8-K 1 mtaprllc.txt DISTRIBUTION FINANCIAL SERVICES FLOORPLAN MASTER TRUST 4/30/04 8-K May 17, 2004 Securities and Exchange Commission 450 Fifth Street, N.W. Judiciary Plaza Washington, D.C. 20549 Re: Form 8-K Distribution Financial Services Floorplan Master Trust Registration No. 333-84458-01 On behalf of Distribution Financial Services Floorplan Master Trust, I am transmitting herewith for filing, pursuant to the requirements of the Securities and Exchange Commission's Electronic Data Gathering, Analysis and Retrieval System, Form 8-K. Please send either confirmation or suspense notification to e:mail address Pat.o-malley@ge.com at your earliest convenience. Sincerely, /s/ W. Steven Culp Controller 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 May 17, 2004 DISTRIBUTION FINANCIAL SERVICES FLOORPLAN MASTER TRUST (Co-Registrant and Issuer with Respect to the Securities) New York 333-84458-01 13-7031011 (State or other jurisdiction (Commission (IRS Employer of organization) File Numbers) identification No.) c/o Wilmington Trust Company 520 Madison Avenue New York, New York 10022 (Address of principal executive offices) Registrant's telephone number, including area code: (212) 415-0545 Item 5. Other Events. Copies of the monthly Certificateholders' Statements are being filed as Exhibits 1, 2, and 3 to this Current Report on Form 8-K. Item 7.(c) Exhibits. Exhibit Description EX-1 Distribution Financial Services Floorplan Master Trust Compliance/Statistical Reporting Reporting for period ending 4/30/2004 EX-2 Distribution Financial Services Floorplan Master Trust Distribution Date Statement Series 2003-1 Reporting for period ending 4/30/2004 EX-3 Distribution Financial Services Floorplan Master Trust Distribution Date Statement Series 2003-2 Reporting for period ending 4/30/2004 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 hereunto duly authorized. DISTRIBUTION FINANCIAL SERVICES FLOORPLAN MASTER TRUST By: CDF Floorplan Receivables, L.P. By: CDF Floorplan Receivables, Inc. Its General Partner By: /s/ W. Steven Culp Title: Controller EX-1 Distribution Financial Services Floorplan Master Trust Compliance/Statistical Reporting Distribution Date 5/17/2004 Collection Period Ending 4/30/2004 Calculation Of Pool Balance 1 Total "Office" Receivables 3,324,704,549 2 Discount Factor 0.50% 3 End of month Pool Balance 3,308,081,026 Total Trust Receivables-Delinquency 4 NSF 1-30 Office 48,894 5 SAU 1-30 Office 15,666,045 6 Total 15,714,939 7 Trust Receivables 3,324,704,549 8 .75 % of Trust Receivables 0.75% 9 Total 24,935,284 10 Amount in Excess 0 11 NSF 30+ 753,153 12 SAU 30+ 2,772,252 3,525,405 Overconcentrations 13 End of month Pool Balance 3,308,081,026 Limits Actual Excess 14 A/R Receivables 20% 661,616,205 15,221,817 0 15 Asset Based Receivables 20% 661,616,205 245,718,851 0 16 Dealer concentration top 8 2.5% 82,702,026 85,632,498 2,930,472 