August 31, 2004
Securities and Exchange Commission
450 Fifth Street, N.W.
Judiciary Plaza
Washington, D.C. 20549
Re: Form 8-K ETCF Asset Funding Corporation,
formerly DEUTSCHE RECREATIONAL ASSET FUNDING CORPORATION,
Registration No. 333-56303
On behalf of ETCF ASSET FUNDING CORPORATION, formerly 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.
August 16, 2004
(Date of earliest event reported)
ETCF 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 8.01. 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 9.01.(c). Exhibits.
Exhibit
Number Document Description
- ------- --------------------
EX-1 Distribution Financial Services RV Trust 1999-1
August 16, 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
August 16, 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
August 16, 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
August 16, 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.
ETCF ASSET FUNDING CORPORATION
(Registrant)
Date: August 31, 2004
Name: /s/ Matt Pechulis
Title: Vice President & Assistant Secretary
EX-1
DISTRIBUTION FINANCIAL SERVICES RV TRUST 1999-1
Accounting Date: 11-Aug-04
Determination Date: 13-Aug-04
Monthly Payment Date: 16-Aug-04
Collection Period Ending: 31-Jul-04
I. COLLECTION ACCOUNT SUMMARY
Total Available Funds
---------------------
Principal and Interest Payments Received (including Prepayments) 7,361,409.31
Net Liquidation Proceeds (including Rebates/Insurance Amounts) 137,039.21
Current Monthly Interest Shortfall/Excess 12,818.15
Recoup of Collection Expenses -1,761.42
Amount of Withdrawal, if any, from Reserve Account 0.00
Purchase Amounts for Repurchased Receivables 0.00
TOTAL AVAILABLE FUNDS 7,509,505.25
II. SIMPLE INTEREST EXCESS OR SHORTFALLS
Amount of Interest Payments Due During the Collection Period for Receivables 1,216,566.21
Amount of Interest Payments Received During the Collection Period for Receivables 1,203,748.06
Amount of Current Month Simple Interest Excess/Shortfall 12,818.15
III.CALCULATION OF RESERVE ACCOUNT DEPOSIT/WITHDRAWALS
Specified Reserve Account Balance (2% of the preceding Collection Period Pool Balance, not less than .75%
of the Initial Pool Balance and not more than the outstanding principal balance of the Notes) 7,500,025.52
Beginning Reserve Account Balance 7,003,368.23
Deposits to Reserve Account (only if Reserve Account is less than the Specified Reserve Account Balance) 147,524.89
Withdrawals from Reserve Account (to the extent that there are shortfalls on payments of Interest or Principal) 0.00
Reserve Account Investment Earnings 6,447.98
Withdrawals from Reserve Account due to Servicer (to the extent that the Specified Reserve Account Balance
and over-collateralization amounts have been met) 0.00
Amount in Reserve Account as of Determination Date (excluding amount to be paid on next Payment Date) 7,003,368.23
Total Ending Reserve Balance 7,157,341.10
IV. COLLECTIONS ON RECEIVABLES
a) Interest and Principal Payments Received
- ----------------------------------------
Interest Payments Received 1,203,748.06
Scheduled Principal Payments Received 1,575,593.56
Principal Prepayments Received 4,582,067.69
Total Interest and Principal Payments Received 7,361,409.31
b) Liquidation Proceeds
- --------------------
Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 150,496.32
minus Reasonable Expenses 13,457.11
Net Liquidation Proceeds 137,039.21
Amount Allocable to Interest 0.00
Amount Allocable to Principal 137,039.21
c) Purchase Amount - Loans Repurchased from Trust
- ----------------------------------------------
Amount Allocable to Interest 0.00
Amount Allocable to Principal 0.00
TOTAL COLLECTED FUNDS 7,498,448.52
V. CALCULATION OF SERVICING AND TRUSTEE FEES
Pool Balance of Receivables as of the First Day of Collection Period 166,415,476.43
multiplied by Servicer Fee Rate 0.50%
divided by Months per Year 12
SERVICING FEE AMOUNT 69,339.78
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 166,415,476.43
Pool Balance as of the Current Accounting Date 160,064,752.77
Age of Pool in Months 65
a.2)Aggregate Note Balance
----------------------
Aggregate Note Balance as of Preceding Accounting Date 164,751,321.67
Aggregate Note Balance as of Current Accounting Date 158,464,105.24
b) Default and Delinquency Performance (includes Repossessions and Bankruptcies)
- -----------------------------------------------------------------------------
Current Month Number of Loans Principal Balance Percentage
