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At March 31, 2003, the contractual maturities of minimum lease payments of the investment in financing leases and the other finance receivables are as follows: 

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The Company has transferred trade accounts receivable, trade notes receivable and finance receivables under sev- eral securitization programs. These securitization transactions are accounted for as a sale in accordance with SFAS No. 140, because the Company has relinquished control of the receivables. Accordingly, the receivables sold under these facilities are excluded from receivables in the accompanying consolidated balance sheets. Upon the sale of receivables, the Company holds subordinated retained interests for certain trade account receivable, trade notes receivable and finance receivables. A portion of these receivables, where the Company holds subordinated retained interests, are not taken off the balance sheet and are recorded at their fair value. Such car- rying value is adjusted to reflect the portion that is not expected to be collectible. As of March 31, 2003 and 2002, the fair value of retained interest is ¥28,579 million ($238,158 thousand) and ¥31,617 million, respectively. The Company recognized losses of ¥1,210 million ($10,083 thousand) and gains of ¥669 million on the securitizations of receivables for the years ended March 31, 2003 and 2002, respectively. Subsequent to sale, the Company retains collection and administrative responsibilities for the receivables. Servicing fees received by the Company approximated the prevailing market rate. Related servicing assets or lia- bilities are immaterial to the Company’s financial position. The table below summarizes certain cash flows received from and paid to the securitization SPEs on the above transactions. 

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At March 31, 2003, key economic assumptions used to compute the fair value of retained interests are as follows: 

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Quantitative information about delinquencies, net credit losses, and components of securitized receivables as of and for the years ended March 31, 2003 and 2002 are as follows: 

