-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, RqaiKQ+AUNVAShlZEOuLd+QD6MU5hPMmMjbmjQkjuQc1j55gSuFQldj8rF6Jmqv1 WPlypmITFnL+gOVXLjnGHA== 0000899681-97-000445.txt : 19971008 0000899681-97-000445.hdr.sgml : 19971008 ACCESSION NUMBER: 0000899681-97-000445 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19971001 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19971007 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIRESTONE RETAIL CREDIT CORP CENTRAL INDEX KEY: 0000889416 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] IRS NUMBER: 133205598 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 033-49412 FILM NUMBER: 97691626 BUSINESS ADDRESS: STREET 1: ONE INTERNATIONAL PLACE STE 520 STREET 2: C/O ROPES & GRAY CITY: BOSTON STATE: MA ZIP: 02110 BUSINESS PHONE: 6179517000 MAIL ADDRESS: STREET 1: ONE INTERNATIONAL PL CITY: BOSTON STATE: MA ZIP: 02110-2624 8-K 1 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 1, 1997 BRIDGESTONE/FIRESTONE MASTER TRUST. (Exact name of registrant as specified in charter) MASSACHUSSETS 333-07185 13-3205598 (State or other (Commission File (IRS Employer Identification jurisdiction of Number) Number) incorporation) C/O JH MANAGEMENT CORPORATION, ONE INTERNATIONAL PLACE, SUITE 520, BOSTON, MASSACHUSETTS 02110-2624 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (617) 951-7690 NOT APPLICABLE (Former name or former address, if changed since last report.) Item 5. Other Events This Current Report on Form 8-K is being filed to file a copy of the Certificateholders Statements relating to the Collection Period ending September 18, 1997. Capitalized terms not defined herein have the meanings assigned in the Amended Pooling and Servicing Agreement dated as of November 1, 1996 as supplemented by the Series Supplements thereto, among Bridgestone/Firestone, Inc., Firestone Retail Credit Corporation and The Fuji Bank and Trust Company, which was previously filed as an exhibit to Registration Statement No. 333-07185. Item 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS. (c) Exhibits EXHIBIT NO. 19.1 Certificateholders Statements 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. BRIDGESTONE/FIRESTONE MASTER TRUST (Registrant) By: Bridgestone/Firestone, Inc., on behalf of Bridgestone/Firestone Master Trust Date: October 6, 1997 By:/s/ Christine Karbowiak Name: Christine Karbowiak Title: Assistant Secretary EXHIBIT INDEX EXHIBIT NUMBER DESCRIPTION 19.1 Certificateholders Statements
Form of Monthly Servicer's Certificate "Bridgestone/Firestone, Inc." Bridgestone/Firestone Master Trust The undersigned, duly authorized representative of Bridgestone/Firestone, Inc. ("Bridgestone/Firestone"), as Servicer pursuant to the Pooling and Servicing Agreement as amended and restated through November 1, 1996 (the "Agreement"), as supplement by the Series Supplements, among Bridgestone/Firestone, Firestone Retail Credit Corporation, as Transferor, and The Fuji Bank and Trust Company, as Trustee, does hereby certify the information set forth below: 1. Capitalized terms in this Certificate have their respective meaning as set forth in the Agreement or Series Supplement as applicable; provided that the "related Collection Period" shall mean the Collection Period in the calendar month in which this Certificate is delivered. This certificate is delivered pursuant to subsection 30.4(b) of the Agreement. References herein to certain sections and subsections are references to the respective sections and subsections in the Agreement. 2. Bridgestone/Firestone is the Servicer under the Agreement. 3. The undersigned is a Servicing Officer. 