# EDGAR Filing Document

**Accession Number:** 0001820728
**File Stem:** 0000950170-23-003522
**Filing Date:** 2023-2
**Character Count:** 20926
**Document Hash:** 46cfa36f3bd38b8969a3210cd7c5f95d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950170-23-003522.hdr.sgml**: 20230222

**ACCESSION NUMBER**: 0000950170-23-003522

**CONFORMED SUBMISSION TYPE**: 10-D

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20230131

**FILED AS OF DATE**: 20230222

**DATE AS OF CHANGE**: 20230221

**ABS ASSET CLASS**: Auto loans

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Honda Auto Receivables 2020-3 Owner Trust
- **CENTRAL INDEX KEY:** 0001820728
- **STANDARD INDUSTRIAL CLASSIFICATION:** ASSET-BACKED SECURITIES [6189]
- **IRS NUMBER:** 856351381
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** 10-D
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-228592-07
- **FILM NUMBER:** 23650194

**BUSINESS ADDRESS:**
- **STREET 1:** 1919 TORRANCE BLVD
- **STREET 2:** C/O AMERICAN HONDA RECEIVABLES LLC
- **CITY:** TORRANCE
- **STATE:** CA
- **ZIP:** 90501
- **BUSINESS PHONE:** 3109722511

**MAIL ADDRESS:**
- **STREET 1:** 1919 TORRANCE BLVD
- **STREET 2:** C/O AMERICAN HONDA RECEIVABLES LLC
- **CITY:** TORRANCE
- **STATE:** CA
- **ZIP:** 90501

------

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

------

**FORM 10-D**

------

**ASSET-BACKED ISSUER**

**DISTRIBUTION REPORT PURSUANT TO SECTION 13 OR 15(d) OF** 

**THE SECURITIES EXCHANGE ACT OF 1934**

For the monthly distribution period from January 1, 2023 through January 31, 2023

------

**333-228592-07**

**(Commission File Number of issuing entity)**

**0001820728**

**(Central Index Key Number of issuing entity)**

**Honda Auto Receivables 2020-3 Owner Trust**

**(Exact name of issuing entity as specified in its charter)**

**333-228592**

**(Commission File Number of depositor)**

**0000890975**

**(Central Index Key Number of depositor)**

**American Honda Receivables LLC**

**(Exact name of depositor as specified in its charter)**

**0000864270**

**(Central Index Key Number of sponsor)**

**American Honda Finance Corporation**

**(Exact name of sponsor as specified in its charter)**

**Glenn Yamamoto, Phone: (310) 972-2511**

**(Name and telephone number, including area code, of the person to contact in connection with this filing)**

---

| | |
|:---|:---|
| **Delaware** | **85-6351381** |
| **(State or other jurisdiction of organization**<br>**of the issuing entity)** | **(I.R.S Employer Identification No.)** |
| **c/o American Honda Receivables LLC** |  |
| **1919 Torrance Blvd** |  |
| **Torrance, CA** | **90501** |
| **(Address of principal executive offices of the issuing entity)** | **(Zip Code)** |

---

**(310) 972-2511**

**(Telephone number, including area code)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Registered/reporting pursuant to (check one) | Registered/reporting pursuant to (check one) | Registered/reporting pursuant to (check one) | Name of exchange |
| Title of Class | Section 12(b) | Section 12(g) | Section 15(d) | (If Section 12(b)) |
| Class A-1 | ☐ | ☐ | ☒ | ☐ |
| Class A-2 | ☐ | ☐ | ☒ | ☐ |
| Class A-3 | ☐ | ☐ | ☒ | ☐ |
| Class A-4 | ☐ | ☐ | ☒ | ☐ |

---

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 (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

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**PART I – DISTRIBUTION INFORMATION**

**Item 1. Distribution and Pool Performance Information.**

Distribution and pool performance information with respect to the receivables that comprise the assets of the Honda Auto Receivables 2020-3 Owner Trust is set forth in the Servicer's Certificate and Monthly Servicer Report for the February 21, 2023 distribution date, attached as Exhibit 99.1.

