-----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, N1+9Y9c1JrSPBw7ta5nDMcjXBaGcHCVSvFLqkuQcsd8AZfpOjtIhLcQQlWzZ0ism FSCbtOlOoroWbV1ibU6yeA== 0000950152-06-005127.txt : 20060615 0000950152-06-005127.hdr.sgml : 20060615 20060615135905 ACCESSION NUMBER: 0000950152-06-005127 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20060609 ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20060615 DATE AS OF CHANGE: 20060615 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MELLON BANK PFL MASTER NOTE TRUST CENTRAL INDEX KEY: 0001282775 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-113957 FILM NUMBER: 06906892 BUSINESS ADDRESS: STREET 1: ONE MELLON CENTER CITY: PITTSBURGH STATE: PA ZIP: 15258 BUSINESS PHONE: 2123252000 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: 06906891 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 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: 06906889 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 PREMIUM FINANCE LOAN OWNER TRUST CENTRAL INDEX KEY: 0001141438 IRS NUMBER: 000000000 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: 06906890 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 j2081701e8vk.htm MELLON BANK, N.A. 8-K MELLON BANK, N.A. 8-K
Table of Contents

 
 
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) June 9, 2006
MELLON BANK, N.A.
(Originator of Mellon Bank Premium Finance Loan Master Trust)
(Exact name of Registrant as specified in its charter)
         
United States   333-113957-02 and
333-116609-02 		  25-0659306
(State or other jurisdiction of
incorporation) 		  (Commission
File Number) 		  (IRS Employer ID Number)
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)
         
New York   333-113957-01 and
333-116609-01 		  51-0015912
(State or other jurisdiction of
incorporation) 		  (Commission
File Number) 		  (IRS Employer ID Number)
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)
         
Delaware   333-113957-03 and
333-116609-03 		  51-6522553
(State or other jurisdiction of
incorporation) 		  (Commission
File Number) 		  (IRS Employer ID Number)
c/o Chase Manhattan Bank, USA, National Association
1201 N. Market Street
Wilmington, DE 19801
(302) 428-3372
(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 PFL MASTER NOTE TRUST
(Exact name of Registrant as specified in its charter)
         
Delaware   333-113957 and
333-116609 		  51-6522553
(State or other jurisdiction of
incorporation) 		  (Commission
File Number) 		  (IRS Employer ID Number)
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)
Carl Krasik, Esq.
Mellon Financial Corporation
Suite 1910
500 Grant Street
Pittsburgh, Pennsylvania 15258-0001
(412) 234-5222
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:
o   Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
o   Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
o   Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
o   Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
 

 

TABLE OF CONTENTS

Item 8.01.Other Events
Item 9.01.Financial Statements and Exhibits
SIGNATURES
INDEX OF EXHIBITS
EX-20

Table of Contents

Item 8.01. Other Events.
                 The Registrant hereby incorporates by reference the information contained in Exhibit 20 hereto in response to this Item 8.01.
Item 9.01. Financial Statements and Exhibits.
         
 
  (c)   Exhibits
 
      20. Monthly Noteholders Statement

 

Table of Contents

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., as Registrant
 
            
    By:   /s/ Michael A. Bryson
         
 
      Name:   Michael A. Bryson
 
      Title:   Executive Vice President &
Chief Financial Officer
 
            
    MELLON PREMIUM FINANCE LOAN OWNER TRUST, as Registrant
    By: Mellon Bank, N.A., as Administrator
 
            
    By:   /s/ Michael A. Bryson
         
 
      Name:   Michael A. Bryson
 
      Title:   Executive Vice President &
Chief Financial Officer
 
            
    MELLON BANK PREMIUM FINANCE LOAN MASTER TRUST, as Registrant
    By: MELLON BANK, N.A., as Administrator
 
            
    By:   /s/ Michael A. Bryson
         
 
      Name:   Michael A. Bryson
 
      Title:   Executive Vice President &
Chief Financial Officer
 
            
    MELLON BANK PFL MASTER NOTE TRUST, as Registrant
    By: MELLON BANK, N.A., as Administrator
 
            
    By:   /s/ Michael A. Bryson
         
 
      Name:   Michael A. Bryson
 
      Title:   Executive Vice President &
Chief Financial Officer
Dated: June 9, 2006

 

Table of Contents

INDEX OF EXHIBITS
         
Exhibit No.   Document Description   Method of Filing
20
  Monthly Noteholders Statement   Filed herewith

