SLM Private Credit Student Loan Trust 2003-A Quarterly Servicing Report
Report Date:2/28/2005 Reporting Period: 12/1/04-02/28/05
I. Deal Parameters
Student Loan Portfolio Characteristics | 11/30/04 | Activity | 2/28/2005 | |||||||||||||||||||||
A | i | Portfolio Balance | $ | 899,254,325.28 | $ | (14,652,777.25 | ) | $ | 884,601,548.03 | |||||||||||||||
ii | Interest to be Capitalized | 29,170,521.14 | 27,489,596.19 | |||||||||||||||||||||
iii | Total Pool | $ | 928,424,846.42 | $ | 912,091,144.22 | |||||||||||||||||||
iv | Cash Capitalization Account (CI) | 58,502,550.00 | 58,502,550.00 | |||||||||||||||||||||
v | Asset Balance | $ | 986,927,396.42 | $ | 970,593,694.22 | |||||||||||||||||||
i | Weighted Average Coupon (WAC) | 5.317 | % | 5.998 | % | |||||||||||||||||||
ii | Weighted Average Remaining Term | 167.31 | 166.43 | |||||||||||||||||||||
iii | Number of Loans | 112,101 | 110,279 | |||||||||||||||||||||
iv | Number of Borrowers | 71,349 | 70,251 | |||||||||||||||||||||
vi | Prime Loans Outstanding | $ | 695,164,208 | $ | 689,061,167 | |||||||||||||||||||
vii | T-bill Loans Outstanding | $ | 228,962,643 | $ | 218,985,050 | |||||||||||||||||||
viii | Fixed Loans Outstanding | $ | 4,297,995 | $ | 4,044,928 | |||||||||||||||||||
% of | % of | |||||||||||||||||||||||
Notes | Cusips | Spread | Balance 12/15/04 | O/S Securities** | Balance 3/15/05 | O/S Securities** | ||||||||||||||||||
B | i | A-1 Notes | 78443CAE4 | 0.110% | $ | 410,017,741.84 | 42.460 | % | $ | 393,684,039.64 | 41.470 | % | ||||||||||||
ii | A-2 Notes | 78443CAF1 | 0.440% | 320,000,000.00 | 33.138 | % | 320,000,000.00 | 33.708 | % | |||||||||||||||
iii | A-3 ARS | 78443CAJ3 | ARS | 76,600,000.00 | 7.932 | % | 76,600,000.00 | 8.069 | % | |||||||||||||||
iv | A-4 ARS | 78443CAK0 | ARS | 76,600,000.00 | 7.932 | % | 76,600,000.00 | 8.069 | % | |||||||||||||||
v | B Notes | 78443CAG9 | 0.750% | 34,570,000.00 | 3.580 | % | 34,570,000.00 | 3.642 | % | |||||||||||||||
vi | C Notes | 78443CAH7 | 1.600% | 47,866,000.00 | 4.957 | % | 47,866,000.00 | 5.042 | % | |||||||||||||||
vii | Total Notes | $ | 965,653,741.84 | 100.000 | % | $ | 949,320,039.64 | 100.000 | % | |||||||||||||||
12/15/2004 | 3/15/2005 | |||||||||||||||||||||||
C | i | Specified Reserve Account Balance ($) | $ | 2,512,950.00 | $ | 2,512,950.00 | ||||||||||||||||||
ii | Reserve Account Balance ($) | $ | 2,512,950.00 | $ | 2,512,950.00 | |||||||||||||||||||
iii | Cash Capitalization Acct Balance ($) | $ | 58,502,550.00 | $ | 58,502,550.00 | |||||||||||||||||||
iv | Initial Asset Balance | $ | 1,063,682,728.92 | $ | 1,063,682,728.92 | |||||||||||||||||||
v | Specified Overcollateralization Amount | $ | 21,273,654.58 | $ | 21,273,654.58 | |||||||||||||||||||
vi | Actual Overcollateralization Amount | $ | 21,273,654.58 | $ | 21,273,654.58 | |||||||||||||||||||
vii | Has the Stepdown Date Occurred?* | No | No |
* | The Stepdown Date is the earlier of the distribution date following the reduction of the Class A Notes to zero, or March 17, 2008. At the Stepdown Date, principal payments made on the Class B and Class C Notes may begin to be paid pro-rata with the Class A Notes. See the prospectus for complete information concerning the Stepdown Date. | |
** | Percentages may not total 100% due to rounding |
1
II. 2003-A Transactions from: 12/1/2004 through: 2/28/2005
A | Student Loan Principal Activity | |||||||
i | Principal Payments Received | $ | 19,420,042.36 | |||||
ii | Purchases by Servicer (Delinquencies >180) | 2,086,297.17 | ||||||
iii | Other Servicer Reimbursements | 0.00 | ||||||
iv | Other Principal Reimbursements | 74,277.47 | ||||||
v | Total Principal Collections | $ | 21,580,617.00 | |||||
B | Student Loan Non-Cash Principal Activity | |||||||
i | Realized Losses/Loans Charged Off | $ | 0.00 | |||||
ii | Capitalized Interest | (6,465,234.14 | ) | |||||
iii | Capitalized Insurance Fee | (463,420.98 | ) | |||||
iv | Other Adjustments | 815.37 | ||||||
v | Total Non-Cash Principal Activity | $ | (6,927,839.75 | ) | ||||
C | Total Student Loan Principal Activity | $ | 14,652,777.25 | |||||
D | Student Loan Interest Activity | |||||||
i | Interest Payments Received | $ | 7,350,831.66 | |||||
ii | Purchases by Servicer (Delinquencies >180) | 86,371.07 | ||||||
iii | Other Servicer Reimbursements | 22.89 | ||||||
iv | Seller Reimbursements | 1,279.59 | ||||||
v | Late Fees | 112,206.09 | ||||||
vi | Collection Fees | 0.00 | ||||||
vii | Total Interest Collections | $ | 7,550,711.30 | |||||
E | Student Loan Non-Cash Interest Activity | |||||||
i | Realized Losses/Loans Charged Off | $ | 0.00 | |||||
ii | Capitalized Interest | 6,465,234.14 | ||||||
iii | Other Interest Adjustments | 2,547.26 | ||||||
iv | Total Non-Cash Interest Adjustments | $ | 6,467,781.40 | |||||
F | Total Student Loan Interest Activity | $ | 14,018,492.70 | |||||
