SLM Private Credit Student Loan Trust 2003-B Quarterly Servicing Report
Report Date:2/28/2005 Reporting Period: 12/1/04-2/28/05
I. Deal Parameters
Student Loan Portfolio Characteristics | 11/30/04 | Activity | 2/28/2005 | |||||||||||||||||||||
A | i | Portfolio Balance | $ | 1,161,694,974.39 | $ | (13,658,829.72 | ) | $ | 1,148,036,144.67 | |||||||||||||||
ii | Interest to be Capitalized | 43,984,976.52 | 44,706,060.32 | |||||||||||||||||||||
iii | Total Pool | $ | 1,205,679,950.91 | $ | 1,192,742,204.99 | |||||||||||||||||||
iv | Cash Capitalization Account (Cii) | 74,242,876.07 | 74,242,876.07 | |||||||||||||||||||||
v | Asset Balance | $ | 1,279,922,826.98 | $ | 1,266,985,081.06 | |||||||||||||||||||
i | Weighted Average Coupon (WAC) | 5.352 | % | 6.053 | % | |||||||||||||||||||
ii | Weighted Average Remaining Term | 178.59 | 176.51 | |||||||||||||||||||||
iii | Number of Loans | 135,684 | 134,116 | |||||||||||||||||||||
iv | Number of Borrowers | 99,350 | 97,242 | |||||||||||||||||||||
v | Prime Loans Outstanding | $ | 997,419,018 | $ | 992,241,510 | |||||||||||||||||||
vi | T-bill Loans Outstanding | $ | 205,921,320 | $ | 198,264,208 | |||||||||||||||||||
vii | Fixed Loans Outstanding | $ | 2,339,614 | $ | 2,236,487 | |||||||||||||||||||
% of | % of | |||||||||||||||||||||||
Notes | Cusips | Spread | Balance 12/15/04 | O/S Securities** | Balance 3/15/05 | O/S Securities** | ||||||||||||||||||
B | i | A-1 Notes | 78443CAL8 | 0.100% | $ | 489,804,415.50 | 39.093 | % | $ | 476,866,671.58 | 38.457 | % | ||||||||||||
ii | A-2 Notes | 78443CAM6 | 0.400% | 440,506,000.00 | 35.158 | % | 440,506,000.00 | 35.525 | % | |||||||||||||||
iii | A-3 ARS | 78443CAN4 | ARS | 109,000,000.00 | 8.700 | % | 109,000,000.00 | 8.790 | % | |||||||||||||||
iv | A-4 ARS | 78443CAP9 | ARS | 109,000,000.00 | 8.700 | % | 109,000,000.00 | 8.790 | % | |||||||||||||||
v | B Notes | 78443CAQ7 | 0.700% | 43,871,000.00 | 3.501 | % | 43,871,000.00 | 3.538 | % | |||||||||||||||
vi | C Notes | 78443CAR5 | 1.600% | 60,744,000.00 | 4.848 | % | 60,744,000.00 | 4.899 | % | |||||||||||||||
vii | Total Notes | $ | 1,252,925,415.50 | 100.000 | % | $ | 1,239,987,671.58 | 100.000 | % | |||||||||||||||
12/15/2004 | 3/15/2005 | |||||||||||||||||||||||
C | i | Specified Reserve Account Balance ($) | $ | 3,118,201.00 | $ | 3,118,201.00 | ||||||||||||||||||
ii | Reserve Account Balance ($) | $ | 3,118,201.00 | $ | 3,118,201.00 | |||||||||||||||||||
iii | Cash Capitalization Acct Balance ($) | $ | 74,242,876.07 | $ | 74,242,876.07 | |||||||||||||||||||
iv | Initial Asset Balance | $ | 1,349,870,474 | $ | 1,349,870,474 | |||||||||||||||||||
v | Specified Overcollateralization Amount | $ | 26,997,411.48 | $ | 26,997,409.48 | |||||||||||||||||||
vi | Actual Overcollateralization Amount | $ | 26,997,411.48 | $ | 26,997,409.48 | |||||||||||||||||||
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 June 15, 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-B Transactions from: 12/1/2004 through: 2/28/2005
A | Student Loan Principal Activity | |||||||
i | Principal Payments Received | $ | 18,781,976.65 | |||||
ii | Purchases by Servicer (Delinquencies >180) | 2,513,223.56 | ||||||
iii | Other Servicer Reimbursements | (1.50 | ) | |||||
iv | Seller Reimbursements | 74,167.62 | ||||||
v | Total Principal Collections* | $ | 21,369,366.33 | |||||
B | Student Loan Non-Cash Principal Activity | |||||||
i | Realized Losses/Loans Charged Off | $ | 0.00 | |||||
ii | Capitalized Interest | (7,159,676.29 | ) | |||||
iii | Capitalized Insurance Fee | (550,933.41 | ) | |||||
iv | Other Adjustments | 73.09 | ||||||
v | Total Non-Cash Principal Activity | $ | (7,710,536.61 | ) | ||||
C | Total Student Loan Principal Activity | $ | 13,658,829.72 | |||||
D | Student Loan Interest Activity | |||||||
i | Interest Payments Received | $ | 8,065,907.80 | |||||
ii | Purchases by Servicer (Delinquencies >180) | 110,890.65 | ||||||
iii | Other Servicer Reimbursements | 0.00 | ||||||
