Exhibit 20.1
------------
Series 1995-1
I. INFORMATION REGARDING THE CURRENT MONTHLY DISTRIBUTION TO THE CLASS A
AND CLASS B CERTIFICATEHOLDERS (STATED ON THE BASIS OF $1,000 ORIGINAL
CERTIFICATE PRINCIPAL AMOUNT)
A) The total amount of the distribution to Series 1995-1
Certificateholders on May 15, 1998, per $1,000 original
certificate principal amount
(1) Class A Certificateholders.............. 85.342448
(2) Class B Certificateholders.............. 4.951042
B) The amount of the distribution set forth in paragraph 1 above
in respect of principal of the 1995-1 Certificates, per $1,000
original certificate principal amount
(1) Class A Certificateholders........... 83.333333
(2) Class B Certificateholders........... 0.000000
C) The amount of the distribution set forth in paragraph 1 above
in respect of interest on the 1995-1 Certificates, per $1,000
original certificate principal amount
(1) Class A Certificates................. 2.009115
(2) Class B Certificates................. 4.951042
II. INFORMATION REGARDING THE PERFORMANCE OF THE TRUST
A) Collections
(1) The aggregate amount of Collections processed with respect
to the preceding Monthly
Period and allocated to the Series 1995-1 Certificates
was equal to............................ $ 101,884,039.36
(2) The Payment Rate with respect to the preceding Monthly Period
was equal to............................ 11.93%
For 37 Monthly Period (the 2nd
preceding Monthly Period), the monthly payment rate was
equal to............................ 13.18%
For the 36 Monthly Period (the 3rd
preceding Monthly Period), the monthly payment
rate was equal to................... 11.51%
(3) The aggregate amount of Collections of Principal Receivables
processed with respect to the
preceding Monthly Period which were allocated in respect of
the Series 1995-1 Certificates ......... $ 95,636,004.38
(4) The aggregate amount of Collections of Finance Charge Receivables
processed with respect to the
preceding Monthly Period which were allocated in respect of the
Series 1995-1 Certificates.............. $ 6,248,034.98
B) Deficit Controlled Amortization Amount.......... $ 0.00
C) Principal Receivables in the Trust and Allocation Percentages
(1) The aggregate amount of Principal Receivables in the
Trust as of the end of the preceding Monthly Period (which
reflects the Principal Receivables represented by the Seller
Interest, by the Investor Interest of Series 1995-1, and by the
Investor Interest of all other outstanding Series)
........................................ $ 6,237,636,560.48
(2) The Investor Interest as of the last day of the preceding
Monthly Period
(a) Investor Interest............... $ 370,165,745.86
(b) Class A Investor Interest....... $ 285,000,000.00
(c) Class B Investor Interest....... $ 50,000,000.00
(d) Collateral Interest............. $ 35,165,745.86
(3) The Investor Interest set forth in paragraph C(2)(a)
above as a percentage of the aggregate amount of
Principal Receivables set forth in paragraph
C(1) above.............................. 5.9344%
(4) The Class A Investor Interest set forth in paragraph
C(2)(b) above as a percentage of the aggregate amount
of Principal Receivables set forth in paragraph C(1)
above 4.5690%
(5) The Class B Investor Interest set forth in paragraph
C(2)(c) above as a percentage of the aggregate amount
of Principal Receivables set forth in paragraph C(1)
above 0.8016%
(6) The Collateral Interest set forth in paragraph C(2)(d)
above as a percentage of the aggregate amount of
Principal Receivables set forth in paragraph C(1)
above 0.5638%
(7) The Class A Floating Percentage......... 79.3615%
(8) The Class B Floating Percentage......... 11.1385%
(9) The Class B Principal Percentage........ 11.1385%
(10) The Collateral Floating Percentage..... 9.5000%
(11) The Collateral Principal Percentage.... 9.5000%
(12) The Floating Allocation Percentage..... 7.0443%
(13) The Principal Allocation Percentage.... 13.3667%
D) Portfolio Yield and Base Rate
(1) The annualized Portfolio Yield for the preceding Monthly Period
was equal to............................. 16.70%
For the 37 Monthly Period (the 2nd
preceding Monthly Period), the annualized
portfolio yield was equal to............ 19.40%
For the 36 Monthly Period (the
3rd preceding Monthly Period), the annualized
portfolio yield was equal to............ 16.82%
The three month average Portfolio Yield was
equal to................................ 17.64%
(2) Base Rate for the preceding Monthly Period was equal to
......................................... 7.98%
For the 37 Monthly Period (the
2nd preceding Monthly Period), the Base Rate was
equal to............................. 8.01%
For the 36 Monthly Period (the 3rd
preceding Monthly Period), the Base Rate was
equal to............................. 7.95%
E) Delinquent Balances
The aggregate amount of outstanding balances in the Accounts
which were delinquent as of the end of the last day of the
preceding Monthly Period:
Aggregate As a Percentage
Account of Aggregate
Balance Receivables
(1) Upto 29 Days $ 318,474,960.41 4.96%
(2) 30 - 59 Days $ 104,039,952.86 1.62%
(3) 60 - 89 Days $ 68,305,061.48 1.06%
(4) 90 or More Days $ 126,806,634.64 1.97%
Total $ 617,626,609.39 9.62%
F) Investor Default Amount
(1) The aggregate amount of all defaulted Principal
Receivables written off as uncollectible with respect
to Billing Cycles ending during preceding Monthly Period
allocable to the Investor Interest less Recoveries allocable to
the Investor Interest ( the "Series 1995-1 Aggregate Investor
Default Amount") ...................... $ 2,204,141.05
(2) The portion of the series 1995-1 Aggregate Investor
Default Amount allocable to the Class A Investor
Interest (the "Class A Investor Default Amount")
....................................... $ 1,749,240.25
(3) The portion of the Series 1995-1 Aggregate Investor
Default Amount allocable to the Class B Investor
Interest (the "Class B Investor Default Amount")
....................................... $ 245,507.40
(4) The portion of the Series 1995-1 Aggregate Investor
Default Amount allocable to the Collateral Investor
Interest (the "Collateral Investor Default Amount")
....................................... $ 209,393.40
(5) The annualized investor default percentage (Series
1995-1 Aggregate Investor Default Amount/Investor
Interest) x 12 for the preceding Monthly Period was
equal to .............................. 5.89%
For the 37 Monthly Period (the 2nd
preceding Monthly Period), the annualized investor
default percentage was equal to 6.34%
For the 36 Monthly Period (the 3rd
preceding Monthly Period), the annualized investor
default percentage was equal to 6.01%
G) Investor Charge Offs
(1) The aggregate amount of Class A Investor Charge-Offs
for the preceding Monthly Period....... $ 0.00
(2) The aggregate Class A Charge Off per $1000 Original
Certificate Principal Amount .......... $ 0.00
(3) The aggregate amount of Class A Investor Charge-Offs
reimbursed on the Transfer Date immediately preceding
such Distribution Date................. $ 0.00
(4) The amount of the reimbursed Investor Charge-Offs set
forth in paragraph G(2) above, per $1,000 original
Class A Certificate principal amount... $ 0.00
(5) The aggregate amount of Class B Investor Charge-Offs
for such Monthly Period................ $ 0.00
(6) The aggregate Class B Charge Off per $1000 Original
Certificate Principal Amount .......... $ 0.00
(7) The aggregate amount of Class B Investor Charge-Offs
reimbursed on the Transfer Date immediately preceding
such Distribution Date................. $ 0.00
(8) The amount of the reimbursed Investor Charge-Offs set
forth in paragraph G(6) above, per $1,000 original
Class B Certificate principal amount... $ 0.00
(9) The aggregate amount of Investor Charge-Offs
....................................... $ 0.00
(10) The aggregate Investor Charge Off per $1000 Original
Certificate Principal Amount .......... $ 0.00
(11) The aggregate amount of reimbursed Investor Charge-Offs
....................................... $ 0.00
(12) The amount of the reimbursed Investor Charge-Offs set
forth in paragraph G(9) above, per $1,000 original
