ritization notes payable represents debt issued by us in securitization transactions. In connection with the Merger, we recorded a purchase accounting premium that is being amortized to interest expense over the expected term of the notes. Amortization for fiscal 2012 and 2011 and for the three months ended December 31, 2010 was $31.3 million, $64.7 million and $25.7 million respectively. At December 31, 2012 and 2011, unamortized purchase accounting premium of $11.2 million and $42.4 million is included in securitization notes payable. Debt issuance costs of $26.1 million and $16.3 million, as of December 31, 2012 and December 31, 2011, respectively, which are included in other assets on the consolidated balance sheets, are being amortized to interest expense over the expected term of securitization notes payable.

Securitization notes payable consists of the following (dollars in thousands):



Year of Transaction	Maturity Date ^(a)			Original Note Amounts				Original Weighted Average Interest Rate					Receivables Pledged		Note Balance At December 31, 2012		Note Balance at December 31, 2011
2006	January 2014			$	1,200,000			5.4	%								$	63,293
2007	October 2013	-	March 2016	1,000,000		-	1,500,000	5.2	%	-	5.5	%					793,732
2008	January 2015	-	April 2015	500,000				8.7	%	-	10.5	%	$	147,026	$	24,126	171,224
2009	January 2016	-	July 2017	227,493		-	725,000	2.7	%	-	7.5	%	207,409		159,832		297,522
2010	July 2017	-	April 2018	200,000		-	850,000	2.2	%	-	3.8	%	1,229,587		1,095,208		1,756,455
2011	July 2018	-	March 2019	800,000		-	1,000,000	2.4	%	-	2.9	%	2,728,474		2,518,578		3,813,191
2012^(b)	June 2019	-	May 2020	800,000		-	1,300,000	1.4	%	-	2.9	%	5,589,512		5,214,414
													$	9,902,008	9,012,158		6,895,417
Purchase accounting premium															11,150		42,424
Total															$	9,023,308	$	6,937,841

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(a)

Maturity date represents final legal maturity of securitization notes payable. Securitization notes payable are expected to be paid based on amortization of the finance receivables pledged to the Trusts. Expected principal payments are $3,406.2 million in fiscal 2013, $2,324.0 million in fiscal 2014, $1,771.6 million in fiscal 2015, $1,073.2 million in fiscal 2016 and $437.8 million in fiscal 2017.


(b)	Includes private sale of asset-backed securities.

At the time of securitization of finance receivables, we are required to pledge assets equal to a specified percentage of the securitization pool to support the securitization transaction. Typically, the assets pledged consist of cash deposited to a restricted account and additional receivables delivered to the Trust, which create overcollateralization. The securitization transactions require the percentage of assets pledged to support the transaction to increase until a specified level is attained. Excess cash flows generated by the Trusts are added to the restricted cash account or used to pay down outstanding debt in the Trusts, creating overcollateralization until the targeted percentage level of assets has been reached. Once the targeted percentage level of assets is reached and maintained, excess cash flows generated by the Trusts are released to us as distributions from Trusts. Additionally, as the balance of the securitization pool declines, the amount of pledged assets needed to maintain the required percentage level is reduced. Assets in excess of the required percentage are also released to us as distributions from Trusts.