<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): October 25, 1999
----------------
Toyota Auto Lease Trust 1998-C
------------------------------------------------------
(Exact name of registrant as specified in its charter)
California 333-65067 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 October 25, 1999, interest collected during the preceding calendar month
as provided for in the 1998-C Securitization Trust Agreement dated as of
December 1, 1998 between Toyota Leasing, Inc. ("TLI"), as "Transferor", and
U.S. Bank National Association ("USBNA"), as "Trustee", and the 1998-C SUBI
Servicing Supplement to the Amended and Restated Trust and Servicing
Agreement, dated December 1, 1998, 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
1998-C (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 September 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
September, 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 1998-C
BY: TOYOTA MOTOR CREDIT CORPORATION, AS SERVICER
Date: October 29, 1999 By: /S/ GEORGE E. BORST
---------------- -------------------------------------
George E. Borst
Senior Vice President
and General Manager
-3-
<PAGE>
TOYOTA MOTOR CREDIT CORPORATION
Servicer's Certificate -- Toyota Auto Lease Trust 1998-C
Distribution Date of October 25, 1999 for the Collection Period
of September 1 through September 30, 1999
<TABLE>
<CAPTION>
<S><C>
POOL DATA - ORIGINAL DEAL PARAMETERS
- ------------------------------------
Aggregate Net Investment Value (ANIV) 749,988,732.51
Discounted Principal Balance 749,988,732.51
Servicer Advance 1,324,812.20
Servicer Payahead 1,260,008.73
Number of Contracts 34,185
Weighted Average Lease Rate 6.81%
Weighted Average Remaining Term 33.8
Servicing Fee Percentage 1.00%
POOL DATA - CURRENT MONTH
- -------------------------
Aggregate Net Investment Value 749,942,882.63
Discounted Principal Balance 748,750,747.83
Servicer Advances 2,096,888.85
Servicer Pay Ahead Balance 1,859,817.22
Maturity Advances Outstanding -
Number of Current Contracts 37,281
Weighted Average Lease Rate 6.82%
Weighted Average Remaining Term 23.1
- -------------------------------------------------------------------------------
RESERVE FUND:
Initial Deposit Amount 28,124,577.47
Specified Reserve Fund Percentage 5.50%
Specified Reserve Fund Amount 41,249,380.29
Specified Reserve Fund Percentage
(IF CONDITION I, II OR III MET) 6.50%
Specified Reserve Fund Amount
(IF CONDITION I, II OR III MET) 48,749,267.61
Class A Class B Total
Amount Amount Amount
------ ------ ------
Beginning Balance 40,023,943.81 1,095,750.00 41,119,693.81
Withdrawal Amount - - -
Transferor Excess 946,321.27 946,321.27
------------------------------------------------
Ending Balance 40,970,265.08 1,095,750.00 42,066,015.08
Specified Reserve Fund Balance 40,153,630.29 1,095,750.00 41,249,380.29
-----------------------------------------------
Release to Transferor 816,634.79 - 816,634.79
Cumulative Withdrawal Amount - - -
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
LIQUIDATION OF CHARGE-OFFS AND REPOSSESSIONS: Vehicles
--------
Liquidated Contracts 88
--
Discounted Principal Balance 1,782,215.31
Net Liquidation Proceeds (1,470,601.07)
Recoveries - Previously Liquidated Contracts (12,745.10)
------------------
Aggregate Credit Losses for the Collection Period 298,869.14
==================
Cumulative Credit Losses for all Periods 2,172,413.90
==================
Repossessed in Current Period 58
RATIO OF NET CREDIT LOSSES TO THE AVERAGE POOL BALANCE Annualized Average
FOR EACH COLLECTION PERIOD: Charge-Off Rate
------------------
Second Preceding Collection Period 0.70%
First Preceding Collection Period 0.21%
Current Collection Period 0.48%
