EXECUTION COPY
AMENDMENT
dated as of December 16, 1997
to
Insurance and Indemnity Agreement dated as of September 18, 1997
Insurance and Indemnity Agreement dated as of June 19, 1997
Insurance and Indemnity Agreement dated as of March 20, 1997
Insurance and Indemnity Agreement dated as of December 12, 1996
Insurance and Indemnity Agreement dated as of September 12, 1996
Insurance and Indemnity Agreement dated as of June 14, 1996
Insurance and Indemnity Agreement dated as of March 14, 1996
Insurance and Indemnity Agreement dated as of December 6, 1995
Insurance and Indemnity Agreement dated as of September 21, 1995
Insurance and Indemnity Agreement dated as of June 15, 1995
Insurance and Indemnity Agreement dated as of March 15, 1995
Insurance and Indemnity Agreement dated as of February 9, 1995
Insurance and Indemnity Agreement dated as of September 23, 1994
Amendment
to
Insurance and Indemnity Agreements
Amendment dated as of December 16, 1997 ("Amendment to Insurance
and Indemnity Agreements") to:
(i) Insurance and Indemnity Agreement dated as of September 18, 1997
(the "Series 1997-C Insurance and Indemnity Agreement");
(ii) Insurance and Indemnity Agreement dated as of June 19, 1997 (the
"Series 1997-B Insurance and Indemnity Agreement");
(iii) Insurance and Indemnity Agreement dated as of March 20, 1997 (the
"Series 1997-A Insurance and Indemnity Agreement");
(iv) Insurance and Indemnity Agreement dated as of December 12, 1996
(the "Series 1996-D Insurance and Indemnity Agreement");
(v) Insurance and Indemnity Agreement dated as of September 12, 1996
(the "Series 1996-C Insurance and Indemnity Agreement");
(vi) Insurance and Indemnity Agreement dated as of June 14, 1996, (the
"Series 1996- B Insurance and Indemnity Agreement");
(vii) Insurance and Indemnity Agreement dated as of March 14, 1996, as
amended by that certain Amendment dated as of May 31, 1996 (the
"May Amendment") to certain of the Insurance and Indemnity
Agreements (as hereinafter defined) (as amended, the "Series
1996-A Insurance and Indemnity Agreement");
(viii) Insurance and Indemnity Agreement dated as of December 6, 1995, as
amended by the May 1996 Amendment (as amended, the "Series 1995-E
Insurance and Indemnity Agreement");
(ix) Insurance and Indemnity Agreement dated as of September 21, 1995,
as amended by that certain Amendment dated as of December 6, 1995
(the "December 1995 Amendment") to certain of the Insurance and
Indemnity Agreements, as further amended by the May 1996 Amendment
(as amended, the "Series 1995-D Insurance and Indemnity
Agreement");
(x) Insurance and Indemnity Agreement dated as of June 15, 1995, as
amended by the December 1995 Amendment, as further amended by the
May 1996 Amendment (as amended, the "Series 1995-C Insurance and
Indemnity Agreement");
(xi) Insurance and Indemnity Agreement dated as of March 15, 1995, as
amended by that certain Amendment dated as of June 15, 1995 (the
"June 1995 Amendment") to certain of the Insurance and Indemnity
Agreements, as further amended by the December 1995 Amendment and
the May 1996 Amendment (as amended, the "Series 1995-B Insurance
and Indemnity Agreement");
(xii) Insurance and Indemnity Agreement dated as of February 9, 1995, as
amended by the June 1995 Amendment, as further amended by the
December 1995 Amendment and May 1996 Amendment (as amended, the
"Series 1995-A Insurance and Indemnity Agreement"); and
(xiii) Insurance and Indemnity Agreement dated as of September 23, 1994,
as amended by the June 1995 Amendment, as further amended by the
December 1995 Amendment (as amended, the "Series 1994-B Insurance
and Indemnity Agreement")
among Financial Security Assurance Inc. ("Financial Security"), Arcadia
Automobile Receivables Trust, 1997-C, Olympic Automobile Receivables Trust,
1997-B, Olympic Automobile Receivables Trust, 1997-A, Olympic Automobile
Receivables Trust, 1996-D, Olympic Automobile Receivables Trust, 1996-C, Olympic
Automobile Receivables Trust, 1996-B, Olympic Automobile Receivables Trust,
1996-A, Olympic Automobile Receivables Trust, 1995-E, Olympic Automobile
Receivables Trust, 1995-D, Olympic Automobile Receivables Trust, 1995-C, Olympic
Automobile Receivables Trust, 1995-B, Olympic Automobile Receivables Trust,
1995-A, Olympic Automobile Receivables Trust, 1994-B, Arcadia First GP Inc.
