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Previous: PHOENIX INVESTMENT MANAGEMENT CO LP/RI, 13F-HR, 2000-01-05 |
Next: FIRST FINANCIAL SERVICES GROUP N A, 13F-HR, 2000-01-05 |
<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
----------------------------------
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): December 27, 1999
-----------------
Toyota Auto Lease Trust 1997-A
------------------------------------------------------
(Exact name of registrant as specified in its charter)
California 333-26717 33-0755530
- ------------------- ---------------- -------------------
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
c/o Toyota Motor Credit Corporation
19001 South Western Avenue
Torrance, California 90509
- ---------------------------------------------- -------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (310) 787-1310
-------------------
Exhibit Index is on Page 2
Page 1 of 3
<PAGE>
Item 5. Other Events
-------------
On December 27, 1999, interest collected during the preceding calendar month as
provided for in the 1997-A Securitization Trust Agreement dated as of September
1, 1997 between Toyota Leasing, Inc. ("TLI"), as "Transferor", and U.S. Bank
National Association ("USBNA"), as "Trustee", and the 1997-A SUBI Servicing
Supplement to the Amended and Restated Trust and Servicing Agreement, dated
September 1, 1997, among TMTT, Inc., as "Titling Trustee", Toyota Motor Credit
Corporation ("TMCC"), as "Servicer", and USBNA, as "Trust Agent" (the
"Agreements"), was allocated to the holders of certificates representing
undivided fractional interests in the Toyota Auto Lease Trust 1997-A (the
"Certificateholders"). In accordance with the Agreements, the Servicer's
Certificate, as defined in the Agreements, was furnished to the Trustee for the
benefit of the Certificateholders and was distributed by the Trustee to the
Certificateholders. A copy of the Servicer's Certificate for the month of
November 1999 is filed as Exhibit 20 to this Current Report on Form 8-K.
Item 7(c). Exhibits
Exhibit Number Description
-------------- -----------
20 Servicer's Certificate for the month of
November, 1999.
-2-
<PAGE>
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.
TOYOTA AUTO LEASE TRUST 1997-A
BY: TOYOTA MOTOR CREDIT CORPORATION, AS SERVICER
Date: January 5, 2000 By: /s/ GEORGE E. BORST
--------------- ----------------------------
George E. Borst
Senior Vice President
and General Manager
-3-
<PAGE>
TOYOTA MOTOR CREDIT CORPORATION
Service Certificate -- Toyota Auto Lease Trust 1997-A
Distribution Date of December 27, 1999 for the Collection Period
of November 1 through November 30, 1999
<TABLE>
<CAPTION>
<S> <C>
POOL DATA - ORIGINAL DEAL PARAMETERS
Aggregate Net Investment Value (ANIV) 1,231,231,519.20
Discounted Principal Balance 1,231,231,519.20
Servicer Advance 2,825,418.78
Servicer Payahead 1,580,862.05
Number of Contracts 56,340
Weighted Average Lease Rate 7.66%
Weighted Average Remaining Term 35.8
Servicing Fee Percentage 1.00%
POOL DATA - CURRENT MONTH
Aggregate Net Investment Value 802,606,914.27
Discounted Principal Balance 791,155,852.68
Servicer Advances 3,628,776.09
Servicer Pay Ahead Balance 2,764,619.25
Maturity Advances Outstanding -
Number of Current Contracts 45,763
Weighted Average Lease Rate 7.66%
Weighted Average Remaining Term 10.2
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
RESERVE FUND:
Initial Deposit Amount 30,780,787.98