Investor principal amount.............. $ 0.00
H) Shared Excess Finance Charge Collection
The aggregate amount of shared Excess Finance Charge Collections
during the preceding Monthly Period which were allocated to the
Series 1995-1 Certificates..................... $ 0.00
I) Shared Principal Collections
The aggregate amount of Shared Principal Collections during the
preceding Monthly Period allocated to the Series 1995-1
Certificates................................... $ 0.00
J) Reallocated Principal Collections
(1) Collections of Principal Receivables allocable to Class
B Certificates paid with respect to Class A
Certificates to make up deficiencies in Class A
Required Amount for any Monthly Period. $ 0.00
(2) Collections of Principal Receivables allocable to
Collateral Interest paid with respect to Class B
Certificates to make up deficiencies in Class B
Required Amount........................ $ 0.00
K) Monthly Investor Servicing Fee
(1) The amount of the Monthly Investor Servicing
Fee payable by the Trust to the Servicer for the preceding
Monthly Period......................... $ 804,270.26
(2) The amount of the Class A Monthly Servicing Fee payable
by the Trust for the preceding Monthly Period
....................................... $ 638,281.25
(3) The amount of the Class B Monthly Servicing Fee payable
by the Trust to the Servicer for the preceding Monthly
Period................................. $ 89,583.33
(4) The amount of the Collateral Monthly Servicing Fee
payable by the Trust to the Servicer for the preceding
Monthly Period......................... $ 76,405.68
L) Collateral Interest
(1) The Available Collateral Interest, as of the close of Transfer
Date for the preceding Monthly Period was equal to
....................................... $ 35,165,745.86
M) Required Collateral Interest
(1) The Required Collateral interest as of the Transfer
Date for the preceding Monthly Period was equal to
....................................... $ 35,165,745.86
III. THE POOL FACTOR
A) The Pool Factor for the Record Date for the distribution to be
made on the Distribution date (which represents the ratio of
the amount of the Investor Interest as of such Record Date
(determined after taking into account any reduction in the
Investor Interest which will occur on the Distribution Date)
to the Initial Investor Interest). The amount of a
Certificateholder's pro rata share of the Investor Interest can
be determined by multiplying the original denomination of the
Certificateholder's Certificate by the Pool Factor. 0.37
Pool Factor Class A+B+C 0.37017
Pool Factor Class A 0.33
Series 1995-2
I. INFORMATION REGARDING THE CURRENT MONTHLY DISTRIBUTION TO THE CLASS A
AND CLASS B CERTIFICATEHOLDERS (STATED ON THE BASIS OF $1,000 ORIGINAL
CERTIFICATE PRINCIPAL AMOUNT)
A) The total amount of the distribution to Series 1995-2
Certificateholders on May 15, 1998, per $1,000 original
certificate principal amount
(1) Class A Certificateholders.............. 86.547916
(2) Class B Certificateholders.............. 4.921875
B) The amount of the distribution set forth in paragraph 1 above
in respect of principal of the 1995-2 Certificates, per $1,000
original certificate principal amount
(1) Class A Certificateholders........... 83.333333
(2) Class B Certificateholders........... 0.000000
C) The amount of the distribution set forth in paragraph 1 above
in respect of interest on the 1995-2 Certificates, per $1,000
original certificate principal amount
(1) Class A Certificates................. 3.214583
(2) Class B Certificates................. 4.921875
II. INFORMATION REGARDING THE PERFORMANCE OF THE TRUST
A) Collections
(1) The aggregate amount of Collections processed with respect
to the preceding Monthly
Period and allocated to the Series 1995-2 Certificates
was equal to............................ $ 166,018,938.44
(2) The Payment Rate with respect to the preceding Monthly Period
was equal to............................ 11.93%
For 34 Monthly Period (the 2nd
preceding Monthly Period), the monthly payment rate was
equal to............................ 13.18%
For the 33 Monthly Period (the 3rd
preceding Monthly Period), the monthly payment
rate was equal to................... 11.51%
(3) The aggregate amount of Collections of Principal Receivables
processed with respect to the
preceding Monthly Period which were allocated in respect of
the Series 1995-2 Certificates ......... $ 151,679,618.93
(4) The aggregate amount of Collections of Finance Charge Receivables
processed with respect to the
preceding Monthly Period which were allocated in respect of the
Series 1995-2 Certificates.............. $ 14,339,319.51
B) Deficit Controlled Amortization Amount.......... $ 0.00
C) Principal Receivables in the Trust and Allocation Percentages
(1) The aggregate amount of Principal Receivables in the
Trust as of the end of the preceding Monthly Period (which reflects
the Principal Receivables represented by the Seller Interest,
by the Investor Interest of Series 1995-2, and by the
Investor Interest of all other outstanding Series)
........................................ $ 6,237,636,560.48
(2) The Investor Interest as of the last day of the preceding
Monthly Period
(a) Investor Interest............... $ 912,774,725.27
(b) Class A Investor Interest....... $ 748,125,000.00
(c) Class B Investor Interest....... $ 82,500,000.00
(d) Collateral Interest............. $ 82,149,725.27
(3) The Investor Interest set forth in paragraph C(2)(a)
above as a percentage of the aggregate amount of
Principal Receivables set forth in paragraph
C(1) above.............................. 14.6333%
(4) The Class A Investor Interest set forth in paragraph
C(2)(b) above as a percentage of the aggregate amount
of Principal Receivables set forth in paragraph C(1)
above 11.9937%
(5) The Class B Investor Interest set forth in paragraph
C(2)(c) above as a percentage of the aggregate amount
of Principal Receivables set forth in paragraph C(1)
above 1.3226%
(6) The Collateral Interest set forth in paragraph C(2)(d)
above as a percentage of the aggregate amount of
Principal Receivables set forth in paragraph C(1)
above 1.3170%
(7) The Class A Floating Percentage......... 82.9920%
(8) The Class B Floating Percentage......... 8.0080%
(9) The Class B Principal Percentage........ 8.0080%
(10) The Collateral Floating Percentage..... 9.0000%
(11) The Collateral Principal Percentage.... 9.0000%
(12) The Floating Allocation Percentage..... 16.1667%
(13) The Principal Allocation Percentage.... 20.9761%
D) Portfolio Yield and Base Rate
(1) The annualized Portfolio Yield for the preceding Monthly Period
was equal to............................. 16.70%
For the 34 Monthly Period (the 2nd
preceding Monthly Period), the annualized
portfolio yield was equal to............ 19.40%
For the 33 Monthly Period (the
3rd preceding Monthly Period), the annualized
portfolio yield was equal to............ 16.82%
The three month average Portfolio Yield was
equal to................................ 17.64%
(2) Base Rate for the preceding Monthly Period was equal to
......................................... 7.97%
For the 34 Monthly Period (the
2nd preceding Monthly Period), the Base Rate was
equal to............................. 8.00%
For the 33 Monthly Period (the 3rd
preceding Monthly Period), the Base Rate was
equal to............................. 7.93%
E) Delinquent Balances
The aggregate amount of outstanding balances in the Accounts
which were delinquent as of the end of the last day of the
preceding Monthly Period:
Aggregate As a Percentage
Account of Aggregate
Balance Receivables
(1) Upto 29 Days $ 318,474,960.41 4.96%
(2) 30 - 59 Days $ 104,039,952.86 1.62%
(3) 60 - 89 Days $ 68,305,061.48 1.06%
(4) 90 or More Days $ 126,806,634.64 1.97%
Total $ 617,626,609.39 9.62%
F) Investor Default Amount
(1) The aggregate amount of all defaulted Principal
Receivables written off as uncollectible with respect
to Billing Cycles ending during preceding Monthly Period
allocable to the Investor Interest less Recoveries allocable to
the Investor Interest (the "Series 1995-2 Aggregate Investor Default
