8-K 1 finapr.txt CDF FINANCING LLC 4/30/04 8-K May 17, 2004 Securities and Exchange Commission 450 Fifth Street, N.W. Judiciary Plaza Washington, D.C. 20549 Re: Form 8-K CDF Financing, L.L.C. Registration Nos. 333-84458-01 and 333-84458-02 On behalf of CDF Financing, L.L.C. a Delaware Limited Liability Company ("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 Pat.o-malley@ge.com at your earliest convenience. Sincerely, /s/ W. Steven Culp Manager 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 May 17, 2004 CDF Financing, L.L.C. (Exact name of registrant as specified in its amended charter) DISTRIBUTION FINANCIAL SERVICES FLOORPLAN MASTER TRUST (Co-Registrant and Issuer with Respect to the Securities) Delaware 333-84458-01 and 333-84458-02 88-0355652 (State or other jurisdiction (Commission (IRS Employer of incorporation File Numbers) identification No.) 655 Maryville Centre Drive St. Louis, Missouri 63141 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (314) 523-3000 Item 5. Other Events. Copies of the monthly Certificateholders' Statements are being filed as Exhibits 1, 2 and 3 to this Current Report on Form 8-K. Item 7.(c) Exhibits. Exhibit Description EX-1 Distribution Financial Services Floorplan Master Trust Compliance/Statistical Reporting Reporting for period ending 4/30/2004 EX-2 Distribution Financial Services Floorplan Master Trust Distribution Date Statement Series 2003-1 Reporting for period ending 4/30/2004 EX-3 Distribution Financial Services Floorplan Master Trust Distribution Date Statement Series 2003-2 Reporting for period ending 4/30/2004 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. CDF Financing, L.L.C. on behalf of itself, as Registrant Date: May 17, 2004 By: /s/ W. Steven Culp Title: Manager EX-1 Distribution Financial Services Floorplan Master Trust Compliance/Statistical Reporting Distribution Date 5/17/2004 Collection Period Ending 4/30/2004 Calculation Of Pool Balance 1 Total "Office" Receivables 3,324,704,549 2 Discount Factor 0.50% 3 End of month Pool Balance 3,308,081,026 Total Trust Receivables-Delinquency 4 NSF 1-30 Office 48,894 5 SAU 1-30 Office 15,666,045 6 Total 15,714,939 7 Trust Receivables 3,324,704,549 8 .75 % of Trust Receivables 0.75% 9 Total 24,935,284 10 Amount in Excess 0 11 NSF 30+ 753,153 12 SAU 30+ 2,772,252 3,525,405 Overconcentrations 13 End of month Pool Balance 3,308,081,026 Limits Actual Excess 14 A/R Receivables 20% 661,616,205 15,221,817 0 15 Asset Based Receivables 20% 661,616,205 245,718,851 0 16 Dealer concentration top 8 2.5% 82,702,026 85,632,498 2,930,472 17 Dealer concentration Other 2% 66,161,621 28,713,508 0 18 Manufacturer Concentration Top 3 15% 496,212,154 433,831,070 0 19 Manufacturer Concentration Other 10% 330,808,103 105,946,792 0 20 Product Line Concentration: 21 CE & Appl 25% 827,020,257 93,184,279 0 22 MIS 25% 827,020,257 279,367,833 0 23 Motorcycle 25% 