========================================================================
<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) October 15, 1998
American Express Credit Account Master Trust
(Issuer in respect of the
Class A Series 1996-1 6.80% Asset Backed Certificates,
Class B Series 1996-1 6.95% Asset Backed Certificates,
Class A Series 1997-1 6.40% Asset Backed Certificates,
Class B Series 1997-1 6.55% Asset Backed Certificates,
Class A Series 1998-1 Floating Rate Asset Backed Certificates and
Class B Series 1998-1 Floating Rate 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 Number) 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
-------------------------------------------
Delaware 000-20787 13-3854638
- ----------------------------- --------- ----------
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) 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>
Item 5. Other Events
A. Monthly Servicer's Certificate.
Information concerning the American Express Credit Account Master
Trust (the "Trust") is contained in the Monthly Servicer's Certificate dated
October 12, 1998 for the Distribution Date occurring on October 15, 1998,
covering activity from August 26, 1998 through September 25, 1998 and
provided to the Bank of New York as Trustee under the Pooling and Servicing
Agreement, (the "Agreement") dated as of May 16, 1996. Such Monthly
Servicer's Certificate is attached hereto as Exhibit 20.1 and is
incorporated herein by reference.
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 "1996-1 Class A Certificates" and the
"1996-1 Class B Certificates", respectively, and collectively, the "Series
1996-1 Certificates"), offered pursuant to a Prospectus Supplement dated May
9, 1996 to Prospectus dated May 9, 1996 and issued under the Agreement dated
as of May 16, 1996, and the Series 1996-1 Supplement dated as of May 16,
1996, to the Agreement (the "Series 1996-1 Supplement"). Interest on the
Series 1996-1 Certificates accrues from May 16, 1996 and is payable on July
16, 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 1996-1
Class A Certificates and the 1996-1 Class B Certificates is scheduled to be
distributed on the May 2001 Distribution Date, but may be paid earlier or
later under certain limited circumstances as provided in the Agreement and
Series 1996-1 Supplement.
On August 7, 1997, the Trust issued $865,000,000 Class A Series
1997-1 6.40% Asset Back Certificates and $60,000,000 Class B Series 1997-1
6.55% Asset Back Certificates (the "1997-1 Class A Certificates" and the
"1997-1 Class B Certificates", respectively, and collectively, the "Series
1997-1 Certificates"), offered pursuant to a Prospectus Supplement dated
August 21, 1997 to Prospectus dated August 21, 1997 and issued under the
Agreement dated as of May 16, 1996, and the Series 1997-1 Supplement dated
as of August 7, 1997, to the Agreement (the "Series 1997-1 Supplement").
Interest on the Series 1997-1 Certificates accrues from August 28, 1997 and
is payable on October 15, 1997 and on the fifteenth day of each month
thereafter - which is the Distribution Date as described above. Principal
with respect to the 1997-1 Class A Certificates and the 1997-1 Class B
Certificates is scheduled to be distributed on the September 2002
Distribution Date, but may be paid earlier or later under certain limited
circumstances as provided in the Agreement and Series 1997-1 Supplement.
On June 23, 1998, the Trust issued $825,000,000 Class A Series
1998-1 Floating Rate Asset Backed Certificates, bearing a certificate rate
of 0.09% per annum above the London interbank offered rate for one month
United States dollar deposits ("LIBOR"), and $80,000,000 Class B Series
1998-1 Floating Rate Asset Backed Certificates, bearing a certificate rate
of 0.25% per annum above one month LIBOR (the "1998-1 Class A Certificates"
and the "1998-1 Class B Certificates", respectively, and collectively, the
"Series 1998-1 Certificates"), offered pursuant to a Prospectus Supplement
dated June 17, 1998 to Prospectus dated June 17, 1998 and issued under the
Agreement dated as of May 16, 1996, and the Series 1998-1 Supplement dated
as of June 23, 1998, to the Agreement (the "Series 1998-1 Supplement").
Interest on the Series 1998-1 Certificates accrues from June 23, 1998 and is
payable on July 14, 1998 and on the fifteenth day of each month thereafter -
which is the Distribution Date as described above. The Series 1998-1
Certificates will have an expected final payment date of June 2003, but may
be paid earlier or later under certain limited circumstances as provided in
the Agreement and Series 1998-1 Supplement.
<PAGE>
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(a) Not applicable.
