-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, CCdbBYo1/xvgwOtuYOALUKyJHc76LK/+TzT64WPLfjuMQ0LoYz4SN3SgS9icGQqn QwOqsAaM+4HCIvKc0IT0ZA== 0000950133-05-004378.txt : 20050928 0000950133-05-004378.hdr.sgml : 20050928 20050928172314 ACCESSION NUMBER: 0000950133-05-004378 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050915 ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20050928 DATE AS OF CHANGE: 20050928 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SLM Private Credit Student Loan Trust 2003-B CENTRAL INDEX KEY: 0001321771 STANDARD INDUSTRIAL CLASSIFICATION: FEDERAL & FEDERALLY-SPONSORED CREDIT AGENCIES [6111] FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-98169-01 FILM NUMBER: 051109106 BUSINESS ADDRESS: STREET 1: 20 HEMINGWAY DRIVE CITY: PROVIDENCE STATE: RI ZIP: 02915 BUSINESS PHONE: 7038107677 MAIL ADDRESS: STREET 1: 20 HEMINGWAY DRIVE CITY: PROVIDENCE STATE: RI ZIP: 02915 8-K 1 w1282803e8vk.htm FORM 8-K e8vk
 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the
Securities and Exchange Act of 1934

Date of Report (Date of earliest event reported): September 15, 2005

SLM Private Credit Student Loan Trust 2003-B

(Exact name of registrant as specified in its charter)
         
Delaware
 
333-98169
 
57-1176559
(State or other
 
(Commission File Numbers)
 
 
Jurisdiction of
 
 
 
(I.R.S. employer
Incorporation)
 
 
 
Identification No.)

20 Hemingway Drive
East Providence, RI 02915
(Address of principal executive offices)

Registrant’s telephone number, including area code: (401) 438-4500

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below);

[  ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[  ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[  ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[  ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Page 1 of 3
Exhibit Index appears on Page 3

 

 

Item 8.01. OTHER EVENTS

On September 15, 2005, the SLM Private Credit Student Loan Trust 2003-B (the "Trust") made its regular quarterly distribution of funds to holders of its Student Loan-Backed Notes. Sallie Mae, Inc., as the administrator, distributed the Quarterly Servicing Report for the Trust dated as of September 15, 2005 to the Trust’s noteholders of record.

Item 9.01. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL STATEMENTS AND EXHIBITS

     The Administrator is filing, on behalf of the Trust, the Quarterly Servicing Report reflecting the Trust’s activities for the period ended August 31, 2005 as an Exhibit to this Form 8-K. The Quarterly Servicing Report as well as other information about the Trust are also available on the Administrator’s website at http://www2.salliemae.com/investors/debtasset/slmsltrusts/.

     (c) Exhibits

19.1         Quarterly Servicing Report for SLM Private Credit Student Loan Trust 2003-B

SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Trust has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: September 28, 2005

     

      
SLM PRIVATE CREDIT STUDENT LOAN TRUST 2003-B
 
By: SALLIE MAE, INC.
the Administrator
     
By: /s/ C.E. ANDREWS
 
  Name: C.E. Andrews
 

Title: Executive Vice President, Finance,
          Accounting and Risk Management

     

 

     Page 2 of 3
Exhibit Index appears on Page 3

 

 

INDEX TO EXHIBITS

             
 
 
 
 
  
 
 
 
 
  
Exhibit Number
 
Exhibit 
 
19.1  
Quarterly Servicing Report for SLM Private Credit Student Loan Trust 2003-B

Page 3 of 3
Exhibit Index appears on Page 3

  EX-19.1 2 w1282803exv19w1.htm EXHIBIT 19.1 exv19w1

 

SLM Private Credit Student Loan Trust 2003-B Quarterly Servicing Report
Report Date: 08/31/2005 Reporting Period: 6/1/05-8/31/05

I. Deal Parameters

                                 
                 
    Student Loan Portfolio Characteristics   05/31/2005   Activity   08/31/2005
                                 
A   i  
Portfolio Balance
  $ 1,130,198,353.97     $ (18,026,496.24 )   $ 1,112,171,857.73  
    ii  
Interest to be Capitalized
    48,504,182.28               47,190,767.29  
       
 
                       
    iii  
Total Pool
   $ 1,178,702,536.25             $ 1,159,362,625.02  
       
 
                       
    iv  
Cash Capitalization Account (Cii)
    74,242,876.07               74,242,876.07  
       
 
                       
    v  
Asset Balance
  $ 1,252,945,412.32             $ 1,233,605,501.09  
       
 
                        
    i  
Weighted Average Coupon (WAC)
    6.364 %             6.838 %
    ii  
Weighted Average Remaining Term
    174.72               173.69  
    iii  
Number of Loans
    132,212               130,011  
    iv  
Number of Borrowers
    95,961               94,487  
    v  
Prime Loans Outstanding
  $ 987,829,186             $ 978,350,442  
    vi  
T-bill Loans Outstanding
  $ 190,278,785             $ 180,502,597  
    vii  
Fixed Loans Outstanding
  $ 594,566             $ 509,586  
                                                     
                                             
                                % of           % of
    Notes   Cusips   Spread   Balance 6/15/05   O/S Securities**   Balance 9/15/05   O/S Securities**
                                                     
B   i  
A-1 Notes
  78443CAL8     0.100 %   $ 462,827,002.84       37.753 %   $ 443,487,091.61       36.755 %
    ii  
A-2 Notes
  78443CAM6     0.400 %     440,506,000.00       35.932 %     440,506,000.00       36.508 %
    iii  
A-3 ARS
  78443CAN4   ARS     109,000,000.00       8.891 %     109,000,000.00       9.034 %
    iv  
A-4 ARS
  78443CAP9   ARS     109,000,000.00       8.891 %     109,000,000.00       9.034 %
    v  
B Notes
  78443CAQ7     0.700 %     43,871,000.00       3.579 %     43,871,000.00       3.636 %
    vi  
C Notes
  78443CAR5     1.600 %     60,744,000.00       4.955 %     60,744,000.00       5.034 %
       
 
                                           
    vii  
Total Notes
              $ 1,225,948,002.84       100.000 %   $ 1,206,608,091.61       100.000 %
       
 
                                           
                         
                 