 

EX-20 2 j2081701exv20.htm EX-20 EX-20
 

Exhibit 20
MONTHLY NOTEHOLDERS STATEMENT
MELLON BANK PFL MASTER NOTE TRUST
SERIES 2004-1
Created 06/12/06 2:19 PM
Pursuant to the Indenture dated as of June 24, 2004 (the ‘Agreement’), as supplemented by the Series 2004-1 Indenture Supplement (the “Series Supplement”), each among Mellon Bank PFL Master Note Trust, as Issuer, (as administered by Mellon Bank, N.A., as Administrator) and Wells Fargo Bank, N.A., as Indenture Trustee, AFCO Credit Corp. and AFCO Acceptance Corp., as Servicer and Seller, is required to prepare certain information each month regarding distributions to Noteholders and the performance of the Trust.
The information with respect to the applicable Distribution Date and Monthly Period is set forth below.
                             
 
  Monthly Period:           May-06        
 
  Determination Date:           9-Jun-06        
 
  Transfer Date:           14-Jun-06        
 
  Number of Days in Period:             31          
 
  Prior Distribution Date:      (or Closing Date)           15-May-06        
 
  Current Distribution Date:           15-Jun-06        
 
  Period             24          
 
  Note Accumulation Period Length                     9  
 
  Note Revolving Periods from /to     1               27  
 
  Note Accumulation Periods from/to     28               36  
                                 
A. ORIGINAL DEAL PARAMETERS                        
 
                                
 
  (a)   Class A Initial Investor Interest           $ 513,700,000.00       92.00 %
 
  (b)   Class B Initial Investor Interest           $ 22,341,000.00       4.00 %
 
  (c)   Class C Initial Investor Interest           $ 13,959,000.00       2.50 %
 
  (d)   Class D Initial Investor Interest           $ 8,375,000.00       1.50 %
 
                               
 
  (e)   Total Initial Investor Interest (a + b + c +d)           $ 558,375,000.00          
 
                                
 
  (f)   Minimum Transferor Interest             3.00000 %        
 
                                
 
  (g)   LIBOR (3-Month LIBOR as of most LIBOR Determination Date)             4.9100000 %        
 
                                
 
  (h)   Prior Period Class A Certificate Rate     0.16 %     5.0700000 %        
 
  (i)   Prior Period Class B Certificate Rate     0.42 %     5.3300000 %        
 
  (j)   Prior Period Class C Certificate Rate     0.77 %     5.6800000 %        
 
                                
 
  (k)   Current Class A Certificate Rate     0.16 %     5.0700000 %        
 
  (l)   Current Class B Certificate Rate     0.42 %     5.3300000 %        
 
  (m)   Current Class C Certificate Rate     0.77 %     5.6800000 %        
 
                                
 
  (n)   Series Servicing Fee Percentage (Calculated as 1/12 th)             0.50000 %        
 
                                
 
  (o)   Additional Interest Rate             0.000000 %        
 
                                
I. RECEIVABLES IN THE TRUST                        
 
                                
 
  (a)   Beginning of Month Aggregate Receivables           $ 1,157,508,348.28          
 
  (b)   Beginning of Month Finance Charge Receivables           $ 21,159,558.57          
 
  (c)   Beginning of Month Principal Receivables           $ 1,136,348,789.71          
 
                                
 
  (d)   End of Month Aggregate Receivables           $ 1,178,871,905.22          
 
  (e)   End of Month Finance Charge Receivables           $ 22,107,764.15          
 
  (f)   End of Month Principal Receivables           $ 1,156,764,141.07          
 
                                
II. INVESTOR INTERESTS AND INVESTOR PERCENTAGES                        
 
                                
 
  (a)   Class A Initial Investor Interest           $ 513,700,000.00       92.00 %
 
  (b)   Class B Initial Investor Interest           $ 22,341,000.00       4.00 %
 
  (c)   Class C Initial Investor Interest           $ 13,959,000.00       2.50 %
 
      Class D Initial Investor Interest           $ 8,375,000.00       1.50 %
 
  (d)   Total Initial Investor Interest                   $ 558,375,000.00  
 
                                
 
  (e)   Beginning of Period Class A Investor Interest           $ 513,700,000.00       92.00 %
 