iv | Seller Reimbursements | 3,529.53 | ||||||
v | Late Fees | 120,165.39 | ||||||
vi | Collection Fees | 0.00 | ||||||
vii | Total Interest Collections | $ | 8,300,493.37 | |||||
E | Student Loan Non-Cash Interest Activity | |||||||
i | Realized Losses/Loans Charged Off | $ | 0.00 | |||||
ii | Capitalized Interest | 7,159,676.29 | ||||||
iii | Other Interest Adjustments | 3,172.22 | ||||||
iv | Total Non-Cash Interest Adjustments | $ | 7,162,848.51 | |||||
F | Total Student Loan Interest Activity | $ | 15,463,341.88 | |||||
2
III. 2003-B Collection Account Activity 12/1/2004 through: 2/28/2005
A | Principal Collections | |||||||
i | Principal Payments Received | $ | 17,973,747.92 | |||||
ii | Consolidation Principal Payments | 808,228.73 | ||||||
iii | Purchases by Servicer (Delinquencies >180) | 2,513,223.56 | ||||||
iv | Reimbursements by Seller | 0.00 | ||||||
v | Reimbursements by Servicer | (1.50 | ) | |||||
vi | Other Re-purchased Principal | 74,167.62 | ||||||
vii | Total Principal Collections | $ | 21,369,366.33 | |||||
B | Interest Collections | |||||||
i | Interest Payments Received | $ | 8,060,927.59 | |||||
ii | Consolidation Interest Payments | 4,980.21 | ||||||
iii | Purchases by Servicer (Delinquencies >180) | 110,890.65 | ||||||
iv | Reimbursements by Seller | 0.00 | ||||||
v | Reimbursements by Servicer | 0.00 | ||||||
vi | Other Re-purchased Interest | 3,529.53 | ||||||
vii | Collection Fees/Return Items | 0.00 | ||||||
viii | Late Fees | 120,165.39 | ||||||
ix | Total Interest Collections | $ | 8,300,493.37 | |||||
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 | $ | 543,610.93 | |||||
G | Borrower Incentive Reimbursements | $ | 99,590.15 | |||||
H | Interest Rate Cap Proceeds | $ | 0.00 | |||||
I | Gross Swap Receipt | $ | 6,208,933.38 | |||||
J | Other Deposits | $ | 219,962.92 | |||||
TOTAL FUNDS RECEIVED | $ | 36,741,957.08 | ||||||
LESS FUNDS PREVIOUSLY REMITTED: | ||||||||
i Funds Allocated to the Future Distribution Account | $ | (9,830,930.00 | ) | |||||
ii Funds Released from the Future Distribution Account | $ | 7,121,409.19 | ||||||
AVAILABLE FUNDS PRIOR TO RELEASE FROM CASH CAPITALIZATION ACCOUNT | $ | 34,032,436.27 | ||||||
K | Amount released from Cash Capitalizaton Account | $ | 0.00 | |||||
L | TOTAL AVAILABLE FUNDS | $ | 34,032,436.27 | |||||
M | Servicing Fees Due for Current Period | $ | 671,619.76 | |||||
N | Carryover Servicing Fees Due | $ | 0.00 | |||||
O | Administration Fees Due | $ | 20,000.00 | |||||
P | Total Fees Due for Period | $ | 691,619.76 | |||||
3
IV. 2003-B Future Distribution Account Activity
A | Account Reconciliation | |||||||||
i | Beginning Balance | 12/15/2004 | $ | 3,055,216.77 | ||||||
ii | Total Allocations for Distribution Period | $ | 6,775,713.23 | |||||||
iii | Total Payments for Distribution Period | $ | (2,709,520.81 | ) | ||||||
iv | Funds Released to the Collection Account | $ | (7,121,409.19 | ) | ||||||
v | Total Balance Prior to Current Month Allocations | $ | 0.00 | |||||||
vi | Ending Balance | 3/15/2005 | $ | 3,476,265.19 | ||||||
B | Monthly Allocations to the Future Distribution Account | |||||||||
Monthly Allocation Date | 12/15/2004 | |||||||||
i | Primary Servicing Fees | $ | 673,848.16 | |||||||
ii | Admin fees | 6,666.66 | ||||||||
iii | Broker Dealer, Auction Agent and Remarketing Fees | 42,927.84 | ||||||||
iv | Interest Accrued on the Class A Notes and Swap Counterparty | 2,331,774.11 | ||||||||
v | Interest Accrued on the Class B & C Notes | 0.00 | ||||||||
vi | Balance as of | 12/15/2004 | $ | 3,055,216.77 | ||||||
Monthly Allocation Date | 1/15/2005 | |||||||||
i | Primary Servicing Fees | $ | 677,655.40 | |||||||
ii | Admin fees | 6,666.66 | ||||||||
iii | Broker Dealer, Auction Agent and Remarketing Fees | 35,352.34 | ||||||||
iv | Interest Accrued on the Class A Notes and Swap Counterparty | 2,649,842.94 | ||||||||
v | Interest Accrued on the Class B & C Notes | 0.00 | ||||||||
vi | Total Allocations | $ | 3,369,517.34 | |||||||