The securitizer reports that, with respect to the receivables that comprise the assets of the Honda Auto Receivables 2020-3 Owner Trust, there is no activity to report as no receivables were the subject of a demand to repurchase or replace for breach of a representation and warranty for the distribution period January 1, 2023 through January 31, 2023. The securitizer filed its most recent Form ABS-15G on January 11, 2023. The CIK number of the securitizer is 0000864270.

**Item 1A. Asset-Level Information.** 

Incorporated by reference into this Form 10-D is the asset level data included in Exhibit 102 to the Form ABS-EE filed by the issuing entity on the date hereof (the "ABS-EE").

The additional asset-level information or explanatory language for the asset pool of the issuing entity included in Exhibit 103 to the Form ABS-EE is also incorporated by reference into this Form 10-D.

**Item 1B. Asset-Representation Reviewer and Investor Communication Information.** 

None

**PART II – OTHER INFORMATION**

**Item 2. Legal Proceedings.**

None

**Item 3. Sales of Securities and Use of Proceeds.**

None

**Item 4. Defaults Upon Senior Securities.**

None

**Item 5. Submission of Matters to a Vote of Security Holders.**

None

**Item 6. Significant Obligors of Pool Assets.**

None

**Item 7. Change in Sponsor Interest in the Securities.**

None

**Item 8. Significant Enhancement Provider Information.**

None

**Item 9. Other Information.**

None

**Item 10. Exhibits.**

(a)The Following is a list of documents filed as part of this Report on Form 10-D

[<u>Exhibit 99.1 – Servicer's Certificate and Monthly Servicer Report</u>](na-ex99_1.htm)

[<u>Exhibit 102 – Asset Data File (Incorporated by reference to Exhibit 102 to Form ABS-EE filed by the issuing entity)</u>](https://www.sec.gov/Archives/edgar/data/890975/000095013123000644/harot203ex102_0217-1319.xml)

[<u>Exhibit 103 – Asset Related Document (Incorporated by reference to Exhibit 103 to Form ABS-EE filed by the issuing entity)</u>](https://www.sec.gov/Archives/edgar/data/890975/000095013123000644/harot203ex103_0217-1318.xml)

(b)The exhibits required to be filed by the Registrant pursuant to Item 601 of Regulation S-K (17 CFR 229.601) are listed above

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**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.

---

| | |
|:---|:---|
| **Honda Auto Receivables 2020-3 Owner Trust** | **Honda Auto Receivables 2020-3 Owner Trust** |
| **By: American Honda Finance Corporation, as Servicer** | **By: American Honda Finance Corporation, as Servicer** |
| By: | /s/ Paul C. Honda |
|  | Paul C. Honda |
|  | Vice President–Finance & Administration and Assistant Secretary |

---

Date: February 21, 2023

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## Ex-99

**Exhibit 99.1**

SERVICER'S CERTIFICATE

AMERICAN HONDA FINANCE CORPORATION

MONTHLY SERVICER REPORT -- Honda Auto Receivables 2020-3 Owner Trust <br> Collection Period: January 1, 2023 through January 31, 2023

---

| | | |
|:---|:---|:---|
| Deal Age | 29 | Determination Date: 02/13/2023 |
| Actual/360 Days | 34 | Record Date: 02/20/2023 |
| 30/360 Days | 30 | Payment Date: 02/21/2023 |

