8-K 1 srz9624181v1.txt CIT EQUIPMENT COLLATERAL 2003-EF1 8-K 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): April 14, 2004 CIT Equipment Collateral 2003-EF1 (Exact Name of Registrant as Specified in its Charter) Delaware (State or other jurisdiction of incorporation) 333-53688-02 N/A (Commission File Number) (IRS Employer Identification No.) c/o M&T Trust Company of Delaware 499 Mitchell Road, MC 101-591 Millsboro, Delaware 19966 (Address of principal executive offices and zip code) Registrants' telephone number, including area code: (410) 244-4626 N/A (Former name or former address, if changed since last report) Item 7. FINANCIAL STATEMENTS AND EXHIBITS. --------------------------------- (c). Exhibits. The following are filed herewith. The exhibit numbers correspond with items 601(b) of Regulation S-K. EXHIBIT NO. DESCRIPTION ---------- ----------- 99.1 Pool Data Report SIGNATURE --------- Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. CIT EQUIPMENT COLLATERAL 2003-EF1 By: THE CIT GROUP/EQUIPMENT FINANCING, Inc., as Servicer By: /s/ Usama Ashraf ---------------------------------- Name: Usama Ashraf Title: Vice President Dated: April 14, 2004 Exhibit 99.1 - Pool Data Report CIT EQUIPMENT COLLATERAL 2003-EF1 COMPOSITION OF CONTRACT POOL AT DECEMBER 31, 2003

WEIGHTED WEIGHTED AVERAGE CURRENT AVERAGE AVERAGE REQUIRED NUMBER REQUIRED ORIGINAL REMAINING PAYOFF OF PAYOFF TERM TERM AMOUNT CONTRACTS AMOUNT (RANGE) (RANGE) (RANGE) ------------- ---------- ----------- ----------- ----------- 9,406 $638,793,671 53.6 months 35.9 months $67,320 (16 to 117 months) (7 to 89 months) ($0 to $4,031,919) TYPE OF CONTRACT AT DECEMBER 31, 2003 TOTAL % OF NUMBER NUMBER REQUIRED REQUIRED OF OF PAYOFF PAYOFF TYPE OF CONTRACT CONTRACTS CONTRACTS AMOUNT AMOUNT ----------------~~-------~~ ~~Distribution~~Leases ~~Class~~2,317 ~~A-1~~24.63 ~~Class~~% ~~A-2~~$ ~~Class~~174,558,262 ~~A-3~~27.33 ~~Amounts~~% ~~Notes~~Loans ~~Notes~~and ~~Notes~~other financing arrangements 7,089 75.37 $ 464,235,409 72.67 ----------------------------------------------------------------------------~~---~~ 1.Total ~~Interest Due 135~~9,~~896.00~~406 ~~194,941~~100.~~67 302,842.86 2 Interest Paid 135,896.~~00 ~~194,941.67~~% ~~302,842.86~~$ ~~3 Interest Shortfall 0.00 0.00 0.00 ((1) minus (2)) 4 Principal Paid 26~~638,~~123~~793,~~773.38~~671 0100.00 ~~0.00~~% ~~5 Total Distribution Amount 26,259,669.38 194,941.67 302,842.86 ((2) plus (4))~~============================================================================