Monthly Allocation Date | 2/15/2005 | |||||||||
i | Primary Servicing Fees | $ | 675,336.17 | |||||||
ii | Admin fees | 6,666.66 | ||||||||
iii | Broker Dealer, Auction Agent and Remarketing Fees | 35,352.34 | ||||||||
iv | Interest Accrued on the Class A Notes and Swap Counterparty | 2,688,840.72 | ||||||||
v | Interest Accrued on the Class B & C Notes | 0.00 | ||||||||
vi | Total Allocations | $ | 3,406,195.89 | |||||||
C | Total Future Distribution Account Deposits Previously Allocated | $ | 9,830,930.00 | |||||||
D | Current Month Allocations | 3/15/2005 | ||||||||
i | Primary Servicing | $ | 671,619.76 | |||||||
ii | Admin fees | 6,666.66 | ||||||||
iii | Broker Dealer, Auction Agent and Remarketing Fees | 39,140.08 | ||||||||
iv | Interest Accrued on the Class A Notes and Swap Counterparty | 2,758,838.69 | ||||||||
v | Interest Accrued on the Class B & C Notes | 0.00 | ||||||||
vi | Total Allocations on the Distribution Date | $ | 3,476,265.19 |
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V. 2003-B 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 | |||||||||||||||||
01/03/2005 | SLMPC TRUST 2003B A3 | 2.340000 | % | 28 | 12/06/2004 | 01/03/2005 | 198,380.00 | |||||||||||||||||
01/06/2005 | SLMPC TRUST 2003B A4 | 2.330000 | % | 28 | 12/09/2004 | 01/06/2005 | 197,532.22 | |||||||||||||||||
01/31/2005 | SLMPC TRUST 2003B A3 | 2.450000 | % | 28 | 01/03/2005 | 01/31/2005 | 207,705.56 | |||||||||||||||||
02/03/2005 | SLMPC TRUST 2003B A4 | 2.420000 | % | 28 | 01/06/2005 | 02/03/2005 | 205,162.22 | |||||||||||||||||
02/28/2005 | SLMPC TRUST 2003B A3 | 2.590000 | % | 28 | 01/31/2005 | 02/28/2005 | 219,574.44 | |||||||||||||||||
03/03/2005 | SLMPC TRUST 2003B A4 | 2.620000 | % | 28 | 02/03/2005 | 03/03/2005 | 222,117.78 |
ii Auction Rate Note Interest Paid During Distribution Period | 12/15/04-3/15/05 | $ | 1,250,472.22 | |||||||||||
iii Broker/Dealer Fees Paid During Distribution Period | 12/15/04-3/15/05 | $ | 101,733.36 | |||||||||||
iv Auction Agent Fees Paid During Distribution Period | 12/15/04-3/15/05 | $ | 4,323.66 | |||||||||||
v Primary Servicing Fees Remitted | 12/15/04-3/15/05 | $ | 1,352,991.57 | |||||||||||
vi Total | $ | 2,709,520.81 | ||||||||||||
- 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 Collection Period | $ | 2,709,520.81 | ||||||||||||
C Funds Released to Collection Account | $ | 7,121,409.19 |
D Auction Rate Student Loan Rates | Dec-05 | Jan-05 | Feb-05 | |||||||
4.40430 % | 4.40211 % | 5.10111 % |
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VI. 2003-B Loss and Recovery Detail
A | i | Cumulative Realized Losses Test | % of Original Pool | 11/30/2004 | 2/28/2005 | |||||||||||
September 15, 2003 to March 17, 2008 | 15% | $ | 187,092,047.70 | $ | 187,092,047.70 | |||||||||||
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 | $ | 6,873,287.62 | $ | 9,386,511.18 | |||||||||||
iii | Cumulative Interest Purchases by Servicer | 261,193.27 | 372,083.92 | |||||||||||||
iv | Total Gross Defaults: | $ | 7,134,480.89 | $ | 9,758,595.10 |
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VII. 2003-B 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 | 5.185 | % | 5.919 | % | 40,119 | 35,384 | 29.568 | % | 26.383 | % | $ | 348,160,916.39 | $ | 308,861,931.59 | 29.970 | % | 26.904 | % | ||||||||||||||||||||||
Grace | 5.445 | % | 6.111 | % | 6,266 | 6,959 | 4.618 | % | 5.189 | % | 58,296,842.05 | 60,721,584.24 | 5.018 | % | 5.289 | % | ||||||||||||||||||||||||
Deferment | 5.466 | % | 6.193 | % | 6,947 | 8,120 | 5.120 | % | 6.054 | % | 56,486,762.65 | 67,271,685.52 | 4.862 | % | 5.860 | % | ||||||||||||||||||||||||
TOTAL INTERIM | 5.252 | % | 5.988 | % | 53,332 | 50,463 | 39.306 | % | 37.626 | % | $ | 462,944,521.09 | $ | 436,855,201.35 | 39.851 | % | 38.052 | % | ||||||||||||||||||||||
REPAYMENT | ||||||||||||||||||||||||||||||||||||||||
Active | ||||||||||||||||||||||||||||||||||||||||
Current | 5.304 | % | 5.973 | % | 72,697 | 72,935 | 53.578 | % | 54.382 | % | $ | 608,170,080.16 | $ | 604,955,087.48 | 52.352 | % | 52.695 | % | ||||||||||||||||||||||
