Mellon Bank Corp.

-----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, SssbBQgtg5xx4V58a/AIpReSGmLZM7OeWGgIFnA2dYLHNu7XZ2Au3vcxZ438wsNI 2K9p44+kftWB2dIT94wkDg== 0000950152-03-005215.txt : 20030509 0000950152-03-005215.hdr.sgml : 20030509 20030509140640 ACCESSION NUMBER: 0000950152-03-005215 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030509 ITEM INFORMATION: Other events FILED AS OF DATE: 20030509 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MELLON BANK N A CENTRAL INDEX KEY: 0000216543 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] IRS NUMBER: 250659306 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-01478 FILM NUMBER: 03689911 BUSINESS ADDRESS: STREET 1: ONE MELLON CENTER STREET 2: 500 GRANT STREET CITY: PITTSBURGH STATE: PA ZIP: 15258-0001 BUSINESS PHONE: 4122345000 MAIL ADDRESS: STREET 1: ONE MELLON CENTER STREET 2: 500 GRANT STREET CITY: PITTSBURGH STATE: PA ZIP: 15258-0001 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MELLON BANK PREMIUM FINANCE LOAN MASTER TRUST CENTRAL INDEX KEY: 0001021949 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] IRS NUMBER: 250659306 STATE OF INCORPORATION: NY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-11961 FILM NUMBER: 03689913 BUSINESS ADDRESS: STREET 1: ONE MELLON CENTER CITY: PITTSBURGH STATE: PA ZIP: 15258-0001 BUSINESS PHONE: 4123234500 MAIL ADDRESS: STREET 1: ONE MELLON BANK CENTER CITY: PITTSBURGH STATE: PA ZIP: 15258 FORMER COMPANY: FORMER CONFORMED NAME: MELLON BANK PREMIUM FINANCE MASTER TRUST DATE OF NAME CHANGE: 19960829 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MELLON PREMIUM FINANCE LOAN OWNER TRUST CENTRAL INDEX KEY: 0001141438 STATE OF INCORPORATION: DE FISCAL YEAR END: 1201 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-61760-02 FILM NUMBER: 03689912 BUSINESS ADDRESS: STREET 1: C/O CHASE MANHATTAN BANK USA N A STREET 2: 1201 N MARKET STREET CITY: WILMINGTON STATE: DE ZIP: 15256-0001 BUSINESS PHONE: 3024283372 MAIL ADDRESS: STREET 1: C/O CHASE MANHATTAN BANK USA N A STREET 2: 1201 N MARKET STREET CITY: WILMINGTON STATE: DE ZIP: 15256-0001 8-K 1 j0090201e8vk.htm 8-K PFLMT/PFLOT "AFCO 2002-1" Mellon Bank Corp.

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

Date of Report (Date of earliest event Reported): May 9, 2003

The Amended and Restated Pooling and Servicing Agreement, dated as of June 15, 2001, including the Series 2002-1 Supplement, dated as of December 17, 2002, among Mellon Premium Finance Loan Owner Trust, as transferor, AFCO Credit Corporation, as servicer, AFCO Acceptance Corporation, as servicer, Premium Financing Specialists of California, Inc., as back-up servicer, Premium Financing Specialists of California, Inc., as back-up servicer, and Wells Fargo Bank Minnesota, National Association, as trustee, in connection with the issuance of Mellon Bank Premium Finance Loan Master Trust , Class A Floating Rate Asset-Backed Certificates and Class B Floating Rate Asset-Backed Certificates, Series 2002-1.

MELLON BANK, N.A.

(Originator of Mellon Bank Premium Finance Loan Master Trust)
(Exact name of registrant as specified in its charter)


	333-99477
	and
United States	333-101671	25-0659306

(State or Other Jurisdiction of Incorporation)	(Commission File Numbers)	(I.R.S. Employer Identification No.)

One Mellon Center
Pittsburgh, Pennsylvania 15258
(412) 234-5000

(Address, including zip code, and telephone number, including area code,
of registrant’s principal offices)
N/A

(Former name or former address, if changed since last report)

MELLON BANK PREMIUM FINANCE LOAN MASTER TRUST

(Exact name of registrant as specified in its charter)


	333-99477-02
	and
New York	333-101671-02	51-0015912

(State or Other Jurisdiction of File Numbers)	(Commission Incorporation)	(I.R.S. Employer Identification No.)