(formerly known as Olympic First GP Inc.), Arcadia Second GP Inc. (formerly
known as Olympic Second GP Inc.), Arcadia Receivables Finance Corp. (formerly
known as Olympic Receivables Finance Corp.), and Arcadia Financial Ltd. ("AFL",
formerly known as Olympic Financial Ltd.), in each case with respect to each
Insurance and Indemnity Agreement with respect to which such person is a party.
WHEREAS, the respective parties to each Insurance and Indemnity
Agreement (the "Respective Parties") have heretofore executed such Insurance and
Indemnity Agreement;
WHEREAS, the Respective Parties to each Insurance and Indemnity
Agreement wish to amend such Agreement.
NOW, THEREFORE, the Respective Parties to each Insurance and
Indemnity Agreement agree that such Agreement is hereby amended as follows:
-2-
Section 1. AMENDMENT TO THE SERIES 1997-C INSURANCE AND INDEMNITY
AGREEMENT THE SERIES 1997-B INSURANCE AND INDEMNITY AGREEMENT AND THE SERIES
1997-A INSURANCE AND INDEMNITY AGREEMENT.
(a) Paragraph (j) of Section 5.01 of each of the Series 1997-C
Insurance and Indemnity Agreement, the Series 1997-B Insurance and Indemnity
Agreement and the Series 1997-A Insurance and Indemnity Agreement is hereby
amended by deleting the percentage specified therein and replacing such
percentage in each instance with the percentage corresponding to the applicable
Series specified under Column I of Schedule III.
(b) Paragraph (k) of Section 5.01 of each of the Series 1997-C
Insurance and Indemnity Agreement, the Series 1997-B Insurance and Indemnity
Agreement and the Series 1997-A Insurance and Indemnity Agreement is hereby
amended to read in its entirety as follows:
(k) with respect to any Determination Date, the Cumulative
Default Rate shall be equal to or greater than the percentage set forth
under the applicable Column of Schedule I corresponding to such
Determination Date;
(c) Paragraph (l) of Section 5.01 of each of the Series 1997-C
Insurance and Indemnity Agreement, the Series 1997-B Insurance and Indemnity
Agreement and the Series 1997-A Insurance and Indemnity Agreement is hereby
amended to read in its entirety as follows:
(l) with respect to any Determination Date, the Cumulative Net
Loss Rate shall be equal to or greater than the percentage set forth under
the applicable Column of Schedule II corresponding to such Determination
Date;
Section 2. AMENDMENT TO THE SERIES 1996-D INSURANCE AND INDEMNITY
AGREEMENT, THE SERIES 1996-C INSURANCE AND INDEMNITY AGREEMENT, THE SERIES
1996-B INSURANCE AND INDEMNITY AGREEMENT, THE SERIES 1996-A INSURANCE AND
INDEMNITY AGREEMENT, THE SERIES 1995-E INSURANCE AND INDEMNITY AGREEMENT, THE
SERIES 1995-D INSURANCE AND INDEMNITY AGREEMENT, THE SERIES 1995-C INSURANCE AND
INDEMNITY AGREEMENT AND THE SERIES 1995-A INSURANCE AND INDEMNITY AGREEMENT.
(a) Paragraph (k) of Section 5.01 of each of the Series 1996-D
Insurance and Indemnity Agreement, the Series 1996-C Insurance and Indemnity
Agreement, the Series 1996-B Insurance and Indemnity Agreement, the Series
1996-A Insurance and Indemnity Agreement, the Series 1995-E Insurance and
Indemnity Agreement, the Series 1995-D Insurance and Indemnity Agreement, the
Series 1995-C Insurance and Indemnity Agreement and the Series 1995-A Insurance
and Indemnity Agreement is hereby amended by deleting the percentage specified
-3-
therein and replacing such percentage in each instance with the percentage
corresponding to the applicable Series specified under Column I of Schedule III.