2
III. 2003-A Collection Account Activity 12/1/2004 through: 2/28/2005
A | Principal Collections | |||||||
i | Principal Payments Received | $ | 18,791,303.31 | |||||
ii | Consolidation Principal Payments | 628,739.05 | ||||||
iii | Purchases by Servicer (Delinquencies >180) | 2,086,297.17 | ||||||
iv | Reimbursements by Seller | 0.00 | ||||||
v | Reimbursements by Servicer | 0.00 | ||||||
vi | Other Re-purchased Principal | 74,277.47 | ||||||
vii | Total Principal Collections | $ | 21,580,617.00 | |||||
B | Interest Collections | |||||||
i | Interest Payments Received | $ | 7,347,995.99 | |||||
ii | Consolidation Interest Payments | 2,835.67 | ||||||
iii | Purchases by Servicer (Delinquencies >180) | 86,371.07 | ||||||
iv | Reimbursements by Seller | 0.00 | ||||||
v | Reimbursements by Servicer | 22.89 | ||||||
vi | Other Re-purchased Interest | 1,279.59 | ||||||
viii | Collection Fees/Return Items | 0.00 | ||||||
ix | Late Fees | 112,206.09 | ||||||
x | Total Interest Collections | $ | 7,550,711.30 | |||||
C | Recoveries on Realized Losses | $ | 0.00 | |||||
D | Funds Borrowed from Next Collection Period | $ | 0.00 | |||||
E | Funds Repaid from Prior Collection Periods | $ | 0.00 | |||||
F | Investment Income | $ | 426,976.14 | |||||
G | Borrower Incentive Reimbursements | $ | 131,088.45 | |||||
H | Interest Rate Cap Proceeds | $ | 0.00 | |||||
I | Gross Swap Receipt | $ | 4,327,397.20 | |||||
J | Other Deposits | $ | 195,226.72 | |||||
TOTAL FUNDS RECEIVED | $ | 34,212,016.81 | ||||||
LESS FUNDS PREVIOUSLY REMITTED: | ||||||||
i Funds Allocated to the Future Distribution Account | $ | (7,573,429.90 | ) | |||||
ii Funds Released from the Future Distribution Account | $ | 5,598,131.63 | ||||||
AVAILABLE FUNDS PRIOR TO RELEASE FROM CASH CAPITALIZATION ACCOUNT | $ | 32,236,718.54 | ||||||
J | Amount released from Cash Capitalizaton Account | $ | — | |||||
K | AVAILABLE FUNDS | $ | 32,236,718.54 | |||||
L | Servicing Fees Due for Current Period | $ | 518,502.14 | |||||
M | Carryover Servicing Fees Due | $ | 0.00 | |||||
N | Administration Fees Due | $ | 20,000.00 | |||||
O | Total Fees Due for Period | $ | 538,502.14 | |||||
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IV. 2003-A Future Distribution Account Activity
A | Account Reconciliation | |||||||||
i | Beginning Balance | 12/15/2004 | $ | 2,353,211.14 | ||||||
ii | Total Allocations for Distribution Period | $ | 5,220,218.76 | |||||||
iii | Total Payments for Distribution Period | $ | (1,975,298.27 | ) | ||||||
iv | Funds Released to the Collection Account | $ | (5,598,131.63 | ) | ||||||
v | Total Balance Prior to Current Month Allocations | $ | 0.00 | |||||||
vi | Ending Balance | 3/15/2005 | $ | 2,649,635.74 | ||||||
B | Monthly Allocations to the Future Distribution Account | |||||||||
Monthly Allocation Date | 12/15/2004 | |||||||||
i | Primary Servicing Fees | $ | 522,106.64 | |||||||
ii | Admin fees | 6,666.66 | ||||||||
iii | Broker Dealer, Auction Agent and Remarketing Fees | 30,167.64 | ||||||||
iv | Interest Accrued on the Class A Notes and Swap Counterparty | 1,794,270.20 | ||||||||
v | Interest Accrued on the Class B & C Notes | 0.00 | ||||||||
vi | Balance as of | 12/15/2004 | $ | 2,353,211.14 | ||||||
Monthly Allocation Date | 1/15/2005 | |||||||||
i | Primary Servicing Fees | $ | 524,565.02 | |||||||
ii | Admin fees | 6,666.66 | ||||||||
iii | Broker Dealer, Auction Agent and Remarketing Fees | 24,843.94 | ||||||||
iv | Interest Accrued on the Class A Notes and Swap Counterparty | 2,046,899.98 | ||||||||
v | Interest Accrued on the Class B & C Notes | 0.00 | ||||||||
vi | Total Allocations | $ | 2,602,975.60 | |||||||
Monthly Allocation Date | 2/15/2005 | |||||||||
i | Primary Servicing Fees | $ | 522,150.80 | |||||||
ii | Admin fees | 6,666.66 | ||||||||
iii | Broker Dealer, Auction Agent and Remarketing Fees | 24,843.94 | ||||||||
iv | Interest Accrued on the Class A Notes and Swap Counterparty | 2,063,581.76 | ||||||||
v | Interest Accrued on the Class B & C Notes | 0.00 | ||||||||
vi | Total Allocations | $ | 2,617,243.16 | |||||||
C | Total Future Distribution Account Deposits Previously Allocated | $ | 7,573,429.90 | |||||||
D | Current Month Allocations | 3/15/2005 | ||||||||
i | Primary Servicing | $ | 518,502.14 | |||||||
ii | Admin fees | 6,666.66 | ||||||||
iii | Broker Dealer, Auction Agent and Remarketing Fees | 27,505.78 | ||||||||
iv | Interest Accrued on the Class A Notes and Swap Counterparty | 2,096,961.16 | ||||||||
v | Interest Accrued on the Class B & C Notes | 0.00 | ||||||||
vi | Allocations on the Distribution Date | $ | 2,649,635.74 |
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V. 2003-A Auction Rate Security Detail
A Auction Rate Securities — Payments During Distribution Period
