Amended Pooling and Servicing Agreement

Pooling and Servicing Agreement

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This Pooling and Servicing Agreement involves

MELLON PREMIUM FINANCE LOAN OWNER TRUST

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Title: Amended Pooling and Servicing Agreement
Date: 1/13/2005

Amended Pooling and Servicing Agreement, Parties: mellon premium finance loan owner trust

Exhibit 20

MONTHLY NOTEHOLDERS STATEMENT
MELLON BANK PFL MASTER NOTE TRUST
SERIES 2004-1

Pursuant to the Amended Pooling and Servicing Agreement, dated as of June 15, 2001 (as may be amended, from time to time, the ‘Agreement’), as supplemented by the Series 2004-1 Supplement (the series supplement), each among AFCO Credit and AFCO Acceptance, as Servicer and Seller and Wells Fargo Bank , National Association, as Trustee, the Servicer is required to prepare certain information each month regarding distributions to Noteholders and the performance of the Trust. The information with respect to the applicable Distribution Date and Monthly Period is set forth below.

Monthly Period:

Dec-04

Determination Date:

11-Jan-05

Transfer Date:

14-Jan-05

Number of Days in Period:

Prior Distribution Date: (or Closing Date)

15-Dec-04

Current Distribution Date:

18-Jan-05

Period

Note Accumulation Period Length

Note Revolving Periods from /to

Note Accumulation Periods from/to




A.	ORIGINAL DEAL PARAMETERS


	(a)	Class A Initial Investor Interest			$	513,700,000.00		92.00	%
	(b)	Class B Initial Investor Interest			$	22,341,000.00		4.00	%
	(c)	Class C Initial Investor Interest			$	13,959,000.00		2.50	%
	(d)	Class D Initial Investor Interest			$	8,375,000.00		1.50	%

	(e)	Total Initial Investor Interest (a + b + c + d)			$	558,375,000.00

	(f)	Minimum Transferor Interest				3.00000	%

	(g)	LIBOR (3-Month LIBOR as of most LIBOR Determination Date)				2.4900000	%

	(h)	Prior Period Class A Certificate Rate	0.16	%		2.0400000	%

	(i)	Prior Period Class B Certificate Rate	0.42	%		2.3000000	%

	(j)	Prior Period Class C Certificate Rate	0.77	%		2.6500000	%


	(k)	Current Class A Certificate Rate	0.16	%		2.6500000	%

	(l)	Current Class B Certificate Rate	0.42	%		2.9100000	%
	(m)	Current Class C Certificate Rate	0.77	%		3.2600000	%

	(n)	Series Servicing Fee Percentage (Calculated as 1/12 th)				0.50000	%

	(o)	Additional Interest Rate				0.000000	%




I.	RECEIVABLES IN THE TRUST


	(a)	Beginning of Month Aggregate Receivables	$	1,387,978,332.62

	(b)	Beginning of Month Finance Charge Receivables	$	16,625,636.73

	(c)	Beginning of Month Principal Receivables	$	1,371,352,695.89

	(d)	End of Month Aggregate Receivables	$	1,281,927,677.74

	(e)	End of Month Finance Charge Receivables	$	15,271,047.10

	(f)	End of Month Principal Receivables	$	1,266,656,630.64

II.	INVESTOR INTERESTS AND INVESTOR PERCENTAGES


	(a)	Class A Initial Investor Interest	$	513,700,000.00		92.00	%
	(b)	Class B Initial Investor Interest	$	22,341,000.00		4.00	%
	(c)	Class C Initial Investor Interest	$	13,959,000.00		2.50	%
		Class D Initial Investor Interest	$	8,375,000.00		1.50	%
	(d)	Total Initial Investor Interest (a + b + c)			$	558,375,000.00

	(e)	Beginning of Period Class A Investor Interest	$	513,700,000.00		92.00	%

	(f)	Beginning of Period Class B Investor Interest	$	22,341,000.00		4.00	%

	(g)	Beginning of Period Class C Investor Interest	$	13,959,000.00		2.50	%

		Beginning of Period Class D Investor Interest	$	8,375,000.00		1.50	%

	(h)	Beginning of Period Total Investor Interest (e + f + g)			$	558,375,000.00

	(i)	Beginning of Period Class A Adjusted Investor Interest (e – VIII.a)	$	513,700,000.00		92.00	%

	(j)	Beginning of Period Class B Adjusted Investor Interest (f – VIII.d)	$	22,341,000.00		4.00	%

	(k)	Beginning of Period Adjusted Class C Investor Interest (g – VIII.g)	$	13,959,000.00		2.50	%

		Beginning of Period Adjusted Class D Investor Interest (g – VIII.g)	$	8,375,000.00		1.50	%