Specified Reserve Fund Percentage 2.50%
Specified Reserve Fund Amount 30,780,787.98
Specified Reserve Fund Percentage (IF CONDITION I, II OR III MET) 5.00%
Specified Reserve Fund Amount (IF CONDITION I, II OR III MET) 61,561,575.96
</TABLE>
<TABLE>
<CAPTION>
CLASS A CLASS B TOTAL
AMOUNT AMOUNT AMOUNT
------------- ----------- -------------
<S> <C> <C> <C>
Beginning Balance 29,553,131.73 1,227,656.25 30,780,787.98
Withdrawal Amount - - -
Transferor Excess - - -
------------- ------------ -------------
Reserve Fund Balance Prior to Release 29,553,131.73 1,227,656.25 30,780,787.98
Specified Reserve Fund Balance 29,553,131.73 1,227,656.25 30,780,787.98
Release to Transferor - - -
------------- ------------ -------------
Ending Reserve Fund Balance 29,553,131.73 1,227,656.25 30,780,787.98
Cumulative Withdrawal Amount - - -
</TABLE>
<TABLE>
<CAPTION>
VEHICLES
--------
<S> <C> <C>
LIQUIDATION OF CHARGEOFFS AND REPOSSESSIONS:
Liquidated Contracts 160
---
Discounted Principal Balance 2,831,867.21
Net Liquidation Proceeds (2,363,968.73)
Recoveries - Previously Liquidated Contracts (32,076.32)
-------------
Aggregate Credit Losses for the Collection Period 435,822.16
-------------
-------------
Cumulative Credit Losses for all Periods 15,003,431.96
-------------
-------------
Repossessed in Current Period 64
--
</TABLE>
<TABLE>
<CAPTION>
ANNUALIZED AVERAGE
CHARGE-OFF RATE
------------------
<S> <C>
RATIO OF NET CREDIT LOSSES TO THE AVERAGE POOL BALANCE
FOR EACH COLLECTION PERIOD:
Second Preceding Collection Period 0.41%
First Preceding Collection Period 0.24%
Current Collection Period 0.64%
CONDITION (I) (CHARGE-OFF RATE)
Three Month Average 0.43%
Charge-Off Rate Indicator ( > 1.25%) condition not met
</TABLE>
<TABLE>
<CAPTION>
PERCENT ACCOUNTS PERCENT ANIV
------- -------- ------- ----
<S> <C> <C> <C> <C>
DELINQUENT CONTRACTS:
31-60 Days Delinquent 1.84% 840 1.73% 13,917,675.11
61-90 Days Delinquent 0.09% 41 0.09% 726,990.57
Over 90 Days Delinquent 0.03% 12 0.03% 252,422.46
--- -------------
Total Delinquencies 893 14,897,088.14
--- -------------
--- -------------
RATIO OF NUMBER OF CONTRACTS DELINQUENT 60 DAYS OR MORE TO THE OUTSTANDING
NUMBER OF RECEIVABLES AS OF EACH COLLECTION PERIOD (INCLUDES REPOSSESSIONS):
Second Preceding Collection Period 0.11%
First Preceding Collection Period 0.11%
Current Collection Period 0.12%
CONDITION (II) (DELINQUENCY PERCENTAGE)
Three Month Average 0.11%
Delinquency Percentage Indicator ( > 1.25%) condition not met
</TABLE>
<TABLE>
<CAPTION>
VEHICLES
--------
<S> <C> <C>
RESIDUAL VALUE (GAIN) LOSS:
Matured Lease Vehicle Inventory Sold 357 5,447,335.62
---
Net Liquidation Proceeds (4,556,292.10)
-------------
Net Residual Value (Gain) Loss 891,043.52
-------------
-------------
Cumulative Residual Value (Gain) Loss all periods 11,317,536.13
-------------
-------------
</TABLE>
<TABLE>
<CAPTION>
AVERAGE AVERAGE
NUMBER SCHEDULED SALE NET LIQUIDATION RESIDUAL
SOLD MATURITIES RATIO PROCEEDS VALUE
------ ---------- ----- --------------- --------
<S> <C> <C> <C> <C> <C>
MATURED VEHICLES SOLD FOR
EACH COLLECTION PERIOD:
Second Preceding Collection Period 368 88 100.00% 14,207.14 15,989.17
First Preceding Collection Period 275 93 100.00% 14,019.64 16,220.26
Current Collection Period 357 506 70.55% 12,762.72 15,528.75
Three Month Average 13,639.92 15,888.35
Ratio of Three-Month Average Net Liquidation Proceeds to Average Residual Value 85.85%
</TABLE>
<TABLE>
<CAPTION>
CURRENT PERIOD
AMOUNT/RATIO TEST MET?