31-60 Days Delinquent | 6.412 | % | 6.777 | % | 1,446 | 2,193 | 1.066 | % | 1.635 | % | 12,067,191.11 | 18,617,806.46 | 1.039 | % | 1.622 | % | ||||||||||||||||||||||||
61-90 Days Delinquent | 6.792 | % | 6.865 | % | 753 | 1,276 | 0.555 | % | 0.951 | % | 6,050,623.16 | 11,213,416.02 | 0.521 | % | 0.977 | % | ||||||||||||||||||||||||
91-120 Days Delinquent | 6.615 | % | 7.649 | % | 525 | 560 | 0.387 | % | 0.418 | % | 4,471,301.71 | 4,558,499.77 | 0.385 | % | 0.397 | % | ||||||||||||||||||||||||
121-150 Days Delinquent | 6.809 | % | 7.698 | % | 608 | 380 | 0.448 | % | 0.283 | % | 5,327,539.15 | 2,922,860.15 | 0.459 | % | 0.255 | % | ||||||||||||||||||||||||
151-180 Days Delinquent | 6.822 | % | 7.308 | % | 261 | 80 | 0.192 | % | 0.060 | % | 2,150,028.40 | 633,248.94 | 0.185 | % | 0.055 | % | ||||||||||||||||||||||||
> 180 Days Delinquent | 0.000 | % | 0.000 | % | 0 | 0 | 0.000 | % | 0.000 | % | 0.00 | 0.00 | 0.000 | % | 0.000 | % | ||||||||||||||||||||||||
Forbearance | 5.980 | % | 6.661 | % | 6,062 | 6,229 | 4.468 | % | 4.644 | % | 60,513,689.61 | 68,280,024.50 | 5.209 | % | 5.948 | % | ||||||||||||||||||||||||
TOTAL REPAYMENT | 5.419 | % | 6.093 | % | 82,352 | 83,653 | 60.694 | % | 62.374 | % | $ | 698,750,453.30 | $ | 711,180,943.32 | 60.149 | % | 61.948 | % | ||||||||||||||||||||||
GRAND TOTAL | 5.352 | % | 6.053 | % | 135,684 | 134,116 | 100.000 | % | 100.000 | % | $ | 1,161,694,974.39 | $ | 1,148,036,144.67 | 100.000 | % | 100.000 | % |
* | Percentages may not total 100% due to rounding |
7
VIII. 2003-B Portfolio Characteristics by Loan Program
LOAN TYPE | WAC | # Loans | $ Amount | % | ||||||||||||
- Signature Loans | 6.137 | % | 104,011 | $ | 912,374,147.00 | 79.473 | % | |||||||||
- Law Loans | 5.811 | % | 20,961 | 143,443,695.60 | 12.495 | % | ||||||||||
- Med Loans | 5.396 | % | 5,674 | 45,381,040.02 | 3.953 | % | ||||||||||
- MBA Loans | 5.645 | % | 3,470 | 46,837,262.05 | 4.080 | % | ||||||||||
- Total | 6.053 | % | 134,116 | $ | 1,148,036,144.67 | 100.000 | % |
*Percentages may not total 100% due to rounding
8
IX. 2003-B Interest Rate Swap and Cap Calculations
A | Swap Payments | |||||||||||||||
Counterparty A | Counterparty B | |||||||||||||||
i | Notional Swap Amount — Aggregate Prime Loans Outstanding | $ | 498,709,508.84 | $ | 498,709,508.84 | |||||||||||
Counterparty Pays: | ||||||||||||||||
ii | 3 Month Libor | 2.49000 | % | 2.49000 | % | |||||||||||
iii | Gross Swap Receipt Due Trust | $ | 3,104,466.69 | $ | 3,104,466.69 | |||||||||||
iv | Days in Period | 12/15/2004 | 3/15/2005 | 90 | 90 | |||||||||||
SLM Private Credit Trust Pays: | ||||||||||||||||
v | Prime Rate (WSJ) Less 2.6300% | 2.62000 | % | 2.62000 | % | |||||||||||
vi | Gross Swap Payment Due Counterparty | $ | 3,220,137.32 | $ | 3,220,137.32 | |||||||||||
vii | Days in Period | 12/15/2004 | 3/15/2005 | 90 | 90 | |||||||||||
B | Cap Payments | |||||||||||||||
Cap Calculation | ||||||||||||||||
i | Notional Swap Amount | $ | 870,000,000.00 | |||||||||||||
Counterparty Pays: | ||||||||||||||||
ii | 3 Month Libor (interpolated for first accrual period) | 2.49000 | % | |||||||||||||
iii | Cap Rate | 6.00000 | % | |||||||||||||
iv | Excess (if any) of Libor over Cap Rate (ii-iii) | 0.00000 | % | |||||||||||||
v | Days in Period | 12/15/2004 | 3/15/2005 | 90 | ||||||||||||
vi | Cap Payment due Trust | $ | 0.00 |
X. 2003-B Accrued Interest Factors
Accrued | ||||||
Int Factor | Accrual Period | Rate | ||||
A Class A-1 Interest Rate | 0.006475000 | 12/15/04-3/15/05 | 2.59000% | |||
B Class A-2 Interest Rate | 0.007225000 | 12/15/04-3/15/05 | 2.89000% | |||
C Class B Interest Rate | 0.007975000 | 12/15/04-3/15/05 | 3.19000% | |||
D Class C Interest Rate | 0.010225000 | 12/15/04-3/15/05 | 4.09000% |
9
XI. 2003-B Inputs From Prior Period 11/30/2004
A | Total Student Loan Pool Outstanding | |||||||||||||||||||||||||||||
i | Portfolio Balance | $ | 1,161,694,974.39 | |||||||||||||||||||||||||||