(b) Not applicable.
(c) Exhibits:
20.1 Series 1996-1, Series 1997-1 and Series 1998-1 Monthly
Servicer's Certificate dated October 12, 1998 for
the October 15, 1998 Distribution Date.
<PAGE>
SIGNATURES
----------
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: October 15, 1998
AMERICAN EXPRESS CREDIT ACCOUNT
MASTER TRUST
AMERICAN EXPRESS CENTURION BANK,
TRANSFEROR
By: /s/ David E. Poulsen
--------------------
Name: David E. Poulsen
Title: President and Chief Credit
Officer
AMERICAN EXPRESS RECEIVABLES
FINANCING CORPORATION II, TRANSFEROR
By: /s/ Leslie R. Scharfstein
-------------------------
Name: Leslie R. Scharfstein
Title: President
<PAGE>
EXHIBIT INDEX
-------------
Designation Description Page
- ----------- ----------- ----
Exhibit 20.1 Series 1996-1, Series 1997-1 and Series 6
1998-1 Monthly Servicer's Certificate dated
October 12, 1998 for the October 15, 1998
Distribution Date.
<PAGE>
Exhibit 20.1
<PAGE>
MONTHLY SERVICER'S CERTIFICATE
AMERICAN EXPRESS TRAVEL RELATED SERVICES COMPANY, INC.
--------------------------------------------
AMERICAN EXPRESS CREDIT ACCOUNT MASTER TRUST
--------------------------------------------
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 Supplements
(as amended and supplemented, the "Series Supplements"), 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 Supplements, 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 October
15, 1998 and covers activity from August 26, 1998 through September 25, 1998.
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 12th day of October 1998.
AMERICAN EXPRESS TRAVEL RELATED
SERVICES COMPANY, INC., as Servicer
By: /s/ John D. Koslow
--------------------------------
Name: John D. Koslow
Title: Vice President
Treasury Operations
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
I. Monthly Period Trust Activity
A. Trust Activity Trust Totals
- ----------------- ------------
Number of days in period 31
Beginning Principal Receivable Balance 3,895,734,313.04
Special Funding Account Balance 0.00
Beginning Total Principal Balance 3,895,734,313.04
Finance Charge Collections (excluding 55,420,521.00
Discount Option & Recoveries)
Discount Percentage 2.00%
Discount Option Receivables Collections 6,619,048.48
Premium Option Receivables Collections 0.00
Recoveries 3,614,413.00
Total Collections of Finance Charge Receivables 65,653,982.48
Total Collections of Principal Receivables 324,333,375.52
Monthly Payment Rate 8.0568%
Defaulted amount 20,397,266.26
Annualized Default Rate 6.2417%
Trust Portfolio Yield 13.6781%
New Principal Receivables 296,709,579.46
Ending Principal Receivables Balance 3,847,713,250.72
Ending Required Minimum Principal Balance 3,210,000,000.00
Ending Transferor Amount 847,713,250.72
Ending Special Funding Account Balance 0.00
Ending Total Principal Balance 3,847,713,250.72
B. Series Allocations Series 1996-1 Series 1997-1 Series 1998-1 Trust Total
- -------------------------------------------- ---------------- ---------------- ---------------- ----------------
Group Number 1 1 2
Invested Amount 1,000,000,000.00 1,000,000,000.00 1,000,000,000.00 3,000,000,000.00
Adjusted Invested Amount 1,000,000,000.00 1,000,000,000.00 1,000,000,000.00 3,000,000,000.00
Principal Funding Account Balance 0.00 0.00 0.00 0.00
Series Required Transferor Amount 70,000,000.00 70,000,000.00 70,000,000.00 210,000,000.00
Series Allocation Percentage 33.33% 33.33% 33.33%
Series Alloc. Finance Charge Collections 21,884,660.83 21,884,660.83 21,884,660.83 65,653,982.48
Series Allocable Recoveries 1,204,804.33 1,204,804.33 1,204,804.33 3,614,413.00
Series Alloc. Principal Collections 108,111,125.17 108,111,125.17 108,111,125.17 324,333,375.52
Series Allocable Defaulted Amount 6,799,088.75 6,799,088.75 6,799,088.75 20,397,266.26
</TABLE>
- 2 -