Amount") .............................. $ 5,058,531.67
(2) The portion of the series 1995-2 Aggregate Investor
Default Amount allocable to the Class A Investor
Interest (the "Class A Investor Default Amount")
....................................... $ 4,198,176.60
(3) The portion of the Series 1995-2 Aggregate Investor
Default Amount allocable to the Class B Investor
Interest (the "Class B Investor Default Amount")
....................................... $ 405,087.22
(4) The portion of the Series 1995-2 Aggregate Investor
Default Amount allocable to the Collateral Investor
Interest (the "Collateral Investor Default Amount")
....................................... $ 455,267.85
(5) The annualized investor default percentage (Series
1995-2 Aggregate Investor Default Amount/Investor
Interest) x 12 for the preceding Monthly Period was
equal to .............................. 5.89%
For the 34 Monthly Period (the 2nd
preceding Monthly Period), the annualized investor
default percentage was equal to 6.34%
For the 33 Monthly Period (the 3rd
preceding Monthly Period), the annualized investor
default percentage was equal to 6.01%
G) Investor Charge Offs
(1) The aggregate amount of Class A Investor Charge-Offs
for the preceding Monthly Period....... $ 0.00
(2) The aggregate Class A Charge Off per $1000 Original
Certificate Principal Amount .......... $ 0.00
(3) The aggregate amount of Class A Investor Charge-Offs
reimbursed on the Transfer Date immediately preceding
such Distribution Date................. $ 0.00
(4) The amount of the reimbursed Investor Charge-Offs set
forth in paragraph G(2) above, per $1,000 original
Class A Certificate principal amount... $ 0.00
(5) The aggregate amount of Class B Investor Charge-Offs
for such Monthly Period................ $ 0.00
(6) The aggregate Class B Charge Off per $1000 Original
Certificate Principal Amount .......... $ 0.00
(7) The aggregate amount of Class B Investor Charge-Offs
reimbursed on the Transfer Date immediately preceding
such Distribution Date................. $ 0.00
(8) The amount of the reimbursed Investor Charge-Offs set
forth in paragraph G(6) above, per $1,000 original
Class B Certificate principal amount... $ 0.00
(9) The aggregate amount of Investor Charge-Offs
....................................... $ 0.00
(10) The aggregate Investor Charge Off per $1000 Original
Certificate Principal Amount .......... $ 0.00
(11) The aggregate amount of reimbursed Investor Charge-Offs
....................................... $ 0.00
(12) The amount of the reimbursed Investor Charge-Offs set
forth in paragraph G(9) above, per $1,000 original
Investor principal amount.............. $ 0.00
H) Shared Excess Finance Charge Collection
The aggregate amount of shared Excess Finance Charge Collections
during the preceding Monthly Period which were allocated to the
Series 1995-2 Certificates..................... $ 0.00
I) Shared Principal Collections
The aggregate amount of Shared Principal Collections during the
preceding Monthly Period allocated to the Series 1995-2
Certificates................................... $ 0.00
J) Reallocated Principal Collections
(1) Collections of Principal Receivables allocable to Class
B Certificates paid with respect to Class A
Certificates to make up deficiencies in Class A
Required Amount for any Monthly Period. $ 0.00
(2) Collections of Principal Receivables allocable to
Collateral Interest paid with respect to Class B
Certificates to make up deficiencies in Class B
Required Amount........................ $ 0.00
K) Monthly Investor Servicing Fee
(1) The amount of the Monthly Investor Servicing
Fee payable by the Trust to the Servicer for the preceding
Monthly Period......................... $ 1,845,810.44
(2) The amount of the Class A Monthly Servicing Fee payable
by the Trust for the preceding Monthly Period
....................................... $ 1,531,875.00
(3) The amount of the Class B Monthly Servicing Fee payable
by the Trust to the Servicer for the preceding Monthly
Period................................. $ 147,812.50
(4) The amount of the Collateral Monthly Servicing Fee
payable by the Trust to the Servicer for the preceding
Monthly Period......................... $ 166,122.94
L) Collateral Interest
(1) The Available Collateral Interest, as of the close of Transfer
Date for the preceding Monthly Period was equal to
....................................... $ 82,149,725.27
M) Required Collateral Interest
(1) The Required Collateral interest as of the Transfer
Date for the preceding Monthly Period was equal to
....................................... $ 82,149,725.27
III. THE POOL FACTOR
A) The Pool Factor for the Record Date for the distribution to be
made on the Distribution date (which represents the ratio of
the amount of the Investor Interest as of such Record Date
(determined after taking into account any reduction in the
Investor Interest which will occur on the Distribution Date)
to the Initial Investor Interest). The amount of a
Certificateholder's pro rata share of the Investor Interest can
be determined by multiplying the original denomination of the
Certificateholder's Certificate by the Pool Factor. 0.61
Pool Factor Class A+B+C 0.60852
Pool Factor Class A 0.58333
Series 1996-1
I. INFORMATION REGARDING THE CURRENT MONTHLY DISTRIBUTION TO THE CLASS A
AND CLASS B CERTIFICATEHOLDERS (STATED ON THE BASIS OF $1,000 ORIGINAL
CERTIFICATE PRINCIPAL AMOUNT)
A) The total amount of the distribution to Series 1996-1
Certificateholders on May 15, 1998, per $1,000 original
certificate principal amount
(1) Class A Certificateholders.............. 4.805208
(2) Class B Certificateholders.............. 4.913542
B) The amount of the distribution set forth in paragraph 1 above
in respect of principal of the 1996-1 Certificates, per $1,000
original certificate principal amount
(1) Class A Certificateholders.............. 0.000000
(2) Class B Certificateholders.............. 0.000000
C) The amount of the distribution set forth in paragraph 1 above
in respect of interest on the 1996-1 Certificates, per $1,000
original certificate principal amount
(1) Class A Certificates.................... 4.805208
(2) Class B Certificates.................... 4.913542
II. INFORMATION REGARDING THE PERFORMANCE OF THE TRUST
A) Collections
(1) The aggregate amount of Collections processed with respect
to the preceding Monthly
Period and allocated to the Series 1996-1 Certificates
was equal to............................ $ 185,411,942.98
(2) The Payment Rate with respect to the preceding Monthly Period
was equal to............................ 11.93%
For 26 Monthly Period (the 2nd
preceding Monthly Period), the monthly payment rate was
equal to............................ 13.18%
For the 25 Monthly Period (the 3rd
preceding Monthly Period), the monthly payment
rate was equal to................... 11.51%
(3) The aggregate amount of Collections of Principal Receivables
processed with respect to the
preceding Monthly Period which were allocated in respect of
the Series 1996-1 Certificates ......... $ 164,533,893.78
(4) The aggregate amount of Collections of Finance Charge Receivables
processed with respect to the
preceding Monthly Period which were allocated in respect of the
Series 1996-1 Certificates.............. $ 20,878,049.20
B) Deficit Controlled Amortization Amount.......... $ 0.00
C) Principal Receivables in the Trust and Allocation Percentages
(1) The aggregate amount of Principal Receivables in the
Trust as of the end of the preceding Monthly Period (which
reflects the Principal Receivables represented by the Seller
Interest, by the Investor Interest of Series 1996-1, and by the
Investor Interest of all other outstanding Series)
........................................ $ 6,237,636,560.48
(2) The Investor Interest as of the last day of the preceding
Monthly Period
(a) Investor Interest............... $ 1,500,000,000.00
(b) Class A Investor Interest....... $ 1,282,500,000.00
(c) Class B Investor Interest....... $ 82,500,000.00
(d) Collateral Interest............. $ 135,000,000.00
(3) The Investor Interest set forth in paragraph C(2)(a)