ii | Interest To Be Capitalized | 43,984,976.52 | ||||||||||||||||||||||||||||
iii | Total Pool | $ | 1,205,679,950.91 | |||||||||||||||||||||||||||
iv | Cash Capitalization Account (CI) | 74,242,876.07 | ||||||||||||||||||||||||||||
v | Asset Balance | $ | 1,279,922,826.98 | |||||||||||||||||||||||||||
B | Total Note and Certificate Factor | 0.932846300 | ||||||||||||||||||||||||||||
C | Total Note Balance | $ | 1,252,925,415.50 | |||||||||||||||||||||||||||
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 | 0.844490400 | 1.000000000 | 1.000000000 | 1.000000000 | 1.000000000 | 1.000000000 | |||||||||||||||||||||||
ii | Expected Note Balance | $ | 489,804,415.50 | $ | 440,506,000.00 | $ | 109,000,000.00 | $ | 109,000,000.00 | $ | 43,871,000.00 | $ | 60,744,000.00 | |||||||||||||||||
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 |
10
XII. 2003-B Note Parity Triggers
Class A | Class B | Class C | ||||||||||||||||||
Notes Outstanding | 12/15/04 | $ | 1,148,310,415 | $ | 1,192,181,415 | $ | 1,252,925,415 | |||||||||||||
Asset Balance | 11/30/04 | $ | 1,279,922,827 | $ | 1,279,922,827 | $ | 1,279,922,827 | |||||||||||||
Pool Balance | 2/28/05 | $ | 1,192,742,205 | $ | 1,192,742,205 | $ | 1,192,742,205 | |||||||||||||
Amounts on Deposit* | 3/15/05 | 94,789,278 | 94,439,407 | 93,818,300 | ||||||||||||||||
Total | $ | 1,287,531,483 | $ | 1,287,181,612 | $ | 1,286,560,505 | ||||||||||||||
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 | $ | 131,612,411.48 | ||||||||||||||||||
Specified Class A Enhancement | $ | 190,047,762.16 | The greater of 15% of the Asset Balance or the Specified Overcollateralization Amount | |||||||||||||||||
Class B Enhancement | $ | 87,741,411.48 | ||||||||||||||||||
Specified Class B Enhancement | $ | 128,282,239.46 | The greater of 10.125% of the Asset Balance or the Specified Overcollateralization Amount | |||||||||||||||||
Class C Enhancement | $ | 26,997,411.48 | ||||||||||||||||||
Specified Class C Enhancement | $ | 38,009,552.43 | 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-B Cash Capitalization Account
A | Cash Capitalization Account Balance as of Collection Period End Date | 2/28/2005 | $ | 74,242,876.07 | ||||
Less: Excess of Trust fees & Note interest due over Available Funds | 3/15/2005 | 0.00 | ||||||
Cash Capitalization Account Balance (CI)* | $ | 74,242,876.07 | ||||||
B | 5.50% of initial Asset Balance | $ | 74,242,876.07 | |||||
Excess, CI over 5.50% of initial Asset Balance | $ | 0.00 | ||||||
Release excess to Collection Account?** | 3/15/2005 | DO NOT RELEASE | ||||||
C | 3.50% of initial Asset Balance | $ | 47,245,466.59 | |||||
Excess, CI over 3.50% of initial Asset Balance | $ | 26,997,409.48 | ||||||
Release excess to Collection Account?** | 3/15/2005 | DO NOT RELEASE | ||||||
Release from Cash Capitalization Account (R)* | 3/15/2005 | $ | 0.00 |
* | as defined under “Asset Balance” on page S-79 of the prospectus supplement | |||
** | determined based on a comparison of pool balances to notes outstanding and CI, along with certain loan portfolio characteristics, as outlined on page S-58 of the prospectus supplement |
11
XIV. 2003-B 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 | $ | 1,148,310,415.50 | ||||||||
iii | Asset Balance | 2/28/2005 | $ | 1,266,985,081.06 | ||||||||
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 | $ | 1,192,181,415.50 | ||||||||
vii | Asset Balance | 2/28/2005 | $ | 1,266,985,081.06 | ||||||||
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 | $ | 1,252,925,415.50 | ||||||||
xii | Asset Balance | 2/28/2005 | $ | 1,266,985,081.06 | ||||||||
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 | $ | 1,252,925,415.50 | ||||||||
ii | Asset Balance | 2/28/2005 | $ | 1,266,985,081.06 | ||||||||
iii | Specified Overcollateralization Amount | 3/15/2005 | $ | 26,997,409.48 | ||||||||
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 | $ | 12,937,743.92 | |||||||||
C | Class A Noteholders’ Principal Distribution Amounts | |||||||||||