(b) Paragraph (1) of Section 5.01 of each of the Series 1996-D
Insurance and Indemnity Agreement, the Series 1996-C Insurance and Indemnity
Agreement, the Series 1996-B Insurance and Indemnity Agreement, the Series
1996-A Insurance and Indemnity Agreement, the Series 1995-E Insurance and
Indemnity Agreement, the Series 1995-D Insurance and Indemnity Agreement, the
Series 1995-C Insurance and Indemnity Agreement and the Series 1995-A Insurance
and Indemnity Agreement is hereby amended to read in its entirety as follows:
(l) with respect to any Determination Date, the Cumulative
Default Rate shall be equal to or greater than the percentage set forth
under the applicable Column of Schedule I corresponding to such
Determination Date;
(c) Paragraph (m) of Section 5.01 of the Series 1996-D Insurance
and Indemnity Agreement, the Series 1996-C Insurance and Indemnity Agreement,
the Series 1996-B Insurance and Indemnity Agreement, the Series 1996-A Insurance
and Indemnity Agreement, the Series 1995-E Insurance and Indemnity Agreement,
the Series 1995-D Insurance and Indemnity Agreement, the Series 1995-C Insurance
and Indemnity Agreement and the Series 1995-A Insurance and Indemnity Agreement
is hereby amended to read in its entirety as follows:
(m) with respect to any Determination Date, the Cumulative Net
Loss Rate shall be equal to or greater than the percentage set forth under
the applicable Column of Schedule II corresponding to such Determination
Date;
Section 3. AMENDMENT TO THE SERIES 1995-B INSURANCE AND INDEMNITY
AGREEMENT.
(a) Paragraph (m) of Section 5.01 of the Series 1995-B Insurance
and Indemnity Agreement is hereby amended by deleting the percentage specified
therein and replacing such percentage with the percentage corresponding to
Series 1995-B specified under Column I of Schedule III.
(b) Paragraph (n) of Section 5.01 of the Series 1995-B Insurance
and Indemnity Agreement is hereby amended to read in its entirety as follows:
(n) with respect to any Determination Date, the Cumulative
Default Rate shall be equal to or greater than the percentage set forth
under the applicable Column of Schedule I corresponding to such
Determination Date;
(c) Paragraph (o) of Section 5.01 of the Series 1995-B Insurance
and Indemnity Agreement is hereby amended to read in its entirety as follows:
-4-
(m) with respect to any Determination Date, the Cumulative Net
Loss Rate shall be equal to or greater than the percentage set forth under
the applicable Column of Schedule II corresponding to such Determination
Date;
Section 4. AMENDMENT TO THE SERIES 1994-B INSURANCE AND INDEMNITY
AGREEMENT.
(a) Paragraph (1) of Section 5.01 of the Series 1994-B Insurance
and Indemnity Agreement is hereby amended by deleting the percentage specified
therein and replacing such percentage with the percentage corresponding to
Series 1994-B specified under Column I of Schedule III.
(b) Paragraph (m) of Section 5.01 of the Series 1994-B Insurance
and Indemnity Agreement is hereby amended to read in its entirety as follows:
(m) with respect to any Determination Date, the Cumulative
Default Rate shall be equal to or greater than the percentage set forth
under the applicable Column of Schedule I corresponding to such
Determination Date;
(c) Paragraph (n) of Section 5.01 of the Series 1994-B Insurance
and Indemnity Agreement is hereby amended to read in its entirety as follows:
(n) with respect to any Determination Date, the Cumulative Net
Loss Rate shall be equal to or greater than the percentage set forth under
the applicable Column of Schedule II corresponding to such Determination
Date;
Section 5. SCHEDULES.
For purposes of the above amendments, "Schedule I", "Schedule II"
and "Schedule III" are the schedules attached hereto as Schedule I, Schedule II
and Schedule III, respectively.
Section 6. TERMINATION.
The parties agree that this Amendment shall be in effect only for
so long as Financial Security shall not have delivered a notice to AFL and the
Collateral Agent specifying that this Amendment shall cease to be in effect from
and after the date specified in the notice. Upon such termination, the default
and loss triggers in effect immediately before the effectiveness of this
amendment (the "Current Triggers") shall be in effect from and after the date of
such termination.
-5-
Section 7. COUNTERPARTS.
This Amendment to the Insurance and Indemnity Agreements may be
executed in several counterparts, each of which shall be deemed an original
hereof and all of which, when taken together, shall constitute one and the same
Amendment to the Insurance and Indemnity Agreements.