            06/15/2005   09/15/2005
                         
C   i  
Specified Reserve Account Balance ($)
  $ 3,118,201.00     $ 3,118,201.00  
    ii  
Reserve Account Balance ($)
  $ 3,118,201.00     $ 3,118,201.00  
    iii  
Cash Capitalization Acct Balance ($)
  $ 74,242,876.07     $ 74,242,876.07  
    iv  
Initial Asset Balance
  $ 1,349,870,474     $ 1,349,870,474  
    v  
Specified Overcollateralization Amount
  $ 26,997,409.48     $ 26,997,409.48  
    vi  
Actual Overcollateralization Amount
  $ 26,997,409.48     $ 26,997,409.48  
    vii  
Has the Stepdown Date Occurred?*
  No   No
                         
                     
    General Trust Information                
                         
D   i  
Indenture Trustee
  JPMorgan Chase Bank   iii   Servicer   Sallie Mae, Inc.
    ii  
Administrator
  Sallie Mae, Inc.   iv   Swap Counterparty   Merril Lynch DP
       
 
              Citibank N.A.
       
Initial Pool Balance
   $1,247,280,317.98             

*   The Stepdown Date is the earlier of the distribution date following the reduction of the Class A Notes to zero, or June 15, 2008. At the Stepdown Date, principal payments made on the Class B and Class C Notes may begin to be paid pro-rata with the Class A Notes. See the prospectus for complete information concerning the Stepdown Date.
**   Percentages may not total 100% due to rounding

1

 

II. 2003-B Transactions from: 06/01/2005 through: 08/31/2005

                 
A   Student Loan Principal Activity
 
   i   Principal Payments Received   $ 24,050,727.63  
 
   ii   Purchases by Servicer (Delinquencies >180)     3,914,972.89  
 
   iii   Other Servicer Reimbursements     127.42  
 
   iv   Other Principal Reimbursements     49,392.49  
 
              
 
   v   Total Principal Collections   $ 28,015,220.43  
 
                
B   Student Loan Non-Cash Principal Activity
 
   i   Realized Losses/Loans Charged Off   $ 0.00  
 
   ii   Capitalized Interest     (9,471,395.05 )
 
   iii   Capitalized Insurance Fee     (518,225.30 )
 
   iv   Other Adjustments     896.16  
 
              
 
   v   Total Non-Cash Principal Activity   $ (9,988,724.19 )
 
                
 
C   Total Student Loan Principal Activity   $ 18,026,496.24  
 
 
                
D   Student Loan Interest Activity
 
   i   Interest Payments Received   $ 10,081,735.83  
 
   ii   Purchases by Servicer (Delinquencies >180)     188,738.15  
 
   iii   Other Servicer Reimbursements     0.35  
 
   iv   Seller Reimbursements     3,698.03  
 
   v   Late Fees     145,107.36  
 
   vi   Collection Fees     0.00  
 
              
 
   vii   Total Interest Collections   $ 10,419,279.72  
 
                
E   Student Loan Non-Cash Interest Activity
 
   i   Realized Losses/Loans Charged Off   $ 0.00  
 
   ii   Capitalized Interest     9,471,395.05  
 
   iii   Other Interest Adjustments     (2,125.57 )
 
              
 
   iv   Total Non-Cash Interest Adjustments   $ 9,469,269.48  
 
                
 
F   Total Student Loan Interest Activity   $ 19,888,549.20  
 

2

 

III. 2003-B Collection Account Activity 06/01/2005 through: 08/31/2005

                 
A   Principal Collections        
 
   i   Principal Payments Received   $ 23,542,198.67  
 
   ii   Consolidation Principal Payments     508,528.96  
 
   iii   Purchases by Servicer (Delinquencies >180)     3,914,972.89  
 
   iv   Reimbursements by Seller     2,311.94  
 
   v   Reimbursements by Servicer     127.42  
 
   vi   Other Re-purchased Principal     47,080.55  
 
              
 
   vii   Total Principal Collections   $ 28,015,220.43  
  
                
B   Interest Collections        
 
   i   Interest Payments Received   $ 10,060,986.32  
 
   ii   Consolidation Interest Payments     20,749.51  
 
   iii   Purchases by Servicer (Delinquencies >180)     188,738.15  
 
   iv   Reimbursements by Seller     0.00  
 
   v   Reimbursements by Servicer     0.35  
 
   vi   Other Re-purchased Interest     3,698.03  
 
   vii   Collection Fees/Return Items     0.00  
 
   viii   Late Fees     145,107.36  
 
              
 
   ix   Total Interest Collections   $ 10,419,279.72  
  
                
C   Recoveries on Realized Losses   $ 0.00  
  
                
D   Funds Borrowed from Next Collection Period   $ 0.00  
  
                
E   Funds Repaid from Prior Collection Periods   $ 0.00  
  
                
F   Investment Income   $ 796,103.10  
  
                
G   Borrower Incentive Reimbursements   $ 115,353.67  
  
                
H   Interest Rate Cap Proceeds   $ 0.00  
  
                
I   Gross Swap Receipt, Merril Lynch DP   $ 4,304,191.28  
  
                
J   Gross Swap Receipt, Citibank N.A.   $ 4,304,191.28  
  
                
K   Other Deposits   $ 1,524,171.66  
  
                
    TOTAL FUNDS RECEIVED   $ 49,478,511.14  
  
                
    LESS FUNDS PREVIOUSLY REMITTED:        
 
     i
Funds Allocated to the Future Distribution Account
   $ (11,898,908.29 )
 
     ii
Funds Released from the Future Distribution Account
   $ 8,486,918.14  
  
                
    AVAILABLE FUNDS PRIOR TO RELEASE FROM CASH CAPITALIZATION ACCOUNT   $ 46,066,520.99  
  
                
L   Amount released from Cash Capitalizaton Account   $ 0.00  
  
                
M   TOTAL AVAILABLE FUNDS   $ 46,066,520.99  
  
                
N   Servicing Fees Due for Current Period   $ 654,041.48  
  
                
O   Carryover Servicing Fees Due   $ 0.00  
  
                
P   Administration Fees Due   $ 20,000.00  
  
                
 
Q   Total Fees Due for Period   $ 674,041.48  
 

3

 