--------------- ---------------- ----------------- ----------
30-59 Days Delinquent 36 1,084,477.53 0.678%
60-89 Days Delinquent 13 369,555.74 0.231%
90-119 Days Delinquent 12 453,051.18 0.283%
120+ Days Delinquent 0 0.00 0.000%
Defaults for Current Period 9 193,062.41 0.121%
Cumulative Defaults 1,211 48,648,842.35 4.865%
Cumulative Recoveries 20,596,766.45 2.060%
Current Period Realized Losses
------------------------------
Current Month Realized Losses 193,062.41
Current Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.019%
Preceding Realized Losses 397,516.31
Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.040%
Second Preceding Realized Losses 1,219,276.00
Second Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.122%
Cumulative Realized Losses 28,052,075.90
Cumulative Realized Losses as Percentage of Initial Pool Balance 2.805%
VII.DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT
Total Pool Factor 0.16006421
Note Pool Factor 0.15846411
a) Monthly Servicing Fee and any unpaid servicing fee from prior Monthly Payment Dates 223,319.18
Servicer Reimbursements for Mistaken Deposits or Posting of Checks Returned for Insufficient Funds (not
Otherwise Reimbursed to Servicer) 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-5 275,541.98
Class A-6 322,902.77
Class B 132,500.00
Class C 120,500.00
Noteholders' Monthly Principal Distributable Amount
---------------------------------------------------
Noteholders' Monthly
Beginning Principal Distributable 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 55,385,321.67 6,287,216.43 49,098,105.24
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 63,507.23
Excess Spread Received 84,017.66
VIII. POOL STATISTICS
Weighted Average Coupon (WAC) 8.88%
Weighted Average Remaining Maturity (WAM) 110
TOTAL DISTRIBUTION AMOUNT (Serv Fee+Note Int+Note Prin+Recaptured Principal+Reserve Deposit) 7,509,505.25
Plus: Trustee Fee 1,041.67
TOTAL WIRE TO CHASE 7,510,546.92
Amount Due To Servicer (Excess Spread and Recoup of O/C) 0.00
EX-2
DISTRIBUTION FINANCIAL SERVICES MARINE TRUST 1999-2
Accounting Date: 11-Aug-04
Determination Date: 13-Aug-04
Monthly Payment Date: 16-Aug-04
Collection Period Ending: 31-Jul-04
I. COLLECTION ACCOUNT SUMMARY
Total Available Funds
----------------------
Principal and Interest Payments Received (including Prepayments) 3,635,916.60
Net Liquidation Proceeds (including Rebates/Insurance Amounts) 535,069.59
Current Monthly Interest Shortfall/Excess -32,850.39
Recoup of Collection Expenses 9,144.52
Amount of Withdrawal, (to the extent that there are shortfalls on payments of Interest or Principal), from
Reserve Account 0.00
Purchase Amounts for Repurchased Receivables 0.00
TOTAL AVAILABLE FUNDS 4,147,280.32
II. SIMPLE INTEREST EXCESS OR SHORTFALLS
Amount of Interest Payments Due During the Collection Period for Receivables 673,938.98
Amount of Interest Payments Received During the Collection Period for Receivables 706,789.37
Amount of Current Month Simple Interest Excess/Shortfall -32,850.39
III.CALCULATION OF RESERVE ACCOUNT DEPOSIT/WITHDRAWALS
Specified Reserve Account Balance (4% of the preceding Collection Period Pool Balance, not less than 2%
of the Initial Pool Balance and not more than the outstanding principal balance of the Notes) 11,000,002.18
Beginning Reserve Account Balance 10,281,149.16
Deposits to Reserve Account (only if Reserve Account is less than the Specified Reserve Account Balance) 648,830.46
Withdrawals from Reserve Account (to the extent that there are shortfalls on payments of Interest or Principal) 0.00
Reserve Account Investment Earnings 9,409.83
Withdrawals from Reserve Account due to Servicer (to the extent that the Specified Reserve Account Balance
and over-collateralization amounts have been met) 0.00
Amount in Reserve Account as of Determination Date (excluding amount to be paid on next Payment Date) 10,281,149.16
Total Ending Reserve Balance 10,939,389.45
IV. COLLECTIONS ON RECEIVABLES
a) Interest and Principal Payments Received
----------------------------------------
Interest Payments Received 706,789.37
Scheduled Principal Payments Received 716,103.38
Principal Prepayments Received 2,213,023.85
Total Interest and Principal Payments Received 3,635,916.60
b) Liquidation Proceeds
- --------------------
Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 629,055.53
minus Reasonable Expenses 93,985.94
Net Liquidation Proceeds 535,069.59
Amount Allocable to Interest 0.00