i | Has the Stepdown Date Occurred? | No | ||||||||||
ii | Asset Balance | 2/28/2005 | $ | 1,266,985,081.06 | ||||||||
iii | 85% of Asset Balance | 2/28/2005 | $ | 1,076,937,318.90 | ||||||||
iv | Specified Overcollateralization Amount | 3/15/2005 | $ | 26,997,409.48 | ||||||||
v | Lesser of (iii) and (ii - iv) | $ | 1,076,937,318.90 | |||||||||
vi | Class A Noteholders’ Principal Distribution Amt — Before the Stepdown Date | $ | 12,937,743.92 | |||||||||
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 | $ | 1,266,985,081.06 | ||||||||
iii | 89.875% of Asset Balance | 2/28/2005 | $ | 1,138,702,841.60 | ||||||||
iv | Specified Overcollateralization Amount | 3/15/2005 | $ | 26,997,409.48 | ||||||||
v | Lesser of (iii) and (ii - iv) | $ | 1,138,702,841.60 | |||||||||
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 | $ | 1,266,985,081.06 | ||||||||
iii | 97% of Asset Balance | 2/28/2005 | $ | 1,228,975,528.63 | ||||||||
iv | Specified Overcollateralization Amount | 3/15/2005 | $ | 26,997,409.48 | ||||||||
v | Lesser of (iii) and (ii - iv) | $ | 1,228,975,528.63 | |||||||||
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-B Waterfall for Distributions
Remaining | ||||||||||||||
Funds Balance | ||||||||||||||
A | Total Available Funds (Sections III-L ) | $ | 34,032,436.27 | $ | 34,032,436.27 | |||||||||
B | Primary Servicing Fees-Current Month plus any Unpaid | $ | 671,619.76 | $ | 33,360,816.51 | |||||||||
C | Quarterly Administration Fee plus any Unpaid | $ | 20,000.00 | $ | 33,340,816.51 | |||||||||
D | Auction Fees Due | 3/15/2005 | $ | 0.00 | $ | 33,340,816.51 | ||||||||
Broker/Dealer Fees Due | 3/15/2005 | $ | 0.00 | $ | 33,340,816.51 | |||||||||
E | Gross Swap Payment due Counterparty A | $ | 3,220,137.32 | $ | 30,120,679.19 | |||||||||
Gross Swap Payment due Counterparty B | $ | 3,220,137.32 | $ | 26,900,541.87 | ||||||||||
F | i | Class A-1 Noteholders’ Interest Distribution Amount due | 3/15/2005 | $ | 3,171,483.59 | $ | 23,729,058.28 | |||||||
ii | Class A-2 Noteholders’ Interest Distribution Amount due | 3/15/2005 | $ | 3,182,655.85 | $ | 20,546,402.43 | ||||||||
iii | Class A-3 Noteholders’ Interest Distribution Amount due | 3/15/2005 | $ | 0.00 | $ | 20,546,402.43 | ||||||||
iv | Class A-4 Noteholders' Interest Distribution Amount due | 3/15/2005 | $ | 0.00 | $ | 20,546,402.43 | ||||||||
v | Swap Termination Fees due | 3/15/2005 | $ | 0.00 | $ | 20,546,402.43 | ||||||||
G | First Priority Principal Distribution Amount — Principal Distribution Account | $ | 0.00 | $ | 20,546,402.43 | |||||||||
H | Class B Noteholders’ Interest Distribuition Amount due | 3/15/2005 | $ | 349,871.23 | $ | 20,196,531.20 | ||||||||
I | Second Priority Principal Distribution Amount — Principal Distribution Account | $ | 0.00 | $ | 20,196,531.20 | |||||||||
J | Class C Noteholders’ Interest Distribuition Amount | $ | 621,107.40 | $ | 19,575,423.80 | |||||||||
K | Third Priority Principal Distribution Amount — Principal Distribution Account | $ | 0.00 | $ | 19,575,423.80 | |||||||||
L | Increase to the Specified Reserve Account Balance | $ | 0.00 | $ | 19,575,423.80 | |||||||||
M | Regular Principal Distribution Amount — Principal Distribution Account | $ | 12,937,743.92 | $ | 6,637,679.88 | |||||||||
N | Carryover Servicing Fees | $ | 0.00 | $ | 6,637,679.88 | |||||||||
O | Auction Rate Noteholder’s Interest Carryover | |||||||||||||
i | Class A-3 | $ | 0.00 | $ | 6,637,679.88 | |||||||||
ii | Class A-4 | $ | 0.00 | $ | 6,637,679.88 | |||||||||
P | Swap Termination Payments | $ | 0.00 | $ | 6,637,679.88 | |||||||||
Q | Additional Principal Distribution Amount — Principal Distribution Account | $ | 0.00 | $ | 6,637,679.88 | |||||||||
R | Remaining Funds to the Certificateholders | $ | 6,637,679.88 | $ | 0.00 |
XVI. 2003-B Principal Distribution Account Allocations
Remaining | ||||||||||||
Funds Balance | ||||||||||||
A | Total from Collection Account | $ | 12,937,743.92 | $ | 12,937,743.92 | |||||||
