SECURITIES AND EXCHANGE COMMISSION
Washington, DC 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 report) 01-Dec-97 ClassNotes Trust 1997-I
and the originators listed below under Sale and Servicing Agreement, dated as of
February 28, 1997 providing for the issuance of ClassNotes Trust 1997-1, Asset
Backed Series 1997-1
Trans-World Insurance Company
-----------------------------
ClassNotes Inc.
================================================================================
(Exact name of regristrant as specified in its charter)
New Jersey
Arizona 333-18877-01 91-181-5460
- ------- ------------ -----------
State or other (Commission (IRS Employer
jurisdiction of File Number) ID Number)
incorporation)
2840 Morris Avenue, Union, New Jersey 07083
- --------------------------------------------------------------------------------
(Address of principal executive officer)
Regristrant's Telephone Number, 908-686-2000
including area code: -------------------
n/a
- --------------------------------------------------------------------------------
(Former name or former address, if changed since last report)
Item 5 Other Events
------------
Attached herein as Annex A is a copy of the Monthly Statement sent to Class A-1,
Class A-2 and Class A-3 Noteholders with respect to the following Distribution
Dates:
A-1..................................................... 01-Dec-97
08-Dec-97
17-Nov-97
24-Nov-97
A-2..................................................... 03-Dec-97
A-2..................................................... 31-Dec-97
A-3..................................................... 13-Nov-97
Item 7 Financial Statements and Exhibits
---------------------------------
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.
Trans-World Insurance Co.
By: \s\ Harry Puglisi
----------------------
Name: Harry Puglisi
Title: Treasurer
Dated: December 31, 1997
TRANS-WORLD INSURANCE COMPANY
2840 MORRIS AVENUE
UNION, NJ 07083
===========================================================================================================================
CLASSNOTES TRUST 1997 - I
Noteholders' Statement Pursuant to Section 5.7 (a) of the Sale & Servicing Agreement
CLASS A-1 Determination Date 11/25/97
Cusip # 182743-AG9 Distribution Date 12/01/97
Record Date 11/26/97
===========================================================================================================================
(i) Amount of Principal being paid or distributed in
respect of the Notes
CLASS A-1 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-1 NOTES 90,329.17
Per $50,000 original principal amount of the Notes 55.416667
(iii) (A) Amount of Noteholders' Auction Rate Interest Carryover
being paid or distributed in respect of the Notes
CLASS A-1 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-1 NOTES 0.00
Per $50,000 original principal amount of the Notes 0.000000
(iv) Pool Balance at end of preceding Collection Period 270,151,258.57
(v) Outstanding Principal amount after giving effect to distributions on
this Note Distribution Date:
CLASS A-1 NOTES 81,500,000.00
(vi) Applicable Interest Rate:
(a) In general:
1. Auction Rate for the prior Interest Period:
CLASS A-1 NOTES
PERIOD 1 5.700000%
PERIOD 2 5.650000%
PERIOD 3 5.650000%
CURRENT RATE (Based on Auction) 5.700000%
2. NET LOAN RATE
PERIOD 1 6.596000%
PERIOD 2 6.590000%
PERIOD 3 6.787500%
(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 104,880.31
(vii) (a) Service Fee for related Collection Period (Pro Rata) 30,861.12
Per $50,000 original principal amount of the Notes 18.933202
(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) 1,050.63
Per $50,000 original principal amount of the Notes 0.644555
2. Auction Agent Fee (Pro Rata) 1,873.61
Per $50,000 original principal amount of the Notes 1.149457
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) 603.70
Per $50,000 original principal amount of the Notes 0.370370
5. Surety Provider Fee (Pro Rata) 5,603.48
Per $50,000 original principal amount of the Notes 3.437719
(ix) Amount of payments to the Surety Provider in reimbursement of prior
draws under any Note Surety Bond or 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 0.00
(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 0.00
(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 1,505,962.53
Delinquent
(b) Number of Financed Student Loans that are 61 to 90 days 751,980.64
Delinquent
(c) Number of Financed Student Loans that are 91 to 180 days 1,296,292.42
Delinquent
(d) Number of Financed Student Loans that are more than 181 153,628.53
days Delinquent
(e) Number of Financed Student Loans for which claims have been
filed with the appropriate Guarantor and which are
awaiting payment 203,205.06
(xix) Parity Percentage Numerator 293,360,710.95
--------------
as of 10/31/97 Denominator 290,973,908.25 100.82%
(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) 40,364.68
(xxi) Amount of Additional Principal Payments, if any, made on
such Distribution Date 0.00
The Money Store, Inc.
