December 30, 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
December 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
December 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
December 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
December 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
December 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: December 30, 2003
By: __________________________________
Name: /s/ Matt Pechulis
Title: Vice President & Assistant Secretary
EX-1
DEUTSCHE FINANCIAL SERVICES CORPORATION - - RV TRUST 1999-1
Accounting Date: 10-Dec-03
Determination Date: 12-Dec-03
Monthly Payment Date: 15-Dec-03
Collection Period Ending: 30-Nov-03
I. COLLECTION ACCOUNT SUMMARY
Total Available Funds
Principal and Interest Payments Received (including Prepayments) 8,140,085.51
Net Liquidation Proceeds (including Rebates/Insurance Amounts) 98,084.81
Current Monthly Interest Shortfall/Excess 144,491.25
Recoup of Collection Expenses -6,445.31
Amount of Withdrawal, if any, from Reserve Account 0.00
Purchase Amounts for Repurchased Receivables 0.00
TOTAL AVAILABLE FUNDS 8,376,216.26
II. SIMPLE INTEREST EXCESS OR SHORTFALLS
Amount of Interest Payments Due During the Collection Period for Receivables 1,622,826.90
Amount of Interest Payments Received During the Collection Period 1,478,335.65
for Receivables
Amount of Current Month Simple Interest Excess/Shortfall 144,491.25
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 4,772.82
Withdrawals from Reserve Account due to Servicer (to the extent that the Specified Reserve Account Balance -4,772.82
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 1,478,335.65
Scheduled Principal Payments Received 1,690,944.90
Principal Prepayments Received 4,970,804.96
Total Interest and Principal Payments Received 8,140,085.51
b) Liquidation Proceeds
Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 111,132.84
minus Reasonable Expenses 13,048.03
Net Liquidation Proceeds 98,084.81
Amount Allocable to Interest 0.00
Amount Allocable to Principal 98,084.81
c) Purchase Amount - Loans Repurchased from Trust
Amount Allocable to Interest 0.00
Amount Allocable to Principal 0.00
TOTAL COLLECTED FUNDS 8,238,170.32
V. CALCULATION OF SERVICING AND TRUSTEE FEES
Pool Balance of Receivables as of the First Day of Collection Period 229,573,882.55
multiplied by Servicer Fee Rate 0.50%
divided by Months per Year 12
SERVICING FEE AMOUNT 95,655.78
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 229,573,882.55
Pool Balance as of the Current Accounting Date 222,306,443.67
Age of Pool in Months 57
a.2)Aggregate Note Balance
Aggregate Note Balance as of Preceding Accounting Date 227,278,143.72
Aggregate Note Balance as of Current Accounting Date 220,083,379.23
b)
Current Month Number of Loans Principal Balance Percentage
30-59 Days Delinquent 54 1,739,403.37 0.782%
60-89 Days Delinquent 17 637,310.78 0.287%
90-119 Days Delinquent 20 1,147,648.11 0.516%
120+ Days Delinquent 0 0.00 0.000%
Defaults for Current Per 13 605,689.02 0.272%
Cumulative Defaults 1095 43,056,343.05 4.306%
Cumulative Recoveries 17,553,967.12 1.755%
Current Period Realized Losses
Current Month Realized Losses 599,183.02
Current Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.060%
Preceding Realized Losses 606,771.14
Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.061%
Second Preceding Realized Losses 595,968.50
Second Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.060%
Cumulative Realized Losses 25,502,375.93
Cumulative Realized Losses as Percentage of Initial Pool Balance 2.551%
VII. DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT
Total Pool Factor 0.22230569
Note Pool Factor 0.22008338
a) Monthly Servicing Fee and any unpaid servicing fee from prior Monthly Payment Dates 18,936.08
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-5 586,612.92
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-5 117,912,143.7 7,194,764.49 110,717,379.23
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 72,674.39
Excess Spread Received -72,674.39
VIII.POOL STATISTICS
Weighted Average Coupon (WAC) 8.85%
Weighted Average Remaining Maturity (WAM) 117
