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Form 10k NFRRC Oct 2003<br>
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
[X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended October 31, 2003
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from __________ to__________
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Commission File Number 33-50291
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NAVISTAR FINANCIAL RETAIL RECEIVABLES CORPORATION on behalf of
NAVISTAR FINANCIAL 1999-A OWNER TRUST,
NAVISTAR FINANCIAL 2000-A OWNER TRUST,
NAVISTAR FINANCIAL 2000-B OWNER TRUST,
NAVISTAR FINANCIAL 2001-A OWNER TRUST,
NAVISTAR FINANCIAL 2001-B OWNER TRUST,
NAVISTAR FINANCIAL 2002-A OWNER TRUST,
NAVISTAR FINANCIAL 2002-B OWNER TRUST,
NAVISTAR FINANCIAL 2003-A OWNER TRUST, AND
NAVISTAR FINANCIAL 2003-B OWNER TRUST
(Exact name of Registrant as specified in its charter)
Delaware 51-0337491
(State or other jurisdiction of (IRS Employer Identification No.)
incorporation or organization)
2850 West Golf Road 60008
Rolling Meadows, Illinois (Zip Code)
(Address of principal executive offices)
Registrant's telephone number, including area code (847) 734-4000
Securities registered pursuant to Section 12(b) of the Act: None
Securities registered pursuant to Section 12(g) of the Act: None
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months and (2) has been subject to such filing
requirements for the past 90 days. Yes X No __
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PART I
Item 1. Business
The Navistar Financial 1999-A Owner Trust, Navistar Financial 2000-A Owner
Trust, Navistar Financial 2000-B Owner Trust, Navistar Financial 2001-A Owner
Trust, Navistar Financial 2001-B Owner Trust, Navistar Financial 2002-A Owner
Trust, Navistar Financial 2002-B Owner Trust, Navistar Financial 2003-A Owner
Trust, and Navistar Financial 2003-B Owner Trust (the "Trusts") were formed
pursuant to nine separate Trust Agreements dated as of June 3, 1999; March 9,
2000; November 1, 2000; April 27, 2001; November 1, 2001; April 30, 2002;
November 19, 2002; June 5, 2003; and October 31, 2003, respectively, among
Navistar Financial Retail Receivables Corporation, ("NFRRC"), as seller (the
"Seller") and Chase Manhattan Bank USA, National Association (formerly known
as Chemical Bank Delaware), as owner trustee (the "Trustee"). Retail notes
and related security interests in the financed vehicles and a beneficial
interest in a pool of commercial retail leases financing vehicle (the "Retail
Contracts") were transferred to the Trusts in exchange for fixed or floating
rate notes (the "Notes") and pass-through certificates (the "Certificates")
which were registered on Registration Statement Nos. 333-62445 and 333-67112
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 or a 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 Contracts. 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. Properties
Not applicable.
Item 3. Legal Proceedings
The registrant knows of no material pending legal proceedings involving
either the Retail Contracts or the Trustee, or the Seller or Servicer in
respect of the Trusts.
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. Market for the Registrant's Common Equity and
Related Stockholder Matters
Not applicable.
Item 6. Selected Financial Data
Not applicable.
Item 7. Management's Discussion and Analysis of Financial
Condition and Results of Operations
As of October 31, 2003 balances in the Trusts were as follows:
Reserve
Principal Account
Dollar amounts in millions
--------------------------------------------------------------
Navistar Financial 1999-A Owner Trust $0.0 $0.0
Navistar Financial 2000-A Owner Trust $47.1 $9.5
Navistar Financial 2000-B Owner Trust $96.9 $15.3
Navistar Financial 2001-A Owner Trust $94.7 $8.0
Navistar Financial 2001-B Owner Trust $180.0 $10.0
Navistar Financial 2002-A Owner Trust $234.9 $12.9
Navistar Financial 2002-B Owner Trust $515.3 $28.4
Navistar Financial 2003-A Owner Trust $402.8 $22.2
Navistar Financial 2003-B Owner Trust $344.5 $15.8
Note: Balances include the effect of the November 2003 distribution in
accordance with the Owner Trust Agreements.
As of October 31, 2003, the aggregate shelf registration available to NFRRC
for issuance of asset-backed securities was $600 million.
Item 8. Financial Statements and Supplementary Data
Not applicable.
Item 9. Changes in and Disagreements With Accountants on
Accounting and Financial Disclosure
None.
PART III
Item 10. Directors and Executive Officers of the Registrant
Not applicable.
Item 11. Executive Compensation
Not applicable.
Item 12. Security Ownership of Certain Beneficial Owners and Management
Not applicable.
Item 13. Certain Relationships and Related Transactions
Not applicable.
PART IV
Item 14. Exhibits, Financial Statement Schedules and Reports on Form 8-K
(a) Exhibits
3 Articles of Incorporation and By-Laws
10 Material Contracts
31 Certification Pursuant to Section 302 of The Sarbanes-Oxley Act
of 2002.
99.1 Management's Assertion Concerning Compliance.
99.2 Independent Auditor's Report.
99.3 Officer's Compliance Certificate.
(b) Schedules
The 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)Annual Summary
- Navistar Financial 1999-A Owner Trust
13(b)Annual Summary
- Navistar Financial 2000-A Owner Trust
13(c)Annual Summary
- Navistar Financial 2000-B Owner Trust
13(d)Annual Summary
- Navistar Financial 2001-A Owner Trust
13(e)Annual Summary
- Navistar Financial 2001-B Owner Trust
13(f)Annual Summary
- Navistar Financial 2002-A Owner Trust
13(g)Annual Summary
- Navistar Financial 2002-B Owner Trust
13(h)Annual Summary
- Navistar Financial 2003-A Owner Trust
13(i)Annual Summary
- Navistar Financial 2003-B Owner Trust
(c) Reports on Form 8-K
The Registrant filed the following reports on Form 8-K during the
three months ended October 31, 2003:
(i) NFRRC filed the May Servicer Certificate on Form 8-K dated August 25,
2003.
(ii) NFRRC filed the June Servicer Certificate on Form 8-K dated August 28,
2003.
(iii) NFRRC filed the July Servicer Certificate on Form 8-K dated September
26, 2003.
(iv) NFRRC filed the August Servicer Certificate on Form 8-K dated October 8,
2003.
(v) NFRRC made available to prospective investors, on Form 8-K dated October
22, 2003, a series term sheet setting forth a description of the
initial collateral pool and the proposed structure of Series
2003-B Asset Backed Notes of Navistar Financial 2003-B Owner
Trust.
(vi) NFRRC filed the September Servicer Certificate on Form 8-K dated October
27, 2003.