IV. 2003-B Future Distribution Account Activity

                         
A   Account Reconciliation                
 
                        
 
   i   Beginning Balance     06/15/2005     $ 3,616,492.24  
 
   ii   Total Allocations for Distribution Period           $ 8,282,416.05  
 
   iii   Total Payments for Distribution Period           $ (3,411,990.15 )
 
   iv   Funds Released to the Collection Account           $ (8,486,918.14 )
 
                      
 
   v   Total Balance Prior to Current Month Allocations           $ 0.00  
 
                      
 
                        
 
   vi   Ending Balance     09/15/2005     $ 4,290,305.12  
 
                        
B   Monthly Allocations to the Future Distribution Account                
 
                        
    Monthly Allocation Date     06/15/2005          
 
   i   Primary Servicing Fees           $ 663,042.28  
 
   ii   Admin fees             6,666.66  
 
   iii   Broker Dealer, Auction Agent and Remarketing Fees             37,877.50  
 
   iv   Interest Accrued on the Class A Notes and Swap Counterparty             2,908,905.80  
 
   v   Interest Accrued on the Class B & C Notes             0.00  
 
                      
 
   vi   Balance as of     06/15/2005     $ 3,616,492.24  
 
                        
    Monthly Allocation Date     07/15/2005          
 
   i   Primary Servicing Fees           $ 657,891.26  
 
   ii   Admin fees             6,666.67  
 
   iii   Broker Dealer, Auction Agent and Remarketing Fees             39,140.08  
 
   iv   Interest Accrued on the Class A Notes and Swap Counterparty             3,427,702.27  
 
   v   Interest Accrued on the Class B & C Notes             0.00  
 
                      
 
   vi   Total Allocations           $ 4,131,400.28  
 
                        
    Monthly Allocation Date     08/15/2005          
 
   i   Primary Servicing Fees           $ 654,041.48  
 
   ii   Admin fees             6,666.67  
 
   iii   Broker Dealer, Auction Agent and Remarketing Fees             39,140.08  
 
   iv   Interest Accrued on the Class A Notes and Swap Counterparty             3,451,167.54  
 
   v   Interest Accrued on the Class B & C Notes             0.00  
 
                      
 
   vi   Total Allocations           $ 4,151,015.77  
 
                        
 
                      
C   Total Future Distribution Account Deposits Previously Allocated           $ 11,898,908.29  
 
                      
 
                        
D   Current Month Allocations     09/15/2005          
 
   i   Primary Servicing           $ 648,766.92  
 
   ii   Admin fees             6,666.67  
 
   iii   Broker Dealer, Auction Agent and Remarketing Fees             40,402.67  
 
   iv   Interest Accrued on the Class A Notes and Swap Counterparty             3,594,468.86  
 
   v   Interest Accrued on the Class B & C Notes             0.00  
 
                      
 
   vi   Total Allocations on the Distribution Date           $ 4,290,305.12  

4

 

V. 2003-B Auction Rate Security Detail

                                                         
A   Auction Rate Securities - Payments During Distribution Period                        
 
                                                        
 
           Payment   Security   Interest   No. of           Interest
   Broker/Dealer
   Auction  Agent
 
   i       Date   Description   Rate   Days   Start Date   End Date   Payment
   Fees
   Fees
 
           06/20/2005   SLMPC 2003-B A-3   3.140000%   28   05/23/2005   06/20/2005   $ 266,202.22     $ 16,955.56     $ 720.61  
 
           06/23/2005   SLMPC 2003-B A-4   3.130000%   28   05/26/2005   06/23/2005   $ 265,354.44     $ 16,955.56     $ 720.61  
 
           07/18/2005   SLMPC 2003-B A-3   3.280000%   28   06/20/2005   07/18/2005   $ 278,071.11     $ 16,955.56     $ 720.61  
 
           07/21/2005   SLMPC 2003-B A-4   3.300000%   28   06/23/2005   07/21/2005   $ 279,766.67     $ 16,955.56     $ 720.61  
 
           08/15/2005   SLMPC 2003-B A-3   3.400000%   28   07/18/2005   08/15/2005   $ 288,244.44     $ 16,955.56     $ 720.61  
 
           08/18/2005   SLMPC 2003-B A-4   3.430000%   28   07/21/2005   08/18/2005   $ 290,787.78     $ 16,955.56     $ 720.61  
 
           09/12/2005   SLMPC 2003-B A-3   3.570000%   28   08/15/2005   09/12/2005   $ 302,656.67     $ 16,955.56     $ 720.61  
 
           09/15/2005   SLMPC 2003-B A-4   3.590000%   28   08/18/2005   09/15/2005   $ 304,352.22     $ 16,955.56     $ 720.61  
 
                                                        
 
                                                        
    ii   Auction Rate Note Interest Paid During Distribution Period   6/15/05-9/15/05           $ 2,275,435.55                  
    iii   Broker/Dealer Fees Paid During Distribution Period   6/15/05-9/15/05           $ 135,644.48                  
    iv   Auction Agent Fees Paid During Distribution Period   6/15/05-9/15/05           $ 5,764.88                  
    v   Primary Servicing Fees Remitted   6/15/05-9/15/05           $ 1,317,173.63                  
 
                                                      
    vi   Total               $ 3,734,018.54                  
        - Less: Auction Rate Security Interest Payments due on
   the Distribution Date		               $ (304,352.22 )                
        - Less: Auction Rate Security Auction Agent Fees due
   on the Distribution Date		               $ (720.61 )                
        - Less: Auction Rate Security Broker Dealer Fees due on
   the Distribution Date		               $ (16,955.56 )                
 
                                                        
 
                                                      
B   Total Payments Out of Future Distribution Account During Distribution Period       $ 3,411,990.15                  
 
                                                      
 
                                                        
C   Funds Released to Collection Account                   $ 8,486,918.14                  
 
                                                        
D   Auction Rate Student Loan Rates   Jul-05   Aug-05   Sep-05                            
 
                   5.40497%   5.87797%   5.87797%                            

5

 

VI. 2003-B Loss and Recovery Detail

                                 
A   i   Cumulative Realized Losses Test   % of Original Pool       05/31/2005     08/31/2005  
       
 
                        