4. This Certificate relates to the Distribution Date occurring on October 1, 1997, and the related Collection Period from August 19, 1997 through September 18, 1997. A. Information regarding the Bridgestone/Firestone Master Trust 1. Aggregate Receivables as of the end of the related Collection Period: 383,094,027.15 2. Aggregate Invested Amount as of the end of the related Collection Period: 372,050,492.66 3. (a) Transferor Amount as of the end of the related Collection Period (*): 7,212,594.22 (b) B/F Amount as of the end of the related Collection Period: 3,830,940.27 (c) Transferor Available Letter of Credit Amount for related Collection Period: 15,000,000.00 (d) "Sum of (a), (b), and (c) 26,043,534.49 4. Item 3(d) as percentage of Item 2: 7.00% 5. B/F Percentage as of the end of the related Collection Period: 1.00% * Includes Subordinated amounts for the Series, as determined for the related Collection Period of August 19, 1997, to September 18, 1997: Transferor Amount: 7,212,594.22 - Non-Subordinated 7,212,594.22 - Subordinated 1992-B 0.00 B. Information regarding performance of the Bridgestone/Firestone Master Trust Receivable Pool 1. The Outstanding Receivable balance as of the beginning of the related Collection Period was equal to: 392,916,332.80 2. The aggregate amount of billed periodic Finance Charges for the related Collection Period was equal to: 6,412,409.06 3. (a) The aggregate amount of Collections, exclusive of Recoveries and Merchant Fees, for the related Collection Period was equal to: 53,612,428.29 (b) Recoveries for the related Collection Period was equal to: 719,480.40 (c) Merchant Fees for the related Collection Period was equal to: 350,000.00 (c) The aggregate balance of Collections for the related Collection Period was equal to: 54,681,908.69 4. The aggregate amount of Principal Collections for the related Collection Period was equal to: 46,340,227.59 5. The aggregate amount of Finance Charge Collections for the related Collection Period was equal to: 8,341,681.10 6. The aggregate amount of receivables for all Accounts which became Defaulted Receivables during the related Collection Period was equal to: 3,914,161.34 7. The aggregate amount of Eligible Receivables arising under Accounts in the related Collection Period was equal to: 48,286,567.47 8. The aggregate amount of adjustments to Receivables in the related Collection Period was equal to: 582,283.49 9. The outstanding Receivable balance as of the end of the related Collection Period was equal to (Items 1+2-3(a)-6+7-8): 389,506,436.21 10. Delinquent Balances: The aggregate amounts of outstanding balances in the Accounts that were delinquent as of such Accounts' cycle billing dates occurring during the related Collection Period: (a) 1-30 Days 50,232,247.90 (b) 31-60 Days 16,310,233.75 (c) 61-90 Days 8,477,065.63 (d) 91-120 Days 5,857,870.01 (e) 121-150 Days 4,467,793.51 (f) 151-180 Days 3,670,401.41 Total 89,015,612.21 A. Information regarding Bridgestone/Firestone Master Trust Series 1996-1 Allocation Percentages 1 Floating Allocation Percentages: Defaulted Receivables/Principal Collections - Class A 51.74% Class B 7.30% Collateral Interest 2.59% Subordinated Transferor Amount 4.71% Finance Charge Collections - Class A 52.75% Class B 7.44% Collateral Interest 2.64% Subordinated Transferor Amount 4.80% 2. Fixed Allocation Percentages: N/A 3. The amount of Finance Charge Collections allocable to Series 1996-1 (Floating Allocation Percentage, times Finance Charge Collections): Class A 4,400,578.53 Class B 620,594.43 Collateral Interest 220,028.93 Subordinated Transferor Amount 400,565.50 4. The amount of Defaulted Receivables ("Investor Default Amount") allocable to Series 1996-1 (Floating Allocation Percentage, times Defaulted Receivables): Class A 2,025,334.78 Class B 285,624.14 Collateral Interest 101,266.74 Subordinated Transferor Amount 184,357.41 5. The amount of Principal collections allocable to Series 1996-1: (a) During the Revolving Period (Floating Allocation Percentage, times Principal Collections): Class A 23,978,182.47 Class B 3,381,538.65 Collateral Interest 1,198,909.12 Subordinated Transferor Amount 2,182,629.53 (b) During the Controlled Amortization or any Rapid Amortization Period (fixed Allocation Percentage, times Principal Collections): N/A B. Information regarding the application of funds for the Series 1996-1 Certificates, pursuant to Section 