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SIGNATURE
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 1999-A OWNER TRUST,
NAVISTAR FINANCIAL 2000-A OWNER TRUST,
NAVISTAR FINANCIAL 2000-B OWNER TRUST,
NAVISTAR FINANCIAL 2001-A OWNER TRUST,
NAVISTAR FINANCIAL 2001-B OWNER TRUST,
NAVISTAR FINANCIAL 2002-A OWNER TRUST,
NAVISTAR FINANCIAL 2002-B OWNER TRUST,
NAVISTAR FINANCIAL 2003-A OWNER TRUST, AND
NAVISTAR FINANCIAL 2003-B OWNER TRUST
(Exact name of Registrant as specified in its charter)
By: /s/ PAUL MARTIN January 29, 2004
Paul Martin
Vice President and Controller
(Principal Accounting Officer)
================================================================================
Schedule 13(a)
Navistar Financial 1999 - A Owner Trust
For the Months of November 2002 to October 2003
Fiscal Year 2003
Closing Date 6/3/1999
Original Pool Amount $714,764,750.47
Beginning Pool Balance as of 11/1/02 $84,664,306.24
Beginning Pool Factor as of 11/1/02 0.1184506
Principal and Interest Collections:
Principal Collected (Including Servicer Advance Repay) $20,107,643.32
Interest Collected $1,551,516.33
Additional Deposits:
Repurchase Amounts $64,425,679.75
Liquidation Proceeds / Recoveries $615,096.62
Total Additional Deposits $65,040,776.37
Repos / Chargeoffs $209,609.04
Aggregate Number of Notes Charged Off 276
Total Available Funds $86,621,310.15
Ending Pool Balance as of 10/31/03 ($0.00)
Ending Pool Factor as of 10/31/03 (0.0000000)
Servicing Fee 194,775.48
Repayment of Servicer Advances $78,625.87
Memo Item - Reserve Account
Opening Balance $14,295,295.01
Investment Income Earned during the Year $59,165.55
Excess Servicing $566,482.89
Transfer from/(to) Collections Account $0.00
Beginning Balance $14,920,943.45
Reserve Account:
Beginning Balance (see Memo Item) $14,920,943.45
Target Percentage 5.25%
Target Balance ($0.00)
Minimum Balance $0.00
(Release) / Deposit ($14,920,943.45)
Ending Balance $0.00
Delinquencies 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
- ------------------------------------------------------------------------------------------------------------------------------------
Schedule 13(a)
Navistar Financial 1999 - A Owner Trust
For the Months of November 2002 to October 2003
Fiscal Year 2003
NOTES
TOTAL CLASS A - 1 CLASS A - 2 CLASS A - 3 CLASS A - 4 CLASS B
Original Pool Amount $714,764,750.47 $147,000,000.00 $197,000,000.00 $200,000,000.00 $145,745,000.00 $25,019,750.47
Distributions:
Distribution Percentages 0.00% 0.00% 0.00% 90.42% 9.58%
Coupon 5.00% 5.55% 5.95% 6.13% 6.22%
Beginning Pool Balance $84,664,306.24
Ending Pool Balance ($0.00)
Collected Principal $84,454,697.20
Collected Interest $1,551,516.33
Charge - Offs $209,609.04
Liquidation Proceeds/Recoveries $615,096.62
Servicing $194,775.48
Cash Transfer from Reserve Acct $0.00
Ttl Collections Avail for Debt Svc $86,426,534.67
Beginning Balance $84,664,306.24 $0.00 $0.00 $0.00 $76,553,071.32 $8,111,234.92
Interest Due $1,195,745.53 $0.00 $0.00 $0.00 $1,073,292.90 $122,452.63
Interest Paid $1,195,745.53 $0.00 $0.00 $0.00 $1,073,292.90 $122,452.63
Principal Due $84,664,306.24 $0.00 $0.00 $0.00 $76,553,071.32 $8,111,234.92
Principal Paid $84,664,306.24 $0.00 $0.00 $0.00 $76,553,071.32 $8,111,234.92
Ending Balance $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Note / Certificate Pool Factor
(Ending Balance/Original Pool Amt) 0.0000 0.0000 0.0000 0.00000 0.00000
Total Distributions $85,860,051.77 $0.00 $0.00 $0.00 $77,626,364.22 $8,233,687.55
Interest Shortfall $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Principal Shortfall $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Total Shortfall $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
(required from Reserve)
Excess Servicing $566,482.89
(see Memo Item - Reserve Account)
Beginning Reserve Acct Balance $14,920,943.45
Investment Income Earned during the period$59,165.55
Transfer from/(to) collections Account $0.00
(Release) / Draw ($14,920,943.45)
Ending Reserve Acct Balance $0.00
Note: Ending principal balance includes the effect of the November distribution for the October period.
- ------------------------------------------------------------------------------------------------------------------------------------
Schedule 13(a)
Navistar Financial 1999 - A Owner Trust
For the Months of November 2002 to October 2003
Fiscal Year 2003
At each Distribution Date, an annualized loss percentage is computed. If the
annualized percentage exceeds 1.5%, any monthly excess servicing is transferred
to the reserve account to 10.0% of the ending receivable balance. When the
annualized loss percentage falls to or below 1.5%, the reserve account
requirement returns to the greater of the specified target amount or the
specified minimum balance.
The annualized 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 2002 -5.3466% May 2003 N/A
December 2002 -5.0037% June 2003 N/A
January 2003 -1.5058% July 2003 N/A
February 2003 N/A August 2003 N/A
March 2003 N/A September 2003 N/A
April 2003 N/A October 2003 N/A
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 2002 0.90033% May 2003 N/A
December 2002 1.07634% June 2003 N/A
January 2003 1.24544% July 2003 N/A
February 2003 N/A August 2003 N/A
March 2003 N/A September 2003 N/A
April 2003 N/A October 2003 N/A
====================================================================================================================================
Schedule 13(b)
Navistar Financial 2000 - A Owner Trust
For the Months of November 2002 to October 2003
Fiscal Year 2003
Closing Date 3/9/2000
Original Pool Amount $380,843,908.73
Subsequent Closing Date 3/13/2000
Subsequent Pool Amount $74,413,256.03
Subsequent Closing Date 3/20/2000
Subsequent Pool Amount $19,742,835.24
Beginning Pool Balance as of 11/1/02 $115,873,805.19
Beginning Pool Factor as of 11/1/02 0.243945
Principal and Interest Collections:
Principal Collected (Including Servicer Advance Repay) $68,470,303.85
Interest Collected $7,206,164.29
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds / Recoveries $2,249,193.74
Total Additional Deposits $2,249,193.74
Repos / Chargeoffs $1,357,459.55
Aggregate Number of Notes Charged Off 756
Total Available Funds $76,862,956.78
Ending Pool Balance as of 10/31/03 $47,108,746.89
Ending Pool Factor as of 10/31/03 0.0991763
Servicing Fee 811,850.88
Repayment of Servicer Advances $1,062,705.10
Memo Item - Reserve Account
Opening Balance $9,500,000.00
Investment Income Earned during the Year $113,346.32
Excess Servicing $1,319,009.47
Transfer from/(to) Collections Account $0.00
Beginning Balance $10,932,355.79
Reserve Account:
Beginning Balance (see Memo Item) $10,932,355.79
Target Percentage 5.50%
Target Balance $2,590,981.08
Minimum Balance $9,500,000.00
(Release) / Deposit ($1,432,355.79)
Ending Balance $9,500,000.00
Delinquencies Dollars Notes
Installments: 1 - 30 days $984,648.85 516
31 - 60 days $109,390.93 103
60+ days $156,355.63 23
Total: $1,250,395.41 531
Balances: 60+ days $335,102.96 23
- ------------------------------------------------------------------------------------------------------------------------------------
Schedule 13(b)
Navistar Financial 2000 - A Owner Trust
For the Months of November 2002 to October 2003
Fiscal Year 2003
NOTES
TOTAL CLASS A - 1 CLASS A - 2 CLASS A - 3 CLASS A - 4 CLASS B
Original Pool Amount $475,000,000.00 $84,000,000.00 $142,000,000.00 $110,000,000.00 $121,187,500.00 $17,812,500.00
Distributions:
Distribution Percentages 0.00% 0.00% 0.00% 96.25% 3.75%
Coupon 6.08% 6.82% 7.20% 7.34% 7.47%
Beginning Pool Balance $115,873,805.19
Ending Pool Balance $47,108,746.89
Collected Principal $67,407,598.75
Collected Interest $7,206,164.29
Charge - Offs $1,357,459.55
Liquidation Proceeds/Recoveries $2,249,193.74
Servicing $811,850.88
Cash Transfer from Reserve Account ($18,250.38)
Total Collections Avail for Debt Svc $76,032,855.52
Beginning Balance $115,873,805.19 $0.00 $0.00 $0.00 $108,378,537.51 $7,495,267.88
Interest Due $5,967,038.03 $0.00 $0.00 $0.00 $5,504,313.32 $462,724.71
Interest Paid $5,967,038.03 $0.00 $0.00 $0.00 $5,504,313.32 $462,724.71
Principal Due $68,765,058.30 $0.00 $0.00 $0.00 $66,186,368.62 $2,578,689.68
Principal Paid $68,765,058.30 $0.00 $0.00 $0.00 $66,186,368.62 $2,578,689.68
Ending Balance $47,108,746.89 $0.00 $0.00 $0.00 $42,192,168.89 $4,916,578.20
Note / Certificate Pool Factor
(Ending Balance/Original Pool Amt) 0.0000 0.0000 0.0000 0.348156 0.276018
Total Distributions $74,732,096.33 $0.00 $0.00 $0.00 $71,690,681.94 $3,041,414.39
Interest Shortfall $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Principal Shortfall $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Total Shortfall $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
(required from Reserve)
Excess Servicing $1,319,009.47
(see Memo Item - Reserve Account)
Beginning Reserve Acct Balance $10,932,355.79
Investment Income Earned
during the period $113,346.32
Transfer from/(to) collections Account $0.00
(Release) / Draw ($1,432,355.79)
Ending Reserve Acct Balance $9,500,000.00
Total Outstanding Servicer Advances $10,951,799.50
Note: Ending principal balance includes the effect of the November distribution for the October period.
