-----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, Ql03FS3gKp8Gefry7h2qkVeGL6BA+5qE+QLdoZBWIWpfZwNdXx5bBof8ItaS0uG6 yOeDvmbFYeo2t7OHo0m3nw== 0000949349-98-000011.txt : 19980421 0000949349-98-000011.hdr.sgml : 19980421 ACCESSION NUMBER: 0000949349-98-000011 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19980420 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19980420 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: AMERICAN EXPRESS RECEIVABLES FINANCING CORP II CENTRAL INDEX KEY: 0000949349 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] IRS NUMBER: 133854638 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 000-20787 FILM NUMBER: 98597260 BUSINESS ADDRESS: STREET 1: WORLD FINANCIAL CENTER STREET 2: AMERICAN EXPRESS TOWER 200 VESEY ST CITY: NEW YORK STATE: NY ZIP: 10285 BUSINESS PHONE: 2126404473 MAIL ADDRESS: STREET 1: WORLD FINANCIAL CENTER STREET 2: AMERICAN EXPRESS TOWER 200 VESEY ST CITY: NEW YORK STATE: NY ZIP: 10285 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AMERICAN EXPRESS CENTURION BANK CENTRAL INDEX KEY: 0000949348 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] IRS NUMBER: 112869526 STATE OF INCORPORATION: UT FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 033-95784-01 FILM NUMBER: 98597261 BUSINESS ADDRESS: STREET 1: 6985 UNION PARK CENTER CITY: MIVALE STATE: UT ZIP: 84047 BUSINESS PHONE: 8015655000 MAIL ADDRESS: STREET 1: 6985 UNION PARK CENTER CITY: MIDVALE STATE: UT ZIP: 84047 8-K 1 RFC2 8-K SERVICER CERTIFICATE ======================================================================== 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) April 20, 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 and Class B Series 1997-1 6.55% 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 -------------- ======================================================================== Item 5. Other Events A. 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 "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 Pooling and Servicing Agreement (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 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 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 Backed Certificates and $60,000,000 Class B Series 1997-1 6.55% Asset Backed 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 each of which is a Distribution Date as defined 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. The Monthly Servicer's Certificate dated April 10, 1998, for the April 15, 1998 Distribution Date covering the Monthly Period February 25, 1998 to March 26, 1998, 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: 20.1 Series 1996-1 and Series 1997-1 Monthly Servicer's Certificate dated April 10, 1998, for the April 15, 1998 Distribution Date. 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: April 20, 1998 AMERICAN EXPRESS CREDIT ACCOUNT MASTER TRUST AMERICAN EXPRESS CENTURION BANK, TRANSFEROR By: /s/ Rhonda Halpern _________________________ Name: Rhonda Halpern Title: Chief Financial Officer and Treasurer AMERICAN EXPRESS RECEIVABLES FINANCING CORPORATION II, TRANSFEROR By: /s/ Leslie R. Scharfstein _________________________ Name: Leslie R. Scharfstein Title: President EXHIBIT INDEX Designation Description Page - ----------- ----------- ---- Exhibit 20.1 Series 1996-1 and Series 1997-1 5 Monthly Servicer's Certificate dated April 10, 1998, for the April 15, 1998 Distribution Date. EX-20 2 Exhibit 20.1 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 April 15, 1998 and covers activity from February 25, 1998 through March 26, 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 10th day of April 1998. AMERICAN EXPRESS TRAVEL RELATED SERVICES COMPANY, INC., as Servicer By: /s/ Lawrence Fazzari -------------------------------- Name: Lawrence Fazzari Title: Vice President Business Results
1. Monthly Period Trust Activity A. Trust Activity Trust Totals - ------------------ ------------ Number of days in period 30 Beginning Principal Receivable Balance 3,869,578,970.54 Special Funding Account Balance 0.00 Beginning Total Principal Balance 3,869,578,970.54 Finance Charge Collections (excluding 60,467,562.00 Discount Option & Recoveries) Discount Percentage 2.00% Discount Option Receivables Collections 7,021,739.68 Premium Option Receivables Collections 0.00 Recoveries 4,234,900.00 Total Collections of Finance Charge Receivables 71,724,201.68 Total Collections of Principal Receivables 344,065,244.32 Monthly Payment Rate 8.8915% Defaulted amount 22,154,518.96 Annualized Default Rate 7.1490% Trust Portfolio Yield 15.5856% New Principal Receivables 267,042,284.75 Ending Principal Receivables Balance 3,770,401,492.01 Ending Required Minimum Principal Balance 2,140,000,000.00 Ending Transferor Amount 1,770,401,492.01 Ending Special Funding Account Balance 0.00 Ending Total Principal Balance 3,770,401,492.01 B. Series Allocations Series 1996-1 Series 1997-1 Trust Total - ---------------------- ------------- ------------- ----------- Group