Payment | Security | Interest | No. of | |||||||||||||||||||||
i | Date | Description | Rate | Days | Start Date | End Date | Interest Payment | |||||||||||||||||
12/23/2004 | SLMPC TRUST 2003A A3 | 2.170000 | % | 27 | 11/26/2004 | 12/23/2004 | $ | 124,666.50 | ||||||||||||||||
01/05/2005 | SLMPC TRUST 2003A A4 | 2.330000 | % | 28 | 12/08/2004 | 01/05/2005 | $ | 138,816.22 | ||||||||||||||||
01/20/2005 | SLMPC TRUST 2003A A3 | 2.420000 | % | 28 | 12/23/2004 | 01/20/2005 | $ | 144,178.22 | ||||||||||||||||
02/02/2005 | SLMPC TRUST 2003A A4 | 0.000100 | % | 28 | 01/05/2005 | 02/02/2005 | $ | 142,986.67 | ||||||||||||||||
02/17/2005 | SLMPC TRUST 2003A A3 | 2.480000 | % | 28 | 01/20/2005 | 02/17/2005 | $ | 147,752.89 | ||||||||||||||||
03/02/2005 | SLMPC TRUST 2003A A4 | 2.620000 | % | 28 | 02/02/2005 | 03/02/2005 | $ | 156,093.78 |
ii Auction Rate Note Interest Paid During Distribution Period | 12/15/04-03/15/05 | $ | 854,494.28 | |||||||||||
iii Broker/Dealer Fees Paid During Distribution Period | 12/15/04-03/15/05 | $ | 71,067.79 | |||||||||||
iv Auction Agent Fees Paid During Distribution Period | 12/15/04-03/15/05 | $ | 3,020.38 | |||||||||||
v Primary Servicing Fees Remitted | $ | 1,046,715.82 | ||||||||||||
vi Total | $ | 1,975,298.27 | ||||||||||||
- Less: Auction Rate Security Interest Payments due on the Distribution Date | $ | 0.00 | ||||||||||||
- Less: Auction Rate Security Auction Agent Fees due on the Distribution Date | $ | 0.00 | ||||||||||||
- Less: Auction Rate Security Broker Dealer Fees due on the Distribution Date | $ | 0.00 | ||||||||||||
B Total Payments Out of Future Distribution Account During Distribution Period | $ | 1,975,298.27 | ||||||||||||
C Funds Released to Collection Account | $ | 5,598,131.63 |
D Auction Rate Student Loan Rates | Dec-04 | Jan-05 | Feb-05 | |||||||
4.34533% | 4.34222% | 5.01922% |
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VI. 2003-A Loss and Recovery Detail
A | i | Cumulative Realized Losses Test | % of Original Pool | 11/30/2004 | 2/28/2005 | |||||||||||||
June 16, 2003 to March 17, 2008 | 15 | % | $ | 150,777,026.84 | $ | 150,777,026.84 | ||||||||||||
June 16, 2008 to March 15, 2011 | 18 | % | ||||||||||||||||
June 15, 2011 and thereafter | 20 | % | ||||||||||||||||
ii | Cumulative Realized Losses (Net of Recoveries) | $ | 0.00 | $ | 0.00 | |||||||||||||
iii | Is Test Satisfied (ii < i)? | Yes | ||||||||||||||||
B | i | Recoveries on Realized Losses This Collection Period | ||||||||||||||||
ii | Principal Cash Recovered During Collection Period | $ | 0.00 | $ | 0.00 | |||||||||||||
iii | Interest Cash Recovered During Collection Period | $ | 0.00 | $ | 0.00 | |||||||||||||
iv | Late Fees and Collection Costs Recovered During Collection Period | $ | 0.00 | $ | 0.00 | |||||||||||||
v | Total Recoveries for Period | $ | 0.00 | $ | 0.00 | |||||||||||||
C | i | Gross Defaults: | ||||||||||||||||
ii | Cumulative Principal Purchases by Servicer | $ | 5,945,912.74 | $ | 8,032,209.91 | |||||||||||||
iii | Cumulative Interest Purchases by Servicer | 222,754.61 | 309,125.68 | |||||||||||||||
iv | Total Gross Defaults: | $ | 6,168,667.35 | $ | 8,341,335.59 |
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VII. 2003-A Portfolio Characteristics
Weighted Avg Coupon | # of Loans | % * | Principal Amount | % * | ||||||||||||||||||||||||||||||||||||
STATUS | 11/30/2004 | 2/28/2005 | 11/30/2004 | 2/28/2005 | 11/30/2004 | 2/28/2005 | 11/30/2004 | 2/28/2005 | 11/30/2004 | 2/28/2005 | ||||||||||||||||||||||||||||||
INTERIM: | ||||||||||||||||||||||||||||||||||||||||
In School | 5.191 | % | 5.915 | % | 17,975 | 15,381 | 16.035 | % | 13.947 | % | $ | 141,331,780.92 | $ | 121,878,806.14 | 15.717 | % | 13.778 | % | ||||||||||||||||||||||
Grace | 5.264 | % | 6.062 | % | 4,258 | 4,109 | 3.798 | % | 3.726 | % | $ | 38,816,928.19 | $ | 33,678,971.64 | 4.317 | % | 3.807 | % | ||||||||||||||||||||||
Deferment | 5.483 | % | 6.224 | % | 6,534 | 7,395 | 5.829 | % | 6.706 | % | $ | 55,158,164.13 | $ | 62,730,116.56 | 6.134 | % | 7.091 | % | ||||||||||||||||||||||
TOTAL INTERIM | 5.271 | % | 6.026 | % | 28,767 | 26,885 | 25.662 | % | 24.379 | % | $ | 235,306,873.24 | $ | 218,287,894.34 | 26.167 | % | 24.676 | % | ||||||||||||||||||||||
REPAYMENT | ||||||||||||||||||||||||||||||||||||||||
Active | ||||||||||||||||||||||||||||||||||||||||
Current | 5.254 | % | 5.898 | % | 74,400 | 73,829 | 66.369 | % | 66.947 | % | $ | 578,535,334.33 | $ | 570,569,424.75 | 64.335 | % | 64.500 | % | ||||||||||||||||||||||
31-60 Days Delinquent | 6.244 | % | 6.699 | % | 1,167 | 1,850 | 1.041 | % | 1.678 | % | $ | 10,074,518.01 | $ | 16,167,040.25 | 1.120 | % | 1.828 | % | ||||||||||||||||||||||
61-90 Days Delinquent | 6.246 | % | 6.794 | % | 614 | 1,048 | 0.548 | % | 0.950 | % | $ | 5,748,551.34 | $ | 8,484,976.18 | 0.639 | % | 0.959 | % | ||||||||||||||||||||||