By: \s\ Harry Puglisi
- ----------------------
Harry Puglisi
Treasurer
TRANS-WORLD INSURANCE COMPANY
2840 MORRIS AVENUE
UNION, NJ 07083
=========================================================================================================================
CLASSNOTES TRUST 1997 - I
Noteholders' Statement Pursuant to Section 5.7 (a) of the Sale & Servicing Agreement
CLASS A-1 Determination Date 12/02/97
Cusip # 182743-AG9 Distribution Date 12/08/97
Record Date 12/04/97
=========================================================================================================================
(i) Amount of Principal being paid or distributed in
respect of the Notes
CLASS A-1 NOTES 3,000,000.00
Per $50,000 original principal amount of the Notes 1,840.490798
(ii) Amount of Interest being paid or distributed in
respect of the Notes
CLASS A-1 NOTES 90,329.17
Per $50,000 original principal amount of the Notes 55.416667
(iii) (A) Amount of Noteholders' Auction Rate Interest Carryover
being paid or distributed in respect of the Notes
CLASS A-1 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-1 NOTES 0.00
Per $50,000 original principal amount of the Notes 0.000000
(iv) Pool Balance at end of preceding Collection Period 270,151,258.57
(v) Outstanding Principal amount after giving effect to distributions on
this Note Distribution Date:
CLASS A-1 NOTES 78,500,000.00
(vi) Applicable Interest Rate:
(a) In general:
1. Auction Rate for the prior Interest Period:
CLASS A-1 NOTES
PERIOD 1 5.650000%
PERIOD 2 5.650000%
PERIOD 3 5.700000%
CURRENT RATE (Based on Auction) 5.700000%
2. NET LOAN RATE
PERIOD 1 6.596000%
PERIOD 2 6.590000%
PERIOD 3 6.787500%
(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 107,563.02
(vii) (a) Service Fee for related Collection Period (Pro Rata) 30,861.12
Per $50,000 original principal amount of the Notes 18.933202
(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) 1,050.63
Per $50,000 original principal amount of the Notes 0.644555
2. Auction Agent Fee (Pro Rata) 1,873.61 Per $50,000
original principal amount of the Notes 1.149457
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) 603.70 Per $50,000
original principal amount of the Notes 0.370370
5. Surety Provider Fee (Pro Rata) 5,603.48 Per $50,000
original principal amount of the Notes 3.437719
(ix) Amount of payments to the Surety Provider in reimbursement of prior
draws under any Note Surety Bond or 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 0.00
(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 0.00
(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 1,505,962.53
Delinquent
(b) Number of Financed Student Loans that are 61 to 90 days 751,980.64
Delinquent
(c) Number of Financed Student Loans that are 91 to 180 days 1,296,292.42
Delinquent
(d) Number of Financed Student Loans that are more than 181 153,628.53
days Delinquent
(e) Number of Financed Student Loans for which claims have been
filed with the appropriate Guarantor and which are
awaiting payment 203,205.06
(xix) Parity Percentage Numerator 293,360,710.95
--------------
as of 10/31/97 Denominator 290,973,908.25 100.82%
(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) 40,364.68
(xxi) Amount of Additional Principal Payments, if any, made on
such Distribution Date 0.00
The Money Store, Inc.