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Schedule 13(b)
Navistar Financial 2000 - A Owner Trust
For the Months of November 2002 to October 2003
Fiscal Year 2003
At each Distribution Date, an annualized loss percentage is computed. If the
annualized percentage exceeds 1.5%, any monthly excess servicing is transferred
to the reserve account to 10.0% of the ending receivable balance. When the
annualized loss percentage falls to or below 1.5%, the reserve account
requirement returns to the greater of the specified target amount or the
specified minimum balance.
The annualized 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 2002 -2.1009% May 2003 -0.6178%
December 2002 -1.8523% June 2003 -0.8829%
January 2003 -0.2676% July 2003 -1.4719%
February 2003 -0.6854% August 2003 -0.9966%
March 2003 -0.1702% September 2003 -0.6730%
April 2003 -0.4751% October 2003 -0.5200%
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 2002 1.04356% May 2003 1.08236%
December 2002 1.14801% June 2003 1.13796%
January 2003 1.25332% July 2003 0.98606%
February 2003 1.35683% August 2003 0.86830%
March 2003 1.22971% September 2003 1.08474%
April 2003 1.19160% October 2003 1.07726%
====================================================================================================================================
Schedule 13(c)
Navistar Financial 2000 - B Owner Trust
For the Months of November 2002 to October 2003
Fiscal Year 2003
Closing Date 11/1/2000
Original Pool Amount $764,710,097.53
Beginning Pool Balance as of 11/1/02 $211,064,890.06
Beginning Pool Factor as of 11/1/02 0.2760064
Principal and Interest Collections:
Principal Collected (Including Servicer Advance Repay) $111,234,255.34
Interest Collected $15,015,176.06
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds / Recoveries $7,561,842.26
Total Additional Deposits $7,561,842.26
Repos / Chargeoffs $5,476,006.63
Aggregate Number of Notes Charged Off 2,370
Total Available Funds $131,222,179.23
Ending Pool Balance as of 10/31/03 $96,943,722.52
Ending Pool Factor as of 10/31/03 0.1267719
Servicing Fee 1,531,095.71
Repayment of Servicer Advances $2,589,094.43
Memo Item - Reserve Account
Opening Balance $15,294,201.95
Investment Income Earned during the Year $170,201.59
Excess Servicing $5,164,222.61
Transfer from/(to) Collections Account $0.00
Beginning Balance $20,628,626.15
Reserve Account:
Beginning Balance (see Memo Item) $20,628,626.15
Target Percentage 5.50%
Target Balance $5,331,904.74
Minimum Balance $15,294,201.95
(Release) / Deposit ($5,334,424.21)
Ending Balance $15,294,201.95
Delinquencies Dollars Notes
Installments: 1 - 30 days $1,150,420.77 961
31 - 60 days $333,016.81 247
60+ days $186,985.83 58
Total: $1,670,423.41 982
Balances: 60+ days $1,109,882.99 58
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Schedule 13(c)
Navistar Financial 2000 - B Owner Trust
For the Months of November 2002 to October 2003
Fiscal Year 2003
NOTES
TOTAL CLASS A - 1 CLASS A - 2 CLASS A - 3 CLASS A - 4 CLASS B
Original Pool Amount $764,710,097.53 $140,000,000.00 $232,400,000.00 $184,900,000.00 $178,733,000.00 $28,677,097.53
Distributions:
Distribution Percentages 0.00% 0.00% 16.79% 79.46% 3.75%
Coupon 6.73% 6.66% 6.67% 6.78% 7.03%
Beginning Pool Balance $211,064,890.06
Ending Pool Balance $96,943,722.52
Collected Principal $108,645,160.91
Collected Interest $15,015,176.06
Charge - Offs $5,476,006.63
Liquidation Proceeds/Recoveries $7,561,842.26
Servicing $1,531,095.71
Cash Transfer from Reserve Account ($148,134.30)
Total Collections Avail for
Debt Service $129,542,949.22
Beginning Balance $211,064,890.06 $0.00 $0.00 $19,166,487.79 $178,733,000.00 $13,165,402.26
Interest Due $10,405,693.41 $0.00 $0.00 $158,599.91 $9,474,350.42 $772,743.08
Interest Paid $10,405,693.41 $0.00 $0.00 $158,599.91 $9,474,350.42 $772,743.08
Principal Due $114,121,167.54 $0.00 $0.00 $19,166,487.79 $90,675,135.94 $4,279,543.80
Principal Paid $114,121,167.54 $0.00 $0.00 $19,166,487.79 $90,675,135.94 $4,279,543.80
Ending Balance $96,943,722.52 $0.00 $0.00 $0.00 $88,057,864.06 $8,885,858.46
Note / Certificate Pool Factor 0.0000 0.0000 0.00000 0.4927 0.30986
(Ending Balance/Original Pool Amt)
Total Distributions $124,526,860.95 $0.00 $0.00 $19,325,087.70 $100,149,486.36 $5,052,286.88
Interest Shortfall $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Principal Shortfall $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Total Shortfall $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
(required from Reserve)
Excess Servicing $5,164,222.61
(see Memo Item-Reserve Acct)
Beginning Reserve Acct Balance $20,628,626.15
Investment Income Earned
during the period $170,201.59
Transfer from/(to) collections Acct $0.00
(Release) / Draw ($5,334,424.21)
Ending Reserve Acct Balance $15,294,201.95
Total Outstanding Srvcr Advance $14,659,707.59
Note: Ending principal balance includes the effect of the November distribution for the October period.
- ------------------------------------------------------------------------------------------------------------------------------------
Schedule 13(c)
Navistar Financial 2000 - B Owner Trust
For the Months of November 2002 to October 2003
Fiscal Year 2003
At each Distribution Date, an annualized loss percentage is computed. If the
annualized percentage exceeds 1.5%, any monthly excess servicing is transferred
to the reserve account to 10.0% of the ending receivable balance. When the
annualized loss percentage falls to or below 1.5%, the reserve account
requirement returns to the greater of the specified target amount or the
specified minimum balance.