827,020,257 547,097,797 0 24 Marine 35% 1,157,828,359 821,179,693 0 25 RV 35% 1,157,828,359 998,737,856 0 26 Music 25% 827,020,257 60,000,048 0 27 Industrial Equipment 25% 827,020,257 127,873,927 0 28 A/R 25% 827,020,257 260,940,668 0 29 Snowmobiles 25% 827,020,257 0 0 30 Other 25% 827,020,257 136,322,448 0 31 Delayed Funding Receivables 245,509,595 2/29/2004 3/31/2004 4/30/2004 Average 32 Charge Offs to Receivables (Annualized) 0.07% 0.28% 0.04% 0.13% 33 Payment Rate 30.15% 39.85% 39.89% 36.63% Net Receivable Rate - Current Month 34 Interest 5.32% 35 Discount 2.39% 36 Total 7.71% 37 Less Servicing -2.00% 38 Remaining 5.71%

EX-2 CDF Financing, L.L.C. Distribution Financial Services Floorplan Master Trust Distribution Date Statement Report Date 4/30/04 Collection Period 4/1/04 4/30/04 Determination Date 5/13/04 Distribution Date 5/17/04

~~Limits~~Dealer ~~Actual~~Over- ~~Excess~~Series 14Series Series Series Total Concentration 2003-1 2003-1 2003-1 2003-1 Date Trust Series Total Class A/R Class B Class C Pool Balance 1 Beginning of Month Receivables ~~20%~~03/31/04 ~~614~~3,~~135~~389,~~362 23~~020,~~901,161~~526 02 15Plus: ~~Asset~~Account ~~Based~~Additions 04/01/04 - 3 Beginning of month Principal Receivables ~~20%~~04/01/04 ~~614~~3,~~135~~389,~~362~~020,526 ~~242~~4 Discount Factor 0.50% Beginning of month Pool 5 Balance 04/01/04 3,~~540~~372,~~411~~075,424 06 16Beginning of month Dealer ~~concentration~~Overconcentrations ~~top~~04/01/04 8- ~~2.5%~~Beginning 76of month 7 Unconcentrated Pool Balance 04/01/04 3,~~766~~372,~~920~~075,424 ~~111~~8 End of month Principal Receivables 04/30/04 3,~~712~~324,~~730~~704,549 349 Discount Factor 0.50% 10End of mo Pool Balance 04/30/04 3,~~945~~308,~~810~~081,026 1711End of month Dealer ~~concentration~~Overconcentrations ~~Other~~04/30/04 2~~% 61~~,~~413~~930,~~536~~472 2812End of month Unconcentrated Pool Balance 04/30/04 3,~~576~~305,~~779~~150,554 013Overconcentrated 18% ~~Manufacturer~~04/30/04 ~~Concentration~~0.09% ~~Top~~14Unconcentrated 3% 1504/30/04 99.91% ~~460~~Certificates 15Beginning of month/closing date Invested Amount 04/01/04 - 750,~~601~~000,~~522~~000 ~~299~~716,~~350~~250,~~388~~000 022,500,000 1911,250,000 ~~Manufacturer~~16Allocation ~~Concentration~~Percentage ~~Other~~04/01/04 100.00% ~~307~~28.85% 27.55% 0.87% 0.43% 17End of month Invested Amount 04/30/04 2,~~067~~930,~~681~~472 94750,~~845~~000,~~609~~000 0716,250,000 2022,500,000 ~~Product~~11,250,000 ~~Line~~18Principal ~~Concentration:~~Payments 21Outstanding CEPrincipal &05/13/04 ~~Appl~~- ~~25%~~- ~~767~~- - - 19Balance 05/17/04 2,~~669~~930,~~203~~472 ~~133~~750,~~593~~000,~~970~~000 0716,250,000 22,500,000 ~~MIS~~11,250,000 ~~25%~~20Pool ~~767~~Factor 05/17/04 1.00000 1.00000 1.00000 Excess Funding Account 21End of month balance 04/15/04 - 22Determination Date - Deposit 05/17/04 23Distribution Date Disbursement 05/17/04 - 