One Mellon Center

Pittsburgh, Pennsylvania 15258
(412) 234-5000
(Address, including zip code, and telephone number, including area code,
of registrant’s principal offices)
N/A

(Former name or former address, if changed since last report)

MELLON PREMIUM FINANCE LOAN OWNER TRUST

(Exact name of registrant as specified in its charter)


	333-99477-01
	and
Delaware	333-101671-01	51-6522553

(State or Other Jurisdiction of Incorporation)	(Commission File Numbers)	(I.R.S. Employer Identification No.)

c/o Chase Manhattan Bank, USA, National Association
1201 North Market Street
Wilmington, DE 19801
(302) 428-3372

Carl Krasik, Esq.
Mellon Financial Corporation
Suite 1910
500 Grant Street
Pittsburgh, Pennsylvania 15258-0001
(412) 234-5222

(Address, including zip code, and telephone number, including area code,
of registrant’s principal offices)

N/A

(Former name or former address, if changed since last report)

Item 5. Other Events.

The Registrant hereby incorporates by reference the information contained in Exhibit 20 hereto in response to this Item 5.

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 thereunto duly authorized.


		MELLON BANK, N.A.

		By: /s/ MICHAEL A. BRYSON Name: Michael A. Bryson Title: Executive Vice President & Chief Financial Officer

		MELLON PREMIUM FINANCE LOAN OWNER TRUST

		By: Mellon Bank N.A., as Administrator

		By: /s/ MICHAEL A. BRYSON Title: Executive Vice President & Chief Financial Officer

		MELLON BANK PREMIUM FINANCE LOAN MASTER TRUST

		By: Mellon Bank N.A., as Administrator

		By: /s/ MICHAEL A. BRYSON Name: Michael A. Bryson Title: Executive Vice President & Chief Financial Officer

Dated: May 9, 2003

INDEX OF EXHIBITS


Exhibit No.	Document Description	Method of Filing

20	Monthly Certificateholders Statement	Filed herewith

EX-20 3 j0090201exv20.txt CERTIFICATEHOLDER STATEMENT EXHIBIT 20 MONTHLY CERTIFICATEHOLDERS STATEMENT MELLON BANK PREMIUM FINANCE LOAN MASTER TRUST SERIES 2002-1 Pursuant to the Amended Pooling and Servicing Agreement, dated as of June 14, 2001 (as may be amended, from time to time, the "Agreement") , as supplemented by the Series 2002-1 Supplement (as amended and Supplemented, the Series Supplement) , each among AFCO Credit and AFCO Acceptance, as Servicer and Seller and Wells Fargo Bank Minnesota, National Association, as Trustee, the Servicer is required to prepare certain information each month regarding distributions to Certificateholders and the performance of the Trust. The information with respect to the applicable Distribution Date and Monthly Period is set forth below. MONTHLY PERIOD: APR-03 DETERMINATION DATE: 9-MAY-03 TRANSFER DATE: 14-MAY-03 NUMBER OF DAYS IN PERIOD: 30 PRIOR DISTRIBUTION DATE: (or Closing Date) 15-APR-03 CURRENT DISTRIBUTION DATE: 15-MAY-03 PERIOD 5 CONTROLLED ACCUMULATION PERIOD LENGTH 9 REVOLVING PERIODS FROM /TO 1 27 CONTROLLED ACCUMULATION PERIODS FROM/TO 28 36 - ---------------------------------------------------------------------------------------------------------------------------