---

**ORIGINAL DEAL PARAMETERS**

---

| | | |
|:---|:---|:---|
|  | **Dollar Amount** | **Number of Receivables** |
| Total Portfolio Balance | $2159298062.37 | 111971 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Accrual Basis** | **Dollar Amount** | **% of Pool** | **Interest Rate** | **Final Scheduled <br>Maturity Date** |
| Class A-1 Notes | Actual/360 | $504000000.00 | 23.34% | 0.189% | October 18, 2021 |
| Class A-2 Notes | 30/360 | $724000000.00 | 33.53% | 0.270% | February 21, 2023 |
| Class A-3 Notes | 30/360 | $724000000.00 | 33.53% | 0.370% | October 18, 2024 |
| Class A-4 Notes | 30/360 | $153264000.00 | 7.10% | 0.460% | April 19, 2027 |
| Certificates | 30/360 | $54034062.37 | 2.50% | 0.000% |  |
| Total Securities Balance |  | $2159298062.37 |  |  |  |
| Total Note Balance |  | $2105264000.00 |  |  |  |
| Reserve Account Initial Deposit |  | $10796490.31 |  |  |  |
| Yield Supplement Account Deposit |  | $49178013.96 |  |  |  |

---

**COLLECTIONS**

---

| | |
|:---|:---|
| Interest Collections |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Simple Interest Collections | $1330330.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest Related to Repurchased Receivables | $0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest Advance for simple Interest - Net \* | $0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Interest Collections | $1330330.07 |

---

---

| |
|:---|
| \* Advances are reimbursed (including non-recoverable advances of $0.00): |
| (i) from subsequent payments, liquidation proceeds and servicer repurchase payments in respect of the related obligor, and |
| (ii) to the extent amounts in clause (i) are insufficient, generally from interest (with respect to interest advances). |

---

---

| | |
|:---|:---|
| Principal Collections |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Principal Collections | $27796512.72 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepayments in Full | $6654385.75 |
| &nbsp;&nbsp;&nbsp;&nbsp;Liquidation Proceeds | $28197.77 |
| &nbsp;&nbsp;&nbsp;&nbsp;Principal Related to Repurchased Receivables | $0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;Recoveries from Prior Month Charge Offs | $57649.45 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Principal Collections | $34536745.69 |
| Total Interest and Principal Collections | $35867075.76 |
| Yield Supplement Deposit | $582902.45 |
| Collection Account Investment Earnings | $0.00 |
| Total Available Amount | $36449978.21 |

---

------

SERVICER'S CERTIFICATE

AMERICAN HONDA FINANCE CORPORATION

MONTHLY SERVICER REPORT -- Honda Auto Receivables 2020-3 Owner Trust <br> Collection Period: January 1, 2023 through January 31, 2023

---

| | | |
|:---|:---|:---|
| Deal Age | 29 | Determination Date: 02/13/2023 |
| Actual/360 Days | 34 | Record Date: 02/20/2023 |
| 30/360 Days | 30 | Payment Date: 02/21/2023 |

---

**DISTRIBUTIONS**

---

| | | | | |
|:---|:---|:---|:---|:---|
| Note Percentage | 100.00% |  |  |  |
| Certificate Percentage | 0.00% | **Amount Due** | **Amount Paid** | **Shortfall** |
| Total Servicing Fee | 1.00% | $445437.92 | $445437.92 | $0.00 |
| Trustee Fees |  | $0.00 | $0.00 | $0.00 |
| Asset Representations Reviewer Fees (Accrued & Unpaid) | Asset Representations Reviewer Fees (Accrued & Unpaid) |  | $0.00 |  |
| Interest - Class A-1 Notes |  | $0.00 | $0.00 | $0.00 |
| Interest - Class A-2 Notes |  | $0.00 | $0.00 | $0.00 |
| Interest - Class A-3 Notes |  | $100895.13 | $100895.13 | $0.00 |
| Interest - Class A-4 Notes |  | $58751.20 | $58751.20 | $0.00 |
| Total Monthly Interest |  | $159646.33 | $159646.33 | $0.00 |
| Principal - Class A-1 Notes |  | $0.00 | $0.00 | $0.00 |
| Principal - Class A-2 Notes |  | $0.00 | $0.00 | $0.00 |
| Principal - Class A-3 Notes |  | $34558528.01 | $34558528.01 | $0.00 |
| Principal - Class A-4 Notes |  | $0.00 | $0.00 | $0.00 |
| Total Monthly Principal |  | $34558528.01 | $34558528.01 | $0.00 |
| Interest - Certificates |  | $0.00 | $0.00 | $0.00 |
| Principal - Certificates |  | $0.00 | $0.00 | $0.00 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Available to Deposit** | **Reserve Deposit** | **Reserve Draw** | **Excess Released** | **Released to Seller** |
| Reserve Account Deposit | $1286365.95 | $0.00 | $0.00 | $0.00 | $1286365.95 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Noteholder/Certificateholder Distributions <br>(Per $1000 of Original Principal Amount)** | **Fee** | **Interest** | **Interest<br>Shortfall** | **Principal** | **Principal<br>Shortfall** | **Amount<br>Distributed** |
| Servicing Fee | $0.21 |  |  |  |  | $445437.92 |
| Trustee Fees |  |  |  |  |  | $0.00 |
| Asset Representation Reviewer Fees | Asset Representation Reviewer Fees |  |  |  |  | $0.00 |
| Class A-1 Notes |  | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Class A-2 Notes |  | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Class A-3 Notes |  | $0.14 | $0.00 | $47.73 | $0.00 | $34659423.14 |
| Class A-4 Notes |  | $0.38 | $0.00 | $0.00 | $0.00 | $58751.20 |
| Certificates |  | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |

---

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SERVICER'S CERTIFICATE

AMERICAN HONDA FINANCE CORPORATION

MONTHLY SERVICER REPORT -- Honda Auto Receivables 2020-3 Owner Trust <br> Collection Period: January 1, 2023 through January 31, 2023

---

| | | |
|:---|:---|:---|
| Deal Age | 29 | Determination Date: 02/13/2023 |
| Actual/360 Days | 34 | Record Date: 02/20/2023 |
| 30/360 Days | 30 | Payment Date: 02/21/2023 |

---

**POOL DATA**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Proceeding Month** | **Proceeding Month** |  |  |  |  |
|  | **Carryover Shortfall** | **Carryover Shortfall** | **Beginning of Period** | **Beginning of Period** | **End of Period** | **End of Period** |
|  | **Interest** | **Principal** | **Balance** | **Note Factor** | **Balance** | **Note Factor** |
| Class A-1 Notes | $0.00 | $0.00 | $0.00 | 0.0000000 | $0.00 | 0.0000000 |
| Class A-2 Notes | $0.00 | $0.00 | $0.00 | 0.0000000 | $0.00 | 0.0000000 |
| Class A-3 Notes | $0.00 | $0.00 | $327227440.87 | 0.4519716 | $292668912.86 | 0.4042388 |
| Class A-4 Notes | $0.00 | $0.00 | $153264000.00 | 1.0000000 | $153264000.00 | 1.0000000 |
| Certificates | $0.00 | $0.00 | $54034062.37 | 1.0000000 | $54034062.37 | 1.0000000 |
| Total Securities |  |  | $534525503.24 | 0.2475460 | $499966975.23 | 0.2315414 |
| Total Notes |  |  | $480491440.87 | 0.2282333 | $445932912.86 | 0.2118180 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio Information** | **Original** | **Prior Month** | **Current Month** |
| &nbsp;&nbsp;&nbsp;Weighted Average Coupon (WAC) | 2.90% | 2.95% | 2.95% |
| &nbsp;&nbsp;&nbsp;Weighted Average Remaining Maturity (WAM) | 46.37 | 24.05 | 23.33 |
| &nbsp;&nbsp;&nbsp;Weighted Average Original Maturity (WAOM) | 58.84 |  |  |
| &nbsp;&nbsp;&nbsp;Remaining Number of Receivables | 111971 | 59536 | 57616 |
| &nbsp;&nbsp;&nbsp;Portfolio Receivable Balance | $2159298062.37 | $534525503.24 | $499966975.23 |

