October 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,
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:
Marlyn.abraham@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.
October 17, 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
October 17, 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
October 17, 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
October 17, 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
October 17, 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: October 21, 2005
Name: /s/ Matt Pechulis
Title: Vice President & Assistant Secretary
EX-1
DISTRIBUTION FINANCIAL SERVICES RV TRUST 1999-1
Accounting Date: 12-Oct-05
Determination Date: 14-Oct-05
Monthly Payment Date: 17-Oct-05
Collection Period Ending: 30-Sep-05
I. COLLECTION ACCOUNT SUMMARY
Total Available Funds
---------------------
Principal and Interest Payments Received (including Prepayments) 3,173,300.59
Net Liquidation Proceeds (including Rebates/Insurance Amounts) 156,614.77
Current Advance/Advance Recovery -22,744.80
Recoup of Collection Expenses 21.87
Amount of Withdrawal, if any, from Reserve Account 0.00
Purchase Amounts for Repurchased Receivables 0.00
TOTAL AVAILABLE FUNDS 3,307,192.43
II. SIMPLE INTEREST EXCESS OR SHORTFALLS
Amount of Interest Payments Due During the Collection Period for Receivables 759,108.53
Amount of Interest Payments Received During the Collection Period for Receivables 781,853.33
Amount of Current Month Simple Interest Excess/Shortfall -22,744.80
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 7,459,587.31
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 21,027.69
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) 7,459,587.31
Total Ending Reserve Balance 7,480,615.00
IV. COLLECTIONS ON RECEIVABLES
a) Interest and Principal Payments Received
- -----------------------------------------
Interest Payments Received 781,853.33
Scheduled Principal Payments Received 1,103,937.30
Principal Prepayments Received 1,287,509.96
Total Interest and Principal Payments Received 3,173,300.59
b) Liquidation Proceeds
- ---------------------
Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 168,037.18
minus Reasonable Expenses 11,422.41
Net Liquidation Proceeds 156,614.77
Amount Allocable to Interest 0.00
Amount Allocable to Principal 156,614.77
c) Purchase Amount - Loans Repurchased from Trust
- -----------------------------------------------
Amount Allocable to Interest 0.00
Amount Allocable to Principal 0.00
TOTAL COLLECTED FUNDS 3,329,915.36
V. CALCULATION OF SERVICING AND TRUSTEE FEES
Pool Balance of Receivables as of the First Day of Collection Period 107,183,875.22
multiplied by Servicer Fee Rate 0.50%
divided by Months per Year 12
SERVICING FEE AMOUNT 44,659.95
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 107,183,875.22
Pool Balance as of the Current Accounting Date 104,475,675.31
Age of Pool in Months 79
a.2)Aggregate Note Balance
-----------------------
Aggregate Note Balance as of Preceding Accounting Date 106,112,036.47
Aggregate Note Balance as of Current Accounting Date 103,430,918.56
b) Default and Delinquency Performance (includes Repossessions and Bankruptcies)
- -------------------------------------------------------------------------------
Current Month Number of Loans Principal Balance Percentage
--------------- ---------------- ----------------- ----------
30-59 Days Delinquent 29 637,358.93 0.610%
60-89 Days Delinquent 18 985,690.48 0.943%
90-119 Days Delinquent 14 690,777.65 0.661%
120+ Days Delinquent 0 0.00 0.000%
Defaults for Current Period 11 316,752.65 0.303%
Cumulative Defaults 1,378 53,740,690.84 5.374%
Cumulative Recoveries 22,544,092.16 2.254%
Current Period Realized Losses
------------------------------