- -------------------------------------------------------------------------------
CONDITION (i) (CHARGE-OFF RATE)
Three Month Average 0.46%
Charge-off Rate Indicator ( > 1.25%) CONDITION NOT MET
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
DELINQUENT CONTRACTS: Percent Accounts Percent ANIV
------- -------- ------- ----
31-60 Days Delinquent 1.13% 423 1.09% 8,142,931.37
61-90 Days Delinquent 0.06% 22 0.06% 438,098.15
Over 90 Days Delinquent 0.02% 8 0.03% 187,707.82
------------------------ -------------------------
Total Delinquencies 453 8,768,737.34
======================== =========================
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 0.08%
First Preceding Collection Period 0.11%
Current Collection Period 0.08%
- -----------------------------------------------------------------------------------------------------
CONDITION (ii) (DELINQUENCY PERCENTAGE)
- --------------
Three Month Average 0.09%
Delinquency Percentage Indicator ( GREATER THAN 1.25%) CONDITION NOT MET
- -----------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------
RESIDUAL VALUE (GAIN) LOSS: Vehicles
--------
Matured Lease Vehicle Inventory Sold 46 832,993.34
--
Net Liquidation Proceeds (742,683.65)
--------------------------
Net Residual Value (Gain) Loss 90,309.69
==========================
Cumulative Residual Value (Gain) Loss all periods 116,187.20
==========================
Average Average
Number Scheduled Sale Net Liquidation Residual
MATURED VEHICLES SOLD FOR Sold Maturities Ratio Proceeds Value
EACH COLLECTION PERIOD: ---- ---------- ----- -------- -----
Second Preceding Collection Period 3 0 100.00% 11,691.20 13,278.39
First Preceding Collection Period 19 128 14.84% 13,670.13 14,822.29
Current Collection Period 46 131 35.11% 16,145.30 18,063.56
Three Month Average 15,257.20 16,946.80
--------------------------
Ratio of Three Month Average Net Liquidation Proceeds to Average Residual Value 90.03%
--------------------------
- -----------------------------------------------------------------------------------------------------
CURRENT PERIOD
CONDITION (iii) (RESIDUAL VALUE TEST) AMOUNT/RATIO TEST MET?
- --------------- ------------ ---------
a) Number of Vehicles Sold > 25% of Scheduled Maturities 35.11% YES
b) Number of Scheduled Maturities > 500 131 NO
c) 3 Month Average Matured Leased Vehicle Proceeds LESS THAN 75% of Avg. Residual Values 90.03% NO
Residual Value Indicator (condition met if tests a, b and c = YES) CONDITION NOT MET
- -----------------------------------------------------------------------------------------------------
</TABLE>
Page 1
<PAGE>
TOYOTA MOTOR CREDIT CORPORATION
Servicer's Certificate -- Toyota Auto Lease Trust 1998-C
Distribution Date of October 25, 1999 for the Collection Period
of September 1 through September 30, 1999
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------------------
CERTIFICATE BALANCE CLASS A1 CLASS A2
Total Percent Balance Balance Balance
-----------------------------------------------------------------------------------------------------------------------------------
<S><C>
INTEREST: 98.00%
Interest Collections 5,389,286.40
Net Investment Income -
Non-recoverable Advances (62,912.30)
------------
Available Interest 5,326,374.10 5,220,190.17 1,342,334.61 3,014,926.15
Class A1, A2, A3 Notional Interest Accrual Amount (3,075,508.25) (3,075,508.25) (829,237.50) (1,914,848.75)
Unreimbursed A1, A2, A3 Interest Shortfall - - -
Interest Accrual for Adjusted Class B Certificate Bal. (282,419.42) (282,419.42)
Class B Interest Carryover Shortfall
Servicer's Fee (624,958.87) (612,500.00)
Capped Expenses (15,745.94) (15,432.04)
Interest Accrual on Class B. Cert. Prin. Loss Amt. -
Uncapped Expenses - -
------------ ------------