By: \s\ Harry Puglisi
- ----------------------
Harry Puglisi
Treasurer
TRANS-WORLD INSURANCE COMPANY
2840 MORRIS AVENUE
UNION, NJ 07083
========================================================================================================================
CLASSNOTES TRUST 1997 - I
Noteholders' Statement Pursuant to Section 5.7 (a) of the Sale & Servicing Agreement
CLASS A-1 Determination Date 12/09/97
Cusip # 182743-AG9 Distribution Date 12/15/97
Record Date 12/11/97
========================================================================================================================
(i) Amount of Principal being paid or distributed in
respect of the Notes
CLASS A-1 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-1 NOTES 85,477.78
Per $50,000 original principal amount of the Notes 54.444444
(iii) (A) Amount of Noteholders' Auction Rate Interest Carryover
being paid or distributed in respect of the Notes
CLASS A-1 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-1 NOTES 0.00
Per $50,000 original principal amount of the Notes 0.000000
(iv) Pool Balance at end of preceding Collection Period 270,151,258.57
(v) Outstanding Principal amount after giving effect to distributions on
this Note Distribution Date:
CLASS A-1 NOTES 78,500,000.00
(vi) Applicable Interest Rate:
(a) In general:
1. Auction Rate for the prior Interest Period:
CLASS A-1 NOTES
PERIOD 1 5.650000%
PERIOD 2 5.700000%
PERIOD 3 5.700000%
CURRENT RATE (Based on Auction) 5.600000%
2. NET LOAN RATE
PERIOD 1 6.596000%
PERIOD 2 6.590000%
PERIOD 3 6.787500%
(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 103,603.65
(vii) (a) Service Fee for related Collection Period (Pro Rata) 30,861.12
Per $50,000 original principal amount of the Notes 19.656764
(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) 1,050.63
Per $50,000 original principal amount of the Notes 0.669188
2. Auction Agent Fee (Pro Rata) 1,873.61
Per $50,000 original principal amount of the Notes 1.193385
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) 603.70
Per $50,000 original principal amount of the Notes 0.384524
5. Surety Provider Fee (Pro Rata) 5,603.48
Per $50,000 original principal amount of the Notes 3.569096
(ix) Amount of payments to the Surety Provider in reimbursement of prior
draws under any Note Surety Bond or 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 0.00
(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 0.00
(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 1,505,962.53
Delinquent
(b) Number of Financed Student Loans that are 61 to 90 days 751,980.64
Delinquent
(c) Number of Financed Student Loans that are 91 to 180 days 1,296,292.42
Delinquent
(d) Number of Financed Student Loans that are more than 181 153,628.53
days Delinquent
(e) Number of Financed Student Loans for which claims have been
filed with the appropriate Guarantor and which are
awaiting payment 203,205.06
(xix) Parity Percentage Numerator 293,360,710.95
--------------
as of 10/31/97 Denominator 290,973,908.25 100.82%
(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) 40,364.68
(xxi) Amount of Additional Principal Payments, if any, made on
such Distribution Date 0.00
The Money Store, Inc.
By: \s\ Harry Puglisi
- -----------------------
Harry Puglisi
Treasurer
TRANS-WORLD INSURANCE COMPANY
2840 MORRIS AVENUE
UNION, NJ 07083
=====================================================================================================================
CLASSNOTES TRUST 1997 - I
Noteholders' Statement Pursuant to Section 5.7 (a) of the Sale & Servicing Agreement
CLASS A-1 Determination Date 11/18/97
Cusip # 182743-AG9 Distribution Date 11/24/97
Record Date 11/20/97
=====================================================================================================================
(i) Amount of Principal being paid or distributed in
respect of the Notes
CLASS A-1 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-1 NOTES 89,536.81
Per $50,000 original principal amount of the Notes 54.930556
(iii) (A) Amount of Noteholders' Auction Rate Interest Carryover
being paid or distributed in respect of the Notes
CLASS A-1 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-1 NOTES 0.00
Per $50,000 original principal amount of the Notes 0.000000
(iv) Pool Balance at end of preceding Collection Period 270,151,258.57
(v) Outstanding Principal amount after giving effect to distributions on
this Note Distribution Date:
CLASS A-1 NOTES 81,500,000.00
(vi) Applicable Interest Rate:
(a) In general:
1. Auction Rate for the prior Interest Period:
CLASS A-1 NOTES
PERIOD 1 5.640000%
PERIOD 2 5.700000%
PERIOD 3 5.650000%
CURRENT RATE (Based on Auction) 5.650000%
2. NET LOAN RATE
PERIOD 1 6.770000%
PERIOD 2 6.596000%
PERIOD 3 6.590000%
(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 104,433.19
(vii) (a) Service Fee for related Collection Period (Pro Rata) 30,861.12
Per $50,000 original principal amount of the Notes 18.933202
(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) 1,050.63
Per $50,000 original principal amount of the Notes 0.644555
2. Auction Agent Fee (Pro Rata) 1,873.61
Per $50,000 original principal amount of the Notes 1.149457
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) 603.70
Per $50,000 original principal amount of the Notes 0.370370
5. Surety Provider Fee (Pro Rata) 5,603.48
Per $50,000 original principal amount of the Notes 3.437719
(ix) Amount of payments to the Surety Provider in reimbursement of prior
draws under any Note Surety Bond or 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 0.00
(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 0.00
(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 1,505,962.53
Delinquent
(b) Number of Financed Student Loans that are 61 to 90 days 751,980.64
Delinquent
(c) Number of Financed Student Loans that are 91 to 180 days 1,296,292.42
Delinquent
(d) Number of Financed Student Loans that are more than 181 153,628.53
days Delinquent
(e) Number of Financed Student Loans for which claims have been
filed with the appropriate Guarantor and which are
awaiting payment 203,205.06
(xix) Parity Percentage Numerator 293,360,710.95
--------------
as of 10/31/97 Denominator 290,973,908.25 100.82%
(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) 40,364.68
(xxi) Amount of Additional Principal Payments, if any, made on
such Distribution Date 0.00
The Money Store, Inc.