91-120 Days Delinquent | 6.007 | % | 7.236 | % | 459 | 442 | 0.409 | % | 0.401 | % | $ | 4,167,407.40 | $ | 3,623,886.18 | 0.463 | % | 0.410 | % | ||||||||||||||||||||||
121-150 Days Delinquent | 6.160 | % | 7.466 | % | 523 | 318 | 0.467 | % | 0.288 | % | $ | 4,236,402.49 | $ | 2,547,321.92 | 0.471 | % | 0.288 | % | ||||||||||||||||||||||
151-180 Days Delinquent | 6.559 | % | 7.169 | % | 204 | 63 | 0.182 | % | 0.057 | % | $ | 1,735,927.17 | $ | 730,765.30 | 0.193 | % | 0.083 | % | ||||||||||||||||||||||
> 180 Days Delinquent | 0.000 | % | 0.000 | % | 0 | 0 | 0.000 | % | 0.000 | % | $ | 0.00 | $ | 0.00 | 0.000 | % | 0.000 | % | ||||||||||||||||||||||
Forbearance | 5.728 | % | 6.369 | % | 5,967 | 5,844 | 5.323 | % | 5.299 | % | $ | 59,449,311.30 | $ | 64,190,239.11 | 6.611 | % | 7.256 | % | ||||||||||||||||||||||
TOTAL REPAYMENT | 5.334 | % | 5.989 | % | 83,334 | 83,394 | 74.338 | % | 75.621 | % | $ | 663,947,452.04 | $ | 666,313,653.69 | 73.833 | % | 75.324 | % | ||||||||||||||||||||||
GRAND TOTAL | 5.317 | % | 5.998 | % | 112,101 | 110,279 | 100.000 | % | 100.000 | % | $ | 899,254,325.28 | $ | 884,601,548.03 | 100.000 | % | 100.000 | % |
* | Percentages may not total 100% due to rounding |
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VIII. 2003-A Portfolio Characteristics by Loan Program
LOAN TYPE | WAC | # Loans | $ Amount | % | ||||||||||||
- Signature Loans | 6.099 | % | 75,731 | $ | 648,781,316.75 | 73.342 | % | |||||||||
- Law Loans | 5.713 | % | 26,919 | 163,576,406.89 | 18.492 | % | ||||||||||
- Med Loans | 5.705 | % | 4,493 | 33,516,705.42 | 3.789 | % | ||||||||||
- MBA Loans | 5.680 | % | 3,136 | 38,727,118.97 | 4.378 | % | ||||||||||
- Total | 5.998 | % | 110,279 | $ | 884,601,548.03 | 100.000 | % |
*Percentages may not total 100% due to rounding
8
IX. 2003-A Interest Rate Swap and Cap Calculations
A | Swap Payments | |||||||||||||||
Counterparty A | Counterparty B | |||||||||||||||
i | Notional Swap Amount — Aggregate Prime Loans Outstanding | $ | 347,582,104.18 | $ | 347,582,104.18 | |||||||||||
Counterparty Pays: | ||||||||||||||||
ii | 3 Month Libor | 2.49000 | % | 2.49000 | % | |||||||||||
iii | Gross Swap Receipt Due Trust | $ | 2,163,698.60 | $ | 2,163,698.60 | |||||||||||
iv | Days in Period | 12/15/2004 | 3/15/2005 | 90 | 90 | |||||||||||
SLM Private Credit Trust Pays: | ||||||||||||||||
v | Prime Rate (WSJ) Less 2.6100% | 2.64000 | % | 2.64000 | % | |||||||||||
vi | Gross Swap Payment Due Counterparty | $ | 2,261,448.94 | $ | 2,261,448.94 | |||||||||||
vii | Days in Period | 12/15/2004 | 3/15/2005 | 90 | 90 | |||||||||||
B | Cap Payments | |||||||||||||||
Cap Calculation | ||||||||||||||||
i | Notional Swap Amount | $ | 620,000,000.00 | |||||||||||||
ii | Maturity Date | 3/15/2006 | ||||||||||||||
Counterparty Pays: | ||||||||||||||||
iii | 3 Month Libor (interpolated for first accrual period) | 2.49000 | % | |||||||||||||
iv | Cap Rate | 5.50000 | % | |||||||||||||
v | Excess (if any) of Libor over Cap Rate (ii-iii) | 0.00000 | % | |||||||||||||
vi | Days in Period | 12/15/2004 | 3/15/2005 | 90 | ||||||||||||
vii | Cap Payment due Trust | $ | 0.00 |
X. 2003-A Accrued Interest Factors
Accrued | ||||||
Int Factor | Accrual Period | Rate | ||||
A Class A-1 Interest Rate | 0.006500000 | (12/15/04-03/15/05) | 2.60000% | |||
B Class A-2 Interest Rate | 0.007325000 | (12/15/04-03/15/05) | 2.93000% | |||
C Class B Interest Rate | 0.008100000 | (12/15/04-03/15/05) | 3.24000% | |||
D Class C Interest Rate | 0.010225000 | (12/15/04-03/15/05) | 4.09000% |
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XI. 2003-A Inputs From Prior Period 11/30/2004
A | Total Student Loan Pool Outstanding | |||||||||||||||||||||||||||||
i | Portfolio Balance | $ | 899,254,325.28 | |||||||||||||||||||||||||||
ii | Interest To Be Capitalized | 29,170,521.14 | ||||||||||||||||||||||||||||
iii | Total Pool | $ | 928,424,846.42 | |||||||||||||||||||||||||||
iv | Cash Capitalization Account (CI) | 58,502,550.00 | ||||||||||||||||||||||||||||
v | Asset Balance | $ | 986,927,396.42 | |||||||||||||||||||||||||||
B | Total Note and Certificate Factor | 0.9146986 | ||||||||||||||||||||||||||||
C | Total Note Balance | $ | 965,653,741.84 | |||||||||||||||||||||||||||
D | Note Balance 12/15/2004 | Class A-1 | Class A-2 | Class A-3 | Class A-4 | Class B | Class C | |||||||||||||||||||||||
i | Current Factor | 0.8199191 | 1.0000000 | 1.0000000 | 1.0000000 | 1.0000000 | 1.0000000 | |||||||||||||||||||||||
ii | Expected Note Balance | $ | 410,017,741.84 | $ | 320,000,000.00 | $ | 76,600,000.00 | $ | 76,600,000.00 | $ | 34,570,000.00 | $ | 47,866,000.00 | |||||||||||||||||
iii | Interest Shortfall | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||||||||||||
iv | Interest Carryover | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||||||||||||
