November 28, 2003
Securities and Exchange Commission
450 Fifth Street, N.W.
Judiciary Plaza
Washington, D.C. 20549
Re: Form 8-K Deutsche Recreational Asset Funding Corporation
Registration No. 333-56303
On behalf of Deutsche Recreational Asset Funding Corporation, a Nevada
corporation ("Registrant"), I am transmitting herewith for filing, pursuant
to the requirements of the Securities and Exchange Commission's Electronic
Data Gathering, Analysis and Retrieval System, Form 8-K.
Please send either confirmation or suspense notification to e:mail address
Darius.Ilgunas@etrade.com at your earliest convenience.
Sincerely,
/s/ Matt Pechulis
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
November 15, 2003
(Date of earliest event reported)
DEUTSCHE RECREATIONAL ASSET FUNDING CORPORATION
(Exact name of registrant as specified in its charter)
Nevada 333-56303 91-1904587
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) identification No.)
101 Convention Center Drive
STE 850
Las Vegas, Nevada 89109
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (702) 385-1668
Item 5. Other Events.
Copies of the monthly payment date statements to noteholders, as required by
the Transfer and Servicing Agreement are being filed as Exhibits 1, 2, 3 & 4
of this current report on Form 8-K.
Item 7.(c). Exhibits.
Exhibit
Number Document Description
EX-1 Distribution Financial Services RV Trust 1999-1
November 15, 2003 Payment Date Statement to Noteholders
Per Section 5.08 of the Transfer and Servicing Agreement
EX-2 Distribution Financial Services Marine Trust 1999-2
November 15, 2003 Payment Date Statement to Noteholders
Per Section 5.08 of the Transfer and Servicing Agreement
EX-3 Distribution Financial Services RV Trust 1999-3
November 15, 2003 Payment Date Statement to Noteholders
Per Section 5.08 of the Transfer and Servicing Agreement
EX-4 Distribution Financial Services RV/Marine Trust 2001-1
November 15, 2003 Payment Date Statement to Noteholders
Per Section 5.08 of the Transfer and Servicing Agreement
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
DEUTSCHE RECREATIONAL ASSET FUNDING CORPORATION
(Registrant)
Date: November 28, 2003
By: __________________________________
Name: /s/ Matt Pechulis
Title: Vice President & Assistant Secretary
EX-1
DEUTSCHE FINANCIAL SERVICES CORPORATION - - RV TRUST 1999-1
Accounting Date: 10-Nov-03
Determination Date: 14-Nov-03
Monthly Payment Date: 17-Nov-03
Collection Period Ending: 31-Oct-03
I. COLLECTION ACCOUNT SUMMARY
Total Available Funds
Principal and Interest Payments Received (including Prepayments) 9,281,931.54
Net Liquidation Proceeds (including Rebates/Insurance Amounts) 137,202.79
Current Monthly Interest Shortfall/Excess -13,684.35
Recoup of Collection Expenses 4,850.00
Amount of Withdrawal, if any, from Reserve Account 0.00
Purchase Amounts for Repurchased Receivables 0.00
TOTAL AVAILABLE FUNDS 9,410,299.98
II. SIMPLE INTEREST EXCESS OR SHORTFALLS
Amount of Interest Payments Due During the Collection Period for Receivables 1,730,399.97
Amount of Interest Payments Received During the Collection Period 1,744,084.32
for Receivables
Amount of Current Month Simple Interest Excess/Shortfall -13,684.35
III. CALCULATION OF RESERVE ACCOUNT DEPOSIT/WITHDRAWALS
Specified Reserve Account Balance (2% of the preceding Collection Period Pool Balance, not less than .75% 7,500,025.52
of the Initial Pool Balance and not more than the outstanding principal balance of the Notes)
Beginning Reserve Account Balance 7,500,025.52
Deposits to Reserve Account (only if Reserve Account is less than the Specified Reserve Account Balance) 0.00
Withdrawals from Reserve Account (to the extent that there are shortfalls on payments of Interest or Principal 0.00
Reserve Account Investment Earnings 5,265.61
Withdrawals from Reserve Account due to Servicer (to the extent that the Specified Reserve Account Balance -5,265.61
