EX-99.1 2 d649087dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

SERVICER’S MONTHLY CERTIFICATE

MECHANICS BANK

PURSUANT TO SECTION 4.09 OF THE SALE AND SERVICING AGREEMENT

November 9, 2018

This Servicer’s Monthly Certificate is delivered pursuant to that certain sale and servicing agreement by and among Mechanics Bank, a California corporation authorized to transact a banking business (the “Company”), California Republic Auto Receivables Trust 2014-4, a Delaware statutory trust (the “Issuer”), California Republic Funding, LLC, a Delaware limited liability company (the “Depositor”), CSC Logic, Inc, a Texas corporation (the “Backup Servicer”) and Deutsche Bank Trust Company Americas, a New York banking corporation (the “Indenture Trustee”), dated as of December 1, 2014 (the “Sale and Servicing Agreement”). All capitalized terms used but not defined herein shall have the meaning assigned thereto in the Sale and Servicing Agreement.

The undersigned, a Responsible Officer of the Company, hereby certifies that:

    (a)       No Event of Default, Servicer Replacement Event has occurred and is continuing;

    (b)      The information contained in Annex A, attached hereto, is complete and accurate and among other things, contains all information necessary to make the payments to be made on this Payment Date pursuant to Section 5.04 of the Sale and Servicing Agreement for this Collection Period.

IN WITNESS WHEREOF, the undersigned, in my capacity as specified below, has caused this certificate to be executed as of the date first above written.

 

/s/ Nathan J. Duda

Nathan J. Duda
EVP, Chief Financial Officer

California Republic Auto Receivables Trust 2014-4

 

Pool ID:      CRAT144  
Original Aggregate Note Balance    $   325,000,000.00   
Collection Period Start Date:      10/01/2018  
Collection Period Ending Date:      10/31/2018  
Prior Distribution Date:      10/15/2018  
Current Distribution Date:      11/15/2018  

 

I.   SUMMARY             
         Original Balance      Beginning Period 
Balance		      Principal Distribution 
Amount		        Ending Period  
  Balance  		        Pool Factor            
 

 

  
   Class A-1 Notes    $ 45,500,000.00     $ -           $ -            $ -              0.000000  
 

 Class A-2 Notes

    $ 91,000,000.00     $ -           $ -            $ -              0.000000  
 

 Class A-3 Notes

    $ 78,000,000.00     $ -           $ -            $ -              0.000000  
 

 Class A-4 Notes

    $ 80,760,000.00     $ 11,392,665.04       $ 3,161,993.98        $ 8,230,671.06          0.101915  
 

 Class B Notes

    $ 18,850,000.00     $ 18,850,000.00          $ 18,850,000.00          1.000000  
 

 Class C Notes

    $ 10,890,000.00     $ 10,890,000.00          $ 10,890,000.00          1.000000  
 

 

  
 

Total Note Balance

    $  325,000,000.00     $  41,132,665.04       $ 3,161,993.98        $ 37,970,671.06          0.116833  
               Beginning Period
Balance		            Ending Period
Balance		         
 

 

     
  Overcollateralization      $ 5,184,324.27          $ 5,158,944.96       
  Reserve Account Balance      $ 812,500.21          $ 812,500.21       
  Net Pool Balance      $ 46,316,989.31          $ 43,129,616.02       
 

 

     
               Coupon Rate       Beginning Period
Balance		      Interest Distribution
Amount		         
 

 

     
 

Class A-1 Notes

        0.25000%         $ -            $ -           
 

Class A-2 Notes

        0.77000%         $ -            $ -           
 

Class A-3 Notes

        1.27000%         $ -            $ -           
 

Class A-4 Notes

        1.84000%         $ 11,392,665.04        $ 17,468.75       
 

Class B Notes

        2.57000%         $ 18,850,000.00        $ 40,370.42       
 

Class C Notes

        3.56000%         $ 10,890,000.00        $ 32,307.00       
 

 

     
         $ 41,132,665.04        $ 90,146.17       
II.   AVAILABLE FUNDS             
 

Interest Collections

      $ 259,708.79         
 

Principal Collections

      $ 2,955,064.63         
 

Repurchases

      $ -             
 

Liquidation Proceeds

      $ -             
 

Recoveries

      $ 87,766.80         
 

Investment Earnings

      $ 5,609.25         
 

Reimbursements of Prior Period Liquidation Expenses

      $ (6,360.00)        
 

Reimbursements of Prior Period Servicer Advances

      $ (48,117.83)        
 

Current Period Servicer Advances

      $ 41,066.00         
 

 

          
 