Total Unallocated Interest 1,327,741.62 1,234,330.46
Excess Interest to Transferor (1,234,330.46)
------------ ------------
Net Interest Collections Available 1,327,741.62 -
Interest Collections Allocated to Losses (381,420.36)
Accelerated Principal Distribution -
------------
Deposit to Reserve Fund 946,321.27
------------
Withdrawal from Reserve Fund -
------------
PRINCIPAL:
Certificate Principal Loss Amounts:
Current Loss Amount (389,178.83) (381,420.36)
Loss Reimbursement from Transferor 381,420.36 381,420.36
Loss Reimbursement from Reserve Fund -
------------ -----------
Transferor Ending Certificate Principal Loss Amount (7,758.47) -
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 - - -
Allocations - Accelerated Principal Distribution - - -
Allocations - Not Disbursed Beginning of Period - -
Allocations - Not Disbursed End of Period - - - -
INTEREST DISTRIBUTIONS/ALLOCATIONS:
Distribution - Current Period 816,634.79 - - -
Allocations - Current Period 3,357,927.67 3,357,927.67 829,237.50 1,914,848.75
Allocations - Not Disbursed Beginning of Period - -
Allocations - Not Disbursed End of Period 3,357,927.67 3,357,927.67 829,237.50 1,914,848.75
DUE TO TRUST - CURRENT PERIOD:
Total Deposit to Reserve Fund 129,686.48
Total Allocation Amount 4,174,562.45 3,357,927.67 829,237.50 1,914,848.75
----------------------------------------------------------------------
Total Due To Trust 4,304,248.93 3,357,927.67 829,237.50 1,914,848.75
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
CLASS A3 CLASS B TRANSFEROR INTEREST
Balance Balance Interest Principal
- ------------------------------------------------------------------------------------------------------------------------------------
INTEREST: 2.00%
Interest Collections
Net Investment Income
Non-recoverable Advances
Available Interest 517,047.41 345,881.99 106,183.93
Class A1, A2, A3 Notional Interest Accrual Amount (331,422.00)
Unreimbursed A1, A2, A3 Interest Shortfall -
Interest Accrual for Adjusted Class B Certificate Bal. (282,419.42)
Class B Interest Carryover Shortfall
Servicer's Fee (12,458.87)
Capped Expenses (313.91)
Interest Accrual on Class B. Cert. Prin. Loss Amt. -
Uncapped Expenses
------------
Total Unallocated Interest 93,411.15
Excess Interest to Transferor 1,234,330.46
------------
Net Interest Collections Available 1,327,741,61
Interest Collections Allocated to Losses (381,420,36)
Accelerated Principal Distribution -
------------
Deposit to Reserve Fund 946,321.26
------------
Withdrawal from Reserve Fund
PRINCIPAL:
Certificate Principal Loss Amounts:
Current Loss Amount (381,420,36) (7,758.47)
Loss Reimbursement from Transferor 381,420,36 (381,420,36)
Loss Reimbursement from Reserve Fund ---------- -------------------------------
Transferor Ending Certificate Principal Loss Amount - (381,420.36) (7,758.47)
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 -
Allocations - Accelerated Principal Distribution
Allocations - Not Disbursed Beginning of Period
Allocations - Not Disbursed End of Period - - -
INTEREST DISTRIBUTIONS/ALLOCATIONS:
Distribution - Current Period - - 816,634.79
Allocations - Current Period 331,422.00 282,419.42 -
Allocations - Not Disbursed Beginning of Period - - -
Allocations - Not Disbursed End of Period 331,422.00 282,419.42 -
DUE TO TRUST - CURRENT PERIOD:
Total Deposit to Reserve Fund 129,686.48
Total Allocation Amount 331,422.00 282,419.42 816,634.79 -
---------- ---------- -----------------------------
Total Due To Trust 331,422.00 282,419.42 946,321.27 -
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Page 2
<PAGE>
TOYOTA MOTOR CREDIT CORPORATION
Servicer's Certificate -- Toyota Auto Lease Trust 1998-C
Distribution Date of October 25, 1999 for the Collection Period