24Excess Funding Account Balance 05/17/04 - Reserve Fund 25Required Amount 05/17/04 26,~~669~~250,~~203~~000 ~~316~~26Beginning Balance 04/15/04 26,~~417~~250,~~674~~000 027Deposits 2304/15/04 ~~Motorcycle~~05/17/04 ~~25%~~20,057 ~~767~~28Disbursements 04/15/04 05/17/04 20,~~669,203~~057 ~~409~~29Ending Balance 05/17/04 26,~~676~~250,~~235~~000 Collections 30Principal Allocation Percentage 04/30/04 0.09% 22.24% ~~Marine~~21.24% 350.67% 0.33% 31Floating Allocation Percentage 04/30/04 0.09% 22.24% 21.24% 0.67% 0.33% 32Principal Collections 04/01/04 04/30/04 1,~~074~~351,~~736~~851,~~884~~542 ~~730~~27,~~402~~425 33Nonprincipal Collectio04/01/04 04/30/04 21,~~872~~549,476 0137 2534Total RVCollections ~~35%~~04/01/04 04/30/04 1,~~074~~373,~~736~~401,~~884~~018 ~~881~~27,~~878~~562 Defaults 35Defaulted Amount 04/01/04 04/30/04 107,~~539~~347 036Investor 26Default ~~Music~~Amoun04/01/04 ~~25%~~04/30/04 ~~767~~- 23,~~669,203~~875 6022,~~908,680~~801 0716 27358 ~~Industrial~~Interest ~~Equipment~~37Monthly ~~25%~~Interest ~~767~~05/17/04 - 802,~~669~~200 744,~~203~~900 ~~128~~29,~~251~~800 27,~~510~~500 038Interest 28Shortfall A05/R17/04 ~~25%~~- ~~767~~- - - - 39Additional Interest 05/17/04 - - - - - 40Total 05/17/04 - 802,~~669~~200 744,~~203~~900 ~~266~~29,~~441~~800 27,~~572~~500 0Servicing 29Fee ~~Snowmobiles~~41Certificate ~~25%~~Balance ~~767~~for Servicing Fee determination 04/01/04 750,~~669~~000,~~203~~000 16716,~~420~~250,~~898~~000 022,500,000 3011,250,000 ~~Other~~42Servicing 25Fee Rate 2.00% ~~767~~2.00% 2.00% 2.00% 43Servicing Fee 04/01/04 04/30/04 1,~~669~~250,~~203~~000 ~~142~~1,~~115~~193,~~398~~750 037,500 3118,750 ~~Delayed~~44Remaining ~~Funding~~Servicing ~~Receivables~~Fee ~~321~~05/17/04 1,~~779~~250,~~839~~000 81,193,750 37,500 18,750 Excess Servicing 45Nonprincipal Collectio04/3101/~~2003~~04 904/30/~~2003~~04 ~~10/31/2003~~21,549,476 ~~Average~~137 3246Servicer ~~Charge~~Advance ~~Offs~~Less toReimbursement ~~Receivables~~of ~~(Annualized)~~Servicer Advance 04/01/04 04/30/04 942,488 47Floating Allocation Percentage 0.2509% 022.1824% -021.0924% 0.1167% 0.33% ~~Payment~~48Investor ~~Rate~~Nonprincipal ~~39.48%~~Collections ~~41.07%~~04/01/04 ~~42.58%~~04/30/04 ~~41.~~137 4,792,926 4,577,244 143,788 71,894 49Investor portion of Servicer Advance Less Reimbursement 04%/01/04 ~~Net~~04/30/04 ~~Receivable~~- ~~Rate~~209,623 200,190 6,289 3,144 50Plus: Investment Proc04/01/04 04/30/04 - ~~Current~~20,076 ~~Month~~51Less: 3452Monthly Interest ~~5.12%~~05/14/04 35- ~~Discount~~802,200 ~~2.55%~~744,900 3629,800 ~~Total~~27,500 ~~7.67%~~53Prior 37Monthly ~~Less~~Interest 05/14/04 - - - - - 54Additional Interest 05/14/04 - - - - - 55Reserve Fund Deposit 05/14/04 - - - - - 56Default Amount 04/01/04 04/30/04 - 23,875 22,801 716 358 57Charge-Offs 04/01/04 04/30/04 - - - - - 58Monthly Servicing Fee 05/17/04 - 1,250,000 1,193,750 37,500 18,750 59Carry-over