B | i | Class A-1 Principal Distribution Amount Paid | $ | 12,937,743.92 | $ | 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 | $ | 0.00 | |||||||
iv | Class A-4 Principal Distribution Amount Paid (or allocated) | $ | 0.00 | $ | 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-B Distributions
A | Distribution Amounts | Class A-1 | Class A-2 | Class A-3 | Class A-4 | Class B | Class C | |||||||||||||||||||||||||||||
i | Quarterly Interest Due | $ | 3,171,483.59 | 3,182,655.85 | $ | 0.00 | $ | 0.00 | $ | 349,871.23 | $ | 621,107.40 | ||||||||||||||||||||||||
ii | Quarterly Interest Paid | 3,171,483.59 | 3,182,655.85 | 0.00 | 0.00 | 349,871.23 | 621,107.40 | |||||||||||||||||||||||||||||
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 | $ | 12,937,743.92 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||||||||||||||||||
viii | Quarterly Principal Paid (or allocated) | 12,937,743.92 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||||||||||||||||
ix | Shortfall | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | ||||||||||||||||||||||||
x | Total Distribution Amount | $ | 16,109,227.51 | $ | 3,182,655.85 | $ | 0.00 | $ | 0.00 | $ | 349,871.23 | $ | 621,107.40 | |||||||||||||||||||||||
B | Note Balances | 12/15/2004 | Paydown Factors | 3/15/2005 | ||||||||||||||||||||||||||||||||
i | A-1 Note Balance | 78443CAL8 | $ | 489,804,415.50 | $ | 476,866,671.58 | ||||||||||||||||||||||||||||||
A-1 Note Pool Factor | 0.844490400 | 0.022306483 | 0.822183917 | |||||||||||||||||||||||||||||||||
ii | A-2 Note Balance | 78443CAM6 | $ | 440,506,000.00 | $ | 440,506,000.00 | ||||||||||||||||||||||||||||||
A-2 Note Pool Factor | 1.000000000 | 0.000000000 | 1.000000000 | |||||||||||||||||||||||||||||||||
Next ARS Pay Date | Balances | |||||||||||||||||||||||||||||||||||
iii | A-3 Note Balance | 78443CAN4 | $ | 109,000,000.00 | $ | 109,000,000.00 | 03/28/05 | $ | 109,000,000.00 | |||||||||||||||||||||||||||
A-3 Note Pool Factor | 1.000000000 | 0.000000000 | 1.000000000 | 1.000000000 | ||||||||||||||||||||||||||||||||
iv | A-4 Note Balance | 78443CAP9 | $ | 109,000,000.00 | 109,000,000.00 | 03/31/05 | $ | 109,000,000.00 | ||||||||||||||||||||||||||||
A-4 Note Pool Factor | 1.000000000 | 0.000000000 | 1.000000000 | 1.000000000 | ||||||||||||||||||||||||||||||||
v | B Note Balance | 78443CAQ7 | $ | 43,871,000.00 | $ | 43,871,000.00 | ||||||||||||||||||||||||||||||
B Note Pool Factor | 1.000000000 | 0.000000000 | 1.000000000 | |||||||||||||||||||||||||||||||||
vi | C Note Balance | 78443CAR5 | $ | 60,744,000.00 | $ | 60,744,000.00 | �� | |||||||||||||||||||||||||||||
C Note Pool Factor | 1.000000000 | 0.000000000 | 1.000000000 |
14
XVIII. 2003-B Historical Pool Information
2003 | ||||||||||||||||||||||||||||
12/1/04-2/28/05 | 9/1/04-11/30/04 | 6/1/04-8/31/04 | 3/1/04-5/31/04 | 12/1/03-2/29/04 | 5/12/03-11/30/03 | |||||||||||||||||||||||
Beginning Student Loan Portfolio Balance | $ | 1,161,694,974.39 | $ | 1,163,803,196.65 | $ | 1,173,427,505.40 | $ | 1,186,496,470.29 | $ | 1,195,939,429.02 | $ | 1,213,584,181.19 | ||||||||||||||||
Student Loan Principal Activity | ||||||||||||||||||||||||||||
i | Principal Payments Received | $ | 18,781,976.65 | $ | 16,022,082.16 | $ | 16,133,971.49 | $ | 15,817,587.68 | $ | 15,003,126.63 | $ | 30,767,631.21 | |||||||||||||||
ii | Purchases by Servicer (Delinquencies >180) | 2,513,223.56 | 2,889,717.87 | 1,506,140.57 | 959,575.93 | 873,946.62 | 643,906.63 | |||||||||||||||||||||
iii | Other Servicer Reimbursements | (1.50 | ) | 133.96 | 2.96 | 0.00 | (1,322.52 | ) | 1,302.24 | |||||||||||||||||||
iv | Seller Reimbursements | 74,167.62 | 34,867.10 | 4,629.15 | 133,025.56 | 116,421.08 | 719,433.21 | |||||||||||||||||||||
v | Total Principal Collections | $ | 21,369,366.33 | $ | 18,946,801.09 | $ | 17,644,744.17 | $ | 16,910,189.17 | $ | 15,992,171.81 | $ | 32,132,273.29 | |||||||||||||||
Student Loan Non-Cash Principal Activity | ||||||||||||||||||||||||||||
i | Realized Losses/Loans Charged Off | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||||||||||
