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Sein recently reviewed the performance and structural integrity of all outstanding AMCAR securitizations and found the following:

• Excess spread of each transaction is initially quite large and deteriorates over time as each transaction seasons. With early excess spread being applied as extra principal to either maintain or build the specified overcollateralization percentage
• Reserve Accounts are always fully funded
• Cumulative losses are well within our expected base loss assumption of 11%
• Structural protections of the trusts; Accelerated Principal Amount, Reserve Account and Principal Parity Amount (PPA) have proven resilient with respect to the performance of underlying collateral