Amount 05/17/04 - - - - - 60Carry-over Amount 61 Additional Interest 05/17/04 - - - - - 62Balance: Excess Servi04/01/04 04/30/04 137 2,946,550 Collection Account 63Beginning Balance 04/15/04 - 64Deposits 04/15/04 05/17/04 1,011,823 65Disbursements 04/15/04 05/17/04 1,011,823 66Ending Balance 05/17/04 - Interest Funding Account 67Beginning Balance 04/15/04 - 68Deposits 04/15/04 05/17/04 802,220 69Disbursements 04/15/04 05/17/04 802,220 70Ending Balance 05/17/04 - Principal Funding Account 71Beginning Balance 04/15/04 - 72Deposits 04/15/04 05/17/04 - 73Disbursements 04/15/04 05/17/04 - 74Ending Balance 05/17/04 - 75Total Amount Distributed 05/17/04 802,200 Interest Rate for the Next Period 76One-month LIBOR 5/17/04 06/15/04 1.0010000% 3877Net ~~Remaining~~Receivables Rate 04/30/04 5.6771071%

EX-3 CDF Financing, L.L.C. Distribution Financial Services Floorplan Master Trust Distribution Date Statement Report Date 04/30/04 Collection Period 04/01/04 04/30/04 Determination Date 05/13/04 Distribution Date 05/17/04

Dealer Over- Series Series Series Series Total Concentration 2003-12 2003-12 2003-12 2003-12 Date Trust Series Total Class A Class B Class C Pool Balance 1 Beginning of Month Receivables 0903/3031/0304 3,~~038~~389,~~930~~020,~~642~~526 2 Plus: Account Additions 1004/01/0304 - 3 Beginning of month Principal Receivables 1004/01/0304 3,~~038~~389,~~930~~020,~~642~~526 4 Discount Factor 0.50% Beginning of month Pool 5 Balance 1004/01/0304 3,~~023~~372,~~735~~075,~~989~~424 6 Beginning of month Dealer Overconcentrations 1004/01/0304 ~~24,333,810~~- Beginning of month 7 Unconcentrated Pool Balance 1004/01/0304 23,~~999~~372,~~402~~075,~~179~~424 8 End of month Principal Receivables 1004/3130/0304 3,~~086~~324,~~107~~704,~~348~~549 9 Discount Factor 0.50% 10End of momonth Pool Balance 1004/3130/0304 3,~~070~~308,~~676~~081,~~811~~026 11End of month Dealer Overconcentrations 1004/3130/0304 342,~~945~~930,~~810~~472 12End of month Unconcentrated Pool Balance 1004/3130/0304 3,~~035~~305,~~731~~150,~~001~~554 13Overconcentrated %Percentage 1004/3130/0304 10.1409% 14Unconcentrated %Percentage 1004/3130/0304 9899.8691% Certificates 15Beginning of month/closing date Invested Amount 1004/01/0304 ~~24,333,810~~- ~~750~~1,000,000,000 ~~716~~955,~~250~~000,000 2230,~~500~~000,000 1115,~~250~~000,000 16Allocation Percentage 1004/01/0304 0.9300% 2838.5846% 2736.2973% 01.8615% 0.4358% 17End of month Invested Amount 1004/3130/0304 342,~~945~~930,~~810~~472 ~~750~~1,000,000,000 ~~716~~955,~~250~~000,000 2230,~~500~~000,000 1115,~~250~~000,000 18Principal Payments Outstanding Principal 1105/13/0304 - - - - - 19Balance 1105/17/0304 342,~~945~~930,~~810~~472 ~~750~~1,000,000,000 ~~716~~955,~~250~~000,000 2230,~~500~~000,000 1115,~~250~~000,000 20Pool Factor 1105/17/0304 1.00000 1.00000 1.00000 Excess Funding Account 21End of month balance 1004/15/0304 - 22Determination