 and covers activity from the intial Cut-Off Date of April 25, 1996
through June 25, 1996.
5. As of the date hereof, to the best knowledge of the undersigned, the
Servicer has performed in all material respects all its obligations under the
Agreement through the Monthly Period preceding such Distribution Date.
6. As of the date hereof, to the best knowledge of the undersigned, no Pay
Out Event occurred on or prior to such Distribution date.
IN WITNESS WHEREOF, the undersigned has duly executed and delivered this
Certificate this 10th day of July, 1996.
AMERICAN EXPRESS TRAVEL RELATED
SERVICES COMPANY, INC., as Servicer
By: /s/ Marianne Thomson
--------------------------------
Name: Marianne Thomson
Title: Director of Financial Administration
-1-<PAGE>
<PAGE>
<TABLE>
<CAPTION>
I. Monthly Period Trust Activity
- ------------------------------------------------------------------------------
A. Trust Activity Trust Totals
-------------- -----------------
<S> <C> <C>
Number of days in Initial Monthly Period 59
Beginning Principal Receivable Balance 1,777,276,509.80
Special Funding Account Balance 0.00
Beginning Total Principal Balance 1,777,276,509.80
Finance Charge Collections (excluding 50,413,542.00
Discount Option & Recoveries)
Discount Percentage 2.00%
Discount Option Receivables Collections 6,026,391.94
Premium Option Receivables Collections 0.00
Recoveries 149,268.00
Total Collections of Finance Charge Receivables 56,589,201.94
Total Collections of Principal Receivables 295,293,205.06
Monthly Payment Rate 8.5656%
Defaulted amount 19,404,214.62
Annualized Default Rate 6.7543%
Trust Portfolio Yield 12.94%
New Principal Receivables 265,700,727.18
Ending Principal Receivables Balance 1,728,279,817.30
Ending Required Minimum Principal Balance 1,070,000,000.00
Ending Transferor Amount 728,279,817.30
Ending Special Funding Account Balance 0.00
Ending Total Principal Balance 1,728,279,817.30
B. Series Allocations Series 1996-1 Trust Total
---------------------------- ------------- -----------
Group Number 1
Invested Amount 1,000,000,000.00 1,000,000,000.00
Adjusted Invested Amount 1,000,000,000.00 1,000,000,000.00
Principal Funding Account Balance 0.00 0.00
Series Required Transferor Amount 70,000,000.00 70,000,000.00
Series Allocation Percentage 100.00%
Series Alloc. Finance Charge Collections 56,589,201.94 56,589,201.94
Series Alloc. Principal Collections 295,293,205.06 295,293,205.06
Series Allocable Defaulted Amount 19,404,214.62 19,404,214.62
C. Group I Allocations Series 1996-1 Group I Total
------------------- ------------- -------------
Investor Finance Charge Collections 31,840,403.91 31,840,403.91
Investor Monthly Interest 11,055,945.69 11,055,945.69
Investor Default Amount 10,917,949.18 10,917,949.18
Investor Monthly Fees 2,500,000.00 2,500,000.00
Investor Additional Amounts 0.00 0.00
Total 24,473,894.88 24,473,894.88
Reallocated Investor Finance Charge
Collections 31,840,403.91 31,840,403.91
Available Excess 7,366,509.04 7,366,509.04
</TABLE>
-2-<PAGE>
<PAGE>
<TABLE>
<CAPTION>
II. Series 1996-1 Certificates
- ------------------------------------------------------------------------------
Series Total Investor Transferors
A. Investor/Transferor Allocations Allocations Interest Interest
------------------------------- ----------- -------- --------
<S> <C> <C> <C>
Beginning Invested/Transferor Amount 1,777,276,509.80 1,000,000,000.00 777,276,509.80
Beginning Adjusted Invested Amount N/A 1,000,000,000.00 N/A
Floating Allocation Percentage N/A 56.27% 43.73%
Principal Allocation Percentage N/A 56.27% 43.73%
Collections of Finance Chg. Receivables 56,589,201.94 31,840,403.91 24,748,798.03
Collections of Principal Receivables 295,293,205.06 166,149,275.83 129,143,929.23
Defaulted Amount 19,404,214.62 10,917,949.18 8,486,265.44
Ending Invested/Transferor Amounts 1,728,279,817.30 1,000,000,000.00 728,279,817.30
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Collateral
B. Monthly Period Funding Requirements Class A Class B Interest Total
----------------------------------- ------- ------- --------- -----
Principal Funding Account 0.00 0.00 0.00 0.00
Investment Proceeds for Monthly Period 0.00 0.00 0.00 0.00
Reserve Draw Amount 0.00 0.00 0.00 0.00