       
September 15, 2003 to March 17, 2008
   15%       $ 187,092,047.70     $ 187,092,047.70  
       
June 16, 2008 to March 15, 2011
   18%                    
       
June 15, 2011 and thereafter
   20%                    
    ii  
Cumulative Realized Losses (Net of Recoveries)
           $ 0.00     $ 0.00  
       
 
                        
    iii  
Is Test Satisfied (ii < i)?
       Yes                
       
 
                        
B   i  
Recoveries on Realized Losses This Collection Period
                        
       
 
                        
    ii  
Principal Cash Recovered During Collection Period
           $ 0.00     $ 0.00  
    iii  
Interest Cash Recovered During Collection Period
           $ 0.00     $ 0.00  
    iv  
Late Fees and Collection Costs Recovered During Collection Period
           $ 0.00     $ 0.00  
       
 
                        
    v  
Total Recoveries for Period
           $ 0.00     $ 0.00  
       
 
                        
C   i  
Gross Defaults:
                        
    ii  
Cumulative Principal Purchases by Servicer
           $ 11,859,811.51     $ 15,774,784.40  
    iii  
Cumulative Interest Purchases by Servicer
             487,867.13       676,605.28  
       
 
                    
    iv  
Total Gross Defaults:
           $ 12,347,678.64     $ 16,451,389.68  

8

 

VII. 2003-B Portfolio Characteristics

                                                                                 
    Weighted Avg Coupon     # of Loans     %*     Principal Amount     %*  
STATUS   05/31/2005     08/31/2005     05/31/2005     08/31/2005     05/31/2005     08/31/2005     05/31/2005     08/31/2005     05/31/2005     08/31/2005  
INTERIM:
                                                                                
 
                                                                                
In School
     6.163 %     6.637 %     26,608       22,025       20.125 %     16.941 %   $ 232,150,523.07     $ 190,088,254.56       20.541 %     17.092 %
 
                                                                                
Grace
     6.243 %     6.731 %     14,527       14,112       10.988 %     10.854 %     126,956,084.97       127,682,644.47       11.233 %     11.480 %
 
                                                                                
Deferment
     6.484 %     6.976 %     7,343       7,838       5.554 %     6.029 %     61,561,250.74       67,093,490.77       5.447 %     6.033 %
 
                                                                                
TOTAL INTERIM
     6.234 %     6.727 %     48,478       43,975       36.667 %     33.824 %   $ 420,667,858.78     $ 384,864,389.80       37.221 %     34.605 %
REPAYMENT
                                                                                
Active
                                                                                
Current
     6.338 %     6.784 %     74,960       75,059       56.697 %     57.733 %   $ 620,962,138.72     $ 615,699,047.13       54.943 %     55.360 %
31-60 Days Delinquent
     7.470 %     7.647 %     1,671       1,930       1.264 %     1.484 %     14,388,767.55       16,354,146.83       1.273 %     1.470 %
61-90 Days Delinquent
     7.712 %     8.008 %     661       1,062       0.500 %     0.817 %     5,169,251.36       8,520,746.40       0.457 %     0.766 %
91-120 Days Delinquent
     7.962 %     8.170 %     667       656       0.504 %     0.505 %     5,860,342.42       5,591,459.94       0.519 %     0.503 %
121-150 Days Delinquent
     7.363 %     8.821 %     389       457       0.294 %     0.352 %     3,427,318.90       3,977,959.22       0.303 %     0.358 %
151-180 Days Delinquent
     7.594 %     8.927 %     135       148       0.102 %     0.114 %     1,122,328.40       1,298,656.66       0.099 %     0.117 %
> 180 Days Delinquent
     0.000 %     0.000 %     0       0       0.000 %     0.000 %     0.00       0.00       0.000 %     0.000 %
 
                                                                                
Forbearance
     6.945 %     7.300 %     5,251       6,724       3.972 %     5.172 %     58,600,347.84       75,865,451.75       5.185 %     6.821 %
 
                                                                                
TOTAL REPAYMENT
     6.441 %     6.897 %     83,734       86,036       63.333 %     66.176 %   $ 709,530,495.19     $ 727,307,467.93       62.779 %     65.395 %
GRAND TOTAL
     6.364 %     6.838 %     132,212       130,011       100.000 %     100.000 %   $ 1,130,198,353.97     $ 1,112,171,857.73       100.000 %     100.000 %

*   Percentages may not total 100% due to rounding.

7

 

VIII. 2003-B Portfolio Characteristics by Loan Program

                                 
LOAN TYPE   WAC     # Loans     $ Amount     %  
 
                                
- Signature Loans
     6.889 %     101,730     $ 896,566,676.48       80.614 %
- Law Loans
     6.768 %     19,684       131,598,271.34       11.833 %
- Med Loans
     6.108 %     5,297       40,711,620.13       3.661 %
- MBA Loans
     6.487 %     3,300       43,295,289.78       3.893 %
 
                        
- Total
     6.838 %     130,011     $ 1,112,171,857.73       100.000 %

*    Percentages may not total 100% due to rounding

8

 

IX. 2003-B Interest Rate Swap and Cap Calculations

                                 
A
   Swap Payments
   Merril Lynch DP
   Citibank N.A.
 
                   Swap Calculation
   Swap Calculation
 
                        
    i   Notional Swap Amount — Aggregate Prime Loans Outstanding   $ 493,914,592.90     $ 493,914,592.89  
    Counterparty Pays:                
    ii   3 Month Libor     3.41000 %     3.41000 %
    iii   Gross Swap Receipt Due Trust   $ 4,304,191.28     $ 4,304,191.28  
 
   iv   Days in Period   06/15/2005   09/15/2005     92       92  
 
                                
    SLM Private Credit Trust Pays:                
    v   Prime Rate (WSJ) Less 2.6300%     3.37000 %     3.37000 %
    vi   Gross Swap Payment Due Counterparty   $ 4,195,432.34     $ 4,195,432.34  
 
   vii   Days in Period   06/15/2005   09/15/2005     92       92  
 
                                
B   Cap Payments                
 
                   Cap Calculation
        
 
                            
    i   Notional Swap Amount   $ 870,000,000.00          
    Counterparty Pays:                
    ii   3 Month Libor (interpolated for first accrual period)     3.41000 %        
    iii   Cap Rate     7.50000 %        
 