above as a percentage of the aggregate amount of
Principal Receivables set forth in paragraph
C(1) above.............................. 24.05%
(4) The Class A Investor Interest set forth in paragraph
C(2)(b) above as a percentage of the aggregate amount
of Principal Receivables set forth in paragraph C(1)
above 20.56%
(5) The Class B Investor Interest set forth in paragraph
C(2)(c) above as a percentage of the aggregate amount
of Principal Receivables set forth in paragraph C(1)
above 1.32%
(6) The Collateral Interest set forth in paragraph C(2)(d)
above as a percentage of the aggregate amount of
Principal Receivables set forth in paragraph C(1)
above 2.16%
(7) The Class A Floating Percentage.......... 85.50%
(8) The Class B Floating Percentage.......... 5.50%
(9) The Class B Principal Percentage......... 5.50%
(10) The Collateral Floating Percentage...... 9.00%
(11) The Collateral Principal Percentage..... 9.00%
(12) The Floating Allocation Percentage...... 23.54%
(13) The Principal Allocation Percentage..... 23.54%
D) Portfolio Yield and Base Rate
(1) The annualized Portfolio Yield for the preceding Monthly Period
was equal to............................. 16.70%
For the 26 Monthly Period (the 2nd
preceding Monthly Period), the annualized
portfolio yield was equal to............ 19.40%
For the 25 Monthly Period (the
3rd preceding Monthly Period), the annualized
portfolio yield was equal to............ 16.82%
The three month average Portfolio Yield was
equal to................................ 17.64%
(2) Base Rate for the preceding Monthly Period was equal to
......................................... 7.95%
For the 26 Monthly Period (the
2nd preceding Monthly Period), the Base Rate was
equal to................................ 7.98%
For the 25 Monthly Period (the 3rd
preceding Monthly Period), the Base Rate was
equal to................................ 7.92%
E) Delinquent Balances
The aggregate amount of outstanding balances in the Accounts
which were delinquent as of the end of the last day of the
preceding Monthly Period:
Aggregate As a Percentage
Account of Aggregate
Balance Receivables
(1) Upto 29 Days $ 318,474,960.41 4.96%
(2) 30 - 59 Days $ 104,039,952.86 1.62%
(3) 60 - 89 Days $ 68,305,061.48 1.06%
(4) 90 or More Days $ 126,806,634.64 1.97%
Total $ 617,626,609.39 9.62%
F) Investor Default Amount
(1) The aggregate amount of all defaulted Principal
Receivables written off as uncollectible with respect
to Billing Cycles ending during preceding Monthly Period
allocable to the Investor Interest less Recoveries allocable to the
Investor Interest (the "Series 1996-1 Aggregate Investor Default
Amount") ............................... $ 7,365,222.11
(2) The portion of the series 1996-1 Aggregate Investor
Default Amount allocable to the Class A Investor
Interest (the "Class A Investor Default Amount")
....................................... $ 6,297,264.90
(3) The portion of the Series 1996-1 Aggregate Investor
Default Amount allocable to the Class B Investor
Interest (the "Class B Investor Default Amount")
....................................... $ 405,087.22
(4) The portion of the Series 1996-1 Aggregate Investor
Default Amount allocable to the Collateral Investor
Interest (the "Collateral Investor Default Amount")
....................................... $ 662,869.99
(5) The annualized investor default percentage (Series
1996-1 Aggregate Investor Default Amount/Investor
Interest) x 12 for the preceding Monthly Period was
equal to .............................. 5.89%
For the 26 Monthly Period (the 2nd
preceding Monthly Period), the annualized investor
default percentage was equal to .... 6.34%
For the 25 Monthly Period (the 3rd
preceding Monthly Period), the annualized investor
default percentage was equal to .... 6.01%
G) Investor Charge Offs
(1) The aggregate amount of Class A Investor Charge-Offs
for the preceding Monthly Period....... $ 0.00
(2) The aggregate Class A Charge Off per $1000 Original
Certificate Principal Amount .......... $ 0.00
(3) The aggregate amount of Class A Investor Charge-Offs
reimbursed on the Transfer Date immediately preceding
such Distribution Date................. $ 0.00
(4) The amount of the reimbursed Investor Charge-Offs set
forth in paragraph G(2) above, per $1,000 original
Class A Certificate principal amount... $ 0.00
(5) The aggregate amount of Class B Investor Charge-Offs
for such Monthly Period................ $ 0.00
(6) The aggregate Class B Charge Off per $1000 Original
Certificate Principal Amount .......... $ 0.00
(7) The aggregate amount of Class B Investor Charge-Offs
reimbursed on the Transfer Date immediately preceding
such Distribution Date................. $ 0.00
(8) The amount of the reimbursed Investor Charge-Offs set
forth in paragraph G(6) above, per $1,000 original
Class B Certificate principal amount... $ 0.00
(9) The aggregate amount of Investor Charge-Offs
....................................... $ 0.00
(10) The aggregate Investor Charge Off per $1000 Original
Certificate Principal Amount .......... $ 0.00
(11) The aggregate amount of reimbursed Investor Charge-Offs
....................................... $ 0.00
(12) The amount of the reimbursed Investor Charge-Offs set
forth in paragraph G(9) above, per $1,000 original
Investor principal amount.............. $ 0.00
H) Shared Excess Finance Charge Collection
The aggregate amount of shared Excess Finance Charge Collections
during the preceding Monthly Period which were allocated to the
Series 1996-1 Certificates..................... $ 0.00
I) Shared Principal Collections
The aggregate amount of Shared Principal Collections during the
preceding Monthly Period allocated to the Series 1996-1
Certificates................................... $ 0.00
J) Reallocated Principal Collections
(1) Collections of Principal Receivables allocable to Class
B Certificates paid with respect to Class A
Certificates to make up deficiencies in Class A
Required Amount for any Monthly Period. $ 0.00
(2) Collections of Principal Receivables allocable to
Collateral Interest paid with respect to Class B
Certificates to make up deficiencies in Class B
Required Amount........................ $ 0.00
K) Monthly Investor Servicing Fee
(1) The amount of the Monthly Investor Servicing
Fee payable by the Trust to the Servicer for the preceding
Monthly Period......................... $ 2,687,500.00
(2) The amount of the Class A Monthly Servicing Fee payable
by the Trust for the preceding Monthly Period
....................................... $ 2,297,812.50
(3) The amount of the Class B Monthly Servicing Fee payable
by the Trust to the Servicer for the preceding Monthly
Period................................. $ 147,812.50
(4) The amount of the Collateral Monthly Servicing Fee
payable by the Trust to the Servicer for the preceding
Monthly Period......................... $ 241,875.00
L) Collateral Interest
(1) The Available Collateral Interest, as of the close of Transfer
Date for the preceding Monthly Period was equal to
....................................... $ 135,000,000.00
M) Required Collateral Interest
(1) The Required Collateral interest as of the Transfer
Date for the preceding Monthly Period was equal to
....................................... $ 135,000,000.00
III. THE POOL FACTOR
A) The Pool Factor for the Record Date for the distribution to be
made on the Distribution date (which represents the ratio of
the amount of the Investor Interest as of such Record Date
(determined after taking into account any reduction in the
Investor Interest which will occur on the Distribution Date)
to the Initial Investor Interest). The amount of a
Certificateholder's pro rata share of the Investor Interest can
be determined by multiplying the original denomination of the
Certificateholder's Certificate by the Pool Factor 1.00
Series 1996-2
I. INFORMATION REGARDING THE CURRENT MONTHLY DISTRIBUTION TO THE CLASS A
AND CLASS B CERTIFICATEHOLDERS (STATED ON THE BASIS OF $1,000 ORIGINAL
CERTIFICATE PRINCIPAL AMOUNT)
A) The total amount of the distribution to Series 1996-2
Certificateholders on May 15, 1998, per $1,000 original
certificate principal amount
