Item 1. Business
The Navistar Financial 1996-B Owner Trust, Navistar Financial 1997-A Owner Trust, Navistar Financial 1997-B Owner Trust, Navistar Financial 1998-A Owner Trust, Navistar Financial 1999-A Owner Trust, Navistar Financial 2000-A Owner Trust, Navistar Financial 2000-B Owner Trust, and Navistar Financial 2001-A Owner Trust (the "Trusts") were formed pursuant to eight separate Trust Agreements dated as of November 6, 1996; May 7, 1997; November 5, 1997; June 4, 1998; June 3, 1999; March 9, 2000; November 1, 2000; April 27, 2001, respectively, among Navistar Financial Retail Receivables Corporation, ("NFRRC"), as seller (the "Seller") and Chase Manhattan Bank Delaware (formerly known as Chemical Bank Delaware), as owner trustee (the "Trustee"). Retail notes (the "Retail Notes") and security interests in the vehicles financed thereby were transferred to the Trusts in exchange for fixed rate notes (the "Notes") and fixed rate pass-through certificates (the "Certificates") which were registered on Registration Statement Nos. 33-55865, 33-64249, 333-62445 and 033-50291 and sold to the public in reliance on Rule 415 under the Securities Act of 1933.
NFRRC is a wholly-owned subsidiary of Navistar Financial Corporation. Pursuant to a Pooling and Servicing Agreement (the "Agreement") for each Trust, Navistar Financial Corporation acts as servicer (the "Servicer") and, in that capacity, manages, services, administers and makes collections on the Retail Notes. Each Agreement provides that collections shall be distributed to noteholders and certificateholders and otherwise used in accordance with the priorities set forth therein. Pursuant to each Agreement, the Seller established a reserve account as credit enhancement for each Trust. Amounts on deposit in each reserve account after payments to security holders and the Servicer are paid to the Seller to the extent that such amounts exceed a specified reserve account target balance. The specified reserve account target balance cannot, however, be less than a specified minimum of the initial aggregate receivables balance for each Trust. There is no cross collateralization between the Trusts.
Item 2.
Item 2. Properties
Not applicable.
Item 3.
Item 3. Legal Proceedings
The registrant knows of no material pending legal proceedings involving either the Retail Notes or the Trustee, or the Seller or Servicer in respect of the Trusts.
PART I
Item 4.
Item 4. Submission of Matters to a Vote of Security Holders
No matter was submitted to a vote of holders of the Certificates during the period of this report.
PART II
Item 5.
Item 5. Market for the Registrant's Common Equity and Related Stockholder Matters
Not applicable.
Item 6.
Item 6. Selected Financial Data
Not applicable.
Item 7.
Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations
As of October 31, 2001, balances in the Trusts were as follows:
Reserve Principal Account Dollar amounts in millions ----------------------------------------- ------------- --------------
Navistar Financial 1996-B Owner Trust $0.0 $0.0 Navistar Financial 1997-A Owner Trust $0.0 $0.0 Navistar Financial 1997-B Owner Trust $0.0 $0.0 Navistar Financial 1998-A Owner Trust $68.0 $10.0 Navistar Financial 1999-A Owner Trust $225.8 $14.3 Navistar Financial 2000-A Owner Trust $246.5 $13.6 Navistar Financial 2000-B Owner Trust $465.6 $25.6 Navistar Financial 2001-A Owner Trust $334.4 $18.4
Note: Balances include the effect of the November 2001 distribution in accordance with the Owner Trust Agreements.
PART II
Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations (cont'd.)
As of October 31, 2001, the aggregate shelf registration available to NFRRC for issuance of asset-backed securities is $118 million.
In December 2000, Navistar Financial 1996-B Owner Trust was repurchased. In January 2001, Navistar Financial 1997-A Owner Trust was repurchased. In September 2001, Navistar Financial 1997-B Owner Trust was repurchased.
Item 8.
Item 8. Financial Statements and Supplementary Data
Not applicable.
Item 9.
Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure
None. PART III
Item 10.
Item 10. Directors and Executive Officers of the Registrant
Not applicable.
Item 11.
Item 11. Executive Compensation
Not applicable.
Item 12.
Item 12. Security Ownership of Certain Beneficial Owners and Management
Not applicable.
Item 13.
Item 13. Certain Relationships and Related Transactions
Not applicable.
PART IV
Item 14.
Item 14. Exhibits, Financial Statement Schedules and Reports on Form 8-K
(a) Exhibits
3 Articles of Incorporation and By-Laws
10 Material Contracts
An Annual Summary for each of the Owner Trusts listed below is an annualized version of the monthly Servicer Certificates prepared by the Servicer.
13(a) - Navistar Financial 1996-B Owner Trust
13(b) - Navistar Financial 1997-A Owner Trust
13(c) - Navistar Financial 1997-B Owner Trust
13(d) - Navistar Financial 1998-A Owner Trust
13(e) - Navistar Financial 1999-A Owner Trust
13(f) - Navistar Financial 2000-A Owner Trust
13(g) - Navistar Financial 2000-B Owner Trust
13(h) - Navistar Financial 2001-A Owner Trust
(b) Reports on Form 8-K: -------------------
The Registrant filed the following reports on Form 8-K during the three months ended October 31, 2001:
(i) Form 8-K dated August 15, 2001
(ii) Form 8-K dated September 17, 2001
(iii) Form 8-K dated October 15, 2001
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) 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.
NAVISTAR FINANCIAL RETAIL RECEIVABLES CORPORATION on behalf of NAVISTAR FINANCIAL 1996-B OWNER TRUST, NAVISTAR FINANCIAL 1997-A OWNER TRUST, NAVISTAR FINANCIAL 1997-B OWNER TRUST, NAVISTAR FINANCIAL 1998-A OWNER TRUST, NAVISTAR FINANCIAL 1999-A OWNER TRUST, NAVISTAR FINANCIAL 2000-A OWNER TRUST, NAVISTAR FINANCIAL 2000-B OWNER TRUST, AND NAVISTAR FINANCIAL 2001-A OWNER TRUST
(Exact name of Registrant as specified in its charter)
By: /s/ RONALD D. MARKLE January 29, 2002 ----------------------------- Ronald D. Markle Vice President and Controller (Principal Accounting Officer)
EXHIBIT INDEX
Exhibit No. Exhibit
3 Articles of Incorporation and By-Laws
10 Material Contracts
13(a) Annual Summary - Navistar Financial 1996-B Owner Trust
13(b) Annual Summary - Navistar Financial 1997-A Owner Trust
13(c) Annual Summary - Navistar Financial 1997-B Owner Trust
13(d) Annual Summary - Navistar Financial 1998-A Owner Trust
13(e) Annual Summary - Navistar Financial 1999-A Owner Trust
13(f) Annual Summary - Navistar Financial 2000-A Owner Trust
13(g) Annual Summary - Navistar Financial 2000-B Owner Trust
13(h) Annual Summary - Navistar Financial 2001-A Owner Trust
Exhibit 3
NAVISTAR FINANCIAL RETAIL RECEIVABLES CORPORATION
ARTICLES OF INCORPORATION AND BY-LAWS
The following documents of Navistar Financial Retail Receivables Corporation are incorporated herein by reference:
3.1 Restated Certificate of Incorporation of Navistar Financial Retail Receivables Corporation (as amended and in effect on June 5, 1995). Filed on Registration No. 33-50291.