Date -deposit Deposit 1105/17/0304 23Distribution Date Disbursement 1105/17/0304 - 24Excess Funding Account Balance 1105/17/0304 - Reserve Fund 25Required Amount 1105/17/0304 2635,~~250~~000,000 26Beginning Balance 1004/15/0304 2635,~~250~~000,000 27Deposits 1004/15/0304 1105/17/0304 2026,~~524~~742 28Disbursements 1004/15/0304 1105/17/0304 2026,~~524~~742 29Ending Balance 1105/17/0304 2635,~~250~~000,000 Collections 30Principal Allocation Percentage 1004/3130/0304 10.1709% 2529.0066% 2328.8832% 0.7589% 0.3844% 31Floating Allocation Percentage 1004/3130/0304 10.1709% 2529.0066% 2328.8832% 0.7589% 0.3844% 32Principal Collections 1004/01/0304 1004/3130/0304 1,~~293~~351,~~940~~851,~~587~~542 127,~~311,204~~425 33Nonprincipal ~~Collectio10~~Collectio04/01/0304 1004/3130/0304 2021,~~435~~549,~~865~~476 ~~6,512~~137 34Total Collections 1004/01/0304 1004/3130/0304 1,~~314~~373,~~376~~401,~~452~~018 127,~~317,716~~562 Defaults 35Defaulted Amount 1004/01/0304 1004/3130/0304 ~~(233~~107,~~782)~~347 36Investor Default ~~Amoun10~~Amoun04/01/0304 1004/3130/0304 - ~~(58~~31,~~458)~~835 ~~(55~~30,~~827)~~402 ~~(1,754)~~955 ~~(877)~~478 Interest 37Monthly Interest 1105/17/0304 - ~~841~~1,~~019~~099,867 ~~781~~1,~~309~~018,667 3141,~~144~~867 2839,~~566~~333 38Interest Shortfall 1105/17/0304 - - - - - 39Additional Interest 1105/17/0304 - - - - - 40Total 1105/17/0304 - ~~841~~1,~~019~~099,867 ~~781~~1,~~309~~018,667 3141,~~144~~867 2839,~~566~~333 Servicing Fee 41Certificate Balance for Servicing Fee determination 1004/01/0304 ~~750~~1,000,000,000 ~~716~~955,~~250~~000,000 2230,~~500~~000,000 1115,~~250~~000,000 42Servicing Fee Rate 2.00% 2.00% 2.00% 2.00% 43Servicing Fee 1004/01/0304 1004/3130/0304 1,~~250~~666,~~000~~667 1,~~193~~591,~~750~~667 3750,~~500~~000 1825,~~750~~000 44Remaining Servicing Fee 1105/17/0304 1,~~250~~666,~~000~~667 1,~~193~~591,~~750~~667 3750,~~500~~000 1825,~~750~~000 Excess Servicing 45Nonprincipal ~~Collectio10~~Collectio04/01/0304 1004/3130/0304 2021,~~435~~549,~~865~~476 ~~6,512~~137 46Servicer Advance Less Reimbursement of Servicer Advance 1004/01/0304 1004/3130/0304 1942,~~182,484~~488 47Floating Allocation Percentage 10.1709% 2529.0066% 2328.8832% 0.7589% 0.3844% 48Investor Nonprincipal Collections 1004/01/0304 1004/3130/0304 137 6,~~512 5~~390,~~109,985~~568 46,~~880~~102,~~035~~992 ~~153~~191,~~300~~717 7695,~~650~~859 49Investor portion of Servicer Advance Less ~~Reimbursement 10~~Reimburse04/01/0304 1004/3130/0304 - ~~295~~279,~~679~~497 ~~282~~266,~~374~~920 8,~~870~~385 4,~~435~~192 50Plus: Investment ~~Proc10~~Proc04/01/0304 1004/3130/0304 - 2026,~~543~~769 51Less: 52Monthly Interest 1105/1314/0304 - ~~841~~1,~~019~~099,867 ~~781~~1,~~309~~018,667 3141,~~144~~867 2839,~~566~~333 53Prior Monthly Interest 1105/1314/0304 - - - - - 54Additional Interest 1105/1314/0304 - - - - - 55Reserve Fund Deposit 1105/1314/0304 - - - - - 56Default