Amount Allocable to Principal 535,069.59
c) Purchase Amount - Loans Repurchased from Trust
- ----------------------------------------------
Amount Allocable to Interest 0.00
Amount Allocable to Principal 0.00
TOTAL COLLECTED FUNDS 4,170,986.19
V. CALCULATION OF SERVICING AND TRUSTEE FEES
Pool Balance of Receivables as of the First Day of Collection Period 97,010,991.46
multiplied by Servicer Fee Rate 0.50%
divided by Months per Year 12
SERVICING FEE AMOUNT 40,421.25
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 97,010,991.46
Pool Balance as of the Current Accounting Date 94,065,739.61
Age of Pool in Months 63
a.2) Aggregate Note Balance
----------------------
Aggregate Note Balance as of Preceding Accounting Date 95,070,771.63
Aggregate Note Balance as of Current Accounting Date 92,184,424.82
b) Default and Delinquency Performance (includes Repossessions and Bankruptcies)
-----------------------------------------------------------------------------
Current Month Number of Loans Principal Balance Percentage
------------- --------------- ----------------- ----------
30-59 Days Delinquent 21 295,938.39 0.315%
60-89 Days Delinquent 6 83,758.74 0.089%
90-119 Days Delinquent 4 55,505.48 0.059%
120+ Days Delinquent 0 0.00 0.000%
Defaults for Current Period 2 16,124.62 0.017%
Cumulative Defaults 426 20,960,715.69 3.811%
Cumulative Recoveries 10,926,947.61 1.987%
Current Period Realized Losses
-------------------------------
Current Month Realized Losses 16,124.62
Current Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.003%
Preceding Realized Losses 82,005.65
Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.015%
Second Preceding Realized Losses 216,839.69
Second Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.039%
Cumulative Realized Losses 10,033,768.08
Cumulative Realized Losses as Percentage of Initial Pool Balance 1.824%
VII. DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT
Total Pool Factor 0.17102858
Note Pool Factor 0.16760805
a) Monthly Servicing Fee and any unpaid servicing fee from prior Monthly Payment Dates 59,431.60
Servicer Reimbursements for Mistaken Deposits or Posting of Checks Returned for Insufficient Funds (not
Otherwise Reimbursed to Servicer) 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-5 222,579.78
Class B 190,575.00
Class C 139,516.67
Noteholders' Monthly Principal Distributable Amount
---------------------------------------------------
Noteholders' Monthly
Beginning Principal Distributable 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 40,070,771.63 2,886,346.81 37,184,424.82
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 58,905.04
Excess Spread Received 589,925.42
VIII. POOL STATISTICS
Weighted Average Coupon (WAC) 8.28%
Weighted Average Remaining Maturity (WAM) 131
TOTAL DISTRIBUTION AMOUNT (Serv Fee+Note Int+Note Prin+Recaptured Principal+Reserve Deposit) 4,147,280.32
Plus: Trustee Fee 1,041.67
TOTAL WIRE TO CHASE 4,148,321.99
Amount Due To Servicer (Excess Spread and Recoup of O/C) 0.00
EX-3
DISTRIBUTION FINANCIAL SERVICES RV TRUST 1999-3
Accounting Date: 11-Aug-04
Determination Date: 13-Aug-04
Monthly Payment Date: 16-Aug-04
Collection Period Ending: 31-Jul-04
I. COLLECTION ACCOUNT SUMMARY
Total Available Funds
---------------------
Principal and Interest Payments Received (including Prepayments) 3,654,917.17
Net Liquidation Proceeds (including Rebates/Insurance Amounts) 66,299.95
Current Monthly Interest Shortfall/Excess -5,656.86
Recoup of Collection Expenses 89.50
Amount of Withdrawal, if any, from Reserve Account 0.00
Purchase Amounts for Repurchased Receivables 0.00
TOTAL AVAILABLE FUNDS 3,715,649.76
II. SIMPLE INTEREST EXCESS OR SHORTFALLS
Amount of Interest Payments Due During the Collection Period for Receivables 642,610.94
Amount of Interest Payments Received During the Collection Period for Receivables 648,267.80
Amount of Current Month Simple Interest Excess/Shortfall -5,656.86
III.CALCULATION OF RESERVE ACCOUNT DEPOSIT/WITHDRAWALS
Specified Reserve Account Balance (2% of the preceding Collection Period Pool Balance, not less than .75%
of the Initial Pool Balance and not more than the outstanding principal balance of the Notes) 2,808,982.68
Beginning Reserve Account Balance 2,585,847.07
Deposits to Reserve Account (only if Reserve Account is less than the Specified Reserve Account Balance) 112,574.77
Withdrawals from Reserve Account (to the extent that there are shortfalls on payments of Interest or Principal) 0.00