CIT EQUIPMENT COLLATERAL 2003-EF1 ANNUAL PERCENTAGE RATE AT DECEMBER 31, 2003

% OF TOTAL % OF WEIGHTED NUMBER NUMBER REQUIRED REQUIRED AVERAGE ANNUAL OF OF PAYOFF PAYOFF PERCENTAGE ANNUAL PERCENTAGE RATE CONTRACTS CONTRACTS AMOUNT AMOUNT RATE ---------------------- --------- --------- ------ ------ -------------- 5.00-~~------------------------------~~ ~~Distribution~~5.99 ~~Class~~573 B6.10 ~~Class~~% C$ ~~Class~~36,877,822 D5.78 ~~Total~~5.69 ~~Offered~~% ~~Amounts~~6.00- ~~Notes~~6.99 ~~Notes~~1,952 ~~Notes~~20.77 ~~Notes~~146,905,211 23.01 6.61 7.00- 7.99 2,784 29.62 187,826,466 29.42 7.52 8.00- 8.99 2,175 23.14 145,771,662 22.84 8.46 9.00- 9.99 1,091 11.61 66,961,030 10.49 9.53 10.00- 10.99 475 5.05 33,065,251 5.18 10.46 11.00- 11.99 222 2.36 14,552,127 2.28 11.43 12.00- 12.99 105 1.12 5,592,050 0.88 12.51 13.00- 13.99 22 0.23 789,590 0.12 13.31 -------------- --------------- ------------------ ------------ ------------------~~-------------~~ 1.Total ~~Interest Due 34~~9,~~185.69~~399 ~~78,641~~100.~~25 106,020.~~00 ~~852,527.47~~% 2$ ~~Interest Paid 34~~638,~~185.69 78~~341,~~641.25~~210 ~~106,020~~100.00 ~~852,527.47~~% ~~3 Interest Shortfall 0~~7.0092 ~~0.00~~% ~~0.00~~============== ~~0.00~~=============== ~~((1)~~================== ~~minus~~============ ~~(2))~~================== 4Unliquidated ~~Principal~~Defaulted ~~Paid~~Contracts ~~789,974.84~~7 ~~0.00~~$ ~~0.00 26~~452,~~913,748.22~~461 5-------------- ------------------ Total ~~Distribution Amount 824~~9,~~160.53~~406 ~~78,641.25~~$ ~~106~~638,~~020.00 27~~793,~~766,275.69~~671 ~~((2)~~============== ~~plus (4))~~==================