Amount 1004/01/0304 1004/3130/0304 - ~~(58~~31,~~458)~~835 ~~(55~~30,~~827)~~402 ~~(1,754)~~955 ~~(877)~~478 57Charge-Offs 1004/01/0304 1004/3130/0304 - - - - - 58Monthly Servicing Fee 1105/17/0304 - 1,~~250~~666,~~000~~667 1,~~193~~591,~~750~~667 3750,~~500~~000 1825,~~750~~000 59Carry-over Amount 1105/17/0304 - - - - - 60Carry-over Amount 61 Additional Interest 1105/17/0304 - - - - - 62Balance: Excess ~~Servi10~~Servi04/01/0304 1004/3130/0304 ~~6,512~~137 3,~~393~~898,~~646~~465 Collection Account 63Beginning Balance 1004/15/0304 - 64Deposits 1004/15/0304 1105/17/0304 1,~~136~~379,~~698~~364 65Disbursements 1004/15/0304 1105/17/0304 1,~~136~~379,~~698~~364 66Ending Balance 1105/17/0304 - Interest Funding Account 67Beginning Balance 1004/15/0304 - 68Deposits 1004/15/0304 1105/17/0304 ~~841~~1,~~038~~099,894 69Disbursements 1004/15/0304 1105/17/0304 ~~841~~1,~~038~~099,894 70Ending Balance 1105/17/0304 - Principal Funding Account 71Beginning Balance 1004/15/0304 - 72Deposits 1004/15/0304 1105/17/0304 - 73Disbursements 1004/15/0304 1105/17/0304 - 74Ending Balance 1105/17/0304 - ~~Total~~75Total Amount Distributed 1105/17/0304 ~~841~~1,~~019~~099,867 Interest Rate for the Next Period ~~75One~~76One-month LIBOR 115/17/0304 1206/1415/0304 1.~~12000~~10000% ~~76Net~~77Net Receivables Rate 1004/3130/0304 5.~~66605~~71071%

Dealer Over- Series Series Series Series Total Concentration 2003-2 2003-2 2003-2 2003-2 Date Trust Series Total Class A Class B Class C Pool Balance 1 Beginning of Month Receivables 09/30/03 3,038,930,642 2 Plus: Account Additions 10/01/03 - 3 Beginning of month Principal Receivables 10/01/03 3,038,930,642 4 Discount Factor 0.50% Beginning of month Pool 5 Balance 10/01/03 3,023,735,989 6 Beginning of month Dealer Overconcentrations 10/01/03 24,333,810 Beginning of month 7 Unconcentrated Pool Balance 10/01/03 2,999,402,179 8 End of month Principal Receivables 10/31/03 3,086,107,348 9 Discount Factor 0.50% 10End of month Pool Balance 10/31/03 3,070,676,811 11End of month Dealer Overconcentrations 10/31/03 34,945,810 12End of month Unconcentrated Pool Balance 10/31/03 3,035,731,001 13Overconcentrated Percentage 10/31/03 1.14% 14Unconcentrated Percentage 10/31/03 98.86% Certificates 15Beginning of month/closing date Invested Amount 10/01/03 24,333,810 1,000,000,000 955,000,000 30,000,000 15,000,000 16Allocation Percentage 10/01/03 0.93% 38.10% 36.39% 1.14% 0.57% 17End of month Invested Amount 10/31/03 34,945,810 1,000,000,000 955,000,000 30,000,000 15,000,000 18Principal Payments Outstanding Principal 11/13/03 - - - - - 19Balance 11/17/03 34,945,810 1,000,000,000 955,000,000 30,000,000 15,000,000 20Pool Factor 11/17/03 1.00000 1.00000 1.00000 Excess Funding Account 21End of month balance 10/15/03 - 22Determination Date deposit Deposit 11/17/03 23Distribution Date Disbursement 11/17/03 - 24Excess Funding Account Balance 11/17/03 - Reserve