E | Unpaid Primary Servicing Fees from Prior Month(s) | $ | 0.00 | |||||||||||||||||||||||||||
F | Unpaid Administration fees from Prior Quarter(s) | $ | 0.00 | |||||||||||||||||||||||||||
G | Unpaid Carryover Servicing Fees from Prior Quarter(s) | $ | 0.00 |
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XII. 2003-A Note Parity Triggers
Class A | Class B | Class C | ||||||||||||||||||
Notes Outstanding | 12/15/04 | $ | 883,217,742 | $ | 917,787,742 | $ | 965,653,742 | |||||||||||||
Asset Balance | 11/30/04 | $ | 986,927,396 | $ | 986,927,396 | $ | 986,927,396 | |||||||||||||
Pool Balance | 2/28/05 | $ | 912,091,144 | $ | 912,091,144 | $ | 912,091,144 | |||||||||||||
Amounts on Deposit* | 3/15/05 | $ | 80,668,753 | 80,388,736 | 79,899,306 | |||||||||||||||
Total | $ | 992,759,896 | $ | 992,479,880 | $ | 991,990,451 | ||||||||||||||
Are the Notes in Excess of the Asset Balance? | No | No | No | |||||||||||||||||
Are the Notes in Excess of the Pool + Amounts on Deposit? | No | No | No | |||||||||||||||||
Are the Notes Parity Triggers in Effect? | No | No | No | |||||||||||||||||
Class A Enhancement | $ | 103,709,654.58 | ||||||||||||||||||
Specified Class A Enhancement | $ | 145,589,054.13 | The greater of 15% of the Asset Balance or the Specified Overcollateralization Amount | |||||||||||||||||
Class B Enhancement | $ | 69,139,654.58 | ||||||||||||||||||
Specified Class B Enhancement | $ | 98,272,611.54 | The greater of 10.125% of the Asset Balance or the Specified Overcollateralization Amount | |||||||||||||||||
Class C Enhancement | $ | 21,273,654.58 | ||||||||||||||||||
Specified Class C Enhancement | $ | 29,117,810.83 | The greater of 3% of the Asset Balance or the Specified Overcollateralization Amount |
* | Amounts on Deposit in Trust Accounts for the Collection Period after Payment of Section XIII Items B through F for the Class A; Items B through H for the Class B; and Items B through J for the Class C |
XIII. 2003-A Cash Capitalization Account
Cash Capitalization Account Balance as of Collection End Date | 2/28/2005 | �� | $ | 58,502,550.00 | ||||
Less: Excess of Trust fees & Note interest due over Available Funds | 3/15/2005 | $ | 0.00 | |||||
Cash Capitalization Account Balance (CI)* | $ | 58,502,550.00 |
* | as defined under “Asset Balance” on page S-76 of the prospectus supplement |
11
XIV. 2003-A Principal Distribution Calculations
A | Priority Principal Payments (If Note Parity Triggers are not in effect, go to Regular Principal Distribution below): | |||||||||||
i | Is the Class A Note Parity Trigger in Effect? | No | ||||||||||
ii | Aggregate A Notes Outstanding | 12/15/2004 | $ | 883,217,741.84 | ||||||||
iii | Asset Balance | 2/28/2005 | $ | 970,593,694.22 | ||||||||
iv | First Priority Principal Distribution Amount | 3/15/2005 | $ | 0.00 | ||||||||
v | Is the Class B Note Parity Trigger in Effect? | No | ||||||||||
vi | Aggregate A and B Notes Outstanding | 12/15/2004 | $ | 917,787,741.84 | ||||||||
vii | Asset Balance | 2/28/2005 | $ | 970,593,694.22 | ||||||||
viii | First Priority Principal Distribution Amount | 3/15/2005 | $ | 0.00 | ||||||||
ix | Second Priority Principal Distribution Amount | 3/15/2005 | $ | 0.00 | ||||||||
x | Is the Class C Note Parity Trigger in Effect? | No | ||||||||||
xi | Aggregate A, B and C Notes Outstanding | 12/15/2004 | $ | 965,653,741.84 | ||||||||
xii | Asset Balance | 2/28/2005 | $ | 970,593,694.22 | ||||||||
xiii | First Priority Principal Distribution Amount | 3/15/2005 | $ | 0.00 | ||||||||
xiv | Second Priority Principal Distribution Amount | 3/15/2005 | $ | 0.00 | ||||||||
xv | Third Priority Principal Distribution Amount | 3/15/2005 | $ | 0.00 | ||||||||
B | Regular Principal Distribution | |||||||||||
i | Aggregate Notes Outstanding | 12/15/2004 | $ | 965,653,741.84 | ||||||||
ii | Asset Balance | 2/28/2005 | $ | 970,593,694.22 | ||||||||
iii | Specified Overcollateralization Amount | 3/15/2005 | $ | 21,273,654.58 | ||||||||
iv | First Priority Principal Distribution Amount | 3/15/2005 | $ | 0.00 | ||||||||
v | Second Priority Principal Distribution Amount | 3/15/2005 | $ | 0.00 | ||||||||
vi | Third Priority Principal Distribution Amount | 3/15/2005 | $ | 0.00 | ||||||||
vii | Regular Principal Distribution Amount | $ | 16,333,702.20 | |||||||||
C | Class A Noteholders’ Principal Distribution Amounts | |||||||||||
i | Has the Stepdown Date Occurred? | No | ||||||||||
ii | Asset Balance | 2/28/2005 | $ | 970,593,694.22 | ||||||||
iii | 85% of Asset Balance | 2/28/2005 | $ | 825,004,640.09 | ||||||||
iv | Specified Overcollateralization Amount | 3/15/2005 | $ | 21,273,654.58 | ||||||||
v | Lesser of (iii) and (ii - iv) | $ | 825,004,640.09 | |||||||||
vi | Class A Noteholders’ Principal Distribution Amt — Before the Stepdown Date | $ | 16,333,702.20 | |||||||||