and over-collateralization amounts has been met)
Amount in Reserve Account as of Determination Date (excluding amount to be paid on next Payment Date) 7,500,025.52
Total Ending Reserve Balance 7,500,025.52
IV. COLLECTIONS ON RECEIVABLES
a) Interest and Principal Payments Received
Interest Payments Received 1,744,084.32
Scheduled Principal Payments Received 2,291,054.48
Principal Prepayments Received 5,246,792.74
Total Interest and Principal Payments Received 9,281,931.54
b) Liquidation Proceeds
Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 145,729.29
minus Reasonable Expenses 8,526.50
Net Liquidation Proceeds 137,202.79
Amount Allocable to Interest 0.00
Amount Allocable to Principal 137,202.79
c) Purchase Amount - Loans Repurchased from Trust
Amount Allocable to Interest 0.00
Amount Allocable to Principal 0.00
TOTAL COLLECTED FUNDS 9,419,134.33
V. CALCULATION OF SERVICING AND TRUSTEE FEES
Pool Balance of Receivables as of the First Day of Collection Period 237,718,500.91
multiplied by Servicer Fee Rate 0.50%
divided by Months per Year 12
SERVICING FEE AMOUNT 99,049.38
TRUSTEE FEE AMOUNT (CONSTANT MONTHLY FIGURE) 1,041.67
VI. POOL BALANCE AND PORTFOLIO PERFORMANCE
a) Pool Balance
Initial Pool Balance 1,000,003,402.96
Pool Balance as of Preceding Accounting Date 237,718,500.91
Pool Balance as of the Current Accounting Date 229,573,882.55
Age of Pool in Months 56
a.2)Aggregate Note Balance
Aggregate Note Balance as of Preceding Accounting Date 235,341,315.90
Aggregate Note Balance as of Current Accounting Date 227,278,143.72
b)
Current Month Number of Loans Principal Balance Percentage
30-59 Days Delinquent 47 1,203,398.11 0.524%
60-89 Days Delinquent 23 1,254,574.61 0.546%
90-119 Days Delinquent 10 526,619.57 0.229%
120+ Days Delinquent 0 0.00 0.000%
Defaults for Current Per 14 606,771.14 0.264%
Cumulative Defaults 1079 42,378,221.63 4.238%
Cumulative Recoveries 17,455,882.31 1.746%
Current Period Realized Losses
Current Month Realized Losses 606,771.14
Current Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.061%
Preceding Realized Losses 595,968.50
Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.060%
Second Preceding Realized Losses 504,939.34
Second Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.050%
Cumulative Realized Losses 24,922,339.32
Cumulative Realized Losses as Percentage of Initial Pool Balance 2.492%
VII. DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT
Total Pool Factor 0.22957310
Note Pool Factor 0.22727814
a) Monthly Servicing Fee and any unpaid servicing fee from prior Monthly Payment Dates 99,049.38
Servicer Reimbursements for Mistaken Deposits or Posting of Checks Returned for Insufficient Funds (not Otherwi 0.00
b) Noteholders' Monthly Interest Distributable Amount
Class A-1 0.00
Class A-2 0.00
Class A-3 0.00
Class A-4 0.00
Class A-5 626,727.20
Class A-6 322,902.77
Class B 132,500.00
Class C 120,500.00
Noteholders' Monthly
Beginning Principal Distribu Ending
Balance Amount Balance
Class A-1 0.00 0.00 0.00
Class A-2 0.00 0.00 0.00
Class A-3 0.00 0.00 0.00
Class A-4 0.00 0.00 0.00
Class A-5 125,975,315.9 8,063,172.18 117,912,143.72
Class A-6 64,366,000.00 0.00 64,366,000.00
Class B 25,000,000.00 0.00 25,000,000.00
Class C 20,000,000.00 0.00 20,000,000.00
c) Recaptured Principal from Overcollateralization 81,446.18
Excess Spread Received -35,997.73
VIII.POOL STATISTICS
Weighted Average Coupon (WAC) 8.88%
Weighted Average Remaining Maturity (WAM) 117
TOTAL DISTRIBUTION AMOUNT (Serv Fee+Note Int+Note Prin+Recaptured Principal+Reserve Deposit) 9,410,299.98
Plus: Trustee Fee 1,041.67
TOTAL WIRE TO CHASE 9,365,893.18
Amount Due To Servicer (Excess Spread and Recoup of O/C) 45,448.47
EX-2
DEUTSCHE FINANCIAL SERVICES CORPORATION - - MARINE TRUST 1999-2
Accounting Date: 10-Nov-03
Determination Date: 14-Nov-03
Monthly Payment Date: 17-Nov-03