ii | Capitalized Interest | (7,159,676.29 | ) | (15,199,777.94 | ) | (7,408,952.30 | ) | (3,655,012.84 | ) | (5,854,349.22 | ) | (12,512,375.87 | ) | |||||||||||||||
iii | Capitalized Insurance Fee | (550,933.41 | ) | (1,616,581.41 | ) | (623,181.21 | ) | (186,431.95 | ) | (674,296.39 | ) | (1,937,718.30 | ) | |||||||||||||||
iv | Other Adjustments | 73.09 | (22,219.48 | ) | 11,698.09 | 220.51 | (20,567.47 | ) | (37,426.95 | ) | ||||||||||||||||||
v | Total Non-Cash Principal Activity | $ | (7,710,536.61 | ) | $ | (16,838,578.83 | ) | $ | (8,020,435.42 | ) | $ | (3,841,224.28 | ) | $ | (6,549,213.08 | ) | $ | (14,487,521.12 | ) | |||||||||
(-) | Total Student Loan Principal Activity | $ | 13,658,829.72 | $ | 2,108,222.26 | $ | 9,624,308.75 | $ | 13,068,964.89 | $ | 9,442,958.73 | $ | 17,644,752.17 | |||||||||||||||
Student Loan Interest Activity | ||||||||||||||||||||||||||||
i | Interest Payments Received | $ | 8,065,907.80 | $ | 6,419,958.14 | $ | 6,123,862.01 | $ | 5,775,774.65 | $ | 5,608,829.54 | $ | 11,210,549.42 | |||||||||||||||
ii | Repurchases by Servicer (Delinquencies >180) | 110,890.65 | 114,567.43 | 59,377.92 | 39,153.53 | 28,138.44 | 19,955.95 | |||||||||||||||||||||
iii | Other Servicer Reimbursements | 0.00 | 0.19 | 27.28 | 0.00 | (60.47 | ) | 548.66 | ||||||||||||||||||||
iv | Seller Reimbursements | 3,529.53 | 383.40 | 360.97 | 7,793.30 | 5,450.89 | 31,574.85 | |||||||||||||||||||||
v | Late Fees | 120,165.39 | 89,105.65 | 80,172.23 | 64,370.66 | 62,355.04 | 97,305.39 | |||||||||||||||||||||
vi | Collection Fees | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||||||||
viii | Total Interest Collections | 8,300,493.37 | 6,624,014.81 | 6,263,800.41 | 5,887,092.14 | 5,704,713.44 | 11,359,934.27 | |||||||||||||||||||||
Student Loan Non-Cash Interest Activity | ||||||||||||||||||||||||||||
i | Realized Losses/Loans Charged Off | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||||||||||
ii | Capitalized Interest | $ | 7,159,676.29 | $ | 15,199,777.94 | $ | 7,408,952.30 | $ | 3,655,012.84 | $ | 5,854,349.22 | $ | 12,512,375.87 | |||||||||||||||
iii | Other Interest Adjustments | 3,172.22 | 10,561.37 | 7,338.73 | 23,748.14 | 35,994.82 | 80,573.57 | |||||||||||||||||||||
iv | Total Non-Cash Interest Adjustments | $ | 7,162,848.51 | $ | 15,210,339.31 | $ | 7,416,291.03 | $ | 3,678,760.98 | $ | 5,890,344.04 | $ | 12,592,949.44 | |||||||||||||||
v | Total Student Loan Interest Activity | $ | 15,463,341.88 | $ | 21,834,354.12 | $ | 13,680,091.44 | $ | 9,565,853.12 | $ | 11,595,057.48 | $ | 23,952,883.71 | |||||||||||||||
(=) | Ending Student Loan Portfolio Balance | $ | 1,148,036,144.67 | $ | 1,161,694,974.39 | $ | 1,163,803,196.65 | $ | 1,173,427,505.40 | $ | 1,186,496,470.29 | $ | 1,195,939,429.02 | |||||||||||||||
(+) | Interest to be Capitalized | $ | 44,706,060.32 | $ | 43,984,976.52 | $ | 51,369,803.81 | $ | 50,900,994.85 | $ | 46,256,264.47 | $ | 43,786,901.54 | |||||||||||||||
(=) | TOTAL POOL | $ | 1,192,742,204.99 | $ | 1,205,679,950.91 | $ | 1,215,173,000.46 | $ | 1,224,328,500.25 | $ | 1,232,752,734.76 | $ | 1,239,726,330.56 | |||||||||||||||
(+) | Cash Capitalization Account Balance (CI) | $ | 74,242,876.07 | $ | 74,242,876.07 | $ | 102,590,156.00 | $ | 102,590,156.00 | $ | 102,590,156.00 | $ | 102,590,156.00 | |||||||||||||||
(=) | Asset Balance | $ | 1,266,985,081.06 | $ | 1,279,922,826.98 | $ | 1,317,763,156.46 | $ | 1,326,918,656.25 | $ | 1,335,342,890.76 | $ | 1,342,316,486.56 |
15
XIX. 2003-B Payment History and CPRs
Distribution | Actual | Since Issued | ||||||
Date | Pool Balances | CPR * | ||||||
Sep-03 | $ | 1,243,606,462 | 2.25 | % | ||||
Dec-03 | $ | 1,239,726,331 | 2.34 | % | ||||
Mar-04 | $ | 1,232,752,735 | 2.35 | % | ||||
Jun-04 | $ | 1,224,328,500 | 2.40 | % | ||||
Sep-04 | $ | 1,215,173,000 | 2.42 | % | ||||
Dec-04 | $ | 1,205,679,951 | 2.71 | % | ||||
Mar-05 | $ | 1,192,742,205 | 2.63 | % |
* “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