March 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.
March 15, 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
March 15, 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
March 15, 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
March 15, 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
March 15, 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: March 22, 2005
Name: /s/ Matt Pechulis
Title: Vice President & Assistant Secretary
EX-1
DISTRIBUTION FINANCIAL SERVICES RV TRUST 1999-1
Accounting Date: 10-Mar-05
Determination Date: 11-Mar-05
Monthly Payment Date: 14-Mar-05
Collection Period Ending: 28-Feb-05
I. COLLECTION ACCOUNT SUMMARY
Total Available Funds
---------------------
Principal and Interest Payments Received (including Prepayments) 4,104,363.43
Net Liquidation Proceeds (including Rebates/Insurance Amounts) 98,671.47
Current Monthly Interest Shortfall/Excess -5,787.10
Recoup of Collection Expenses -17,419.46
Amount of Withdrawal, if any, from Reserve Account 0.00
Purchase Amounts for Repurchased Receivables 0.00
TOTAL AVAILABLE FUNDS 4,179,828.34
II. SIMPLE INTEREST EXCESS OR SHORTFALLS
Amount of Interest Payments Due During the Collection Period for Receivables 878,275.14
Amount of Interest Payments Received During the Collection Period for Receivables 884,062.24
Amount of Current Month Simple Interest Excess/Shortfall -5,787.10
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 7,233,433.26
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 7,664.77
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) 7,233,433.26
Total Ending Reserve Balance 7,241,098.03
IV. COLLECTIONS ON RECEIVABLES
a) Interest and Principal Payments Received
- -----------------------------------------
Interest Payments Received 884,062.24
Scheduled Principal Payments Received 1,230,916.83
Principal Prepayments Received 1,989,384.36
Total Interest and Principal Payments Received 4,104,363.43
b) Liquidation Proceeds
- ---------------------
Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 105,591.04
minus Reasonable Expenses 6,919.57
Net Liquidation Proceeds 98,671.47
Amount Allocable to Interest 0.00
Amount Allocable to Principal 98,671.47
c) Purchase Amount - Loans Repurchased from Trust
- -----------------------------------------------
Amount Allocable to Interest 0.00
Amount Allocable to Principal 0.00
TOTAL COLLECTED FUNDS 4,203,034.90
V. CALCULATION OF SERVICING AND TRUSTEE FEES
Pool Balance of Receivables as of the First Day of Collection Period 132,148,920.07
multiplied by Servicer Fee Rate 0.50%
divided by Months per Year 12
SERVICING FEE AMOUNT 55,062.05
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 132,148,920.07
Pool Balance as of the Current Accounting Date 128,664,614.93
Age of Pool in Months 72
a.2)Aggregate Note Balance
-----------------------
Aggregate Note Balance as of Preceding Accounting Date 130,827,430.87
Aggregate Note Balance as of Current Accounting Date 127,377,968.78
b) Default and Delinquency Performance (includes Repossessions and Bankruptcies)
- -------------------------------------------------------------------------------
Current Month Number of Loans Principal Balance Percentage
--------------- ---------------- ----------------- ----------
30-59 Days Delinquent 42 818,765.14 0.636%
60-89 Days Delinquent 13 321,877.21 0.250%
90-119 Days Delinquent 13 536,369.98 0.417%
120+ Days Delinquent 0 0.00 0.000%
Defaults for Current Period 12 264,003.95 0.205%
Cumulative Defaults 1,299 51,410,051.60 5.141%
Cumulative Recoveries 21,541,606.93 2.154%
Current Period Realized Losses
------------------------------
Current Month Realized Losses 264,003.95
Current Month Realized Losses as Percentage of Initial Pool Balance 0.026%
Preceding Realized Losses 283,820.27
Preceding Month Realized Losses as Percentage of Initial Pool Balance 0.028%
Second Preceding Realized Losses 530,255.89
Second Preceding Month Realized Losses as Percentage of Initial Pool Balance 0.053%
Cumulative Realized Losses 29,868,444.67
Cumulative Realized Losses as Percentage of Initial Pool Balance 2.987%
VII.DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT
Total Pool Factor 0.12866418
Note Pool Factor 0.12737797
a) Monthly Servicing Fee and any unpaid servicing fee from prior Monthly Payment Dates 47,692.86
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-5 106,770.62
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 21,461,430.87 3,449,462.09 18,011,968.78
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 34,843.05
Excess Spread Received -34,843.05
VIII. POOL STATISTICS
Weighted Average Coupon (WAC) 8.89%