Available Reserve Account Amount 0.00 0.00 0.00 0.00
Reserve Account Surplus 0.00 0.00 0.00 0.00
Coupon May 16 - June 17 6.80000% 6.9500% 5.8297%
Coupon June 17 - July 15 6.80000% 6.9500% 5.8961%
Monthly Interest Due 9,639,944.44 683,416.67 732,584.58 11,055,945.69
Outstanding Monthly Interest Due 0.00 0.00 0.00 0.00
Additional Interest Due 0.00 0.00 0.00 0.00
Total Interest Due 9,639,944.44 683,416.67 732,584.58 11,055,945.69
Investor Default Amount 9,444,026.04 655,076.95 818,846.19 10,917,949.18
Investor Monthly Fees Due 2,162,500.00 150,000.00 187,500.00 2,500,000.00
Investor Additional Amounts Dues
Total Due 21,246,470.49 1,488,493.62 1,738,930.77 24,473,894.88
Reallocated Investor Finance Charge Collections 31,840,403.91
Interest and Principal Funding Investment Proceeds 0.00
Series Adjusted Portfolio Yield 12.9436%
Base Rate 8.2465%
- --------------------------------------------------------------------------------------------------------------
Collateral
C. Certificates - Balances & Distributions Class A Class B Interest Total
--------------------------------------- ------- ------- ---------- -----
Beginning Certificates Balances 865,000,000.00 60,000,000.00 75,000,000.00 1,000,000,000.00
Interest Distributions 9,639,944.44 683,416.67 732,584.58 11,055,945.69
Principal Deposits - Prin. Funding Account 0.00 0.00 0.00 0.00
Principal Distributions 0.00 0.00 0.00 0.00
Total Distributions 9,639,944.44 683,416.67 732,584.58 11,055,945.69
Ending Certificate Balances 865,000,000.00 60,000,000.00 75,000,000.00 1,000,000,000.00
</TABLE>
-3-<PAGE>
<PAGE>
D. Information regarding distributions on the Distribution Date in respect
of the Class A Certificates per $1,000 original certificate principal amount.
1. Total amount of the distribution: $ 11.14
2. Amount of the distribution in
respect of Class A Monthly Interest: $ 11.14
3. Amount of the distribution in respect of
Class A Outstanding Monthly Interest: $ 0.00
4. Amount of the distribution in respect of
Class A Additional Interest: $ 0.00
5. Amount of the distribution in
respect of Class A Principal: $ 0.00
E. Class A Investor Charge-Offs and Reimbursement of Class A Investor
Charge-Offs on such Distribution Date.
1. Total amount of Class A Investor Charge-Offs: $ 0.00
2. Amount of Class A Investor Charge-
Offs per $1,000 original certificate
principal amount: $ 0.00
3. Total amount reimbursed in respect of
Class A Investor Charge-Offs: $ 0.00
4. Amount reimbursed in respect of Class
A Investor Charge-Offs per $1,000
original certificate principal amount: $ 0.00
5. The amount, if any, by which the
outstanding principal balance of the
Class A Certificates exceeds the Class
A Invested Amount after giving effect to
all transactions on such Distribution
Date: $ 0.00
F. Information regarding distributions in respect of the Class B
Certificates, per $1,000 original certificate principal amount.
1. The total amount of the distribution: $ 11.39
2. Amount of the distribution in
respect of class B monthly interest: $ 11.39
3. Amount of the distribution in
respect of class B outstanding monthly
interest: $ 0.00
4. Amount of the distribution in
respect of class B additional interest: $ 0.00
- 4 -
<PAGE>
<PAGE>
5. Amount of the distribution in
respect of class B principal: $ 0.00
G. Amount of reductions in Class B Invested Amount pursuant to clauses (c),
(d), and (e) of the definition of Class B Invested Amount on such Distribution
Date.
1. The amount of reductions in Class B
Invested Amount pursuant to clauses
(c), (d), and (e) of the definition
of Class B Invested Amount: $ 0.00
2. The amount of reductions in the
Class B Invested Amount set forth in
paragraph 1 above, per $1,000 original
certificate principal amount: $ 0.00
3. The total amount reimbursed in respect
of such reductions in the Class B
Invested Amount: $ 0.00
4. The amount set forth in paragraph 3
above, per $1,000 original certificate
principal amount: $ 0.00
5. The amount, if any, by which the
outstanding principal balance of the
Class B Certificates exceeds the Class B
Invested Amount after giving effect to
all transactions on such Distribution
Date: $ 0.00
H. Information regarding distributions on the Distribution Date to the
Collateral Interest Holder.