17 Dealer concentration Other 2% 66,161,621 28,713,508 0 18 Manufacturer Concentration Top 3 15% 496,212,154 433,831,070 0 19 Manufacturer Concentration Other 10% 330,808,103 105,946,792 0 20 Product Line Concentration: 21 CE & Appl 25% 827,020,257 93,184,279 0 22 MIS 25% 827,020,257 279,367,833 0 23 Motorcycle 25% 827,020,257 547,097,797 0 24 Marine 35% 1,157,828,359 821,179,693 0 25 RV 35% 1,157,828,359 998,737,856 0 26 Music 25% 827,020,257 60,000,048 0 27 Industrial Equipment 25% 827,020,257 127,873,927 0 28 A/R 25% 827,020,257 260,940,668 0 29 Snowmobiles 25% 827,020,257 0 0 30 Other 25% 827,020,257 136,322,448 0 31 Delayed Funding Receivables 245,509,595 2/29/2004 3/31/2004 4/30/2004 Average 32 Charge Offs to Receivables (Annualized) 0.07% 0.28% 0.04% 0.13% 33 Payment Rate 30.15% 39.85% 39.89% 36.63% Net Receivable Rate - Current Month 34 Interest 5.32% 35 Discount 2.39% 36 Total 7.71% 37 Less Servicing -2.00% 38 Remaining 5.71%

EX-2 CDF Financing, L.L.C. Distribution Financial Services Floorplan Master Trust Distribution Date Statement Report Date 4/30/04 Collection Period 4/1/04 4/30/04 Determination Date 5/13/04 Distribution Date 5/17/04

~~Limits~~Dealer ~~Actual~~Over- ~~Excess~~Series 14Series Series Series Total Concentration 2003-1 2003-1 2003-1 2003-1 Date Trust Series Total Class A/R Class B Class C Pool Balance 1 Beginning of Month Receivables ~~20%~~03/31/04 ~~674~~3,~~415~~389,~~085 21~~020,~~326,375~~526 02 15Plus: ~~Asset~~Account ~~Based~~Additions 04/01/04 - 3 Beginning of month Principal Receivables ~~20%~~04/01/04 ~~674~~3,~~415~~389,~~085~~020,526 ~~245~~4 Discount Factor 0.50% Beginning of month Pool 5 Balance 04/01/04 3,~~338~~372,~~998~~075,424 06 16Beginning of month Dealer ~~concentration~~Overconcentrations ~~top~~04/01/04 8- ~~2.5%~~Beginning 84of month 7 Unconcentrated Pool Balance 04/01/04 3,~~301~~372,~~886~~075,424 778 End of month Principal Receivables 04/30/04 3,~~763~~324,~~520~~704,549 9 Discount Factor 0.50% 1710End ~~Dealer~~of ~~concentration~~mo ~~Other~~Pool 2%Balance 6704/30/04 3,~~441~~308,~~508~~081,026 2711End of month Dealer Overconcentrations 04/30/04 2,~~578~~930,~~820~~472 012End 18of ~~Manufacturer~~month ~~Concentration~~Unconcentrated ~~Top~~Pool Balance 04/30/04 3,305,150,554 1513Overconcentrated % ~~505~~04/30/04 0.09% 14Unconcentrated % 04/30/04 99.91% Certificates 15Beginning of month/closing date Invested Amount 04/01/04 - 750,~~811~~000,~~314~~000 ~~440~~716,~~586~~250,~~635~~000 022,500,000 1911,250,000 ~~Manufacturer~~16Allocation ~~Concentration~~Percentage ~~Other~~04/01/04 100.00% ~~337~~28.85% 27.55% 0.87% 0.43% 17End of month Invested Amount 04/30/04 2,~~207~~930,~~542~~472 ~~105~~750,~~985~~000,~~806~~000 0716,250,000 2022,500,000 ~~Product~~11,250,000 ~~Line~~18Principal ~~Concentration:~~Payments 21Outstanding CEPrincipal &05/13/04 ~~Appl~~- ~~25%~~- ~~843~~- - - 