Weighted Average Remaining Maturity (WAM) 104
TOTAL DISTRIBUTION AMOUNT (Serv Fee+Note Int+Note Prin+Reserve Deposit-Reserve Overfunded Withdrawal) 4,179,828.34
Plus: Trustee Fee 1,041.67
Less: Reserve Withdrawal 0.00
TOTAL WIRE TO CHASE 4,180,870.01
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-Mar-05
Determination Date: 11-Mar-05
Monthly Payment Date: 14-Mar-05
Collection Period Ending: 28-Feb-05
I. COLLECTION ACCOUNT SUMMARY
Total Available Funds
----------------------
Principal and Interest Payments Received (including Prepayments) 2,098,080.30
Net Liquidation Proceeds (including Rebates/Insurance Amounts) 127,912.48
Current Monthly Interest Shortfall/Excess 409.65
Recoup of Collection Expenses -20,695.33
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 2,205,707.10
II. SIMPLE INTEREST EXCESS OR SHORTFALLS
Amount of Interest Payments Due During the Collection Period for Receivables 503,990.00
Amount of Interest Payments Received During the Collection Period for Receivables 503,580.35
Amount of Current Month Simple Interest Excess/Shortfall 409.65
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 10,530,460.83
Deposits to Reserve Account (only if Reserve Account is less than the Specified Reserve Account Balance) 51,278.62
Withdrawals from Reserve Account (to the extent that there are shortfalls on payments of Interest or Principal) 0.00
Reserve Account Investment Earnings 7,377.06
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) 10,530,460.83
Total Ending Reserve Balance 10,589,116.51
IV. COLLECTIONS ON RECEIVABLES
a) Interest and Principal Payments Received
----------------------------------------
Interest Payments Received 503,580.35
Scheduled Principal Payments Received 576,723.95
Principal Prepayments Received 1,017,776.00
Total Interest and Principal Payments Received 2,098,080.30
b) Liquidation Proceeds
- ---------------------
Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 129,007.48
minus Reasonable Expenses 1,095.00
Net Liquidation Proceeds 127,912.48
Amount Allocable to Interest 0.00
Amount Allocable to Principal 127,912.48
c) Purchase Amount - Loans Repurchased from Trust
- ----------------------------------------------
Amount Allocable to Interest 0.00
Amount Allocable to Principal 0.00
TOTAL COLLECTED FUNDS 2,225,992.78
V. CALCULATION OF SERVICING AND TRUSTEE FEES
Pool Balance of Receivables as of the First Day of Collection Period 79,585,560.01
multiplied by Servicer Fee Rate 0.50%
divided by Months per Year 12
SERVICING FEE AMOUNT 33,160,65
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 79,585,560.01
Pool Balance as of the Current Accounting Date 77,958,345.32
Age of Pool in Months 70
a.2) Aggregate Note Balance
------------------------
Aggregate Note Balance as of Preceding Accounting Date 77,993,848.81
Aggregate Note Balance as of Current Accounting Date 76,399,178.41
b) Default and Delinquency Performance (includes Repossessions and Bankruptcies)
-----------------------------------------------------------------------------
Current Month Number of Loans Principal Balance Percentage
------------- --------------- ----------------- ----------
30-59 Days Delinquent 25 507,424.36 0.651%
60-89 Days Delinquent 10 303,611.65 0.389%
90-119 Days Delinquent 6 215,763.52 0.277%
120+ Days Delinquent 0 0.00 0.000%
Defaults for Current Period 2 32,714.74 0.042%
Cumulative Defaults 459 22,031,773.17 4.006%
Cumulative Recoveries 11,926,173.20 2.168%
Current Period Realized Losses
-------------------------------
Current Month Realized Losses 32,714.74
Current Month Realized Losses as Percentage of Initial Pool Balance 0.006%
Preceding Realized Losses 515,415.95
Preceding Month Realized Losses as Percentage of Initial Pool Balance 0.094%
Second Preceding Realized Losses 270,521.18
Second Preceding Month Realized Losses as Percentage of Initial Pool Balance 0.049%
Cumulative Realized Losses 10,105,599.97
Cumulative Realized Losses as Percentage of Initial Pool Balance 1.837%
VII. DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT
Total Pool Factor 0.14174242
Note Pool Factor 0.13890757
a) Monthly Servicing Fee and any unpaid servicing fee from prior Monthly Payment Dates 101,943.24
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-5 127,723.17
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 22,993,848.81 1,594,670.40 21,399,178.41
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 32,544.29
Excess Spread Received 18,734.33
VIII. POOL STATISTICS
Weighted Average Coupon (WAC) 8.28%
Weighted Average Remaining Maturity (WAM) 125