Section 8. RATIFICATION OF INSURANCE AND INDEMNITY AGREEMENTS.
Except as provided herein, all provisions, terms and conditions of
the Insurance and Indemnity Agreements shall remain in full force and effect.
As amended hereby, the Insurance and Indemnity Agreements are ratified and
confirmed in all respects.
Section 9. AUTHORIZATION.
By its execution hereof, Financial Security Assurance Inc. hereby
instructs the Owner Trustee of each of Arcadia Automobile Receivables Trust,
1997-C, Olympic Automobile Receivables Trust, 1997-B, Olympic Automobile
Receivables Trust, 1997-A, Olympic Automobile Receivables Trust, 1996-D, Olympic
Automobile Receivables Trust, 1996-C, Olympic Automobile Receivables Trust,
1996-B, Olympic Automobile Receivables Trust, 1996-A, Olympic Automobile
Receivables Trust, 1995-E, Olympic Automobile Receivables Trust, 1995-D, Olympic
Automobile Receivables Trust, 1995-C, Olympic Automobile Receivables Trust,
1995-B, Olympic Automobile Receivables Trust, 1995-A and Olympic Automobile
Receivables Trust, 1994-B, each in accordance with the respective Trust
Agreements, to execute this Amendment.
-6-
IN WITNESS WHEREOF, the parties hereto have executed this
Amendment to the respective Insurance and Indemnity Agreements specified below
as of the date set forth on the first page hereof.
With respect to each Insurance and Indemnity Agreement:
FINANCIAL SECURITY ASSURANCE INC.
By:
----------------------------------------------
Authorized Officer
ARCADIA RECEIVABLES FINANCE CORP.
By:
----------------------------------------------
Xxxx X. Xxxxxx
Executive Vice President
and Chief Financial Officer
ARCADIA FINANCIAL LTD.
By:
----------------------------------------------
Xxxx X. Xxxxxx
Executive Vice President
and Chief Financial Officer
-7-
With respect to the:
Series 1997-A Insurance and Indemnity Agreement, Series
1996-D Insurance and Indemnity Agreement, Series 1996-C
Insurance and Indemnity Agreement, Series 1996-B
Insurance and Indemnity Agreement, Series 1996-A
Insurance and Indemnity Agreement, Series 1995-E
Insurance and Indemnity Agreement, Series 1995-D
Insurance and Indemnity Agreement, Series 1995-C
Insurance and Indemnity Agreement, Series 1995-B
Insurance and Indemnity Agreement, Series 1995-A
Insurance and Indemnity Agreement, Series 1994-B
Insurance and Indemnity Agreement:
ARCADIA FIRST GP INC.
By:
-----------------------------------------------
Xxxx X. Xxxxxx
Vice President and Chief Financial Officer
ARCADIA SECOND GP INC.
By:
-----------------------------------------------
Xxxx X. Xxxxxx
Vice President and Chief Financial Officer
With respect to Series 1997-C Insurance and Indemnity
Agreement only:
ARCADIA AUTOMOBILE RECEIVABLES TRUST, 1997-C
By: Wilmington Trust Company,
not in its individual capacity, but solely
in its capacity as Owner Trustee
By:
------------------------------------------
Name:
Title:
-8-
With respect to Series 1997-B Insurance and Indemnity
Agreement only:
OLYMPIC AUTOMOBILE RECEIVABLES TRUST, 1997-B