vii | Class A Noteholders’ Principal Distribution Amt — After the Stepdown Date | $ | 0.00 | |||||||||
D | Class B Noteholders’ Principal Distribution Amounts | |||||||||||
i | Has the Stepdown Date Occurred? | No | ||||||||||
ii | Asset Balance | 2/28/2005 | $ | 970,593,694.22 | ||||||||
iii | 89.875% of Asset Balance | 2/28/2005 | $ | 872,321,082.68 | ||||||||
iv | Specified Overcollateralization Amount | 3/15/2005 | $ | 21,273,654.58 | ||||||||
v | Lesser of (iii) and (ii - iv) | $ | 872,321,082.68 | |||||||||
vi | Class B Noteholders’ Principal Distribution Amt — Before the Stepdown Date | $ | 0.00 | |||||||||
vii | Class B Noteholders’ Principal Distribution Amt — After the Stepdown Date | $ | 0.00 | |||||||||
E | Class C Noteholders’ Principal Distribution Amounts | |||||||||||
i | Has the Stepdown Date Occurred? | No | ||||||||||
ii | Asset Balance | 2/28/2005 | $ | 970,593,694.22 | ||||||||
iii | 97% of Asset Balance | 2/28/2005 | $ | 941,475,883.39 | ||||||||
iv | Specified Overcollateralization Amount | 3/15/2005 | $ | 21,273,654.58 | ||||||||
v | Lesser of (iii) and (ii - iv) | $ | 941,475,883.39 | |||||||||
vi | Class C Noteholders’ Principal Distribution Amt — Before the Stepdown Date | $ | 0.00 | |||||||||
vii | Class C Noteholders’ Principal Distribution Amt — After the Stepdown Date | $ | 0.00 |
12
XV. 2003-A Waterfall for Distributions
Remaining | ||||||||||||||
Funds Balance | ||||||||||||||
A | Total Available Funds (Sections III-K) | $ | 32,236,718.54 | $ | 32,236,718.54 | |||||||||
B | Primary Servicing Fees-Current Month plus any Unpaid | $ | 518,502.14 | $ | 31,718,216.40 | |||||||||
C | Quarterly Administration Fee plus any Unpaid | $ | 20,000.00 | $ | 31,698,216.40 | |||||||||
D | Auction Fees Due | 3/15/2005 | $ | 0.00 | $ | 31,698,216.40 | ||||||||
Broker/Dealer Fees Due | 3/15/2005 | $ | 0.00 | $ | 31,698,216.40 | |||||||||
E | Gross Swap Payment due Counterparty A | $ | 2,261,448.94 | $ | 29,436,767.46 | |||||||||
Gross Swap Payment due Counterparty B | $ | 2,261,448.94 | $ | 27,175,318.52 | ||||||||||
F | i | Class A-1 Noteholders’ Interest Distribution Amount due | 3/15/2005 | $ | 2,665,115.32 | $ | 24,510,203.20 | |||||||
ii | Class A-2 Noteholders’ Interest Distribution Amount due | 3/15/2005 | $ | 2,344,000.00 | $ | 22,166,203.20 | ||||||||
iii | Class A-3 Noteholders’ Interest Distribution Amount due | 3/15/2005 | $ | 0.00 | $ | 22,166,203.20 | ||||||||
iv | Class A-4 Noteholders’ Interest Distribution Amount due | 3/15/2005 | $ | 0.00 | $ | 22,166,203.20 | ||||||||
v | Swap Termination Fees due | 3/15/2005 | $ | 0.00 | $ | 22,166,203.20 | ||||||||
G | First Priority Principal Distribution Amount — Principal Distribution Account | $ | 0.00 | $ | 22,166,203.20 | |||||||||
H | Class B Noteholders’ Interest Distribution Amount due | 3/15/2005 | $ | 280,017.00 | $ | 21,886,186.20 | ||||||||
I | Second Priority Principal Distribution Amount — Principal Distribution Account | $ | 0.00 | $ | 21,886,186.20 | |||||||||
J | Class C Noteholders’ Interest Distribution Amount | $ | 489,429.85 | $ | 21,396,756.35 | |||||||||
K | Third Priority Principal Distribution Amount — Principal Distribution Account | $ | 0.00 | $ | 21,396,756.35 | |||||||||
L | Increase to the Specified Reserve Account Balance | $ | 0.00 | $ | 21,396,756.35 | |||||||||
M | Regular Principal Distribution Amount — Principal Distribution Account | $ | 16,333,702.20 | $ | 5,063,054.15 | |||||||||
N | Carryover Servicing Fees | $ | 0.00 | $ | 5,063,054.15 | |||||||||
O | Auction Rate Noteholder’s Interest Carryover | |||||||||||||
i | Class A-3 | $ | 0.00 | $ | 5,063,054.15 | |||||||||
ii | Class A-4 | $ | 0.00 | $ | 5,063,054.15 | |||||||||
P | Swap Termination Payments | $ | 0.00 | $ | 5,063,054.15 | |||||||||
Q | Additional Principal Distribution Amount — Principal Distribution Account | $ | 0.00 | $ | 5,063,054.15 | |||||||||
R | Remaining Funds to the Certificateholders | $ | 5,063,054.15 | $ | 0.00 |
XVI. 2003-A Principal Distribution Account Allocations
Remaining | ||||||||||||
Funds Balance | ||||||||||||
A | Total from Collection Account | $ | 16,333,702.20 | $ | 16,333,702.20 | |||||||
B | i | Class A-1 Principal Distribution Amount Paid | $ | 16,333,702.20 | $ | 0.00 | ||||||
ii | Class A-2 Principal Distribution Amount Paid | $ | 0.00 | $ | 0.00 | |||||||
iii | Class A-3 Principal Distribution Amount Paid (or allocated) | $ | 0.00 | |||||||||
iv | Class A-4 Principal Distribution Amount Paid (or allocated) | $ | 0.00 | |||||||||
C | Class B Principal Distribution Amount Paid | $ | 0.00 | $ | 0.00 | |||||||
D | Class C Principal Distribution Amount Paid | $ | 0.00 | $ | 0.00 | |||||||
E | Remaining Class C Distribution Paid | $ | 0.00 | $ | 0.00 | |||||||
F | Remaining Class B Distribution Paid | $ | 0.00 | $ | 0.00 | |||||||