A. ORIGINAL DEAL PARAMETERS (a) Class A Initial Investor Interest $392,700,000.00 89.25% (b) Class B Initial Investor Interest $17,600,000.00 4.00% (c) Collateral Initial Interest $29,700,000.00 6.75% --------------- (d) Total Initial Investor Interest (a + b + c) $440,000,000.00 (e) Minimum Transferor Interest 5.00000% (f) LIBOR (3-Month LIBOR as of most LIBOR Determination Date) 1.2587500% (g) Prior Period Class A Certificate Rate 0.30% 1.5587500% (h) Prior Period Class B Certificate Rate 1.40% 2.6587500% (i) Prior Period Collateral Rate 2.00% 3.3095220% (j) Current Class A Certificate Rate 0.30% 1.5587500% (k) Current Class B Certificate Rate 1.40% 2.6587500% (l) Current Collateral Rate 2.00% 3.3053840% (m) Series Servicing Fee Percentage (Calculated as 1/12 th) 0.50000% (n) Additional Interest Rate 2.000000% - --------------------------------------------------------------------------------------------------------------------------- I. RECEIVABLES IN THE TRUST (a) Beginning of Month Aggregate Receivables $1,391,374,598.07 (b) Beginning of Month Finance Charge Receivables $16,883,325.37 (c) Beginning of Month Principal Receivables $1,374,491.272.70 (d) End of Month Aggregate Receivables $1,543,721,834.46 (e) End of Month Finance Charge Receivables $18,740,416.17 (f) End of Month Principal Receivables $1,524,981,418.29 II. INVESTOR INTERESTS AND INVESTOR PERCENTAGES (a) Class A Initial Investor Interest $392,700,000.00 89.25% (b) Class B Initial Investor Interest $17,600,000.00 4.00% (c) Collateral Initial Interest $29,700,000.00 6.75% (d) Total Initial Investor Interest (a + b + c) $440,000,000.00 (e) Beginning of Period Class A Investor Interest $392,700,000.00 89.25% (f) Beginning of Period Class B Investor Interest $17,600,000.00 4.00% (g) Beginning of Period Collateral Interest $29,700,000.00 6.75% (h) Beginning of Period Total Investor Interest (e + f + g) $440,000,000.00 (i) Beginning of Period Class A Adjusted Investor Interest (e - VIII.a) $392,700,000.00 89.25% (j) Beginning of Period Class B Adjusted Investor Interest (f - VIII.d) $17,600,000.00 4.00% (k) Beginning of Period Adjusted Collateral Interest (g - VIII.g) $29,700,000.00 6.75% (l) Beginning of Period Total Adjusted Investor Interest (i + j + k) $440,000,000.00 (m) End of Period Class A Investor Interest (e - IX.b - X.f) $392,700,000.00 89.25% (n) End of Period Class B Investor Interest (f - IX.e - X.k) $17,600,000.00 4.00% (o) End of Period Collateral Interest (g - IX.h - X.n - X.o) $29,700,000.00 6.75% (p) End of Period Total Investor Interest (m + n + o) $440,000,000.00
(q) End of Period Class A Adjusted Investor Interest (m - VIII.c) $392,700,000.00 89.25% (r) End of Period Class B Adjusted Investor Interest (n - VIII.f) $17,600,000.00 4.00% (s) End of Period Adjusted Collateral Interest (o - VIII.i) $29,700,000.00 6.75% (t) End of Period Total Adjusted Investor Interest (q + r + s) $440,000,000.00 (u) End of Revolving Period Class A Investor Interest NA 89.25% (v) End of Revolving Period Class B Investor Interest NA 4.00% (w) End of Revolving Period Collateral Interest NA 6.75% (x) End of Revolving Period Total Investor Interest $440,000,000.00 (y) Floating Investor Percentage (l / (I.c) ) 32.0118439% (z) Class A Floating Allocation (i / l) 89.2500000% (aa) Class B Floating Allocation (j / l) 4.0000000% (bb) Class C Floating Allocation (k / l) 6.7500000% (cc) Fixed Investor Percentage (x / (I.c) ) 32.0118439% (dd) Class A Fixed Allocation (i / u) 89.2500000% (ee) Class B Fixed Allocation (i / v) 4.0000000% (ff) Class C Fixed Allocation (i / w) 6.7500000% (gg) Total Servicing Fee (h * (A.m / 12) ) $183,333.33 (hh) Other outstanding Series $800,000,000.00 III. TRANSFEROR INTEREST (a) Beginning Transferor Interest (I.c - II.h - II.hh) $134,491,272.70 (b) Ending Transferor Interest (I.f - II.l-II.hh) $284,981,418.29 (c) Minimum Transferor Interest (III.f * 5%) $76,249,070.91 (d) Minimum Aggregate Principal Receivables (II.h + II.hh) $1,240,000,000.00 (e) Excess Funding Account Balance at end of Period $0.00 (f) Sum of Principal Receivables and Excess Funding Account (I.f + e) $1,524,981,418.29 IV. PERFORMANCE SUMMARY COLLECTIONS: (a) Collections of Principal Receivables $306,599,255.38 (b) Collections of Finance Charge Receivables (inc. net recoveries, if any) $6,222,533.64 (c) Collections of Principal and Finance Charge Receivables (a + b) $312,821,789.02 (d) Late Charges Collected $957,039.18 (e) Total Collections (a + b + d) $313,778,828.20 (f) Unpaid Trustee Fee $0.00 (g) Available Funds after Unpaid Trustee Fee $7,179,572.82 DELINQUENCIES AND LOSSES: (h) End of the month delinquencies: (i) 30 days delinquent $3,362,020.94 (j) 60 days delinquent $3,551,085.85 (k) 90 days delinquent $1,746,917.10 (l) 120 + days delinquent $3,115,279.21 (m) Total 30 + days delinquent ( i + j + k + l) $11,775,303.10 Total 30 + days delinquent percentage 0.76% (n) Gross Default Amount $240,735.93 (o) Recoveries $55,093.35 (p) Aggregate Default Amount (net of recoveries) $185,642.58 (q) Investor Default Amount (II.y * p) $59,427.61 (r) AFCO is Servicer? Yes V. ALLOCATION AND APPLICATION OF COLLECTIONS (a) Class A Available Funds after Unpaid Trustee Fee (IV.g * II.y * II.z) $2,051,244.92 (b) Class A Optimal Interest ((A.j * II.e * # days) / 360) $510,100.94 (c) Class A Monthly Interest (Lesser of a or b) $510,100.94 (d) Current Period Class A Shortfall Amount (b - a, if greater than 0) $0.00 (e) Prior Period Class A Deficiency Amount $0.00 (f) Class A Additional Interest (e * A.n * # of days/360) $0.00 (g) Class A Servicing Fee due (1/12 * II.z * A.m * II.l) $163,625.00 (h) Class A Servicing Fee Paid $163,625.00 (i) Unpaid Class A Servicing Fee (g - h, if greater than 0) $0.00 (j) Unpaid Class A Servicing from prior periods $0.00 (k) Class A Investor Default Amount (IV.q * II.z) $53,039.14 (l) Reimbursed Class A Investor Default Amount $53,039.14 (m) Unreimbursed Class A Investor Default Amount (k - l, if greater than 0) $0.00 (n) Class A contribution to Excess Spread (a - c - h - l) $1,324,479.84 (o) Class B Available Funds after Unpaid Trustee Fee (IV.g * II.y * II.aa) $91,932.55

