April 21, 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.
April 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
April 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
April 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
April 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
April 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: April 21, 2005
Name: /s/ Matt Pechulis
Title: Vice President & Assistant Secretary
EX-1
DISTRIBUTION FINANCIAL SERVICES RV TRUST 1999-1
Accounting Date: 11-Apr-05
Determination Date: 12-Apr-05
Monthly Payment Date: 15-Apr-05
Collection Period Ending: 31-Mar-05
I. COLLECTION ACCOUNT SUMMARY
Total Available Funds
---------------------
Principal and Interest Payments Received (including Prepayments) 5,261,446.66
Net Liquidation Proceeds (including Rebates/Insurance Amounts) 214,300.78
Current Monthly Interest Shortfall/Excess -55,732.20
Recoup of Collection Expenses -6,418.94
Amount of Withdrawal, if any, from Reserve Account 78,127.90
Purchase Amounts for Repurchased Receivables 0.00
TOTAL AVAILABLE FUNDS 5,491,724.20
II. SIMPLE INTEREST EXCESS OR SHORTFALLS
Amount of Interest Payments Due During the Collection Period for Receivables 930,115.53
Amount of Interest Payments Received During the Collection Period for Receivables 985,847.73
Amount of Current Month Simple Interest Excess/Shortfall -55,732.20
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 7,241,098.03
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) -78,127.90
Reserve Account Investment Earnings 20,017.45
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) 7,241,098.03
Total Ending Reserve Balance 7,182,987.58
IV. COLLECTIONS ON RECEIVABLES
a) Interest and Principal Payments Received
- -----------------------------------------
Interest Payments Received 985,847.73
Scheduled Principal Payments Received 1,381,690.79
Principal Prepayments Received 2,893,908.14
Total Interest and Principal Payments Received 5,261,446.66
b) Liquidation Proceeds
- ---------------------
Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 228,092.33
minus Reasonable Expenses 13,791.55
Net Liquidation Proceeds 214,300.78
Amount Allocable to Interest 0.00
Amount Allocable to Principal 214,300.78
c) Purchase Amount - Loans Repurchased from Trust
- -----------------------------------------------
Amount Allocable to Interest 0.00
Amount Allocable to Principal 0.00
TOTAL COLLECTED FUNDS 5,475,747.44
V. CALCULATION OF SERVICING AND TRUSTEE FEES
Pool Balance of Receivables as of the First Day of Collection Period 128,664,614.93
multiplied by Servicer Fee Rate 0.50%
divided by Months per Year 12
SERVICING FEE AMOUNT 53,610.26
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 128,664,614.93
Pool Balance as of the Current Accounting Date 123,789,653.42
Age of Pool in Months 73
a.2)Aggregate Note Balance
-----------------------
Aggregate Note Balance as of Preceding Accounting Date 127,377,968.78
Aggregate Note Balance as of Current Accounting Date 122,551,756.89
b) Default and Delinquency Performance (includes Repossessions and Bankruptcies)
- -------------------------------------------------------------------------------
Current Month Number of Loans Principal Balance Percentage
--------------- ---------------- ----------------- ----------
30-59 Days Delinquent 26 505,872.27 0.409%
60-89 Days Delinquent 12 302,239.76 0.244%
90-119 Days Delinquent 9 160,928.98 0.130%
120+ Days Delinquent 0 0.00 0.000%
Defaults for Current Period 16 599,362.58 0.484%
Cumulative Defaults 1,315 52,009,414.18 5.201%
Cumulative Recoveries 21,755,907.71 2.176%
Current Period Realized Losses
------------------------------
Current Month Realized Losses 599,362.58
Current Month Realized Losses as Percentage of Initial Pool Balance 0.060%
Preceding Realized Losses 264,003.95
Preceding Month Realized Losses as Percentage of Initial Pool Balance 0.026%
Second Preceding Realized Losses 283,820.27
Second Preceding Month Realized Losses as Percentage of Initial Pool Balance 0.028%
Cumulative Realized Losses 30,253,506.47
Cumulative Realized Losses as Percentage of Initial Pool Balance 3.025%
VII.DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT
Total Pool Factor 0.1237897
Note Pool Factor 0.1225518
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 89,609.54
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 18,011,968.78 4,826,211.89 13,185,756.89
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 48,749.62
Excess Spread Received -126,877.52
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) 5,491,724.20