3.2 The By-Laws of Navistar Financial Retail Receivables Corporation. Filed on Registration No. 33-50291.
Exhibit 10
NAVISTAR FINANCIAL RETAIL RECEIVABLES CORPORATION
MATERIAL CONTRACTS
The following material contracts of Navistar Financial Retail Receivables Corporation are incorporated herein by reference:
10.1 Purchase Agreement dated as of November 6, 1996, between Navistar Financial Corporation and Navistar Financial Retail Receivables Corporation, as Purchaser, with respect to Navistar Financial 1996-B Owner Trust. Filed on Registration No. 33-55865.
10.2 Pooling and Servicing Agreement dated as of November 6, 1996, among the Corporation, as servicer, and Navistar Financial Retail Receivables Corporation, as Seller, and Navistar Financial 1996-B Owner Trust, as issuer. Filed on Registration No. 33-55865.
10.3 Trust Agreement dated as of November 6, 1996, between Navistar Financial Retail Receivables Corporation, as Seller, and The Chase Manhattan Bank Delaware (formerly known as Chemical Bank Delaware), as Owner Trustee, with respect to Navistar Financial 1996-B Owner Trust. Filed on Registration No. 33-55865.
10.4 Indenture dated as of November 6, 1996, between Navistar Financial 1996-B Owner Trust and The Bank of New York, as Indenture Trustee, with respect to Navistar Financial 1996-B Owner Trust. Filed on Registration No. 33-55865.
10.5 Purchase Agreement dated as of May 7, 1997, between the Corporation and Navistar Financial Retail Receivables Corporation, as Purchaser, with respect to Navistar Financial 1997-A Owner Trust, as Issuer. Filed on Registration No. 33-55865.
10.6 Pooling and Servicing Agreement dated as of May 7, 1997, among the Corporation, as Servicer, Navistar Financial Retail Receivables Corporation, as Seller, and Navistar Financial 1997-A Owner Trust, as Issuer. Filed on Registration No. 33-55865.
10.7 Trust Agreement dated as of May 7, 1997, between Navistar Financial Retail Receivables Corporation, as Seller, and Chase Manhattan Bank Delaware, as Owner Trustee, with respect to Navistar Financial 1997-A Owner Trust. Filed on Registration No. 33-55865.
10.8 Indenture dated as of May 7, 1997, between Navistar Financial 1997-A Owner Trust and The Bank of New York, as Indenture Trustee, with respect to Navistar Financial 1997-A Owner Trust. Filed on Registration No. 33-55865.
10.9 Purchase Agreement dated as of November 5, 1997, between the Corporation and Navistar Financial Retail Receivables Corporation, as Purchaser, with respect to Navistar Financial 1997-B Owner Trust, as Issuer. Filed on Registration No. 33-64249.
Exhibit 10 (continued)
NAVISTAR FINANCIAL RETAIL RECEIVABLES CORPORATION
MATERIAL CONTRACTS
10.10Pooling and Servicing Agreement dated as of November 5, 1997, among the Corporation, as Servicer, Navistar Financial Retail Receivables Corporation, as Seller, and Navistar Financial 1997-B Owner Trust, as Issuer. Filed on Registration No. 33-64249.
10.11Trust Agreement dated as of November 5, 1997, between Navistar Financial Retail Receivables Corporation, as Seller, and Chase Manhattan Bank Delaware, as owner Trustee, with respect to Navistar Financial 1997-B Owner Trust. Filed on Registration No. 33-64249.
10.12Indenture dated as of November 5, 1997, between Navistar Financial 1997-B Owner Trust and the Bank of New York, as Indenture Trustee, with respect to Navistar Financial 1997-B Owner Trust. Filed on Registration No. 33-64249.
10.13Purchase Agreement dated as of June 4, 1998, between the Corporation and Navistar Financial Retail Receivables Corporation, as Purchaser, with respect to Navistar Financial 1998-A Owner Trust, as Issuer. Filed on Registration No. 33-64249.
10.14Pooling and Servicing Agreement dated as of June 4, 1998, among the Corporation, as Servicer, and Navistar Financial Retail Receivables Corporation, as Seller, and Navistar Financial 1998-A Owner Trust, as Issuer. Filed on Registration No. 33-64249.
10.15Trust Agreement dated as of June 4, 1998, between Navistar Financial Retail Receivables Corporation, as Seller, and Chase Manhattan Bank Delaware, as Owner Trustee, with respect to Navistar Financial 1998-A Owner Trust. Filed on Registration No. 33-64249.
10.16Indenture dated as of June 4, 1998, between Navistar Financial 1998-A Owner Trust and The Bank of New York, as Indenture Trustee, with respect to Navistar Financial 1998-A Owner Trust. Filed on Registration No. 33-64249.
10.17Purchase Agreement dated as of June 3, 1999, between the Corporation and Navistar Financial Retail Receivables Corporation, as Purchaser, with respect to Navistar Financial 1999-A Owner Trust, as Issuer. Filed on Registration No. 333-62445.
10.18Pooling and Servicing Agreement dated as of June 3, 1999, among the Corporation, as Servicer, and Navistar Financial Retail Receivables Corporation, as Seller, and Navistar Financial 1999-A Owner Trust, as Issuer. Filed on Registration No. 333-62445.
10.19Trust Agreement dated as of June 3, 1999, between Navistar Financial Retail Receivables Corporation, as Seller, and Chase Manhattan Bank Delaware, as Owner Trustee, with respect to Navistar Financial 1999-A Owner Trust. Filed on Registration No. 333-62445.