(p) Class B Optimal Interest ((A.k * II.f * # days) / 360) $38,995.00 (q) Class B Monthly Interest (Lesser of o or p) $38,995.00 (r) Current Period Class B Shortfall Amount (p - o, if greater than 0) $0.00 (s) Prior Period Class B Deficiency Amount $0.00 (t) Class B Additional Interest (s * A.n * # of days/360) $0.00 (u) Class B Servicing Fee due (1/12 * II.aa * A.m * II.h) $7,333.33 (v) Class B Servicing Fee Paid $7,333.33 (w) Unpaid Class B Servicing Fee (u - v, if greater than 0) $0.00 (x) Unpaid Class B Servicing from prior periods $0.00 (y) Class B contribution to Excess Spread (o - q - v) $45,604.21 (z) Collateral Available Funds after Unpaid Trustee Fee (IV.g * II.y * II.bb) $155,136.17 (aa) Collateral Interest Servicing Fee due, if not AFCO (1/12 * II.bb * A.m * II.h) $0.00 (bb) Collateral Interest Servicing Fee Paid, if not AFCO $0.00 (cc) Unpaid Collateral Interest Servicing Fee (aa - bb, if greater than 0) $0.00 (dd) Unpaid Collateral Interest Servicing Fee from prior periods $0.00 (ee) Collateral Interest contribution to Excess Spread (r - s) $155,136.17 (ff) Excess Spread (n + y + ee) $1,525,220.22 (gg) Remaining Unpaid Trustee Fee $0.00 (hh) Class A Required Amount (includes Class A Investor Default Amount) $0.00 (ii) Unreimbursed Class A Investor Charge-Offs $0.00 (jj) Class B Default Amount (IV.q * II.aa) $2,377.10 (kk) Class B Required Amount $0.00 (ll) Unreimbursed Class B Investor Charge-Offs $0.00 (mm) Collateral Monthly Interest ((A.l * II.g * # days) / 360) $81,808.25 (nn) Past Due Collateral Monthly Interest from prior month $0.00 (oo) Collateral Interest Servicing Fee (if AFCO) (1/12 * II.bb * A.m * II.l) 1 $12,375.00 (pp) Collateral Interest Default Amount (IV.q * II.bb) $4,011.36 (qq) Unreimbursed Collateral Interest Charge-Offs $0.00 (rr) Reserve Account Funding Date 24 (ss) Required Reserve Account Percentage 0.50% (tt) Required Reserve Account Amount $0.00 (uu) Excess Spread $1,424,648.50 (vv) Beginning of Period Reserve Account Balance $0.00 (ww) Paid to Reserve Account $0.00 (xx) Payable to Reserve Account $0.00 (yy) End of Period Reserve Account Balance $0.00 (zz) Other amounts due under Loan Agreement payable out of Excess Spread $0.00 (aaa) Current Period Class A Shortfall Amount (d) $0.00 (bbb) Prior Period Class A Shortfall Amount $0.00 (ccc) Class A Carry-Over Amount ((aaa * A.g + A.n * # days) / 360) $0.00 (ddd) Current Period Class B Shortfall Amount (r) $0.00 (eee) Prior Period Class B Shortfall Amount $0.00 (fff) Class B Carry-Over Amount ((ccc * A.g + A.n * # days) / 360) $0.00 (ggg) Excess Finance Charge Collections (ff - gg - hh - ii - jj - kk - ll - mm $1,424,648.50 - nn - oo -pp - qq - ww - zz - bbb - ccc - eee - fff) (hhh) Excess Finance Charge Percentage (ggg / II.h) *12 3.89% VI. YIELD and BASE RATE BASE RATE (The sum of the Class A Rate, Class B Rate, and Class C Rate and Investor Servicing Fee (0.5%) divided by the Investor Interest) (a) Base Rate (current month) 2.22% (b) Base Rate (prior month) 2.22% (c) Base Rate (2 months ago) 2.36% (d) 3 Month Average Base Rate 2.27% GROSS PORTFOLIO YIELD (Series 2001-1 Finance Charge + Late Charge Collections allocable to investors/total investor interest) (e) Gross Portfolio Yield (current month) 6.27% (f) Gross Portfolio Yield (prior month) 5.89% (g) Gross Portfolio Yield (2 months ago) 5.87% (h) 3 Month Average Portfolio Yield 6.01%