1. Total amount distributed to the Collateral
Interest Holder: $ 732,584.58
2. Amount distributed in respect of Collateral
Monthly Interest: $ 732,584.58
3. Amount distributed in respect of Collateral
Additional Interest: $ 0.00
4. The amount distributed to the Collateral
Interest Holder in respect of principal
on the Collateral Invested Amount: $ 0.00
I. Amount of reductions in Collateral Invested Amount pursuant to clauses
(c), (d), and (e) of the definition of Collateral Invested Amount.
1. The amount of reductions in the
Collateral Invested Amount pursuant
to clauses (c), (d), and (e) of the
definition of Collateral Invested Amount: $ 0.00
- 5 -<PAGE>
<PAGE>
2. The total amount reimbursed in respect
of such reductions in the Collateral
Invested Amount: $ 0.00
J. Application of Reallocated Investor Finance Charge Collections.
1. Class A Available Funds: $ 27,541,949.39
a. Class A Monthly Interest: $ 9,639,944.44
b. Class A Outstanding Monthly Interest: $ 0.00
c. Class A Additional Interest: $ 0.00
d. Class A Investor Default Amount
(Treated as Available Principal
Collections): $ 9,444,026.04
e. Excess Spread: $ 8,457,978.91
2. Class B Available Funds: $ 1,910,424.23
a. Class B Monthly Interest: $ 683,416.67
b. Class B Outstanding Monthly Interest: $ 0.00
c. Class B Additional Interest: $ 0.00
d. Excess Spread: $ 1,227,007.56
3. Collateral Available Funds: $ 2,388,030.29
a. Excess Spread: $ 2,388,030.29
4. Total Excess Spread: $ 12,073,016.76
K. Reallocated Principal Collections.
1. Principal Allocation Percentage: 56.266%
2. Series 1996-1 Allocable Principal
Collections: $ 295,293,205.06
3. Principal Allocation Percentage of
Series 1996-1 Allocable Principal
Collections: $ 166,149,275.83
4. Reallocated Principal Collections
Required to fund the Required Amount: $ 0.00
5. Item 3 minus item 4: $ 166,149,275.83
6. Shared Principal Collections from other
Series allocated to Series 1996-1: N/A
7. Other amounts Treated as Available Principal
Collections: $ 0.00
8. Available Principal Collections
(total of 5., 6. & 7.): $ 166,149,275.83
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L. Application of Available Principal Collections during Revolving Period.
1. Collateral Invested Amount $ 75,000,000.00
2. Required Collateral Invested Amount $ 75,000,000.00
3. Excess of Collateral Invested Amount
over Required Collateral Invested Amount: $ 0.00
4. Treated as Shared Principal Collections: $ 166,149,275.83
M. Application of Principal Collections During Accumulation or Amortization
Period.
1. Principal Funding Account: N/A
2. Excess of Collateral Invested Amount
over Required Collateral Invested Amount: N/A
3. Principal Distribution: N/A
4. Treated as Shared Principal Collections: N/A
N. Application of Excess Spread and Excess Finance Charge Collections
Allocated to Series 1996-1
1. Excess Spread: $ 12,073,016.76
2. Excess Finance Charge Collections: $ 0.00
3. Applied to fund Class A Required Amount: $ 0.00
4. Class A Investor Charge-Offs treated
as Available Principal Collections: $ 0.00
5. Applied to fund Class B overdue Interest: $ 0.00
6. Applied to fund Class B Required Amount: $ 655,076.95
7. Reduction of Class B Invested Amount
treated as Available Principal Collections: $ 0.00
8. Applied to Collateral Monthly Interest: $ 732,584.58
9. Applied to unpaid Monthly Servicing Fee: $ 2,500,000.00
10. Collateral Default Amount treated as
Available Principal Collections: $ 818,846.19
11. Reduction of Collateral Invested Amount
treated as Available Principal Collections: $ 0.00
12. Deposited to Reserve Account: $ 0.00
13. Applied to other amounts owed to
Collateral Interest Holder: $ 0.00
l4. Balance: $ 7,366,509.04
III. Trust Performance
A. Delinquencies
1. 31-60 Days Delinquent: $ 30,053,092.00
2. 61-90 Days Delinquent: $ 13,402,173.00
3. 90+ Days Delinquent: $ 18,337,322.00
4. Total 30+ Days Delinquent: $ 61,792,587.00
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B. Yield and Base Rate
1. Base Rate
a. Current Monthly Period 8.2465%
b. Prior Monthly Period N/A
c. Second Prior Monthly Period N/A
2. Three Month Average Base Rate N/A
3. Series Adjusted Portfolio Yield
a. Current Monthly Period 12.94%
b. Prior Monthly Perid N/A
c. Second Prior Monthly Period N/A
4. Three Month Average Series Adjusted Portfolio Yield N/A
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