Collection Period Ending: 31-Oct-03
I. COLLECTION ACCOUNT SUMMARY
Total Available Funds
Principal and Interest Payments Received (including Prepayments) 4,396,565.30
Net Liquidation Proceeds (including Rebates/Insurance Amounts) 42,508.10
Current Monthly Interest Shortfall/Excess 2,019.70
Recoup of Collection Expenses 0.00
Amount of Withdrawal, (to the extent that there are shortfalls on payments of Interest or Principal), from Rese 0.00
Purchase Amounts for Repurchased Receivables 0.00
TOTAL AVAILABLE FUNDS 4,441,093.10
II. SIMPLE INTEREST EXCESS OR SHORTFALLS
Amount of Interest Payments Due During the Collection Period for Receivables 912,203.33
Amount of Interest Payments Received During the Collection Period 910,183.63
for Receivables
Amount of Current Month Simple Interest Excess/Shortfall 2,019.70
III. CALCULATION OF RESERVE ACCOUNT DEPOSIT/WITHDRAWALS
Specified Reserve Account Balance (4% of the preceding Collection Period Pool Balance, not less than 2% 11,000,002.18
of the Initial Pool Balance and not more than the outstanding principal balance of the Notes)
Beginning Reserve Account Balance 11,000,002.18
Deposits to Reserve Account (only if Reserve Account is less than the Specified Reserve Account Balance) 0.00
Withdrawals from Reserve Account (to the extent that there are shortfalls on payments of Interest or Principal) 0.00
Reserve Account Investment Earnings 7,722.85
Withdrawals from Reserve Account due to Servicer (to the extent that the Specified Reserve Account Balance -7,722.85
and over-collateralization amounts has been met)
Amount in Reserve Account as of Determination Date (excluding amount to be paid on next Payment Date) 11,000,002.18
Total Ending Reserve Balance 11,000,002.18
IV. COLLECTIONS ON RECEIVABLES
a) Interest and Principal Payments Received
Interest Payments Received 910,183.63
Scheduled Principal Payments Received 1,070,755.44
Principal Prepayments Received 2,415,626.23
Total Interest and Principal Payments Received 4,396,565.30
b) Liquidation Proceeds
Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 54,785.04
minus Reasonable Expenses 12,276.94
Net Liquidation Proceeds 42,508.10
Amount Allocable to Interest 0.00
Amount Allocable to Principal 42,508.10
c) Purchase Amount - Loans Repurchased from Trust
Amount Allocable to Interest 0.00
Amount Allocable to Principal 0.00
TOTAL COLLECTED FUNDS 4,439,073.40
V. CALCULATION OF SERVICING AND TRUSTEE FEES
Pool Balance of Receivables as of the First Day of Collection Period 130,856,777.41
multiplied by Servicer Fee Rate 0.50%
divided by Months per Year 12
SERVICING FEE AMOUNT 54,523.66
TRUSTEE FEE AMOUNT (CONSTANT MONTHLY FIGURE) 1,041.67
VI. POOL BALANCE AND PORTFOLIO PERFORMANCE
a) Pool Balance
Initial Pool Balance 550,000,109.03
Pool Balance as of Preceding Accounting Date 130,856,777.41
Pool Balance as of the Current Accounting Date 127,320,973.76
Age of Pool in Months 54
a.2)Aggregate Note Balance
Aggregate Note Balance as of Preceding Accounting Date 128,239,641.86
Aggregate Note Balance as of Current Accounting Date 124,774,554.28
b)
Current Month Number of Loans Principal Balance Percentage
30-59 Days Delinquent 26 562,214.27 0.442%
60-89 Days Delinquent 6 480,561.28 0.377%
90-119 Days Delinquent 7 274,740.10 0.216%
120+ Days Delinquent 0 0.00 0.000%
Defaults for Current Per 3 49,421.98 0.039%
Cumulative Defaults 368 17,731,544.27 3.224%
Cumulative Recoveries 9,029,358.92 1.642%
Current Period Realized Losses
Current Month Realized Losses 49,421.80
Current Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.009%
Preceding Realized Losses 140,939.22
Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.026%
Second Preceding Realized Losses 104,985.55
Second Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.019%
Cumulative Realized Losses 8,702,185.35
Cumulative Realized Losses as Percentage of Initial Pool Balance 1.582%