G | i | Remaining Class A-1 Distribution Paid | $ | 0.00 | $ | 0.00 | ||||||
ii | Remaining Class A-2 Distribution Paid | $ | 0.00 | $ | 0.00 | |||||||
iii | Remaining Class A-3 Distribution Paid (or allocated) | $ | 0.00 | $ | 0.00 | |||||||
iv | Remaining Class A-4 Distribution Paid (or allocated) | $ | 0.00 | $ | 0.00 |
13
XVII. 2003-A Distributions
A | Distribution Amounts | Class A-1 | Class A-2 | Class A-3 | Class A-4 | Class B | Class C | |||||||||||||||||||||||||||||
i | Quarterly Interest Due | $ | 2,665,115.32 | $ | 2,344,000.00 | $ | 0.00 | $ | 0.00 | $ | 280,017.00 | $ | 489,429.85 | |||||||||||||||||||||||
ii | Quarterly Interest Paid | 2,665,115.32 | 2,344,000.00 | 0.00 | 0.00 | 280,017.00 | 489,429.85 | |||||||||||||||||||||||||||||
iii | Interest Shortfall | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||||||||||||||||||
iv | Interest Carryover Due | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||||||||||||||||||
v | Interest Carryover Paid | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||||||||||||||||
vi | Interest Carryover | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||||||||||||||||||
vii | Quarterly Principal Distribution Amount | $ | 16,333,702.20 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||||||||||||||||||
viii | Quarterly Principal Paid (or allocated) | 16,333,702.20 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||||||||||||||||
ix | Difference | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||||||||||||||||||
x | Total Distribution Amount | $ | 18,998,817.52 | $ | 2,344,000.00 | $ | 0.00 | $ | 0.00 | $ | 280,017.00 | $ | 489,429.85 | |||||||||||||||||||||||
B | Note Balances | 12/15/2004 | Paydown Factors | 3/15/2005 | ||||||||||||||||||||||||||||||||
i | A-1 Note Balance | 78443CAE4 | $ | 410,017,741.84 | $ | 393,684,039.64 | ||||||||||||||||||||||||||||||
A-1 Note Pool Factor | 0.8199191 | 0.0326628 | 0.7872563 | |||||||||||||||||||||||||||||||||
ii | A-2 Note Balance | 78443CAF1 | $ | 320,000,000.00 | $ | 320,000,000.00 | ||||||||||||||||||||||||||||||
A-2 Note Pool Factor | 1.0000000 | 0.0000000 | 1.0000000 | Next ARS | ||||||||||||||||||||||||||||||||
Pay Date | Balances | |||||||||||||||||||||||||||||||||||
iii | A-3 Note Balance | 78443CAJ3 | $ | 76,600,000.00 | $ | 76,600,000.00 | 03/17/05 | $ | 76,600,000.00 | |||||||||||||||||||||||||||
A-3 Note Pool Factor | 1.0000000 | 0.0000000 | 1.0000000 | 1.0000000 | ||||||||||||||||||||||||||||||||
iv | A-4 Note Balance | 78443CAK0 | $ | 76,600,000.00 | $ | 76,600,000.00 | 03/30/05 | $ | 76,600,000.00 | |||||||||||||||||||||||||||
A-4 Note Pool Factor | 1.0000000 | 0.0000000 | 1.0000000 | 1.0000000 | ||||||||||||||||||||||||||||||||
v | B Note Balance | 78443CAG9 | $ | 34,570,000.00 | $ | 34,570,000.00 | ||||||||||||||||||||||||||||||
B Note Pool Factor | 1.0000000 | 0.0000000 | 1.0000000 | |||||||||||||||||||||||||||||||||
vi | C Note Balance | 78443CAH7 | $ | 47,866,000.00 | $ | 47,866,000.00 | ||||||||||||||||||||||||||||||
C Note Pool Factor | 1.0000000 | 0.0000000 | 1.0000000 |
14
XVIII. 2003-A Historical Pool Information
12/1/04-02/28/05 | 9/1/04-11/30/04 | 6/1/04-8/31/04 | 3/1/04-5/31/04 | 12/1/03-2/29/04 | 09/01/03-11/30/03 | 06/01/03-08/31/03 | 01/27/03-05/31/03 | |||||||||||||||||||||||||||||
Beginning Student Loan Portfolio Balance | $ | 899,254,325.28 | $ | 904,088,498.48 | $ | 915,463,207.98 | $ | 929,674,448.24 | $ | 939,963,063.42 | $ | 941,931,312.31 | $ | 950,860,882.57 | $ | 965,794,008.71 | ||||||||||||||||||||
Student Loan Principal Activity | ||||||||||||||||||||||||||||||||||||
i | Principal Payments Received | $ | 19,420,042.36 | $ | 17,068,067.75 | $ | 17,543,474.92 | $ | 16,672,468.03 | $ | 16,674,807.08 | $ | 15,842,825.30 | $ | 14,621,918.82 | $ | 19,739,960.28 | |||||||||||||||||||
ii | Purchases by Servicer (Delinquencies >180) | 2,086,297.17 | 2,274,468.81 | 1,539,447.39 | 788,272.01 | 737,588.04 | 173,809.48 | 353,324.27 | 79,002.74 | |||||||||||||||||||||||||||
iii | Other Servicer Reimbursements | — | — | 1,435.46 | 29,348.00 | 44.51 | 724.31 | 885.93 | 41.49 | |||||||||||||||||||||||||||
iv | Seller Reimbursements | 74,277.47 | 16,070.00 | 24,274.87 | 121,227.33 | 19,179.46 | 25,606.76 | 49,467.03 | 134,675.22 | |||||||||||||||||||||||||||
v | Total Principal Collections | $ | 21,580,617.00 | $ | 19,358,606.56 | $ | 19,108,632.64 | $ | 17,611,315.37 | $ | 17,431,619.09 | $ | 16,042,965.85 | $ | 15,025,596.05 | $ | 19,953,679.73 | |||||||||||||||||||
Student Loan Non-Cash Principal Activity | ||||||||||||||||||||||||||||||||||||
i | Realized Losses/Loans Charged Off | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||
ii | Capitalized Interest | (6,465,234.14 | ) | (13,535,427.26 | ) | (7,272,975.84 | ) | (3,281,180.36 | ) | (6,549,770.46 | ) | (12,602,082.87 | ) | (5,599,582.19 | ) | (4,391,385.55 | ) | |||||||||||||||||||