Number 1 1 Invested Amount 1,000,000,000.00 1,000,000,000.00 2,000,000,000.00 Adjusted Invested Amount 1,000,000,000.00 1,000,000,000.00 2,000,000,000.00 Principal Funding Account Balance 0.00 0 0.00 Series Required Transferor Amount 70,000,000.00 70,000,000.00 140,000,000.00 Series Allocation Percentage 50.00% 50.00% Series Alloc. Finance Charge Collections 35,862,100.84 35,862,100.84 71,724,201.68 Series Allocable Recoveries 2,117,450.00 2,117.450.00 4,234,900.00 Series Alloc. Principal Collections 172,032,622.16 172,032,622.16 344,065,244.32 Series Allocable Defaulted Amount 11,077,259.48 11,077,259.48 22,154,518.96 C. Group I Allocations Series 1996-1 Series 1997-1 Group I Total - ---------------------- ------------- ------------- ------------- Investor Finance Charge Collections 18,535,401.97 18,535,401.97 37,070,803.94 Investor Monthly Interest 5,629,653.42 5,319,739.58 10,949,393.00 Investor Default Amount 5,725,304.78 5,725,304.78 11,450,609.55 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 13,021,624.86 12,711,711.03 25,733,335.88 Reallocated Investor Finance Charge Collections 18,535,401.97 18,535,401.97 37,070,803.94 Available Excess 5,513,777.11 5,823,690.95 11,337,468.06 D. Trust Performance - --------------------- Delinquencies: 31-60 Days Delinquent: 64,904,701.00 61-90 Days Delinquent: 31,957,117.00 90+ Days Delinquent: 40,757,939.00 Total 30+ Days Delinquent: 137,619,757.00
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II. Series 1996-1 Certificates - ------------------------------------------------------------------------------------------------ Series Total Investor Transferors A. Investor/Transferor Allocations Allocations Interest Interest ----------- -------- -------- Beginning Invested/Transferor Amount 1,934,789,485.27 1,000,000,000.00 934,789,485.27 Beginning Adjusted Invested Amount N/A 1,000,000,000.00 N/A Floating Allocation Percentage N/A 51.6852% 48.3148% Principal Allocation Percentage N/A 51.6852% 48.3148% Collections of Finance Chg. Receivables 35,862,100.84 18,535,401.97 17,326,698.87 Collections of Principal Receivables 172,032,622.16 88,915,421.27 83,117,200.89 Defaulted Amount 11,077,259.48 5,725,304.78 5,351,954.70 Ending Invested/Transferor Amounts 1,885,200,746.01 1,000,000,000.00 885,200,746.01 - --------------------------------------------------------------------------------------------------------------- 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 March 16 - April 14, 1998 6.8000% 6.9500% 6.0875% Monthly Interest Due 4,901,666.67 347,500.00 380,486.75 5,629,653.42 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 4,901,666.67 347,500.00 380,486.75 5,629,653.42 Investor Default Amount 4,952,388.63 343,518.29 429,397.86 5,725,304.78 Investor Monthly Fees Due 1,441,666.67 100,000.00 125,000.00 1,666,666.67 Investor Additional Amounts Due Total Due 11,295,721.96 791,018.29 934,884.61 13,021,624.86 Reallocated Investor Finance Charge Collections 18,535,401.97 Interest and Principal Funding Investment Proceeds 0.00 Series Adjusted Portfolio Yield 15.5856% Base Rate 8.8772% - --------------------------------------------------------------------------------------------------------------- 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 4,901,666.67 347,500.00 380,486.75 5,629,653.42 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 4,901,666.67 347,500.00 380,486.75 5,629,653.42 Ending Certificates Balance 865,000,000.00 60,000,000.00 75,000,000.00 1,000,000,000.00
- 3 - 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 - 4 - 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: $ 380,486.75 2. Amount distributed in respect of Collateral Monthly Interest: $ 380,486.75 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 - 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: $ 16,033,122.71 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): $ 4,952,388.63 e. Excess Spread: $ 6,179,067.41 2. Class B Available Funds: $ 1,112,124.12 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: $ 764,624.12 3. Collateral Available Funds: $ 1,390,155.15 a. Excess Spread: $ 1,390,155.15 4. Total Excess Spread: $ 8,333,846.67 K. Reallocated Principal Collections. 1. Principal Allocation Percentage: 51.6852% 2. Series 1996-1 Allocable Principal Collections: $ 172,032,622.16 3. Principal Allocation Percentage of Series 1996-1 Allocable Principal Collections: $ 88,915,421.27 4. Reallocated Principal Collections Required to fund the Required Amount: $ 0.00 5. Item 3 minus item 4: $ 88,915,421.27 6. Shared Principal Collections from other Series allocated to Series 1996-1: N/A 7. Other amounts Treated as Available Principal Collections: $ 5,725,304.78 8. Available Principal Collections (total of 5., 6. & 7.): $ 94,640,726.05 - 6 - 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: $ 94,640,726.05 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: $ 8,333,846.67 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: $ 343,518.29 