(1) Class A Certificateholders.............. 13.787083
(2) Class B Certificateholders.............. 13.980417
B) The amount of the distribution set forth in paragraph 1 above
in respect of principal of the 1996-2 Certificates, per $1,000
original certificate principal amount
(1) Class A Certificateholders.............. 0.000000
(2) Class B Certificateholders.............. 0.000000
C) The amount of the distribution set forth in paragraph 1 above
in respect of interest on the 1996-2 Certificates, per $1,000
original certificate principal amount
(1) Class A Certificates.................... 13.787083
(2) Class B Certificates.................... 13.980417
II. INFORMATION REGARDING THE PERFORMANCE OF THE TRUST
A) Collections
(1) The aggregate amount of Collections processed with respect
to the preceding Monthly
Period and allocated to the Series 1996-2 Certificates
was equal to............................ $ 36,674,889.82
(2) The Payment Rate with respect to the preceding Monthly Period
was equal to............................ 11.93%
For 23 Monthly Period (the 2nd
preceding Monthly Period), the monthly payment rate was
equal to................................ 13.18%
For the 22 Monthly Period (the 3rd
preceding Monthly Period), the monthly payment
rate was equal to....................... 11.51%
(3) The aggregate amount of Collections of Principal Receivables
processed with respect to the
preceding Monthly Period which were allocated in respect of
the Series 1996-2 Certificates ......... $ 32,545,165.80
(4) The aggregate amount of Collections of Finance Charge Receivables
processed with respect to the
preceding Monthly Period which were allocated in respect of the
Series 1996-2 Certificates.............. $ 4,129,724.02
B) Deficit Controlled Amortization Amount................. $ 0.00
C) Principal Receivables in the Trust and Allocation Percentages
(1) The aggregate amount of Principal Receivables in the
Trust as of the end of the preceding Monthly Period (which
reflects the Principal Receivables represented by the Seller
Interest, by the Investor Interest of Series 1996-2, and by the
Investor Interest of all other outstanding Series)
........................................ $ 6,237,636,560.48
(2) The Investor Interest as of the last day of the preceding
Monthly Period
(a) Investor Interest................... $ 296,703,296.70
(b) Class A Investor Interest........... $ 253,681,000.00
(c) Class B Investor Interest........... $ 16,318,000.00
(d) Collateral Interest................. $ 26,704,296.70
(3) The Investor Interest set forth in paragraph C(2)(a)
above as a percentage of the aggregate amount of
Principal Receivables set forth in paragraph
C(1) above.............................. 4.76%
(4) The Class A Investor Interest set forth in paragraph
C(2)(b) above as a percentage of the aggregate amount
of Principal Receivables set forth in paragraph C(1)
above .................................... 4.07%
(5) The Class B Investor Interest set forth in paragraph
C(2)(c) above as a percentage of the aggregate amount
of Principal Receivables set forth in paragraph C(1)
above ................................... 0.26%
(6) The Collateral Interest set forth in paragraph C(2)(d)
above as a percentage of the aggregate amount of
Principal Receivables set forth in paragraph C(1)
above .................................. 0.43%
(7) The Class A Floating Percentage.......... 85.50%
(8) The Class B Floating Percentage.......... 5.50%
(9) The Class B Principal Percentage......... 5.50%
(10) The Collateral Floating Percentage...... 9.00%
(11) The Collateral Principal Percentage..... 9.00%
(12) The Floating Allocation Percentage...... 4.66%
(13) The Principal Allocation Percentage..... 4.66%
D) Portfolio Yield and Base Rate
(1) The annualized Portfolio Yield for the preceding Monthly Period
was equal to............................. 16.70%
For the 23 Monthly Period (the 2nd
preceding Monthly Period), the annualized
portfolio yield was equal to............. 19.40%
For the 22 Monthly Period (the
3rd preceding Monthly Period), the annualized
portfolio yield was equal to............. 16.82%
The three month average Portfolio Yield was
equal to................................. 17.64%
(2) Base Rate for the preceding Monthly Period was equal to
......................................... 7.89%
For the 23 Monthly Period (the
2nd preceding Monthly Period), the Base Rate was
equal to................................. 7.89%
For the 22 Monthly Period (the 3rd
preceding Monthly Period), the Base Rate was
equal to................................. 7.89%
E) Delinquent Balances
The aggregate amount of outstanding balances in the Accounts
which were delinquent as of the end of the last day of the
preceding Monthly Period by:
Aggregate As a Percentage
Account of Aggregate
Balance Receivables
(1) Upto 29 Days $ 318,474,960.41 4.96%
(2) 30 - 59 Days $ 104,039,952.86 1.62%
(3) 60 - 89 Days $ 68,305,061.48 1.06%
(4) 90 or More Days $ 126,806,634.64 1.97%
Total $ 617,626,609.39 9.62%
F) Investor Default Amount
(1) The aggregate amount of all defaulted Principal
Receivables written off as uncollectible with respect
to Billing Cycles ending during preceding Monthly Period
allocable to the Investor Interest less Recoveries
allocable to the Investor Interest (the "Series
1996-2 Aggregate Investor Default Amount")
........................................... $ 1,456,857.12
(2) The portion of the series 1996-2 Aggregate Investor
Default Amount allocable to the Class A Investor
Interest (the "Class A Investor Default Amount")
.......................................... $ 1,245,611.27
(3) The portion of the Series 1996-2 Aggregate Investor
Default Amount allocable to the Class B Investor
Interest (the "Class B Investor Default Amount")
.......................................... $ 80,123.80
(4) The portion of the Series 1996-2 Aggregate Investor
Default Amount allocable to the Collateral Investor
Interest (the "Collateral Investor Default Amount")
.......................................... $ 131,122.05
(5) The annualized investor default percentage ((Series
1996-2 Aggregate Investor Default Amount/Investor
Interest) x 12) for the preceding Monthly Period was
equal to ................................. 5.89%
For the 23 Monthly Period (the 2nd
preceding Monthly Period), the annualized investor
default percentage was equal to ........... 6.34%
For the 22 Monthly Period (the 3rd
preceding Monthly Period), the annualized investor
default percentage was equal to ........... 6.01%
G) Investor Charge Offs
(1) The aggregate amount of Class A Investor Charge-Offs
for the preceding Monthly Period.......... $ 0.00
(2) The aggregate Class A Charge-Offs per $1000 Original
Certificate Principal Amount ............. $ 0.00
(3) The aggregate amount of Class A Investor Charge-Offs
reimbursed on the Transfer Date immediately preceding
such Distribution Date.................... $ 0.00
(4) The amount of the reimbursed Investor Charge-Offs set
forth in paragraph G(2) above, per $1,000 original
Class A Certificate principal amount....... $ 0.00
(5) The aggregate amount of Class B Investor Charge-Offs
for such Monthly Period................... $ 0.00
(6) The aggregate Class B Charge Off per $1000 Original
Certificate Principal Amount ............. $ 0.00
(7) The aggregate amount of Class B Investor Charge-Offs
reimbursed on the Transfer Date immediately preceding
such Distribution Date.................... $ 0.00
(8) The amount of the reimbursed Investor Charge-Offs set
forth in paragraph G(7) above, per $1,000 original
Class B Certificate principal amount....... $ 0.00
(9) The aggregate amount of Investor Charge-Offs
.......................................... $ 0.00
(10) The aggregate Investor Charge Off per $1000 Original
Certificate Principal Amount ............. $ 0.00
(11) The aggregate amount of reimbursed Investor Charge-Offs
......................................... $ 0.00
(12) The amount of the reimbursed Investor Charge-Offs set
forth in paragraph G(11) above, per $1,000 original
Investor principal amount.................. $ 0.00
H) Shared Excess Finance Charge Collection
