January 23, 2004
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,
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
January 15, 2004
(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
January 15, 2004 Payment Date Statement to Noteholders
Per Section 5.08 of the Transfer and Servicing Agreement
EX-2 Distribution Financial Services Marine Trust 1999-2
January 15, 2004 Payment Date Statement to Noteholders
Per Section 5.08 of the Transfer and Servicing Agreement
EX-3 Distribution Financial Services RV Trust 1999-3
January 15, 2004 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
January 15, 2004 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: January 23, 2004
By: __________________________________
Name: /s/ Matt Pechulis
Title: Vice President & Assistant Secretary
EX-1
DEUTSCHE FINANCIAL SERVICES CORPORATION - - RV TRUST 1999-1
Accounting Date: 09-Jan-04
Determination Date: 12-Jan-04
Monthly Payment Date: 15-Jan-04
Collection Period Ending: 31-Dec-03
I. COLLECTION ACCOUNT SUMMARY
Total Available Funds
Principal and Interest Payments Received (including Prepayments) 8,617,174.45
Net Liquidation Proceeds (including Rebates/Insurance Amounts) 421,701.11
Current Monthly Interest Shortfall/Excess -147,277.33
Recoup of Collection Expenses -8,973.86
Amount of Withdrawal, if any, from Reserve Account 262,450.82
Purchase Amounts for Repurchased Receivables 0.00
TOTAL AVAILABLE FUNDS 9,145,075.19
II. SIMPLE INTEREST EXCESS OR SHORTFALLS
Amount of Interest Payments Due During the Collection Period for Receivables 1,585,893.99
Amount of Interest Payments Received During the Collection Period 1,733,171.32
for Receivables
Amount of Current Month Simple Interest Excess/Shortfall -147,277.33
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) 262,450.82
Reserve Account Investment Earnings 5,048.78
Withdrawals from Reserve Account due to Servicer (to the extent that the Specified Reserve Account Balance 0.00
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 7,242,623.48
IV. COLLECTIONS ON RECEIVABLES
a) Interest and Principal Payments Received
Interest Payments Received 1,733,171.32
Scheduled Principal Payments Received 1,953,107.97
Principal Prepayments Received 4,930,895.16
Total Interest and Principal Payments Received 8,617,174.45
b) Liquidation Proceeds
Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 467,531.57
minus Reasonable Expenses 45,830.46
Net Liquidation Proceeds 421,701.11
Amount Allocable to Interest 0.00
Amount Allocable to Principal 421,701.11
c) Purchase Amount - Loans Repurchased from Trust
Amount Allocable to Interest 0.00
Amount Allocable to Principal 0.00
TOTAL COLLECTED FUNDS 9,038,875.56
V. CALCULATION OF SERVICING AND TRUSTEE FEES
Pool Balance of Receivables as of the First Day of Collection Period 222,306,443.67
multiplied by Servicer Fee Rate 0.50%
divided by Months per Year 12
SERVICING FEE AMOUNT 92,627.68
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 222,306,443.67
Pool Balance as of the Current Accounting Date 214,207,096.74
Age of Pool in Months 58
a.2)Aggregate Note Balance
Aggregate Note Balance as of Preceding Accounting Date 220,083,379.23
Aggregate Note Balance as of Current Accounting Date 212,065,025.77
b)
Current Month Number of Loans Principal Balance Percentage
30-59 Days Delinquent 52 1,220,947.29 0.570%
60-89 Days Delinquent 15 887,922.73 0.415%
90-119 Days Delinquent 16 501,335.18 0.234%
120+ Days Delinquent 0 0.00 0.000%
Defaults for Current Per 20 1,215,343.80 0.567%
Cumulative Defaults 1115 44,271,686.85 4.427%
Cumulative Recoveries 17,975,668.23 1.798%
Current Period Realized Losses
Current Month Realized Losses 1,215,343.80
Current Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.122%
Preceding Realized Losses 599,183.02
Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.060%
Second Preceding Realized Losses 606,771.14
Second Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.061%
Cumulative Realized Losses 26,296,018.62
Cumulative Realized Losses as Percentage of Initial Pool Balance 2.630%
VII. DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT
Total Pool Factor 0.21420637
Note Pool Factor 0.21206503