By: Mellon Bank (DE), National Association, not in its
individual capacity, but solely in its capacity as
Owner Trustee
By:
------------------------------------------
With respect to Series 1997-A Insurance and Indemnity
Agreement only:
OLYMPIC AUTOMOBILE RECEIVABLES TRUST, 1997-A
By: Mellon Bank (DE), National Association, not in its
individual capacity, but solely in its capacity as
Owner Trustee
By:
------------------------------------------
With respect to Series 1996-D Insurance and Indemnity
Agreement only:
OLYMPIC AUTOMOBILE RECEIVABLES TRUST, 1996-D
By: Mellon Bank (DE), National Association, not in its
individual capacity, but solely in its capacity as
Owner Trustee
By:
-------------------------------------------
-9-
With respect to Series 1996-C Insurance and Indemnity
Agreement only:
OLYMPIC AUTOMOBILE RECEIVABLES TRUST, 1996-C
By: Mellon Bank (DE), National Association, not in its
individual capacity, but solely in its capacity as
Owner Trustee
By:
-------------------------------------------
With respect to Series 1996-B Insurance and Indemnity
Agreement only:
OLYMPIC AUTOMOBILE RECEIVABLES TRUST, 1996-B
By: Mellon Bank (DE), National Association, not in its
individual capacity, but solely in its capacity as
Owner Trustee
By:
-------------------------------------------
With respect to Series 1996-A Insurance and Indemnity
Agreement only:
OLYMPIC AUTOMOBILE RECEIVABLES TRUST, 1996-A
By: Mellon Bank (DE), National Association, not in its
individual capacity, but solely in its capacity as
Owner Trustee
By:
-------------------------------------------
-10-
With respect to Series 1995-E Insurance and Indemnity
Agreement only:
OLYMPIC AUTOMOBILE RECEIVABLES TRUST, 1995-E
By: Wilmington Trust Company, not in its individual
capacity, but solely in its capacity as Owner
Trustee
By:
-------------------------------------------
Name:
Title:
With respect to Series 1995-D Insurance and Indemnity
Agreement only:
OLYMPIC AUTOMOBILE RECEIVABLES TRUST, 1995-D
By: Wilmington Trust Company, not in its individual
capacity, but solely in its capacity as Owner
Trustee
By:
-------------------------------------------
Name:
Title:
With respect to Series 1995-C Insurance and Indemnity
Agreement only:
OLYMPIC AUTOMOBILE RECEIVABLES TRUST, 1995-C
By: Wilmington Trust Company, not in its individual
capacity, but solely in its capacity as Owner
Trustee
By:
-------------------------------------------
Name:
Title:
-11-
With respect to Series 1995-B Insurance and Indemnity
Agreement only:
OLYMPIC AUTOMOBILE RECEIVABLES TRUST, 1995-B
By: Wilmington Trust Company, not in its individual
capacity, but solely in its capacity as Owner
Trustee
By:
-------------------------------------------
Name:
Title:
With respect to Series 1995-A Insurance and Indemnity
Agreement only:
OLYMPIC AUTOMOBILE RECEIVABLES TRUST, 1995-A
By: Wilmington Trust Company, not in its individual
capacity, but solely in its capacity as Owner
Trustee
By:
-------------------------------------------
Name:
Title:
With respect to Series 1994-B Insurance and Indemnity
Agreement only:
OLYMPIC AUTOMOBILE RECEIVABLES TRUST, 1994-B
By: Wilmington Trust Company, not in its individual
capacity, but solely in its capacity as Owner
Trustee
By:
-------------------------------------------
Name:
Title:
-12-
SCHEDULE I
CUMULATIVE DEFAULT RATES
Series Series Series Series Series Series Series Series Series Series Series Series Series
Month 1997-C 1997-B 1997-A 1996- D 1996-C 1996-B 1996-A 1995-E 1995-D 1995-C 1995-B 1995-A 1994-B
------------------------------------------------------------------------------------------------------------------------------
0 to 3 2.60 % 2.60 % 2.56 % 2.49 % 2.44 % 2.41 % 2.25 % 2.21 % 2.13 % 2.08 % 2.10 % 2.05 % 1.97 %
3 to 6 5.19 % 5.19 % 5.10 % 4.97 % 4.88 % 4.82 % 4.50 % 4.41 % 4.25 % 4.16 % 4.18 % 4.10 % 3.94 %
6 to 9 7.52 % 7.52 % 7.39 % 7.19 % 7.06 % 6.98 % 6.51 % 6.39 % 6.15 % 6.03 % 6.06 % 5.93 % 5.70 %
9 to 12 9.60 % 9.60 % 9.44 % 9.18 % 9.02 % 8.91 % 8.32 % 8.16 % 7.85 % 7.70 % 7.74 % 7.57 % 7.28 %
12 to 15 12.36 % 12.36 % 12.16 % 11.82 % 11.61 % 11.48 % 10.71 % 10.51 % 10.11 % 9.91 % 9.97 % 9.75 % 9.38 %
15 to 18 14.88 % 14.88 % 14.63 % 14.23 % 13.97 % 13.81 % 12.89 % 12.64 % 12.17 % 11.93 % 11.99 % 11.74 % 11.28 %
18 to 21 17.07 % 17.07 % 16.78 % 16.32 % 16.03 % 15.85 % 14.79 % 14.51 % 13.96 % 13.69 % 13.76 % 13.47 % 12.95 %
21 to 24 18.97 % 18.97 % 18.66 % 18.15 % 17.82 % 17.62 % 16.44 % 16.13 % 15.52 % 15.21 % 15.29 % 14.97 % 14.40 %
24 to 27 19.97 % 19.97 % 19.63 % 19.10 % 18.76 % 18.54 % 17.30 % 16.97 % 16.33 % 16.01 % 16.09 % 15.75 % 15.15 %
27 to 30 20.77 % 20.77 % 20.43 % 19.87 % 19.51 % 19.29 % 17.99 % 17.66 % 16.99 % 16.65 % 16.74 % 16.39 % 15.76 %
30 to 33 21.47 % 21.47 % 21.11 % 20.54 % 20.17 % 19.94 % 18.60 % 18.25 % 17.56 % 17.22 % 17.31 % 16.94 % 16.29 %
33 to 36 22.08 % 22.08 % 21.71 % 21.12 % 20.74 % 20.50 % 19.13 % 18.77 % 18.06 % 17.70 % 17.80 % 17.42 % 16.75 %
36 to 39 22.37 % 22.37 % 21.99 % 21.39 % 21.01 % 20.77 % 19.38 % 19.01 % 18.30 % 17.93 % 18.03 % 17.65 % 16.97 %
39 to 42 22.59 % 22.59 % 22.21 % 21.61 % 21.22 % 20.98 % 19.57 % 19.20 % 18.48 % 18.11 % 18.21 % 17.82 % 17.14 %
42 to 45 22.78 % 22.78 % 22.40 % 21.79 % 21.40 % 21.16 % 19.74 % 19.37 % 18.64 % 18.27 % 18.36 % 17.97 % 17.28 %
45 to 48 22.94 % 22.94 % 22.56 % 21.94 % 21.55 % 21.31 % 19.87 % 19.50 % 18.77 % 18.39 % 18.49 % 18.10 % 17.40 %
48 to 51 23.07 % 23.07 % 22.69 % 22.07 % 21.67 % 21.43 % 19.99 % 19.61 % 18.87 % 18.50 % 18.60 % 18.20 % 17.50 %
51 to 54 23.18 % 23.18 % 22.79 % 22.17 % 21.77 % 21.52 % 20.08 % 19.70 % 18.96 % 18.58 % 18.68 % 18.29 % 17.58 %
54 to 57 23.26 % 23.26 % 22.87 % 22.24 % 21.85 % 21.60 % 20.15 % 19.77 % 19.03 % 18.65 % 18.75 % 18.35 % 17.64 %
57 to 60 23.32 % 23.32 % 22.93 % 22.30 % 21.90 % 21.65 % 20.20 % 19.82 % 19.07 % 18.70 % 18.80 % 18.40 % 17.69 %
60 to 63 23.36 % 23.36 % 22.97 % 22.34 % 21.94 % 21.69 % 20.24 % 19.86 % 19.11 % 18.73 % 18.83 % 18.43 % 17.72 %