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
C. Group Allocations
- --------------------
1. Group 1 Allocations Series 1996-1 Series 1997-1 Group I Total
- ------------------------------------------------------------- ------------- ------------- -------------
Investor Finance Charge Collections 16,852,787.49 16,852,787.49 33,705,574.97
Investor Monthly Interest 5,623,531.67 5,313,635.83 10,937,167.50
Investor Default Amount 5,235,795.01 5,235,795.01 10,471,590.01
Investor Monthly Fees 1,666,666.67 1,666,666.67 3,333,333.33
Investor Additional Amounts 0.00 0.00 0.00
Total 12,525,993.34 12,216,097.51 24,742,090.84
Reallocated Investor Finance Charge Collections 16,852,787.49 16,852,787.49 33,705,574.97
Available Excess 4,326,794.15 4,636,689.98 8,963,484.13
2. Group 2 Allocations Series 1998-1 Group 2 Total
- ---------------------- ------------- -------------
Investor Finance Charge Collections 16,852,787.49 16,852,787.49
Investor Monthly Interest 4,784,241.67 4,784,241.67
Investor Default Amount 5,235,795.01 5,235,795.01
Investor Monthly Fees 1,666,666.67 1,666,666.67
Investor Additional Amounts 0.00 0.00
Total 11,686,703.34 11,686,703.34
Reallocated Investor Finance Charge Collections 16,852,787.49 16,852,787.49
Available Excess 5,166,084.15 5,166,084.15
D. Trust Performance
- --------------------
Delinquencies:
31-60 Days Delinquent: 55,076,295.00
61-90 Days Delinquent: 25,748,992.00
90+ Days Delinquent: 35,482,748.00
Total 30+ Days Delinquent: 116,308,035.00
</TABLE>
- 3 -
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
II. Series 1996-1 Certificates
- ------------------------------
Series Total Investor Transferors
A. Investor/Transferor Allocations llocations Interest Interest
- ---------------------------------- ---------- -------- --------
Beginning Invested /Transferor Amount 1,298,578,104.35 1,000,000,000.00 298,578,104.35
Beginning Adjusted Invested Amount N/A 1,000,000,000.00 N/A
Floating Allocation Percentage N/A 77.0073% 22.9927%
Principal Allocation Percentage N/A 77.0073% 22.9927%
Collections of Finance Chg. Receivables 21,884,660.83 16,852,787.49 5,031,873.34
Collections of Principal Receivables 108,111,125.17 83,253,463.78 24,857,661.40
Defaulted Amount 6,799,088.75 5,235,795.01 1,563,293.75
Ending Invested / Transferor Amounts 1,282,571,083.57 1,000,000,000.00 282,571,083.57
- -------------------------------------------------------------------------------------------------------------------------------
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 September 15 - October 14, 1998 6.8000% 6.9500% 5.9898%
Monthly Interest Due 4,901,666.67 347,500.00 374,365.00 5,623,531.67
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 4,901,666.67 347,500.00 374,365.00 5,623,531.67
Investor Default Amount 4,528,962.68 314,147.70 392,684.63 5,235,795.01
Investor Monthly Fees Due 1,441,666.67 100,000.00 125,000.00 1,666,666.67
Investor Additional Amounts Due
Total Due 10,872,296.01 761,647.70 892,049.63 12,525,993.34
Reallocated Investor Finance Charge Collections 16,852,787.49
Interest and Principal Funding Investment Proceeds 0.00
Series Adjusted Portfolio Yield 13.6781%
Base Rate 8.8697%
- --------------------------------------------------------------------------------------------------------------------------------
Collateral
C. Certificates - Balances and Distributions Class A Class B Interest Total
- -------------------------------------------- ------- ------- -------- -----
Beginning Certificates Balance 865,000,000.00 60,000,000.00 75,000,000.00 1,000,000,000.00
Interest Distributions 4,901,666.67 347,500.00 374,365.00 5,623,531.67
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 4,901,666.67 347,500.00 374,365.00 5,623,531.67
Ending Certificates Balance 865,000,000.00 60,000,000.00 75,000,000.00 1,000,000,000.00