Reserve Account Investment Earnings 2,359.25
Withdrawals from Reserve Account due to Servicer (to the extent that the Specified Reserve Account Balance
and over-collateralization amounts have been met) 0.00
Amount in Reserve Account as of Determination Date (excluding amount to be paid on next Payment Date) 2,585,847.07
Total Ending Reserve Balance 2,700,781.09
IV. COLLECTIONS ON RECEIVABLES
a) Interest and Principal Payments Received
- ----------------------------------------
Interest Payments Received 648,267.80
Scheduled Principal Payments Received 602,185.08
Principal Prepayments Received 2,404,464.29
Total Interest and Principal Payments Received 3,654,917.17
b) Liquidation Proceeds
- --------------------
Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 71,411.25
minus Reasonable Expenses 5,111.30
Net Liquidation Proceeds 66,299.95
Amount Allocable to Interest 0.00
Amount Allocable to Principal 66,299.95
c) Purchase Amount - Loans Repurchased from Trust
- ----------------------------------------------
Amount Allocable to Interest 0.00
Amount Allocable to Principal 0.00
TOTAL COLLECTED FUNDS 3,721,217.12
V. CALCULATION OF SERVICING AND TRUSTEE FEES
Pool Balance of Receivables as of the First Day of Collection Period 87,186,321.29
multiplied by Servicer Fee Rate 0.50%
divided by Months per Year 12
SERVICING FEE AMOUNT 36,327.63
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 87,186,321.29
Pool Balance as of the Current Accounting Date 84,090,781.68
Age of Pool in Months 61
a.2) Aggregate Note Balance
----------------------
Aggregate Note Balance as of Preceding Accounting Date 86,314,458.08
Aggregate Note Balance as of Current Accounting Date 83,249,873.86
b) Default and Delinquency Performance (including Repossessions and Bankruptcies)
------------------------------------------------------------------------------
Current Month Number of Loans Principal Balance Percentage
-------------- --------------- ----------------- ----------
30-59 Days Delinquent 25 386,710.40 0.460%
60-89 Days Delinquent 4 158,210.13 0.188%
90-119 Days Delinquent 5 151,151.38 0.180%
120+ Days Delinquent 0 0.00 0.000%
Defaults for Current Period 3 88,890.24 0.106%
Cumulative Defaults 465 17,071,650.21 4.558%
Cumulative Recoveries 7,738,495.26 2.066%
Current Period Realized Losses
------------------------------
Current Month Realized Losses 88,890.24
Current Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.024%
Preceding Realized Losses 113,907.98
Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.030%
Second Preceding Realized Losses 227,935.36
Second Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.061%
Cumulative Realized Losses 9,333,154.95
Cumulative Realized Losses as Percentage of Initial Pool Balance 2.492%
VII. DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT
Total Pool Factor 0.22452287
Note Pool Factor 0.22227766
a) Monthly Servicing Fee and any unpaid servicing fee from prior Monthly Payment Dates 36,327.63
Servicer Reimbursements for Mistaken Deposits or Posting of Checks Returned for Insufficient Funds (not
Otherwise Reimbursed to Servicer) 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 82,322.48
Class A-6 314,456.13
Class B 55,943.93
Class C 49,440.60
Noteholders' Monthly Principal Distributable Amount
---------------------------------------------------
Noteholders' Monthly
Beginning Principal Distributable 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 14,613,458.08 3,064,584.22 11,548,873.86
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 30,955.39
Excess Spread Received 81,619.38
VIII. POOL STATISTICS
Weighted Average Coupon (WAC) 8.92%
Weighted Average Remaining Maturity (WAM) 120
TOTAL DISTRIBUTION AMOUNT (Serv Fee+Note Int+Note Prin+Recaptured Principal+Reserve Deposit) 3,715,649.76
Plus: Trustee Fee 708.33
TOTAL WIRE TO CHASE 3,716,358.09
Amount Due To Servicer (Excess Spread and Recoup of O/C) 0.00
EX-4
DISTRIBUTION FINANCIAL SERVICES RV/MARINE TRUST 2001-1
Accounting Date: 11-Aug-04
Determination Date: 13-Aug-04
Monthly Payment Date: 16-Aug-04
Collection Period Ending: 31-Jul-04
I. COLLECTION ACCOUNT SUMMARY
Total Available Funds
-----------------------
Principal and Interest Payments Received (including Prepayments) 6,845,768.31
Net Liquidation Proceeds (including Rebates/Insurance Amounts) 380,917.79
Current Monthly Interest Shortfall/Excess 6,861.03
Recoup of Collection Expenses -4,837.12