a) Monthly Servicing Fee and any unpaid servicing fee from prior Monthly Payment Dates 0.00
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 0.00
Class A-5 550,818.96
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-5 110,717,379.2 8,018,353.46 102,699,025.77
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 80,993.47
Excess Spread Received -343,444.29
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) 9,145,075.19
Plus: Trustee Fee 1,041.67
Less: Reserve Withdrawl 262,450.82
TOTAL WIRE TO CHASE 8,883,666.04
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: 09-Jan-04
Determination Date: 12-Jan-04
Monthly Payment Date: 15-Jan-04
Collection Period Ending: 31-Dec-03
I. COLLECTION ACCOUNT SUMMARY
Total Available Funds
Principal and Interest Payments Received (including Prepayments) 4,289,995.08
Net Liquidation Proceeds (including Rebates/Insurance Amounts) 110,655.69
Current Monthly Interest Shortfall/Excess -68,271.61
Recoup of Collection Expenses -2,609.14
Amount of Withdrawal, (to the extent that there are shortfalls on payments of Interest or Principal), from Rese 327,685.59
Purchase Amounts for Repurchased Receivables 0.00
TOTAL AVAILABLE FUNDS 4,657,455.61
II. SIMPLE INTEREST EXCESS OR SHORTFALLS
Amount of Interest Payments Due During the Collection Period for Receivables 836,996.46
Amount of Interest Payments Received During the Collection Period 905,268.07
for Receivables
Amount of Current Month Simple Interest Excess/Shortfall -68,271.61
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) 327,685.59
Reserve Account Investment Earnings 7,404.84
Withdrawals from Reserve Account due to Servicer (to the extent that the Specified Reserve Account Balance 0.00
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 10,679,721.43
IV. COLLECTIONS ON RECEIVABLES
a) Interest and Principal Payments Received
Interest Payments Received 905,268.07
Scheduled Principal Payments Received 780,495.12
Principal Prepayments Received 2,604,231.89
Total Interest and Principal Payments Received 4,289,995.08
b) Liquidation Proceeds
Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 130,263.93
minus Reasonable Expenses 19,608.24
Net Liquidation Proceeds 110,655.69
Amount Allocable to Interest 0.00
Amount Allocable to Principal 110,655.69
c) Purchase Amount - Loans Repurchased from Trust
Amount Allocable to Interest 0.00
Amount Allocable to Principal 0.00
TOTAL COLLECTED FUNDS 4,400,650.77
V. CALCULATION OF SERVICING AND TRUSTEE FEES
Pool Balance of Receivables as of the First Day of Collection Period 123,417,923.22
multiplied by Servicer Fee Rate 0.50%
divided by Months per Year 12
SERVICING FEE AMOUNT 51,424.13
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 123,417,923.22
Pool Balance as of the Current Accounting Date 119,374,163.59
Age of Pool in Months 56
a.2)Aggregate Note Balance
Aggregate Note Balance as of Preceding Accounting Date 120,949,564.76
Aggregate Note Balance as of Current Accounting Date 116,986,680.32
b)
Current Month Number of Loans Principal Balance Percentage
30-59 Days Delinquent 28 1,086,129.83 0.910%
60-89 Days Delinquent 10 604,956.19 0.507%
90-119 Days Delinquent 10 384,049.87 0.322%
120+ Days Delinquent 0 0.00 0.000%
Defaults for Current Per 9 659,032.62 0.552%
Cumulative Defaults 384 18,665,316.99 3.394%
Cumulative Recoveries 9,355,119.48 1.701%
Current Month Realized Losses 659,032.62
Current Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.120%
Preceding Realized Losses 274,740.10
Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.050%
Second Preceding Realized Losses 49,421.98
Second Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.009%
Cumulative Realized Losses 9,310,197.51
Cumulative Realized Losses as Percentage of Initial Pool Balance 1.693%
VII. DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT
Total Pool Factor 0.21704389
Note Pool Factor 0.21270306
a) Monthly Servicing Fee and any unpaid servicing fee from prior Monthly Payment Dates 0.00
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 64,533.05
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 11,950,564.76 3,962,884.44 7,987,680.32