</TABLE>
- 4 -
<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: $ 5.67
2. Amount of the distribution in
respect of Class A Monthly Interest: $ 5.67
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: $ 5.79
2. Amount of the distribution in
respect of class B monthly interest: $ 5.79
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
- 5 -
<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: $ 374,365.00
2. Amount distributed in respect of Collateral
Monthly Interest: $ 374,365.00
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
- 6 -
<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: $ 14,577,661.18
a. Class A Monthly Interest: $ 4,901,666.67
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): $ 4,528,962.68
e. Excess Spread: $ 5,147,031.83
2. Class B Available Funds: $ 1,011,167.25
a. Class B Monthly Interest: $ 347,500.00
b. Class B Outstanding Monthly Interest: $ 0.00
c. Class B Additional Interest: $ 0.00
d. Excess Spread: $ 663,667.25
3. Collateral Available Funds: $ 1,263,959.06
a. Excess Spread: $ 1,263,959.06
4. Total Excess Spread: $ 7,074,658.14
K. Reallocated Principal Collections.
1. Principal Allocation Percentage: 77.0073%
2. Series 1996-1 Allocable Principal
Collections: $ 108,111,125.17
3. Principal Allocation Percentage of
Series 1996-1 Allocable Principal
Collections: $ 83,253,463.78
4. Reallocated Principal Collections
Required to fund the Required Amount: $ 0.00
5. Item 3 minus item 4: $ 83,253,463.78
6. Shared Principal Collections from other
Series allocated to Series 1996-1: N/A
7. Other amounts Treated as Available Principal
Collections: $ 5,235,795.01
8. Available Principal Collections
(total of 5., 6. & 7.): $ 88,489,258.78
- 7 -
<PAGE>
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: $ 88,489,258.78
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: $ 7,074,658.14
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: $ 314,147.70
7. Reduction of Class B Invested Amount
treated as Available Principal Collections: $ 0.00
8. Applied to Collateral Monthly Interest: $ 374,365.00
9. Applied to unpaid Monthly Servicing Fee: $ 1,666,666.67
10. Collateral Default Amount treated as
Available Principal Collections: $ 392,684.63
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: $ 4,326,794.15
IV. Yield and Base Rate
1. Base Rate
a. Current Monthly Period 8.8697%
b. Prior Monthly Period 9.1638%
c. Second Prior Monthly Period 8.1099%
2. Three Month Average Base Rate 8.7145%
3. Series Adjusted Portfolio Yield
a. Current Monthly Period 13.68%
b. Prior Monthly Perid 13.78%
c. Second Prior Monthly Period 14.98%
4. Three Month Average Series Adjusted Portfolio Yield 14.15%
- 8 -
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
III. Series 1997-1 Certificates
- -------------------------------
Series Total Investor Transferors
A. Investor/Transferor Allocations Allocations Interest Interest
- ---------------------------------- ----------- -------- --------
Beginning Invested /Transferor Amount 1,298,578,104.35 1,000,000,000.00 298,578,104.35
Beginning Adjusted Invested Amount N/A 1,000,000,000.00 N/A
Floating Allocation Percentage N/A 77.0073% 22.9927%
Principal Allocation Percentage N/A 77.0073% 22.9927%
Collections of Finance Chg. Receivables 21,884,660.83 16,852,787.49 5,031,873.34
Collections of Principal Receivables 108,111,125.17 83,253,463.78 24,857,661.40
Defaulted Amount 6,799,088.75 5,235,795.01 1,563,293.75
Ending Invested / Transferor Amounts 1,282,571,083.57 1,000,000,000.00 282,571,083.57
- ----------------------------------------------------------------------------------------------------------------------------------
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 September 15 - October 14, 1998 6.4000% 6.5500% 5.9648%
Monthly Interest Due 4,613,333.33 327,500.00 372,802.50 5,313,635.83
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 4,613,333.33 327,500.00 372,802.50 5,313,635.83
Investor Default Amount 4,528,962.68 314,147.70 392,684.63 5,235,795.01
Investor Monthly Fees Due 1,441,666.67 100,000.00 125,000.00 1,666,666.67
Investor Additional Amounts Dues
Total Due 10,583,962.68 741,647.70 890,487.13 12,216,097.51
Reallocated Investor Finance Charge Collections 16,852,787.49
Interest and Principal Funding Investment Proceeds 0.00
Series Adjusted Portfolio Yield 13.6781%