10.20Indenture dated as of June 3, 1999, between Navistar Financial 1999-A Owner Trust and The Bank of New York, as Indenture Trustee, with respect to Navistar Financial 1999-A Owner Trust. Filed on Registration No. 333-62445.
Exhibit 10 (continued)
NAVISTAR FINANCIAL RETAIL RECEIVABLES CORPORATION
MATERIAL CONTRACTS
10.21Purchase Agreement dated as of March 9, 2000, between the Corporation and Navistar Financial Retail Receivables Corporation, as Purchaser, with respect to Navistar Financial 2000-A Owner Trust, as Issuer. Filed on Registration No. 333-62445.
10.22Pooling and Servicing Agreement dated as of March 9, 2000, among the Corporation, as Servicer, and Navistar Financial Retail Receivables Corporation, as Seller, and Navistar Financial 2000-A Owner Trust, as Issuer. Filed on Registration No. 333-62445.
10.23Trust Agreement dated as of March 9, 2000, between Navistar Financial Retail Receivables Corporation, as Seller, and Chase Manhattan Bank Delaware, as Owner Trustee, with respect to Navistar Financial 2000-A Owner Trust. Filed on Registration No. 333-62445.
10.24Indenture dated as of March 9, 2000, between Navistar Financial 2000-A Owner Trust and The Bank of New York, as Indenture Trustee, with respect to Navistar Financial 2000-A Owner Trust. Filed on Registration No. 333-62445.
10.25Purchase Agreement dated as of November 1, 2000, between the Corporation and Navistar Financial Retail Receivables Corporation, as Purchaser, with respect to Navistar Financial 2000-B Owner Trust, as Issuer. Filed on Registration No. 333-62445.
10.26Pooling and Servicing Agreement dated as of November 1, 2000, among the Corporation, as Servicer, and Navistar Financial Retail Receivables Corporation, as Seller, and Navistar Financial 2000-B Owner Trust, as Issuer. Filed on Registration No. 333-62445.
10.27Trust Agreement dated as of November 1, 2000, between Navistar Financial Retail Receivables Corporation, as Seller, and Chase Manhattan Bank Delaware, as Owner Trustee, with respect to Navistar Financial 2000-B Owner Trust. Filed on Registration No. 333-62445.
10.28Indenture dated as of November 1, 2000, between Navistar Financial 2000-B Owner Trust and The Bank of New York, as Indenture Trustee, with respect to Navistar Financial 2000-B Owner Trust. Filed on Registration No. 333-62445.
10.29Purchase Agreement dated as of April 27, 2001, between the Corporation and Navistar Financial Retail Receivables Corporation, as Purchaser, with respect to Navistar Financial 2001-A Owner Trust, as Issuer. Filed on Registration No. 033-50291.
10.30Pooling and Servicing Agreement dated as of April 27, 2001, among the Corporation, as Servicer, and Navistar Financial Retail Receivables Corporation, as Seller, and Navistar Financial 2001-A Owner Trust, as Issuer. Filed on Registration No. 033-50291.
Exhibit 10 (continued)
NAVISTAR FINANCIAL RETAIL RECEIVABLES CORPORATION
MATERIAL CONTRACTS
10.31Trust Agreement dated as of April 27, 2001, between Navistar Financial Retail Receivables Corporation, as Seller, and Chase Manhattan Bank Delaware, as Owner Trustee, with respect to Navistar Financial 2001-A Owner Trust. Filed on Registration No. 033-50291.
10.32Indenture dated as of April 27, 2001, between Navistar Financial 2001-A Owner Trust and The Bank of New York, as Indenture Trustee, with respect to Navistar Financial 2001-A Owner Trust. Filed on Registration No. 033-50291.
Exhibit 13(a) Page 1 of 4 ANNUAL SUMMARY
Navistar Financial 1996-B Owner Trust For the Months of November 2000 to October 2001 Fiscal Year 2001
Cut-off Date 10/01/96 Original Pool Amount at Cut-off Date $486,507,362.75
Beginning Pool Balance as of 11/1/00 $27,444,697.42 Beginning Pool Factor as of 11/1/00 0.0564117
Principal and Interest Collections: Principal Collected (Including Servicer Advance Repay) $4,764,027.98 Interest Collected $378,908.18
Additional Deposits: Repurchase Amounts $0.00 Final Purchase of Receivables $22,655,109.47 Liquidation Proceeds/Recoveries $109,031.24 Total Additional Deposits $22,764,140.71
Repos/Chargeoffs $25,559.97 Aggregate Number of Notes Charged Off 165
Total Available Funds $27,907,076.87
Ending Pool Balance as of 10/31/01 $0.00 Ending Pool Factor as of 10/31/01 0.00
Servicing Fee $43,776.19
Repayment of Servicer Advances $0.00
Reserve Account: Beginning Balance as of 11/1/00 $ 9,730,147.26 Investment Income Earned during the Year $101,055.60 Target Percentage N/A Target Balance as if 10/31/01 N/A Minimum Balance (2% of Initial Balance) N/A Transfer from/(to) Collections Account $132,778.00 (Release)/Deposit -Includes Investment Income ($9,963,980.86) Ending Balance as of 10/31/01 0.00
Delinquencies as of 10/31/01: Dollars Notes ------- ----- Installments: 1-30 days 0.00 0 31-60 days 0.00 0 60+ days 0.00 0
Total 0.00 0
Balances: 60+ days 0.00 0
Exhibit 13(a) Page 2 of 4 Navistar Financial 1996-B Owner Trust For the Months of November 2000 through October 2001 Fiscal Year 2001
Exhibit 13(a) Page 3 of 4
Navistar Financial 1996-B Owner Trust For the Months of November 2000 through October 2001 Fiscal Year 2001
At each Distribution Date, an annualized loss percentage is computed. If the annualized percentage exceeds 1.5%, any monthly excess servicing is used to fund the reserve account to 10.0% of the ending receivable balance. When the annualized loss percentage falls below 1.5%, the reserve account requirement returns to the greater of the specified target amount or the specified minimum balance.
The loss percentage is calculated as follows:
The numerator of which is equal to the sum of the aggregate losses plus liquidation proceeds for each of the monthly periods which are the fifth, fourth and third monthly periods preceding the monthly period related to such Distribution Date, minus the sum of the liquidation proceeds for the monthly periods which are the first, second and third monthly periods preceding the monthly period related to such Distribution Date, and the denominator of which is the sum of the remaining gross balances of all outstanding receivables as of the last day of each of the sixth, fifth and fourth monthly periods preceding the monthly period related to such Distribution Date.