TOTAL DISTRIBUTION AMOUNT (Serv Fee+Note Int+Note Prin+Recaptured Principal+Reserve Deposit) 8,376,216.26
Plus: Trustee Fee 1,041.67
TOTAL WIRE TO CHASE 8,377,257.93
Amount Due To Servicer (Excess Spread and Recoup of O/C) 0.00
EX-1
DEUTSCHE FINANCIAL SERVICES CORPORATION - - MARINE TRUST 1999-2
Accounting Date: 10-Dec-03
Determination Date: 12-Dec-03
Monthly Payment Date: 15-Dec-03
Collection Period Ending: 30-Nov-03
I. COLLECTION ACCOUNT SUMMARY
Total Available Funds
Principal and Interest Payments Received (including Prepayments) 4,404,591.35
Net Liquidation Proceeds (including Rebates/Insurance Amounts) 215,104.87
Current Monthly Interest Shortfall/Excess 74,522.75
Recoup of Collection Expenses -1,610.50
Amount of Withdrawal, (to the extent that there are shortfalls on payments of Interest or Principal), from Res 0.00
Purchase Amounts for Repurchased Receivables 0.00
TOTAL AVAILABLE FUNDS 4,692,608.47
II. SIMPLE INTEREST EXCESS OR SHORTFALLS
Amount of Interest Payments Due During the Collection Period for Receivables 850,803.66
Amount of Interest Payments Received During the Collection Period 776,280.91
for Receivables
Amount of Current Month Simple Interest Excess/Shortfall 74,522.75
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 7,000.11
Withdrawals from Reserve Account due to Servicer (to the extent that the Specified Reserve Account Balance -7,000.11
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 776,280.91
Scheduled Principal Payments Received 690,831.51
Principal Prepayments Received 2,937,478.93
Total Interest and Principal Payments Received 4,404,591.35
b) Liquidation Proceeds
Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 267,559.42
minus Reasonable Expenses 52,454.55
Net Liquidation Proceeds 215,104.87
Amount Allocable to Interest 0.00
Amount Allocable to Principal 215,104.87
c) Purchase Amount - Loans Repurchased from Trust
Amount Allocable to Interest 0.00
Amount Allocable to Principal 0.00
TOTAL COLLECTED FUNDS 4,619,696.22
V. CALCULATION OF SERVICING AND TRUSTEE FEES
Pool Balance of Receivables as of the First Day of Collection Period 127,320,973.76
multiplied by Servicer Fee Rate 0.50%
divided by Months per Year 12
SERVICING FEE AMOUNT 53,050.41
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 127,320,973.76
Pool Balance as of the Current Accounting Date 123,417,923.22
Age of Pool in Months 55
a.2)Aggregate Note Balance
Aggregate Note Balance as of Preceding Accounting Date 124,774,554.28
Aggregate Note Balance as of Current Accounting Date 120,949,564.76
b)
Current Month Number of Loans Principal Balance Percentage
30-59 Days Delinquent 42 1,469,495.59 1.191%
60-89 Days Delinquent 12 254,862.44 0.207%
90-119 Days Delinquent 8 611,362.75 0.495%
120+ Days Delinquent 0 0.00 0.000%
Defaults for Current Per 7 274,740.10 0.223%
Cumulative Defaults 375 18,006,284.37 3.274%
Cumulative Recoveries 9,244,463.79 1.681%
Current Period Realized Losses
Current Month Realized Losses 274,740.10
Current Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.050%
Preceding Realized Losses 49,421.98
Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.009%
Second Preceding Realized Losses 140,939.22
Second Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.026%
Cumulative Realized Losses 8,761,820.58
Cumulative Realized Losses as Percentage of Initial Pool Balance 1.593%
VII. DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT
Total Pool Factor 0.22439618
Note Pool Factor 0.21990830
a) Monthly Servicing Fee and any unpaid servicing fee from prior Monthly Payment Dates 53,050.41
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 85,187.99
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
Class A-2 0.00 0.00 0.00
Class A-3 0.00 0.00 0.00
Class A-4 15,775,554.28 3,824,989.52 11,950,564.76
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 78,061.02
Excess Spread Received 21281.41
VIII.POOL STATISTICS
Weighted Average Coupon (WAC) 0.08
Weighted Average Remaining Maturity (WAM) 137.08
TOTAL DISTRIBUTION AMOUNT (Serv Fee+Note Int+Note Prin+Recaptured Principal+Reserve Deposit) 4,593,266
Plus: Trustee Fee 1041.67