Plus: Trustee Fee 1,041.67
Less: Reserve Withdrawal -78,127.90
TOTAL WIRE TO CHASE 5,414,637.97
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: 11-Apr-05
Determination Date: 12-Apr-05
Monthly Payment Date: 15-Apr-05
Collection Period Ending: 31-Mar-05
I. COLLECTION ACCOUNT SUMMARY
Total Available Funds
----------------------
Principal and Interest Payments Received (including Prepayments) 2,504,762.34
Net Liquidation Proceeds (including Rebates/Insurance Amounts) 111,763.00
Current Monthly Interest Shortfall/Excess -32,975.41
Recoup of Collection Expenses -18,312.83
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 2,565,237.10
II. SIMPLE INTEREST EXCESS OR SHORTFALLS
Amount of Interest Payments Due During the Collection Period for Receivables 536,280.67
Amount of Interest Payments Received During the Collection Period for Receivables 569,256.08
Amount of Current Month Simple Interest Excess/Shortfall -32,975.41
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 10,589,116.51
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 33,308.72
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) 10,589,116.51
Total Ending Reserve Balance 10,622,425.23
IV. COLLECTIONS ON RECEIVABLES
a) Interest and Principal Payments Received
----------------------------------------
Interest Payments Received 569,256.08
Scheduled Principal Payments Received 753,345.47
Principal Prepayments Received 1,182,160.79
Total Interest and Principal Payments Received 2,504,762.34
b) Liquidation Proceeds
- ---------------------
Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 133,970.64
minus Reasonable Expenses 22,207.64
Net Liquidation Proceeds 111,763.00
Amount Allocable to Interest 0.00
Amount Allocable to Principal 111,763.00
c) Purchase Amount - Loans Repurchased from Trust
- ----------------------------------------------
Amount Allocable to Interest 0.00
Amount Allocable to Principal 0.00
TOTAL COLLECTED FUNDS 2,616,525.34
V. CALCULATION OF SERVICING AND TRUSTEE FEES
Pool Balance of Receivables as of the First Day of Collection Period 77,958,345.32
multiplied by Servicer Fee Rate 0.50%
divided by Months per Year 12
SERVICING FEE AMOUNT 32,482.64
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 77,958,345.32
Pool Balance as of the Current Accounting Date 75,812,967.44
Age of Pool in Months 71
a.2) Aggregate Note Balance
------------------------
Aggregate Note Balance as of Preceding Accounting Date 76,399,178.41
Aggregate Note Balance as of Current Accounting Date 74,296,708.09
b) Default and Delinquency Performance (includes Repossessions and Bankruptcies)
-----------------------------------------------------------------------------
Current Month Number of Loans Principal Balance Percentage
------------- --------------- ----------------- ----------
30-59 Days Delinquent 16 371,469.77 0.490%
60-89 Days Delinquent 7 105,188.16 0.139%
90-119 Days Delinquent 7 182,458.53 0.241%
120+ Days Delinquent 0 0.00 0.000%
Defaults for Current Period 6 209,871.62 0.277%
Cumulative Defaults 465 22,241,644.79 4.044%
Cumulative Recoveries 12,037,936.20 2.189%
Current Period Realized Losses
-------------------------------
Current Month Realized Losses 209,871.62
Current Month Realized Losses as Percentage of Initial Pool Balance 0.038%
Preceding Realized Losses 32,714.74
Preceding Month Realized Losses as Percentage of Initial Pool Balance 0.006%
Second Preceding Realized Losses 515,415.95
Second Preceding Month Realized Losses as Percentage of Initial Pool Balance 0.094%
Cumulative Realized Losses 10,203,708.59
Cumulative Realized Losses as Percentage of Initial Pool Balance 1.855%
VII. DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT
Total Pool Factor 0.13784176
Note Pool Factor 0.13508492
a) Monthly Servicing Fee and any unpaid servicing fee from prior Monthly Payment Dates 13,809.81
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-5 118,865.30
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 21,399,178.41 2,102,470.32 19,296,708.09
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 42,907.56
Excess Spread Received -42,907.56
VIII. POOL STATISTICS
Weighted Average Coupon (WAC) 8.28%
Weighted Average Remaining Maturity (WAM) 124
TOTAL DISTRIBUTION AMOUNT (Serv Fee+Note Int+Note Prin+Reserve Deposit) 2,565,237.10
Plus: Trustee Fee 1,041.67
Less: Reserve Overfunded Withdrawal 0.00
TOTAL WIRE TO CHASE 2,566,278.77
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: 11-Apr-05
Determination Date: 12-Apr-05
Monthly Payment Date: 15-Apr-05