------------ --------------
<S> <C> <C>
CONDITION (III) (RESIDUAL VALUE TEST)
a) Number of Vehicles Sold > 25% of Scheduled Maturities 70.55% YES
b) Number of Scheduled Maturities > 500 506 YES
c) 3 Month Average Matured Leased Vehicle Proceeds < 75% of Avg. Residual Values 85.85% NO
Residual Value Indicator (condition met if tests a, b and c = YES) condition not met
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
CERTIFICATE BALANCE
-------------------
TOTAL PERCENT BALANCE
----- ------- -------
<S> <C> <C> <C>
INTEREST: 98.00%
- ---------
Interest Collections 6,353,690.77
Net Investment Income Earned 38,836.55
Non-recoverable Advances (104,884.47)
------------
Available Interest 6,287,642.85 6,013,249.21
Class A1, A2, A3 Notional Interest Accrual Amount (3,830,614.58) (3,830,614.58)
Unreimbursed A1, A2, A3 Interest Shortfall -
Interest Accrual for Adjusted Class B Certificate Bal. (415,406.25) (415,406.25)
Class B Interest Carryover Shortfall -
Servicer's Fee (694,125.05) (663,833.33)
Capped Expenses (24,065.00) (23,014.80)
Interest Accrual on Class B. Cert. Prin. Loss Amt. - -
Uncapped Expenses - -
------------- -------------
Total Unallocated Interest 1,323,431.97 1,080,380.25
Excess Interest to Transferor (1,080,380.25)
------------- -------------
Net Interest Collections Available 1,323,431.97 -
Interest Collections Allocated to Losses (1,268,961.07)
Accelerated Principal Distribution (54,470.90)
------------
Deposit to Reserve Fund 0.00
------------
Withdrawal from Reserve Fund
------------
Loss Reimbursement from Transferor Principal
------------
PRINCIPAL:
Certificate Principal Loss Amounts:
Current Loss Amount (1,326,865.68) (1,268,961.07)
Loss Reimbursement from Transferor Interest 1,268,961.07 1,268,961.07
Loss Reimbursement from Transferor Principal - -
Loss Reimbursement from Reserve Fund
------------
Ending Certificate Principal Loss Amount (57,904.61) -
CLASS A CERTIFICATE PRINCIPAL LOSS AMOUNTS
Beginning Balance -
Current increase (decrease) -
------------
Ending Balance -
------------
CLASS A INTEREST SUBORDINATED
Beginning Balance -
Current increase (decrease) -
------------
Ending Balance -
------------
CLASS B CERTIFICATE PRINCIPAL LOSS AMOUNTS
Beginning Balance -
Current increase (decrease) -
------------
Ending Balance -
------------
CLASS B INTEREST SUBORDINATED:
Beginning Balance -
Current increase (decrease) -
------------
Ending Balance -
------------
PRINCIPAL DISTRIBUTIONS/ALLOCATIONS:
Distribution - Current Period 548,958.32 -
Allocations - Current Period 29,736,283.63 11,899,256.32
Allocations - Accelerated Principal Distribution 54,470.90 54,470.90
Allocations - Not Disbursed Beginning of Period - -
Allocations - Not Disbursed End of Period 11,953,727.22 11,953,727.22
INTEREST DISTRIBUTIONS/ALLOCATIONS:
Distribution - Current Period - -
Allocations - Current Period 4,246,020.83 4,246,020.83
Allocations - Not Disbursed Beginning of Period 8,492,041.66 6,879,166.66
Allocations - Not Disbursed End of Period 12,738,062.49 12,738,062.49
DUE TO TRUST - CURRENT PERIOD:
Total Deposit to Reserve Fund
Due To Trust 34,546,897.13 16,160,911.50
------------- -------------
Total Due To Trust 34,546,897.13 16,160,911.50
</TABLE>
<TABLE>
<CAPTION>
CLASS A1 CLASS A2 CLASS A3 CLASS B
-------- -------- -------- -------
BALANCE BALANCE BALANCE BALANCE
<S> <C> <C> <C> <C>
INTEREST:
- ---------
Interest Collections
Net Investment Income Earned
Non-recoverable Advances
Available Interest - 4,906,618.10 549,163.80 557,467.30
Class A1, A2, A3 Notional Interest Accrual Amount - (3,439,583.33) (391,031.25)
Unreimbursed A1, A2, A3 Interest Shortfall
Interest Accrual for Adjusted Class B Certificate Bal. (415,406.25)
Class B Interest Carryover Shortfall
Servicer's Fee
Capped Expenses
Interest Accrual on Class B. Cert. Prin. Loss Amt.