  (f)   Beginning of Period Class B Investor Interest           $ 22,341,000.00       4.00 %
 
  (g)   Beginning of Period Class C Investor Interest           $ 13,959,000.00       2.50 %
 
      Beginning of Period Class D Investor Interest           $ 8,375,000.00       1.50 %
 
  (h)   Beginning of Period Total Investor Interest                   $ 558,375,000.00  
 
                                
 
  (i)   Beginning of Period Class A Adjusted Investor Interest (e – VIII.a)           $ 513,700,000.00       92.00 %
 
  (j)   Beginning of Period Class B Adjusted Investor Interest (f – VIII.d)           $ 22,341,000.00       4.00 %
 
  (k)   Beginning of Period Adjusted Class C Investor Interest (g – VIII.g)           $ 13,959,000.00       2.50 %
 
      Beginning of Period Adjusted Class D Investor Interest           $ 8,375,000.00       1.50 %
 
  (l)   Beginning of Period Total Adjusted Investor Interest                   $ 558,375,000.00  
 
                                
 
  (m)   End of Period Class A Investor Interest (e – IX.b – X.f)           $ 513,700,000.00       92.00 %
 
  (n)   End of Period Class B Investor Interest (f – IX.e – X.k)           $ 22,341,000.00       4.00 %
 
  (o)   End of Period Class C Investor Interest (g – IX.h – X.n – X.o)           $ 13,959,000.00       2.50 %
 
      End of Period Class D Investor Interest           $ 8,375,000.00       1.50 %
 
  (p)   End of Period Total Investor Interest                   $ 558,375,000.00  

 

 

                                 
 
  (q)   End of Period Class A Adjusted Investor Interest (m – VIII.c)           $ 513,700,000.00       92.00 %
 
  (r)   End of Period Class B Adjusted Investor Interest (n – VIII.f)           $ 22,341,000.00       4.00 %
 
  (s)   End of Period Adjusted Class C Investor Interest (o – VIII.i)           $ 13,959,000.00       2.50 %
 
      End of Period Adjusted Class D Investor Interest           $ 8,375,000.00       1.50 %
 
  (t)   End of Period Total Adjusted Investor Interest                   $ 558,375,000.00  
 
                                
 
  (u)   End of Revolving Period Class A Investor Interest             NA       92.00 %
 
  (v)   End of Revolving Period Class B Investor Interest             NA       4.00 %
 
  (w)   End of Revolving Period Class C Investor Interest             NA       2.50 %
 
      End of Revolving Period Class D Investor Interest             NA       1.50 %
 
  (x)   End of Revolving Period Total Investor Interest                   $ 558,375,000.00  
 
                                
 
  (y)   Floating Investor Percentage (l / (I.c))                     49.14 %
 
  (z)   Class A Floating Allocation (i / l)                     92.00 %
 
  (aa)   Class B Floating Allocation (j / l)                     4.00 %
 
  (bb)   Class C Investor Interest Floating Allocation (k / l)                     2.50 %
 
      Class D Investor Interest Floating Allocation                     1.50 %
 
                                
 
  (cc)   Fixed Investor Percentage (x / (I.c))                     49.14 %
 
  (dd)   Class A Fixed Allocation (i / u)                     92.00 %
 
  (ee)   Class B Fixed Allocation (i / v)                     4.00 %
 
  (ff)   Class C Investor Interest Fixed Allocation (i / w)                     2.50 %
 
      Class D Investor Interest Fixed Allocation                     1.50 %
 
                                
 
  (gg)   Total Servicing Fee (h * (A.n / 12))           $ 232,656.25          
 
      Class C reserve account           $ 2,791,875.00       0.50 %
 
  (hh)   End of Period Other outstanding Series           $ 0.00          
 
                                
III. TRANSFEROR INTEREST                        
 
                                
 
  (a)   Beginning Transferor Interest (I.c – II.h – II.hh)           $ 577,973,789.71          
 
  (b)   Ending Transferor Interest (I.f – II.p – II.hh)           $ 598,389,141.07          
 
  (c)   Minimum Transferor Interest (III.e * 3%)           $ 34,702,924.23          
 
  (d)   Excess Funding Account Balance at end of Period           $ 0.00          
 
  (e)   Sum of Principal Receivables and Excess Funding Account (I.f + d)           $ 1,156,764,141.07          
 
                                
IV. PERFORMANCE SUMMARY                        
 
                                
 