The annualized loss (recovery) percentages reported at each Distribution Date are as follows:
November 2000 (0.9327)% December 2000 (1.5752)%
At each Distribution Date a three-month rolling average delinquency percentage is calculated. If this percentage exceeds 2.0%, any monthly excess servicing is used to fund the reserve account to 10.0% of the ending receivable balance. When the delinquency percentage falls below 2.0%, the reserve account requirement returns to the greater of the specified target amount or the specified minimum balance.
The delinquency percentage is calculated as follows:
The numerator of which is equal to the aggregate remaining gross balances of all outstanding receivables which are 61 days or more past due as of the last day of the related monthly period and the denominator of which is equal to the aggregate remaining gross balances of all outstanding receivables on the last day of such monthly period.
The three month rolling averages reported at each Distribution Date are as follows:
November 2000 2.48337% December 2000 2.99246%
Exhibit 13(a) Page 4 of 4
Navistar Financial 1996-B Owner Trust For the Months of November 2000 through October 2001 Fiscal Year 2001
At each Distribution Date, an annualized loss percentage is computed. If the annualized percentage exceeds 1.5%, any monthly excess servicing is used to fund the reserve account to 10.0% of the ending receivable balance. When the annualized loss percentage falls below 1.5%, the reserve account requirement returns to the greater of the specified target amount or the specified minimum balance.
The loss percentage is calculated as follows:
The numerator of which is equal to the sum of the Aggregate Losses minus Liquidation Proceeds for each of the latest six consecutive Monthly Periods ended prior to such Distribution Date, and the denominator of which is the sum of the Remaining Gross Balances of all outstanding Receivables as of the last day of each of the latest six consecutive Monthly Periods ended prior to such Distribution Date.
The annualized loss (recovery) percentages reported at each Distribution Date are as follows:
November 2000 (0.4902)% December 2000 (1.4170)%
Exhibit 13(b) Page 1 of 3 ANNUAL SUMMARY
Navistar Financial 1997-A Owner Trust For the Months of November 2000 to October 2001 Fiscal Year 2001
Cut-off Date 04/01/97 Original Pool Amount at Cut-off Date $411,613,980.45 Cut-off Date 05/01/97 Original Pool Amount at Cut-off Date $76,128,743.83 Cut-off Date 05/17/97 Original Pool Amount at Cut-off Date $12,254,010.44
Beginning Pool Balance as of 11/1/00 $46,088,119.36 Beginning Pool Factor as of 11/1/00 0.0944927
Principal and Interest Collections: Principal Collected (Including Servicer Advance Repay) $10,582,433.92 Interest Collected $933,301.54
Additional Deposits: Repurchase Amounts $ 0.00 Final Purchase of Receivables $35,337,021.65 Liquidation Proceeds/Recoveries $1,287,651.62 Total Additional Deposits $36,624,673.27
Repos/Chargeoffs $359,522.03 Aggregate Number of Notes Charged Off 549
Total Available Funds $47,949,550.49
Ending Pool Balance as of 10/31/01 $0.00 Ending Pool Factor as of 10/31/01 0.00
Servicing Fee $105,833.89
Repayment of Servicer Advances $190,858.24
Reserve Account: Beginning Balance as of 11/1/00 $10,122,441.61 Investment Income Earned during the Year $156,645.09 Target Percentage N/A Target Balance as of 10/31/01 N/A Minimum Balance (2% of Initial Balance) N/A Transfer from/(to) Collections Account $1,092,468.48 (Release)/Deposit - Includes Investment Income ($11,371,555.18) Ending Balance as of 10/31/01 $0.00
Delinquencies as of 10/31/01: Dollars Notes ------- ----- Installments: 1-30 days 0.00 0 31-60 days 0.00 0 60+ days 0.00 0
Total 0.00 0 Balances: 60+ days 0.00 0
Exhibit 13(b) Page 2 of 3
Navistar Financial 1997-A Owner Trust For the Months of November 2000 through October 2001 Fiscal Year 2001
Exhibit 13(b) Page 3 of 3
Navistar Financial 1997-A Owner Trust For the Months of November 2000 through October 2001 Fiscal Year 2001
At each Distribution Date, an annualized loss percentage is computed. If the annualized percentage exceeds 1.5%, any monthly excess servicing is used to fund the reserve account to 10.0% of the ending receivable balance. When the annualized loss percentage falls below 1.5%, the reserve account requirement returns to the greater of the specified target amount or the specified minimum balance.
The loss percentage is calculated as follows:
The numerator of which is equal to the sum of the aggregate losses plus liquidation proceeds for each of the monthly periods which are the fifth, fourth and third monthly periods preceding the monthly period related to such Distribution Date, minus the sum of the liquidation proceeds for the monthly periods which are the first, second and third monthly periods preceding the monthly period related to such Distribution Date, and the denominator of which is the sum of the remaining gross balances of all outstanding receivables as of the last day of each of the sixth, fifth and fourth monthly periods preceding the monthly period related to such Distribution Date.
The annualized loss (recovery) percentages reported at each Distribution Date are as follows:
November 2000 (2.7866)% January 2001 (7.7368)% December 2000 (5.6635)%
At each Distribution Date a three-month rolling average delinquency percentage is calculated. If this percentage exceeds 2.0%, any monthly excess servicing is used to fund the reserve account to 10.0% of the ending receivable balance. When the delinquency percentage falls below 2.0%, the reserve account requirement returns to the greater of the specified target amount or the specified minimum balance.
The delinquency percentage is calculated as follows:
The numerator of which is equal to the aggregate remaining gross balances of all outstanding receivables which are 61 days or more past due as of the last day of the related monthly period and the denominator of which is equal to the aggregate remaining gross balances of all outstanding receivables on the last day of such monthly period.
