February 22, 2005
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, 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.
February 14, 2005
(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
February 14, 2005 Payment Date Statement to Noteholders
Per Section 5.08 of the Transfer and Servicing Agreement
EX-2 Distribution Financial Services Marine Trust 1999-2
February 14, 2005 Payment Date Statement to Noteholders
Per Section 5.08 of the Transfer and Servicing Agreement
EX-3 Distribution Financial Services RV Trust 1999-3
February 14, 2005 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
February 14, 2005 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: February 22, 2005
Name: /s/ Matt Pechulis
Title: Vice President & Assistant Secretary
EX-1
DISTRIBUTION FINANCIAL SERVICES RV TRUST 1999-1
Accounting Date: 10-Feb-05
Determination Date: 11-Feb-05
Monthly Payment Date: 14-Feb-05
Collection Period Ending: 31-Jan-05
I. COLLECTION ACCOUNT SUMMARY
Total Available Funds
---------------------
Principal and Interest Payments Received (including Prepayments) 4,829,443.10
Net Liquidation Proceeds (including Rebates/Insurance Amounts) 134,579.75
Current Monthly Interest Shortfall/Excess -34,867.35
Recoup of Collection Expenses -6,226.93
Amount of Withdrawal, if any, from Reserve Account 0.00
Purchase Amounts for Repurchased Receivables 0.00
TOTAL AVAILABLE FUNDS 4,922,928.57
II. SIMPLE INTEREST EXCESS OR SHORTFALLS
Amount of Interest Payments Due During the Collection Period for Receivables 999,438.52
Amount of Interest Payments Received During the Collection Period for Receivables 1,034,305.87
Amount of Current Month Simple Interest Excess/Shortfall -34,867.35
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 7,214,093.37
Deposits to Reserve Account (only if Reserve Account is less than the Specified Reserve Account Balance) 6,396.13
Withdrawals from Reserve Account (to the extent that there are shortfalls on payments of Interest or Principal) 0.00
Reserve Account Investment Earnings 12,943.76
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) 7,214,093.37
Total Ending Reserve Balance 7,233,433.26
IV. COLLECTIONS ON RECEIVABLES
a) Interest and Principal Payments Received
- -----------------------------------------
Interest Payments Received 1,034,305.87
Scheduled Principal Payments Received 1,325,650.24
Principal Prepayments Received 2,469,486.99
Total Interest and Principal Payments Received 4,829,443.10
b) Liquidation Proceeds
- ---------------------
Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 143,790.77
minus Reasonable Expenses 9,211.02
Net Liquidation Proceeds 134,579.75
Amount Allocable to Interest 0.00
Amount Allocable to Principal 134,579.75
c) Purchase Amount - Loans Repurchased from Trust
- -----------------------------------------------
Amount Allocable to Interest 0.00
Amount Allocable to Principal 0.00
TOTAL COLLECTED FUNDS 4,964,022.85
V. CALCULATION OF SERVICING AND TRUSTEE FEES
Pool Balance of Receivables as of the First Day of Collection Period 136,227,877.57
multiplied by Servicer Fee Rate 0.50%
divided by Months per Year 12
SERVICING FEE AMOUNT 56,761.62
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 136,227,877.57
Pool Balance as of the Current Accounting Date 132,148,920.07
Age of Pool in Months 71
a.2)Aggregate Note Balance
-----------------------
Aggregate Note Balance as of Preceding Accounting Date 134,865,598.79
Aggregate Note Balance as of Current Accounting Date 130,827,430.87
b) Default and Delinquency Performance (includes Repossessions and Bankruptcies)
- -------------------------------------------------------------------------------
Current Month Number of Loans Principal Balance Percentage
--------------- ---------------- ----------------- ----------
30-59 Days Delinquent 29 667,117.30 0.505%
60-89 Days Delinquent 18 604,733.96 0.458%
90-119 Days Delinquent 10 220,224.17 0.167%