Uncapped Expenses
Total Unallocated Interest
Excess Interest to Transferor
Net Interest Collections Available
Interest Collections Allocated to Losses
Accelerated Principal Distribution
Deposit to Reserve Fund
Withdrawal from Reserve Fund
Loss Reimbursement from Transferor Principal
PRINCIPAL:
Certificate Principal Loss Amounts:
Current Loss Amount (1,268,961.07)
Loss Reimbursement from Transferor Interest 1,268,961.07
Loss Reimbursement from Transferor Principal -
Loss Reimbursement from Reserve Fund
Ending Certificate Principal Loss Amount
CLASS A CERTIFICATE PRINCIPAL LOSS AMOUNTS
Beginning Balance
Current increase (decrease)
Ending Balance
CLASS A INTEREST SUBORDINATED
Beginning Balance
Current increase (decrease)
Ending Balance
CLASS B CERTIFICATE PRINCIPAL LOSS AMOUNTS
Beginning Balance
Current increase (decrease)
Ending Balance
CLASS B INTEREST SUBORDINATED:
Beginning Balance
Current increase (decrease)
Ending Balance
PRINCIPAL DISTRIBUTIONS/ALLOCATIONS:
Distribution - Current Period -
Allocations - Current Period - 11,899,256.32
Allocations - Accelerated Principal Distribution - 54,470.90
Allocations - Not Disbursed Beginning of Period -
Allocations - Not Disbursed End of Period - 11,953,727.22 -
INTEREST DISTRIBUTIONS/ALLOCATIONS:
Distribution - Current Period - - -
Allocations - Current Period - 3,439,583.33 391,031.25
Allocations - Not Disbursed Beginning of Period - 6,879,166.66 782,062.50
Allocations - Not Disbursed End of Period - 10,318,749.99 1,173,093.75
DUE TO TRUST - CURRENT PERIOD:
Total Deposit to Reserve Fund - -
Due To Trust - 15,361,621.18 387,484.48
-------- ------------- ------------
Total Due To Trust - 15,361,621.18 387,484.48
</TABLE>
<TABLE>
<CAPTION>
TRANSFEROR INTEREST
-------------------------------
INTEREST PRINCIPAL
<S> <C> <C>
INTEREST: 2.00%
- ---------
Interest Collections
Net Investment Income Earned
Non-recoverable Advances
Available Interest 274,393.64
Class A1, A2, A3 Notional Interest Accrual Amount
Unreimbursed A1, A2, A3 Interest Shortfall
Interest Accrual for Adjusted Class B Certificate Bal.
Class B Interest Carryover Shortfall
Servicer's Fee (30,291.72)
Capped Expenses (1,050.20)
Interest Accrual on Class B. Cert. Prin. Loss Amt.