CIT EQUIPMENT COLLATERAL 2003-EF1 GEOGRAPHICAL DIVERSITY (BASED ON OBLIGOR BILLING ADDRESS) AT DECEMBER 31, 2003

% OF TOTAL % OF NUMBER NUMBER REQUIRED REQUIRED OF OF PAYOFF PAYOFF STATE CONTRACTS CONTRACTS AMOUNT AMOUNT ----- --------- --------- ------ ------~~-----------------------------------------------------------------------------~~ ~~Applicable~~Alabama ~~Principal~~236 ~~Balance~~2.51 ~~Class~~16,547,414 ~~Factor~~2.59 ~~Principal~~% ~~Balance~~Alaska ~~Class~~60 ~~Factor~~0.64 ~~Class~~4,260,582 ~~Coupon~~0.67 ~~Jan-04~~Arizona ~~Jan-04~~231 ~~Dec-03~~2.46 ~~Dec-03~~19,255,763 ~~Rate~~3.01 ~~Payment~~Arkansas ~~Date~~191 ~~Payment~~2.03 ~~Date~~11,625,972 ~~Payment~~1.82 ~~Date~~California ~~Payment~~999 ~~Date~~10.62 ~~----------------------------------------------------------------------------------------------------------------~~85,451,070 a13.38 ~~Class~~Colorado A-163 1.73 ~~Notes~~11,298,719 1.~~1388%~~77 ~~122~~Connecticut 125 1.33 6,~~019~~586,~~794~~432 1.7603 Delaware 28 0.~~44371~~30 ~~148~~757,~~143~~382 0.12 District of Columbia 3 0.03 133,~~568~~904 0.1402 Florida 585 6.22 38,144,402 5.97 Georgia 292 3.10 19,502,205 3.05 Hawaii 22 0.~~53870~~23 b2,206,084 0.35 ~~Class~~Idaho A-158 1.68 10,473,536 1.64 Illinois 345 3.67 18,930,680 2.96 ~~Notes~~Indiana 113 1.~~4900%~~20 ~~157~~8,~~000~~096,~~000~~919 1.0027 Iowa 57 0.61 4,992,004 0.78 Kansas 79 0.84 5,940,446 0.93 Kentucky 84 0.89 3,872,033 0.61 Louisiana 175 1.~~00000~~86 ~~157~~11,~~000~~335,~~000~~753 1.0077 Maine 39 0.41 2,066,820 0.32 Maryland 224 2.38 9,556,952 1.~~00000~~50 cMassachusetts 160 1.70 ~~Class~~13,089,921 ~~A-3~~2.05 ~~Notes~~Michigan 267 2.84 17,236,260 2.70 Minnesota 112 1.~~3088%~~19 ~~287~~7,~~253~~653,~~376~~386 1.0020 Mississippi 97 1.~~00000~~03 ~~287~~7,~~253~~380,~~376~~514 1.0016 Missouri 124 1.~~00000~~32 d8,154,075 1.28 ~~Class~~Montana B48 ~~Notes~~0.51 2,876,364 0.~~2900%~~45 17Nebraska 25 0.27 1,~~123~~649,~~925~~129 0.8326 Nevada 153 1.63 12,545,750 1.96 New Hampshire 57 0.~~78731~~61 173,~~913~~692,~~900~~300 0.6758 New Jersery 341 3.63 22,632,847 3.54 New Mexico 81 0.~~82363~~86 e4,253,158 0.67 ~~Class~~New CYork ~~Notes~~604 6.42 31,035,598 4.86 North Carolina 252 2.68 15,402,656 2.41 North Dakota 3 0.~~9800%~~03 23301,~~710~~679 0.05 Ohio 223 2.37 14,~~929~~616,754 2.0029 Oklahoma 97 1.~~00000~~03 236,~~710~~574,~~929.00~~068 1.~~00000~~03 fOregon 159 1.69 ~~Class~~11,977,682 D1.88 ~~Notes~~Pennsylvania 414 4.~~9600%~~40 25,~~650~~821,~~000~~374 4.0004 Rhode Island 20 0.21 1,219,769 0.~~00000~~19 25South Carolina 141 1.50 12,~~650~~951,~~000~~555 2.0003 South Dakota 18 0.19 586,387 0.09 Tennessee 197 2.09 14,710,849 2.30 Texas 663 7.05 44,804,886 7.01 Utah 183 1.~~00000~~95 g9,927,174 1.55 ~~Total~~Vermont ~~Offered~~14 ~~Notes~~0.15 ~~632~~583,~~758~~546 0.09 Virginia 274 2.91 21,~~025~~271,047 3.5933 ~~659~~Washington 284 3.02 19,~~671~~706,~~773~~274 3.8108 West Virginia 39 0.41 2,372,646 0.37 Wisconsin 112 1.19 10,633,031 1.66 Wyoming 35 0.37 2,097,921 0.33 ------------ -------------- --------------- ------------ Total 9,406 100.00 % 638,793,671 100.00% ============ ============== =============== ============