The annualized 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 2002 -2.3989% May 2003 -0.3154%
December 2002 -1.9059% June 2003 -1.1213%
January 2003 0.1153% July 2003 -3.2344%
February 2003 0.8920% August 2003 -1.2576%
March 2003 1.3018% September 2003 -2.5781%
April 2003 1.2957% October 2003 -2.4310%
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 2002 1.25636% May 2003 1.61009%
December 2002 1.50438% June 2003 1.40401%
January 2003 1.74780% July 2003 1.23346%
February 2003 1.65624% August 2003 1.16613%
March 2003 1.66929% September 2003 1.20737%
April 2003 1.55288% October 2003 1.25412%
====================================================================================================================================
Schedule 13(d)
Navistar Financial 2001 - A Owner Trust
For the Months of November 2002 to October 2003
Fiscal Year 2003
Closing Date 4/27/2001
Original Pool Amount $257,155,638.25
Subsequent Closing Date 4/30/2001
Subsequent Pool Amount $53,340,411.35
Subsequent Closing Date 5/30/2001
Subsequent Pool Amount $67,396,152.49
Subsequent Closing Date 6/28/2001
Subsequent Pool Amount $22,107,022.10
Beginning Pool Balance as of 11/1/02 $183,027,900.85
Beginning Pool Factor as of 11/1/02 0.4575706
Principal and Interest Collections:
Principal Collected (Including Servicer Advance Repay) $84,944,150.99
Interest Collected $13,322,075.68
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds / Recoveries $4,829,536.14
Total Additional Deposits $4,829,536.14
Repos / Chargeoffs $3,835,343.80
Aggregate Number of Notes Charged Off 1,421
Total Available Funds $102,628,222.06
Ending Pool Balance as of 10/31/03 $94,715,946.81
Ending Pool Factor as of 10/31/03 0.2367903
Servicing Fee 1,406,106.98
Repayment of Servicer Advances $467,540.75
Memo Item - Reserve Account
Opening Balance $10,066,534.55
Investment Income Earned during the Year $89,933.42
Excess Servicing $5,496,491.02
Transfer from/(to) Collections Account $0.00
Beginning Balance $15,652,958.99
Reserve Account:
Beginning Balance (see Memo Item) $15,652,958.99
Target Percentage 5.50%
Target Balance $5,209,377.07
Minimum Balance $7,999,984.48
(Release) / Deposit ($7,652,974.48)
Ending Balance $7,999,984.51
Delinquencies Dollars Notes
Installments: 1 - 30 days $827,542.68 790
31 - 60 days $205,785.76 222
60+ days $80,989.97 54
Total: $1,114,318.41 801
Balances: 60+ days $863,814.35 54
- ------------------------------------------------------------------------------------------------------------------------------------
Schedule 13(d)
Navistar Financial 2001 - A Owner Trust
For the Months of November 2002 to October 2003
Fiscal Year 2003
NOTES
TOTAL CLASS A - 1 CLASS A - 2 CLASS A - 3 CLASS A - 4 CLASS B
Original Pool Amount $400,000,000.00 $72,500,000.00 $118,000,000.00 $100,000,000.00 $92,500,000.00 $17,000,000.00
Distributions:
Distribution Percentages 0.00% 0.00% 90.21% 5.54% 4.25%
Coupon 4.29% 4.47% 4.99% 5.42% 5.59%
Beginning Pool Balance $183,027,900.85
Ending Pool Balance $94,715,946.81
Collected Principal $84,476,610.24
Collected Interest $13,322,075.68
Charge - Offs $3,835,343.80
Liquidation Proceeds / Recoveries $4,829,536.14
Servicing $1,406,106.98
Cash Transfer from Reserve Acct $0.00
Ttl Collections Avail for Debt Svc $101,222,115.08
Beginning Balance $183,027,900.85 $0.00 $0.00 $79,667,965.06 $92,500,000.00 $10,859,935.79
Interest Due $7,422,795.97 $0.00 $0.00 $1,905,166.26 $5,013,500.06 $504,129.65
Interest Paid $7,422,795.97 $0.00 $0.00 $1,905,166.26 $5,013,500.06 $504,129.65
Principal Due $88,311,954.04 $0.00 $0.00 $79,667,965.06 $4,890,730.93 $3,753,258.05
Principal Paid $88,311,954.04 $0.00 $0.00 $79,667,965.06 $4,890,730.93 $3,753,258.05
Ending Balance $94,715,946.81 $0.00 $0.00 ($0.00) $87,609,269.07 $7,106,677.74
Note / Certificate Pool Factor 0.0000 0.0000 0.00000 0.9471 0.41804
(Ending Balance/Original Pool Amt)
Total Distributions $95,734,750.01 $0.00 $0.00 $81,573,131.32 $9,904,230.99 $4,257,387.70
Interest Shortfall $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Principal Shortfall $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Total Shortfall $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
(required from Reserve)
Excess Servicing $5,496,491.02
(see Memo Item - Reserve Acct)
Beginning Reserve Acct Balance $15,652,958.99
Investment Income Earned
during the period $89,933.42
Transfer from/(to) collections Acct $0.00
(Release)/Draw ($7,652,974.48)
Ending Reserve Acct Balance $7,999,984.51
Total Outstanding Servicer Advance $6,322,270.88
Note: Ending principal balance includes the effect of the November distribution for the October period.
- ------------------------------------------------------------------------------------------------------------------------------------
Schedule 13(d)
Navistar Financial 2001 - A Owner Trust
For the Months of November 2002 to October 2003
Fiscal Year 2003
At each Distribution Date, an annualized loss percentage is computed. If the
annualized percentage exceeds 1.5%, any monthly excess servicing is transferred
to the reserve account to 10.0% of the ending receivable balance. When the
annualized loss percentage falls to or below 1.5%, the reserve account
requirement returns to the greater of the specified target amount or the
specified minimum balance.