Collection Period Ending: 31-Mar-05
I. COLLECTION ACCOUNT SUMMARY
Total Available Funds
----------------------
Principal and Interest Payments Received (including Prepayments) 2,608,243.28
Net Liquidation Proceeds (including Rebates/Insurance Amounts) 102,628.61
Current Monthly Interest Shortfall/Excess -22,760.33
Recoup of Collection Expenses -1,851.39
Amount of Withdrawal, if any, from Reserve Account 0.00
Purchase Amounts for Repurchased Receivables 0.00
TOTAL AVAILABLE FUNDS 2,686,260.17
II. SIMPLE INTEREST EXCESS OR SHORTFALLS
Amount of Interest Payments Due During the Collection Period for Receivables 514,134.63
Amount of Interest Payments Received During the Collection Period for Receivables 536,894.96
Amount of Current Month Simple Interest Excess/Shortfall -22,760.33
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) 119,139.89
Withdrawals from Reserve Account (to the extent that there are shortfalls on payments of Interest or Principal) -119,139.89
Reserve Account Investment Earnings 7,773.43
Withdrawals from Reserve Account due to Servicer (to the extent that the Specified Reserve Account Balance
and over-collateralization amounts have been met) -7,773.43
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 536,894.96
Scheduled Principal Payments Received 669,298.47
Principal Prepayments Received 1,402,049.85
Total Interest and Principal Payments Received 2,608,243.28
b) Liquidation Proceeds
- --------------------
Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 111,981.22
minus Reasonable Expenses 9,352.61
Net Liquidation Proceeds 102,628.61
Amount Allocable to Interest 0.00
Amount Allocable to Principal 102,628.61
c) Purchase Amount - Loans Repurchased from Trust
- ----------------------------------------------
Amount Allocable to Interest 0.00
Amount Allocable to Principal 0.00
TOTAL COLLECTED FUNDS 2,710,871.89
V. CALCULATION OF SERVICING AND TRUSTEE FEES
Pool Balance of Receivables as of the First Day of Collection Period 69,498,607.69
multiplied by Servicer Fee Rate 0.50%
divided by Months per Year 12
SERVICING FEE AMOUNT 28,957.75
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 69,498,607.69
Pool Balance as of the Current Accounting Date 67,342,109.20
Age of Pool in Months 69
a.2) Aggregate Note Balance
-----------------------
Aggregate Note Balance as of Preceding Accounting Date 68,803,621.61
Aggregate Note Balance as of Current Accounting Date 66,668,688.11
b) Default and Delinquency Performance (including Repossessions and Bankruptcies)
------------------------------------------------------------------------------
Current Month Number of Loans Principal Balance Percentage
------------- --------------- ----------------- ----------
30-59 Days Delinquent 24 597,439.16 0.887%
60-89 Days Delinquent 9 96,471.22 0.143%
90-119 Days Delinquent 4 73,568,89 0.109%
120+ Days Delinquent 0 0.00 0.000%
Defaults for Current Period 4 85,150.17 0.126%
Cumulative Defaults 498 17,812,426.70 4.756%
Cumulative Recoveries 8,245,200.81 2.201%
Current Period Realized Losses
-------------------------------
Current Month Realized Losses 85,150.17
Current Month Realized Losses as Percentage of Initial Pool Balance 0.023%
Preceding Realized Losses 58,168.12
Preceding Month Realized Losses as Percentage of Initial Pool Balance 0.016%
Second Preceding Realized Losses 73,344.60
Second Preceding Month Realized Losses as Percentage of Initial Pool Balance 0.020%
Cumulative Realized Losses 9,567,225.89
Cumulative Realized Losses as Percentage of Initial Pool Balance 2.554%
VII. DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT
Total Pool Factor 0.1798038
Note Pool Factor 0.1780058
a) Monthly Servicing Fee and any unpaid servicing fee from prior Monthly Payment Dates 28,957.75
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-6 297,844.50
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 51,949,621.61 2,134,933.50 49,814,688.11
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 21,564.99
Excess Spread Received 97,574.90
VIII. POOL STATISTICS
Weighted Average Coupon (WAC) 8.92%
Weighted Average Remaining Maturity (WAM) 113
TOTAL DISTRIBUTION AMOUNT (Serv Fee+Note Int+Note Prin+Reserve Deposit) 2,567,120.28
Plus: Trustee Fee 708.33
Less: Reserve Overfunded Withdrawal 0.00
TOTAL WIRE TO CHASE 2,567,828.61
Amount Due To Servicer (Excess Spread+Recoup of O/C-Reserve Deposit+Reserve Overfunded Withdrawal) 119,139.89
EX-4
DISTRIBUTION FINANCIAL SERVICES RV/MARINE TRUST 2001-1
Accounting Date: 11-Apr-05
Determination Date: 12-Apr-05
Monthly Payment Date: 15-Apr-05