PORTFOLIO YIELD (Series 2001-1 Finance Charge + Late Charge Collections allocable to investors less investor default amount/total investor interest) (i) Portfolio Yield (current month) 6.11% (j) Portfolio Yield (prior month) 5.85% (k) Portfolio Yield (2 months ago) 5.87% (l) 3 Month Average Portfolio Yield 5.94% PORTFOLIO YIELD - BASE RATE (m) Portfolio Adjusted Yield (current month) 3.89% (n) Portfolio Adjusted Yield (prior month) 3.63% (o) Portfolio Adjusted Yield (2 months ago) 3.51% (p) 3 Month Average Portfolio Adjusted Yield 3.68% EXCESS FINANCE CHARGE YIELD (Excess Finance Charge Collections/total Investor Interest) (q) Excess Finance Charge Yield (current month) 3.89% (r) Excess Finance Charge Yield (prior month) 3.69% (s) Excess Finance Charge Yield (2 months ago) 3.70% (t) 3 Month Average Excess Finance Charge Yield 3.76% VII. PORTFOLIO PERFORMANCE RATES (a) Aggregate Default Amt. (annualized % of beginning of month Principal Receivables) 0.16% (b) Monthly Payment Rate (% of 15th of month Principal Receivables) 23.42% (c) Gross Portfolio Yield to Investors (3 month average annualized) 6.01% (d) Portfolio Yield (3 month average annualized) ) 5.94% (e) Base Rate (3 month average) 2.27% (f) Excess Finance Charge Collections % 3.89% VIII. ACCUMULATION AND PRINCIPAL FUNDING ACCOUNT (a) Cumulative Class A principal distributed to PFA (as of prior distribution date) $0.00 (b) Class A Principal deposited in the PFA $0.00 (c) Total Class A Principal deposited in the PFA (a + b) $0.00 (d) Cumulative Class B principal distributed to PFA (as of prior distribution date) $0.00 (e) Class B Principal deposited in the PFA $0.00 (f) Total Class B Principal deposited in the PFA (d + e) $0.00 (g) Cumulative CIA principal distributed to PFA (as of prior distribution date) $0.00 (h) CIA Principal deposited in the PFA $0.00 (i) Total CIA Principal deposited in the PFA (g + h) $0.00 (j) Ending PFA balance (c + f + i) $0.00 IX. PRINCIPAL REPAYMENT (a) Class A Principal paid (as of prior distribution dates) $0.00 (b) Class A Principal payments $0.00 (c) Total Class A Principal paid (a + b) $0.00 (d) Class B Principal paid (as of prior distribution dates) $0.00 (e) Class B Principal payments $0.00 (f) Class B Principal paid (d + e) $0.00 (g) Collateral Principal paid (as of prior distribution dates) $0.00 (h) Collateral Principal payments $0.00 (i) Total Collateral Principal paid (g + h) $0.00 X. INVESTOR CHARGE-OFFS CLASS A INVESTOR CHARGE-OFFS (a) Class A Investor Default Amount (IV.q * II.z) $53,039.14 (b) Reimbursed from Class A Available Funds $53,039.14 (c) Reimbursed from Excess Spread $0.00 (d) Reimbursed from Reallocated Principal Collections $0.00 (e) Total amount reimbursed in respect of Class A Investor Default Amount (b + c +d) $53,039.14 (f) Class A Investor Charge-Off (a - e) $0.00 CLASS B INVESTOR CHARGE-OFFS (g) Class B Investor Default Amount (IV.q * II.aa) $2,377.10 (h) Reimbursed from Excess Spread $2,377.10 (i) Reimbursed from Reallocated Principal Collections $0.00 (j) Total amount reimbursed in respect of Class B Investor Default Amount (h + i + j) $2,377.10 (k) Class B Investor Charge-Off (g - j) $0.00