iii | Capitalized Insurance Fee | ($463,420.98 | ) | ($971,049.07 | ) | ($433,015.33 | ) | ($121,505.97 | ) | ($571,102.55 | ) | ($1,467,684.39 | ) | ($554,812.95 | ) | ($458,815.65 | ) | |||||||||||||||||||
iv | Other Adjustments | 815.37 | (17,957.03 | ) | (27,931.97 | ) | 2,611.22 | (22,130.90 | ) | (4,949.70 | ) | 58,369.35 | (170,352.39 | ) | ||||||||||||||||||||||
v | Total Non-Cash Principal Activity | $ | (6,927,839.75 | ) | $ | (14,524,433.36 | ) | $ | (7,733,923.14 | ) | $ | (3,400,075.11 | ) | $ | (7,143,003.91 | ) | $ | (14,074,716.96 | ) | $ | (6,096,025.79 | ) | $ | (5,020,553.59 | ) | |||||||||||
(-) | Total Student Loan Principal Activity | $ | 14,652,777.25 | $ | 4,834,173.20 | $ | 11,374,709.50 | $ | 14,211,240.26 | $ | 10,288,615.18 | $ | 1,968,248.89 | $ | 8,929,570.26 | $ | 14,933,126.14 | |||||||||||||||||||
Student Loan Interest Activity | ||||||||||||||||||||||||||||||||||||
i | Interest Payments Received | $ | 7,350,831.66 | $ | 6,131,926.27 | $ | 5,977,573.14 | $ | 5,659,640.74 | $ | 5,709,448.24 | $ | 5,331,516.12 | $ | 5,278,543.75 | $ | 7,321,995.25 | |||||||||||||||||||
ii | Repurchases by Servicer (Delinquencies >180) | 86,371.07 | 102,546.85 | 53,213.19 | 22,760.31 | 23,997.03 | 4,181.44 | 10,839.32 | 5,216.47 | |||||||||||||||||||||||||||
iii | Other Servicer Reimbursements | 22.89 | — | 0.01 | 2,360.70 | 1.58 | (26.40 | ) | (51.74 | ) | 0.07 | |||||||||||||||||||||||||
iv | Seller Reimbursements | 1,279.59 | 3,011.33 | 1,714.22 | 4,145.35 | 460.67 | 367.14 | 468.06 | 8,882.55 | |||||||||||||||||||||||||||
v | Late Fees | 112,206.09 | 85,547.56 | 76,828.01 | 65,382.33 | 66,703.72 | 48,241.84 | 45,213.15 | 69,417.72 | |||||||||||||||||||||||||||
vi | Collection Fees | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
viii | Total Interest Collections | 7,550,711.30 | 6,323,032.01 | 6,109,328.57 | 5,754,289.43 | 5,800,611.24 | 5,384,280.14 | 5,335,012.54 | 7,405,512.06 | |||||||||||||||||||||||||||
Student Loan Non-Cash Interest Activity | ||||||||||||||||||||||||||||||||||||
i | Realized Losses/Loans Charged Off | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||
ii | Capitalized Interest | 6,465,234.14 | 13,535,427.26 | 7,272,975.84 | 3,281,180.36 | 6,549,770.46 | 12,602,082.87 | 5,599,582.19 | 4,391,385.55 | |||||||||||||||||||||||||||
iii | Other Interest Adjustments | 2,547.26 | 12,577.11 | 3,761.68 | 15,890.58 | 26,748.44 | 12,334.20 | 57,820.00 | (11,117.42 | ) | ||||||||||||||||||||||||||
iv | Total Non-Cash Interest Adjustments | $ | 6,467,781.40 | $ | 13,548,004.37 | $ | 7,276,737.52 | $ | 3,297,070.94 | $ | 6,576,518.90 | $ | 12,614,417.07 | $ | 5,657,402.19 | $ | 4,380,268.13 | |||||||||||||||||||
v | Total Student Loan Interest Activity | $ | 14,018,492.70 | $ | 19,871,036.38 | $ | 13,386,066.09 | $ | 9,051,360.37 | $ | 12,377,130.14 | $ | 17,998,697.21 | $ | 10,992,414.73 | $ | 11,785,780.19 | |||||||||||||||||||
(=) | Ending Student Loan Portfolio Balance | $ | 884,601,548.03 | $ | 899,254,325.28 | $ | 904,088,498.48 | $ | 915,463,207.98 | $ | 929,674,448.24 | $ | 939,963,063.42 | $ | 941,931,312.31 | $ | 950,860,882.57 | |||||||||||||||||||
(+) | Interest to be Capitalized | $ | 27,489,596.19 | $ | 29,170,521.14 | $ | 37,997,502.05 | $ | 40,397,122.73 | $ | 38,468,568.88 | $ | 39,829,607.08 | $ | 46,612,526.83 | $ | 45,954,342.67 | |||||||||||||||||||
(=) | TOTAL POOL | $ | 912,091,144.22 | $ | 928,424,846.42 | $ | 942,086,000.53 | $ | 955,860,330.71 | $ | 968,143,017.12 | $ | 979,792,670.50 | $ | 988,543,839.14 | $ | 996,815,225.24 | |||||||||||||||||||
(+) | Cash Capitalization Account Balance (CI) | $ | 58,502,550.00 | $ | 58,502,550.00 | $ | 58,502,550.00 | $ | 58,502,550.00 | $ | 58,502,550.00 | $ | 58,502,550.00 | $ | 58,502,550.00 | $ | 58,502,550.00 | |||||||||||||||||||
(=) | �� | Asset Balance | $ | 970,593,694.22 | $ | 986,927,396.42 | $ | 1,000,588,550.53 | $ | 1,014,362,880.71 | $ | 1,026,645,567.12 | $ | 1,038,295,220.50 | $ | 1,047,046,389.14 | $ | 1,055,317,775.24 |
15
XIX. 2003-A Payment History and CPRs
Distribution | Actual | Since Issued | Distribution | Actual | Since Issued | |||||||||||||
Date | Pool Balances | CPR * | Date | Pool Balances | CPR * | |||||||||||||
Jun-03 | $ | 996,815,225 | 2.20 | % | Mar-05 | $ | 912,091,144 | 2.72 | % | |||||||||
Sep-03 | $ | 988,543,821 | 2.41 | % | ||||||||||||||
Dec-03 | $ | 979,792,671 | 2.63 | % | ||||||||||||||
Mar-04 | $ | 968,143,017 | 2.63 | % | ||||||||||||||
Jun-04 | $ | 955,860,331 | 2.62 | % | ||||||||||||||
Sep-04 | $ | 942,086,001 | 2.68 | % | ||||||||||||||
Dec-04 | $ | 928,424,846 | 2.74 | % |
* “Since Issued CPR” is based on the current period’s ending pool balance
calculated against the original pool balance and assuming cutoff date pool data.
16