Amount of Withdrawal, if any, from Reserve Account 0.00
Purchase Amounts for Repurchased Receivables 0.00
TOTAL AVAILABLE FUNDS 7,228,710.01
II. SIMPLE INTEREST EXCESS OR SHORTFALLS
Amount of Interest Payments Due During the Collection Period for Receivables 1,411,522.60
Amount of Interest Payments Received During the Collection Period for Receivables 1,404,661.57
Amount of Current Month Simple Interest Excess/Shortfall 6,861.03
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 3,803,049.04
Deposits to Reserve Account (only if Reserve Account is less than the Specified Reserve Account Balance) 165,367.79
Withdrawals from Reserve Account (to the extent that there are shortfalls on payments of Interest or Principal) 0.00
Reserve Account Investment Earnings 2,587.17
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) 3,803,049.04
Total Ending Reserve Balance 3,971,004.00
IV. COLLECTIONS ON RECEIVABLES
a) Interest and Principal Payments Received
----------------------------------------
Interest Payments Received 1,404,661.57
Scheduled Principal Payments Received 1,202,484.38
Principal Prepayments Received 4,238,622.36
Total Interest and Principal Payments Received 6,845,768.31
b) Liquidation Proceeds
- --------------------
Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 408,946.94
minus Reasonable Expenses 28,029.15
Net Liquidation Proceeds 380,917.79
Amount Allocable to Interest 0.00
Amount Allocable to Principal 380,917.79
c) Purchase Amount - Loans Repurchased from Trust
- ----------------------------------------------
Amount Allocable to Interest 0.00
Amount Allocable to Principal 0.00
TOTAL COLLECTED FUNDS 7,226,686.10
V. CALCULATION OF SERVICING AND TRUSTEE FEES
Pool Balance of Receivables as of the First Day of Collection Period 185,609,615.42
multiplied by Servicer Fee Rate 0.75%
divided by Months per Year 12
SERVICING FEE AMOUNT 116,006.01
VI. POOL BALANCE AND PORTFOLIO PERFORMANCE
a) Pool Balance
------------
Initial Pool Balance 529,467,226.64
Pool Balance as of Preceding Accounting Date 185,609,615.42
Pool Balance as of the Current Accounting Date 179,736,594.55
Age of Pool in Months 33
a.2) Aggregate Note Balance
-----------------------
Aggregate Note Balance as of Preceding Accounting Date 185,609,615.42
Aggregate Note Balance as of Current Accounting Date 179,736,594.55
b) Default and Delinquency Performance (includes Repossessions and Bankruptcies)
-----------------------------------------------------------------------------
Current Month Number of Loans Principal Balance Percentage
------------- --------------- ----------------- ----------
30-59 Days Delinquent 44 890,624.60 0.496%
60-89 Days Delinquent 11 638,603.39 0.355%
90-119 Days Delinquent 16 639,580.48 0.356%
120+ Days Delinquent 0 0.00 0.000%
Defaults for Current Period 14 431,914.13 0.240%
Cumulative Defaults 445 17,554,077.14 3.315%
Cumulative Recoveries 7,277,186.04 1.374%
Current Period Realized Losses
------------------------------
Current Month Realized Losses 431,914.13
Current Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.082%
Preceding Realized Losses 392,446.21
Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.074%
Second Preceding Realized Losses 746,451.98
Second Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.141%
Cumulative Realized Losses 10,276,891.08
Cumulative Realized Losses as Percentage of Initial Pool Balance 1.941%
VII. DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT
Total Pool Factor 0.33946689
Note Pool Factor 0.33118960
a) Monthly Servicing Fee and any unpaid servicing fee from prior Monthly Payment Dates 116,006.01
Servicer Reimbursements for Mistaken Deposits or Posting of Checks Returned for Insufficient Funds (not
Otherwise Reimbursed by Servicer) 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-4 335,047.93
Class A-5 373,205.42
Class B 106,255.75
Class C 52,993.50
Class D 85,352.08
Noteholders' Monthly Principal Distributable Amount
---------------------------------------------------
Noteholders' Monthly
Beginning Principal Distributable 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 70,909,615.42 5,873,020.87 65,036,594.55
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 286,828.45
VIII. POOL STATISTICS
Weighted Average Coupon (WAC) 9.24%
Weighted Average Remaining Maturity (WAM) 142.89
TOTAL DISTRIBUTION AMOUNT (Serv Fee+Note Int+Note Prin+Reserve Deposit) 7,107,249.35
TOTAL WIRE TO HSBC 7,107,249.35
Amount Due To Servicer 121,460.66