      COLLECTIONS:                        
 
  (a)   Collections of Principal Receivables           $ 258,344,748.93          
 
  (b)   Collections of Finance Charge Receivables (inc. net recoveries, if any)           $ 7,377,442.31          
 
  (c)   Collections of Principal and Finance Charge Receivables (a + b)           $ 265,722,191.24          
 
  (d)   Late Charges Collected           $ 670,347.08          
 
  (e)   Total Collections (a + b + d)           $ 266,392,538.32          
 
  (f)   Unpaid Trustee Fee           $ 0.00          
 
  (g)   Available Funds after Unpaid Trustee Fee           $ 8,047,789.39          
 
                                
 
      DELINQUENCIES AND LOSSES:                        
 
  (h)   End of the month delinquencies:                        
 
  (i)   30 days delinquent           $ 2,339,546.86          
 
  (j)   60 days delinquent           $ 925,090.14          
 
  (k)   90 days delinquent           $ 377,586.23          
 
  (l)   120 + days delinquent           $ 1,875,265.00          
 
                                
 
  (m)   Total 30 + days delinquent ( i + j + k + l)           $ 5,517,488.23          
 
      Total 30 + days delinquent percentage             0.47 %        
 
                                
 
  (n)   Gross Default Amount           $ 24,120.79          
 
  (o)   Recoveries           $ 57,091.04          
 
  (p)   Aggregate Default Amount (net of recoveries)           $ (32,970.25 )        
 
  (q)   Investor Default Amount (II.y * p)           $ (16,200.80 )        
 
                                
 
  (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) + Princ Fdg Investmt Inc           $ 3,638,099.01          
 
  (b)   Class A Optimal Interest ((A.k * II.e * # days)/ 360)           $ 2,242,728.58          
 
  (c)   Class A Monthly Interest (Lesser of a or b)           $ 2,242,728.58          
 
  (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.o * # of days/360)           $ 0.00          
 
  (g)   Class A Servicing Fee due (1/12 * II.z * A.m * II.l)           $ 214,041.67          
 
  (h)   Class A Servicing Fee Paid           $ 214,041.67          
 
  (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)           $ (14,904.59 )        
 
  (l)   Reimbursed Class A Investor Default Amount           $ (14,904.59 )        
 
  (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)           $ 1,196,233.36          
 
                                
 
  (o)   Class B Available Funds after Unpaid Trustee Fee (IV.g * II.y * II.aa) + Princ Fdg Investmt Inc           $ 158,222.25          
 
  (p)   Class B Optimal Interest ((A.l * II.f * # days)/ 360)           $ 102,538.98          

 

 

                                 
 
  (q)   Class B Monthly Interest (Lesser of o or p)           $ 102,538.98          
 
  (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.o * # of days/360)           $ 0.00          
 
  (u)   Class B Servicing Fee due (1/12 * II.aa * A.m * II.h)           $ 9,308.75          
 
  (v)   Class B Servicing Fee Paid           $ 9,308.75          
 
  (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)           $ 46,374.52          
 
                                
 
  (z)   Class C Available Funds after Unpaid Trustee Fee (IV.g * II.y * II.bb) + Princ Fdg Investmt Inc           $ 98,859.69          
 
  (aa)   Class C Investor Interest Servicing Fee due, if not AFCO (1/12 * II.bb * A.m * II.h)           $ 0.00          
 
  (bb)   Class C Investor Interest Servicing Fee Paid, if not AFCO           $ 0.00          
 
  (cc)   Unpaid Class C Investor Interest Servicing Fee (aa – bb, if greater than 0)   $ 0.00                  
 
  (dd)   Unpaid Class C Investor Interest Servicing Fee from prior periods           $ 0.00          
 
  (ee)   Class C Investor Interest contribution to Excess Spread (z – bb)           $ 98,859.69          
 
                                
 
  (ff)   Excess Spread (n + y + ee)           $ 1,341,467.57          
 
  (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)           $ (648.21 )        
 
  (kk)   Class B Required Amount           $ 0.00          
 
  (ll)   Unreimbursed Class B Investor Charge-Offs           $ 0.00          
 
                                
 
  (mm)   Class C Monthly Interest ((A.m * II.g * # days)/ 360)           $ 68,275.02          
 