CIT EQUIPMENT COLLATERAL 2003-EF1 PAYMENT STATUS AT DECEMBER 31, 2003

% OF TOTAL % OF NUMBER NUMBER REQUIRED REQUIRED OF OF ACTIVE PAYOFF PAYOFF OF ACTIVE DAYS DELINQUENT CONTRACTS CONTRACTS AMOUNT AMOUNT --------------- --------- --------- ------ ------ Current, including 1 to 30 day delinquent contracts 9,167 97.53 % 620,070,922 97.14 % 31-60 days delinquent 153 1.63 11,120,650 1.74 61-90 days delinquent 38 0.40 3,062,537 0.48 91-120 days delinquent 26 0.28 2,240,513 0.35 121-150 days delinquent 9 0.10 1,570,100 0.25 151-180 days delinquent 6 0.06 276,488 0.04 ------------ ---------- ~~Scheduled~~------------- ~~Scheduled~~-------------- ~~Class~~Total ~~Principal~~Active ~~Balance~~Accounts ~~Principal~~9,399 ~~Balance~~100.00 ~~Jan~~% 638,341,210 100.00 % ============ ========== ============= ============== Unliquidated Defaulted Contracts 7 452,461 -04---------- ~~Dec~~-03------------ ~~Payment~~Total ~~Date~~9,406 ~~Payment~~638,793,671 ~~Date~~=========== ============= TYPES OF EQUIPMENT AT DECEMBER 31, 2003 % OF TOTAL % OF NUMBER NUMBER REQUIRED REQUIRED OF OF PAYOFF PAYOFF TYPE OF EQUIPMENT CONTRACTS CONTRACTS AMOUNT AMOUNT ----------------- --------- --------- ------ ------ Construction 5,667 60.25 % 332,959,123 52.12 % Transportation 1,478 15.71 97,870,531 15.32 Manufacturing 1,032 10.97 77,245,158 12.09 Printing 357 3.80 33,421,079 5.23 Other (1) 259 2.75 18,106,837 2.83 Computers 79 0.84 16,398,492 2.57 Medical/Healthcare 67 0.71 15,719,257 2.46 Logging 189 2.01 14,779,586 2.31 Mining 22 0.23 7,710,917 1.21 Broadcasting/Communications 87 0.92 7,196,017 1.13 Agricultural 41 0.44 6,122,900 0.96 Food Processing 47 0.50 4,714,629 0.74 Commercial/Retail Fixtures 31 0.33 3,440,042 0.54 Fitness 50 0.53 3,109,103 0.49 -------------- ------------- ~~Class~~-------------- A-1------------- ~~Notes~~Total ~~168~~9,~~076,579~~406 100.00 ~~189~~% 638,~~496~~793,~~105~~671 100.00 % ============== ============= ============== ============== (1) Includes $404,772 as the largest and $69,911 as the average Required Payoff Amount.

CIT EQUIPMENT COLLATERAL 2003-EF1 REQUIRED PAYOFF AMOUNT AT DECEMBER 31, 2003

% OF TOTAL % OF NUMBER NUMBER REQUIRED REQUIRED OF OF PAYOFF PAYOFF REQUIRED PAYOFF AMOUNT CONTRACTS CONTRACTS AMOUNT AMOUNT ---------------------- ----------- --------- ------ ------ 0.01 - 5,000.00 186 1.98 % 762,168 0.12 % 5,000.01 - 10,000.00 838 8.91 6,365,765 1.00 10,000.01 - 15,000.00 886 9.42 11,077,085 1.73 15,000.01 - 25,000.00 1,610 17.12 31,875,181 4.99 25,000.01 - 50,000.00 2,402 25.54 86,235,263 13.50 50,000.01 - 100,000.00 1,921 20.42 135,778,727 21.26 100,000.01 - 150,000.00 696 7.40 84,137,368 13.17 150,000.01 - 250,000.00 491 5.22 92,464,616 14.47 250,000.01 - 500,000.00 266 2.83 88,882,395 13.91 500,000.01 - 1,000,000.00 78 0.83 50,969,258 7.98 1,000,000.01 - 1,500,000.00 21 0.22 25,728,856 4.03 1,500,000.01 - 2,500,000.00 8 0.09 14,941,802 2.34 2,500,000.01 - 4,031,919.00 3 0.03 9,575,187 1.50 -------------- ------------- ----------------- ------------- ~~Target~~Total ~~Class~~9,406 ~~Target~~100.00 ~~Class~~% ~~Class~~638,793,671 ~~Principal~~100.00 ~~Amount~~% ~~Floor~~============== ~~Principal~~============= ~~Amount~~================= ~~Floor~~============= ~~Class~~REMAINING ~~Percentage~~TERM ~~Jan-04~~AT ~~Jan-04~~DECEMBER ~~Dec-03~~31, ~~Dec-03~~2003 ~~Payment~~% ~~Date~~OF ~~Payment~~TOTAL ~~Date~~% ~~Payment~~OF ~~Date~~NUMBER ~~Payment~~NUMBER ~~Date~~REQUIRED REQUIRED OF OF PAYOFF PAYOFF REMAINING TERMS OF CONTRACTS CONTRACTS CONTRACTS AMOUNT AMOUNT ---------------------------- --------- --------- ------ ------ (MONTHS) Less than 12 815 8.67 % 18,818,837 2.95 % 12- 24 3,016 32.09 133,219,731 20.87 25- 36 2,906 30.92 194,363,930 30.45 37- 48 2,038 21.68 181,927,653 28.50 49- 60 536 5.70 72,466,138 11.35 61- 72 52 0.55 20,588,983 3.23 73- 84 26 0.28 12,143,504 1.90 85- 96 10 0.11 4,812,434 0.75 ----------- ------------- ----------------- ----------- ~~Class~~Total A9,399 97100.0600 % ~~614~~638,~~185~~341,~~253.18~~210 ~~640,309,026~~100.5600 ~~Class~~% B=========== ~~2.94%~~============= ~~789~~================= =========== Unliquidated Defaulted Contracts 7 452,~~974.84~~461 ~~0.00~~----------- ~~940~~----------------- Total 9,~~518.89~~406 ~~0.00~~638,793,671 =========== =================