19Balance 05/17/04 2,~~018~~930,~~856~~472 80750,~~465~~000,~~391~~000 0716,250,000 22,500,000 ~~MIS~~11,250,000 ~~25%~~20Pool ~~843~~Factor 05/17/04 1.00000 1.00000 1.00000 Excess Funding Account 21End of month balance 04/15/04 - 22Determination Date - Deposit 05/17/04 23Distribution Date Disbursement 05/17/04 - 24Excess Funding Account Balance 05/17/04 - Reserve Fund 25Required Amount 05/17/04 26,~~018~~250,~~856~~000 ~~246~~26Beginning Balance 04/15/04 26,~~468~~250,~~473~~000 027Deposits 2304/15/04 ~~Motorcycle~~05/17/04 ~~25%~~20,057 ~~843~~28Disbursements 04/15/04 05/17/04 20,~~018,856~~057 ~~553~~29Ending Balance 05/17/04 26,~~856~~250,~~776~~000 Collections 30Principal Allocation Percentage 04/30/04 0.09% 22.24% ~~Marine~~21.24% 350.67% 0.33% 31Floating Allocation Percentage 04/30/04 0.09% 22.24% 21.24% 0.67% 0.33% 32Principal Collections 04/01/04 04/30/04 1,~~180~~351,~~226~~851,~~398~~542 ~~887~~27,~~765~~425 33Nonprincipal Collectio04/01/04 04/30/04 21,~~178~~549,476 0137 2534Total RVCollections ~~35%~~04/01/04 04/30/04 1,~~180~~373,~~226~~401,~~398~~018 127,~~034~~562 Defaults 35Defaulted Amount 04/01/04 04/30/04 107,~~062,880~~347 036Investor 26Default ~~Music~~Amoun04/01/04 ~~25%~~04/30/04 ~~843~~- 23,~~018~~875 22,~~856~~801 62716 358 Interest 37Monthly Interest 05/17/04 - 802,~~974~~200 744,~~125~~900 029,800 27,500 ~~Industrial~~38Interest ~~Equipment~~Shortfall ~~25%~~05/17/04 ~~843~~- - - - - 39Additional Interest 05/17/04 - - - - - 40Total 05/17/04 - 802,~~018~~200 744,~~856~~900 ~~125~~29,~~133~~800 27,~~075~~500 0Servicing 28Fee A41Certificate Balance for Servicing Fee determination 04/R01/04 ~~25%~~750,000,000 ~~843~~716,~~018~~250,~~856~~000 ~~266~~22,~~665~~500,~~374~~000 011,250,000 2942Servicing ~~Snowmobiles~~Fee 25Rate 2.00% ~~843,018,856~~2.00% 02.00% 02.00% 3043Servicing ~~Other~~Fee ~~25%~~04/01/04 ~~843~~04/30/04 1,~~018~~250,~~856~~000 ~~131~~1,~~629~~193,~~255~~750 037,500 3118,750 ~~Delayed~~44Remaining ~~Funding~~Servicing ~~Receivables~~Fee ~~299~~05/17/04 1,~~630~~250,~~842~~000 1~~/31/2004~~,193,750 237,500 18,750 Excess Servicing 45Nonprincipal Collectio04/2901/~~2004~~04 304/3130/~~2004~~04 ~~Average~~21,549,476 32137 ~~Charge~~46Servicer ~~Offs~~Advance toLess ~~Receivables~~Reimbursement ~~(Annualized)~~of Servicer Advance 04/01/04 04/30/04 942,488 47Floating Allocation Percentage 0.0809% 022.0724% 021.2824% 0.1467% 0.33% ~~Payment~~48Investor ~~Rate~~Nonprincipal ~~31.55%~~Collections 04/01/04 04/30~~.15%~~/04 ~~39.85%~~137 ~~33.85%~~4,792,926 ~~Net~~4,577,244 ~~Receivable~~143,788 ~~Rate~~71,894 49Investor portion of Servicer Advance Less Reimbursement 04/01/04 04/30/04 - ~~Current~~209,623 ~~Month~~200,190 346,289 3,144 50Plus: Investment Proc04/01/04 04/30/04 - 20,076 51Less: 52Monthly Interest 5.05/14/04 - 802,200 744,900 29,800 27%,500 3553Prior ~~Discount~~Monthly ~~2.39%~~Interest 3605/14/04 ~~Total~~- ~~7.66%~~- 37- ~~Less~~- - 54Additional Interest 05/14/04 - - - - - 55Reserve Fund Deposit 05/14/04 - - - - - 56Default Amount 04/01/04 04/30/04 - 23,875 22,801 716 358 57Charge-Offs 04/01/04 04/30/04 - - - - - 58Monthly Servicing Fee 05/17/04 - 1,250,000 1,193,750 37,500 18,750 59Carry-over Amount 05/17/04 - - - - - 60Carry-over Amount 61 Additional Interest 05/17/04 - - - - - 62Balance: Excess Servi04/01/04 04/30/04 137 2,946,550 Collection Account 63Beginning Balance 04/15/04 - 64Deposits 04/15/04 05/17/04 1,011,823 65Disbursements 04/15/04 05/17/04 1,011,823 66Ending Balance 05/17/04 - Interest Funding Account 67Beginning Balance 04/15/04 - 68Deposits 04/15/04 05/17/04 802,220 69Disbursements 04/15/04 05/17/04 802,220 70Ending Balance 05/17/04 - Principal Funding Account 71Beginning Balance 04/15/04 - 72Deposits 04/15/04 05/17/04 - 73Disbursements 04/15/04 05/17/04 - 74Ending Balance 05/17/04 - 75Total Amount Distributed 05/17/04 802,200 Interest Rate for the Next Period 76One-month LIBOR 5/17/04 06/15/04 1.0010000% 3877Net ~~Remaining~~Receivables Rate 04/30/04 5.6671071%

EX-3 CDF Financing, L.L.C. Distribution Financial Services Floorplan Master Trust Distribution Date Statement Report Date 04/30/04 Collection Period 04/01/04 04/30/04 Determination Date 05/13/04 Distribution Date 05/17/04

Dealer Over- Series Series Series Series Total Concentration 2003-12 2003-12 2003-12 2003-12 Date Trust Series Total Class A Class B Class C Pool Balance 1 Beginning of Month Receivables 0203/2931/04 3,~~387~~389,~~291~~020,~~281~~526 2 Plus: Account Additions 0304/01/04 - 3 Beginning of month Principal Receivables 0304/01/04 3,~~387~~389,~~291~~020,~~281~~526 4 Discount Factor 0.50% Beginning of month Pool 5 Balance 0304/01/04 3,~~370~~372,~~354~~075,~~825~~424 6 Beginning of month Dealer Overconcentrations 0304/01/04 - Beginning of month 7 Unconcentrated Pool Balance 0304/01/04 3,~~370~~372,~~354~~075,~~825~~424 8 End of month Principal Receivables 0304/3130/04 3,~~389~~324,~~020~~704,~~526~~549 9 Discount Factor 0.50% 10End of momonth Pool Balance 0304/3130/04 3,~~372~~308,~~075~~081,~~423~~026 11End of month Dealer Overconcentrations 0304/3130/04 -2,930,472 12End of month Unconcentrated Pool Balance 0304/3130/04 3,~~372~~305,~~075~~150,~~423~~554 13Overconcentrated %Percentage 0304/3130/04 0.0009% 14Unconcentrated %Percentage 0304/3130/04 ~~100~~99.0091% Certificates 15Beginning of month/closing date Invested Amount 0304/01/04 - ~~750~~1,000,000,000 ~~716~~955,~~250~~000,000 2230,~~500~~000,000 1115,~~250~~000,000 16Allocation Percentage 0304/01/04 0.00% 2838.8546% 2736.5573% 01.8715% 0.4358% 17End of month Invested Amount 0304/3130/04 -2,930,472 ~~750~~1,000,000,000 ~~716~~955,~~250~~000,000 2230,~~500~~000,000 1115,~~250~~000,000 18Principal Payments Outstanding Principal 0405/1413/04 - - - - - 19Balance 0405/1517/04 -2,930,472 ~~750~~1,000,000,000 ~~716~~955,~~250~~000,000 2230,~~500~~000,000 1115,~~250~~000,000 20Pool Factor 0405/1517/04 1.00000 1.00000 1.00000 Excess Funding Account 21End of month balance 0304/1715/04 - 22Determination Date -deposit Deposit 0405/1517/04 23Distribution Date Disbursement 0405/1517/04 - 24Excess Funding Account Balance 0405/1517/04 - Reserve Fund 25Required Amount 0405/1517/04 2635,~~250~~000,000 26Beginning Balance 0304/1715/04 2635,~~250~~000,000 27Deposits 0304/1715/04 0405/1517/04 2126,~~088~~742 28Disbursements 0304/1715/04 0405/1517/04 2126,~~088~~742 29Ending Balance 0405/1517/04 2635,~~250~~000,000 Collections 30Principal Allocation Percentage 0304/3130/04 0.0009% 2229.2566% 2128.2532% 0.6789% 0.3344% 31Floating Allocation Percentage 0304/3130/04 0.0009% 2229.2566% 2128.2532% 0.6789% 0.3344% 32Principal Collections 0304/01/04 0304/3130/04 1,~~349~~351,~~999~~851,~~338~~542 -27,425 33Nonprincipal ~~Collectio03~~Collectio04/01/04 0304/3130/04 21,~~707~~549,~~160~~476 -137 34Total Collections 0304/01/04 0304/3130/04 1,~~371~~373,~~706~~401,~~498~~018 -27,562 Defaults 35Defaulted Amount 0304/01/04 0304/3130/04 ~~798~~107,~~603~~347 36Investor Default ~~Amoun03~~Amoun04/01/04 0304/3130/04 - ~~177~~31,~~712~~835 ~~169~~30,~~715~~402 ~~5,331~~955 ~~2,666~~478 Interest 37Monthly Interest 0405/1517/04 - ~~770~~1,~~673~~099,867 ~~715~~1,~~454~~018,667 2841,~~675~~867 2639,~~544~~333 38Interest Shortfall 0405/1517/04 - - - - - 39Additional Interest 0405/1517/04 - - - - - 40Total 0405/1517/04 - ~~770~~1,~~673~~099,867 ~~715~~1,~~454~~018,667 2841,~~675~~867 2639,~~544~~333 Servicing Fee 41Certificate Balance for Servicing Fee determination 304/01/~~2004~~04 ~~750~~1,000,000,000 ~~716~~955,~~250~~000,000 2230,~~500~~000,000 1115,~~250~~000,000 42Servicing Fee Rate 2.00% 2.00% 2.00% 2.00% 43Servicing Fee 0304/01/04 0304/3130/04 1,~~250~~666,~~000~~667 1,~~193~~591,~~750~~667 3750,~~500~~000 1825,~~750~~000 44Remaining Servicing Fee 0405/1517/04 1,~~250~~666,~~000~~667 1,~~193~~591,~~750~~667 3750,~~500~~000 1825,~~750~~000 Excess Servicing 45Nonprincipal ~~Collectio03~~Collectio04/01/04 0304/3130/04 21,~~707~~549,~~160~~476 -137 46Servicer Advance Less Reimbursement of Servicer Advance 0304/01/04 0304/3130/04 ~~966~~942,~~794~~488 47Floating Allocation Percentage 0.0009% 2229.2566% 2128.2532% 0.6789% 0.3344% 48Investor Nonprincipal Collections 0304/01/04 0304/3130/04 -137 46,~~830~~390,~~462~~568 46,~~613~~102,~~091~~992 ~~144~~191,~~914~~717 7295,~~457~~859 49Investor portion of Servicer Advance Less ~~Reimbursement 03~~Reimburse04/01/04 0304/3130/04 - ~~215~~279,~~139~~497 ~~205~~266,~~458~~920 68,~~454~~385 34,~~227~~192 50Plus: Investment ~~Proc03~~Proc04/01/04 0304/3130/04 - 2126,~~141~~769 51Less: 52Monthly Interest 0405/1514/04 - ~~770~~1,~~673~~099,867 ~~715~~1,~~454~~018,667 2841,~~675~~867 2639,~~544~~333 53Prior Monthly Interest 