120+ Days Delinquent 0 0.00 0.000%
Defaults for Current Period 15 283,820.27 0.215%
Cumulative Defaults 1,287 51,146,047.65 5.115%
Cumulative Recoveries 21,442,935.46 2.144%
Current Period Realized Losses
------------------------------
Current Month Realized Losses 283,820.27
Current Month Realized Losses as Percentage of Initial Pool Balance 0.028%
Preceding Realized Losses 530,255.89
Preceding Month Realized Losses as Percentage of Initial Pool Balance 0.053%
Second Preceding Realized Losses 479,346.39
Second Preceding Month Realized Losses as Percentage of Initial Pool Balance 0.048%
Cumulative Realized Losses 29,703,112.19
Cumulative Realized Losses as Percentage of Initial Pool Balance 2.970%
VII.DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT
Total Pool Factor 0.13214847
Note Pool Factor 0.13082699
a) Monthly Servicing Fee and any unpaid servicing fee from prior Monthly Payment Dates 175,601.25
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-5 126,860.50
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 25,499,598.79 4,038,167.92 21,461,430.87
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 40,789.58
Excess Spread Received -34,393.45
VIII. POOL STATISTICS
Weighted Average Coupon (WAC) 8.89%
Weighted Average Remaining Maturity (WAM) 105
TOTAL DISTRIBUTION AMOUNT (Serv Fee+Note Int+Note Prin+Reserve Deposit-Reserve Overfunded Withdrawal) 4,922,928.57
Plus: Trustee Fee 1,041.67
Less: Reserve Withdrawal 0.00
TOTAL WIRE TO CHASE 4,923,970.24
Amount Due To Servicer (Excess Spread+Recoup of O/C-Reserve Deposit+Reserve Overfunded Withdrawal-Reserve Withdrawal) 0.00
EX-2
DISTRIBUTION FINANCIAL SERVICES MARINE TRUST 1999-2
Accounting Date: 10-Feb-05
Determination Date: 11-Feb-05
Monthly Payment Date: 14-Feb-05
Collection Period Ending: 31-Jan-05
I. COLLECTION ACCOUNT SUMMARY
Total Available Funds
----------------------
Principal and Interest Payments Received (including Prepayments) 1,800,155.18
Net Liquidation Proceeds (including Rebates/Insurance Amounts) 31,115.98
Current Monthly Interest Shortfall/Excess -14,642.87
Recoup of Collection Expenses -6,802.98
Amount of Withdrawal, (to the extent that there are shortfalls on payments of Interest or Principal), from
Reserve Account 365,346.40
Purchase Amounts for Repurchased Receivables 0.00
TOTAL AVAILABLE FUNDS 2,175,171.71
II. SIMPLE INTEREST EXCESS OR SHORTFALLS
Amount of Interest Payments Due During the Collection Period for Receivables 558,203.55
Amount of Interest Payments Received During the Collection Period for Receivables 572,846.42
Amount of Current Month Simple Interest Excess/Shortfall -14,642.87
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 10,876,291.50
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) -365,346.40
Reserve Account Investment Earnings 19,515.73
Withdrawals from Reserve Account due to Servicer (to the extent that the Specified Reserve Account Balance 0.00
and over-collateralization amounts have been met)
Amount in Reserve Account as of Determination Date (excluding amount to be paid on next Payment Date) 10,876,291.50
Total Ending Reserve Balance 10,530,460.83
IV. COLLECTIONS ON RECEIVABLES
a) Interest and Principal Payments Received
----------------------------------------
Interest Payments Received 572,846.42
Scheduled Principal Payments Received 599,299.03
Principal Prepayments Received 628,009.73
Total Interest and Principal Payments Received 1,800,155.18
b) Liquidation Proceeds
- ---------------------
Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 37,711.78
minus Reasonable Expenses 6,595.80
Net Liquidation Proceeds 31,115.98
Amount Allocable to Interest 0.00
Amount Allocable to Principal 31,115.98
c) Purchase Amount - Loans Repurchased from Trust
- ----------------------------------------------
Amount Allocable to Interest 0.00
Amount Allocable to Principal 0.00
TOTAL COLLECTED FUNDS 1,831,271.16
V. CALCULATION OF SERVICING AND TRUSTEE FEES