Fund 25Required Amount 11/17/03 35,000,000 26Beginning Balance 10/15/03 35,000,000 27Deposits 10/15/03 11/17/03 27,365 28Disbursements 10/15/03 11/17/03 27,365 29Ending Balance 11/17/03 35,000,000 Collections 30Principal Allocation Percentage 10/31/03 1.17% 33.34% 31.84% 1.00% 0.50% 31Floating Allocation Percentage 10/31/03 1.17% 33.34% 31.84% 1.00% 0.50% 32Principal Collections 10/01/03 10/31/03 1,293,940,587 1,311,204 33Nonprincipal Collectio10/01/03 10/31/03 20,435,865 6,512 34Total Collections 10/01/03 10/31/03 1,314,376,452 1,317,716 Defaults 35Defaulted Amount 10/01/03 10/31/03 (233,782) 36Investor Default Amoun10/01/03 10/31/03 - (77,942) (74,435) (2,338) (1,169) Interest 37Monthly Interest 11/17/03 - 1,152,571 1,068,008 43,725 40,838 38Interest Shortfall 11/17/03 - - - - - 39Additional Interest 11/17/03 - - - - - 40Total 11/17/03 - 1,152,571 1,068,008 43,725 40,838 Servicing Fee 41Certificate Balance for Servicing Fee determination 10/01/03 1,000,000,000 955,000,000 30,000,000 15,000,000 42Servicing Fee Rate 2.00% 2.00% 2.00% 2.00% 43Servicing Fee 10/01/03 10/31/03 1,666,667 1,591,667 50,000 25,000 44Remaining Servicing Fee 11/17/03 1,666,667 1,591,667 50,000 25,000 Excess Servicing 45Nonprincipal Collectio10/01/03 10/31/03 20,435,865 6,512 46Servicer Advance Less Reimbursement of Servicer Advance 10/01/03 10/31/03 1,182,484 47Floating Allocation Percentage 1.17% 33.34% 31.84% 1.00% 0.50% 48Investor Nonprincipal Collections 10/01/03 10/31/03 6,512 6,813,313 6,506,714 204,399 102,200 49Investor portion of Servicer Advance Less Reimburse10/01/03 10/31/03 - 394,240 376,499 11,827 5,914 50Plus: Investment Proc10/01/03 10/31/03 - 27,392 51Less: 52Monthly Interest 11/13/03 - 1,152,571 1,068,008 43,725 40,838 53Prior Monthly Interest 11/13/03 - - - - - 54Additional Interest 11/13/03 - - - - - 55Reserve Fund Deposit 11/13/03 - - - - - 56Default Amount 10/01/03 10/31/03 - (77,942) (74,435) (2,338) (1,169) 57Charge-Offs 10/01/03 10/31/03 - - - - - 58Monthly Servicing Fee 11/17/03 - 1,666,667 1,591,667 50,000 25,000 59Carry-over Amount 11/17/03 - - - - - 60Carry-over Amount 61 Additional Interest 11/17/03 - - - - - 62Balance: Excess Servi10/01/03 10/31/03 6,512 4,493,649 Collection Account 63Beginning Balance 10/15/03 - 64Deposits 10/15/03 11/17/03 1,546,811 65Disbursements 10/15/03 11/17/03 1,546,811 66Ending Balance 11/17/03 - Interest Funding Account 67Beginning Balance 10/15/03 - 68Deposits 10/15/03 11/17/03 1,152,598 69Disbursements 10/15/03 11/17/03 1,152,598 70Ending Balance 11/17/03 - Principal Funding Account 71Beginning Balance 10/15/03 - 72Deposits 10/15/03 11/17/03 - 73Disbursements 10/15/03 11/17/03 - 74Ending Balance 11/17/03 - Total Amount Distributed 11/17/03 1,152,571 Interest Rate for the Next Period 75One-month LIBOR 11/17/03 12/14/03 1.12000% 76Net Receivables Rate 10/31/03 5.66605%

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