Uncapped Expenses -
-------------
Total Unallocated Interest 243,051.72
Excess Interest to Transferor 1,080,380.25
-------------
Net Interest Collections Available 1,323,431.97
Interest Collections Allocated to Losses (1,268,961.07)
Accelerated Principal Distribution (54,470.90)
-------------
Deposit to Reserve Fund -
-------------
Withdrawal from Reserve Fund
Loss Reimbursement from Transferor Principal
PRINCIPAL:
Certificate Principal Loss Amounts:
Current Loss Amount (57,904.61)
Loss Reimbursement from Transferor Interest (1,268,961.07)
Loss Reimbursement from Transferor Principal
Loss Reimbursement from Reserve Fund
------------- ----------
Ending Certificate Principal Loss Amount (1,268,961.07) (57,904.61)
CLASS A CERTIFICATE PRINCIPAL LOSS AMOUNTS
Beginning Balance
Current increase (decrease)
Ending Balance
CLASS A INTEREST SUBORDINATED
Beginning Balance
Current increase (decrease)
Ending Balance
CLASS B CERTIFICATE PRINCIPAL LOSS AMOUNTS
Beginning Balance
Current increase (decrease)
Ending Balance
CLASS B INTEREST SUBORDINATED:
Beginning Balance
Current increase (decrease)
Ending Balance
PRINCIPAL DISTRIBUTIONS/ALLOCATIONS:
Distribution - Current Period 548,958.32
Allocations - Current Period 17,837,027.31
Allocations - Accelerated Principal Distribution
Allocations - Not Disbursed Beginning of Period
Allocations - Not Disbursed End of Period -
INTEREST DISTRIBUTIONS/ALLOCATIONS:
Distribution - Current Period -
Allocations - Current Period -
Allocations - Not Disbursed Beginning of Period -
Allocations - Not Disbursed End of Period -
DUE TO TRUST - CURRENT PERIOD:
Total Deposit to Reserve Fund -
Due To Trust 18,385,985.63
------------- -------------
Total Due To Trust - 18,385,985.63
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
CERTIFICATE BALANCE
-------------------
TOTAL PERCENT BALANCE
<S> <C> <C> <C>
ORIGINAL DEAL PARAMETER
Aggregate Net Investment Value (ANIV) 1,231,231,519.20
Discounted Principal Balance 1,231,231,519.20
Initial Notional/Certificate Balance - 100.00% 1,206,600,000.00
Percent of ANIV 98.00%
Certificate Factor 1.0000000
Notional/Certificate Rate
Targeted Maturity Date
Servicer Advance 2,825,418.78
Servicer Payahead 1,580,862.05
Number of Contracts 56,340
Weighted Average Lease Rate 7.66%
Weighted Average Remaining Term 35.8
Servicing Fee Percentage 1.00%
POOL DATA PRIOR MONTH
Aggregate Net Investment Value 832,950,060.83
Discounted Principal Balance 824,650,955.51
Notional/Certificate Balance 796,600,000.00
Adjusted Notional/Certificate Balance 796,600,000.00
Percent of ANIV 95.64%
Certificate Factor 1.0000000
Servicer Advances 3,677,333.88
Servicer Pay Ahead Balance 2,871,228.49
Maturity Advances Outstanding 17,837,027.31
Number of Current Contracts 47,082
Weighted Average Lease Rate 7.65%
Weighted Average Remaining Term 11.1
POOL DATA CURRENT MONTH
Aggregate Net Investment Value 802,606,914.27
Discounted Principal Balance 791,155,852.68
Notional/Certificate Balance 796,600,000.00
Adjusted Notional/Certificate Balance 784,646,272.78
Percent of ANIV 97.76%
Certificate Factor 1.0000000
Servicer Advances 3,628,776.09
Servicer Pay Ahead Balance 2,764,619.25
Maturity Advances Outstanding
Number of Current Contracts 45,763
Weighted Average Lease Rate 7.66%
Weighted Average Remaining Term 10.2
Prior Certificate Interest Payment Date September 27, 1999
Next Certificate Interest Payment Date March 27, 2000
</TABLE>
<TABLE>
<CAPTION>
CLASS A1 CLASS A2
-------- --------
PERCENT BALANCE PERCENT BALANCE
<S> <C> <C> <C> <C>
ORIGINAL DEAL PARAMETER
Aggregate Net Investment Value (ANIV)
Discounted Principal Balance
Initial Notional/Certificate Balance 33.98% 410,000,000.00 53.87% 650,000,000.00
Percent of ANIV 33.30% 52.79%
Certificate Factor 1.0000000 1.0000000
Notional/Certificate Rate 6.20% 6.35%
Targeted Maturity Date September 27, 1999 September 25, 2000
Servicer Advance
Servicer Payahead
Number of Contracts