By: \s\ Harry Puglisi
- ----------------------
Harry Puglisi
Treasurer
TRANS-WORLD INSURANCE COMPANY
2840 MORRIS AVENUE
UNION, NJ 07083
==========================================================================================================================
CLASSNOTES TRUST 1997 - I
Noteholders' Statement Pursuant to Section 5.7 (a) of the Sale & Servicing Agreement
CLASS A-2 Determination Date 11/26/97
Cusip # 182743-AH7 Distribution Date 12/03/97
Record Date 12/01/97
==========================================================================================================================
(i) Amount of Principal being paid or distributed in
respect of the Notes
CLASS A-2 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-2 NOTES 406,513.33
Per $50,000 original principal amount of the Notes 218.555556
(iii) (A) Amount of Noteholders' Auction Rate Interest Carryover
being paid or distributed in respect of the Notes
CLASS A-2 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-2 NOTES 0.00
Per $50,000 original principal amount of the Notes 0.000000
(iv) Pool Balance at end of preceding Collection Period 270,151,258.57
(v) Outstanding Principal amount after giving effect to distributions on
this Note Distribution Date:
CLASS A-2 NOTES 93,000,000.00
(vi) Applicable Interest Rate:
(a) In general:
1. Auction Rate for the prior Interest Period:
CLASS A-2 NOTES
PERIOD 1 5.600000%
PERIOD 2 5.645000%
PERIOD 3 5.597000%
CURRENT RATE (Based on Auction) 5.620000%
2. NET LOAN RATE
MONTH 1 6.596000%
MONTH 2 6.590000%
MONTH 3 6.787500%
(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 478,207.29
(vii) (a) Service Fee for related Collection Period (Pro Rata) 32,913.81
Per $50,000 original principal amount of the Notes 17.695597
(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) 1,162.50
Per $50,000 original principal amount of the Notes 0.625000
2. Auction Agent Fee (Pro Rata) 18,224.55
Per $50,000 original principal amount of the Notes 9.798146
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) 667.99
Per $50,000 original principal amount of the Notes 0.359133
5. Surety Provider Fee (Pro Rata) 6,200.00
Per $50,000 original principal amount of the Notes 3.333333
(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 0.00
(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 0.00
(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 1,505,962.53
Delinquent
(b) Number of Financed Student Loans that are 61 to 90 days 751,980.64
Delinquent
(c) Number of Financed Student Loans that are 91 to 180 days 1,296,292.42
Delinquent
(d) Number of Financed Student Loans that are more than 181 153,628.53
days Delinquent
(e) Number of Financed Student Loans for which claims have been
filed with the appropriate Guarantor and which are
awaiting payment 203,205.06
(xix) Parity Percentage Numerator 293,360,710.95
--------------
as of 10/31/97 Denominator 290,973,908.25 100.82%
(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) 40,364.68
(xxi) Amount of Additional Principal Payments, if any, made on
such Distribution Date 0.00
The Money Store, Inc.
By: \s\ Harry Puglisi
- ----------------------
Harry Puglisi
Treasurer
TRANS-WORLD INSURANCE COMPANY
2840 MORRIS AVENUE
UNION, NJ 07083
=====================================================================================================================
CLASSNOTES TRUST 1997 - I
Noteholders' Statement Pursuant to Section 5.7 (a) of the Sale & Servicing Agreement
CLASS A-2 Determination Date 12/24/97
Cusip # 182743-AH7 Distribution Date 12/31/97
Record Date 12/29/97
=====================================================================================================================
(i) Amount of Principal being paid or distributed in
respect of the Notes
CLASS A-2 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-2 NOTES 411,576.67
Per $50,000 original principal amount of the Notes 221.277778
(iii) (A) Amount of Noteholders' Auction Rate Interest Carryover
being paid or distributed in respect of the Notes
CLASS A-2 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-2 NOTES 0.00
Per $50,000 original principal amount of the Notes 0.000000
(iv) Pool Balance at end of preceding Collection Period 268,760,993.13
(v) Outstanding Principal amount after giving effect to distributions on
this Note Distribution Date:
CLASS A-2 NOTES 93,000,000.00
(vi) Applicable Interest Rate:
(a) In general:
1. Auction Rate for the prior Interest Period:
CLASS A-2 NOTES
PERIOD 1 5.645000%
PERIOD 2 5.597000%
PERIOD 3 5.620000%
CURRENT RATE (Based on Auction) 5.690000%
2. NET LOAN RATE
MONTH 1 6.596000%
MONTH 2 6.590000%
MONTH 3 6.787500%