CIT EQUIPMENT COLLATERAL 2003-EF1 TYPES OF OBLIGOR AT DECEMBER 31, 2003

~~------------------------------------------------------~~% ~~Original~~OF ~~Jan-04~~TOTAL ~~Dec-03~~% ~~Pool~~OF ~~Payment~~NUMBER ~~Date~~NUMBER ~~Payment~~REQUIRED ~~Date~~REQUIRED OF OF PAYOFF PAYOFF TYPE OF OBLIGOR CONTRACTS CONTRACTS AMOUNT AMOUNT --------------- --------- --------- ------ ------~~---------~~ 1.Construction a4,279 45.49 ~~Contract~~% ~~Pool~~$ ~~Principal~~245,710,235 ~~Balance~~38.46 ~~(active~~% ~~contracts)~~Manufacturing ~~790~~1,~~364,305~~341 14.0026 ~~632~~101,~~305~~387,~~564~~918 15.5187 ~~659~~Services 1,~~355,499.93~~180 b12.55 ~~Positive~~91,051,469 ~~Rent~~14.25 ~~Due~~Retail ~~(active~~& ~~contracts)~~Wholesale 6Trade 1,~~035,644~~005 10.6568 656,~~465~~581,~~554~~839 8.86 ~~------------------------------------------------------~~Printing c368 3.91 ~~Required~~40,585,705 ~~Payoff~~6.35 ~~Amount~~Transportation ~~(active~~299 ~~contracts)~~3.18 ~~790~~38,~~364~~006,~~305~~080 5.0095 ~~638~~Mining,~~341~~ Forestry,~~209~~ Fishing 193 2.1605 ~~665~~22,~~821~~355,~~054~~524 3.50 Agriculture 539 5.73 21,784,303 3.41 Healthcare 79 d0.84 ~~Required~~13,392,827 ~~Payoff~~2.10 ~~Amount~~Other (~~unliquidated defaults~~1) ~~452,461~~123 1.0831 ~~316~~7,~~273~~937,772 1.8824 ------------ ------------ ----------------- ----------~~---~~ e. Total ~~Required Payoff Amount 790~~9,~~364,305~~406 100.00 % $ 638,793,~~670.24~~671 ~~666,137,328~~100.6700 % ============ ============ ================= ==========~~===~~ 2.(1) NoIncludes of$765,426.12 ~~Contracts~~as ~~9,883~~the ~~9,406~~largest ~~9,508~~required 3payoff ~~Weighted~~amount ~~Average~~belonging ~~Remaining~~to ~~Term~~a 39single obligor. OBLIGOR CONCENTRATION % OF NUMBER % OF TOTAL REQUIRED REQUIRED OBLIGORS (INCLUDING CONTRACTS SECURING OF NUMBER OF PAYOFF PAYOFF VENDOR LOANS) CONTRACTS CONTRACTS AMOUNT AMOUNT ----------------- ---------- --------- ------ ------ Top 5 9 ~~36.~~0 36.710 % $ 15,307,571 2.4 ~~Weighted~~% ~~Average~~The ~~Original~~Top ~~Term~~5 52obligors conduct business in the Retail & Wholesale Trade, Construction, Manufacturing, Healthcare and Services industries.8