TOTAL WIRE TO CHASE 4,594,307.71
Amount Due To Servicer (Excess Spread and Recoup of O/C) 99,342.43
EX-1
DEUTSCHE FINANCIAL SERVICES CORPORATION - - RV TRUST 1999-3
Accounting Date: 10-Dec-03
Determination Date: 12-Dec-03
Monthly Payment Date: 15-Dec-03
Collection Period Ending: 30-Nov-03
I. COLLECTION ACCOUNT SUMMARY
Total Available Funds
Principal and Interest Payments Received (including Prepayments) 3,971,056.62
Net Liquidation Proceeds (including Rebates/Insurance Amounts) 156,134.36
Current Monthly Interest Shortfall/Excess 88,356.48
Recoup of Collection Expenses -3,380.95
Amount of Withdrawal, if any, from Reserve Account 0.00
Purchase Amounts for Repurchased Receivables 0.00
TOTAL AVAILABLE FUNDS 4,212,166.51
II. SIMPLE INTEREST EXCESS OR SHORTFALLS
Amount of Interest Payments Due During the Collection Period for Receivables 831,927.64
Amount of Interest Payments Received During the Collection Period 743,571.16
for Receivables
Amount of Current Month Simple Interest Excess/Shortfall 88,356.48
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 1,787.55
Withdrawals from Reserve Account due to Servicer (to the extent that the Specified Reserve Account Balance -1,787.55
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 743,571.48
Scheduled Principal Payments Received 922,150.07
Principal Prepayments Received 2,305,335.07
Total Interest and Principal Payments Received 3,971,056.62
b) Liquidation Proceeds
Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 168,598.90
minus Reasonable Expenses 12,464.54
Net Liquidation Proceeds 156,134.36
Amount Allocable to Interest 0.00
Amount Allocable to Principal 156,134.36
c) Purchase Amount - Loans Repurchased from Trust
Amount Allocable to Interest 0.00
Amount Allocable to Principal 0.00
TOTAL COLLECTED FUNDS 4,127,190.98
V. CALCULATION OF SERVICING AND TRUSTEE FEES
Pool Balance of Receivables as of the First Day of Collection Period 116,981,586.30
multiplied by Servicer Fee Rate 0.50%
divided by Months per Year 12
SERVICING FEE AMOUNT 48,742.33
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 116,981,586.30
Pool Balance as of the Current Accounting Date 113,537,956.90
Age of Pool in Months 53
a.2)Aggregate Note Balance
Aggregate Note Balance as of Preceding Accounting Date 115,811,770.44
Aggregate Note Balance as of Current Accounting Date 112,402,577.33
b)
Current Month Number of Loans Principal Balance Percentage
30-59 Days Delinquent 34 537,221.47 0.473%
60-89 Days Delinquent 8 901,520.12 0.794%
90-119 Days Delinquent 9 313,421.86 0.276%
120+ Days Delinquent 0 0.00 0.000%
Defaults for Current Per 9 216,144.26 0.190%
Cumulative Defaults 414 14,705,613.98 12.952%
Current Period Realized Losses
Current Month Realized Losses 216,144.26
Current Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.058%
Preceding Realized Losses 234,260.28
Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.063%
Second Preceding Realized Losses 188,152.85
Second Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.050%
Cumulative Realized Losses 12,379,424.10
Cumulative Realized Losses as Percentage of Initial Pool Balance 3.305%
VII. DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT
Total Pool Factor 0.30314700
Note Pool Factor 0.30011555
a) Monthly Servicing Fee and any unpaid servicing fee from prior Monthly Payment Dates 48,742.33
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 36,163.64
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 6,525,770.44 3,409,193.11 3,116,577.33
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 34,436.29
Excess Spread Received 52,061.65
VIII.POOL STATISTICS
Weighted Average Coupon (WAC) 8.89%
Weighted Average Remaining Maturity (WAM) 128
TOTAL DISTRIBUTION AMOUNT (Serv Fee+Note Int+Note Prin+Recaptured Principal+Reserve Deposit) 4,125,668.57
Plus: Trustee Fee 708.33
TOTAL WIRE TO CHASE 4,126,376.90
Amount Due To Servicer (Excess Spread and Recoup of O/C) 86,497.94
EX-1
DEUTSCHE FINANCIAL SERVICES CORPORATION - - RV/MARINE TRUST 2001-1
Accounting Date: 10-Dec-03
Determination Date: 12-Dec-03
Monthly Payment Date: 15-Dec-03
Collection Period Ending: 30-Nov-03
I. COLLECTION ACCOUNT SUMMARY