	(l)	Beginning of Period Total Adjusted Investor Interest (i + j + k)			$	558,375,000.00

	(m)	End of Period Class A Investor Interest (e – IX.b – X.f)	$	513,700,000.00		92.00	%
	(n)	End of Period Class B Investor Interest (f – IX.e – X.k)	$	22,341,000.00		4.00	%
	(o)	End of Period Class C Investor Interest (g – IX.h – X.n – X.o)	$	13,959,000.00		2.50	%
		End of Period Class D Investor Interest (g – IX.h – X.n – X.o)	$	8,375,000.00		1.50	%


	(p)	End of Period Total Investor Interest (m + n + o)				$	558,375,000.00

	(q)	End of Period Class A Adjusted Investor Interest (m – VIII.c)	$	513,700,000.00			92.00	%
	(r)	End of Period Class B Adjusted Investor Interest (n – VIII.f)	$	22,341,000.00			4.00	%
	(s)	End of Period Adjusted Class C Investor Interest (o – VIII.i)	$	13,959,000.00			2.50	%
		End of Period Adjusted Class D Investor Interest	$	8,375,000.00			1.50	%
	(t)	End of Period Total Adjusted Investor Interest (q + r + s)				$	558,375,000.00

	(u)	End of Revolving Period Class A Investor Interest	NA				92.00	%

	(v)	End of Revolving Period Class B Investor Interest	NA				4.00	%

	(w)	End of Revolving Period Class C Investor Interest	NA				2.50	%

		End of Revolving Period Class D Investor Interest	NA				1.50	%

	(x)	End of Revolving Period Total Investor Interest				$	558,375,000.00

	(y)	Floating Investor Percentage (l / (I.c))					40.72	%
	(z)	Class A Floating Allocation (i / l)					92.00	%
	(aa)	Class B Floating Allocation (j / l)					4.00	%
	(bb)	Class C Investor Interest Floating Allocation (k / l)					2.50	%
		Class D Investor Interest Floating Allocation					1.50	%

	(cc)	Fixed Investor Percentage (x / (I.c))					40.72	%
	(dd)	Class A Fixed Allocation (i / u)					92.00	%
	(ee)	Class B Fixed Allocation (i / v)					4.00	%
	(ff)	Class C Investor Interest Fixed Allocation (i / w)					2.50	%
		Class D Investor Interest Fixed Allocation					1.50	%

	(gg)	Total Servicing Fee (h * (A.m / 12))	$	232,656.25
		Class C reserve account	$	2,791,875.00			0.50	%

	(hh)	End of Period Other outstanding Series	$	693,807,107.00

III.	TRANSFEROR INTEREST


	(a)	Beginning Transferor Interest (I.c – II.h – II.hh)	$	372,977,695.89

	(b)	Ending Transferor Interest (I.f – II.l-II.hh)	$	14,474,523.64
	(c)	Minimum Transferor Interest (III.f * 3%)	$	37,999,698.92
	(d)	Excess Funding Account Balance at end of Period	$	0.00

	(e)	Sum of Principal Receivables and Excess Funding Account (I.f + d)	$	1,266,656,630.64

IV.	PERFORMANCE SUMMARY


		COLLECTIONS:
	(a)	Collections of Principal Receivables	$	305,700,168.36

	(b)	Collections of Finance Charge Receivables (inc. net recoveries, if any)	$	5,189,759.22

	(c)	Collections of Principal and Finance Charge Receivables (a + b)	$	310,889,927.58

	(d)	Late Charges Collected	$	864,957.68

	(e)	Total Collections (a + b + d)	$	311,754,885.26
	(f)	Unpaid Trustee Fee	$	0.00

	(g)	Available Funds after Unpaid Trustee Fee	$	6,054,716.90

		DELINQUENCIES AND LOSSES:
	(h)	End of the month delinquencies:
	(i)	30 days delinquent	$	3,965,052.00

	(j)	60 days delinquent	$	1,497,712.99

	(k)	90 days delinquent	$	1,060,789.22

	(l)	120 + days delinquent	$	4,518,560.06


	(m)	Total 30 + days delinquent ( i + j + k + l)	$	11,042,114.27
		Total 30 + days delinquent percentage		0.86	%

	(n)	Gross Default Amount	$	70,032.18

	(o)	Recoveries	$	22,944.10

	(p)	Aggregate Default Amount (net of recoveries)	$	47,088.08
	(q)	Investor Default Amount (II.y * p)	$	19,172.90

	(r)	AFCO is Servicer?	Yes

V.	ALLOCATION AND APPLICATION OF COLLECTIONS


	(a)	Class A Available Funds after Unpaid Trustee Fee (IV.g * II.y * II.z) + Princ Fdg Investmt Inc	$	2,268,058.45
	(

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