CIT EQUIPMENT COLLATERAL 2003-EF1 SCHEDULED CASHFLOWS FROM CONTRACTS AT DECEMBER 31, 2003 Positive Rent Due 6,035,644.65 Adj. RPA of Unliquidated Defaulted Contracts 452,461.08

~~----------------------------------------------------------------------~~COLLECTION %SCHEDULED ofSCHEDULED ~~No.~~COLLECTION OfSCHEDULED ~~Required~~SCHEDULED ~~Contracts~~PERIOD %PRINCIPAL ofINTEREST ~~RPA~~PERIOD ~~Accounts~~PRINCIPAL ~~Payoff~~INTEREST ~~Amount~~ ------ --------- -------- ------ --------- -------- January-2004 16,557,477.86 4,171,735.55 October-2007 3,421,842.57 230,210.41 February-2004 18,322,548.38 4,065,067.68 November-2007 2,972,924.20 207,224.49 March-2004 18,839,668.39 3,946,432.28 December-2007 2,748,387.09 187,136.28 April-2004 19,679,369.80 3,824,408.88 January-2008 2,123,198.65 168,522.72 May-~~---------------~~2004 120,024,507.64 ~~Current~~3,697,668.51 97February-2008 1,895,744.~~46%~~30 97154,033.~~07%~~98 9June-2004 20,~~167~~507,630.68 ~~620~~3,~~070~~568,~~921~~517.0241 31March-602008 ~~days~~ 1,671,543.~~63%~~77 1141,091.~~74%~~28 ~~153~~July-2004 20,538,832.11 3,~~120~~436,~~649~~019.6487 61April-902008 ~~days 0~~1,635,578.~~40%~~12 0129,751.48% 38August-2004 20,678,559.82 3,~~062~~303,~~537~~836.3178 91May-~~120~~2008 ~~days 0~~1,493,268.~~28%~~54 0118,672.~~35%~~98 26September-2004 220,~~240~~398,~~513~~407.4607 ~~121~~3,169,931.19 June-~~150~~2008 ~~days~~1,005,900.35 0108,164.~~10%~~93 0October-2004 20,172,149.~~25%~~50 93,037,843.06 July-2008 1,~~570~~078,~~099~~700.9048 ~~151~~101,276.22 November-~~180~~2004 ~~days~~19,544,912.76 02,907,684.~~06%~~59 0August-2008 913,775.~~04%~~86 693,741.55 ~~276~~December-2004 19,~~487~~463,302.8389 ~~180+~~2,780,997.02 ~~days~~September-2008 01,193,466.~~00%~~48 087,491.~~00%~~89 0January-2005 017,724,246.0040 2,653,573.51 October-2008 976,856.17 79,124.93 February-2005 17,132,755.04 2,538,455.01 November-2008 902,472.21 72,293.72 March-2005 17,011,966.16 2,426,050.89 December-2008 973,061.54 65,889.91 April-2005 17,070,040.07 2,314,325.33 January-2009 903,410.26 59,066.18 May-2005 16,747,192.69 2,202,755.86 February-2009 902,769.22 52,742.29 June-2005 16,747,964.39 2,092,787.47 March-2009 585,443.40 46,716.61 July-2005 16,347,656.09 1,982,627.46 April-2009 676,502.99 42,601.94 August-2005 16,131,905.25 1,875,338.35 May-2009 415,657.60 37,750.06 September-2005 15,728,079.82 1,768,840.62 June-2009 470,014.18 34,940.27 October-2005 15,380,219.54 1,664,923.63 July-2009 371,156.82 31,661.17 November-2005 14,594,718.65 1,563,985.85 August-2009 373,648.85 29,169.14 December-2005 14,016,490.20 1,467,734.57 September-~~-----------------------------------------------~~2009 ~~Subtotal~~376,157.83 26,660.16 January-2006 ~~Active~~12,415,278.67 ~~Accounts~~1,374,690.63 99October-2009 373,000.~~93%~~01 9924,134.~~93%~~00 9February-2006 11,~~399~~675,668.54 ~~638~~1,~~341~~292,~~209~~157.1656 ~~Remaining~~November-2009 ~~RPA~~499,898.26 21,633.85 March-2006 ~~Unliquidated~~11,470,923.62 ~~Defaults~~1,213,959.54 0December-2009 392,838.~~07%~~22 018,229.