The annualized 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 2002 -0.1251% May 2003 0.9874%
December 2002 -0.3889% June 2003 0.7456%
January 2003 -0.0172% July 2003 -1.1333%
February 2003 0.2440% August 2003 -1.8040%
March 2003 0.0975% September 2003 -0.5910%
April 2003 0.3470% October 2003 -1.1046%
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 2002 1.06254% May 2003 1.15405%
December 2002 1.09339% June 2003 1.11807%
January 2003 1.19488% July 2003 0.99242%
February 2003 1.20129% August 2003 0.79873%
March 2003 1.15344% September 2003 0.75823%
April 2003 1.09356% October 2003 0.80109%
====================================================================================================================================
Schedule 13(e)
Navistar Financial 2001 - B Owner Trust
For the Months of November 2002 to October 2003
Fiscal Year 2003
Closing Date 11/1/2001
Original Pool Amount $292,329,093.98
Subsequent Closing Date 11/1/2001
Subsequent Pool Amount $59,897,861.72
Subsequent Closing Date 12/10/2001
Subsequent Pool Amount $117,139,017.24
Subsequent Closing Date 1/14/2002
Subsequent Pool Amount $30,633,447.04
Beginning Pool Balance as of 11/1/02 $327,232,621.99
Beginning Pool Factor as of 11/1/02 0.6544660
Principal and Interest Collections:
Principal Collected (Including Servicer Advance Repay) $142,122,910.36
Interest Collected $21,746,573.69
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds / Recoveries $7,012,638.12
Total Additional Deposits $7,012,638.12
Repos / Chargeoffs $5,925,863.65
Aggregate Number of Notes Charged Off 1,444
Total Available Funds $170,038,583.37
Ending Pool Balance as of 10/31/03 $180,027,386.78
Ending Pool Factor as of 10/31/03 0.3600552
Servicing Fee 2,379,584.99
Repayment of Servicer Advances $843,538.80
Memo Item - Reserve Account
Opening Balance $17,997,794.21
Investment Income Earned during the Year $195,115.37
Excess Servicing $10,248,023.21
Transfer from/(to) Collections Account $0.00
Beginning Balance $28,440,932.79
Reserve Account:
Beginning Balance (see Memo Item) $28,440,932.79
Target Percentage 5.50%
Target Balance $9,901,506.27
Minimum Balance $9,999,998.40
(Release) / Deposit ($18,440,944.39)
Ending Balance $9,999,988.40
Delinquencies Dollars Notes
Installments: 1 - 30 days $1,541,779.52 1,172
31 - 60 days $278,880.31 251
60+ days $106,172.21 59
Total: $1,926,832.04 1,196
Balances: 60+ days $889,855.32 59
- ------------------------------------------------------------------------------------------------------------------------------------
Schedule 13(e)
Navistar Financial 2001 - B Owner Trust
For the Months of November 2002 to October 2003
Fiscal Year 2003
NOTES
TOTAL CLASS A - 1 CLASS A - 2 CLASS A - 3 CLASS A - 4 CLASS B
Original Pool Amount $500,000,000.00 $79,638,000.00 $131,715,000.00 $179,000,000.00 $90,897,000.00 $18,750,000.00
Distributions:
Distribution Percentages 0.00% 28.58% 67.67% 0.00% 3.75%
Coupon 2.44% 2.83% 1 month LIBOR +.25% 4.37% 4.83%
Beginning Pool Balance $327,232,621.99
Ending Pool Balance $180,027,386.78
Collected Principal $141,279,371.56
Collected Interest $21,746,573.69
Charge - Offs $5,925,863.65
Liquidation Proceeds / Recoveries $7,012,638.12
Swap Payments to/(from) Trust ($2,891,481.31)
Servicing $2,379,584.99
Cash Transfer from Reserve Account $0.00
Ttl Collections Avail for Debt Svc $164,767,517.07
Beginning Balance $327,232,621.99 $0.00 $42,077,973.66 $179,000,000.00 $90,897,000.00 $15,257,648.33
Interest Due $7,098,258.65 $0.00 $207,571.38 $2,304,118.65 $3,972,198.96 $614,369.66
Interest Paid $7,098,258.65 $0.00 $207,571.38 $2,304,118.65 $3,972,198.96 $614,369.66
Principal Due $147,205,235.21 $0.00 $42,077,973.66 $99,607,065.22 $0.00 $5,520,196.33
Mandatory Prepayments Class A-1 only $0.00 $0.00
Principal Paid $147,205,235.21 $0.00 $42,077,973.66 $99,607,065.22 $0.00 $5,520,196.33
Ending Balance $180,027,386.78 $0.00 $0.00 $79,392,934.78 $90,897,000.00 $9,737,452.00
Note / Certificate Pool Factor
(Ending Balance/Original Pool Amt) 0.00000 0.00000 0.44354 1.00000 0.51933
Total Distributions $154,303,493.86 $0.00 $42,285,545.04 $101,911,183.87 $3,972,198.96 $6,134,565.99
Interest Shortfall $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Principal Shortfall $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Total Shortfall $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
(required from Reserve)
Excess Servicing $10,248,023.21
(see Memo Item - Reserve Acct)
Beginning Reserve Acct Balance $28,440,932.79
Investment Income Earned
during the period $195,115.37
Transfer from/(to) collections Acct $0.00
(Release) / Draw ($18,440,944.39)
Ending Reserve Acct Balance $9,999,988.40
Total Outstanding Servicer Advance $3,741,784.13
Note: Ending principal balance includes the effect of the November distribution for the October period.
- ------------------------------------------------------------------------------------------------------------------------------------
Schedule 13(e)
Navistar Financial 2001 - B Owner Trust
For the Months of November 2002 to October 2003
Fiscal Year 2003
At each Distribution Date, an annualized loss percentage is computed. If the
annualized percentage exceeds 1.5%, any monthly excess servicing is transferred
to the reserve account to 10.0% of the ending receivable balance. When the
annualized loss percentage falls to or below 1.5%, the reserve account
requirement returns to the greater of the specified target amount or the
specified minimum balance.
The annualized 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 2002 -0.2791% May 2003 0.9670%
December 2002 -0.3011% June 2003 0.4051%
January 2003 0.0463% July 2003 -1.6649%
February 2003 0.1230% August 2003 -1.8560%
March 2003 0.3992% September 2003 -1.5601%
April 2003 0.8902% October 2003 -0.0456%
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 2002 0.76069% May 2003 1.01373%
December 2002 0.80085% June 2003 0.88750%
January 2003 0.80261% July 2003 0.77081%
February 2003 0.79044% August 2003 0.62043%
March 2003 0.89321% September 2003 0.58141%
April 2003 0.99882% October 2003 0.52469%
- --------------------------------------------------------------------------------
Schedule 13(f)
Navistar Financial 2002 - A Owner Trust
For the Months of November 2002 to October 2003
Fiscal Year 2003
Closing Date 4/30/2002
Original Pool Amount $317,954,886.53
Subsequent Closing Date 4/30/2002
Subsequent Pool Amount $69,994,775.15
Subsequent Closing Date 5/31/2002
Subsequent Pool Amount $112,050,220.64
Beginning Pool Balance as of 11/1/02 $401,781,864.71
Beginning Pool Factor as of 11/1/02 0.8035639
Principal and Interest Collections:
Principal Collected (Including Servicer Advance Repay) $162,936,165.97
Interest Collected $24,138,393.62
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds / Recoveries $4,157,887.09
Total Additional Deposits $4,157,887.09
Repos / Chargeoffs $4,747,658.29
Aggregate Number of Notes Charged Off 873
Total Available Funds $190,448,434.91
Ending Pool Balance as of 10/31/03 $234,882,052.22
Ending Pool Factor as of 10/31/03 0.4697642
Servicing Fee 3,280,131.25
Repayment of Servicer Advances $784,011.77
Memo Item - Reserve Account
Opening Balance $22,775,583.59
Investment Income Earned during the Year $213,226.72
Excess Servicing $6,791,226.28
Transfer from/(to) Collections Account $0.00
Beginning Balance $29,780,036.59
Reserve Account:
Beginning Balance (see Memo Item) $29,780,036.59
Target Percentage 5.50%
Target Balance $12,944,397.28
Minimum Balance $9,999,997.65
(Release) / Deposit ($16,835,639.31)
Ending Balance $12,944,397.28
Delinquencies Dollars Notes
Installments: 1 - 30 days $1,293,237.93 1,135
31 - 60 days $155,481.40 173
60+ days $61,667.88 42
Total: $1,510,387.21 1,145
Balances: 60+ days $687,778.34 42
- --------------------------------------------------------------------------------
Schedule 13(f)
Navistar Financial 2002 - A Owner Trust
For the Months of November 2002 to October 2003
Fiscal Year 2003
NOTES
TOTAL CLASS A - 1 CLASS A - 2 CLASS A - 3 CLASS A - 4 CLASS B
Original Pool Amount $500,000,000.00 $73,000,000.00 $182,000,000.00 $104,000,000.00 $121,000,000.00 $20,000,000.00
Distributions:
Distribution Percentages 0.00% 94.54% 1.46% 0.00% 4.00%
Coupon 1.96% 3.07% 4.09% 4.76% 4.95%
Beginning Pool Balance $401,781,864.71
Ending Pool Balance $234,882,052.22
Collected Principal $162,152,154.20
Collected Interest $24,138,393.62
Charge - Offs $4,747,658.29
Liquidation Proceeds / Recoveries $4,157,887.09
Servicing $3,280,131.25
Cash Transfer from Reserve Account $0.00
Total Collections Avail for Debt Srv$187,168,303.66
Beginning Balance $401,781,864.71 $0.00 $157,790,590.12 $104,000,000.00 $121,000,000.00 $18,991,274.59
Interest Due $13,477,264.88 $0.00 $2,670,058.81 $4,253,600.04 $5,759,600.04 $794,005.99
Interest Paid $13,477,264.88 $0.00 $2,670,058.81 $4,253,600.04 $5,759,600.04 $794,005.99
Principal Due $166,899,812.49 $0.00 $157,790,590.12 $2,433,229.88 $0.00 $6,675,992.50
Principal Paid $166,899,812.49 $0.00 $157,790,590.12 $2,433,229.88 $0.00 $6,675,992.50
Ending Balance $234,882,052.22 $0.00 $0.00 $101,566,770.12 $121,000,000.00 $12,315,282.09
Note / Certificate Pool Factor 0.0000 0.0000 0.9766 1.0000 0.61576
(Ending Balance/Original Pool Amt)
Total Distributions $180,377,077.37 $0.00 $160,460,648.93 $6,686,829.92 $5,759,600.04 $7,469,998.49
Interest Shortfall $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Principal Shortfall $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Total Shortfall $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
(required from Reserve)
Excess Servicing $6,791,226.28
(see Memo Item - Reserve Acct)
Beginning Reserve Acct Balance $29,780,036.59
Investment Inc Earned during the period $213,226.72
Transfer from/(to) collections Acct $0.00
(Release) / Draw ($16,835,639.31)
Ending Reserve Acct Balance $12,944,397.28
Total Outstanding Servicer Advances $6,670,286.02
Note: Ending principal balance includes the effect of the November distribution for the October period.