---

**DELINQUENCY AND NET LOSS ACTIVITY**

---

| | |
|:---|:---|
| **Net Loss and Delinquency Account Activity** | **Amount** |
| &nbsp;&nbsp;&nbsp;Gross Principal Balance on Defaulted Receivables | $107629.54 |
| &nbsp;&nbsp;&nbsp;Liquidation Proceeds | $28197.77 |
| &nbsp;&nbsp;&nbsp;Recoveries on Previously Defaulted Contracts | $57649.45 |
| &nbsp;&nbsp;&nbsp;Aggregate Net Losses for Collection Period | $21782.32 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Loss Rate for Collection Period's Average Balance (annualized) | 0.05% |
| &nbsp;&nbsp;&nbsp;Cumulative Net Losses for all Periods | $3096042.06 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Delinquent Receivables** | **# Units** | **% Unit** | **Dollar Amount** | **% Dollar** |
| &nbsp;&nbsp;&nbsp;31-60 Days Delinquent | 357 | 0.62% | $3556173.63 | 0.71% |
| &nbsp;&nbsp;&nbsp;61-90 Days Delinquent | 88 | 0.15% | $844240.72 | 0.17% |
| &nbsp;&nbsp;&nbsp;91-120 Days Delinquent | 24 | 0.04% | $308727.75 | 0.06% |
| &nbsp;&nbsp;&nbsp;121 Days or More Delinquent | 0 | 0.00% | $0.00 | 0.00% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Repossession Activity** | **# Units** | **% Unit** | **Dollar Amount** | **% Dollar** |
| &nbsp;&nbsp;&nbsp;Vehicles Repossessed During Collection Period | 8 | 0.01% | $104421.47 | 0.02% |
| &nbsp;&nbsp;&nbsp;Total Accumulated Repossessed Vehicles in Inventory | 15 | 0.03% | $224516.88 | 0.04% |

---

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SERVICER'S CERTIFICATE

AMERICAN HONDA FINANCE CORPORATION

MONTHLY SERVICER REPORT -- Honda Auto Receivables 2020-3 Owner Trust <br> Collection Period: January 1, 2023 through January 31, 2023

---

| | | |
|:---|:---|:---|
| Deal Age | 29 | Determination Date: 02/13/2023 |
| Actual/360 Days | 34 | Record Date: 02/20/2023 |
| 30/360 Days | 30 | Payment Date: 02/21/2023 |

---

**DELINQUENCY AND NET LOSS ACTIVITY**

---

| | |
|:---|:---|
| **Net Loss and Delinquency Ratios** |  |
| Ratio of Net Losses to the Pool Balance as of Each Collection Period | Ratio of Net Losses to the Pool Balance as of Each Collection Period |
| &nbsp;&nbsp;&nbsp;Third Preceding Collection Period | 0.00% |
| &nbsp;&nbsp;&nbsp;Second Preceding Collection Period | 0.07% |
| &nbsp;&nbsp;&nbsp;Preceding Collection Period | 0.03% |
| &nbsp;&nbsp;&nbsp;Current Collection Period | 0.05% |
| &nbsp;&nbsp;&nbsp;Four Month Average | 0.04% |
| Ratio of Number of Contracts Delinquent 61 Days or More to the Outstanding Number of Receivables (includes repossessions in inventory) |  |
| &nbsp;&nbsp;&nbsp;Second Preceding Collection Period | 0.21% |
| &nbsp;&nbsp;&nbsp;Preceding Collection Period | 0.22% |
| &nbsp;&nbsp;&nbsp;Current Collection Period | 0.22% |
| &nbsp;&nbsp;&nbsp;Three Month Average | 0.22% |