Collection Period Ending: 31-Mar-05
I. COLLECTION ACCOUNT SUMMARY
Total Available Funds
-----------------------
Principal and Interest Payments Received (including Prepayments) 5,490,384.98
Net Liquidation Proceeds (including Rebates/Insurance Amounts) 485,934.63
Current Monthly Interest Shortfall/Excess -109,000.08
Recoup of Collection Expenses 1,423.68
Amount of Withdrawal, if any, from Reserve Account 0.00
Purchase Amounts for Repurchased Receivables 0.00
TOTAL AVAILABLE FUNDS 5,868,743.21
II. SIMPLE INTEREST EXCESS OR SHORTFALLS
Amount of Interest Payments Due During the Collection Period for Receivables 1,076,813.95
Amount of Interest Payments Received During the Collection Period for Receivables 1,185,814.03
Amount of Current Month Simple Interest Excess/Shortfall -109,000.08
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 2,570,173.03
Deposits to Reserve Account (only if Reserve Account is less than the Specified Reserve Account Balance) 101,490.98
Withdrawals from Reserve Account (to the extent that there are shortfalls on payments of Interest or Principal) 0.00
Reserve Account Investment Earnings 5,868.53
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) 2,570,173.03
Total Ending Reserve Balance 2,677,532.54
IV. COLLECTIONS ON RECEIVABLES
a) Interest and Principal Payments Received
------------------------------------------
Interest Payments Received 1,185,814.03
Scheduled Principal Payments Received 1,115,149.00
Principal Prepayments Received 3,189,421.95
Total Interest and Principal Payments Received 5,490,384.98
b) Liquidation Proceeds
- ----------------------
Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 573,293.22
minus Reasonable Expenses 87,358.59
Net Liquidation Proceeds 485,934.63
Amount Allocable to Interest 0.00
Amount Allocable to Principal 485,934.63
c) Purchase Amount - Loans Repurchased from Trust
- ------------------------------------------------
Amount Allocable to Interest 0.00
Amount Allocable to Principal 0.00
TOTAL COLLECTED FUNDS 5,976,319.61
V. CALCULATION OF SERVICING AND TRUSTEE FEES
Pool Balance of Receivables as of the First Day of Collection Period 143,998,551.57
multiplied by Servicer Fee Rate 0.75%
divided by Months per Year 12
SERVICING FEE AMOUNT 89,999.09
VI. POOL BALANCE AND PORTFOLIO PERFORMANCE
a) Pool Balance
--------------
Initial Pool Balance 529,467,226.64
Pool Balance as of Preceding Accounting Date 143,998,551.57
Pool Balance as of the Current Accounting Date 139,077,540.84
Age of Pool in Months 41
a.2) Aggregate Note Balance
-----------------------
Aggregate Note Balance as of Preceding Accounting Date 143,998,551.57
Aggregate Note Balance as of Current Accounting Date 139,077,540.84
b) Default and Delinquency Performance (includes Repossessions and Bankruptcies)
-----------------------------------------------------------------------------
Current Month Number of Loans Principal Balance Percentage
------------- --------------- ----------------- ----------
30-59 Days Delinquent 42 763,729.69 0.549%
60-89 Days Delinquent 21 497,831.50 0.358%
90-119 Days Delinquent 15 633,852.19 0.456%
120+ Days Delinquent 0 0.00 0.000%
Defaults for Current Period 14 616,439.78 0.443%
Cumulative Defaults 568 22,559,387.05 4.261%
Cumulative Recoveries 9,523,403.59 1.799%
Current Period Realized Losses
-------------------------------
Current Month Realized Losses 616,439.78
Current Month Realized Losses as Percentage of Initial Pool Balance 0.116%
Preceding Realized Losses 1,002,098.47
Preceding Month Realized Losses as Percentage of Initial Pool Balance 0.189%
Second Preceding Realized Losses 669,775.20
Second Preceding Month Realized Losses as Percentage of Initial Pool Balance 0.126%
Cumulative Realized Losses 13,035,983.46
Cumulative Realized Losses as Percentage of Initial Pool Balance 2.462%
VII. DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT
Total Pool Factor 0.2562697
Note Pool Factor 0.2562697
a) Monthly Servicing Fee and any unpaid servicing fee from prior Monthly Payment Dates 89,999.09
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-4 138,435.66
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 29,298,551.57 4,921,010.73 24,377,540.84
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) 9.22%
Weighted Average Remaining Maturity (WAM) 134.47
TOTAL DISTRIBUTION AMOUNT (Serv Fee+Note Int+Note Prin+Reserve Deposit-Reserve Overfunded Deposit) 5,868,743.21
Less: Reserve Withdrawal 0.00
TOTAL WIRE TO HSBC 5,868,743.21
Amount Due To Servicer (Excess Spread-Reserve Deposit+Reserve Overfunded Withdrawal) 0.00