-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Kl6to/pWgekMFL/Jrti9lfpPjX5ih4OAkYDbFmagpX6YFOJk4GsmAuAqbxaMq2Pp NCgZHdNZksgC5qbMa4W1fA== 0001181591-03-000001.txt : 20030129 0001181591-03-000001.hdr.sgml : 20030129 20030129161713 ACCESSION NUMBER: 0001181591-03-000001 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20030115 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20030129 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MMCA AUTO OWNER TRUST 2002-4 CENTRAL INDEX KEY: 0001181591 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-98555-01 FILM NUMBER: 03530115 BUSINESS ADDRESS: STREET 1: PO BOX 6038 CITY: CUPRESS STATE: CA ZIP: 90630-0038 BUSINESS PHONE: 7142368157 MAIL ADDRESS: STREET 1: PO BOX 6038 CITY: CUPRESS STATE: CA ZIP: 90630-0038 8-K 1 form8k.txt FORM 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): January 15, 2003 MMCA AUTO OWNER TRUST 2002-4 (MMCA Auto Receivables Trust - Originator) ______________________________________________________ (Exact Name of Registrant as Specified in its Charter) Delaware 33-0869011 ____________________________ ________________________ (State or other jurisdiction (Commission File Number) of incorporation) (IRS Employer Id No.) P.O. Box 6038 Cypress, California 90630-0038 (714) 236-1510 _______________________________________________________ (Address of Registrant's principal executive office and Registrant's telephone number, including area code) Item 5. Other Events. The Registrant hereby incorporates by reference the information contained in the attached exhibits in response to this Item 5. Item 7. Financial Statements and Exhibits. (c) Exhibits. MMCA Auto Owner Trust 2002-4 Asset Backed Notes and Asset Backed Certificates. Monthly Servicer's Certificate, dated: January 9, 2003 Monthly Servicing Report, for the following reporting period: December 1, 2002 through December 31, 2002 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. MMCA Auto Receivables Trust II Dated: January 28, 2003 /s/ Hideyuki Kitamura ________________________ By: Hideyuki Kitamura Executive V.P., Finance & Treasurer EX-1 3 cover.txt SERVICER CERTIFICATE - DECEMBER SERVICER'S CERTIFICATE The undersigned certifies that he is the Executive Vice-President, Finance and Treasurer of Mitsubishi Motors Credit of America, Inc., a corporation in good standing under the laws of the state of its incorporation (the "Company"), and that as such he is duly authorized to execute and deliver this certificate on behalf of the company pursuant to Section 3.9 of the Sale and Servicing Agreement, dated as of October 1, 2002, by and among the Company, as Servicer, MMCA Auto Receivables Trust, as Seller, and MMCA Auto Owner Trust 2002-4, as Issuer (the "Sale and Servicing Agreement") (all capitalized terms used herein without definition have the respective meanings specified in the Sale and Servicing Agreement), and further certifies that: (a) The Servicer's report for the period from December 1, 2002 through December 31, 2002 attached to this certificate is complete and accurate and contains all information required by Section 3.9 of the Sale and Servicing Agreement, and (b) As of the date hereof, no Event of servicing Termination or event that with notice or lapse of time or both would become an Event of Servicing Termination has occurred. IN WITNESS WHEREOF, I have affixed hereunto my signature this Ninth day of January 2003. MITSUBISHI MOTORS CREDIT OF AMERICA, INC. /s/ Hideyuki Kitamura By: _______________________________ Hideyuki Kitamura Executive V.P., Finance & Treasurer EX-2 4 financial.txt SERVICER REPORT - DECEMBER