  (nn)   Past Due Class C Monthly Interest from prior month           $ 0.00          
 
  (oo)   Class C Investor Interest Servicing Fee (if AFCO) (1/12 * II.bb * A.n * II.l)     1     $ 5,816.25          
 
  (pp)   Class C Investor Interest Default Amount (IV.q * II.bb)           $ (405.01 )        
 
  (qq)   Unreimbursed Class C Investor Interest Charge-Offs           $ 0.00          
 
                                
 
      Class D Available Funds after Unpaid Trustee Fee           $ 59,312.98          
 
      Class D Investor Interest Servicing Fee     1     $ 3,489.58          
 
      Class D Investor Interest Default Amount           $ (242.99 )        
 
      Class D Investor Interest contribution to Excess Spread           $ 56,066.39          
 
                                
 
  (rr)   Reserve Account Funding Date           July 14, 2006        
 
  (ss)   Required Reserve Account Percentage             0.30 %        
 
  (tt)   Required Reserve Account Amount           $ 0.00          
 
  (uu)   Excess Spread   $ 1,324,495.91                  
 
  (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.h + A.o * # 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.i + A.o * # days)/ 360)           $ 0.00          
 
                                
 
  (ggg)   Excess Finance Charge Collections (ff – gg – hh – ii – jj – kk – ll – mm – nn – oo –pp – qq – ww – zz – bbb – ccc – eee – fff)           $ 1,324,495.91          
 
  (hhh)   Adjusted Excess Spread Percentage (ggg+ww / II.h)*12             2.85 %        
 
                                
VI. YIELD and BASE RATE                        
 
                                
 
      Base Rate                        
 
      (The sum of the Class A Rate, Class B Rate, and Class C Investor Interest Rate and Investor Servicing Fee (0.5%) divided by the Investor Interest)                        
 
                                
 
  (a)   Base Rate (current month)             5.52 %        
 
  (b)   Base Rate (prior month)             5.52 %        
 
  (c)   Base Rate (2 months ago)             5.52 %        
 
                                
 
  (d)   3 Month Average Base Rate             5.52 %        
 
                                
 
      Gross Portfolio Yield                        
 
      (Series 2004-1 Finance Charge + Late Charge Collections allocable to investors/total investor interest)                        
 
                                
 
  (e)   Gross Portfolio Yield (current month)             8.50 %        
 
  (f)   Gross Portfolio Yield (prior month)             8.64 %        
 
  (g)   Gross Portfolio Yield (2 months ago)             7.62 %        
 
                                
 
  (h)   3 Month Average Portfolio Yield             8.25 %        

 

 

                                 
 
      Portfolio Yield                        
 
      (Series 2004-1 Finance Charge + Late Charge Collections allocable to investors less investor default amount/total investor interest)                        
 
                                
 
  (i)   Portfolio Yield (current month)             8.53 %        
 
  (j)   Portfolio Yield (prior month)             8.59 %        
 
  (k)   Portfolio Yield (2 months ago)             7.65 %        
 
                                
 
  (l)   3 Month Average Portfolio Yield             8.26 %        
 
                                
 
      Portfolio Yield – Base Rate                        
 
                                
 
  (m)   Portfolio Adjusted Yield (current month)             3.01 %        
 
  (n)   Portfolio Adjusted Yield (prior month)             3.08 %        
 
  (o)   Portfolio Adjusted Yield (2 months ago)             2.13 %        
 
                                
 
  (p)   3 Month Average Portfolio Adjusted Yield             2.74 %        
 
                                
 
      Excess Finance Charge Yield                        
 
      (Excess Finance Charge Collections/total Investor Interest)                        
 
                                
 
  (q)   Adjusted Excess Spread Percentage (current month)             2.85 %        
 
  (r)   Adjusted Excess Spread Percentage (prior month)             3.41 %        
 
  (s)   Adjusted Excess Spread Percentage (2 months ago)             1.63 %        
 
                                
 
  (t)   3 Month Average Adjusted Excess Spread Percentage             2.63 %        
 
                                
VII. PORTFOLIO PERFORMANCE RATES                        
 
                                
 
  (a)   Aggregate Default Amt. (annualized % of beginning of month Principal Receivables)             -0.03 %        
 
  (b)   Monthly Payment Rate (% of 15th of month Principal Receivables)             23.43 %        
 
  (c)   Gross Portfolio Yield to Investors (3 month average annualized)             8.25 %        
 
