Ann: Market Update - Debt Advisor , page-15

The deferred margin is due to be repaid in June 2014, as follows:

"After the June 2014 the assets of the Max Trust can be sold as necessary for the purpose of redeeming the Pass Through Notes in full (including the Deferred Margin Amount)."


Also I am not surprised the NAV was a little lower this time around. These are pretty trying markets at present. You could hardly expect the NAV to go up.