MITSUBISHI MOTORS CREDIT OF AMERICA, INC. Monthly Servicing Report -- MMCA Auto Owner Trust 2002-4 December 1, 2002 through December 31, 2002 I. ORIGINAL TRANSACTION PARAMETERS A. Initial Receivables $655,103,736.04 B. Level Pay Pool Balance of the Initial Receivables $640,671,031.26 C. Last Scheduled Payment Pool Balance of the Initial Receivables $14,432,704.78 D. Notes 1. Class A-1 a. Initial Balance $66,300,000.00 b. Note Interest Rate 1.76375% c. Noteholders' Final Scheduled Payment Date October 15, 2003 2. Class A-2 a. Initial Balance $230,000,000.00 b. Note Interest Rate 1.920% c. Noteholders' Final Scheduled Payment Date October 17, 2005 d. Class A Allocation Percentage 85.65% 3. Class A-3 a. Initial Balance $200,000,000.00 b. Note Interest Rate 2.550% c. Noteholders' Final Scheduled Payment Date February 15, 2007 d. Class A Allocation Percentage 85.65% 4. Class A-4 a. Initial Balance $173,500,000.00 b. Note Interest Rate 3.0500% c. Noteholders' Final Scheduled Payment Date November 16, 2009 d. Class A Allocation Percentage 85.65% 5. Class B a. Initial Balance $65,298,000.00 b. Note Interest Rate 3.820% c. Noteholders' Final Scheduled Payment Date November 16, 2009 d. Class B Allocation Percentage 9.27% 6. Class C a. Initial Balance $35,808,000.00 b. Note Interest Rate 4.560% c. Noteholders' Final Scheduled Payment Date November 16, 2009 d. Class C Allocation Percentage 5.08% E. Certificates Initial Balance $71,646,522.63 F. Servicing Fee Rate 1.00% Servicing Fee Rate for Deferred Receivables during Deferral Period 0.25% G. Weighted Average Coupon (WAC) of the Initial Receivables 6.250% H. Weighted Average Original Number of Payments of the Initial Receivables (Months) 59 I. Weighted Average Remaining Number of Payments of the Initial Receivables (Months) 58 J. Number of Initial Receivables 26,902 K. Reserve Account 1. Initial Reserve Account Deposit Percentage of Initial Pool 5.00% 2. Reserve Account Deposit on the Closing Date $31,604,607.83 3. Specified Reserve Balance Percentage 5.00% L. Yield Supplement Account Deposit on the Closing Date $7,617,437.11 M. Yield Supplement Over Collateralization Balance on Closing Date $23,011,579.39 N. Adjusted Principal Balance of Initial Receivables $632,092,156.65 O. Pre-Funding 1. Initial Pre-Funded Amount (Adjusted Principal Amount) $210,460,365.98 2. Initial Closing Date October 16, 2002 3. End of Pre-Funding Period 18-Feb-03 4. Fixed Percentage for Calculating Maximum Negative Carry Amount 1.25% 5. Negative Carry Account Initial Deposit $823,673.68 II. INPUTS FROM PREVIOUS MONTHLY SERVICER REPORT A. Total Pool Balance $839,912,288.35 B. Level Payment Pool Balance $821,578,056.97 C. Last Scheduled Payment Pool Balance $18,334,231.38 D. Notes 1. Class A-1 a. Prior Month Note Balance $50,850,551.71 b. Interest Carryover Shortfall 0.00 c. Principal Carryover Shortfall 0.00 2. Class A-2 a. Prior Month Note Balance $230,000,000.00 b. Interest Carryover Shortfall 0.00 c. Principal Carryover Shortfall 0.00 3. Class A-3 a. Prior Month Note Balance $200,000,000.00 b. Interest Carryover Shortfall 0.00 c. Principal Carryover Shortfall 0.00 4. Class A-4 a. Prior Month Note Balance $173,500,000.00 b. Interest Carryover Shortfall 0.00 c. Principal Carryover Shortfall 0.00 5. Class B a. Prior Month Note Balance $65,298,000.00 b. Interest Carryover Shortfall 0.00 c. Principal Carryover Shortfall 0.00 6. Class C a. Prior Month Note Balance $35,808,000.00 b. Interest Carryover Shortfall 0.00 c. Principal Carryover Shortfall 0.00 E. Certificate Balance $71,646,522.63 F. Reserve Account Balance $41,354,767.26 G. Yield Supplement