0405/1514/04 - - - - - 54Additional Interest 0405/1514/04 - - - - - 55Reserve Fund Deposit 0405/1514/04 - - - - - 56Default Amount 0304/01/04 0304/3130/04 - ~~177~~31,~~712~~835 ~~169~~30,~~715~~402 ~~5,331~~955 ~~2,666~~478 57Charge-Offs 0304/01/04 0304/3130/04 - - - - - 58Monthly Servicing Fee 0405/1517/04 - 1,~~250~~666,~~000~~667 1,~~193~~591,~~750~~667 3750,~~500~~000 1825,~~750~~000 59Carry-over Amount 0405/1517/04 - - - - - 60Carry-over Amount 61 Additional Interest 0405/1517/04 - - - - - 62Balance: Excess ~~Servi03~~Servi04/01/04 0304/3130/04 -137 23,~~868~~898,~~357~~465 Collection Account 63Beginning Balance 0304/1715/04 - 64Deposits 0304/1715/04 0405/1517/04 ~~985~~1,~~812~~379,364 65Disbursements 0304/1715/04 0405/1517/04 ~~985~~1,~~812~~379,364 66Ending Balance 0405/1517/04 - Interest Funding Account 67Beginning Balance 0304/1715/04 - 68Deposits 0304/1715/04 0405/1517/04 ~~770~~1,~~725~~099,894 69Disbursements 0304/1715/04 0405/1517/04 ~~770~~1,~~725~~099,894 70Ending Balance 0405/1517/04 - Principal Funding Account 71Beginning Balance 0304/1715/04 - 72Deposits 0304/1715/04 0405/1517/04 - 73Disbursements 0304/1715/04 0405/1517/04 - 74Ending Balance 0405/1517/04 - 75Total Amount Distributed 0405/1517/04 ~~770~~1,~~673~~099,867 Interest Rate for the Next Period 76One-month LIBOR 45/1517/04 0506/1715/04 1.10000% 77Net Receivables Rate 0304/3130/04 5.~~66466~~71071%

Dealer Over- Series Series Series Series Total Concentration 2003-2 2003-2 2003-2 2003-2 Date Trust Series Total Class A Class B Class C Pool Balance 1 Beginning of Month Receivables 02/29/04 3,387,291,281 2 Plus: Account Additions 03/01/04 - 3 Beginning of month Principal Receivables 03/01/04 3,387,291,281 4 Discount Factor 0.50% Beginning of month Pool 5 Balance 03/01/04 3,370,354,825 6 Beginning of month Dealer Overconcentrations 03/01/04 - Beginning of month 7 Unconcentrated Pool Balance 03/01/04 3,370,354,825 8 End of month Principal Receivables 03/31/04 3,389,020,526 9 Discount Factor 0.50% 10End of month Pool Balance 03/31/04 3,372,075,423 11End of month Dealer Overconcentrations 03/31/04 - 12End of month Unconcentrated Pool Balance 03/31/04 3,372,075,423 13Overconcentrated Percentage 03/31/04 0.00% 14Unconcentrated Percentage 03/31/04 100.00% Certificates 15Beginning of month/closing date Invested Amount 03/01/04 - 1,000,000,000 955,000,000 30,000,000 15,000,000 16Allocation Percentage 03/01/04 0.00% 38.46% 36.73% 1.15% 0.58% 17End of month Invested Amount 03/31/04 - 1,000,000,000 955,000,000 30,000,000 15,000,000 18Principal Payments Outstanding Principal 04/14/04 - - - - - 19Balance 04/15/04 - 1,000,000,000 955,000,000 30,000,000 15,000,000 20Pool Factor 04/15/04 1.00000 1.00000 1.00000 Excess Funding Account 21End of month balance 03/17/04 - 22Determination Date deposit Deposit 04/15/04 23Distribution Date Disbursement 04/15/04 - 24Excess Funding Account Balance 