VII. DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT
Total Pool Factor 0.23149263
Note Pool Factor 0.22686283
a) Monthly Servicing Fee and any unpaid servicing fee from prior Monthly Payment Dates 54,523.66
Servicer Reimbursements for Mistaken Deposits or Posting of Checks Returned for Insufficient Funds (not Otherwis 0.00
b) Noteholders' Monthly Interest Distributable Amount
Class A-1 0.00
Class A-2 0.00
Class A-3 0.00
Class A-4 103,899.47
Class A-5 299,946.45
Class B 190,575.00
Class C 139,516.67
Noteholders' Monthly
Beginning Principal Distribu Ending
Balance Amount Balance
Class A-1 0.00 0.00 0.00
Class A-2 0.00 0.00 0.00
Class A-3 0.00 0.00 0.00
Class A-4 19,240,641.86 3,465,087.58 15,775,554.28
Class A-5 53,999,000.00 0.00 53,999,000.00
Class B 33,000,000.00 0.00 33,000,000.00
Class C 22,000,000.00 0.00 22,000,000.00
c) Recaptured Principal from Overcollateralization 70,716.07
Excess Spread Received 116,828.20
VIII.POOL STATISTICS
Weighted Average Coupon (WAC) 8.35%
Weighted Average Remaining Maturity (WAM) 137
TOTAL DISTRIBUTION AMOUNT (Serv Fee+Note Int+Note Prin+Recaptured Principal+Reserve Deposit) 4,441,093.10
Plus: Trustee Fee 1,041.67
TOTAL WIRE TO CHASE 4,254,590.50
Amount Due To Servicer (Excess Spread and Recoup of O/C) 187,544.27
EX-3
DEUTSCHE FINANCIAL SERVICES CORPORATION - - RV TRUST 1999-3
Accounting Date: 10-Nov-03
Determination Date: 14-Nov-03
Monthly Payment Date: 17-Nov-03
Collection Period Ending: 31-Oct-03
I. COLLECTION ACCOUNT SUMMARY
Total Available Funds
Principal and Interest Payments Received (including Prepayments) 4,735,600.14
Net Liquidation Proceeds (including Rebates/Insurance Amounts) 76,970.94
Current Monthly Interest Shortfall/Excess -22,533.21
Recoup of Collection Expenses 608.85
Amount of Withdrawal, if any, from Reserve Account 0.00
Purchase Amounts for Repurchased Receivables 0.00
TOTAL AVAILABLE FUNDS 4,790,646.72
II. SIMPLE INTEREST EXCESS OR SHORTFALLS
Amount of Interest Payments Due During the Collection Period for Receivables 889,484.61
Amount of Interest Payments Received During the Collection Period 912,017.82
for Receivables
Amount of Current Month Simple Interest Excess/Shortfall -22,533.21
III. CALCULATION OF RESERVE ACCOUNT DEPOSIT/WITHDRAWALS
Specified Reserve Account Balance (2% of the preceding Collection Period Pool Balance, not less than .75% 2,808,982.68
of the Initial Pool Balance and not more than the outstanding principal balance of the Notes)
Beginning Reserve Account Balance 2,808,982.68
Deposits to Reserve Account (only if Reserve Account is less than the Specified Reserve Account Balance) 0.00
Withdrawals from Reserve Account (to the extent that there are shortfalls on payments of Interest or Principal) 0.00
Reserve Account Investment Earnings 1,972.09
Withdrawals from Reserve Account due to Servicer (to the extent that the Specified Reserve Account Balance -1,972.09
and over-collateralization amounts has been met)
Amount in Reserve Account as of Determination Date (excluding amount to be paid on next Payment Date) 2,808,982.68
Total Ending Reserve Balance 2,808,982.68
IV. COLLECTIONS ON RECEIVABLES
a) Interest and Principal Payments Received
Interest Payments Received 912,017.82
Scheduled Principal Payments Received 1,110,930.52
Principal Prepayments Received 2,712,651.80
Total Interest and Principal Payments Received 4,735,600.14
b) Liquidation Proceeds
Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 80,000.79
minus Reasonable Expenses 3,029.85
Net Liquidation Proceeds 76,970.94
Amount Allocable to Interest 0.00
Amount Allocable to Principal 76,970.94
c) Purchase Amount - Loans Repurchased from Trust
Amount Allocable to Interest 0.00
Amount Allocable to Principal 0.00
TOTAL COLLECTED FUNDS 4,812,571.08
V. CALCULATION OF SERVICING AND TRUSTEE FEES
Pool Balance of Receivables as of the First Day of Collection Period 121,040,020.90