Account Balance $8,430,836.52 H. Payahead Account Balance $341,919.90 I. Yield Supplement Over Collateralization Balance $26,281,360.76 J. Pre-Funding Account Balance $15,457,177.34 K. Negative Carry Account Balance $43,466.54 L. Deferred Receivables $517,904,176.39 M. Cumulative Losses for All Prior Periods $13,112.41 N. Weighted Average Coupon (WAC) 6.508% O. Weighted Average Remaining Term to Maturity (WAM) 57.90 P Number of Contracts 34,784 Q Total Subsequent Receivables Sold as of Related Cutoff Dates 1. Level Pay Balance 0.00 2. Last Scheduled Payment Balance 0.00 3. Total 0.00 III. INPUTS FROM THE INVESTOR REPORTING SYSTEM A. Precomputed Contracts Level Payment Principal 1. Scheduled Principal Reduction 754,764.30 2. Prepayments in Full 203,527.95 3. Repurchased Receivables Principal 0.00 4. Repurchased Receivables Interest 0.00 B. Total Collections for Precomputed Contracts 962,060.05 C. Precomputed Contracts - Principal on Last Scheduled Payments 1. Collected Principal 0.00 2. Repurchased Receivables Principal 0.00 3. Repurchased Receivables Interest 0.00 4. Last Scheduled Payment Principal Paid in Full Prior to Month of Maturity 0.00 5. Last Scheduled Payment Principal Due on Loans Matured This Month 0.00 D. Simple Interest Contracts - Level Payment 1. Principal Reduction 6,387,624.78 2. Collected Principal 6,388,399.34 3. Collected Interest 1,647,676.48 4. Repurchased Receivables Principal 0.00 5. Repurchased Receivables Interest 0.00 E. Simple Interest Contracts - Principal on Last Scheduled Payments 1. Collected Principal 18,426.89 2. Repurchased Receivables Principal 0.00 3. Repurchased Receivables Interest 0.00 4. Last Scheduled Payment Principal Collected Prior to Month of Maturity 18,426.89 5. Last Scheduled Payment Principal Due on Loans Matured This Month 0.00 F. Yield Supplement Information 1. Yield Supplement Amount 1,080,983.01 2. Specified Yield Supplement Account Balance 7,504,580.21 3. Deposit to Yield Supplement Account for Subsequent Receivables Sold This Period 181,024.45 G. Yield Supplement Over Collateralization 26,386,954.39 H. Advances 1. Actuarial Advances a. Beginning Actuarial Advances (or payments due prior to Cutoff Date) 85,579.89 b. Current Month Actuarial Advances 27,920.95 c. Reimbursement of Actuarial Advances (or payments due prior to Cutoff Date) 43,281.91 d. Ending Actuarial Advances (or payments due prior to Cutoff Date) 70,218.93 2. Precomputed Loans - Last Scheduled Payment Advances a. Beginning Last Scheduled Payment Advances 0.00 b. Current Month Last Scheduled Payment Advances 0.00 c. Reimbursement of Last Scheduled Payment Advances 0.00 d. Ending Last Scheduled Payment Advances 0.00 3. Simple Interest Loans - Last Scheduled Payment Advances a. Beginning Last Scheduled Payment Advances 0.00 b. Current Month Last Scheduled Payment Advance 0.00 c. Reimbursement of Last Scheduled Payment Advances 0.00 d. Ending Last Scheduled Payment Advances 0.00 4. Net Servicer Advances (15,360.96) I. Payahead Account Activity 1. Net Increase/(Decrease) in Payahead Account Balance 178,341.87 2. Payahead Balance of Loans Defaulted this Period 0.00 3. Deposit to Payahead Account for Subsequent Receivables Sold This Period 314.63 4. Ending Payahead Balance 520,576.40 J. Rule of 78s Payment 0.00 K. Weighted Average Coupon of Remaining Portfolio (WAC) 6.504% L. Weighted Average Remaining Maturity (WAM) 57.51 M. Remaining Number of Receivables 34,667 N. Delinquent Contracts Contracts Amount 1. 30-59 Days Delinquent 527 1.52% 12,037,463.00 1.45% 2. 60-89 Days Delinquent 161 0.46% 3,604,973.87 0.43% 3. 