                              
    iv   Excess (if any) of Libor over Cap Rate (ii - iii)     0.00000 %        
 
   v   Days in Period   06/15/2005   09/15/2005     92          
    vi   Cap Payment due Trust   $ 0.00          

X. 2003-B Accrued Interest Factors

                         
        Accrued        
        Int Factor   Accrual Period   Rate
A
  Class A-1 Interest Rate     0.008970000     6/15/05-9/15/05     3.51000 %
B
  Class A-2 Interest Rate     0.009736667     6/15/05-9/15/05     3.81000 %
C
  Class A-4 Interest Rate     0.002792222     8/18/05-9/15/05     3.59000 %
D
  Class B Interest Rate     0.010503333     6/15/05-9/15/05     4.11000 %
E
  Class C Interest Rate     0.012803333     6/15/05-9/15/05     5.01000 %

 9 

 

 

XI. 2003-B Inputs From Prior Period 5/31/05

                                                         
A   Total Student Loan Pool Outstanding                                                
    i  
Portfolio Balance
   $ 1,130,198,353.97                                          
    ii  
Interest To Be Capitalized
     48,504,182.28                                          
       
 
                                              
    iii  
Total Pool
   $ 1,178,702,536.25                                          
    iv  
Cash Capitalization Account (CI)
     74,242,876.07                                          
       
 
                                              
    v  
Asset Balance
   $ 1,252,945,412.32                                          
       
 
                                              
       
 
                                                
B   Total Note and Certificate Factor     0.912760700                                          
C   Total Note Balance   $ 1,225,948,002.84                                          
       
 
                                                
     
D   Note Balance 06/15/2005   Class A-1
   Class A-2
   Class A-3
   Class A-4
   Class B
   Class C
     
    i  
Current Factor
     0.797977600       1.000000000       1.000000000       1.000000000       1.000000000       1.000000000  
    ii  
Expected Note Balance
   $ 462,827,002.84     $ 440,506,000.00     $ 109,000,000.00     $ 109,000,000.00     $ 43,871,000.00     $ 60,744,000.00  
    iii  
Interest Shortfall
   $ 0.00     $ 0.00     $ 0.00     $ 0.00     $ 0.00     $ 0.00  
    iv  
Interest Carryover
   $ 0.00     $ 0.00     $ 0.00     $ 0.00     $ 0.00     $ 0.00  
     
       
 
                                                
E   Unpaid Primary Servicing Fees from Prior Month(s)   $ 0.00                                          
F   Unpaid Administration fees from Prior Quarter(s)   $ 0.00                                          
G   Unpaid Carryover Servicing Fees from Prior Quarter(s)   $ 0.00                                          

10

 

XII. 2003-B Note Parity Triggers

                                         
            Class A     Class B     Class C          
 
                                        
 
   Notes Outstanding   6/15/05   $ 1,121,333,003     $ 1,165,204,003     $ 1,225,948,003          
 
   Asset Balance   5/31/05   $ 1,252,945,412     $ 1,252,945,412     $ 1,252,945,412          
 
                                        
 
   Pool Balance   8/31/05   $ 1,159,362,625     $ 1,159,362,625     $ 1,159,362,625          
 
   Amounts on Deposit*   9/15/05     102,481,844       102,021,052     $ 101,243,327          
 
   Total       $ 1,261,844,469     $ 1,261,383,677     $ 1,260,605,952          
 
                                        
 
   Are the Notes in Excess of the Asset Balance?       No
   No
   No
        
 
   Are the Notes in Excess of the Pool + Amounts                                    
 
  
on Deposit?
       No
   No
   No
        
 
                                        
 
   Are the Notes Parity Triggers in Effect?       No
   No
   No
        
 
                                        
 
   Class A Enhancement       $ 131,612,409.48                          
    Specified Class A Enhancement       $ 185,040,825.16     The greater of 15% of the Asset Balance or the Specified Overcollateralization Amount
 
                                        
 
   Class B Enhancement       $ 87,741,409.48                          
    Specified Class B Enhancement       $ 124,902,556.99     The greater of 10.125% of the Asset Balance or the Specified Overcollateralization Amount
 
                                        
 
   Class C Enhancement       $ 26,997,409.48                          
    Specified Class C Enhancement       $ 37,008,165.03     The greater of 3% of the Asset Balance or the Specified Overcollateralization Amount

*   Amounts on Deposit in Trust Accounts for the Collection Period after Payment of Section XIII Items B through F for the Class A; Items B through H for the Class B; and Items B through J for the Class C

XIII. 2003-B Cash Capitalization Account

                                     
A
  
Cash Capitalization Account Balance as of Collection Period End Date
       08/31/2005           $ 74,242,876.07          
 
  
Less: Excess of Trust fees & Note interest due over Available Funds
       09/15/2005             0.00          
 
                                  
 
   Cash Capitalization Account Balance (CI)*                   $ 74,242,876.07          
 
                                    
B
   5.50% of initial Asset Balance                   $ 74,242,876.07          
 
   Excess, CI over 5.50% of initial Asset Balance                   $ 0.00          
 
   Release excess to Collection Account?**       09/15/2005           DO NOT RELEASE
        
 
                                    
C
   3.50% of initial Asset Balance                   $ 47,245,466.59          
 
   Excess, CI over 3.50% of initial Asset Balance                   $ 26,997,409.48          
 
   Release excess to Collection Account?**       09/15/2005           DO NOT RELEASE
        
 
                                    
 
   Release from Cash Capitalization Account (R)*       09/15/2005           $ 0.00          
 
                                    
  * as defined under “Asset Balance” on page S-79 of the prospectus supplement                
  ** determined based on a comparison of pool balances to notes outstanding and CI, along with certain loan portfolio characteristics, as outlined on page S-58 of the prospectus supplement        

 11 

 

 

XIV. 2003-B Principal Distribution Calculations

                         
A   Priority Principal Payments (If Note Parity Triggers are not in effect, go to Regular Principal Distribution below):        
 