---

---

| | | | |
|:---|:---|:---|:---|
| Delinquency Trigger | 4.80% | Delinquency Percentage exceeds Delinquency Trigger: | No |
| Delinquency Percentage - | 0.23% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivables that are 61 days or more delinquent as a percentage of Current Outstanding Balance of Receivables | &nbsp;&nbsp;&nbsp;&nbsp;Receivables that are 61 days or more delinquent as a percentage of Current Outstanding Balance of Receivables | &nbsp;&nbsp;&nbsp;&nbsp;Receivables that are 61 days or more delinquent as a percentage of Current Outstanding Balance of Receivables | &nbsp;&nbsp;&nbsp;&nbsp;Receivables that are 61 days or more delinquent as a percentage of Current Outstanding Balance of Receivables |

---

**LOSS AND CUMULATIVE LOSS INFORMATION**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Current Month** | **Current Month** | **Cumulative** | **Cumulative** |
| **For Assets Experiencing a Loss:** | **Units** | **Amount** | **Units** | **Amount** |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross Principal<br> on Defaulted Receivables | 10 | $97751.57 | 411 | $7801090.74 |
| &nbsp;&nbsp;&nbsp;&nbsp;Liquidation Proceeds and Recoveries<br> on Defaulted Receivables | 38 | $73799.90 | 353 | $4661362.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Loss Amount | 10 | $23951.67 | 411 | $3139728.73 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Loss % of Average<br> Portfolio Balance (Annualized) |  | 0.06% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cumulative Net Loss %<br> of Initial Balance |  |  |  | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;Average Net Loss of <br> Assets Experiencing a Loss |  |  |  | $7639.24 |

---

**CREDIT ENHANCEMENT**

---

| | | | |
|:---|:---|:---|:---|
| **Reconciliation of Reserve Account** |  | **Reconciliation of Yield Supplement Account** | **Reconciliation of Yield Supplement Account** |
| Beginning Reserve Account Balance | $10796490.31 | Beginning Yield Supplement<br>Account Balance | $6162152.51 |
| Investment Earnings | $27807.62 | Investment Earnings | $16688.60 |
| Excess Interest Deposited into the Reserve Account | $0.00 | Additional Yield Supplement Amounts | $0.00 |
| Investment Withdrawal to Seller | $(27807.62) | Yield Supplement Withdrawal Amount | $582902.45 |
| Release of Reserve to Collection Account | $0.00 | Investment Earnings Withdraw | $0.00 |
| Release of Reserve to Seller | $0.00 | Release of Yield Supplement Account Balance to Seller | $0.00 |
| Ending Reserve Account Balance | $10796490.31 | Ending Yield Supplement Account Balance | $5595938.66 |
| Reserve Account Required Amount | $10796490.31 |  |  |

---

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SERVICER'S CERTIFICATE

AMERICAN HONDA FINANCE CORPORATION

MONTHLY SERVICER REPORT -- Honda Auto Receivables 2020-3 Owner Trust <br> Collection Period: January 1, 2023 through January 31, 2023

---

| | | |
|:---|:---|:---|
| Deal Age | 29 | Determination Date: 02/13/2023 |
| Actual/360 Days | 34 | Record Date: 02/20/2023 |
| 30/360 Days | 30 | Payment Date: 02/21/2023 |

---

**REPURCHASE DEMAND ACTIVITY (RULE 15Ga-1)**

Is there any activity to report? No <br>

**STATEMENT TO NOTEHOLDERS** 

---

| | |
|:---|:---|
| Has there been a material change in practices with respect to charge-offs, collection and management of delinquent receivables, and the effect of any grace period, re-aging, re-structuring, partial payments or other practices on delinquency and loss experience? | No |
| Have there been any material modifications, extensions or waivers to receivables terms, fees, penalties or payments during the collection period? | No |
| Have there been any material breaches of representations, warranties or covenants contained in the receivables? | No |
| Has there been an issuance of notes or other securities backed by the receivables? | No |
| Has there been a material change in the underwriting, origination or acquisition of receivables? | No |

---

**SERVICER CERTIFICATION**

---

| |
|:---|
| I hereby certify that the servicing report provided is true and accurate to the best of my knowledge. |
| /s/ Paul C. Honda |
| Paul C. Honda |
| Vice President-Finance & Administration and Assistant Secretary |

---

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