The three month rolling averages reported at each Distribution Date are as follows:
November 2000 2.33565% January 2001 3.14773% December 2000 2.97142%
Exhibit 13(c) Page 1 of 3 ANNUAL SUMMARY
Navistar Financial 1997-B Owner Trust For the Months of November 2000 to October 2001 Fiscal Year 2001
Cut-off Date 11/5/97 Original Pool Amount at Cut-off Date $408,527,638.36 Cut-off Date 11/13/97 Original Pool Amount at Cut-off Date $91,466,751.20
Beginning Pool Balance as of 11/1/00 $91,208,888.49 Beginning Pool Factor as of 11/1/00 0.1824198
Principal and Interest Collections: Principal Collected (Including Servicer Advance Repay) $50,755,528.60 Interest Collected $5,561,895.25
Additional Deposits: Repurchase Amounts $0.00 Final Purchase of Receivables $39,930,370.05 Liquidation Proceeds/Recoveries $3,727,818.15 Total Additional Deposits $43,658,188.20
Repos/Chargeoffs $2,667,851.89 Aggregate Number of Notes Charged Off 1,937
Total Available Funds $97,830,750.00
Ending Pool Balance as of 10/31/01 $0.00 Ending Pool Factor as of 10/31/01 0.00
Servicing Fee $603,976.75
Repayment of Servicer Advances $2,144,862.05
Reserve Account: Beginning Balance as of 11/1/00 $9,999,887.79 Investment Income Earned during the Year $454,648.30 Target Percentage N/A Target Balance as of 10/31/01 N/A Minimum Balance (2% of Initial Balance) N/A Transfer from/(to) Collections Account $2,378,680.84 (Release)/Deposit - Includes Investment Income ($12,833,216.93) Ending Balance as of 10/31/01 $0.00
Delinquencies as of 10/31/01: Dollars Notes ------- ----- Installments: 1-30 days 0.00 0 31-60 days 0.00 0 60+ days 0.00 0
Total 0.00 0
Balances: 60+ days 0.00 0
Exhibit 13(c) Page 2 of 3
Navistar Financial 1997-B Owner Trust For the Months of November 2000 to October 2001 Fiscal Year 2001
Exhibit 13(c) Page 3 of 3
Navistar Financial 1997-B Owner Trust For the Months of November 2000 through October 2001 Fiscal Year 2001
At each Distribution Date, an annualized loss percentage is computed. If the annualized percentage exceeds 1.5%, any monthly excess servicing is used to fund the reserve account to 10.0% of the ending receivable balance. When the annualized loss percentage falls below 1.5%, the reserve account requirement returns to the greater of the specified target amount or the specified minimum balance.
The loss percentage is calculated as follows:
The numerator of which is equal to the sum of the aggregate losses plus liquidation proceeds for each of the monthly periods which are the fifth, fourth and third monthly periods preceding the monthly period related to such Distribution Date, minus the sum of the liquidation proceeds for the monthly periods which are the first, second and third monthly periods preceding the monthly period related to such Distribution Date, and the denominator of which is the sum of the remaining gross balances of all outstanding receivables as of the last day of each of the sixth, fifth and fourth monthly periods preceding the monthly period related to such Distribution Date.
The annualized loss (recovery) percentages reported at each Distribution Date are as follows:
November 2000 (1.2014)% May 2001 1.7297% December 2000 (2.1940)% June 2001 6.6164% January 2001 (2.5232)% July 2001 0.9569% February 2001 (3.7468)% August 2001 1.9821% March 2001 (4.1717)% September 2001 (3.3567)% April 2001 0.5824 %
At each Distribution Date a three-month rolling average delinquency percentage is calculated. If this percentage exceeds 2.0%, any monthly excess servicing is used to fund the reserve account to 10.0% of the ending receivable balance. When the delinquency percentage falls below 2.0%, the reserve account requirement returns to the greater of the specified target amount or the specified minimum balance.
The delinquency percentage is calculated as follows:
The numerator of which is equal to the aggregate remaining gross balances of all outstanding receivables which are 61 days or more past due as of the last day of the related monthly period and the denominator of which is equal to the aggregate remaining gross balances of all outstanding receivables on the last day of such monthly period.
The three month rolling averages reported at each Distribution Date are as follows:
November 2000 2.51269% May 2001 2.35097% December 2000 3.03694% June 2001 1.83143% January 2001 3.32924% July 2001 1.83003% February 2001 3.57946% August 2001 2.26028% March 2001 3.54065% September 2001 2.53084% April 2001 3.05058%
Exhibit 13(d) Page 1 of 3 ANNUAL SUMMARY
Navistar Financial 1998-A Owner Trust For the Months of November 2000 through October 2001 Fiscal Year 2001
Cut-off Date 06/04/98 Original Pool Amount at Cut-off Date $500,864,370.04
Beginning Pool Balance as of 11/1/00 $150,010,353.13 Beginning Pool Factor as of 11/1/00 0.2995029
Principal and Interest Collections: Principal Collected (Including Servicer Advance Repay) $78,980,425.26 Interest Collected $9,781,150.37
Additional Deposits: Repurchase Amounts $0.00 Liquidation Proceeds/Recoveries $5,562,230.61 Total Additional Deposits $5,562,230.61
Repos/Chargeoffs $4,788,204.50 Aggregate Number of Notes Charged Off 1,980
Total Available Funds $92,527,853.40
Ending Pool Balance as of 10/31/01 $68,037,676.21 Ending Pool Factor as of 10/31/01 0.1358405
Servicing Fee $1,112,230.12
Repayment of Servicer Advances $1,795,952.84
Reserve Account: Beginning Balance as of 11/1/00 $10,889,690.93 Investment Income Earned during the Year $461,226.85 Target Percentage 10.00% Target Balance as of 10/31/01 $6,803,767.62 Minimum Balance (2% of Initial Balance) $10,017,287.40 Transfer from/(to) Collections Account $2,830,070.82 (Release)/Deposit - Includes Investment Income ($4,163,701.20) Ending Balance as of 10/31/01 $10,017,287.40
Delinquencies as of 10/31/01: Dollars Notes ------- ----- Installments: 1-30 days 759,109.26 688 31-60 days 214,130.27 208 60+ days 224,497.44 93
Total 1,197,736.97 723
Balances: 60+ days 1,086,575.40 93
Exhibit 13(d) Page 2 of 3
Navistar Financial 1998-A Owner Trust For the Months of November 2000 through October 2001 Fiscal Period 2001
Exhibit 13(d) Page 3 of 3
Navistar Financial 1998-A Owner Trust For the Months of November 2000 through October 2001 Fiscal Year 2001
At each Distribution Date, an annualized loss percentage is computed. If the annualized percentage exceeds 1.5%, any monthly excess servicing is used to fund the reserve account to 10.0% of the ending receivable balance. When the annualized loss percentage falls below 1.5%, the reserve account requirement returns to the greater of the specified target amount or the specified minimum balance.