Current Month Realized Losses 316,752.65
Current Month Realized Losses as Percentage of Initial Pool Balance 0.032%
Preceding Realized Losses 599,018.58
Preceding Month Realized Losses as Percentage of Initial Pool Balance 0.060%
Second Preceding Realized Losses 149,315.71
Second Preceding Month Realized Losses as Percentage of Initial Pool Balance 0.015%
Cumulative Realized Losses 31,196,598.68
Cumulative Realized Losses as Percentage of Initial Pool Balance 3.120%
VII.DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT
Total Pool Factor 0.10447568
Note Pool Factor 0.10343092
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 0.00
Class A-6 306,578.72
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 0.00 0.00 0.00
Class A-6 61,112,036.47 2,681,117.91 58,430,918.56
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 27,082.00
Excess Spread Received 39,413.80
VIII. POOL STATISTICS
Weighted Average Coupon (WAC) 8.87%
Weighted Average Remaining Maturity (WAM) 99.00
TOTAL DISTRIBUTION AMOUNT (Serv Fee+Note Int+Note Prin+Reserve Deposit-Reserve Overfunded Withdrawal) 3,307,192.43
Plus: Trustee Fee 1,041.67
Less: Reserve Withdrawal 0.00
TOTAL WIRE TO CHASE 3,308,234.10
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: 12-Oct-05
Determination Date: 14-Oct-05
Monthly Payment Date: 17-Oct-05
Collection Period Ending: 30-Sep-05
I. COLLECTION ACCOUNT SUMMARY
Total Available Funds
----------------------
Principal and Interest Payments Received (including Prepayments) 2,466,739.33
Net Liquidation Proceeds (including Rebates/Insurance Amounts) 13,964.62
Current Advance/Advance Recovery -30,428.47
Recoup of Collection Expenses -810.30
Amount of Withdrawal, (to the extent that there are shortfalls on payments of Interest or Principal), from
Reserve Account 179,928.12
Purchase Amounts for Repurchased Receivables 0.00
TOTAL AVAILABLE FUNDS 2,629,393.30
II. SIMPLE INTEREST EXCESS OR SHORTFALLS
Amount of Interest Payments Due During the Collection Period for Receivables 422,534.49
Amount of Interest Payments Received During the Collection Period for Receivables 452,962.96
Amount of Current Month Simple Interest Excess/Shortfall -30,428.47
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 11,000,002.18
Deposits to Reserve Account (only if Reserve Account is less than the Specified Reserve Account Balance) 0.00
Withdrawals from Reserve Account (to the extent that there are shortfalls on payments of Interest or Principal) -179,928.12
Reserve Account Investment Earnings 31,021.99
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) 11,000,002.18
Total Ending Reserve Balance 10,851,096.05
IV. COLLECTIONS ON RECEIVABLES
a) Interest and Principal Payments Received
----------------------------------------
Interest Payments Received 452,962.96
Scheduled Principal Payments Received 472,282.65
Principal Prepayments Received 1,541,493.72
Total Interest and Principal Payments Received 2,466,739.33
b) Liquidation Proceeds
- ---------------------
Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 17,650.23
minus Reasonable Expenses 3,685.61
Net Liquidation Proceeds 13,964.62
Amount Allocable to Interest 0.00
Amount Allocable to Principal 13,964.62
c) Purchase Amount - Loans Repurchased from Trust
- ----------------------------------------------
Amount Allocable to Interest 0.00
Amount Allocable to Principal 0.00
TOTAL COLLECTED FUNDS 2,480,703.95
V. CALCULATION OF SERVICING AND TRUSTEE FEES
Pool Balance of Receivables as of the First Day of Collection Period 64,400,792.86
multiplied by Servicer Fee Rate 0.50%
divided by Months per Year 12
SERVICING FEE AMOUNT 26,833.66
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 64,400,792.86
Pool Balance as of the Current Accounting Date 62,100,550.14