Pool Balance of Receivables as of the First Day of Collection Period 81,328,284.72
multiplied by Servicer Fee Rate 0.50%
divided by Months per Year 12
SERVICING FEE AMOUNT 33,886.79
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 81,328,284.72
Pool Balance as of the Current Accounting Date 79,585,560.01
Age of Pool in Months 69
a.2) Aggregate Note Balance
------------------------
Aggregate Note Balance as of Preceding Accounting Date 79,701,719.03
Aggregate Note Balance as of Current Accounting Date 77,993,848.81
b) Default and Delinquency Performance (includes Repossessions and Bankruptcies)
-----------------------------------------------------------------------------
Current Month Number of Loans Principal Balance Percentage
------------- --------------- ----------------- ----------
30-59 Days Delinquent 20 476,786.93 0.599%
60-89 Days Delinquent 12 290,224.09 0.365%
90-119 Days Delinquent 2 32,714.74 0.041%
120+ Days Delinquent 0 0.00 0.000%
Defaults for Current Period 8 515,415.95 0.648%
Cumulative Defaults 457 21,999,058.43 4.000%
Cumulative Recoveries 11,798,260.72 2.145%
Current Period Realized Losses
-------------------------------
Current Month Realized Losses 515,415.95
Current Month Realized Losses as Percentage of Initial Pool Balance 0.094%
Preceding Realized Losses 270,521.18
Preceding Month Realized Losses as Percentage of Initial Pool Balance 0.049%
Second Preceding Realized Losses 102,638.14
Second Preceding Month Realized Losses as Percentage of Initial Pool Balance 0.019%
Cumulative Realized Losses 10,200,797.71
Cumulative Realized Losses as Percentage of Initial Pool Balance 1.855%
VII. DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT
Total Pool Factor 0.14470099
Note Pool Factor 0.14180697
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
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-5 137,209.82
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 24,701,719.03 1,707,870.22 22,993,848.81
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 34,854.49
Excess Spread Received -400,200.89
VIII. POOL STATISTICS
Weighted Average Coupon (WAC) 8.28%
Weighted Average Remaining Maturity (WAM) 126
TOTAL DISTRIBUTION AMOUNT (Serv Fee+Note Int+Note Prin+Reserve Deposit) 2,175,171.71
Plus: Trustee Fee 1,041.67
Less: Reserve Overfunded Withdrawal -365,346.40
TOTAL WIRE TO CHASE 1,810,866.98
Amount Due To Servicer (Excess Spread+Recoup of O/C-Reserve Deposit+Reserve Overfunded Withdrawal) 0.00
EX-3
DISTRIBUTION FINANCIAL SERVICES RV TRUST 1999-3
Accounting Date: 10-Feb-05
Determination Date: 11-Feb-05
Monthly Payment Date: 14-Feb-05
Collection Period Ending: 31-Jan-05
I. COLLECTION ACCOUNT SUMMARY
Total Available Funds
----------------------
Principal and Interest Payments Received (including Prepayments) 1,817,306.84
Net Liquidation Proceeds (including Rebates/Insurance Amounts) 19,980.21
Current Monthly Interest Shortfall/Excess -22,103.73
Recoup of Collection Expenses -6,604.50
Amount of Withdrawal, if any, from Reserve Account 0.00
Purchase Amounts for Repurchased Receivables 0.00
TOTAL AVAILABLE FUNDS 1,808,578.82
II. SIMPLE INTEREST EXCESS OR SHORTFALLS
Amount of Interest Payments Due During the Collection Period for Receivables 541,401.91
Amount of Interest Payments Received During the Collection Period for Receivables 563,505.64
Amount of Current Month Simple Interest Excess/Shortfall -22,103.73
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 2,808,982.68
Deposits to Reserve Account (only if Reserve Account is less than the Specified Reserve Account Balance) 45,545.58
Withdrawals from Reserve Account (to the extent that there are shortfalls on payments of Interest or Principal) -45,545.58
Reserve Account Investment Earnings 5,045.51
Withdrawals from Reserve Account due to Servicer (to the extent that the Specified Reserve Account Balance
and over-collateralization amounts have been met) -5,045.51