- ------------------------------------------------------------------------------------------------------------------------------------
Schedule 13(f)
Navistar Financial 2002 - A Owner Trust
For the Months of November 2002 to October 2003
Fiscal Year 2003
At each Distribution Date, an annualized loss percentage is computed. If the
annualized percentage exceeds 1.5%, any monthly excess servicing is transferred
to the reserve account to 10.0% of the ending receivable balance. When the
annualized loss percentage falls to or below 1.5%, the reserve account
requirement returns to the greater of the specified target amount or the
specified minimum balance.
The annualized 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 s ixth, 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 2002 0.2275% May 2003 0.7774%
December 2002 0.3296% June 2003 1.2261%
January 2003 0.5062% July 2003 0.5386%
February 2003 0.2194% August 2003 -0.1507%
March 2003 0.0963% September 2003 -0.6415%
April 2003 0.3124% October 2003 -0.4679%
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 2002 0.48974% May 2003 0.63017%
December 2002 0.48425% June 2003 0.52494%
January 2003 0.51030% July 2003 0.36367%
February 2003 0.52736% August 2003 0.29498%
March 2003 0.62025% September 2003 0.28650%
April 2003 0.69863% October 2003 0.30791%
====================================================================================================================================
Schedule 13(g)
Navistar Financial 2002 - B Owner Trust
For the Months of November 2002 to October 2003
Fiscal Year 2003
Closing Date 11/19/2002
Original Pool Amount $476,822,132.57
Subsequent Closing Date 11/19/2002
Subsequent Pool Amount $141,557,526.95
Subsequent Closing Date 12/18/2002
Subsequent Pool Amount $111,641,313.30
Subsequent Closing Date 1/30/2003
Subsequent Pool Amount $94,264,588.13
Subsequent Closing Date 2/18/2003
Subsequent Pool Amount $25,713,811.37
Sum of Beginning Pool Balance as of Cut-off Date $849,999,372.32
Sum of Beginning Pool Factor as of Cut-off Date 1.0000
Principal and Interest Collections:
Principal Collected(Including Servicer Advance Repay) $328,108,599.30
Interest Collected $53,257,216.52
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds / Recoveries $5,023,471.40
Total Additional Deposits $5,023,471.40
Repos / Chargeoffs $8,805,242.05
Aggregate Number of Notes Charged Off 1,021
Total Available Funds $384,171,673.69
Ending Pool Balance as of 10/31/03 $515,303,144.50
Ending Pool Factor as of 10/31/03 0.6062394
Servicing Fee 6,701,428.21
Repayment of Servicer Advances $2,217,613.53
Memo Item - Reserve Account
Opening Balance $25,770,405.38
Investment Income Earned during the Year $381,859.64
Excess Servicing $24,984,433.37
Transfer from/(to) Collections Account $9,383,312.53
Beginning Balance $60,520,010.92
Reserve Account:
Beginning Balance (see Memo Item) $60,520,010.92
Target Percentage 5.50%
Target Balance $28,359,614.31
Minimum Balance $16,999,987.45
(Release) / Deposit ($32,160,396.61)
Ending Balance $28,359,614.31
Delinquencies Dollars Notes
Installments: 1 - 30 days $2,413,770.96 2,385
31 - 60 days $865,384.55 428
60+ days $504,208.26 110
Total: $3,783,363.77 2,439
Balances: 60+ days $2,567,734.64 110
- ------------------------------------------------------------------------------------------------------------------------------------
Schedule 13(g)
Navistar Financial 2002 - B Owner Trust
For the Months of November 2002 to October 2003
Fiscal Year 2003
NOTES
TOTAL CLASS A - 1 CLASS A - 2 CLASS A - 3a CLASS A - 3b CLASS A - 4 CLASS B
Original Pool Amount $850,000,000.00 $162,000,000.00$230,000,000.00 $215,000,000.00 $25,000,000.00 $184,000,000.00 $34,000,000.00
Distributions:
Distribution Percentages 48.40% 49.53% 0.00% 0.00% 0.00% 2.06%
Coupon 1.62% 1.92% 1 month LIBOR +.25% 2.64% 3.52% 5.27%
Beginning Pool Balance $849,999,372.32
Ending Pool Balance $515,303,144.50
Collected Principal $325,890,985.77
Collected Interest $53,257,216.52
Charge - Offs $8,805,242.05
Liquidation
Proceeds/Recoveries $5,023,471.40
Swap Payments to/
(from)Trust ($2,387,100.03)
Servicing $6,701,428.21
Cash Transfer from Reserve Acct $0.00
Ttl Collections Avail for
Debt Svc $375,083,145.45
Beginning Balance $850,000,000.00 $162,000,000.00$230,000,000.00 $215,000,000.00 $25,000,000.00 $184,000,000.00 $34,000,000.00
Interest Due $16,603,382.09 $804,109.75 $3,779,333.31 $3,580,414.04 $330,000.00 $6,404,835.52 $1,704,689.47
Interest Paid $16,603,382.09 $804,109.75 $3,779,333.31 $3,580,414.04 $330,000.00 $6,404,835.52 $1,704,689.47
Principal Due $334,696,855.50 $162,000,000.00$165,788,981.28 $0.00 $0.00 $0.00 $6,907,874.22
Principal Paid $334,696,855.50 $162,000,000.00$165,788,981.28 $0.00 $0.00 $0.00 $6,907,874.22
Ending Balance $515,303,144.50 $0.00 $64,211,018.72 $215,000,000.00 $25,000,000.00 $184,000,000.00 $27,092,125.78
Note/Certificate Pool Factor
(Ending Bal/Original Pool Amt) 0.0000 0.2792 1.0000 1.0000 1.00000 0.79683
Total Distributions $351,300,237.59 $162,804,109.75$169,568,314.59 $3,580,414.04 $330,000.00 $6,404,835.52 $8,612,563.69
Interest Shortfall $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Principal Shortfall $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Total Shortfall $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
(required from Reserve)
Excess Servicing $24,984,433.37
(see Memo Item-Reserve Acct)
Beginning Reserve
Acct Bal $60,520,010.92
transfers $9,383,312.53
Investment Income Earned
during the period $381,859.64
Transfer from/(to)
collections Acct $9,383,312.53
(Release) / Draw ($32,160,396.61)
Ending Reserve Acct Bal $28,359,614.31
Ttl Outstanding
Servicer Advance $4,726,059.61
Note: Ending principal balance includes the effect of the November distribution for the October period.