Age of Pool in Months 77
a.2) Aggregate Note Balance
------------------------
Aggregate Note Balance as of Preceding Accounting Date 63,112,777.00
Aggregate Note Balance as of Current Accounting Date 60,858,539.14
b) Default and Delinquency Performance (includes Repossessions and Bankruptcies)
-----------------------------------------------------------------------------
Current Month Number of Loans Principal Balance Percentage
------------- --------------- ----------------- ----------
30-59 Days Delinquent 13 460,247.73 0.741%
60-89 Days Delinquent 7 74,168.26 0.119%
90-119 Days Delinquent 6 160,228.05 0.258%
120+ Days Delinquent 0 0.00 0.000%
Defaults for Current Period 7 286,466.35 0.461%
Cumulative Defaults 486 22,948,289.84 4.172%
Cumulative Recoveries 12,649,587.17 2.300%
Current Period Realized Losses
-------------------------------
Current Month Realized Losses 286,466.35
Current Month Realized Losses as Percentage of Initial Pool Balance 0.052%
Preceding Realized Losses 144,869.98
Preceding Month Realized Losses as Percentage of Initial Pool Balance 0.026%
Second Preceding Realized Losses 29,881.41
Second Preceding Month Realized Losses as Percentage of Initial Pool Balance 0.005%
Cumulative Realized Losses 10,298,702.67
Cumulative Realized Losses as Percentage of Initial Pool Balance 1.872%
VII. DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT
Total Pool Factor 0.11291009
Note Pool Factor 0.11065189
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 45,063.77
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 8,112,777.00 2,254,237.86 5,858,539.14
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 46,004.86
Excess Spread Received -225,932.98
VIII. POOL STATISTICS
Weighted Average Coupon (WAC) 8.33%
Weighted Average Remaining Maturity (WAM) 118.00
TOTAL DISTRIBUTION AMOUNT (Serv Fee+Note Int+Note Prin+Reserve Deposit) 2,629,393.30
Plus: Trustee Fee 1,041.67
Less: Reserve Overfunded Withdrawal -179,928.12
TOTAL WIRE TO CHASE 2,450,506.85
Amount Due To Servicer (Excess Spread+Recoup of O/C-Reserve Deposit+Reserve Overfunded Withdrawal) 0.00
EX-1
DISTRIBUTION FINANCIAL SERVICES RV TRUST 1999-3
Accounting Date: 12-Oct-05
Determination Date: 14-Oct-05
Monthly Payment Date: 17-Oct-05
Collection Period Ending: 30-Sep-05
I. COLLECTION ACCOUNT SUMMARY
Total Available Funds
----------------------
Principal and Interest Payments Received (including Prepayments) 1,658,114.06
Net Liquidation Proceeds (including Rebates/Insurance Amounts) 71,849.89
Current Advance/Advance Recovery -25,316.30
Recoup of Collection Expenses -4,394.88
Amount of Withdrawal, if any, from Reserve Account 489,597.50
Purchase Amounts for Repurchased Receivables 0.00
TOTAL AVAILABLE FUNDS 2,139,850.27
II. SIMPLE INTEREST EXCESS OR SHORTFALLS
Amount of Interest Payments Due During the Collection Period for Receivables 396,937.67
Amount of Interest Payments Received During the Collection Period for Receivables 422,253.97
Amount of Current Month Simple Interest Excess/Shortfall -25,316.30
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 2,454,906.16
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) -439,597.50
Reserve Account Investment Earnings 6,849.87
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) 2,454,906.16
Total Ending Reserve Balance 2,022,158.53
IV. COLLECTIONS ON RECEIVABLES
a) Interest and Principal Payments Received
- ------------------------------------------
Interest Payments Received 422,253.97
Scheduled Principal Payments Received 533,262.29
Principal Prepayments Received 702,597.80
Total Interest and Principal Payments Received 1,658,114.06
b) Liquidation Proceeds
- --------------------
Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 83,253.97
minus Reasonable Expenses 11,738.72