TOTAL DISTRIBUTION AMOUNT (Serv Fee+Note Int+Note Prin+Reserve Deposit) 2,205,707.10
Plus: Trustee Fee 1,041.67
Less: Reserve Overfunded Withdrawal 0.00
TOTAL WIRE TO CHASE 2,206,748.77
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-Mar-05
Determination Date: 11-Mar-05
Monthly Payment Date: 14-Mar-05
Collection Period Ending: 28-Feb-05
I. COLLECTION ACCOUNT SUMMARY
Total Available Funds
----------------------
Principal and Interest Payments Received (including Prepayments) 2,045,347.95
Net Liquidation Proceeds (including Rebates/Insurance Amounts) 32,370.04
Current Monthly Interest Shortfall/Excess -4,135.59
Recoup of Collection Expenses -10,015.56
Amount of Withdrawal, if any, from Reserve Account 0.00
Purchase Amounts for Repurchased Receivables 0.00
TOTAL AVAILABLE FUNDS 2,063,566.84
II. SIMPLE INTEREST EXCESS OR SHORTFALLS
Amount of Interest Payments Due During the Collection Period for Receivables 476,347.45
Amount of Interest Payments Received During the Collection Period for Receivables 480,483.04
Amount of Current Month Simple Interest Excess/Shortfall -4,135.59
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) 14,688.76
Withdrawals from Reserve Account (to the extent that there are shortfalls on payments of Interest or Principal) -14,688.76
Reserve Account Investment Earnings 2,983.01
Withdrawals from Reserve Account due to Servicer (to the extent that the Specified Reserve Account Balance
and over-collateralization amounts have been met) -2,983.01
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 480,483.04
Scheduled Principal Payments Received 538,810.13
Principal Prepayments Received 1,026,054.78
Total Interest and Principal Payments Received 2,045,347.95
b) Liquidation Proceeds
- --------------------
Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 36,426.76
minus Reasonable Expenses 4,056.72
Net Liquidation Proceeds 32,370.04
Amount Allocable to Interest 0.00
Amount Allocable to Principal 32,370.04
c) Purchase Amount - Loans Repurchased from Trust
- ----------------------------------------------
Amount Allocable to Interest 0.00
Amount Allocable to Principal 0.00
TOTAL COLLECTED FUNDS 2,077,717.99
V. CALCULATION OF SERVICING AND TRUSTEE FEES
Pool Balance of Receivables as of the First Day of Collection Period 71,121,640.72
multiplied by Servicer Fee Rate 0.50%
divided by Months per Year 12
SERVICING FEE AMOUNT 29,634.02
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 71,121,640.72
Pool Balance as of the Current Accounting Date 69,498,607.69
Age of Pool in Months 68
a.2) Aggregate Note Balance
-----------------------
Aggregate Note Balance as of Preceding Accounting Date 70,410,424.31
Aggregate Note Balance as of Current Accounting Date 68,803,621.61
b) Default and Delinquency Performance (including Repossessions and Bankruptcies)
------------------------------------------------------------------------------
Current Month Number of Loans Principal Balance Percentage
------------- --------------- ----------------- ----------
30-59 Days Delinquent 31 668,435.60 0.962%
60-89 Days Delinquent 10 141,992.45 0.204%
90-119 Days Delinquent 4 83,862.48 0.121%
120+ Days Delinquent 0 0.00 0.000%
Defaults for Current Period 5 58,168.12 0.084%
Cumulative Defaults 494 17,727,276.53 4.733%
Cumulative Recoveries 8,142,572.20 2.174%
Current Period Realized Losses
-------------------------------
Current Month Realized Losses 58,168.12
Current Month Realized Losses as Percentage of Initial Pool Balance 0.016%
Preceding Realized Losses 73,344.60
Preceding Month Realized Losses as Percentage of Initial Pool Balance 0.020%
Second Preceding Realized Losses 99,661.01
Second Preceding Month Realized Losses as Percentage of Initial Pool Balance 0.027%
Cumulative Realized Losses 9,584,704.33
Cumulative Realized Losses as Percentage of Initial Pool Balance 2.559%
VII. DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT
Total Pool Factor 0.18556168
Note Pool Factor 0.18370607
a) Monthly Servicing Fee and any unpaid servicing fee from prior Monthly Payment Dates 29,634.02
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 0.00
Class A-6 307,056.83
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 0.00 0.00 0.00
Class A-6 53,556,424.31 1,606,802.70 51,949,621.61
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 16,230.33
Excess Spread Received -1,541.57
VIII. POOL STATISTICS
Weighted Average Coupon (WAC) 8.92%
Weighted Average Remaining Maturity (WAM) 114
TOTAL DISTRIBUTION AMOUNT (Serv Fee+Note Int+Note Prin+Reserve Deposit) 2,048,878.08
Plus: Trustee Fee 708.33
Less: Reserve Overfunded Withdrawal 0.00
TOTAL WIRE TO CHASE 2,049,586.41