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Schedule 13(g)
Navistar Financial 2002 - B Owner Trust
For the Months of November 2002 to October 2003
Fiscal Year 2003
At each Distribution Date, an annualized loss percentage is computed. If the
annualized percentage exceeds 1.5%, any monthly excess servicing is transferred
to the reserve account to 10.0% of the ending receivable balance. When the
annualized loss percentage falls to or below 1.5%, the reserve account
requirement returns to the greater of the specified target amount or the
specified minimum balance.
The annualized 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 calendar months which are the fifth, fourth
and third calendar months preceding the calendar month immediately preceding
that Distribution Date, minus the sum of the liquidation proceeds for the
monthly periods which are the first, second and third calendar months preceding
the calendar month immediately preceding 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 calendar months preceding the calendar month immediately preceding that
Distribution Date.
The annualized loss (recovery) percentages reported at each Distribution Date
are as follows:
November 2002 N/A May 2003 0.5099%
December 2002 N/A June 2003 0.8815%
January 2003 N/A July 2003 0.8438%
February 2003 N/A August 2003 0.1615%
March 2003 0.5247% September 2003 -0.0231%
April 2003 0.3518% October 2003 0.1701%
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 2002 N/A May 2003 0.36226%
December 2002 0.14241% June 2003 0.51941%
January 2003 0.17892% July 2003 0.47884%
February 2003 0.18718% August 2003 0.41296%
March 2003 0.22412% September 2003 0.29458%
April 2003 0.30815% October 2003 0.32931%
====================================================================================================================================
Schedule 13(h)
Navistar Financial 2003 - A Owner Trust
For the Months of June 2003 to October 2003
Fiscal Year 2003
Closing Date 6/5/2003
Original Pool Amount $326,316,883.05
Subsequent Closing Date 6/5/2003
Subsequent Pool Amount $67,372,775.52
Subsequent Closing Date 7/7/2003
Subsequent Pool Amount $106,309,639.77
Beginning Pool Balance as of 6/5/03 $499,999,298.34
Beginning Pool Factor as of 6/5/03 1.0000
Principal and Interest Collections:
Principal Collected (Including Servicer Advance Repay) $95,505,119.94
Interest Collected $14,829,230.37
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds / Recoveries $686,588.88
Total Additional Deposits $686,588.88
Repos / Chargeoffs $2,079,477.85
Aggregate Number of Notes Charged Off 141
Total Available Funds $110,665,807.78
Ending Pool Balance as of 10/31/03 $402,769,831.96
Ending Pool Factor as of 10/31/03 0.8055408
Servicing Fee 1,918,934.02
Repayment of Servicer Advances $355,131.41
Memo Item - Reserve Account
Opening Balance $15,414,661.46
Investment Income Earned during the Year $84,343.32
Excess Servicing $8,243,387.89
Transfer from/(to) Collections Account $4,091,752.36
Beginning Balance $27,834,145.03
Reserve Account:
Beginning Balance (see Memo Item) $27,834,145.03
Target Percentage 5.50%
Target Balance $22,219,532.73
Minimum Balance $9,999,985.97
(Release) / Deposit ($5,614,612.30)
Ending Balance $22,219,532.73
Delinquencies Dollars Notes
Installments: 1 - 30 days $1,808,633.81 1,673
31 - 60 days $244,927.71 259
60+ days $32,241.34 23
Total: $2,085,802.86 1,674
Balances: 60+ days $462,470.12 23
- ------------------------------------------------------------------------------------------------------------------------------------
Schedule 13(h)
Navistar Financial 2003 - A Owner Trust
For the Months of June 2003 to October 2003
Fiscal Year 2003
NOTES
TOTAL CLASS A - 1 CLASS A - 2 CLASS A - 3 CLASS A - 4 CLASS B
Original Pool Amount $500,000,000.00 $85,000,000.00 $175,000,000.00 $113,000,000.00 $108,250,000.00 $18,750,000.00
Distributions:
Distribution Percentages 87.42% 12.11% 0.00% 0.00% 0.47%
Coupon 1.25% 1.31% 1.73% 2.24% 3.08%
Beginning Pool Balance $499,999,298.34
Ending Pool Balance $402,769,831.96
Collected Principal $95,149,988.53
Collected Interest $14,829,230.37
Charge - Offs $2,079,477.85
Liquidation Proceeds / Recoveries $686,588.88
Servicing $1,918,934.02
Cash Transfer from Reserve Account $0.00
Ttl Collections Avail for Debt Svc $108,746,873.76
Beginning Balance $500,000,000.00 $85,000,000.00 $175,000,000.00 $113,000,000.00 $108,250,000.00 $18,750,000.00
Interest Due $3,467,638.15 $245,549.23 $1,018,888.91 $868,844.43 $1,077,688.91 $256,666.67
Interest Paid $3,467,638.15 $245,549.23 $1,018,888.91 $868,844.43 $1,077,688.91 $256,666.67
Principal Due $97,230,168.04 $85,000,000.00 $11,771,536.74 $0.00 $0.00 $458,631.30
Principal Paid $97,230,168.04 $85,000,000.00 $11,771,536.74 $0.00 $0.00 $458,631.30
Ending Balance $402,769,831.96 $0.00 $163,228,463.26 $113,000,000.00 $108,250,000.00 $18,291,368.70
Note / Certificate Pool Factor 0.0000 0.9327 1.0000 1.0000 0.97554
(Ending Balance/Original Pool Amt)
Total Distributions $100,697,806.19 $85,245,549.23 $12,790,425.65 $868,844.43 $1,077,688.91 $715,297.97
Interest Shortfall $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Principal Shortfall $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Total Shortfall $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
(required from Reserve)
Excess Servicing $8,243,387.89
(see Memo Item - Reserve Account)
Beginning Reserve Acct Balance $27,834,145.03
Investment Income Earned
during the period $84,343.32
Transfer from/(to) collections Acct 4,091,752.36
(Release) / Draw ($5,614,612.30)
Ending Reserve Acct Balance $22,219,532.73
Total Outstanding Servicer Advances $2,601,266.55
Note: Ending principal balance includes the effect of the November distribution for the October period.
- ------------------------------------------------------------------------------------------------------------------------------------
Schedule 13(h)
Navistar Financial 2003 - A Owner Trust
For the Months of June 2003 to October 2003
Fiscal Year 2003
At each Distribution Date, an annualized loss percentage is computed. If the
annualized percentage exceeds 1.5%, any monthly excess servicing is transferred
to the reserve account to 10.0% of the ending receivable balance. When the
annualized loss percentage falls to or below 1.5%, the reserve account
requirement returns to the greater of the specified target amount or the
specified minimum balance.