The aggregate amount of shared Excess Finance Charge Collections
during the preceding Monthly Period which were allocated to the
Series 1996-2 Certificates........................ $ 0.00
I) Shared Principal Collections
The aggregate amount of Shared Principal Collections during the
preceding Monthly Period which were allocated to the Series
1996-2 Certificates............................... $ 0.00
J) Reallocated Principal Collections
(1) Collections of Principal Receivables allocable to Class
B Certificates paid with respect to Class A
Certificates to make up deficiencies in Class A
Required Amount for any Monthly Period..... $ 0.00
(2) Collections of Principal Receivables allocable to
Collateral Interest paid with respect to Class B
Certificates to make up deficiencies in Class B
Required Amount............................ $ 0.00
K) Monthly Investor Servicing Fee
(1) The amount of the Monthly Investor Servicing Fee
payable by the Trust to the Servicer for the preceding
Monthly Period............................ $ 531,593.41
(2) The amount of the Class A Monthly Servicing Fee
payable by the Trust to the Servicer for the preceding
Monthly Period............................ $ 454,511.79
(3) The amount of the Class B Monthly Servicing Fee payable
by the Trust to the Servicer for the preceding Monthly
Period.................................... $ 29,236.42
(4) The amount of the Collateral Monthly Servicing Fee
payable by the Trust to the Servicer for the preceding
Monthly Period............................ $ 47,845.20
L) Collateral Interest
(1) The Available Collateral Interest, as of the close of Transfer
Date for the preceding Monthly Period was equal to
.......................................... $ 26,704,296.70
M) Required Collateral Interest
(1) The Required Collateral Interest as of the Transfer
Date for the preceding Monthly Period was equal to
.......................................... $ 26,704,296.70
III. THE POOL FACTOR
A) The Pool Factor for the Record Date for the distribution to be
made on the Distribution date (which represents the ratio of
the amount of the Investor Interest as of such Record Date
(determined after taking into account any reduction in the
Investor Interest which will occur on the Distribution Date)
to the Initial Investor Interest). The amount of a
Certificateholder's pro rata share of the Investor Interest can
be determined by multiplying the original denomination of the
Certificateholder's Certificate by the Pool Factor... 1.00
Series 1996-3
I. INFORMATION REGARDING THE CURRENT MONTHLY DISTRIBUTION TO THE CLASS A
AND CLASS B CERTIFICATEHOLDERS (STATED ON THE BASIS OF $1,000 ORIGINAL
CERTIFICATE PRINCIPAL AMOUNT)
A) The total amount of the distribution to Series 1996-3
Certificateholders on May 15, 1998, per $1,000 original
certificate principal amount
(1) Class A Certificateholders.............. 5.866667
(2) Class B Certificateholders.............. 6.008333
B) The amount of the distribution set forth in paragraph 1 above
in respect of principal of the 1996-3 Certificates, per $1,000
original certificate principal amount
(1) Class A Certificateholders.............. 0.000000
(2) Class B Certificateholders.............. 0.000000
C) The amount of the distribution set forth in paragraph 1 above
in respect of interest on the 1996-3 Certificates, per $1,000
original certificate principal amount
(1) Class A Certificates.................... 5.866667
(2) Class B Certificates.................... 6.008333
II. INFORMATION REGARDING THE PERFORMANCE OF THE TRUST
A) Collections
(1) The aggregate amount of Collections processed with respect
to the preceding Monthly
Period and allocated to the Series 1996-3 Certificates
was equal to............................ $ 132,201,161.07
(2) The Payment Rate with respect to the preceding Monthly Period
was equal to............................ 11.93%
For 22 Monthly Period (the 2nd
preceding Monthly Period), the monthly payment rate was
equal to................................ 13.18%
For the 21 Monthly Period (the 3rd
preceding Monthly Period), the monthly payment
rate was equal to....................... 11.51%
(3) The aggregate amount of Collections of Principal Receivables
processed with respect to the
preceding Monthly Period which were allocated in respect of
the Series 1996-3 Certificates ......... $ 117,314,836.59
(4) The aggregate amount of Collections of Finance Charge Receivables
processed with respect to the
preceding Monthly Period which were allocated in respect of the
Series 1996-3 Certificates.............. $ 14,886,324.48
B) Deficit Controlled Amortization Amount................. $ 0.00
C) Principal Receivables in the Trust and Allocation Percentages
(1) The aggregate amount of Principal Receivables in the
Trust as of the end of the preceding Monthly Period (which
reflects the Principal Receivables represented by the Seller
Interest, by the Investor Interest of Series 1996-3, and by the
Investor Interest of all other outstanding Series)
........................................ $ 6,237,636,560.48
(2) The Investor Interest as of the last day of the preceding
Monthly Period
(a) Investor Interest................... $ 1,069,519,786.10
(b) Class A Investor Interest........... $ 957,220,000.00
(c) Class B Investor Interest........... $ 42,780,000.00
(d) Collateral Interest................. $ 69,519,786.10
(3) The Investor Interest set forth in paragraph C(2)(a)
above as a percentage of the aggregate amount of
Principal Receivables set forth in paragraph
C(1) above.............................. 17.15%
(4) The Class A Investor Interest set forth in paragraph
C(2)(b) above as a percentage of the aggregate amount
of Principal Receivables set forth in paragraph C(1)
above .................................... 15.35%
(5) The Class B Investor Interest set forth in paragraph
C(2)(c) above as a percentage of the aggregate amount
of Principal Receivables set forth in paragraph C(1)
above ................................... 0.69%
(6) The Collateral Interest set forth in paragraph C(2)(d)
above as a percentage of the aggregate amount of
Principal Receivables set forth in paragraph C(1)
above .................................. 1.11%
(7) The Class A Floating Percentage.......... 89.50%
(8) The Class B Floating Percentage.......... 4.00%
(9) The Class B Principal Percentage......... 4.00%
(10) The Collateral Floating Percentage...... 6.50%
(11) The Collateral Principal Percentage..... 6.50%
(12) The Floating Allocation Percentage...... 16.78%
(13) The Principal Allocation Percentage..... 16.78%
D) Portfolio Yield and Base Rate
(1) The annualized Portfolio Yield for the preceding Monthly Period
was equal to............................. 16.70%
For the 22 Monthly Period (the 2nd
preceding Monthly Period), the annualized
portfolio yield was equal to............. 19.40%
For the 21 Monthly Period (the
3rd preceding Monthly Period), the annualized
portfolio yield was equal to............. 16.82%
The three month average Portfolio Yield was
equal to................................. 17.64%
(2) Base Rate for the preceding Monthly Period was equal to
......................................... 9.13%
For the 22 Monthly Period (the
2nd preceding Monthly Period), the Base Rate was
equal to................................. 9.13%
For the 21 Monthly Period (the 3rd
preceding Monthly Period), the Base Rate was
equal to................................. 9.13%
E) Delinquent Balances
The aggregate amount of outstanding balances in the Accounts
which were delinquent as of the end of the last day of the
preceding Monthly Period by:
Aggregate As a Percentage
Account of Aggregate
Balance Receivables
(1) Upto 29 Days $ 318,474,960.41 4.96%
(2) 30 - 59 Days $ 104,039,952.86 1.62%
(3) 60 - 89 Days $ 68,305,061.48 1.06%
(4) 90 or More Days $ 126,806,634.64 1.97%
Total $ 617,626,609.39 9.62%
F) Investor Default Amount
(1) The aggregate amount of all defaulted Principal
Receivables written off as uncollectible with respect
to Billing Cycles ending during preceding Monthly Period
allocable to the Investor Interest less Recoveries
allocable to the Investor Interest (the "Series
1996-3 Aggregate Investor Default Amount")