Weighted Average Lease Rate
Weighted Average Remaining Term
Servicing Fee Percentage
POOL DATA PRIOR MONTH
Aggregate Net Investment Value
Discounted Principal Balance
Notional/Certificate Balance - 650,000,000.00
Adjusted Notional/Certificate Balance - 650,000,000.00
Percent of ANIV - 78.04%
Certificate Factor - 1.0000000
Servicer Advances
Servicer Pay Ahead Balance
Maturity Advances Outstanding
Number of Current Contracts
Weighted Average Lease Rate
Weighted Average Remaining Term
POOL DATA CURRENT MONTH
Aggregate Net Investment Value
Discounted Principal Balance
Notional/Certificate Balance - 650,000,000.00
Adjusted Notional/Certificate Balance 638,046,272.78
Percent of ANIV - 79.51%
Certificate Factor 1.0000000
Servicer Advances
Servicer Pay Ahead Balance
Maturity Advances Outstanding
Number of Current Contracts
Weighted Average Lease Rate
Weighted Average Remaining Term
Prior Certificate Interest Payment Date
Next Certificate Interest Payment Date
</TABLE>
<TABLE>
<CAPTION>
CLASS A3 CLASS B TRANSFEROR INTEREST
-------- ------- -------------------
PERCENT BALANCE PERCENT BALANCE BALANCE
<S> <C> <C> <C> <C> <C>
ORIGINAL DEAL PARAMETER
Aggregate Net Investment Value (ANIV)
Discounted Principal Balance
Initial Notional/Certificate Balance 6.03% 72,750,000.00 6.12% 73,850,000.00 24,631,519.20
Percent of ANIV 5.91% 6.00% 2.00%
Certificate Factor 1.0000000 1.0000000
Notional/Certificate Rate 6.45% 6.75%
Targeted Maturity Date March 26, 2001 September 25, 2001
Servicer Advance
Servicer Payahead
Number of Contracts
Weighted Average Lease Rate
Weighted Average Remaining Term
Servicing Fee Percentage
POOL DATA PRIOR MONTH
Aggregate Net Investment Value
Discounted Principal Balance
Notional/Certificate Balance 72,750,000.00 73,850,000.00 36,350,060.83
Adjusted Notional/Certificate Balance 72,750,000.00 73,850,000.00 36,350,060.83
Percent of ANIV 8.73% 8.87% 4.36%
Certificate Factor 1.0000000 1.0000000
Servicer Advances
Servicer Pay Ahead Balance
Maturity Advances Outstanding
Number of Current Contracts
Weighted Average Lease Rate
Weighted Average Remaining Term
POOL DATA CURRENT MONTH
Aggregate Net Investment Value
Discounted Principal Balance
Notional/Certificate Balance 72,750,000.00 73,850,000.00 17,960,641.49
Adjusted Notional/Certificate Balance 72,750,000.00 73,850,000.00 17,960,641.49
Percent of ANIV 9.06% 9.20% 2.24%
Certificate Factor 1.0000000 1.0000000
Servicer Advances
Servicer Pay Ahead Balance
Maturity Advances Outstanding
Number of Current Contracts
Weighted Average Lease Rate
Weighted Average Remaining Term
Prior Certificate Interest Payment Date
Next Certificate Interest Payment Date
</TABLE>
<TABLE>
<CAPTION>
VEHICLES
--------
<S> <C> <C>
CURRENT MONTH COLLECTION ACTIVITY
Principal Collections 9,418,304.88
Prepayments in Full 793 12,483,710.71
---
Reallocation Payment 9 161,928.14
-
Interest Collections 6,353,690.77
Net Liquidation Proceeds and Recoveries 2,396,045.05
Net Liquidation Proceeds - Vehicle Sales 4,556,292.10
Non-Recoverable Advances (104,884.47)
-------------
Total Available 35,265,087.18
</TABLE>
<TABLE>
<CAPTION>
AMOUNT ANNUAL AMOUNT
------ -------------
<S> <C> <C>
CAPPED AND UNCAPPED EXPENSES:
Total Capped and Uncapped Expenses Paid 24,065.00 336,910.00
Capped and Uncapped Expenses Due - -
SERVICER'S FEE DUE:
Servicer's Fee Paid 694,125.05
Servicer's Fee Balance Due -
SUPPLEMENTAL SERVICER'S FEES 104,200.33
</TABLE>
<TABLE>
<CAPTION>
VEHICLES AMOUNT
-------- ------
<S> <C> <C>
REVOLVING PERIOD:
Beginning Unreinvested Principal Collections
Principal Collections & Liquidated Contracts
Allocation to Subsequent Contracts
-------
Ending Unreinvested Principal Collections -
</TABLE>
I hereby certify to the best of my knowledge that the report provided is true
and correct.
/s/ HOLLY PEARSON
- ------------------------------------------
Holly Pearson, Treasury Operations Manager
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