                        
 
   i   Is the Class A Note Parity Trigger in Effect?           No
 
                        
 
   ii   Aggregate A Notes Outstanding     06/15/2005     $ 1,121,333,002.84  
 
   iii   Asset Balance     08/31/2005     $ 1,233,605,501.09  
 
                      
 
   iv   First Priority Principal Distribution Amount     09/15/2005     $ 0.00  
 
                     —  
 
                        
 
   v   Is the Class B Note Parity Trigger in Effect?           No
 
                        
 
   vi   Aggregate A and B Notes Outstanding     06/15/2005     $ 1,165,204,002.84  
 
   vii   Asset Balance     08/31/2005     $ 1,233,605,501.09  
 
   viii   First Priority Principal Distribution Amount     09/15/2005     $ 0.00  
 
                      
 
   ix   Second Priority Principal Distribution Amount     09/15/2005     $ 0.00  
 
                     —  
 
                        
 
   x   Is the Class C Note Parity Trigger in Effect?           No
 
                        
 
   xi   Aggregate A, B and C Notes Outstanding     06/15/2005     $ 1,225,948,002.84  
 
   xii   Asset Balance     08/31/2005     $ 1,233,605,501.09  
 
   xiii   First Priority Principal Distribution Amount     09/15/2005     $ 0.00  
 
   xiv   Second Priority Principal Distribution Amount     09/15/2005     $ 0.00  
 
                      
 
   xv   Third Priority Principal Distribution Amount     09/15/2005     $ 0.00  
 
                     —  
 
                        
B   Regular Principal Distribution                
 
                        
 
   i   Aggregate Notes Outstanding     06/15/2005     $ 1,225,948,002.84  
 
                        
 
   ii   Asset Balance     08/31/2005     $ 1,233,605,501.09  
 
   iii   Specified Overcollateralization Amount     09/15/2005     $ 26,997,409.48  
 
   iv   First Priority Principal Distribution Amount     09/15/2005     $ 0.00  
 
   v   Second Priority Principal Distribution Amount     09/15/2005     $ 0.00  
 
   vi   Third Priority Principal Distribution Amount     09/15/2005     $ 0.00  
 
   vii   Regular Principal Distribution Amount           $ 19,339,911.23  
 
                        
C   Class A Noteholders’ Principal Distribution Amounts                
 
                        
 
   i   Has the Stepdown Date Occurred?           No
 
                        
 
   ii   Asset Balance     08/31/2005     $ 1,233,605,501.09  
 
   iii   85% of Asset Balance     08/31/2005     $ 1,048,564,675.93  
 
   iv   Specified Overcollateralization Amount     09/15/2005     $ 26,997,409.48  
 
   v   Lesser of (iii) and (ii - iv)           $ 1,048,564,675.93  
 
   vi   Class A Noteholders’ Principal Distribution Amt — Before the Stepdown Date           $ 19,339,911.23  
 
   vii   Class A Noteholders’ Principal Distribution Amt — After the Stepdown Date           $ 0.00  
 
                        
D   Class B Noteholders’ Principal Distribution Amounts                
 
                        
 
   i   Has the Stepdown Date Occurred?           No
 
                        
 
   ii   Asset Balance     08/31/2005     $ 1,233,605,501.09  
 
   iii   89.875% of Asset Balance     08/31/2005     $ 1,108,702,944.10  
 
   iv   Specified Overcollateralization Amount     09/15/2005     $ 26,997,409.48  
 
   v   Lesser of (iii) and (ii - iv)           $ 1,108,702,944.10  
 
                        
 
   vi   Class B Noteholders’ Principal Distribution Amt — Before the Stepdown Date           $ 0.00  
 
   vii   Class B Noteholders’ Principal Distribution Amt — After the Stepdown Date           $ 0.00  
 
                        
E   Class C Noteholders’ Principal Distribution Amounts                
 
                        
 
   i   Has the Stepdown Date Occurred?           No
 
                        
 
   ii   Asset Balance     08/31/2005     $ 1,233,605,501.09  
 
   iii   97% of Asset Balance     08/31/2005     $ 1,196,597,336.06  
 
   iv   Specified Overcollateralization Amount     09/15/2005     $ 26,997,409.48  
 
   v   Lesser of (iii) and (ii - iv)           $ 1,196,597,336.06  
 
   vi   Class C Noteholders’ Principal Distribution Amt — Before the Stepdown Date           $ 0.00  
 
   vii   Class C Noteholders’ Principal Distribution Amt — After the Stepdown Date           $ 0.00  

12

 

XV. 2003-B            Waterfall for Distributions

                                 
                            Remaining
  
                            Funds Balance
  
                               
A   Total Available Funds (Sections III-L)   $ 46,066,520.99     $ 46,066,520.99  
 
                                
B   Primary Servicing Fees-Current Month plus any Unpaid   $ 654,041.48     $ 45,412,479.51  
 
                                
C   Quarterly Administration Fee plus any Unpaid   $ 20,000.00     $ 45,392,479.51  
 
                                
D   Auction Fees Due              09/15/2005   $ 720.61     $ 45,391,758.90  
    Broker/Dealer Fees Due    09/15/2005   $ 16,955.56     $ 45,374,803.34  
 
                                
E   Gross Swap Payment, Merrill Lynch DP   $ 4,195,432.34     $ 41,179,371.00  
    Gross Swap Payment, Citibank N.A.   $ 4,195,432.34     $ 36,983,938.66  
 
                                
F
   i   Class A-1 Noteholders’ Interest Distribution Amount due     09/15/2005     $ 4,151,558.22     $ 32,832,380.44  
 
   ii   Class A-2 Noteholders’ Interest Distribution Amount due     09/15/2005     $ 4,289,060.09     $ 28,543,320.35  
 
   iii   Class A-3 Noteholders’ Interest Distribution Amount due     09/15/2005     $ 0.00     $ 28,543,320.35  
 
   iv   Class A-4 Noteholders’ Interest Distribution Amount due     09/15/2005     $ 304,352.22     $ 28,238,968.13  
 
   v   Swap Termination Fees due     09/15/2005     $ 0.00     $ 28,238,968.13  
 
                                
G   First Priority Principal Distribution Amount — Principal Distribution Account   $ 0.00     $ 28,238,968.13  
 
                                
H   Class B Noteholders’ Interest Distribution Amount due     09/15/2005     $ 460,791.74     $ 27,778,176.39  
 
