SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
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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 report) 18-Feb-97
The Money Store Inc. (as Representative) and Transworld Insurance Company d/b/a
Educaid (as Seller) under a Second Supplemental Sale and Servicing Agreement,
dated as of March 27, 1996 providing for the issuance of ClassNotes Trust 1995-1
(f/k/a Education Loan Alliance 1995-1), Asset Backed Notes, Series 1996-1.
The Money Store Inc., as Representative
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Transworld Insurance Company d/b/a Educaid, As Seller
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(Exact name of registrant as specified in its charter)
New Jersey
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Arizona 33-89200 68-6127681
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State or other (Commission (IRS Employer
jurisdiction of File Number) ID Number)
incorporation)
2840 Morris Avenue, Union, New Jersey 07083
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(Address of principal executive officer)
Registrant's Telephone Number, 908-686-2000
including area code: ------------
n/a
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(Former name or former address, if changed since last report)
Item 5 Other Events
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Attached herein as Annex A is a copy of the Monthly Statement sent to Class A-7,
and Class A-8 Noteholders with respect to the following Distribution Dates:
A-7.................................................................. 18-Feb-97
A-8.................................................................. 26-Feb-97
Item 7 Financial Statements and Exhibits
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The Quarterly Report on Form 10Q for the period ended September 30, 1996
which has been filed with the Securities and Exchange Commission by AMBAC Inc.,
is hereby incorporated into this Form 8-K.
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.
CLASSNOTES TRUST 1996-I
THE MONEY STORE INC., Representative
TRANS-WORLD INSURANCE COMPANY, Seller
By: /s/ Harry Puglisi
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Name: Harry Puglisi
Title: Treasurer
of The Money Store Inc. and
Trans-World Insurance Company
d/b/a Educaid
Dated: March 7, 1997
TRANS-WORLD INSURANCE COMPANY
2840 MORRIS AVENUE
UNION, NJ 07083
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CLASSNOTES TRUST 1995 - I
Noteholders' Statement Pursuant to Section 5.7 (a)
of the Sale & Servicing Agreement
CLASS A-7 Determination Date 02/10/97
Cusip # 182743AD6 Distribution Date 02/18/97
Record Date 02/13/97
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(i) Amount of Principal being paid or distributed in
respect of the Notes
CLASS A-7 NOTES 6,500,000.00
Per $50,000 original principal amount of
the Notes 2,138.157895
(ii) Amount of Interest being paid or distributed in
respect of the Notes
CLASS A-7 NOTES 639,676.82
Per $50,000 original principal amount of
the Notes 210.420008
(iii) (A) Amount of Noteholders' Auction Rate
Interest Carryover being paid or distributed
in respect of the Notes
CLASS A-7 NOTES 0.00
Per $50,000 original principal amount of
the Notes 0.000000
(B) Remaining Amount of Noteholders' Auction
Rate Interest Carryover to be paid or
distributed in respect of the Notes
CLASS A-7 NOTES 0.00
Per $50,000 original principal amount of
the Notes 0.000000
(iv) Pool Balance at end of preceding Collection
Period 620,129,188.60
(v) Outstanding Principal amount after giving effect to
distributions on this Note Distribution Date:
CLASS A-7 NOTES 113,450,000.00
(vi) Applicable Interest Rate:
(a) In general:
1. Auction Rate for the prior
Interest Period:
CLASS A-7 NOTES
PERIOD 1 5.556720%
PERIOD 2 5.545000%
PERIOD 3 5.787190%
CURRENT RATE (Based on Auction) 5.646560%
2. NET LOAN RATE
PERIOD 1 6.637500%
PERIOD 2 6.665000%
PERIOD 3 6.544000%
(b) Amount of Interest that would have been paid
on such Note Distribution Date if Interest was
calculated instead based on the Net Loan Rate 749,201.04
(vii) (a) Service Fee for related Collection Period
(Pro Rata) 55,287.86
Per $50,000 original principal amount of the