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 80,875.19
Excess Spread Received -408,560.78
VIII.POOL STATISTICS
Weighted Average Coupon (WAC) 8.29%
Weighted Average Remaining Maturity (WAM) 136
TOTAL DISTRIBUTION AMOUNT (Serv Fee+Note Int+Note Prin+Recaptured Principal+Reserve Deposit) 4,657,455.61
Plus: Trustee Fee 1,041.67
Less: Reserve Withdrawl 327,685.59
TOTAL WIRE TO CHASE 4,330,811.69
Amount Due To Servicer (Excess Spread and Recoup of O/C) 0.00
EX-1
DEUTSCHE FINANCIAL SERVICES CORPORATION - - RV TRUST 1999-3
Accounting Date: 09-Jan-04
Determination Date: 12-Jan-04
Monthly Payment Date: 15-Jan-04
Collection Period Ending: 31-Dec-03
I. COLLECTION ACCOUNT SUMMARY
Total Available Funds
Principal and Interest Payments Received (including Prepayments) 4,067,635.81
Net Liquidation Proceeds (including Rebates/Insurance Amounts) 182,514.96
Current Monthly Interest Shortfall/Excess -71,183.90
Recoup of Collection Expenses -1,384.22
Amount of Withdrawal, if any, from Reserve Account 0.00
Purchase Amounts for Repurchased Receivables 0.00
TOTAL AVAILABLE FUNDS 4,177,582.65
II. SIMPLE INTEREST EXCESS OR SHORTFALLS
Amount of Interest Payments Due During the Collection Period for Receivables 828,654.54
Amount of Interest Payments Received During the Collection Period 899,838.44
for Receivables
Amount of Current Month Simple Interest Excess/Shortfall -71,183.90
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 1,890.92
Withdrawals from Reserve Account due to Servicer (to the extent that the Specified Reserve Account Balance -1,890.92
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 899,838.44
Scheduled Principal Payments Received 801,856.63
Principal Prepayments Received 2,365,940.74
Total Interest and Principal Payments Received 4,067,635.81
b) Liquidation Proceeds
Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 206,974.86
minus Reasonable Expenses 24,459.90
Net Liquidation Proceeds 182,514.96
Amount Allocable to Interest 0.00
Amount Allocable to Principal 182,514.96
c) Purchase Amount - Loans Repurchased from Trust
Amount Allocable to Interest 0.00
Amount Allocable to Principal 0.00
TOTAL COLLECTED FUNDS 4,250,150.77
V. CALCULATION OF SERVICING AND TRUSTEE FEES
Pool Balance of Receivables as of the First Day of Collection Period 113,537,956.90
multiplied by Servicer Fee Rate 0.50%
divided by Months per Year 12
SERVICING FEE AMOUNT 47,307.48
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 113,537,956.90
Pool Balance as of the Current Accounting Date 110,058,712.12
Age of Pool in Months 54
a.2)Aggregate Note Balance
Aggregate Note Balance as of Preceding Accounting Date 112,402,577.33
Aggregate Note Balance as of Current Accounting Date 108,958,125.00
b)
Current Month Number of Loans Principal Balance Percentage
30-59 Days Delinquent 39 1,100,821.92 1.000%
60-89 Days Delinquent 12 196,182.23 0.178%
90-119 Days Delinquent 6 839,796.73 0.763%
120+ Days Delinquent 0 0.00 0.000%
Defaults for Current Per 8 311,447.41 0.283%
Cumulative Defaults 422 15,017,061.39 4.010%
Cumulative Recoveries 6,801,149.87 1.816%
Current Period Realized Losses
Current Month Realized Losses 311,447.41
Current Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.083%
Preceding Realized Losses 216,144.26
Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.058%
Second Preceding Realized Losses 234,260.28
Second Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.063%
Cumulative Realized Losses 8,215,911.52
Cumulative Realized Losses as Percentage of Initial Pool Balance 2.194%
VII. DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT
Total Pool Factor 0.29385740
Note Pool Factor 0.29091884
a) Monthly Servicing Fee and any unpaid servicing fee from prior Monthly Payment Dates 47,307.48
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 17,271.03
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 3,116,577.33 3,116,577.33 0.00
Class A-5 37,585,000.00 327,875.00 37,257,125.00
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 34,792.45
Excess Spread Received 2,189.87
VIII.POOL STATISTICS
Weighted Average Coupon (WAC) 8.89%
Weighted Average Remaining Maturity (WAM) 126