Base Rate 8.4927%
- ----------------------------------------------------------------------------------------------------------------------------------
Collateral
C. Certificates - Balances and Distributions Class A Class B Interest Total
- -------------------------------------------- ------- ------- -------- -----
Beginning Certificates Balance 865,000,000.00 60,000,000.00 75,000,000.00 1,000,000,000.00
Interest Distributions 4,613,333.33 327,500.00 372,802.50 5,313,635.83
Principal Deposits - Prin. Funding Account 0.00 0.00 0.00 0.00
Principal Distributions 0.00 0.00 0.00 0.00
Ending Certificates Balance 865,000,000.00 60,000,000.00 75,000,000.0 1,000,000,000.00
</TABLE>
- 9 -
<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: $ 5.33
2. Amount of the distribution in
respect of Class A Monthly Interest: $ 5.33
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: $ 5.46
2. Amount of the distribution in
respect of class B monthly interest: $ 5.46
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
- 10 -
<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: $ 372,802.50
2. Amount distributed in respect of Collateral
Monthly Interest: $ 372,802.50
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
- 11 -
<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: $ 14,577,661.18
a. Class A Monthly Interest: $ 4,613,333.33
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): $ 4,528,962.68
e. Excess Spread: $ 5,435,365.16
2. Class B Available Funds: $ 1,011,167.25
a. Class B Monthly Interest: $ 327,500.00
b. Class B Outstanding Monthly Interest: $ 0.00
c. Class B Additional Interest: $ 0.00
d. Excess Spread: $ 683,667.25
3. Collateral Available Funds: $ 1,263,959.06
a. Excess Spread: $ 1,263,959.06
4. Total Excess Spread: $ 7,382,991.47
K. Reallocated Principal Collections.
1. Principal Allocation Percentage: 77.0073%
2. Series 1997-1 Allocable Principal
Collections: $ 108,111,125.17
3. Principal Allocation Percentage of
Series 1997-1 Allocable Principal
Collections: $ 83,253,463.78
4. Reallocated Principal Collections
Required to fund the Required Amount: $ 0.00
5. Item 3 minus item 4: $ 83,253,463.78
6. Shared Principal Collections from other
Series allocated to Series 1997-1: N/A
7. Other amounts Treated as Available Principal
Collections: $ 5,235,795.01
8. Available Principal Collections
(total of 5., 6. & 7.): $ 88,489,258.78
- 12 -
<PAGE>
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: $ 88,489,258.78
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 1997-1
1. Excess Spread: $ 7,382,991.47
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: $ 314,147.70
7. Reduction of Class B Invested Amount
treated as Available Principal Collections: $ 0.00
8. Applied to Collateral Monthly Interest: $ 372,802.50
9. Applied to unpaid Monthly Servicing Fee: $ 1,666,666.67
10. Collateral Default Amount treated as
Available Principal Collections: $ 392,684.63
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: $ 4,636,689.98
IV. Yield and Base Rate
1. Base Rate
a. Current Monthly Period 8.4927%
b. Prior Monthly Period 8.7738%
c. Second Prior Monthly Period 7.7669%
2. Three Month Average Base Rate 8.3445%
3. Series Adjusted Portfolio Yield
a. Current Monthly Period 13.68%
b. Prior Monthly Perid 13.78%
c. Second Prior Monthly Period 14.98%
4. Three Month Average Series Adjusted Portfolio Yield 14.15%
- 13 -
<PAGE>
<TABLE>
<CAPTION>
III. Series 1998-1 Certificates
- -------------------------------
Series Total Investor Transferors
A. Investor/Transferor Allocations Allocations Interest Interest
- ---------------------------------- ----------- -------- --------
<S> <C> <C> <C> <C>
Beginning Invested /Transferor Amount 1,298,578,104.35 1,000,000,000.00 298,578,104.35
Beginning Adjusted Invested Amount N/A 1,000,000,000.00 N/A
Floating Allocation Percentage N/A 77.0073% 22.9927%
Principal Allocation Percentage N/A 77.0073% 22.9927%
Collections of Finance Chg. Receivables 21,884,660.83 16,852,787.49 5,031,873.34
Collections of Principal Receivables 108,111,125.17 83,253,463.78 24,857,661.40
Defaulted Amount 6,799,088.75 5,235,795.01 1,563,293.75
Ending Invested / Transferor Amounts 1,282,571,083.57 1,000,000,000.00 282,571,083.57
------------------------------------------------------------------------------------------------------------------------------