                                
I   Second Priority Principal Distribution Amount — Principal Distribution Account   $ 0.00     $ 27,778,176.39  
 
                                
J   Class C Noteholders’ Interest Distribution Amount   $ 777,725.68     $ 27,000,450.71  
 
                                
K   Third Priority Principal Distribution Amount — Principal Distribution Account   $ 0.00     $ 27,000,450.71  
 
                                
L   Increase to the Specified Reserve Account Balance   $ 0.00     $ 27,000,450.71  
 
                                
M   Regular Principal Distribution Amount — Principal Distribution Account   $ 19,339,911.23     $ 7,660,539.48  
 
                                
N   Carryover Servicing Fees   $ 0.00     $ 7,660,539.48  
 
                                
O   Auction Rate Noteholder’s Interest Carryover                
 
   i   Class A-3           $ 0.00     $ 7,660,539.48  
 
   ii   Class A-4           $ 0.00     $ 7,660,539.48  
 
                                
P   Swap Termination Payments   $ 0.00     $ 7,660,539.48  
 
                                
Q   Additional Principal Distribution Amount — Principal Distribution Account   $ 0.00     $ 7,660,539.48  
 
                                
R   Remaining Funds to the Certificateholders   $ 7,660,539.48     $ 0.00  

XVI. 2003-B            Principal Distribution Account Allocations

                                 
                            Remaining
  
                            Funds Balance
  
                               
A   Total from Collection Account       $ 19,339,911.23     $ 19,339,911.23  
 
                                
B
   i   Class A-1 Principal Distribution Amount Paid   $ 19,339,911.23     $ 0.00  
 
   ii   Class A-2 Principal Distribution Amount Paid   $ 0.00     $ 0.00  
 
   iii   Class A-3 Principal Distribution Amount Paid (or allocated)   $ 0.00     $ 0.00  
 
   iv   Class A-4 Principal Distribution Amount Paid (or allocated)   $ 0.00     $ 0.00  
 
                                
C   Class B Principal Distribution Amount Paid       $ 0.00     $ 0.00  
 
                                
D   Class C Principal Distribution Amount Paid       $ 0.00     $ 0.00  
 
                                
E   Remaining Class C Distribution Paid       $ 0.00     $ 0.00  
 
                                
F   Remaining Class B Distribution Paid   $ 0.00     $ 0.00  
 
                                
G
   i   Remaining Class A-1 Distribution Paid   $ 0.00     $ 0.00  
 
   ii   Remaining Class A-2 Distribution Paid   $ 0.00     $ 0.00  
 
   iii   Remaining Class A-3 Distribution Paid (or allocated)   $ 0.00     $ 0.00  
 
   iv   Remaining Class A-4 Distribution Paid (or allocated)   $ 0.00     $ 0.00  

13

 

XVII. 2003-B Distributions

                                                                         
A
   Distribution Amounts                   Class A-1     Class A-2     Class A-3     Class A-4     Class B     Class C  
    i   Quarterly Interest Due           $ 4,151,558.22     $ 4,289,060.09     $ 0.00     $ 304,352.22     $ 460,791.74     $ 777,725.68  
    ii   Quarterly Interest Paid             4,151,558.22       4,289,060.09       0.00       304,352.22       460,791.74       777,725.68  
 
                                                            
    iii   Interest Shortfall           $ 0.00     $ 0.00     $ 0.00     $ 0.00     $ 0.00     $ 0.00  
 
                                                                        
    iv   Interest Carryover Due           $ 0.00     $ 0.00     $ 0.00     $ 0.00     $ 0.00     $ 0.00  
    v   Interest Carryover Paid             0.00       0.00       0.00       0.00       0.00       0.00  
 
                                                            
    vi   Interest Carryover           $ 0.00     $ 0.00     $ 0.00     $ 0.00     $ 0.00     $ 0.00  
 
                                                                        
    vii   Quarterly Principal Distribution Amount           $ 19,339,911.23     $ 0.00     $ 0.00     $ 0.00     $ 0.00     $ 0.00  
    viii   Quarterly Principal Paid (or allocated)             19,339,911.23       0.00       0.00       0.00       0.00       0.00  
 
                                                            
    ix   Shortfall           $ 0.00     $ 0.00     $ 0.00     $ 0.00     $ 0.00     $ 0.00  
 
                                                                        
 
                                                            
    x   Total Distribution Amount           $ 23,491,469.45     $ 4,289,060.09     $ 0.00     $ 304,352.22     $ 460,791.74     $ 777,725.68  
 
                                                                        
B
   Note Balances           06/15/2005     Paydown Factors   09/15/2005                                  
 
   i   A-1 Note Balance     78443CAL8     $ 462,827,002.84             $ 443,487,091.61                                  
 
       A-1 Note Pool Factor             0.797977600       0.033344683       0.764632917                                  
 
                                                                        
 
   ii   A-2 Note Balance     78443CAM6     $ 440,506,000.00             $ 440,506,000.00                                  
 
       A-2 Note Pool Factor             1.000000000       0.000000000       1.000000000                                  
 
                                                                        
 
   iii   A-3 Note Balance     78443CAN4     $ 109,000,000.00             $ 109,000,000.00                                  
 
       A-3 Note Pool Factor             1.000000000       0.000000000       1.000000000                                  
 
                                                                        
 
   iv   A-4 Note Balance     78443CAP9     $ 109,000,000.00             $ 109,000,000.00                                  
 
       A-4 Note Pool Factor             1.000000000       0.000000000       1.000000000                                  
 
                                                                        
 
   v   B Note Balance     78443CAQ7     $ 43,871,000.00             $ 43,871,000.00                                  
 
       B Note Pool Factor             1.000000000       0.000000000       1.000000000                                  
 
                                                                        
 
   vi   C Note Balance     78443CAR5     $ 60,744,000.00             $ 60,744,000.00                                  
 
       C Note Pool Factor             1.000000000       0.000000000       1.000000000                                  
 
                                                                        
 
                   Next ARS Pay Date   Balances                                        
 
                     10/12/05     $ 109,000,000.00                                          
 
                             1.000000000                                          
 
                                                                        
 
                     09/15/05     $ 109,000,000.00                                          
 
                             1.000000000                                          

14

 