~~07%~~54 7April-2006 11,452,~~461~~723.0880 1,136,887.69 January-2010 460,625.88 15,570.96 May-2006 10,833,152.87 1,059,962.23 February-2010 278,536.71 12,478.77 June-2006 10,282,509.91 986,950.87 March-2010 257,608.30 10,569.46 July-2006 9,903,992.81 917,595.24 April-2010 152,225.58 8,825.39 August-2006 9,949,695.00 850,626.59 May-2010 146,680.28 7,786.99 September-2006 9,774,681.35 783,827.65 June-~~-----------------------------------------------------------~~2010 ~~Total~~113,367.58 ~~Delinquency~~6,783.77 ~~100~~October-2006 8,799,398.~~00%~~89 ~~100~~718,005.~~00%~~42 9July-2010 117,~~406~~031.04 ~~638~~6,~~793~~003.47 November-2006 8,~~670~~630,599.2452 ~~======================================================================~~658,918.50 2August-2010 110,416.15 ~~Delinquent~~5,190.01 ~~Scheduled~~December-2006 ~~Payments:~~7,701,886.85 ~~Beginning~~600,317.29 ofSeptember-2010 ~~Collection~~111,164.63 ~~Period~~4,441.53 January-2007 6,~~465~~643,~~554~~215.8628 ~~End~~548,156.45 ofOctober-2010 ~~Collection~~87,965.84 ~~Period~~3,687.90 February-2007 6,~~035~~159,~~644~~056.6528 502,942.56 November-2010 88,567.30 3,086.44 March-2007 5,797,569.63 460,768.09 December-2010 89,172.95 2,480.79 April-2007 6,070,714.17 420,913.10 January-2011 71,927.71 1,872.70 May-2007 5,379,974.17 379,447.80 February-2011 72,431.85 1,368.56 June-2007 4,861,276.12 342,316.02 March-2011 59,135.06 860.82 July-2007 4,018,100.21 308,750.95 April-2011 36,348.51 439.12 August-2007 ~~Change~~3,988,811.37 in281,136.31 ~~Delinquent~~May-2011 ~~Scheduled~~27,199.31 ~~Payments~~186.52 ~~(429~~September-2007 3,~~910~~508,903.~~21)~~64 254,016.74 June-2011 - -

1. A) Reported Loss Information ------------------------------------------------------------------- Current Period Cumulative ------------------------------------------------------------------- Amount % of ICPB Amount % of ICPB ------------------------------------------------------------------- Defaulted Valuation Amount 345,387.64 0.04% 741,895.01 0.09% Cash Collected on Defaulted Contracts 163,766.50 0.02% 179,325.88 0.02% ------------------------------------------------------------------- Net Loss Amount 181,621.14 0.06% 562,569.13 0.07% =================================================================== B) Cumulative Loss Trigger Percentage 0.75% Cumulative Loss Trigger in Effect NO

3. Supplemental Information on Liquidated Contracts -------------------------------------------------------------- Current Period Cumulative -------------------------------------------------------------- Amount % of ICPB Amount % of ICPB -------------------------------------------------------------- Required Payoff Amount at time of Default 170,125.16 0.02% 170,125.16 0.02% Cash Collected on Liquidated Contracts 155,329.86 0.02% 155,329.86 0.02% -------------------------------------------------------------- Net Loss Amount on Liquidated Contracts 14,795.30 0.00% 14,795.30 0.00% ============================================================== Loss Severity Percentage 8.70% 8.70% Number of Contracts 2 2 % of Original Contracts 0.02% 0.02%

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