multiplied by Servicer Fee Rate 0.50%
divided by Months per Year 12
SERVICING FEE AMOUNT 50,433.34
TRUSTEE FEE AMOUNT (CONSTANT MONTHLY FIGURE) 708.33
VI. POOL BALANCE AND PORTFOLIO PERFORMANCE
a) Pool Balance
Initial Pool Balance 374,531,023.45
Pool Balance as of Preceding Accounting Date 121,040,020.90
Pool Balance as of the Current Accounting Date 116,981,586.30
Age of Pool in Months 52
a.2)Aggregate Note Balance
Aggregate Note Balance as of Preceding Accounting Date 119,829,620.69
Aggregate Note Balance as of Current Accounting Date 115,811,770.44
b)
Current Month Number of Loans Principal Balance Percentage
30-59 Days Delinquent 32 819,874.87 0.588%
60-89 Days Delinquent 10 402,129.57 0.152%
90-119 Days Delinquent 8 189,875.91 0.214%
120+ Days Delinquent 0 0.00 0.000%
Defaults for Current Per 4 234,852.28 0.155%
Cumulative Defaults 405 14,489,469.72 3.869%
Cumulative Recoveries 6,462,500.55 1.725%
Current Period Realized Losses
Current Month Realized Losses 234,260.28
Current Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.063%
Preceding Realized Losses 188,152.85
Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.050%
Second Preceding Realized Losses 139,795.29
Second Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.037%
Cumulative Realized Losses 8,026,969.17
Cumulative Realized Losses as Percentage of Initial Pool Balance 2.143%
VII. DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT
Total Pool Factor 0.32317756
Note Pool Factor 0.31994580
a) Monthly Servicing Fee and any unpaid servicing fee from prior Monthly Payment Dates 58,891.80
Servicer Reimbursements for Mistaken Deposits or Posting of Checks Returned for Insufficient Funds (not Otherwise 0.00
b) Noteholders' Monthly Interest Distributable Amount
Class A-1 0.00
Class A-2 0.00
Class A-3 0.00
Class A-4 58,429.23
Class A-5 211,728.83
Class A-6 314,456.13
Class B 55,943.93
Class C 49,440.60
Noteholders' Monthly
Beginning Principal Distribu Ending
Balance Amount Balance
Class A-1 0.00 0.00 0.00
Class A-2 0.00 0.00 0.00
Class A-3 0.00 0.00 0.00
Class A-4 10,543,620.69 4,017,850.25 6,525,770.44
Class A-5 37,585,000.00 0.00 37,585,000.00
Class A-6 54,847,000.00 0.00 54,847,000.00
Class B 9,363,000.00 0.00 9,363,000.00
Class C 7,491,000.00 0.00 7,491,000.00
c) Recaptured Principal from Overcollateralization 40,584.35
Excess Spread Received -16,678.40
VIII. POOL STATISTICS
Weighted Average Coupon (WAC) 8.88%
Weighted Average Remaining Maturity (WAM) 128
TOTAL DISTRIBUTION AMOUNT (Serv Fee+Note Int+Note Prin+Recaptured Principal+Reserve Deposit) 4,790,646.72
Plus: Trustee Fee 708.33
TOTAL WIRE TO CHASE 4,767,449.10
Amount Due To Servicer (Excess Spread and Recoup of O/C) 23,905.95
EX-4
DEUTSCHE FINANCIAL SERVICES CORPORATION - - RV/MARINE TRUST 2001-1
Accounting Date: 10-Nov-03
Determination Date: 14-Nov-03
Monthly Payment Date: 17-Nov-03
Collection Period Ending: 31-Oct-03
I. COLLECTION ACCOUNT SUMMARY
Total Available Funds
Principal and Interest Payments Received (including Prepayments) 9,320,673.99
Net Liquidation Proceeds (including Rebates/Insurance Amounts) 344,268.73
Current Monthly Interest Shortfall/Excess -11,715.30
Recoup of Collection Expenses 0.00
Amount of Withdrawal, if any, from Reserve Account 0.00
Purchase Amounts for Repurchased Receivables 0.00
TOTAL AVAILABLE FUNDS 9,653,227.42
II. SIMPLE INTEREST EXCESS OR SHORTFALLS
Amount of Interest Payments Due During the Collection Period for Receivables 1,937,500.14
Amount of Interest Payments Received During the Collection Period 1,949,215.44
for Receivables
Amount of Current Month Simple Interest Excess/Shortfall -11,715.30
III. CALCULATION OF RESERVE ACCOUNT DEPOSIT/WITHDRAWALS
Reserve Account Required Amount (not more than the outstanding principal balance of the Notes) 3,971,004.00
Beginning Reserve Account Balance 3,472,652.06