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 September 15 - October 14, 1998 5.6798% 5.8398% 6.4984%
Monthly Interest Due 3,904,890.00 389,322.67 490,029.00 4,784,241.67
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 3,904,890.00 389,322.67 490,029.00 4,784,241.67
Investor Default Amount 4,319,530.88 418,863.60 497,400.53 5,235,795.01
Investor Monthly Fees Due 1,375,000.00 133,333.33 158,333.33 1,666,666.67
Investor Additional Amounts Dues
Total Due 9,599,420.88 941,519.60 1,145,762.86 11,686,703.34
Reallocated Investor Finance Charge Collections 16,852,787.49
Interest and Principal Funding Investment Proceeds 0.00
Series Adjusted Portfolio Yield 13.6781%
Base Rate 7.8486%
- ----------------------------------------------------------------------------------------------------------------------------------
Collateral
C. Certificates - Balances and Distributions Class A Class B Interest Total
- -------------------------------------------- ------- ------- -------- -----
Beginning Certificates Balance 825,000,000.00 80,000,000.00 95,000,000.00 1,000,000,000.00
Interest Distributions 3,904,890.00 389,322.67 490,029.00 4,784,241.67
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 3,904,890.00 389,322.67 490,029.00 4,784,241.67
Ending Certificates Balance 825,000,000.00 80,000,000.00 95,000,000.00 1,000,000,000.00
</TABLE>
- 14 -
<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: $ 4.73
2. Amount of the distribution in
respect of Class A Monthly Interest: $ 4.73
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: $ 4.87
2. Amount of the distribution in
respect of class B monthly interest: $ 4.87
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
- 15 -
<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: $ 490,029.00
2. Amount distributed in respect of Collateral
Monthly Interest: $ 490,029.00
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
- 16 -
<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: $ 13,903,549.68
a. Class A Monthly Interest: $ 3,904,890.00
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): $ 4,319,530.88
e. Excess Spread: $ 5,679,128.80
2. Class B Available Funds: $ 1,348,223.00
a. Class B Monthly Interest: $ 389,322.67
b. Class B Outstanding Monthly Interest: $ 0.00
c. Class B Additional Interest: $ 0.00
d. Excess Spread: $ 958,900.33
3. Collateral Available Funds: $ 1,601,014.81
a. Excess Spread: $ 1,601,014.81
4. Total Excess Spread: $ 8,239,043.94
K. Reallocated Principal Collections.
1. Principal Allocation Percentage: 77.0073%
2. Series 1998-1 Allocable Principal
Collections: $ 108,111,125.17
3. Principal Allocation Percentage of
Series 1998-1 Allocable Principal
Collections: $ 83,253,463.78
4. Reallocated Principal Collections
Required to fund the Required Amount: $ 0.00
5. Item 3 minus item 4: $ 83,253,463.78
6. Shared Principal Collections from other
Series allocated to Series 1998-1: N/A
7. Other amounts Treated as Available Principal
Collections: $ 5,235,795.01
8. Available Principal Collections
(total of 5., 6. & 7.): $ 88,489,258.78
- 17 -
<PAGE>
L. Application of Available Principal Collections during Revolving Period.
1. Collateral Invested Amount $ 95,000,000.00
2. Required Collateral Invested Amount $ 95,000,000.00
3. Excess of Collateral Invested Amount
over Required Collateral Invested Amount: $ 0.00
4. Treated as Shared Principal Collections: $ 88,489,258.78
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 1998-1
1. Excess Spread: $ 8,239,043.94
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: $ 418,863.60
7. Reduction of Class B Invested Amount
treated as Available Principal Collections: $ 0.00
8. Applied to Collateral Monthly Interest: $ 490,029.00
9. Applied to unpaid Monthly Servicing Fee: $ 1,666,666.67
10. Collateral Default Amount treated as
Available Principal Collections: $ 497,400.53
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: $ 5,166,083.15
IV. Yield and Base Rate
1. Base Rate
a. Current Monthly Period 7.8486%
b. Prior Monthly Period 7.9700%
c. Second Prior Monthly Period 7.7316%
2. Three Month Average Base Rate 7.8501%
3. Series Adjusted Portfolio Yield
a. Current Monthly Period 13.68%
b. Prior Monthly Perid 13.78%
c. Second Prior Monthly Period 14.98%
4. Three Month Average Series Adjusted Portfolio Yield 14.15%
- 18 -