90 Days or more Delinquent 56 0.16% 1,222,388.91 0.15% O. Net Loss and Defaulted Receivables Information 1. Vehicles Repossessed During Month 37 846,363.90 2. Loans Defaulted During the Month 9 3. Level Payment Principal Balance of Defaulted Receivables 199,749.17 4. Last Scheduled Payment Principal Balance of Defaulted Receivables 7,288.41 5. Level Payment Liquidation Proceeds 66,744.43 6. Last Scheduled Payment Liquidation Proceeds 0.00 7. Recoveries of Level Payment and Last Scheduled Payment on Previously Defaulted Receivables 0.00 P. Pool Balances 1. Total Pool Balance 832,340,906.85 2. Level Pay Pool Balance 814,032,390.77 3. Last Scheduled Payment Pool Balance 18,308,516.08 4. Deferred Receivables 504,896,867.75 Q. Principal Balance of Subsequent Receivables Sold This Period As of Subsequent Transfer Date 1. Level Pay Balance 15,996,776.44 2. Last Scheduled Payment Balance 182,490.87 3. Total Principal Balance 16,179,267.31 IV. INVESTMENT INCOME A. Reserve Account Investment Income 34,935.94 B. Collection Account Investment Income 6,848.19 C. Payahead Account Investment Income 265.06 D. Yield Supplement Account Investment Income 7,551.03 E. Pre-Funding Account Investment Income 12,580.51 F. Negative Carry Account Investment Income 35.42 V. COLLECTIONS A. Level Payments Received (Excluding Repurchases) 1. Total Collections for Precomputed Contracts (Level Payment Only) 962,060.05 2. Collected Principal on Simple Interest Contracts (Level Payment Only) 6,388,399.34 3. Collected Interest on Simple Interest Contracts (Level Payment Only) 1,647,676.48 Subtotal 8,998,135.87 B. Last Scheduled Payment Principal Collections (Excluding Repurchases) 18,426.89 C. Net Change in Payahead Account Balance (178,341.87) D. Net Liquidation Proceeds and Recoveries Received 66,744.43 E. Principal and Interest on Purchased or Repurchased Contracts 0.00 F. Exclusion of Rule of 78's Payments 0.00 G. Net Servicer Advances/(Reimbursements) (15,360.96) H. Yield Supplement Amount 1,080,983.01 I. Net Investment Earning on the Pre-Funding Account 12,580.51 J. Negative Carry Amount 26,868.80 K. Remaining Pre-Funded Amount Due to Noteholders 0.00 L. Available Funds $10,010,036.68 VI. PRE-FUNDING ACTIVITY A. Subsequent Receivables Sold This Period 1. Principal Balance of Subsequent Receivables Sold This Period 16,179,267.31 2. Adjusted Principal Balance of Subsequent Receivables Sold This Period 15,457,177.34 3. Subsequent Cutoff Date for Subsequent Receivables Sold This Period 31-Dec-02 4. Subsequent Transfer Date for Subsequent Receivables Sold This Period 10-Jan-03 5. Deposit to Reserve Account for Subsequent Receivables Sold This Period 772,858.87 6. Deposit to Yield Supplement Account for Subsequent Receivables Sold This Period 181,024.45 7. Deposit to Payahead Account for Subsequent Receivables Sold This Period 314.63 8. Amount Paid to Seller for Subsequent Receivables Sold This Period 15,457,177.34 B. End of Pre-Funding Period (if balance in Pre-Funding Account balance is $100,000 or greater) 18-Feb-03 C. Pre-Funding Account 1. Beginning Pre-Funding Amount 15,457,177.34 2. Amount Paid to Seller for Subsequent Receivables Sold This Period 15,457,177.34 3. Deposit to Reserve Account for Subsequent Receivables Sold This Period 772,858.87 4. Deposit to Yield Supplement Account for Subsequent Receivables Sold This Period 181,024.45 5. Deposit to Payahead Account for Subsequent Receivables Sold This Period 314.63 6. Remaining Pre-Funded Amount Payable to Noteholders 0.00 7. Remaining Pre-Funding Amount (excl. Reserve & Yield Supplement Amount) 0.00 D. Negative Carry Account 1. Calculation of Negative Carry Amount