Total Available Funds
Principal and Interest Payments Received (including Prepayments) 7,789,603.85
Net Liquidation Proceeds (including Rebates/Insurance Amounts) 501,548.92
Current Monthly Interest Shortfall/Excess 157,361.99
Recoup of Collection Expenses -7,824.54
Amount of Withdrawal, if any, from Reserve Account 0.00
Purchase Amounts for Repurchased Receivables 0.00
TOTAL AVAILABLE FUNDS 8,440,690.22
II. SIMPLE INTEREST EXCESS OR SHORTFALLS
Amount of Interest Payments Due During the Collection Period for Receivables 1,822,229.28
Amount of Interest Payments Received During the Collection Period 1,664,867.29
for Receivables
Amount of Current Month Simple Interest Excess/Shortfall 157,361.99
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 3,951,451.83
Deposits to Reserve Account (only if Reserve Account is less than the Specified Reserve Account Balance) 19,552.17
Withdrawals from Reserve Account (to the extent that there are shortfalls on payments of Interest or Principal 0.00
Reserve Account Investment Earnings 2,877.39
Withdrawals from Reserve Account due to Servicer (to the extent that the Specified Reserve Account Balance -2,877.39
has been met)
Amount in Reserve Account as of Determination Date (excluding amount to be paid on next Payment Date) 3,971,004.00
Total Ending Reserve Balance 3,971,004.00
IV. COLLECTIONS ON RECEIVABLES
a) Interest and Principal Payments Received
Interest Payments Received 1,664,867.29
Scheduled Principal Payments Received 1,398,351.06
Principal Prepayments Received 4,726,385.50
Total Interest and Principal Payments Received 7,789,603.85
b) Liquidation Proceeds
Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 571,363.46
minus Reasonable Expenses 69,814.54
Net Liquidation Proceeds 501,548.92
Amount Allocable to Interest 0.00
Amount Allocable to Principal 501,548.92
c) Purchase Amount - Loans Repurchased from Trust
Amount Allocable to Interest 0.00
Amount Allocable to Principal 0.00
TOTAL COLLECTED FUNDS 8,291,152.77
V. CALCULATION OF SERVICING AND TRUSTEE FEES
Pool Balance of Receivables as of the First Day of Collection Period 246,832,701.50
multiplied by Servicer Fee Rate 0.75%
divided by Months per Year 12
SERVICING FEE AMOUNT 154,270.44
VI. POOL BALANCE AND PORTFOLIO PERFORMANCE
a) Pool Balance
Initial Pool Balance 529,467,226.64
Pool Balance as of Preceding Accounting Date 246,832,701.50
Pool Balance as of the Current Accounting Date 240,261,080.10
Age of Pool in Months 25
a.2)Aggregate Note Balance
Aggregate Note Balance as of Preceding Accounting Date 246,832,701.50
Aggregate Note Balance as of Current Accounting Date 240,261,080.10
b)
Current Month Number of Loans Principal Balance Percentage
30-59 Days Delinquent 63 1,336,497.70 0.556%
60-89 Days Delinquent 26 1,466,308.29 0.610%
90-119 Days Delinquent 10 377,092.98 0.157%
120+ Days Delinquent 0 0.00 0.000%
Defaults for Current Per 15 446,884.84 0.186%
Cumulative Defaults 334 13,312,852.28 2.514%
Cumulative Recoveries 5,121,525.68 0.967%
Current Period Realized Losses
Current Month Realized Losses 446,884.84
Current Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.033%
Preceding Realized Losses 399,789.28
Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.076%
Second Preceding Realized Losses 331,252.01
Second Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.063%
Cumulative Realized Losses 8,191,326.60
Cumulative Realized Losses as Percentage of Initial Pool Balance 1.547%
VII. DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT
Total Pool Factor 0.45377895
Note Pool Factor 0.44271435
a) Monthly Servicing Fee and any unpaid servicing fee from prior Monthly Payment Dates 154,270.44
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-3 146,674.17
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 37,132,701.50 6,571,621.40 30,561,080.10
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 501,442.46
VIII.POOL STATISTICS
Weighted Average Coupon (WAC) 9.20%
Weighted Average Remaining Maturity (WAM) 151
TOTAL DISTRIBUTION AMOUNT (Serv Fee+Note Int+Note Prin+Reserve Deposit) 7,939,247.76
TOTAL WIRE TO HSBC 7,939,247.76
Amount Due To Servicer 481,890.29