Net Liquidation Proceeds 71,849.89
Amount Allocable to Interest 0.00
Amount Allocable to Principal 78,849.33
c) Purchase Amount - Loans Repurchased from Trust
- ----------------------------------------------
Amount Allocable to Interest 0.00
Amount Allocable to Principal 0.00
TOTAL COLLECTED FUNDS 1,729,963.95
V. CALCULATION OF SERVICING AND TRUSTEE FEES
Pool Balance of Receivables as of the First Day of Collection Period 57,575,809.01
multiplied by Servicer Fee Rate 0.50%
divided by Months per Year 12
SERVICING FEE AMOUNT 23,989.92
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 57,575,809.01
Pool Balance as of the Current Accounting Date 55,753,288.76
Age of Pool in Months 75
a.2) Aggregate Note Balance
-----------------------
Aggregate Note Balance as of Preceding Accounting Date 57,000,050.92
Aggregate Note Balance as of Current Accounting Date 55,195,755.87
b) Default and Delinquency Performance (including Repossessions and Bankruptcies)
------------------------------------------------------------------------------
Current Month Number of Loans Principal Balance Percentage
------------- --------------- ----------------- ----------
30-59 Days Delinquent 27 594,339.95 1.066%
60-89 Days Delinquent 8 378,249.07 0.678%
90-119 Days Delinquent 8 190,166.23 0.341%
120+ Days Delinquent 0 0.00 0.000%
Defaults for Current Period 6 586,660.16 1.052%
Cumulative Defaults 541 19,353,722.96 5.167%
Cumulative Recoveries 8,581,179.03 2.291%
Current Period Realized Losses
-------------------------------
Current Month Realized Losses 586,660.16
Current Month Realized Losses as Percentage of Initial Pool Balance 0.157%
Preceding Realized Losses 481,191.69
Preceding Month Realized Losses as Percentage of Initial Pool Balance 0.128%
Second Preceding Realized Losses 83,748.23
Second Preceding Month Realized Losses as Percentage of Initial Pool Balance 0.022%
Cumulative Realized Losses 10,772,543.93
Cumulative Realized Losses as Percentage of Initial Pool Balance 2.876%
VII. DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT
Total Pool Factor 0.14886161
Note Pool Factor 0.14737300
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 0.00
Class A-6 230,170.69
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 40,146,050.92 1,804,295.05 38,341,755.87
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 18,225.20
Excess Spread Received -457,822.70
VIII. POOL STATISTICS
Weighted Average Coupon (WAC) 8.91%
Weighted Average Remaining Maturity (WAM) 109.00
TOTAL DISTRIBUTION AMOUNT (Serv Fee+Note Int+Note Prin+Reserve Deposit) 2,139,850.27
Plus: Trustee Fee 708.33
Less: Reserve Overfunded Withdrawal -439,597.50
TOTAL WIRE TO CHASE 1,700,961.10
Amount Due To Servicer (Excess Spread+Recoup of O/C-Reserve Deposit+Reserve Overfunded Withdrawal) 0.00
EX-4
DISTRIBUTION FINANCIAL SERVICES RV/MARINE TRUST 2001-1
Accounting Date: 12-Oct-05
Determination Date: 14-Oct-05
Monthly Payment Date: 17-Oct-05
Collection Period Ending: 30-Sep-05
I. COLLECTION ACCOUNT SUMMARY
Total Available Funds
-----------------------
Principal and Interest Payments Received (including Prepayments) 3,576,387.19
Net Liquidation Proceeds (including Rebates/Insurance Amounts) 141,291.57
Current Advance/Advance Recovery -21,373.29
Recoup of Collection Expenses -5,444.59
Amount of Withdrawal, if any, from Reserve Account 0.00
Purchase Amounts for Repurchased Receivables 0.00
TOTAL AVAILABLE FUNDS 3,690,860.88
II. SIMPLE INTEREST EXCESS OR SHORTFALLS
Amount of Interest Payments Due During the Collection Period for Receivables 877,025.18
Amount of Interest Payments Received During the Collection Period for Receivables 898,398.47
Amount of Current Month Simple Interest Excess/Shortfall -21,373.29
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 2,733,566.30