for the Current Period a. Accrued Note Interest for this Period 1,652,654.59 b. Pre-Funded Amount (excl. Reserve & Yield Supplement Amount) 15,457,177.34 c. Pre-Funded Percentage 2.39% d. Net Investment Earnings on the Pre-Funded Amount 12,580.51 e. Negative Carry Amount for the Current Period 26,868.80 2. Calculation Maximum Negative Carry Amount a. Weighted Average Rate based on Ending Note Balances 2.4039% b. Note Percentage based on Ending Note Balances 91.25% c. Actual Number of Days from Payment Date to End of Pre-Funding Period 39 d. Maximum Negative Carry Amount 0.00 3. Required Negative Carry Account Balance 0.00 E. Total Subsequent Receivables Sold as of Related Cutoff Dates 1. Level Pay Balance 211,365,976.27 2. Last Scheduled Payment Balance 4,203,980.40 3. Total 215,569,956.67 F. Total Initial and Subsequent Receivables Sold as of Related Cutoff Dates 1. Level Pay 852,037,007.53 2. Last Scheduled 18,636,685.18 3. Total 870,673,692.71 G. Specified Reserve Balance 42,127,626.13 VII. DISTRIBUTIONS A. Principal Distribution Amount 1. Total Scheduled Principal 6,954,885.16 2. Principal Carrryover Shortfall 0.00 3. Total Principal Distribution Amount 6,954,885.16 B. Total Required Payment 1. Total Servicing Fee 376,236.80 2. Accrued Note Interest Due a. Class A-1 74,739.72 b. Class A-2 368,000.00 c. Class A-3 425,000.00 d. Class A-4 440,979.17 e. Class B 207,865.30 f. Class C 136,070.40 g. Total Accrued Note Interest 1,652,654.59 3. Principal Distribution Amount Due a. Class A-1 6,954,885.16 b. Class A-2 0.00 c. Class A-3 0.00 d. Class A-4 0.00 e. Class B 0.00 f. Class C 0.00 g. Total Principal Distribution Amount 6,954,885.16 4. Total Required Payment 8,983,776.55 5. Available Funds 10,010,036.68 6. Reserve Account TRP Draw Amount 0.00 7. Total Available Funds $8,983,776.55 C. Current Period Payments 1. Servicing Fee paid 376,236.80 2. Interest Paid a. Class A-1 74,739.72 b. Class A-2 368,000.00 c. Class A-3 425,000.00 d. Class A-4 440,979.17 e. Class B 207,865.30 f. Class C 136,070.40 g. Total Interest Paid 1,652,654.59 3. Remaining Available Funds 6,954,885.16 4. Principal Payments a. Class A-1 6,954,885.16 b. Class A-2 0.00 c. Class A-3 0.00 d. Class A-4 0.00 e. Class B 0.00 f. Class C 0.00 g. Total Principal Payments 6,954,885.16 D. Current Period Shortfalls 1. Interest Carryover Shortfall a. Class A-1 0.00 b. Class A-2 0.00 c. Class A-3 0.00 d. Class A-4 0.00 e. Class B 0.00 f. Class C 0.00 g. Total Interest Carryover Shortfall 0.00 2. Principal Carryover Shortfall a. Class A-1 0.00 b. Class A-2 0.00 c. Class A-3 0.00 d. Class A-4 0.00 e. Class B 0.00 f. Class C 0.00 g. Total Principal Carryover Shortfall 0.00 E. Reserve Account 1. Beginning Reserve Account Balance 41,354,767.26 3. Plus: Reserve Account Investment Income 34,935.94 4. Less: Reserve Account Advance Draw Amount 0.00 5. Less: Reserve Account TRP Draw Amount 0.00 6. Reserve Account Balance before Deposit to Reserve Account 42,162,562.07 7. Specified Reserve Account Balance 42,127,626.13 8. Amount Necessary to Reinstate Reserve Account to Specified Reserve Balance 0.00 9. Funds Available for Deposit to Reserve Account 1,026,260.13 10. Amount Deposited to Reserve Account 0.00 11. Reserve Account Investment Income Released to Seller 34,935.94 12. Ending Reserve Account Balance 42,127,626.13 F. Turbo Principal Payment 1. Funds Available for Accelerated Principal Payment 1,026,260.13 2. Accelerated Principal Payments 0.00 a. Class A-1 1,026,260.13 b. Class A-2 0.00 c. Class A-3 0.00 d. Class A-4 0.00 e. Class B 0.00 f. Class C 0.00 g. Total Turbo Principal Distribution Amount 1,026,260.13 