CLASS C INVESTOR CHARGE-OFFS (l) Collateral Default Amount (IV.q * II.bb) $4,011.36 (m) Reimbursed from Excess Spread $4,011.36 (n) Collateral Charge-Off (l - m) $0.00 (o) Writedown from Reallocated Principal Collections $0.00 XI. PAYOUT EVENTS (a) Insolvency of the Seller, Transferor or either originator? No (b) Trust is an "investment company?" No (c) No successor Backup Svcr found w/in 90 days of term'n of Backup Svcr? No (d) Failure by Transferor to make any deposit or payment? No (e) Breach of representation or warranty of Transferor? No (f) 3-mo Avg. Net Portfolio Yield < 3-mo Avg. Base Rate? No (g) Transferer Interest below Minimum Transferor Interest? No (h) Principal Receivables + Excess Funding Account < Minimum Agg. Prin Receivables? No (i) Originator, Seller or Transferor failed to convey Additional Receivables? No (j) Servicer Default? No (k) Class A or Class B Investor Interests not paid in full on Sched. Pmt. Date? No (l) Monthly payment rate less than 12% for 3 consecutive months? No Third Consecutive Deterimination Date for which: No (m) (i) there exists Excess Obligor Concentration Amount? No (n) (Ii) there exists Excess Insurer Concentration Amount? No (o) (iii) there exists an Excess Aggregate Tier 3 Insurer Concentration Amount? No (p) (iv) Aggregate Top Tier 3 Insurer Precentage is greater than the Maximum No Aggregate Top Tier 3 Insurer Percentage? (q) (v) Aggregate Top Tier 2 Insurer Precentage is greater than the Maximum No Aggregate Top Tier 2 Insurer Percentage? (r) AFCO no longer servicer? No (s) Failure to appoint a successor back-up servicer 90 days after receipt of Sale Notice No or Successor Back-up Servicer Termination Notice? (t) Failure of AFCO to remove receivables or indemnify the Transferor, No the Trustee, and the Trust from losses resulting from failure to comply with licensing laws? AFCO Credit Corporation, as Servicer By: /s/ C. LEONARD O'CONNELL Name: C. Leonard O'Connell Title: Senior Vice President, Chief Financial Officer & Treasurer

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