The loss percentage is calculated as follows:
The numerator of which is equal to the sum of the aggregate losses plus liquidation proceeds for each of the monthly periods which are the fifth, fourth and third monthly periods preceding the monthly period related to such Distribution Date, minus the sum of the liquidation proceeds for the monthly periods which are the first, second and third monthly periods preceding the monthly period related to such Distribution Date, and the denominator of which is the sum of the remaining gross balances of all outstanding receivables as of the last day of each of the sixth, fifth and fourth monthly periods preceding the monthly period related to such Distribution Date.
The annualized loss (recovery) percentages reported at each Distribution Date are as follows:
November 2000 0.8145 % May 2001 1.6970 % December 2000 0.1846 % June 2001 0.8439 % January 2001 0.4565 % July 2001 (0.8569)% February 2001 (0.7318)% August 2001 (1.3637)% March 2001 0.4540 % September 2001 (1.6228)% April 2001 1.6504 % October 2001 (3.0015)%
At each Distribution Date a three-month rolling average delinquency percentage is calculated. If this percentage exceeds 2.0%, any monthly excess servicing is used to fund the reserve account to 10.0% of the ending receivable balance. When the delinquency percentage falls below 2.0%, the reserve account requirement returns to the greater of the specified target amount or the specified minimum balance.
The delinquency percentage is calculated as follows:
The numerator of which is equal to the aggregate remaining gross balances of all outstanding receivables which are 61 days or more past due as of the last day of the related monthly period and the denominator of which is equal to the aggregate remaining gross balances of all outstanding receivables on the last day of such monthly period.
The three month rolling averages reported at each Distribution Date are as follows:
November 2000 2.46881% May 2001 2.34198% December 2000 2.68381% June 2001 2.54494% January 2001 2.59090% July 2001 2.58233% February 2001 2.40393% August 2001 2.66797% March 2001 2.22567% September 2001 2.52034% April 2001 2.44967% October 2001 2.07230%
Exhibit 13(e) Page 1 of 3 ANNUAL SUMMARY
Navistar Financial 1999-A Owner Trust For the Months of November 2000 through October 2001 Fiscal Year 2001
Cut-off Date 06/03/99 Original Pool Amount at Cut-off Date $714,764,750.47
Beginning Pool Balance as of 11/1/00 $402,653,545.87 Beginning Pool Factor as of 11/1/00 0.5633372
Principal and Interest Collections: Principal Collected (Including Servicer Advance Repay) $164,386,217.21 Interest Collected $26,346,038.36
Additional Deposits: Repurchase Amounts $0.00 Liquidation Proceeds/Recoveries $13,809,240.62 Total Additional Deposits $13,809,240.62
Repos/Chargeoffs $14,698,866.20 Aggregate Number of Notes Charged Off 3,050
Total Available Funds $202,344,409.54
Ending Pool Balance as of 10/31/01 $225,765,549.11 Ending Pool Factor as of 10/31/01 0.3158599
Servicing Fee $3,206,088.56
Repayment of Servicer Advances $2,197,086.65
Reserve Account: Beginning Balance as of 11/1/00 $21,139,311.16 Investment Income Earned during the Year $1,005,546.51 Target Percentage 5.25% Target Balance as of 10/31/01 $11,852,691.33 Minimum Balance (2% of Initial Balance) $14,295,295.01 Transfer from/(to) Collections Account $2,891,494.80 (Release)/Deposit - Includes Investment Income ($10,741,057.46) Ending Balance as of 10/31/01 $14,295,295.01
Delinquencies as of 10/31/01: Dollars Notes ------- ----- Installments: 1-30 days 1,902,990.70 1,618 31-60 days 501,863.06 476 60+ days 506,371.85 137
Total 2,911,225.63 1,640
Balances: 60+ days 2,876,888.74 137
Exhibit 13(e) Page 2 of 3
Navistar Financial 1999-A Owner Trust For the Months of November 2000 through October 2001 Fiscal Year 2001
Exhibit 13(e) Page 3 of 3
Navistar Financial 1999-A Owner Trust For the Months of November 2000 through October 2001 Fiscal Year 2001
At each Distribution Date, an annualized loss percentage is computed. If the annualized percentage exceeds 1.5%, any monthly excess servicing is used to fund the reserve account to 10.0% of the ending receivable balance. When the annualized loss percentage falls below 1.5%, the reserve account requirement returns to the greater of the specified target amount or the specified minimum balance.
The loss percentage is calculated as follows:
The numerator of which is equal to the sum of the aggregate losses plus liquidation proceeds for each of the monthly periods which are the fifth, fourth and third monthly periods preceding the monthly period related to such Distribution Date, minus the sum of the liquidation proceeds for the monthly periods which are the first, second and third monthly periods preceding the monthly period related to such Distribution Date, and the denominator of which is the sum of the remaining gross balances of all outstanding receivables as of the last day of each of the sixth, fifth and fourth monthly periods preceding the monthly period related to such Distribution Date.
The annualized loss (recovery) percentages reported at each Distribution Date are as follows:
November 2000 (0.4259)% May 2001 1.4188 % December 2000 0.6460 % June 2001 1.6392 % January 2001 1.9707 % July 2001 0.4409 % February 2001 1.2870 % August 2001 (0.2123)% March 2001 0.3899 % September 2001 (0.7100)% April 2001 0.1430 % October 2001 (0.1156)%
At each Distribution Date a three-month rolling average delinquency percentage is calculated. If this percentage exceeds 2.0%, any monthly excess servicing is used to fund the reserve account to 10.0% of the ending receivable balance. When the delinquency percentage falls below 2.0%, the reserve account requirement returns to the greater of the specified target amount or the specified minimum balance.
The delinquency percentage is calculated as follows:
The numerator of which is equal to the aggregate remaining gross balances of all outstanding receivables which are 61 days or more past due as of the last day of the related monthly period and the denominator of which is equal to the aggregate remaining gross balances of all outstanding receivables on the last day of such monthly period.