F. Excess Funds Deposited to Certificate Distribution Account 0.00 G. Total Distributions $10,010,036.68 VIII. POOL BALANCES AND PORTFOLIO INFORMATION Beginning End A. Balances and Principal Factors of Period of Period 1. Total Pool Balance $839,912,288.35 $848,520,174.16 2. Total Pool Factor 1.2821058 1.2952455 3. Level Payment Pool Balance 821,578,056.97 830,029,167.21 4. Level Payment Pool Factor 1.2823712 1.2955622 5. Last Scheduled Payment Pool Balance 18,334,231.38 18,491,006.95 6. Note Balance a. Class A-1 50,850,551.71 42,869,406.42 b. Class A-2 230,000,000.00 230,000,000.00 c. Class A-3 200,000,000.00 200,000,000.00 d. Class A-4 173,500,000.00 173,500,000.00 e. Class B 65,298,000.00 65,298,000.00 f. Class C 35,808,000.00 35,808,000.00 g. Total 755,456,551.71 747,475,406.42 7. Pool Factor a. Class A-1 0.7669766 0.6465974 b. Class A-2 1.0000000 1.0000000 c. Class A-3 1.0000000 1.0000000 d. Class A-4 1.0000000 1.0000000 e. Class B 1.0000000 1.0000000 f. Class C 1.0000000 1.0000000 8. Certificate Balance 71,646,522.63 71,646,522.63 9. Certificate Pool Factor 1.0000000 1.0000000 10. Total Note and Certificate Balance 827,103,074.34 819,121,929.05 11. Yield Supplement Over Collatralization 26,281,360.76 26,386,954.39 12. Adjusted Pool Balance 813,630,927.59 822,133,219.77 B. Portfolio Information 1. Weighted Average Coupon of Portfolio (WAC) 6.508% 6.505% 2. Weighted Average Remaining Term to Maturity of Portfolio (WAM) 57.90 57.60 3. Remaining Number of Receivables 34,784 35,315 IX. NET LOSS AND DELINQUENCY ACTIVITY A. Realized Losses for Collection Period 140,293.15 B. Realized Losses for Collection Period Less Recoveries 140,293.15 C. Cumulative Losses for all Periods 153,405.56 D Delinquent and Repossessed Contracts Contracts Amount 1. 30-59 Days Delinquent 527 1.52% $12,037,463.00 1.45% 2. 60-89 Days Delinquent 161 0.46% $3,604,973.87 0.43% 3. 90 Days or more Delinquent 56 0.16% $1,222,388.91 0.15% 4. Vehicles Repossessed During Collection Period 37 $846,363.90 X. AVERAGE LOSS AND DELINQUENCY RATIOS A. Annualized Ratio of Realized Losses to Pool Balance for Each Collection Period 1. Second Preceding Collection Period 0.00% 2. Preceding Collection Period 0.00% 3. Current Collection Period 0.00% 4. Three Month Average 0.00% B. Annualized Net Loss 0.20% C. Ratio of Balance of Contracts Delinquent 60 Days or More to the Pool Balance as of the End of the Collection Period. 1. Second Preceding Collection Period 0.01% 2. Preceding Collection Period 0.17% 3. Current Collection Period 0.57% 4. Three Month Average 0.25% XI. RECONCILIATION OF COLLECTION ACCOUNT A. Transfers Into Collection Account 1. Transfer of Daily Collections 9,083,307.19 2. Yield Supplement Amount from MMCA 1,080,983.01 3. Net Servicer Advances (if positive) 0.00 4. Reserve Account Draw for Total Required Payment 0.00 5. Deposit from Payahead Account 0.00 6. Collection Account Investment Income 6,848.19 7. Transfer of Negative Carry Amount from Negative Carry Account 26,868.80 8. Transfer of Net Earnings on Pre-Funding Account 12,580.51 9. Transfer of Prefunding Account Balance due to End of Pre-Funding Period 0.00 10. Total Transfers Into Collection Account $10,210,587.70 B. Transfers from Collection Account 1. To Servicer a. Total Servicing Fee 376,236.80 b. Rule of 78's Payment 0.00 c. Net Reimbursement of Servicer Advance or Payments Due Prior to Cutoff Date 15,360.96 d. Less: Total Principal and Interest on Repurchases (Netted from Amounts Due Servicer) 0.00 e. Total To Servicer (Net of Total Repurchases) 391,597.76 2. Total Required Payment Distributed (Net of Total Servicing Fee) 