Deposits to Reserve Account (only if Reserve Account is less than the Specified Reserve Account Balance) 478,799.77
Withdrawals from Reserve Account (to the extent that there are shortfalls on payments of Interest or Principal) 0.00
Reserve Account Investment Earnings 0.00
Withdrawals from Reserve Account due to Servicer (to the extent that the Specified Reserve Account Balance 0.00
has been met)
Amount in Reserve Account as of Determination Date (excluding amount to be paid on next Payment Date) 3,951,451.83
Total Ending Reserve Balance 3,971,004.00
IV. COLLECTIONS ON RECEIVABLES
a) Interest and Principal Payments Received
Interest Payments Received 1,949,215.44
Scheduled Principal Payments Received 1,881,648.19
Principal Prepayments Received 5,489,810.36
Total Interest and Principal Payments Received 9,320,673.99
b) Liquidation Proceeds
Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 362,232.38
minus Reasonable Expenses 17,963.65
Net Liquidation Proceeds 344,268.73
Amount Allocable to Interest 0.00
Amount Allocable to Principal 344,268.73
c) Purchase Amount - Loans Repurchased from Trust
Amount Allocable to Interest 0.00
Amount Allocable to Principal 0.00
TOTAL COLLECTED FUNDS 9,664,942.72
V. CALCULATION OF SERVICING AND TRUSTEE FEES
Pool Balance of Receivables as of the First Day of Collection Period 254,603,949.33
multiplied by Servicer Fee Rate 0.75%
divided by Months per Year 12
SERVICING FEE AMOUNT 159,127.47
VI. POOL BALANCE AND PORTFOLIO PERFORMANCE
a) Pool Balance
Initial Pool Balance 529,467,226.64
Pool Balance as of Preceding Accounting Date 254,603,949.33
Pool Balance as of the Current Accounting Date 246,832,701.50
Age of Pool in Months 24
a.2)Aggregate Note Balance
Aggregate Note Balance as of Preceding Accounting Date 254,603,949.33
Aggregate Note Balance as of Current Accounting Date 246,832,701.50
b)
Current Month Number of Loans Principal Balance Percentage
30-59 Days Delinquent 63 2,189,430.62 0.887%
60-89 Days Delinquent 10 547,765.03 0.222%
90-119 Days Delinquent 15 446,884.84 0.181%
120+ Days Delinquent 0 0.00 0.000%
Defaults for Current Per 11 399,789.28 0.162%
Cumulative Defaults 319 12,865,967.44 2.430%
Cumulative Recoveries 4,619,976.76 0.873%
Current Period Realized Losses
Current Month Realized Losses 399,789.28
Current Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.076%
Preceding Realized Losses 331,525.01
Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.063%
Second Preceding Realized Losses 559,253.86
Second Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.113%
Cumulative Realized Losses 8,245,990.68
Cumulative Realized Losses as Percentage of Initial Pool Balance 1.557%
VII. DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT
Total Pool Factor 0.46619071
Note Pool Factor 0.45823480
a) Monthly Servicing Fee and any unpaid servicing fee from prior Monthly Payment Dates 159,127.47
Servicer Reimbursements for Mistaken Deposits or Posting of Checks Returned for Insufficient Funds (not Otherwis 0.00
b) Noteholders' Monthly Interest Distributable Amount
Class A-1 0.00
Class A-2 0.00
Class A-3 177,370.60
Class A-4 448,875.00
Class A-5 373,205.42
Class B 106,255.75
Class C 52,993.50
Class D 85,352.08
Noteholders' Monthly
Beginning Principal Distribu Ending
Balance Amount Balance
Class A-1 0.00 0.00 0.00
Class A-2 0.00 0.00 0.00
Class A-3 44,903,949.30 7,771,247.83 37,132,701.47
Class A-4 95,000,000.00 0.00 95,000,000.00
Class A-5 72,350,000.00 0.00 72,350,000.00
Class B 19,830,000.00 0.00 19,830,000.00
Class C 9,270,000.00 0.00 9,270,000.00
Class D 13,250,000.00 0.00 13,250,000.00
c) Excess Spread Received 478,799.77
VIII.POOL STATISTICS
Weighted Average Coupon (WAC) 9.19%
Weighted Average Remaining Maturity (WAM) 152
TOTAL DISTRIBUTION AMOUNT (Serv Fee+Note Int+Note Prin+Reserve Deposit) 9,653,227.42
TOTAL WIRE TO HSBC 9,653,227.42
Amount Due To Servicer 0.00