XVIII. 2003-B Historical Pool Information

                                                 
                                    2004     2003  
            6/1/05 - 8/31/05     3/1/05 - 5/31/05     12/1/04 - 2/28/05     12/1/03 - 11/30/04     5/12/03 - 11/30/03  
 
                                                
Beginning Student Loan Portfolio Balance   $ 1,130,198,353.97     $ 1,148,036,144.67     $ 1,161,694,974.39     $ 1,195,939,429.02     $ 1,213,584,181.19  
 
                                                
    Student Loan Principal Activity                                        
 
   i   Principal Payments Received   $ 24,050,727.63     $ 19,909,225.77     $ 18,781,976.65     $ 62,976,767.96     $ 30,767,631.21  
 
   ii   Purchases by Servicer (Delinquencies >180)     3,914,972.89       2,473,300.33       2,513,223.56       6,229,380.99       643,906.63  
 
   iii   Other Servicer Reimbursements     127.42       12,825.37       (1.50 )     (1,185.60 )     1,302.24  
 
   iv   Seller Reimbursements     49,392.49       30,995.21       74,167.62       288,942.89       719,433.21  
 
                                      
 
   v   Total Principal Collections   $ 28,015,220.43     $ 22,426,346.68     $ 21,369,366.33     $ 69,493,906.24     $ 32,132,273.29  
    Student Loan Non-Cash Principal Activity                                        
 
   i   Realized Losses/Loans Charged Off   $ 0.00     $ 0.00     $ 0.00     $ 0.00     $ 0.00  
 
   ii   Capitalized Interest     (9,471,395.05 )     (4,471,890.21 )     (7,159,676.29 )     (32,118,092.30 )     (12,512,375.87 )
 
   iii   Capitalized Insurance Fee     (518,225.30 )     (108,209.14 )     (550,933.41 )     (3,100,490.96 )     (1,937,718.30 )
 
   iv   Other Adjustments     896.16       (8,456.63 )     73.09       (30,868.35 )     (37,426.95 )
 
                                      
 
   v   Total Non-Cash Principal Activity   $ (9,988,724.19 )   $ (4,588,555.98 )   $ (7,710,536.61 )   $ (35,249,451.61 )   $ (14,487,521.12 )
 
                                                
(-)   Total Student Loan Principal Activity   $ 18,026,496.24     $ 17,837,790.70     $ 13,658,829.72     $ 34,244,454.63     $ 17,644,752.17  
 
                                                
    Student Loan Interest Activity                                        
 
   i   Interest Payments Received   $ 10,081,735.83     $ 9,156,709.83     $ 8,065,907.80     $ 23,928,424.34     $ 11,210,549.42  
 
   ii   Repurchases by Servicer (Delinquencies >180)     188,738.15       115,783.21       110,890.65       241,237.32       19,955.95  
 
   iii   Other Servicer Reimbursements     0.35       135.16       0.00       (33.00 )     548.66  
 
   iv   Seller Reimbursements     3,698.03       1,540.71       3,529.53       13,988.56       31,574.85  
 
   v   Late Fees     145,107.36       144,157.94       120,165.39       296,003.58       97,305.39  
 
   vi   Collection Fees     0.00       0.00       0.00       0.00       0.00  
 
                                      
 
   viii   Total Interest Collections     10,419,279.72       9,418,326.85       8,300,493.37     $ 24,479,620.80       11,359,934.27  
 
                                                
    Student Loan Non-Cash Interest Activity                                        
 
   i   Realized Losses/Loans Charged Off   $ 0.00     $ 0.00     $ 0.00     $ 0.00     $ 0.00  
 
   ii   Capitalized Interest   $ 9,471,395.05     $ 4,471,890.21     $ 7,159,676.29     $ 32,118,092.30     $ 12,512,375.87  
 
   iii   Other Interest Adjustments     (2,125.57 )     229.56       3,172.22       77,643.06       80,573.57  
 
                                      
 
   iv   Total Non-Cash Interest Adjustments   $ 9,469,269.48     $ 4,472,119.77     $ 7,162,848.51     $ 32,195,735.36     $ 12,592,949.44  
 
                                      
 
   v   Total Student Loan Interest Activity   $ 19,888,549.20     $ 13,890,446.62     $ 15,463,341.88     $ 56,675,356.16     $ 23,952,883.71  
 
                                                
(=)   Ending Student Loan Portfolio Balance   $ 1,112,171,857.73     $ 1,130,198,353.97     $ 1,148,036,144.67     $ 1,161,694,974.39     $ 1,195,939,429.02  
(+)   Interest to be Capitalized   $ 47,190,767.29     $ 48,504,182.28     $ 44,706,060.32     $ 43,984,976.52     $ 43,786,901.54  
 
                                                
(=)   TOTAL POOL   $ 1,159,362,625.02     $ 1,178,702,536.25     $ 1,192,742,204.99     $ 1,205,679,950.91     $ 1,239,726,330.56  
 
                                                
(+)   Cash Capitalization Account Balance (CI)   $ 74,242,876.07     $ 74,242,876.07     $ 74,242,876.07     $ 74,242,876.07     $ 102,590,156.00  
 
                                                
(=)   Asset Balance   $ 1,233,605,501.09     $ 1,252,945,412.32     $ 1,266,985,081.06     $ 1,279,922,826.98     $ 1,342,316,486.56  

15

 

XIX. 2003-B Payment History and CPRs

                     
Distribution   Actual     Since Issued        
Date   Pool Balances     CPR *        
 
                    
Sep-03
   $ 1,243,606,462     2.25%        
 
                    
Dec-03
   $ 1,239,726,331     2.34%        
 
                    
Mar-04
   $ 1,232,752,735     2.35%        
 
                    
Jun-04
   $ 1,224,328,500     2.40%        
 
                    
Sep-04
   $ 1,215,173,000     2.42%        
 
                    
Dec-04
   $ 1,205,679,951     2.71%        
 
                    
Mar-05
   $ 1,192,742,205     2.63%        
 
                    
Jun-05
   $ 1,178,702,536     2.60%        
 
                    
Sep-05
   $ 1,159,362,625     2.76%        

* “Since Issued CPR” is based on the current period’s ending pool balance
calculated against the original pool balance and assuming cutoff date pool data.

16

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