Notes 18.186796
(b) Service Fee Carryover for related Collection
Period
1. Distributed 0.00
Per $50,000 original principal amount of the
Notes 0.000000
2. Remaining Balance 0.00
Per $50,000 original principal amount of the
Notes 0.000000
(viii) Amount of Fees for related Collection Period:
1. Administration Fee (Pro Rata) 1,554.38
Per $50,000 original principal amount of the
Notes 0.511309
2. Auction Agent Fee (Pro Rata) 0.00
Per $50,000 original principal amount of the
Notes 0.000000
3. Indenture Trustee Fee (Pro Rata) 0.00
Per $50,000 original principal amount of the
Notes 0.000000
4. Eligible Lender Trustee Fee (Pro Rata) 757.22
Per $50,000 original principal amount of the
Notes 0.249084
5. Surety Provider Fee (Pro Rata) 9,101.73
Per $50,000 original principal amount of the
Notes 2.993990
(ix) Amount of payments to the Surety Provider in
reimbursement of prior draws under any Note
Surety Bond or the Certificate Surety Bond 0.00
(x) Aggregate amount of Realized losses for the
related Collection period 0.00
(xi) Aggregate amount received with respect to Financed
Student Loans for which Realized Losses were
allocated previously 0.00
(xii) (a) Amount of the distribution attributable to amounts
in the Reserve Account 0.00
(b) Amount of any other withdrawals from the Reserve
Account for such Distribution Date 0.00
(c) Amount in the Reserve Account 2,145,545.18
(xiii) Amount of any draw required to be made under a
Note Surety bond (together with any other
information required to make such draw) 0.00
(xiv) (a) Portion (if any) of the distribution attributable
to amounts on deposit in the Pre-Funding Account 0.00
(b) Amount in the Pre-Funding Account 30,048,367.53
(xv) Aggregate amount if any paid by the Eligible
Lender Trustee for Additional Financed Student
Loans during the preceding collection period 0.00
(xvi) Amount in the Pre-Funding Account at the end of
the Funding Period to be distributed as a payment
of principal in respect of:
(a) CLASS A-1 NOTES 0.00
(b) CLASS A-1 NOTES (Only if Class___ Notes
have been paid in full) 0.00
(xvii) Aggregate amount (if any) paid for Financed Student
Loans during the preceding collection period. 0.00
(xviii) As of the end of the preceding Collection Period:
(a) Number of Financed Student Loans that are 30 to
60 days Delinquent 6,331,625.70
(b) Number of Financed Student Loans that are 61 to
90 days Delinquent 2,766,503.29
(c) Number of Financed Student Loans that are 91 to
180 days Delinquent 5,519,262.92
(d) Number of Financed Student Loans that are more
than 181 days Delinquent 1,046,706.15
(e) Number of Financed Student Loans for which
claims have been filed with the appropriate
Guarantor and which are awaiting payment 2,190,967.55
(xix) Parity Percentage Numerator 692,253,979.86
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as of 12/31/96 Denominator 685,270,229.51 101.02%
(xx) Excess of amounts deposited into the Collection
Account with respect to the sale by the Trust of
Serial Loans over the aggregate Purchase amount
of such loans (such excess to be distributed to
Student Holdings) 254,451.25
(xxi) Amount of Additional Principal Payments, if any,
made on such Distribution Date 0.00
The Money Store, Inc.
By: /s/ Harry Puglisi
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Harry Puglisi
Treasurer
TRANS-WORLD INSURANCE COMPANY
2840 MORRIS AVENUE
UNION, NJ 07083
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CLASSNOTES TRUST 1995 - I
Noteholders' Statement Pursuant to Section 5.7 (a)
of the Sale & Servicing Agreement
CLASS A-8 Determination Date 02/19/97
Cusip # 182743AE4 Distribution Date 02/26/97
Record Date 02/24/97
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(i) Amount of Principal being paid or distributed in
respect of the Notes
CLASS A-8 NOTES 0.00
Per $50,000 original principal amount of the Notes 0.000000
(ii) Amount of Interest being paid or distributed in
respect of the Notes
CLASS A-8 NOTES 214,200.00
Per $50,000 original principal amount of the
Notes 210.000000
(iii) (A) Amount of Noteholders' Auction Rate
Interest Carryover being paid or distributed
in respect of the Notes
CLASS A-8 NOTES 0.00
Per $50,000 original principal amount of the
Notes 0.000000
(B) Remaining Amount of Noteholders' Auction