7. Reduction of Class B Invested Amount treated as Available Principal Collections: $ 0.00 8. Applied to Collateral Monthly Interest: $ 380,486.75 9. Applied to unpaid Monthly Servicing Fee: $ 1,666,666.67 10. Collateral Default Amount treated as Available Principal Collections: $ 429,397.86 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: $ 5,513,777.11 IV. Yield and Base Rate 1. Base Rate a. Current Monthly Period 8.8772% b. Prior Monthly Period 9.8073% c. Second Prior Monthly Period 8.1051% 2. Three Month Average Base Rate 8.9299% 3. Series Adjusted Portfolio Yield a. Current Monthly Period 15.59% b. Prior Monthly Perid 15.02% c. Second Prior Monthly Period 14.04% 4. Three Month Average Series Adjusted Portfolio Yield 14.88% - 7 -
III. Series 1997-1 Certificates Series Total Investor Transferors A. Investor/Transferor Allocations Allocations Interest Interest - ---------------------------------- ----------- -------- -------- Beginning Invested/Transferor Amount 1,934,789,485.27 1,000,000,000.00 934,789,485.27 Beginning Adjusted Invested Amount N/A 1,000,000,000.00 N/A Floating Allocation Percentage N/A 51.6852% 48.3148% Principal Allocation Percentage N/A 51.6852% 48.3148% Collections of Finance Chg. Receivables 35,862,100.84 18,535,401.97 17,326,698.87 Collections of Principal Receivables 172,032,622.16 88,915,421.27 83,117,200.89 Defaulted Amount 11,077,259.48 5,725,304.78 5,351,954.70 Ending Invested/Transferor Amounts 1,885,200,746.01 1,000,000,000.00 885,200,746.01 - --------------------------------------------------------------------------------------------------------------- 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 March 16 - April 14, 1998 6.4000% 6.5500% 6.0625% Monthly Interest Due 4,613,333.33 327,500.00 378,906.25 5,319,739.58 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 4,613,333.33 327,500.00 378,906.25 5,319,739.58 Investor Default Amount 4,952,388.63 343,518.29 429,397.86 5,725,304.78 Investor Monthly Fees Due 1,441,666.67 100,000.00 125,000.00 1,666,666.67 Investor Additional Amounts Dues Total Due 11,007,388.63 771,018.29 933,304.11 12,711,711.03 Reallocated Investor Finance Charge Collections 18,535,401.97 Interest and Principal Funding Investment Proceeds 0.00% Series Adjusted Portfolio Yield 15.5856% Base Rate 8.5001% - --------------------------------------------------------------------------------------------------------------- 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 4,613,333.33 327,500.00 378,906.25 5,319,739.58 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 4,613,333.33 327,500.00 378,906.25 5,319,739.58 Ending Certificates Balance 865,000,000.00 60,000,000.00 75,000,000.00 1,000,000,000.00
- 8 - 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 - 9 - 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: $ 378,906.25 2. Amount distributed in respect of Collateral Monthly Interest: $ 378,906.25 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 - 10 - 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: $ 16,033,122.71 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): $ 4,952,388.63 e. Excess Spread: $ 6,467,400.74 2. Class B Available Funds: $ 1,112,124.12 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: $ 784,624.12 3. Collateral Available Funds: $ 1,390,155.15 a. Excess Spread: $ 1,390,155.15 4. Total Excess Spread: $ 8,642,180.01 K. Reallocated Principal Collections. 1. Principal Allocation Percentage: 51.6852% 2. Series 1997-1 Allocable Principal Collections: $ 172,032,622.16 3. Principal Allocation Percentage of Series 1997-1 Allocable Principal Collections: $ 88,915,421.27 4. Reallocated Principal Collections Required to fund the Required Amount: $ 0.00 5. Item 3 minus item 4: $ 88,915,421.27 6. Shared Principal Collections from other Series allocated to Series 1997-1: N/A 7. Other amounts Treated as Available Principal Collections: $ 5,725,304.78 8. Available Principal Collections (total of 5., 6. & 7.): $ 96,640,726.05 - 11 - 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: $ 94,640,726.05 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: $ 8,642,180.01 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: $ 343,518.29 7. Reduction of Class B Invested Amount treated as Available Principal Collections: $ 0.00 8. Applied to Collateral Monthly Interest: $ 378,906.25 9. Applied to unpaid Monthly Servicing Fee: $ 1,666,666.67 10. Collateral Default Amount treated as Available Principal Collections: $ 429,397.86 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: $ 5,823,690.95 IV. Yield and Base Rate 1. Base Rate a. Current Monthly Period 8.5001% b. Prior Monthly Period 9.3886% c. Second Prior Monthly Period 7.7622% 2. Three Month Average Base Rate 8.5503 3. Series Adjusted Portfolio Yield a. Current Monthly Period 15.59% b. Prior Monthly Perid 15.02% c. Second Prior Monthly Period 14.04% 4. Three Month Average Series Adjusted Portfolio Yield 14.88% - 12 - -----END PRIVACY-ENHANCED MESSAGE-----