4.07 of the Series Supplement: 1. Amounts applicable to Class A: Class A Monthly Interest 1,028,333.33 Class A Investor Default Amount 2,025,334.78 Class A Monthly Servicing Fee 333,333.33 Reimbursement of Class A Investor Charge-Offs N/A 2. Amounts applicable to Class B: Class B Monthly Interest 152,542.74 Class B Investor Default Amount 285,624.14 Class B Monthly Servicing Fee 47,008.55 Reimbursement of Class B Investor Charge-Offs N/A 3. Amounts applicable to Collateral Interest: Collateral Interest Monthly Interest 48,031,25 Collateral Interest Investor Default Amount 101,266.74 Collateral Interest Monthly Servicing Fee 16,666.67 Reimbursement of Collateral Interest Investor Charge-Offs N/A 4. Amounts applicable to Subordinated Transferor Amount: Subordinated Transferor Investor Default Amount 184,357.41 Subordinated Transferor Monthly Servicing Fee 30,341.88 Reimbursement of Subordinated Transferor Investor Charge-Offs N/A 5. Excess Finance Charge Collection applicable to: Class A 1,013,577.09 Class B 135,419.00 Collateral Interest 54,064.27 Subordinated Transferor Amount 185,866.21 6. Required Amount: N/A 7. Reallocated Principal Collections N/A C. Information on the application of Principal Collections deposited to the Collection Accounted for Series 1996-1 Certificates: 1. Controlled Amortization due on Distribution Date: N/A 2. Monthly Principal deposited to the Collection Account for distribution to N/A Certificateholders: 3. Deficit Controlled Amortization Amount N/A D. Information on the application of Finance Charge Collections deposited to the Collection Account for Series 1996-1 Monthly Interest. 1. Monthly Interest due on Distribution Date: Class A 1,028,333.33 Class B 152,542.74 Collateral Interest 48,031.25 2. Monthly Interest deposited to the Collection Account on Distribution Date: Class A 1,028,333.33 Class B 152,542.74 Collateral Interest 48,031.25 E. Information regarding Series 1996-1 Accrued and Unpaid Amounts 1. The amount of Monthly Interest previously due but not paid on a prior N/A Distribution Date: 2. The amount of Additional Interest due on the current Distribution Date: N/A 3. The amount of Additional Interest previously due but not paid on a prior N/A Distribution Date: F. Information Regarding Series 1996-1 Certificate Balances, Invested Amounts, and Investor Charge Offs: 1. Certificate balances: Class A Certificate balance 200,000,000.00 Class B Certificate balance 28,205,129.00 Collateral Interest Certificate balance 10,000,000.00 Subordinated Transferor Certificate balance 18,205,129.00 2. Invested Amounts: Class A Invested Amount 200,000,000.00 Class B Invested Amount 28,205,129.00 Collateral Interest Invested Amount 10,000,000.00 Subordinated Transferor Invested Amount 18,205,129.00 3. Investor Charge Offs for the preceding Collection Period: N/A 4. Unreimbursed Investor Charge Offs N/A G. Information Regarding the Current Distribution to Certificateholders ("Payment Date Statement") 1. Detail of Class A distributions: Total Class A distributions 1,028,333.33 Class A interest distributions 1,028,333.33 Class A principal distributions N/A Total Class A distributions per $1000 original amount Class A 5.1416667 Certificate Class A interest distributions per $1000 original amount Class A 5.1416667 Certificate Class A principal distributions per $1000 original amount Class A N/A Certificate 2. Detail of Class B distributions: Total Class B distribution 152,542.74 Class B interest distributions 152,542.74 Class B principal distributions N/A Total Class B distributions per $1000 original amount Class B 5.4083334 Certificate Class B interest distributions per $1000 original amount Class B 5.4083334 Certificate Class B principal distributions per $1000 original amount Class B N/A Certificate 3. Detail of Collateral Interest distributions: Total Collateral Interest distributions 48,031.25 Collateral Interest interest distributions 48,031.25 Collateral Interest principal distributions N/A Total Collateral Interest distributions