Rate Interest Carryover to be paid or distributed
in respect of the Notes
CLASS A-8 NOTES 0.00
Per $50,000 original principal amount of the
Notes 0.000000
(iv) Pool Balance at end of preceding Collection Period 612,793,551.94
(v) Outstanding Principal amount after giving effect to
distributions on this Note Distribution Date:
CLASS A-8 NOTES 51,000,000.00
(vi) Applicable Interest Rate:
(a) In general:
1. Auction Rate for the prior Interest Period:
CLASS A-8 NOTES
PEIROD 1 5.340000%
PERIOD 2 5.550000%
PERIOD 3 5.750000%
CURRENT RATE (Based on Auction) 5.400000%
2. NET LOAN RATE
PERIOD 1 6.637500%
PERIOD 2 6.665000%
PERIOD 3 6.544000%
(b) Amount of Interest that would have been paid
on such Note Distribution Date if Interest was
calculated instead based on the Net Loan Rate 264,403.83
(vii) (a) Service Fee for related Collection Period
(Pro Rata) 22,759.38
Per $50,000 original principal amount of the
Notes 22.313118
(b) Service Fee Carryover for related Collection
Period
1. Distributed 0.00
Per $50,000 original principal amount of the
Notes 0.000000
2. Remaining Balance 0.00
Per $50,000 original principal amount of the
Notes 0.000000
(viii) Amount of Fees for related Collection Period:
1. Administration Fee (Pro Rata) 637.50
Per $50,000 original principal amount of the
Notes 0.625000
2. Auction Agent Fee (Pro Rata) 10,610.83
Per $50,000 original principal amount of the
Notes 10.402778
3. Indenture Trustee Fee (Pro Rata) 0.00
Per $50,000 original principal amount of the
Notes 0.000000
4. Eligible Lender Trustee Fee (Pro Rata) 312.57
Per $50,000 original principal amount of the
Notes 0.306440
5. Surety Provider Fee (Pro Rata) 3,371.67
Per $50,000 original principal amount of the
Notes 3.305556
(ix) Amount of payments to the Surety Provider in
reimbursement of prior draws under any Note
Surety Bond or the Certificate Surety Bond 0.00
(x) Aggregate amount of Realized losses for the
related Collection period 0.00
(xi) Aggregate amount received with respect to Financed
Student Loans for which Realized Losses were
allocated previously 0.00
(xii) (a) Amount of the distribution attributable to amounts
in the Reserve Account 0.00
(b) Amount of any other withdrawals from the Reserve
Account for such Distribution Date 0.00
(c) Amount in the Reserve Account 2,155,136.15
(xiii) Amount of any draw required to be made under a
Note Surety bond (together with any other
information required to make such draw) 0.00
(xiv) (a) Portion (if any) of the distribution
attributable to amounts on deposit in the
Pre-Funding Account 0.00
(b) Amount in the Pre-Funding Account 30,071,016.61
(xv) Aggregate amount if any paid by the Eligible Lender
Trustee for Additional Financed Student Loans
during the preceding collection period 0.00
(xvi) Amount in the Pre-Funding Account at the end of the
Funding Period to be distributed as a payment of
principal in respect of:
(a) CLASS A-1 NOTES 0.00
(b) CLASS A-1 NOTES (Only if Class ___ Notes
have been paid in full) 0.00
(xvii) Aggregate amount (if any) paid for Financed Student
Loans during the preceding collection period. 0.00
(xviii) As of the end of the preceding Collection Period:
(a) Number of Financed Student Loans that are 30 to
60 days Delinquent 12,822,414.41
(b) Number of Financed Student Loans that are 61 to
90 days Delinquent 5,313,881.76
(c) Number of Financed Student Loans that are 91 to
180 days Delinquent 4,814,297.98
(d) Number of Financed Student Loans that are more
than 181 days Delinquent 2,098,616.52
(e) Number of Financed Student Loans for which
claims have been filed with the appropriate
Guarantor and which are awaiting payment 1,814,749.18
(xix) Parity Percentage Numerator 687,514,530.89
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as of 01/31/97 Denominator 681,472,578.35 100.89%
(xx) Excess of amounts deposited into the Collection
Account with respect to the sale by the Trust of
Serial Loans over the aggregate Purchase amount
of such loans (such excess to be distributed to
Student Holdings) 298,189.55
(xxi) Amount of Additional Principal Payments, if any,
made on such Distribution Date 0.00
The Money Store, Inc.
By: /s/ Harry Puglisi
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Harry Puglisi
Treasurer