Amount Due To Servicer (Excess Spread+Recoup of O/C-Reserve Deposit+Reserve Overfunded Withdrawal) 14,688.76
EX-4
DISTRIBUTION FINANCIAL SERVICES RV/MARINE TRUST 2001-1
Accounting Date: 10-Mar-05
Determination Date: 11-Mar-05
Monthly Payment Date: 14-Mar-05
Collection Period Ending: 28-Feb-05
I. COLLECTION ACCOUNT SUMMARY
Total Available Funds
-----------------------
Principal and Interest Payments Received (including Prepayments) 4,987,909.89
Net Liquidation Proceeds (including Rebates/Insurance Amounts) 466,386.34
Current Monthly Interest Shortfall/Excess -27,652.52
Recoup of Collection Expenses -16,499.26
Amount of Withdrawal, if any, from Reserve Account <430,466.50>
Purchase Amounts for Repurchased Receivables 0.00
TOTAL AVAILABLE FUNDS 5,840,610.95
II. SIMPLE INTEREST EXCESS OR SHORTFALLS
Amount of Interest Payments Due During the Collection Period for Receivables 994,564.07
Amount of Interest Payments Received During the Collection Period for Receivables 1,022,216.59
Amount of Current Month Simple Interest Excess/Shortfall -27,652.52
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 2,994,883.66
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) 430,466.50
Reserve Account Investment Earnings 5,755.87
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) 2,994,883.66
Total Ending Reserve Balance 2,570,173.03
IV. COLLECTIONS ON RECEIVABLES
a) Interest and Principal Payments Received
------------------------------------------
Interest Payments Received 1,022,216.59
Scheduled Principal Payments Received 1,047,311.37
Principal Prepayments Received 2,918,381.93
Total Interest and Principal Payments Received 4,987,909.89
b) Liquidation Proceeds
- ----------------------
Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 526,134.54
minus Reasonable Expenses 59,748.20
Net Liquidation Proceeds 466,386.34
Amount Allocable to Interest 0.00
Amount Allocable to Principal 466,386.34
c) Purchase Amount - Loans Repurchased from Trust
- ------------------------------------------------
Amount Allocable to Interest 0.00
Amount Allocable to Principal 0.00
TOTAL COLLECTED FUNDS 5,454,296.23
V. CALCULATION OF SERVICING AND TRUSTEE FEES
Pool Balance of Receivables as of the First Day of Collection Period 148,966,343.34
multiplied by Servicer Fee Rate 0.75%
divided by Months per Year 12
SERVICING FEE AMOUNT 93,103.96
VI. POOL BALANCE AND PORTFOLIO PERFORMANCE
a) Pool Balance
--------------
Initial Pool Balance 529,467,226.64
Pool Balance as of Preceding Accounting Date 148,966,343.34
Pool Balance as of the Current Accounting Date 143,998,551.57
Age of Pool in Months 40
a.2) Aggregate Note Balance
-----------------------
Aggregate Note Balance as of Preceding Accounting Date 148,966,343.34
Aggregate Note Balance as of Current Accounting Date 143,998,551.57
b) Default and Delinquency Performance (includes Repossessions and Bankruptcies)
-----------------------------------------------------------------------------
Current Month Number of Loans Principal Balance Percentage
------------- --------------- ----------------- ----------
30-59 Days Delinquent 45 1,016,507.56 0.706%
60-89 Days Delinquent 24 812,571.18 0.564%
90-119 Days Delinquent 13 599,116.34 0.416%
120+ Days Delinquent 0 0.00 0.000%
Defaults for Current Period 17 1,002,098.47 0.696%
Cumulative Defaults 554 21,942,947.27 4.144%
Cumulative Recoveries 9,037,468.96 1.707%
Current Period Realized Losses
-------------------------------
Current Month Realized Losses 1,002,098.47
Current Month Realized Losses as Percentage of Initial Pool Balance 0.189%
Preceding Realized Losses 669,775.20
Preceding Month Realized Losses as Percentage of Initial Pool Balance 0.126%
Second Preceding Realized Losses 511,835.48
Second Preceding Month Realized Losses as Percentage of Initial Pool Balance 0.097%
Cumulative Realized Losses 12,905,478.31
Cumulative Realized Losses as Percentage of Initial Pool Balance 2.437%
VII. DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT
Total Pool Factor 0.27196877
Note Pool Factor 0.27196877
a) Monthly Servicing Fee and any unpaid servicing fee from prior Monthly Payment Dates 93,103.96
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-4 161,908.47
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 34,266,343.34 4,967,791.77 29,298,551.57
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) 135.17
TOTAL DISTRIBUTION AMOUNT (Serv Fee+Note Int+Note Prin+Reserve Deposit-Reserve Overfunded Deposit) 5,840,610.95
Less: Reserve Withdrawal -430,466.50
TOTAL WIRE TO HSBC 5,410,144.45
Amount Due To Servicer (Excess Spread-Reserve Deposit+Reserve Overfunded Withdrawal) 0.00