per $1000 original 4.8031250 amount Collateral Interest distributions per $1000 original amount 4.8031250 Collateral Interest principal distributions per $1000 original amount N/A G. Information Regarding the Current Monthly Distribution to Certificateholders ("Payment Date Statement") (continued) 3. Detail of Subordinated Transferor Interest distributions: Subordinated Transferor Interest principal distributions N/A 4. Excess of Class A Certificate balance over Class A Invested Amount N/A 5. Excess of Class B Certificate balance over Class B Invested Amount N/A 6. Excess of Collateral Interest balance over Collateral Interest Invested Amount N/A 7. Excess of Subordinated Transferor Interest balance over Subordinated N/A Transferor Invested Amount H. Information regarding the Servicer Letter of Credit and the Transferor Letter of Credit 1. The Servicer Available Letter of Credit Amount as of the preceding Determination 45,000,000.00 Date 2. The Transferor Available Letter of Credit Amount as of the preceding 15,000,000.00 Determination Date Both Letters of Credit were drawn down during the entire Collection Period. I. The Series 1996-1 Pool Factors 1. The Series 1996-1 Class A Pool Factor for the preceding Record Date (which represents the ratio of the amount of the Class A Invested amount as of such Record Date [adjusted after taking into account any reduction in the Class A Invested Amount that will occur on the following 1.00000000 Distribution date] to the Initial Class A Invested Amount [rounded to eight decimal places]) 2. The Series 1996-1 Class B Pool Factor for the preceding Record Date (which represents the ratio of the amount of the Class B Invested Amount as of such Record Date [adjusted after taking into account any reduction in the Class B Invested Amount that will occur on the following 1.00000000 Distribution Date] to the Initial Class B Invested Amount [rounded to eight decimal places]) 3. The Series 1996-1 Collateral Interest Pool Factor for the preceding Record Date (which represents the ratio of the amount of the Collateral Interest Invested Amount as of such Record Date [adjusted after taking into account any reduction in the Collateral Interest Invested Amount that will occur on the following 1.00000000 Distribution Date] to the Initial Collateral Interest Invested Amount [rounded to eight decimal places]) 4. The Series 1996-1 Subordinated Transferor Pool Factor for the preceding Record Date (which represents the ratio of the amount of the Subordinated Transferor Invested Amount as of such Record Date [adjusted after taking into account any reduction in the Subordinated Transferor Invested amount that will occur on the following 1.00000000 Distribution Date] to the Initial Subordinated Transferor Invested Amount [rounded to eight decimal places])
Pursuant to Section 9.01 of the Agreement, to the knowledge of the undersigned no Amortization Event with respect to the Series 1996-1 Certificates has occurred. The Portfolio Yield averaged for the preceding three Collection Periods was not below the Base Rate. Adjustment will be made as of the related Transfer Date such that: - The Transfer amount (plus any amounts under the Transferor Letter of Credit and the B/F Amount) will be greater than or equal to 7% of the Aggregate Invested Amount of all outstanding Series issued by the Trust. - the Transferor Amount plus the B/F Amount and the Subordinated Transferor Invested Amount (plus the invested amount of any other subordinated Series which is retained by the Transferor and with respect to which no legal opinion is delivered characterizing such certificates as indebtedness for federal income tax purposes) will be greater than 7% of Aggregate Receivables on the last day of the related Collection Period. IN WITNESS WHEREOF, the undersigned has duly executed this Certificate this 25th day of September, 1997 Bridgestone/Firestone, Inc., Servicer By: /s/ Eugene E. Stephens Eugene E. Stephens Servicing Officer -----END PRIVACY-ENHANCED MESSAGE-----