63 to 66 23.39 % 23.39 % 23.00 % 22.37 % 21.97 % 21.72 % 20.26 % 19.88 % 19.13 % 18.75 % 18.85 % 18.45 % 17.74 %
66 to 69 23.40 % 23.40 % 23.01 % 22.38 % 21.98 % 21.73 % 20.27 % 19.89 % 19.14 % 18.76 % 18.86 % 18.46 % 17.75 %
69 to 72 23.41 % 23.41 % 23.02 % 22.39 % 21.99 % 21.74 % 20.28 % 19.90 % 19.15 % 18.77 % 18.87 % 18.47 % 17.76 %
I-1
SCHEDULE II
Cumulative Net Loss Rates
Series Series Series Series Series Series Series Series Series Series Series Series Series
Month 1997-C 1997-B 1997-A 1996-D 1996-C 1996-B 1996-A 1995-E 1995-D 1995-C 1995-B 1995-A 1994-B
------------------------------------------------------------------------------------------------------------------------------
0 to 3 1.08% 1.08% 1.06% 1.03% 1.03% 1.03% 1.00% 0.98% 0.94% 0.92% 0.92% 0.91% 0.90%
3 to 6 2.15% 2.15% 2.12% 2.06% 2.07% 2.06% 2.00% 1.96% 1.88% 1.83% 1.83% 1.82% 1.79%
6 to 9 3.11% 3.11% 3.07% 2.99% 2.99% 2.98% 2.89% 2.84% 2.72% 2.66% 2.65% 2.63% 2.59%
9 to 12 3.97% 3.97% 3.92% 3.82% 3.82% 3.81% 3.69% 3.62% 3.48% 3.39% 3.39% 3.36% 3.31%
12 to 15 5.12% 5.12% 5.05% 4.92% 4.92% 4.91% 4.76% 4.66% 4.48% 4.37% 4.36% 4.33% 4.26%
15 to 18 6.16% 6.16% 6.07% 5.92% 5.92% 5.90% 5.73% 5.61% 5.39% 5.25% 5.25% 5.20% 5.13%
18 to 21 7.06% 7.06% 6.97% 6.79% 6.80% 6.77% 6.57% 6.44% 6.18% 6.03% 6.02% 5.97% 5.88%
21 to 24 7.85% 7.85% 7.75% 7.55% 7.55% 7.53% 7.30% 7.16% 6.87% 6.70% 6.70% 6.64% 6.54%
24 to 27 8.26% 8.26% 8.15% 7.94% 7.95% 7.92% 7.68% 7.53% 7.23% 7.05% 7.05% 6.99% 6.88%
27 to 30 8.60% 8.60% 8.48% 8.26% 8.27% 8.24% 7.99% 7.83% 7.52% 7.34% 7.33% 7.27% 7.16%
30 to 33 8.89% 8.89% 8.77% 8.54% 8.55% 8.52% 8.26% 8.10% 7.78% 7.59% 7.58% 7.51% 7.40%
33 to 36 9.14% 9.14% 9.02% 8.78% 8.79% 8.76% 8.50% 8.33% 8.00% 7.80% 7.79% 7.72% 7.61%
36 to 39 9.26% 9.26% 9.13% 8.89% 8.90% 8.88% 8.61% 8.44% 8.10% 7.90% 7.89% 7.82% 7.71%
39 to 42 9.35% 9.35% 9.23% 8.98% 8.99% 8.97% 8.69% 8.52% 8.18% 7.98% 7.97% 7.90% 7.79%
42 to 45 9.43% 9.43% 9.30% 9.06% 9.07% 9.04% 8.77% 8.59% 8.25% 8.05% 8.04% 7.97% 7.85%
45 to 48 9.50% 9.50% 9.37% 9.12% 9.13% 9.10% 8.83% 8.65% 8.31% 8.10% 8.09% 8.03% 7.91%
48 to 51 9.55% 9.55% 9.42% 9.18% 9.19% 9.16% 8.88% 8.70% 8.36% 8.15% 8.14% 8.07% 7.95%
51 to 54 9.59% 9.59% 9.46% 9.22% 9.23% 9.20% 8.92% 8.74% 8.40% 8.19% 8.18% 8.11% 7.99%
54 to 57 9.63% 9.63% 9.50% 9.25% 9.26% 9.23% 8.95% 8.77% 8.42% 8.22% 8.21% 8.14% 8.02%
57 to 60 9.65% 9.65% 9.52% 9.27% 9.28% 9.25% 8.97% 8.80% 8.45% 8.24% 8.23% 8.16% 8.04%
60 to 63 9.67% 9.67% 9.54% 9.29% 9.30% 9.27% 8.99% 8.81% 8.46% 8.25% 8.24% 8.17% 8.05%
63 to 66 9.68% 9.68% 9.55% 9.30% 9.31% 9.28% 9.00% 8.82% 8.47% 8.26% 8.25% 8.18% 8.06%
66 to 69 9.69% 9.69% 9.56% 9.31% 9.32% 9.29% 9.01% 8.83% 8.48% 8.27% 8.26% 8.19% 8.07%
69 to 72 9.69% 9.69% 9.56% 9.31% 9.32% 9.29% 9.01% 8.83% 8.48% 8.27% 8.26% 8.19% 8.07%
II-1
SCHEDULE III
AVERAGE DELINQUENCY RATES
SERIES DESIGNATION COLUMN I
------------------ --------
1997-C 8.26%
1997-B 8.00
1997-A 7.85
1996-D 7.65
1996-C 7.41
1996-B 7.29
1996-A 7.02
1995-E 6.92
1995-D 6.72
1995-C 6.63
1995-B 6.69
1995-A 6.53
1994-B 6.23
III-1