Total Collections

      $ 3,294,737.64         
 

Reserve Account Draw Amount

 

      $ -             
 

 

          
 

Total Available Funds

      $ 3,294,737.64         
 

 

          
III.   DISTRIBUTION OF AVAILABLE FUNDS

 

          
               Amount Due     Amount Paid      Amount Owed      Shortfall  
 

 

     

 

 

  
 

Servicing fees dues to master servicer

      1.0000%     $ 38,597.49     $ 38,597.49      $ -            $ -        
 

Servicing fees dues to backup servicer

      $ 4,000.00     $ 4,000.00      $ -            $ -        
 

Class A-1 Note Interest

      $ -           $ -            $ -            $ -        
 

Class A-2 Note Interest

      $ -           $ -            $ -            $ -        
 

Class A-3 Note Interest

      $ -           $ -            $ -            $ -        
 

Class A-4 Note Interest

      $ 17,468.75     $ 17,468.75      $ -            $ -        
 

First Allocation of Principal

      $ -           $ -            $ -            $ -        
 

Class B Note Interest

      $ 40,370.42     $ 40,370.42      $ -            $ -        
 

Second Allocation of Principal

      $ -           $ -            $ -            $ -        
 

Class C Note Interest

      $ 32,307.00     $ 32,307.00      $ -            $ -        
 

Third Allocation of Principal

      $ -           $ -            $ -            $ -        
 

Reserve Account Deposit

      $ -           $ -            $ -            $ -        
 

Regular Principal Distribution Amount

      $ 3,161,993.98     $ 3,161,993.98      $ 0.00      $ -        
 

Accrued and unpaid fees to owner/indenture trustees/servicer

      $ 4,560.00     $ -            $ 4,560.00      $ -        
 

Remaining Funds to Certificate Holder

      $ -           $ -            $ -            $ -        
 

 

  
       $ 3,299,297.64       $ 3,294,737.64      $ 4,560.00      $ -        
 

First Allocation of Principal

      $ -             
 

Second Allocation of Principal

      $ -             
 

Third Allocation of Principal

      $ -             
 

Regular Principal Distribution Amount

      $ 3,161,993.98         
 

 

          
 

Total Allocable Principal

      $  3,161,993.98            

IV.    POOL                            
  

Pool Balance

    $ 43,129,616.02             
  

Number of Receivables Outstanding

      5,383             
  

Weighted Average Contract Rate

      6.75%            
  

Weighted Average Maturity

      23.6             
  

OVERCOLLATERALIZATION

            
  

Target O/C Amount

    $ 5,200,001.36             
  

Beginning Period O/C Amount

    $ 5,184,324.27             
  

Ending Period O/C Amount

    $ 5,158,944.96             
  

 

           
  

Overcollateralization Amount to Achieve Target

    $ 41,056.40             
V.    RESERVE ACCOUNT                            
  

Specified Reserve Account Balance

    $ 812,500.21             
  

Beginning Reserve Account Balance

    $ 812,500.21             
  

Reserve Account Deposits

    $ -                 
  

Reserve Account Earnings

    $ 1,258.21             
  

Distribute Earnings - Collection Account

    $ (1,258.21)            
  

Reserve Account Draws

    $ -                 
  

 

           
  

Ending Reserve Account Balance

    $ 812,500.21             
  

 

           
VI.    DELINQUENCY & LOSS                            
           

 

 

 

% of Ending Pool      

 

 

   
     Delinquency    Number      Amount      Balance               
  

 

     
  

30 - 59 Days

      214        $         2,122,375.56          4.921%                                        
  

60 - 89 Days

      51        $ 461,007.92          1.069%      
  

90 + Days

      23        $ 282,270.06          0.654%      
  

 

     
  

Total

      288          2,865,653.54          6.644%      
  

 

     
   Repossession Inventory      9        $ 104,161.24          
        Current Period          Cumulative          
  

 

        
  

Losses

    $ 232,308.66        $ 19,448,621.18          
  

Recoveries

    $ (87,766.80)       $ (9,363,616.05)         
  

 

        
  

Net Losses

    $ 144,541.86        $ 10,085,005.13          
  

 

        
  

Cumulative Net Loss Percentage

         3.10%         
  

Cumulative Recovery Rate

         48.15%         

Mechanics Bank, as servicer, has delivered this information as required pursuant to Section 5.06 of the Sale and Servicing Agreement. The information is complete and accurate in all material aspects. No Event of Default, Servicer Termination Event has occurred and is continuing as certified by:

 

/s/ Nathan J. Duda       November 9, 2018
Nathan J. Duda       Date   
EVP, Chief Financial Officer