TOTAL DISTRIBUTION AMOUNT (Serv Fee+Note Int+Note Prin+Recaptured Principal+Reserve Deposit) 4,177,582.65
Plus: Trustee Fee 708.33
Less: Reserve Withdrawl
TOTAL WIRE TO CHASE 4,141,308.66
Amount Due To Servicer (Excess Spread and Recoup of O/C) 36,982.32
EX-1
DEUTSCHE FINANCIAL SERVICES CORPORATION - - RV/MARINE TRUST 2001-1
Accounting Date: 09-Jan-04
Determination Date: 12-Jan-04
Monthly Payment Date: 15-Jan-04
Collection Period Ending: 31-Dec-03
I. COLLECTION ACCOUNT SUMMARY
Total Available Funds
Principal and Interest Payments Received (including Prepayments) 10,100,107.44
Net Liquidation Proceeds (including Rebates/Insurance Amounts) 104,862.58
Current Monthly Interest Shortfall/Excess -135,854.33
Recoup of Collection Expenses -19,487.74
Amount of Withdrawal, if any, from Reserve Account 0.00
Purchase Amounts for Repurchased Receivables 0.00
TOTAL AVAILABLE FUNDS 10,049,627.95
II. SIMPLE INTEREST EXCESS OR SHORTFALLS
Amount of Interest Payments Due During the Collection Period for Receivables 1,819,977.04
Amount of Interest Payments Received During the Collection Period 1,955,831.37
for Receivables
Amount of Current Month Simple Interest Excess/Shortfall -135,854.33
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 3,971,004.00
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 3,225.35
Withdrawals from Reserve Account due to Servicer (to the extent that the Specified Reserve Account Balance -3,225.35
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 1,955,831.37
Scheduled Principal Payments Received 1,455,818.42
Principal Prepayments Received 6,688,457.65
Total Interest and Principal Payments Received 10,100,107.44
b) Liquidation Proceeds
Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 112,341.42
minus Reasonable Expenses 7,478.84
Net Liquidation Proceeds 104,862.58
Amount Allocable to Interest 0.00
Amount Allocable to Principal 104,862.58
c) Purchase Amount - Loans Repurchased from Trust
Amount Allocable to Interest 0.00
Amount Allocable to Principal 0.00
TOTAL COLLECTED FUNDS 10,204,970.02
V. CALCULATION OF SERVICING AND TRUSTEE FEES
Pool Balance of Receivables as of the First Day of Collection Period 240,261,080.10
multiplied by Servicer Fee Rate 0.75%
divided by Months per Year 12
SERVICING FEE AMOUNT 150,163.18
VI. POOL BALANCE AND PORTFOLIO PERFORMANCE
a) Pool Balance
Initial Pool Balance 529,467,226.64
Pool Balance as of Preceding Accounting Date 240,261,080.10
Pool Balance as of the Current Accounting Date 231,698,120.61
Age of Pool in Months 26
a.2)Aggregate Note Balance
Aggregate Note Balance as of Preceding Accounting Date 240,261,080.10
Aggregate Note Balance as of Current Accounting Date 231,698,120.61
b)
Current Month Number of Loans Principal Balance Percentage
30-59 Days Delinquent 60 1,411,213.13 0.609%
60-89 Days Delinquent 19 517,658.22 0.223%
90-119 Days Delinquent 20 1,111,408.50 0.480%
120+ Days Delinquent 0 0.00 0.000%
Defaults for Current Per 11 418,683.42 0.181%
Cumulative Defaults 345 13,731,535.70 2.593%
Cumulative Recoveries 5,226,388.26 0.987%
Current Period Realized Losses
Current Month Realized Losses 418,683.42
Current Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.079%
Preceding Realized Losses 446,884.84
Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.033%
Second Preceding Realized Losses 399,789.28
Second Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.076%
Cumulative Realized Losses 8,505,147.44
Cumulative Realized Losses as Percentage of Initial Pool Balance 1.606%
VII. DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT
Total Pool Factor 0.43760616
Note Pool Factor 0.42693591
a) Monthly Servicing Fee and any unpaid servicing fee from prior Monthly Payment Dates 150,163.18
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-3 120,716.27
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 30,561,080.10 8,562,959.49 21,998,120.61
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 149,107.26
VIII.POOL STATISTICS
Weighted Average Coupon (WAC) 9.21%
Weighted Average Remaining Maturity (WAM) 149.71
TOTAL DISTRIBUTION AMOUNT (Serv Fee+Note Int+Note Prin+Reserve Deposit) 10,049,627.95
TOTAL WIRE TO HSBC 9,900,520.69
Amount Due To Servicer 149,107.26