........................................... $ 5,251,500.51
(2) The portion of the series 1996-3 Aggregate Investor
Default Amount allocable to the Class A Investor
Interest (the "Class A Investor Default Amount")
.......................................... $ 4,700,091.93
(3) The portion of the Series 1996-3 Aggregate Investor
Default Amount allocable to the Class B Investor
Interest (the "Class B Investor Default Amount")
.......................................... $ 210,056.13
(4) The portion of the Series 1996-3 Aggregate Investor
Default Amount allocable to the Collateral Investor
Interest (the "Collateral Investor Default Amount")
.......................................... $ 341,352.45
(5) The annualized investor default percentage ((Series
1996-3 Aggregate Investor Default Amount/Investor
Interest) x 12) for the preceding Monthly Period was
equal to ................................. 5.89%
For the 22 Monthly Period (the 2nd
preceding Monthly Period), the annualized investor
default percentage was equal to ........... 6.34%
For the 21 Monthly Period (the 3rd
preceding Monthly Period), the annualized investor
default percentage was equal to ........... 6.01%
G) Investor Charge Offs
(1) The aggregate amount of Class A Investor Charge-Offs
for the preceding Monthly Period.......... $ 0.00
(2) The aggregate Class A Charge-Offs per $1000 Original
Certificate Principal Amount ............. $ 0.00
(3) The aggregate amount of Class A Investor Charge-Offs
reimbursed on the Transfer Date immediately preceding
such Distribution Date.................... $ 0.00
(4) The amount of the reimbursed Investor Charge-Offs set
forth in paragraph G(2) above, per $1,000 original
Class A Certificate principal amount....... $ 0.00
(5) The aggregate amount of Class B Investor Charge-Offs
for such Monthly Period................... $ 0.00
(6) The aggregate Class B Charge Off per $1000 Original
Certificate Principal Amount ............. $ 0.00
(7) The aggregate amount of Class B Investor Charge-Offs
reimbursed on the Transfer Date immediately preceding
such Distribution Date.................... $ 0.00
(8) The amount of the reimbursed Investor Charge-Offs set
forth in paragraph G(7) above, per $1,000 original
Class B Certificate principal amount....... $ 0.00
(9) The aggregate amount of Investor Charge-Offs
.......................................... $ 0.00
(10) The aggregate Investor Charge Off per $1000 Original
Certificate Principal Amount ............. $ 0.00
(11) The aggregate amount of reimbursed Investor Charge-Offs
......................................... $ 0.00
(12) The amount of the reimbursed Investor Charge-Offs set
forth in paragraph G(11) above, per $1,000 original
Investor principal amount.................. $ 0.00
H) Shared Excess Finance Charge Collection
The aggregate amount of shared Excess Finance Charge Collections
during the preceding Monthly Period which were allocated to the
Series 1996-3 Certificates........................ $ 0.00
I) Shared Principal Collections
The aggregate amount of Shared Principal Collections during the
preceding Monthly Period which were allocated to the Series
1996-3 Certificates............................... $ 0.00
J) Reallocated Principal Collections
(1) Collections of Principal Receivables allocable to Class
B Certificates paid with respect to Class A
Certificates to make up deficiencies in Class A
Required Amount for any Monthly Period..... $ 0.00
(2) Collections of Principal Receivables allocable to
Collateral Interest paid with respect to Class B
Certificates to make up deficiencies in Class B
Required Amount............................ $ 0.00
K) Monthly Investor Servicing Fee
(1) The amount of the Monthly Investor Servicing Fee
payable by the Trust to the Servicer for the preceding
Monthly Period............................ $ 1,916,222.95
(2) The amount of the Class A Monthly Servicing Fee
payable by the Trust to the Servicer for the preceding
Monthly Period............................ $ 1,715,019.17
(3) The amount of the Class B Monthly Servicing Fee payable
by the Trust to the Servicer for the preceding Monthly
Period.................................... $ 76,647.50
(4) The amount of the Collateral Monthly Servicing Fee
payable by the Trust to the Servicer for the preceding
Monthly Period............................ $ 124,556.28
L) Collateral Interest
(1) The Available Collateral Interest, as of the close of Transfer
Date for the preceding Monthly Period was equal to
.......................................... $ 69,519,786.10
M) Required Collateral Interest
(1) The Required Collateral Interest as of the Transfer
Date for the preceding Monthly Period was equal to
.......................................... $ 69,519,786.10
III. THE POOL FACTOR
A) The Pool Factor for the Record Date for the distribution to be
made on the Distribution date (which represents the ratio of
the amount of the Investor Interest as of such Record Date
(determined after taking into account any reduction in the
Investor Interest which will occur on the Distribution Date)
to the Initial Investor Interest). The amount of a
Certificateholder's pro rata share of the Investor Interest can
be determined by multiplying the original denomination of the
Certificateholder's Certificate by the Pool Factor... 1.00
Series 1996-4
I. INFORMATION REGARDING THE CURRENT MONTHLY DISTRIBUTION TO THE CLASS A
AND CLASS B CERTIFICATEHOLDERS (STATED ON THE BASIS OF $1,000 ORIGINAL
CERTIFICATE PRINCIPAL AMOUNT)
A) The total amount of the distribution to Series 1996-4
Certificateholders on May 15, 1998, per $1,000 original
certificate principal amount
(1) Class A Certificateholders.............. 5.608333
(2) Class B Certificateholders.............. 5.741667
B) The amount of the distribution set forth in paragraph 1 above
in respect of principal of the 1996-4 Certificates, per $1,000
original certificate principal amount
(1) Class A Certificateholders.............. 0.000000
(2) Class B Certificateholders.............. 0.000000
C) The amount of the distribution set forth in paragraph 1 above
in respect of interest on the 1996-4 Certificates, per $1,000
original certificate principal amount
(1) Class A Certificates.................... 5.608333
(2) Class B Certificates.................... 5.741667
II. INFORMATION REGARDING THE PERFORMANCE OF THE TRUST
A) Collections
(1) The aggregate amount of Collections processed with respect
to the preceding Monthly
Period and allocated to the Series 1996-4 Certificates
was equal to............................ $ 132,201,161.07
(2) The Payment Rate with respect to the preceding Monthly Period
was equal to............................ 11.93%
For 22 Monthly Period (the 2nd
preceding Monthly Period), the monthly payment rate was
equal to................................ 13.18%
For the 21 Monthly Period (the 3rd
preceding Monthly Period), the monthly payment
rate was equal to....................... 11.51%
(3) The aggregate amount of Collections of Principal Receivables
processed with respect to the
preceding Monthly Period which were allocated in respect of
the Series 1996-4 Certificates ......... $ 117,314,836.59
(4) The aggregate amount of Collections of Finance Charge Receivables
processed with respect to the
preceding Monthly Period which were allocated in respect of the
Series 1996-4 Certificates.............. $ 14,886,324.48
B) Deficit Controlled Amortization Amount................. $ 0.00
C) Principal Receivables in the Trust and Allocation Percentages
(1) The aggregate amount of Principal Receivables in the
Trust as of the end of the preceding Monthly Period (which
reflects the Principal Receivables represented by the Seller
Interest, by the Investor Interest of Series 1996-4, and by the
Investor Interest of all other outstanding Series)
........................................ $ 6,237,636,560.48
(2) The Investor Interest as of the last day of the preceding
Monthly Period
(a) Investor Interest................... $ 1,069,519,786.10
(b) Class A Investor Interest........... $ 957,220,000.00
(c) Class B Investor Interest........... $ 42,780,000.00