(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 490,962.50
(vii) (a) Service Fee for related Collection Period (Pro Rata) 35,613.20
Per $50,000 original principal amount of the Notes 19.146882
(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) 1,162.50
Per $50,000 original principal amount of the Notes 0.625000
2. Auction Agent Fee (Pro Rata) 4,844.72
Per $50,000
original principal amount of the Notes 2.604689
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) 673.91
Per $50,000 original principal amount of the Notes 0.362319
5. Surety Provider Fee (Pro Rata) 6,406.67
Per $50,000 original principal amount of the Notes 3.444444
(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 0.00
(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 0.00
(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 2,107,715.09
Delinquent
(b) Number of Financed Student Loans that are 61 to 90 days 868,920.04
Delinquent
(c) Number of Financed Student Loans that are 91 to 180 days 1,287,630.11
Delinquent
(d) Number of Financed Student Loans that are more than 181 116,406.20
days Delinquent
(e) Number of Financed Student Loans for which claims have been
filed with the appropriate Guarantor and which are
awaiting payment 270,934.42
(xix) Parity Percentage Numerator 291,313,257.86
--------------
as of 11/30/97 Denominator 288,611,382.91 100.94%
(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) 40,955.69
(xxi) Amount of Additional Principal Payments, if any, made on
such Distribution Date 0.00
The Money Store, Inc.
By:_________________
Harry Puglisi
Treasurer
TRANS-WORLD INSURANCE COMPANY
2840 MORRIS AVENUE
UNION, NJ 07083
==========================================================================================================================
CLASSNOTES TRUST 1997 - I
Noteholders' Statement Pursuant to Section 5.7 (a) of the Sale & Servicing Agreement
CLASS A-3 Determination Date 12/05/97
Cusip # 182743-AJ3 Distribution Date 12/10/97
Record Date 12/08/97
==========================================================================================================================
(i) Amount of Principal being paid or distributed in
respect of the Notes
CLASS A-3 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-3 NOTES 406,125.00
Per $50,000 original principal amount of the Notes 213.750000
(iii) (A) Amount of Noteholders' Auction Rate Interest Carryover
being paid or distributed in respect of the Notes
CLASS A-3 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-3 NOTES 0.00
Per $50,000 original principal amount of the Notes 0.000000
(iv) Pool Balance at end of preceding Collection Period 270,151,258.57
(v) Outstanding Principal amount after giving effect to distributions on
this Note Distribution Date:
CLASS A-3 NOTES 95,000,000.00
(vi) Applicable Interest Rate:
(a) In general:
1. Auction Rate for the prior Interest Period:
CLASS A-3 NOTES
PERIOD 1 5.640000%
PERIOD 2 5.630000%
PERIOD 3 5.597000%
CURRENT RATE (Based on Auction) 5.700000%
2. NET LOAN RATE
MONTH 1 6.596000%
MONTH 2 6.590000%
MONTH 3 6.787500%
(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 474,749.31
(vii) (a) Service Fee for related Collection Period (Pro Rata) 33,621.63
Per $50,000 original principal amount of the Notes 17.695595
(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) 1,187.50
Per $50,000 original principal amount of the Notes 0.625000
2. Auction Agent Fee (Pro Rata) 20,731.25
Per $50,000 original principal amount of the Notes 10.911184
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) 682.35
Per $50,000 original principal amount of the Notes 0.359133
5. Surety Provider Fee (Pro Rata) 6,333.33
Per $50,000 original principal amount of the Notes 3.333333
(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 0.00
(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 0.00
(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 1,505,962.53
Delinquent
(b) Number of Financed Student Loans that are 61 to 90 days 751,980.64
Delinquent
(c) Number of Financed Student Loans that are 91 to 180 days 1,296,292.42
Delinquent
(d) Number of Financed Student Loans that are more than 181 153,628.53
days Delinquent
(e) Number of Financed Student Loans for which claims have been
filed with the appropriate Guarantor and which are
awaiting payment 203,205.06
(xix) Parity Percentage Numerator 293,360,710.95
--------------
as of 10/31/97 Denominator 290,973,908.25 100.82%
(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) 40,364.68
(xxi) Amount of Additional Principal Payments, if any, made on
such Distribution Date 0.00
The Money Store, Inc.
By: \s\ Harry Puglisi
- ----------------------
Harry Puglisi
Treasurer