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 563,505.64
Scheduled Principal Payments Received 585,166.89
Principal Prepayments Received 668,634.31
Total Interest and Principal Payments Received 1,817,306.84
b) Liquidation Proceeds
- --------------------
Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 22,640.66
minus Reasonable Expenses 2,660.45
Net Liquidation Proceeds 19,980.21
Amount Allocable to Interest 0.00
Amount Allocable to Principal 19,980.21
c) Purchase Amount - Loans Repurchased from Trust
- ----------------------------------------------
Amount Allocable to Interest 0.00
Amount Allocable to Principal 0.00
TOTAL COLLECTED FUNDS 1,837,287.05
V. CALCULATION OF SERVICING AND TRUSTEE FEES
Pool Balance of Receivables as of the First Day of Collection Period 72,448,786.52
multiplied by Servicer Fee Rate 0.50%
divided by Months per Year 12
SERVICING FEE AMOUNT 30,186.99
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 72,448,786.52
Pool Balance as of the Current Accounting Date 71,121,640.72
Age of Pool in Months 67
a.2) Aggregate Note Balance
-----------------------
Aggregate Note Balance as of Preceding Accounting Date 71,724,298.65
Aggregate Note Balance as of Current Accounting Date 70,410,424.31
b) Default and Delinquency Performance (including Repossessions and Bankruptcies)
------------------------------------------------------------------------------
Current Month Number of Loans Principal Balance Percentage
------------- --------------- ----------------- ----------
30-59 Days Delinquent 28 513,531.83 0.722%
60-89 Days Delinquent 7 125,959.44 0.177%
90-119 Days Delinquent 5 58,168.12 0.082%
120+ Days Delinquent 0 0.00 0.000%
Defaults for Current Period 4 73,344.60 0.103%
Cumulative Defaults 489 17,669,108.41 4.718%
Cumulative Recoveries 8,110,202.16 2.165%
Current Period Realized Losses
-------------------------------
Current Month Realized Losses 73,344.60
Current Month Realized Losses as Percentage of Initial Pool Balance 0.020%
Preceding Realized Losses 99,661.01
Preceding Month Realized Losses as Percentage of Initial Pool Balance 0.027%
Second Preceding Realized Losses 130,000.15
Second Preceding Month Realized Losses as Percentage of Initial Pool Balance 0.035%
Cumulative Realized Losses 9,558,906.24
Cumulative Realized Losses as Percentage of Initial Pool Balance 2.552%
VII. DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT
Total Pool Factor 0.18989519
Note Pool Factor 0.18799624
a) Monthly Servicing Fee and any unpaid servicing fee from prior Monthly Payment Dates 30,186.99
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-5 131.25
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 23,298.65 23,298.65 0.00
Class A-6 54,847,000.00 1,290,575.69 53,556,424.31
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 13,271.46
Excess Spread Received 31,274.12
VIII. POOL STATISTICS
Weighted Average Coupon (WAC) 8.92%
Weighted Average Remaining Maturity (WAM) 115
TOTAL DISTRIBUTION AMOUNT (Serv Fee+Note Int+Note Prin+Reserve Deposit) 1,808,578.82
Plus: Trustee Fee 708.33
Less: Reserve Overfunded Withdrawal -44,545.58
TOTAL WIRE TO CHASE 1,764,741.57
Amount Due To Servicer (Excess Spread+Recoup of O/C-Reserve Deposit+Reserve Overfunded Withdrawal) 44,545.58
EX-4
DISTRIBUTION FINANCIAL SERVICES RV/MARINE TRUST 2001-1
Accounting Date: 10-Feb-05
Determination Date: 11-Feb-05
Monthly Payment Date: 14-Feb-05
Collection Period Ending: 31-Jan-05
I. COLLECTION ACCOUNT SUMMARY
Total Available Funds
-----------------------
Principal and Interest Payments Received (including Prepayments) 4,959,604.68
Net Liquidation Proceeds (including Rebates/Insurance Amounts) 65,665.67
Current Monthly Interest Shortfall/Excess -23,885.25
Recoup of Collection Expenses -27,870.90
Amount of Withdrawal, if any, from Reserve Account 368,998.65
Purchase Amounts for Repurchased Receivables 0.00
TOTAL AVAILABLE FUNDS 5,342,512.85
II. SIMPLE INTEREST EXCESS OR SHORTFALLS