The three month rolling averages reported at each Distribution Date are as follows:
November 2000 2.09726% May 2001 2.31569% December 2000 2.42111% June 2001 2.15566% January 2001 2.56418% July 2001 1.84440% February 2001 2.28075% August 2001 1.71154% March 2001 2.17468% September 2001 1.82038% April 2001 2.32160% October 2001 1.72451%
Exhibit 13(f) Page 1 of 3 ANNUAL SUMMARY
Navistar Financial 2000-A Owner Trust For the Months of November 2000 through October 2001 Fiscal Period 2001
Cut-off Date 03/09/00 Original Pool Amount at Cut-off Date $380,843,908.73 Cut-off Date 03/13/00 Original Pool Amount at Cut-off Date $74,413,256.03 Cut-off Date 03/20/00 Original Pool Amount at Cut-off Date $19,742,835.24
Beginning Pool Balance as of 11/01/00 $384,929,019.74 Beginning Pool Factor as of 11/01/00 0.8103769
Principal and Interest Collections: Principal Collected (Including Servicer Advance Repay) $129,014,458.15 Interest Collected $29,593,267.16
Additional Deposits: Repurchase Amounts $0.00 Liquidation Proceeds/Recoveries $9,852,150.62 Total Additional Deposits $9,852,150.62
Repos/Chargeoffs $12,046,008.11 Aggregate Number of Notes Charged Off 1,825
Total Available Funds $165,815,852.37
Ending Pool Balance as of 10/31/01 $246,512,577.04 Ending Pool Factor as of 10/31/01 0.5189738
Servicing Fee $3,260,932.73 Repayment of Servicer Advances $2,644,023.56
Reserve Account: Beginning Balance as of 11/1/00 $20,208,773.54 Investment Income Earned during the Year $895,779.91 Target Percentage 5.50% Target Balance as of 10/31/01 $13,558,191.74 Minimum Balance (2% of Initial Balance) $9,105,143.30 Transfer from/(to) Collections Account $750,780.49 (Release)/Deposit - Includes Investment Income ($8,297,142.20) Ending Balance as of 10/31/01 $13,558,191.74
Delinquencies as of 10/31/01: Dollars Notes ------- ----- Installments: 1-30 days 1,650,105.97 1,375 31-60 days 367,621.32 320 60+ days 270,637.45 86
Total 2,288,364.74 1,381 Balances: 60+ days 2,712,064.38 86
Exhibit 13(f) Page 2 of 3
Navistar Financial 2000-A Owner Trust For the Months of November 2000 through October 2001 Fiscal Period 2001
Exhibit 13(f) Page 3 of 3
Navistar Financial 2000-A Owner Trust For the Months of November 2000 through October 2001 Fiscal Period 2001
At each Distribution Date, an annualized loss percentage is computed. If the annualized percentage exceeds 1.5%, any monthly excess servicing is used to fund the reserve account to 10.0% of the ending receivable balance. When the annualized loss percentage falls below 1.5%, the reserve account requirement returns to the greater of the specified target amount or the specified minimum balance.
The loss percentage is calculated as follows:
The numerator of which is equal to the sum of the aggregate losses plus liquidation proceeds for each of the monthly periods which are the fifth, fourth and third monthly periods preceding the monthly period related to such Distribution Date, minus the sum of the liquidation proceeds for the monthly periods which are the first, second and third monthly periods preceding the monthly period related to such Distribution Date, and the denominator of which is the sum of the remaining gross balances of all outstanding receivables as of the last day of each of the sixth, fifth and fourth monthly periods preceding the monthly period related to such Distribution Date.
The annualized loss (recovery) percentages reported at each Distribution Date are as follows:
November 2000 0.8038 % May 2001 2.1215 % December 2000 1.0051 % June 2001 2.7459 % January 2001 0.4345 % July 2001 2.4771 % February 2001 0.1742 % August 2001 1.1208 % March 2001 (0.1408)% September 2001 0.1232 % April 2001 0.8529 % October 2001 (1.4982)%
At each Distribution Date a three-month rolling average delinquency percentage is calculated. If this percentage exceeds 2.0%, any monthly excess servicing is used to fund the reserve account to 10.0% of the ending receivable balance. When the delinquency percentage falls below 2.0%, the reserve account requirement returns to the greater of the specified target amount or the specified minimum balance.
The delinquency percentage is calculated as follows:
The numerator of which is equal to the aggregate remaining gross balances of all outstanding receivables which are 61 days or more past due as of the last day of the related monthly period and the denominator of which is equal to the aggregate remaining gross balances of all outstanding receivables on the last day of such monthly period.
The three month rolling averages reported at each Distribution Date are as follows:
November 2000 1.41865% May 2001 1.73077% December 2000 1.97835% June 2001 1.69903% January 2001 2.17238% July 2001 1.49752% February 2001 2.23015% August 2001 1.43120% March 2001 1.90998% September 2001 1.40551% April 2001 1.88492% October 2001 1.36412%
Exhibit 13(g) Page 1 of 3 ANNUAL SUMMARY
Navistar Financial 2000-B Owner Trust For the Months of November 2000 through October 2001 Fiscal Year 2001
Cut-off Date 11/01/00 Original Pool Amount at Cut-off Date $764,710,097.53
Beginning Pool Balance as of 11/01/00 $741,556,161.94 Beginning Pool Factor as of 11/01/00 0.9697219
Principal and Interest Collections: Principal Collected (Including Servicer Advance Repay) $250,741,353.94 Interest Collected $60,792,225.19
Additional Deposits: Repurchase Amounts $0.00 Liquidation Proceeds/Recoveries $12,187,505.57 Total Additional Deposits $12,187,505.57
Repos/Chargeoffs $26,718,580.58 Aggregate Number of Notes Charged Off 3,265
Total Available Funds $322,264,619.45
Ending Pool Balance as of 10/31/01 $465,552,692.67 Ending Pool Factor as of 10/31/01 0.6087963
Servicing Fee $6,353,393.85 Repayment of Servicer Advances $1,456,465.25
Reserve Account: Beginning Balance as of 11/1/00 $39,287,200.59 Investment Income Earned during the Year $1,582,757.38 Target Percentage 5.50% Target Balance as of 10/31/01 $25,605,398.10 Minimum Balance (2% of Initial Balance) $15,294,201.95 Transfer from/(to) Collections Account ($2,483,881.95) (Release)/Deposit - Includes Investment Income ($12,780,677.92) Ending Balance as of 10/31/01 $25,605,398.10
Delinquencies as of 10/31/01: Dollars Notes ------- ----- Installments: 1-30 days 2,613,972.35 2,328 31-60 days 663,536.76 553 60+ days 522,742.47 156
Total 3,800,251.58 2,331 Balances: 60+ days 5,589,788.40 156
Exhibit 13(g) Page 2 of 3
Navistar Financial 2000-B Owner Trust For the Months of November 2000 through October 2001 Fiscal Year 2001
Exhibit 13(g) Page 3 of 3
Navistar Financial 2000-B Owner Trust For the Months of November 2000 through October 2001 Fiscal Year 2001
At each Distribution Date, an annualized loss percentage is computed. If the annualized percentage exceeds 1.5%, any monthly excess servicing is used to fund the reserve account to 10.0% of the ending receivable balance. When the annualized loss percentage falls below 1.5%, the reserve account requirement returns to the greater of the specified target amount or the specified minimum balance.