Deposits to Reserve Account (only if Reserve Account is less than the Specified Reserve Account Balance) 196,787.79
Withdrawals from Reserve Account (to the extent that there are shortfalls on payments of Interest or Principal) 0.00
Reserve Account Investment Earnings 7,736.33
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) 2,733,566.30
Total Ending Reserve Balance 2,938,090.42
IV. COLLECTIONS ON RECEIVABLES
a) Interest and Principal Payments Received
------------------------------------------
Interest Payments Received 898,398.47
Scheduled Principal Payments Received 769,384.14
Principal Prepayments Received 1,908,604.58
Total Interest and Principal Payments Received 3,576,387.19
b) Liquidation Proceeds
- ----------------------
Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 153,025.36
minus Reasonable Expenses 11,733.79
Net Liquidation Proceeds 141,291.57
Amount Allocable to Interest 0.00
Amount Allocable to Principal 141,291.57
c) Purchase Amount - Loans Repurchased from Trust
- ------------------------------------------------
Amount Allocable to Interest 0.00
Amount Allocable to Principal 0.00
TOTAL COLLECTED FUNDS 3,717,678.76
V. CALCULATION OF SERVICING AND TRUSTEE FEES
Pool Balance of Receivables as of the First Day of Collection Period 117,773,207.30
multiplied by Servicer Fee Rate 0.75%
divided by Months per Year 12
SERVICING FEE AMOUNT 73,608.25
VI. POOL BALANCE AND PORTFOLIO PERFORMANCE
a) Pool Balance
--------------
Initial Pool Balance 529,467,226.64
Pool Balance as of Preceding Accounting Date 117,773,207.30
Pool Balance as of the Current Accounting Date 114,985,070.11
Age of Pool in Months 47
a.2) Aggregate Note Balance
-----------------------
Aggregate Note Balance as of Preceding Accounting Date 117,773,207.30
Aggregate Note Balance as of Current Accounting Date 114,985,070.11
b) Default and Delinquency Performance (includes Repossessions and Bankruptcies)
-----------------------------------------------------------------------------
Current Month Number of Loans Principal Balance Percentage
------------- --------------- ----------------- ----------
30-59 Days Delinquent 38 833,319.34 0.725%
60-89 Days Delinquent 11 511,597.59 0.445%
90-119 Days Delinquent 6 306,438.87 0.267%
120+ Days Delinquent 0 0.00 0.000%
Defaults for Current Period 7 110,148.47 0.096%
Cumulative Defaults 653 24,853,929.73 4.694%
Cumulative Recoveries 10,937,973.66 2.066%
Current Period Realized Losses
-------------------------------
Current Month Realized Losses 110,148.47
Current Month Realized Losses as Percentage of Initial Pool Balance 0.021%
Preceding Realized Losses 259,317.27
Preceding Month Realized Losses as Percentage of Initial Pool Balance 0.049%
Second Preceding Realized Losses 460,463.66
Second Preceding Month Realized Losses as Percentage of Initial Pool Balance 0.087%
Cumulative Realized Losses 13,915,956.07
Cumulative Realized Losses as Percentage of Initial Pool Balance 2.628%
VII. DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT
Total Pool Factor 0.21187594
Note Pool Factor 0.21187594
a) Monthly Servicing Fee and any unpaid servicing fee from prior Monthly Payment Dates 73,608.25
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 14,520.90
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 3,073,207.30 2,788,137.19 285,070.11
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 196,787.79
VIII. POOL STATISTICS
Weighted Average Coupon (WAC) 9.25%
Weighted Average Remaining Maturity (WAM) 129.00
TOTAL DISTRIBUTION AMOUNT (Serv Fee+Note Int+Note Prin+Reserve Deposit-Reserve Overfunded Deposit) 3,690,860.88
Less: Reserve Withdrawal 0.00
TOTAL WIRE TO HSBC 3,690,860.88
Amount Due To Servicer (Excess Spread-Reserve Deposit+Reserve Overfunded Withdrawal) 0.00