The annualized 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 calendar months which are the fifth,
fourth and third calendar months preceding the calendar month immediately
preceding that Distribution Date, minus the sum of the liquidation proceeds for
the monthly periods which are the first, second and third calendar months
preceding the calendar month immediately preceding 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 calendar months preceding the calendar month immediately preceding that
Distribution Date.
The annualized loss (recovery) percentages reported at each Distribution Date are as
follows:
November 2002 N/A May 2003 N/A
December 2002 N/A June 2003 N/A
January 2003 N/A July 2003 N/A
February 2003 N/A August 2003 N/A
March 2003 N/A September 2003 N/A
April 2003 N/A October 2003 0.2987%
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 2002 N/A May 2003 N/A
December 2002 N/A June 2003 N/A
January 2003 N/A July 2003 0.15350%
February 2003 N/A August 2003 0.14032%
March 2003 N/A September 2003 0.13607%
April 2003 N/A October 2003 0.13696%
====================================================================================================================================
Schedule 13(h)
Navistar Financial 2003 - B Owner Trust
For the Month of October 2003
Fiscal Year 2003
Closing Date 10/31/2003
Original Pool Amount $354,999,927.08
Subsequent Closing Date
Subsequent Pool Amount
Beginning Pool Balance as of 10/31/03 $354,999,927.08
Beginning Pool Factor as of 10/31/03 1.0000
Principal and Interest Collections:
Principal Collected (Including Servicer Advance Repay) $10,329,041.23
Interest Collected $2,024,758.75
Additional Deposits:
Repurchase Amounts $0.00
Liquidation Proceeds / Recoveries $0.00
Total Additional Deposits $0.00
Repos / Chargeoffs $155,813.44
Aggregate Number of Notes Charged Off 5
Total Available Funds $12,353,799.98
Ending Pool Balance as of 10/31/03 $344,515,072.41
Ending Pool Factor as of 10/31/03 0.9704652
Servicing Fee 147,916.64
Repayment of Servicer Advances $0.00
Memo Item - Reserve Account
Opening Balance $14,410,364.99
Investment Income Earned during the Year $0.00
Excess Servicing $1,361,399.39
Transfer from/(to) Collections Account $0.00
Beginning Balance $15,771,764.38
Reserve Account:
Beginning Balance (see Memo Item) $15,771,764.38
Target Percentage 5.50%
Target Balance $18,948,328.98
Minimum Balance $7,099,998.54
(Release) / Deposit $0.00
Ending Balance $15,771,764.38
Delinquencies Dollars Notes
Installments 1 - 30 days $641,444.11 637
31 - 60 days $84,679.88 89
60+ days $6,427.08 7
Total: $732,551.07 637
Balances: 60+ days $448,122.71 7
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Schedule 13(h)
Navistar Financial 2003 - B Owner Trust
For the Month of October 2003
Fiscal Year 2003
NOTES
TOTAL CLASS A - 1 CLASS A - 2 CLASS A - 3 CLASS A - 4 CLASS B
Original Pool Amount $550,000,000.00 $93,400,000.00 $163,500,000.00 $160,000,000.00 $111,100,000.00 $22,000,000.00
Distributions:
Distribution Percentages 100.00% 0.00% 0.00% 0.00% 0.00%
Coupon 1.14063% 1.69% 1 month LIBOR +.20% 3.25% 3.79%
Beginning Pool Balance $354,999,927.08
Ending Pool Balance $344,515,072.41
Collected Principal $10,329,041.23
Collected Interest $2,024,758.75
Charge - Offs $155,813.44
Liquidation Proceeds / Recoveries $0.00
Swap Payments to/
(from)Trust ($72,044.04)
Servicing $147,916.64
Cash Transfer from Reserve Account $0.00
Total Collections Avail for Debt Srv$12,296,616.35
Beginning Balance $550,000,000.00 $93,400,000.00 $163,500,000.00 $160,000,000.00 $111,100,000.00 $22,000,000.00
Interest Due $450,362.29 $50,308.12 $115,131.25 $99,733.33 $150,447.92 $34,741.67
Interest Paid $450,362.29 $50,308.12 $115,131.25 $99,733.33 $150,447.92 $34,741.67
Principal Due $10,484,854.67 $10,484,854.67 $0.00 $0.00 $0.00 $0.00
Principal Paid $10,484,854.67 $10,484,854.67 $0.00 $0.00 $0.00 $0.00
Ending Balance $539,515,145.33 $82,915,145.33 $163,500,000.00 $160,000,000.00 $111,100,000.00 $22,000,000.00
Note / Certificate Pool Factor 0.8877 1.0000 1.0000 1.0000 1.00000
(Ending Balance / Original Pool Amt)
Total Distributions $10,935,216.96 $10,535,162.79 $115,131.25 $99,733.33 $150,447.92 $34,741.67
Interest Shortfall $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Principal Shortfall $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Total Shortfall $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
(required from Reserve)
Excess Servicing $1,361,399.39
(see Memo Item - Reserve Acct)
Beginning Reserve Acct Balance $15,771,764.38
Investment Income Earned during the period $0.00
Transfer from/(to) collections Acct $0.00
(Release) / Draw $0.00
Ending Reserve Acct Balance $15,771,764.38
Total Outstanding Servicer Advances $862,096.37
Note: Ending principal balance includes the effect of the November distribution for the October period.
- ------------------------------------------------------------------------------------------------------------------------------------
Navistar Financial 2003 - B Owner Trust
For the Period 10/31/03 through 11/16/03
Pre-Funding Account:
Beginning Balance 10/31/03 $195,000,072.92
Plus: Investment Earnings $0.00
Less:xx/xx/xx Transfer to Seller (N/A) $0.00
Less: Investment Earnings to Collection Account $0.00
Ending Balance 11/16/03 $195,000,072.92
Negative Carry Account:
Beginning Balance 10/31/03 $1,337,058.37
Plus: Investment Earnings $0.00
Less: 11/14/03 Negative Carry Amount to Collections Account $162,777.04
Less: Investment Earnings Distributed to Seller $0.00
------------------------
Subtotal $1,174,281.33
Less: Required Negative Carry Account Balance $1,174,281.33
------------------------
Subtotal: Excess, if any, over the Required Negative Carry Acct Balance N/A
Less: Excess released to Seller on 11/17/03 $0.00
Ending Account Balance 11/17/03 $1,174,281.33
========================
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Schedule 13(h)
Navistar Financial 2003 - B Owner Trust
For the Month of October 2003
Fiscal Year 2003
At each Distribution Date, an annualized loss percentage is computed. If the
annualized percentage exceeds 1.5%, any monthly excess servicing is transferred
to the reserve account to 10.0% of the ending receivable balance. When the
annualized loss percentage falls to or below 1.5%, the reserve account
requirement returns to the greater of the specified target amount or the
specified minimum balance.
The annualized 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 calendar months which are the fifth,
fourth and third calendar months preceding the calendar month immediately
preceding that Distribution Date, minus the sum of the liquidation proceeds for
the monthly periods which are the first, second and third calendar months
preceding the calendar month immediately preceding 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 calendar months preceding the calendar month immediately preceding that
Distribution Date.
The annualized loss (recovery) percentages reported at each Distribution
Date are as follows:
November 2002 N/A May 2003 N/A
December 2002 N/A June 2003 N/A
January 2003 N/A July 2003 N/A
February 2003 N/A August 2003 N/A
March 2003 N/A September 2003 N/A
April 2003 N/A October 2003 N/A
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 2002 N/A May 2003 N/A
December 2002 N/A June 2003 N/A
January 2003 N/A July 2003 N/A
February 2003 N/A August 2003 N/A
March 2003 N/A September 2003 N/A
April 2003 N/A October 2003 N/A
====================================================================================================================================