  (d)   Portfolio Yield (3 month average annualized))             8.26 %        
 
  (e)   Base Rate (3 month average)             5.52 %        
 
  (f)   Excess Finance Charge Collections %             2.85 %        
 
                                
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 Class C principal distributed to PFA (as of prior distribution date)           $ 0.00          
 
  (h)   Class C Principal deposited in the PFA           $ 0.00          
 
  (i)   Total Class C Principal deposited in the PFA (g + h)           $ 0.00          
 
                                
 
      Cumulative Class D principal distributed to PFA (as of prior distribution date)           $ 0.00          
 
      Class D Principal deposited in the PFA           $ 0.00          
 
      Total Class D 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)   Class C Principal paid (as of prior distribution dates)           $ 0.00          
 
  (h)   Class C Principal payments           $ 0.00          
 
  (i)   Total Class C Principal paid (g + h)           $ 0.00          
 
                                
 
      Class D Principal paid (as of prior distribution dates)           $ 0.00          
 
      Class D Principal payments           $ 0.00          
 
      Total Class D Principal paid           $ 0.00          
 
                                
X. INVESTOR CHARGE-OFFS                        
 
      CLASS A INVESTOR CHARGE-OFFS                        
 
  (a)   Class A Investor Default Amount (IV.q * II.z)           ($ 14,904.59 )        
 
  (b)   Reimbursed from Class A Available Funds           ($ 14,904.59 )        
 
  (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)           ($ 14,904.59 )        
 
  (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)           ($ 648.21 )        
 
  (h)   Reimbursed from Excess Spread           ($ 648.21 )        
 
  (i)   Reimbursed from Reallocated Principal Collections           $ 0.00          
 
  (j)   Total amount reimbursed in respect of Class B Investor Default Amount (h + i + j)           ($ 648.21 )        
 
  (k)   Class B Investor Charge-Off (g – j)           $ 0.00          
 
                                
 
      CLASS C INVESTOR CHARGE-OFFS                        
 
  (l)   Class C Default Amount (IV.q * II.bb)           ($ 405.01 )        
 
  (m)   Reimbursed from Excess Spread           ($ 405.01 )        
 
  (n)   Class C Charge-Off (l – m)           $ 0.00          
 
  (o)   Writedown from Reallocated Principal Collections           $ 0.00          
 
                                
 
      CLASS D INVESTOR CHARGE-OFFS                        
 
      Class D Default Amount           ($ 242.99 )        
 
      Reimbursed from Excess Spread           ($ 242.99 )        
 
      Class D Charge-Off           $ 0.00          
 
      Writedown from Reallocated Principal Collections           $ 0.00          
 
                                
XI. PAYOUT EVENTS & EARLY REDEMPTION 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)   Material breach of representation or warranty of Transferor?           No        
 
  (f)   3-mo Avg. Net Portfolio Yield < 3-mo Avg. Base Rate?           No        
 
  (g)   Originator, Seller or Transferor failed to convey Additional Receivables?           No        
 
  (h)   Servicer Default?           No        
 
  (i)   Class A or Class B or Class C Investor Interests not paid in full on Sched. Pmt. Date?           No        
 
  (j)   Monthly payment rate less than 12% for 3 consecutive months?           No        
 
  (k)   Third Consecutive Deterimination Date for which:                        
 
      (i) aggregate receivables to single borrower > 5%           No        
 
      (ii) there exists Excess Insurer Concentration Amount?           No        
 
      (iii) aggregate receivables of Tier 3 Insurers exceeds 30%?           No        
 
      (iv) aggregate receivables of Tier 4 Insurers exceeds 5%?           No        
 
      (v) aggregate receivables of 5 largest Tier 3 Insurers exceeds 17%?           No        
 
      (vi) aggregate receivables of 4 largest Tier 2 Insurers exceeds 30%?           No        
 
                                
 
  (l)   AFCO no longer servicer?           No        
 
  (m)   Failure of AFCO to remove receivables or indemnify the Transferor, the Trustee, and the Trust from losses resulting from failure to comply with licensing laws?           No        
         
    AFCO Credit Corporation, as Servicer
 
        
 
  By:   /s/ Bruce R. Gold
 
  Name:   Bruce R. Gold
 
  Title:   Senior Vice President, Chief Financial Officer &
Treasurer

 

-----END PRIVACY-ENHANCED MESSAGE-----