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ANNUAL AGGREGATE CERTIFICATEHOLDERS STATEMENT
MELLON BANK PREMIUM FINANCE LOAN MASTER TRUST SERIES 2004-1
ANNUAL PERIOD ENDING
DECEMBER 31, 2006
 1. Investor Interest as of December 31, 2006Class A
    
    $
    513,700,000.00Class B
    
    $
    22,341,000.00Class C
    
    $
    13,959,000.00Class D Certificate
    
    $
    8,375,000.00Total Investor Interest
    
    $
    558,375,000.002. 3- Month LIBOR as per reset dates:March 13, 2006
    
    
    4.91000
    %June 13, 2006
    
    
    5.32938
    %September 13, 2006
    
    
    5.39000
    %December 13, 2006
    
    
    5.36000
    %3. Determination of Certificate Rates:a) Class A: 3-Month LIBOR plus 16 basis pointsb) Class B: 3-Month LIBOR plus 42 basis pointsc) Class C: 3-Month LIBOR plus 77 basis pointsd) As Per Loan Agreement4. Servicing Fee Rate
    
    
    0.50000
    %5. Receivable Balances as of December 31, 2006Aggregate Receivables
    
    $
    1,118,597,758.69Finance Charge Receivables
    
    $
    22,237,708.73Principal Receivables
    
    $
    1,096,360,049.966. Annual Servicers Fee
    
    $
    2,791,875.007. Aggregate Investor Default Amount
    
    $
    237,177.278. Floating Investor Interest as of December 31, 2006
    
    
    50.92989
    %9. Transferor Interest as of December 31, 2006
    
    $
    537,985,049.9610. 2006 Aggregate Collections(a) Principal Receivables
    
    $
    2,902,595,298.09(b) Finance Charge Receivables (inc. net recoveries, if any)
    
    $
    86,923,495.45(c) Principal and Finance Charge Receivables
    
    $
    2,989,518,793.54(d) Late Charges
    
    $
    7,854,478.56(e) Total Collections
    
    $
    2,997,373,272.1011. Delinquencies as of December 31, 2006(a) 30 days delinquent
    
    $
    1,486,705.61(b) 60 days delinquent
    
    $
    2,724,345.69(c) 90 days delinquent
    
    $
    1,101,346.17(d) 120 + days delinquent
    
    $
    1,719,638.91(e) Total 30 + days delinquent
    
    $
    7,032,036.3812. 2006 Aggregate Default Amount
    
    $
    465,693.64




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13. AFCO is Servicer
    
    Yes14. 2006 Aggregate Allocation and Application of Collections:(a) Class A Available Funds
    
    $
    44,408,262.82(b) Class A Optimal Interest
    
    $
    27,372,707.27(c) Class A Monthly Interest
    
    $
    27,372,707.27(d) Class A Deficiency Amount
    
    $
    (e) Class A Additional Interest
    
    $
    (f) Class A Servicing Fee
    
    $
    2,568,500.00(g) Unpaid Class A Servicing from prior periods
    
    $
    (h) Class A Investor Default Amount
    
    $
    218,200.97(i) Class A contribution to Excess Spread
    
    $
    14,248,854.59(j) Class B Available Funds
    
    $
    1,931,331.52(k) Class B Optimal Interest
    
    $
    1,249,181.01(l) Class B Monthly Interest
    
    $
    1,249,181.01(m) Class B Deficiency Amount
    
    $
    (n) Class B Additional Interest
    
    $
    (o) Class B Servicing Fee
    
    $
    111,705.00(p) Unpaid Class B Servicing from prior periods
    
    $
    (q) Class B contribution to Excess Spread
    
    $
    570,445.51(r) Class C Available Funds
    
    $
    1,206,725.60(s) Class C Servicing Fee (if NOT AFCO)
    
    $
    (t) Class C Interest contribution to Excess Spread
    
    $
    1,206,725.60(u) Total Excess Spread
    
    $
    16,026,025.69(v) Class A Required Amount
    
    $
    (w) Unreimbursed Class A Investor Charge-Offs
    
    $
    (x) Class B Required Amount
    
    $
    9,489.64(includes Class B Investor Default Amount)(y) Unreimbursed Class B Investor Charge-Offs
    
    $
    (z) Class C Monthly Interest
    
    $
    829,906.83(aa) Coll. Int. Svcg Fee (if AFCO)
    
    $
    69,795.00(ab) Collateral Interest Default Amount
    
    $
    5,929.27(ac) Unreimbursed Collateral Interest Charge-Offs
    
    $
    (ad) Reserve Account Funding Date            month
    
    Sep-06(ae) Reserve Fund Cap
    
    
    0.30
    %(af) Required Reserve Account Amount
    
    $
    1,675,125.00(ag) Reserve Account Balance
    
    $
    1,675,125.00(ah) Payable under the Loan Agreement
    
    $
    (ai) Class A Shortfall Amount
    
    $
    (aj) Class B Shortfall Amount
    
    $
    
 MELLON BANK, N.A., as Master ServicerBy
    /s/ James L. JourdainName:
    James L. JourdainTitle:
    Vice President
Mellon Bank, N.A.