The loss percentage is calculated as follows:
The numerator of which is equal to the sum of the aggregate losses plus liquidation proceeds for each of the monthly periods which are the fifth, fourth and third monthly periods preceding the monthly period related to such Distribution Date, minus the sum of the liquidation proceeds for the monthly periods which are the first, second and third monthly periods preceding the monthly period related to such Distribution Date, and the denominator of which is the sum of the remaining gross balances of all outstanding receivables as of the last day of each of the sixth, fifth and fourth monthly periods preceding the monthly period related to such Distribution Date.
The annualized loss (recovery) percentages reported at each Distribution Date are as follows:
November 2000 N/A May 2001 2.0521 % December 2000 N/A June 2001 2.5416 % January 2001 N/A July 2001 2.3084 % February 2001 3.0687 % August 2001 1.3885 % March 2001 3.2686 % September 2001 0.9087 % April 2001 2.8715 % October 2001 0.8617 %
At each Distribution Date a three-month rolling average delinquency percentage is calculated. If this percentage exceeds 2.0%, any monthly excess servicing is used to fund the reserve account to 10.0% of the ending receivable balance. When the delinquency percentage falls below 2.0%, the reserve account requirement returns to the greater of the specified target amount or the specified minimum balance.
The delinquency percentage is calculated as follows:
The numerator of which is equal to the aggregate remaining gross balances of all outstanding receivables which are 61 days or more past due as of the last day of the related monthly period and the denominator of which is equal to the aggregate remaining gross balances of all outstanding receivables on the last day of such monthly period.
The three month rolling averages reported at each Distribution Date are as follows:
November 2000 0.47109% May 2001 1.43062% December 2000 0.98899% June 2001 1.39500% January 2001 1.32243% July 2001 1.32051% February 2001 1.44975% August 2001 1.52171% March 2001 1.41980% September 2001 1.63539% April 2001 1.47823% October 2001 1.58228%
Exhibit 13(h) Page 1 of 3 ANNUAL SUMMARY Navistar Financial 2001-A Owner Trust For the Months of April 2000 through October 2001 Fiscal Period 2001
Cut-off Date 04/27/01 Original Pool Amount at Cut-off Date $257,155,638.25 Cut-off Date 04/30/01 Original Pool Amount at Cut-off Date $53,340,411.35 Cut-off Date 05/30/01 Original Pool Amount at Cut-off Date $67,396,152.49 Cut-off Date 06/28/01 Original Pool Amount at Cut-off Date $22,107,022.10
Beginning Pool Balance as of 4/01/01 $400,000,000.00 Beginning Pool Factor as of 4/01/01 1.0000000
Principal and Interest Collections: Principal Collected (Including Servicer Advance Repay) $62,389,586.06 Interest Collected $19,040,802.15
Additional Deposits: Repurchase Amounts $0.00 Mandatory Prepayment $775.81 Liquidation Proceeds/Recoveries $886,751.04 Total Additional Deposits $886,751.04
Repos/Chargeoffs $4,177,459.05 Aggregate Number of Notes Charged Off 250
Total Available Funds $81,308,972.46
Ending Pool Balance as of 10/31/01 $334,440,345.87 Ending Pool Factor as of 10/31/01 0.8361025
Servicing Fee $2,089,032.41 Repayment of Servicer Advances $1,008,166.79
Reserve Account: Beginning Balance as of 4/01/01 $14,748,592.36 Investment Income Earned during the Year $293,021.28 Target Percentage 5.50% Target Balance as of 10/31/01 $18,394,219.02 Minimum Balance (2% of Initial Balance) $7,999,984.48 Transfer from/(to) Collections Account $7,909,325.84 (Release)/Deposit - Includes Investment Income ($4,556,720.46) Ending Balance as of 10/31/01 $18,394,219.02
Delinquencies as of 10/31/01: Dollars Notes ------- ----- Installments: 1-30 days 1,600,855.98 1,619 31-60 days 333,917.33 328 60+ days 124,162.92 80 Total 2,058,936.23 1,619 Balances: 60+ days 2,610,554.11 80
Exhibit 13(h) Page 2 of 3
Navistar Financial 2001-A Owner Trust For the Months of April 2001 through October 2001 Fiscal Period 2001
Exhibit 13(h) Page 3 of 3
Navistar Financial 2001-A Owner Trust For the Months of November 2000 through October 2001 Fiscal Period 2001
At each Distribution Date, an annualized loss percentage is computed. If the annualized percentage exceeds 1.5%, any monthly excess servicing is used to fund the reserve account to 10.0% of the ending receivable balance. When the annualized loss percentage falls below 1.5%, the reserve account requirement returns to the greater of the specified target amount or the specified minimum balance.
The loss percentage is calculated as follows:
The numerator of which is equal to the sum of the aggregate losses plus liquidation proceeds for each of the monthly periods which are the fifth, fourth and third monthly periods preceding the monthly period related to such Distribution Date, minus the sum of the liquidation proceeds for the monthly periods which are the first, second and third monthly periods preceding the monthly period related to such Distribution Date, and the denominator of which is the sum of the remaining gross balances of all outstanding receivables as of the last day of each of the sixth, fifth and fourth monthly periods preceding the monthly period related to such Distribution Date.
The annualized loss (recovery) percentages reported at each Distribution Date are as follows:
April 2001 N/A July 2001 N/A May 2001 N/A August 2001 1.9843 % June 2001 N/A September 2001 1.7787 % October 2001 1.1685 %
At each Distribution Date a three-month rolling average delinquency percentage is calculated. If this percentage exceeds 2.0%, any monthly excess servicing is used to fund the reserve account to 10.0% of the ending receivable balance. When the delinquency percentage falls below 2.0%, the reserve account requirement returns to the greater of the specified target amount or the specified minimum balance.
The delinquency percentage is calculated as follows:
The numerator of which is equal to the aggregate remaining gross balances of all outstanding receivables which are 61 days or more past due as of the last day of the related monthly period and the denominator of which is equal to the aggregate remaining gross balances of all outstanding receivables on the last day of such monthly period.
The three month rolling averages reported at each Distribution Date are as follows:
April 2001 0.19928% July 2001 0.53958% May 2001 0.34114% August 2001 0.97602% June 2001 0.51365% September 2001 1.06432% October 2001 1.09030%