8,607,539.75 3. Turbo Principal Payment Distributed 1,026,260.13 4. Deposit to Payahead Account 178,341.87 5. Deposit to Reserve Account 0.00 6. Deposit To Certificate Distribution Account a. Excess Funds 0.00 b. Collection Account Investment Income 6,848.19 c. Total to Certificate Distribution Account 6,848.19 7. Total Transfers from Collection Account $10,210,587.70 XII. RECONCILIATION OF RESERVE ACCOUNT A. Beginning Balance of Reserve Account 41,354,767.26 B. Transfers Into Reserve Account 1. Reserve Account Deposit from Available Funds 0.00 2. Reserve Account Investment Income 34,935.94 3. Transfer from Prefunding Account for Subsequent Receivables Sold 772,858.87 4. Total Transfers Into Reserve Account 807,794.81 C. Total Transfers In and Beginning Balance $42,162,562.07 D. Distributions From Reserve Account 1. Transfer to Servicer for Reserve Account Advance Draw Amount 0.00 2. Transfer to Collection Account for Reserve Account TRP Draw Amount 0.00 3. Reserve Account Investment Income to Seller (MART) 34,935.94 4. Total Transfers From Reserve Account 34,935.94 E. Ending Balance 42,127,626.13 F. Total Distributions and Ending Balance $42,162,562.07 XIII. RECONCILIATION OF PAYAHEAD ACCOUNT A. Beginning Balance of Payahead Account 341,919.90 B. Transfers Into Payahead Account 1. Net Payahead Transfer from Collection Account 178,341.87 2. Payahead Account Investment Income 265.06 3. Transfer from Prefunding Account for Subsequent Receivables 314.63 4. Total Transfers Into Payahead Account 178,921.56 C. Total Transfers In and Beginning Balance $520,841.46 D. Distributions From Payahead Account 1. Net Payahead Transfer to Collection Account 0.00 2. Transfer Investment Income to Servicer 265.06 3. Total Transfers From Payahead Account 265.06 E. Payahead Account Ending Balance 520,576.40 F. Total Distributions and Ending Balance $520,841.46 XIV. RECONCILIATION OF YIELD SUPPLEMENT ACCOUNT A. Beginning Balance of Yield Supplement Account 8,430,836.52 B. Transfers IntoYield Supplement Account 1. Yield Supplement Account Investment Income 7,551.03 2. Transfer from Prefunding Account for Subsequent Receivables Sold 181,024.45 3. Total Transfers Into Yield Supplement Account 188,575.48 C. Total Transfers and Beginning Balance $8,619,412.00 D. Distributions From Yield Supplement Account 1. Yield Supplement Amount to Collection Account (if not paid by MMCA) 0.00 2. Transfer Investment Income to Seller (MART) 7,551.03 3. Transfer Reduction in Specified Yield Supplement Account Balance to Seller (MART) 1,107,280.76 4. Total Transfers From Yield Supplement Account 1,114,831.79 E. Specified Yield Supplement Account Ending Balance 7,504,580.21 F. Total Distributions and Ending Balance $8,619,412.00 XV. RECONCILIATION OF NOTE PAYMENT ACCOUNT A. Transfers Into Note Payment Account 1. Total Required Pmt Distributed (less Servicing Fee & Net Swap Pmt) from Collection Acct 8,607,539.75 2. Turbo Principal Payment Distributed from Collection Account 1,026,260.13 3. Total Transfers Into Note Payment Account 9,633,799.88 B. Distributions from Note Payment Account 1. Payments to Noteholders a. Class A-1 8,055,885.01 b. Class A-2 368,000.00 c. Class A-3 425,000.00 d. Class A-4 440,979.17 e. Class B 207,865.30 f. Class C 136,070.40 g. Total Payments to Noteholders 9,633,799.88 2. Ending Balance of Note Payment Account 0.00 C. Total Distributions and Ending Balance $9,633,799.88 XVI. RECONCILIATION OF CERTIFICATE DISTRIBUTION ACCOUNT A. Transfers Into Certificate Distribution Account 1. Excess Funds Deposited from Collection Account 0.00 2. Collection Account Investment Income 6,848.19 