Asset Backed Issuer Distribution Report (Form 10 D)

Distribution Date:

Collection Period:

Accrual Period:

Beginning Pool Balance of the Collection Period

Collateral Pledged (Subsequent Receivables Acquired in Collection Period)

Collateral Takeout & Unwinds

Principal Collections

Total collections allocable to principal & Units Paid in Full

Purchased Receivables & receivables purchased pursuant to Receivables Contribution Agreement

Charged-Off Losses (Gross)

Charged-off Losses (system current period)

Ending Pool Balance of the Collection Period {(1) + (2) minus sum of [(3), (5), (6), (8)]}

Interest, Fees and Recoveries for the Collection Period

Collections allocable to interest

Collections from Recoveries

All other amounts and fees received and not allocable to principal

Total non-Principal Collections {sum of [(10) through (12)]}

Original Pool Balance as of Cutoff Date

The Pool Factor as of the close of business on the last day set forth above {(9) / (14)}

II. Overcollateralization and Principal Calculations

Overcollateralization in Dollars

Target Overcollateralization Amount (Greater of)

(i) 19.50% of the Pool Balance as of the end of the Collection Period

(ii) 3.25% of the Pool Balance as of the Cutoff Date

Beginning of Period AAA through BB Note Balance {sum of (27:33)}

Ending Collateral Balance {(9)}

Overcollateralization Target Amount {(17)}

Required ProForma Note Balance {(21) minus (22)}

Excess

Total amount allocated to principal

Class

Class A Notes

Class A-1

Class A-2

Class A-3

Class B

Class C

Class D

Class E

III. Reserve Account Reconciliations

Specified Reserve Account Amount {(14) * 1.50%}

Aggregate Note Balance after all distributions {sum of (27:33)}

Specified Reserve Amount {Lesser of (34),(35)}

Beginning of Period Reserve Account Balance

Amount withdrawn from the Reserve Account

Amount deposited to the Reserve Account

Ending Reserve Account Balance {(37) minus (38) + (39)}

Aggregate Gross Charged-Off Receivables losses as of the last day of the previous Collection Period

Gross Charged-Off Receivables losses occurring in current Collection Period {(8)}

Aggregate Gross Charged-Off Receivables losses as of the last day of the current Collection Period

The aggregate amount of Liquidation Proceeds as of the last day of the previous Collection Period

Gross Liquidation Proceeds occurring in the current Collection Period {(11)}

Less Net Liquidation Expenses incurred in the current Collection Period

The aggregate amount of Liquidation Proceeds as of the last day of the current Collection Period

The aggregate amount of Net Charged-Off Receivables losses as of the last day of the previous Collection Period

Net Charged-Off Receivables losses occurring in current Collection Period {(42)-(sum of (45) and (46))}

The aggregate amount of Net Charged-Off Receivables losses as of the last day of the current Collection Period

Net Losses in Third Preceding Collection Period

Net Losses in Second Preceding Collection Period

Net Losses in First Preceding Collection Period

Net Losses in Current Collection Period

Delinquency Data

Receivables greater than 60 days delinquent at end of Collection Period

Delinquency Trigger Rate (based on Current Collection Period)

(57)

(58)

(59)

(60)

(61)

(62)

(63)

(64)

(65)

(66)

(67)

Total number of receivables in Grantor Trust at beginning of Collection Period (C)

(68)

(69)

(70)

(71)

Collections allocable to principal {(5)}

(72)

Current Period Liquidation Proceeds Gross of Servicer Liquidation Reimbursements {(11)}

(73)

Purchased Receivables & receivables purchased pursuant to Receivables Contribution Agreement, Section 4.1

(74)

Purchase Amount for Collateral Takeouts & Unwinds

(75)

(76)

Collections allocable to interest {(10)}

(77)

Collections allocable to Supplemental Servicing Fees {(12)}

(78)

Total Collected Interest and Supplemental Servicing Fees {sum of (76) and (77)}

(79)

(80)

(81)

Amount deposited to Collection Account {sum of [(75), (78), (79), (80)]}

Class

(82)

(83)

(84)

(85)

(86)

(87)

(88)

VII. Cash Distributions for Activity in Collection Period (Waterfall)

Total Deposited to Collection Account

Supplemental Servicing Fees

Servicer Liquidation Reimbursements

Available Funds

Servicing Fee

Supplemental Servicing Fees unpaid from prior periods

Standby Servicer Fees and Expenses (including any unpaid from prior periods)

Class A Note Interest (for insufficient funds, paid pro-rata across Class A Notes based on interest due to each class of Class A Notes)

First Allocation of Principal pursuant to 8.2(b) of Indenture

Class B Note Interest

Second Allocation of Principal pursuant to 8.2(b) of Indenture

Class C Note Interest

Third Allocation of Principal pursuant to 8.2(b) of Indenture

Class D Note Interest

Fourth Allocation of Principal pursuant to 8.2(b) of Indenture

Class E Note Interest

Fifth Allocation of Principal pursuant to 8.2(b) of Indenture

Reserve Account (amount required to fund Reserve Account up to the Specified Reserve Account Balance)

Regular Allocation of Principal pursuant to 8.2(b) of Indenture

Unpaid Fees due to:

Indenture Trustee (in excess of annual cap)

Owner Trustee (in excess of annual cap)

Grantor Trust Trustee (in excess of annual cap)

Standby Servicer Fees and Expenses (in excess of annual cap)

Asset Representations Reviewer

Certficateholders, pro-rata based on Percentage Interest of each Certficateholder

\s\ Daniel Gaudreau