(d) Collateral Interest................. $ 69,519,786.10
(3) The Investor Interest set forth in paragraph C(2)(a)
above as a percentage of the aggregate amount of
Principal Receivables set forth in paragraph
C(1) above.............................. 17.15%
(4) The Class A Investor Interest set forth in paragraph
C(2)(b) above as a percentage of the aggregate amount
of Principal Receivables set forth in paragraph C(1)
above .................................... 15.35%
(5) The Class B Investor Interest set forth in paragraph
C(2)(c) above as a percentage of the aggregate amount
of Principal Receivables set forth in paragraph C(1)
above ................................... 0.69%
(6) The Collateral Interest set forth in paragraph C(2)(d)
above as a percentage of the aggregate amount of
Principal Receivables set forth in paragraph C(1)
above .................................. 1.11%
(7) The Class A Floating Percentage.......... 89.50%
(8) The Class B Floating Percentage.......... 4.00%
(9) The Class B Principal Percentage......... 4.00%
(10) The Collateral Floating Percentage...... 6.50%
(11) The Collateral Principal Percentage..... 6.50%
(12) The Floating Allocation Percentage...... 16.78%
(13) The Principal Allocation Percentage..... 16.78%
D) Portfolio Yield and Base Rate
(1) The annualized Portfolio Yield for the preceding Monthly Period
was equal to............................. 16.70%
For the 22 Monthly Period (the 2nd
preceding Monthly Period), the annualized
portfolio yield was equal to............. 19.40%
For the 21 Monthly Period (the
3rd preceding Monthly Period), the annualized
portfolio yield was equal to............. 16.82%
The three month average Portfolio Yield was
equal to................................. 17.64%
(2) Base Rate for the preceding Monthly Period was equal to
......................................... 8.84%
For the 22 Monthly Period (the
2nd preceding Monthly Period), the Base Rate was
equal to................................. 8.84%
For the 21 Monthly Period (the 3rd
preceding Monthly Period), the Base Rate was
equal to................................. 8.84%
E) Delinquent Balances
The aggregate amount of outstanding balances in the Accounts
which were delinquent as of the end of the last day of the
preceding Monthly Period by:
Aggregate As a Percentage
Account of Aggregate
Balance Receivables
(1) Upto 29 Days $ 318,474,960.41 4.96%
(2) 30 - 59 Days $ 104,039,952.86 1.62%
(3) 60 - 89 Days $ 68,305,061.48 1.06%
(4) 90 or More Days $ 126,806,634.64 1.97%
Total $ 617,626,609.39 9.62%
F) Investor Default Amount
(1) The aggregate amount of all defaulted Principal
Receivables written off as uncollectible with respect
to Billing Cycles ending during preceding Monthly Period
allocable to the Investor Interest less Recoveries
allocable to the Investor Interest (the "Series
1996-4 Aggregate Investor Default Amount")
........................................... $ 5,251,500.51
(2) The portion of the series 1996-4 Aggregate Investor
Default Amount allocable to the Class A Investor
Interest (the "Class A Investor Default Amount")
.......................................... $ 4,700,091.93
(3) The portion of the Series 1996-4 Aggregate Investor
Default Amount allocable to the Class B Investor
Interest (the "Class B Investor Default Amount")
.......................................... $ 210,056.13
(4) The portion of the Series 1996-4 Aggregate Investor
Default Amount allocable to the Collateral Investor
Interest (the "Collateral Investor Default Amount")
.......................................... $ 341,352.45
(5) The annualized investor default percentage ((Series
1996-4 Aggregate Investor Default Amount/Investor
Interest) x 12) for the preceding Monthly Period was
equal to ................................. 5.89%
For the 22 Monthly Period (the 2nd
preceding Monthly Period), the annualized investor
default percentage was equal to ........... 6.34%
For the 21 Monthly Period (the 3rd
preceding Monthly Period), the annualized investor
default percentage was equal to ........... 6.01%
G) Investor Charge Offs
(1) The aggregate amount of Class A Investor Charge-Offs
for the preceding Monthly Period.......... $ 0.00
(2) The aggregate Class A Charge-Offs per $1000 Original
Certificate Principal Amount ............. $ 0.00
(3) The aggregate amount of Class A Investor Charge-Offs
reimbursed on the Transfer Date immediately preceding
such Distribution Date.................... $ 0.00
(4) The amount of the reimbursed Investor Charge-Offs set
forth in paragraph G(2) above, per $1,000 original
Class A Certificate principal amount....... $ 0.00
(5) The aggregate amount of Class B Investor Charge-Offs
for such Monthly Period................... $ 0.00
(6) The aggregate Class B Charge Off per $1000 Original
Certificate Principal Amount ............. $ 0.00
(7) The aggregate amount of Class B Investor Charge-Offs
reimbursed on the Transfer Date immediately preceding
such Distribution Date.................... $ 0.00
(8) The amount of the reimbursed Investor Charge-Offs set
forth in paragraph G(7) above, per $1,000 original
Class B Certificate principal amount....... $ 0.00
(9) The aggregate amount of Investor Charge-Offs
.......................................... $ 0.00
(10) The aggregate Investor Charge Off per $1000 Original
Certificate Principal Amount ............. $ 0.00
(11) The aggregate amount of reimbursed Investor Charge-Offs
......................................... $ 0.00
(12) The amount of the reimbursed Investor Charge-Offs set
forth in paragraph G(11) above, per $1,000 original
Investor principal amount.................. $ 0.00
H) Shared Excess Finance Charge Collection
The aggregate amount of shared Excess Finance Charge Collections
during the preceding Monthly Period which were allocated to the
Series 1996-4 Certificates........................ $ 0.00
I) Shared Principal Collections
The aggregate amount of Shared Principal Collections during the
preceding Monthly Period which were allocated to the Series
1996-4 Certificates............................... $ 0.00
J) Reallocated Principal Collections
(1) Collections of Principal Receivables allocable to Class
B Certificates paid with respect to Class A
Certificates to make up deficiencies in Class A
Required Amount for any Monthly Period..... $ 0.00
(2) Collections of Principal Receivables allocable to
Collateral Interest paid with respect to Class B
Certificates to make up deficiencies in Class B
Required Amount............................ $ 0.00
K) Monthly Investor Servicing Fee
(1) The amount of the Monthly Investor Servicing Fee
payable by the Trust to the Servicer for the preceding
Monthly Period............................ $ 1,916,222.95
(2) The amount of the Class A Monthly Servicing Fee
payable by the Trust to the Servicer for the preceding
Monthly Period............................ $ 1,715,019.17
(3) The amount of the Class B Monthly Servicing Fee payable
by the Trust to the Servicer for the preceding Monthly
Period.................................... $ 76,647.50
(4) The amount of the Collateral Monthly Servicing Fee
payable by the Trust to the Servicer for the preceding
Monthly Period............................ $ 124,556.28
L) Collateral Interest
(1) The Available Collateral Interest, as of the close of Transfer
Date for the preceding Monthly Period was equal to
.......................................... $ 69,519,786.10
M) Required Collateral Interest
(1) The Required Collateral Interest as of the Transfer
Date for the preceding Monthly Period was equal to
.......................................... $ 69,519,786.10
III. THE POOL FACTOR
A) The Pool Factor for the Record Date for the distribution to be
made on the Distribution date (which represents the ratio of
the amount of the Investor Interest as of such Record Date
(determined after taking into account any reduction in the
Investor Interest which will occur on the Distribution Date)
to the Initial Investor Interest). The amount of a
Certificateholder's pro rata share of the Investor Interest can
be determined by multiplying the original denomination of the
Certificateholder's Certificate by the Pool Factor... 1.00