Amount of Interest Payments Due During the Collection Period for Receivables 1,159,586.58
Amount of Interest Payments Received During the Collection Period for Receivables 1,183,471.83
Amount of Current Month Simple Interest Excess/Shortfall -23,885.25
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 3,357,648.14
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) -368,998.65
Reserve Account Investment Earnings 6,234.17
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) 3,357,648.14
Total Ending Reserve Balance 2,994,883.66
IV. COLLECTIONS ON RECEIVABLES
a) Interest and Principal Payments Received
------------------------------------------
Interest Payments Received 1,183,471.83
Scheduled Principal Payments Received 1,169,957.75
Principal Prepayments Received 2,606,175.10
Total Interest and Principal Payments Received 4,959,604.68
b) Liquidation Proceeds
- ----------------------
Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 76,884.01
minus Reasonable Expenses 11,218.34
Net Liquidation Proceeds 65,665.67
Amount Allocable to Interest 0.00
Amount Allocable to Principal 65,665.67
c) Purchase Amount - Loans Repurchased from Trust
- ------------------------------------------------
Amount Allocable to Interest 0.00
Amount Allocable to Principal 0.00
TOTAL COLLECTED FUNDS 5,025,270.35
V. CALCULATION OF SERVICING AND TRUSTEE FEES
Pool Balance of Receivables as of the First Day of Collection Period 153,412,251.39
multiplied by Servicer Fee Rate 0.75%
divided by Months per Year 12
SERVICING FEE AMOUNT 95,882.66
VI. POOL BALANCE AND PORTFOLIO PERFORMANCE
a) Pool Balance
--------------
Initial Pool Balance 529,467,226.64
Pool Balance as of Preceding Accounting Date 153,412,251.39
Pool Balance as of the Current Accounting Date 148,966,343.34
Age of Pool in Months 39
a.2) Aggregate Note Balance
-----------------------
Aggregate Note Balance as of Preceding Accounting Date 153,412,251.39
Aggregate Note Balance as of Current Accounting Date 148,966,343.34
b) Default and Delinquency Performance (includes Repossessions and Bankruptcies)
-----------------------------------------------------------------------------
Current Month Number of Loans Principal Balance Percentage
------------- --------------- ----------------- ----------
30-59 Days Delinquent 50 1,254,243.01 0.842%
60-89 Days Delinquent 20 687,590.03 0.462%
90-119 Days Delinquent 20 1,063,291.81 0.714%
120+ Days Delinquent 0 0.00 0.000%
Defaults for Current Period 20 669,775.20 0.450%
Cumulative Defaults 537 20,940,848.80 3.955%
Cumulative Recoveries 8,571,082.62 1.619%
Current Period Realized Losses
-------------------------------
Current Month Realized Losses 669,775.20
Current Month Realized Losses as Percentage of Initial Pool Balance 0.126%
Preceding Realized Losses 511,835.48
Preceding Month Realized Losses as Percentage of Initial Pool Balance 0.097%
Second Preceding Realized Losses 852,949.03
Second Preceding Month Realized Losses as Percentage of Initial Pool Balance 0.161%
Cumulative Realized Losses 12,369,766.18
Cumulative Realized Losses as Percentage of Initial Pool Balance 2.336%
VII. DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT
Total Pool Factor 0.28135140
Note Pool Factor 0.28135140
a) Monthly Servicing Fee and any unpaid servicing fee from prior Monthly Payment Dates 95,882.66
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-4 182,915.39
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 38,712,251.39 4,445,908.05 34,266,343.34
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 0.00
VIII. POOL STATISTICS
Weighted Average Coupon (WAC) 9.23%
Weighted Average Remaining Maturity (WAM) 136.34
TOTAL DISTRIBUTION AMOUNT (Serv Fee+Note Int+Note Prin+Reserve Deposit-Reserve Overfunded Deposit) 5,342,512.85
Less: Reserve Withdrawal -368,998.65
TOTAL WIRE TO HSBC 4,973,514.20
Amount Due To Servicer (Excess Spread-Reserve Deposit+Reserve Overfunded Withdrawal) 0.00