04/15/04 - Reserve Fund 25Required Amount 04/15/04 35,000,000 26Beginning Balance 03/17/04 35,000,000 27Deposits 03/17/04 04/15/04 28,118 28Disbursements 03/17/04 04/15/04 28,118 29Ending Balance 04/15/04 35,000,000 Collections 30Principal Allocation Percentage 03/31/04 0.00% 29.67% 28.34% 0.89% 0.45% 31Floating Allocation Percentage 03/31/04 0.00% 29.67% 28.34% 0.89% 0.45% 32Principal Collections 03/01/04 03/31/04 1,349,999,338 - 33Nonprincipal Collectio03/01/04 03/31/04 21,707,160 - 34Total Collections 03/01/04 03/31/04 1,371,706,498 - Defaults 35Defaulted Amount 03/01/04 03/31/04 798,603 36Investor Default Amoun03/01/04 03/31/04 - 236,949 226,287 7,108 3,554 Interest 37Monthly Interest 04/15/04 - 1,056,885 978,610 40,300 37,975 38Interest Shortfall 04/15/04 - - - - - 39Additional Interest 04/15/04 - - - - - 40Total 04/15/04 - 1,056,885 978,610 40,300 37,975 Servicing Fee 41Certificate Balance for Servicing Fee determination 3/01/2004 1,000,000,000 955,000,000 30,000,000 15,000,000 42Servicing Fee Rate 2.00% 2.00% 2.00% 2.00% 43Servicing Fee 03/01/04 03/31/04 1,666,667 1,591,667 50,000 25,000 44Remaining Servicing Fee 04/15/04 1,666,667 1,591,667 50,000 25,000 Excess Servicing 45Nonprincipal Collectio03/01/04 03/31/04 21,707,160 - 46Servicer Advance Less Reimbursement of Servicer Advance 03/01/04 03/31/04 966,794 47Floating Allocation Percentage 0.00% 29.67% 28.34% 0.89% 0.45% 48Investor Nonprincipal Collections 03/01/04 03/31/04 - 6,440,615 6,150,788 193,218 96,609 49Investor portion of Servicer Advance Less Reimburse03/01/04 03/31/04 - 286,853 273,944 8,606 4,303 50Plus: Investment Proc03/01/04 03/31/04 - 28,190 51Less: 52Monthly Interest 04/15/04 - 1,056,885 978,610 40,300 37,975 53Prior Monthly Interest 04/15/04 - - - - - 54Additional Interest 04/15/04 - - - - - 55Reserve Fund Deposit 04/15/04 - - - - - 56Default Amount 03/01/04 03/31/04 - 236,949 226,287 7,108 3,554 57Charge-Offs 03/01/04 03/31/04 - - - - - 58Monthly Servicing Fee 04/15/04 - 1,666,667 1,591,667 50,000 25,000 59Carry-over Amount 04/15/04 - - - - - 60Carry-over Amount 61 Additional Interest 04/15/04 - - - - - 62Balance: Excess Servi03/01/04 03/31/04 - 3,795,157 Collection Account 63Beginning Balance 03/17/04 - 64Deposits 03/17/04 04/15/04 1,343,738 65Disbursements 03/17/04 04/15/04 1,343,738 66Ending Balance 04/15/04 - Interest Funding Account 67Beginning Balance 03/17/04 - 68Deposits 03/17/04 04/15/04 1,056,957 69Disbursements 03/17/04 04/15/04 1,056,957 70Ending Balance 04/15/04 - Principal Funding Account 71Beginning Balance 03/17/04 - 72Deposits 03/17/04 04/15/04 - 73Disbursements 03/17/04 04/15/04 - 74Ending Balance 04/15/04 - 75Total Amount Distributed 04/15/04 1,056,885 Interest Rate for the Next Period 76One-month LIBOR 4/15/04 05/17/04 1.10000% 77Net Receivables Rate 03/31/04 5.66466%

Filing Compare · DISTRIBUTION FINANCIAL SERVICES FLOORPLAN MASTER TRUST /NY