3. Total Transfers into Certificate Distribution Account 6,848.19 B. Distributions from Certificate Distribution Account 1. Payments to Certificateholders 6,848.19 2. Ending Balance 0.00 C. Total Distributions and Ending Balance $6,848.19 XVII. RECONCILIATION OF PRE-FUNDING ACCOUNT A. Beginning Balance of Pre-Funding Account 15,457,177.34 B. Pre-Funding Account Investment Income 12,580.51 C. Total Transfers In and Beginning Balance $15,469,757.85 D. Distributions from Pre-Funding Account 1. Transfer Investment Income to Collection Account 12,580.51 2. Transfer to Reserve Account for Sale of Subsequent Receivables 772,858.87 3. Transfer to Yield Supplement Account for Sale of Subsequent Receivables 181,024.45 4. Transfer to Payahead Account for Sale of Subsequent Receivables 314.63 4. Transfer to Seller (MART) for Sale of Subsequent Receivables 14,502,979.39 6. Transfer to Collection Account of Remaining Balance Due Noteholders 0.00 7. Total Transfers From Pre-Funding Account 15,469,757.85 E. Pre-Funding Account Ending Balance 0.00 F. Total Distributions and Ending Balance $15,469,757.85 XVIII. RECONCILIATION OF NEGATIVE CARRY ACCOUNT A. Beginning Balance of Negative Carry Account 43,466.54 B. Negative Carry Account Investment Income 35.42 C. Total Transfers In and Beginning Balance $43,501.96 D. Distributions from Negative Carry Account 1. Transfer of Negative Carry Amount to Collection Account 26,868.80 2. Release Investment Income from Negative Carry Account to Seller (MART) 35.42 3. Release Excess Funds from Negative Carry Account to Seller (MART) 16,597.74 4. Total Transfers From Negative Carry Account 43,501.96 E. Negative Carry Account Ending Balance 0.00 F. Total Distributions and Ending Balance $43,501.96 XIX. DISTRIBUTION SUMMARY A. Distributions From Collection Account 1. To Note Payment Account 9,633,799.88 2. To Servicer (MMCA) 391,597.76 3. To Payahead Account 178,341.87 4. To Reserve Account 0.00 5 To Certificate Distribution Account 6,848.19 6. Total Distributions From Collection Account $10,210,587.70 B. Distributions From Reserve Account 1. To Collection Account 0.00 2. To Seller (MART) 34,935.94 3. To Servicer (MMCA) 0.00 4. Total Distributions From Reserve Account 34,935.94 C. Distributions From Payahead Account 1. To Collection Account 0.00 2. Investment Income to Servicer (MMCA) 265.06 3. Total Distributions From Payahead Account 265.06 D. Distributions From Yield Supplement Account 1. To Collection Account 0.00 2. Investment Income to Seller (MART) 7,551.03 3. Reduction in Specified Yield Supplement Account Balance to Seller (MART) 1,107,280.76 4. Total Distributions From Yield Supplement Account 1,114,831.79 E. Distributions From Pre-Funding Account 1. To Reserve Account 772,858.87 2. To Yield Suplement Account 181,024.45 3. To Collection Account 12,580.51 4. To Payahead Account 314.63 4. To Seller for Sale of Subsequent Receivables 14,502,979.39 5. Total Distributions from Negative Carry Account 15,469,757.85 F. Distributions From Negative Carry Account 1. To Collection Account 26,868.80 2. To Seller (MART) 16,633.16 3. Total Distributions from Negative Carry Account 43,501.96 G. Total Distributions From All Accounts $26,873,880.30 H. Total Distributions From All Accounts to: 1. Note Payment Account 9,633,799.88 2. Servicer (MMCA) 391,862.82 3. Seller (MART) 15,669,380.28 4. Collection Account 39,449.31 5. Certificate Distribution Account 6,848.19 6. Reserve Account 772,858.87 7. Payahead Account 178,656.50 8. Yield Supplement Account 181,024.45 9. Total Distributions From All Accounts $26,873,880.30 -----END PRIVACY-ENHANCED MESSAGE-----