of September 1 through September 30, 1999
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------
Certificate Balance
-------------------
Total Percent Balance
------------------------------------------------------------------------------------------------------------------
<S><C>
ORIGINAL DEAL PARAMETER
Aggregate Net Investment Value (ANIV) 749,988,732.51
Discounted Principal Balance 749,988,732.51
Initial Notional/Certificate Balance - 100.00% 735,000,000.00
Percent of ANIV 98.00%
Certificate Factor 1.0000000
Notional/Certificate Rate
Targeted Maturity Dates
Servicer Advance 1,324,812.20
Servicer Payahead 1,260,008.73
Number of Contracts 34,185
Weighted Average Lease Rate 6.81%
Weighted Average Remaining Term 33.8
Servicing Fee Percentage 1.00%
POOL DATA PRIOR MONTH
Aggregate Net Investment Value 749,950,641.10
Discounted Principal Balance 748,818,301.92
Notional/Certificate Balance 735,000,000.00
Adjusted Notional/Certificate Balance 735,000,000.00
Percent of ANIV 98.01%
Certificate Factor 1.0000000
Servicer Advances 1,978,695.40
Servicer Pay Ahead Balance 1,842,716.49
Maturity Advances Outstanding -
Number of Current Contracts 37,001
Weighted Average Lease Rate 6.83%
Weighted Average Remaining Term 24.0
POOL DATA CURRENT MONTH
Aggregate Net Investment Value 749,942,882.63
Discounted Principal Balance 748,750,747.83
Notional/Certificate Balance 735,000,000.00
Adjusted Notional/Certificate Balance 735,000,000.00
Percent of ANIV 98.01%
Certificate Factor 1.0000000
Servicer Advances 2,096,888.85
Servicer Pay Ahead Balance 1,859,817.22
Maturity Advances Outstanding -
Number of Current Contracts 37,281
Weighted Average Lease Rate 6.82%
Weighted Average Remaining Term 23.1
Prior Certificate Interest Payment Date September 27, 1999
Next Certificate Interest Payment Date December 27, 1999
------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
Class A1 Class A2
-------- --------
Percent Balance Percent Balance
-----------------------------------------------------------------------------------------------------------------
ORIGINAL DEAL PARAMETER
Aggregate Net Investment Value (ANIV)
Discounted Principal Balance
Initial Notional/Certificate Balance 25.71% 189,000,000.00 57.76% 424,500,000.00
Percent of ANIV 25.20% 56.60%
Certificate Factor 1.0000000 1.0000000
Notional/Certificate Rate 5.265% 5.413%
Targeted Maturity Dates December 25, 2000 December 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 189,000,000.00 424,500,000.00
Adjusted Notional/Certificate Balance 189,000,000.00 424,500,000.00
Percent of ANIV 25.20% 56.60%
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 189,000,000.00 424,500,000.00
Adjusted Notional/Certificate Balance 189,000,000.00 424,500,000.00
Percent of ANIV 25.20% 56.60%
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
-----------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
Class A3 Class B Transferor Interest
-------- ------- -------------------
Percent Balance Percent Balance Balance
--------------------------------------------------------------------------------------------------------------------------
ORIGINAL DEAL PARAMETER
Aggregate Net Investment Value (ANIV)
Discounted Principal Balance
Initial Notional/Certificate Balance 9.90% 72,800,000.00 6.63% 48,700,000.00 14,988,732.51
Percent of ANIV 9.71% 6.49% 2.00%
Certificate Factor 1.0000000 1.0000000
Notional/Certificate Rate 5.463% 6.959%
Targeted Maturity Dates March 25, 2002 December 25, 2003
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 72,800,000.00 48,700,000.00 14,950,641.10
Adjusted Notional/Certificate Balance 72,800,000.00 48,700,000.00 14,950,641.10
Percent of ANIV 9.71% 6.49% 1.99%
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 72,800,000.00 48,700,000.00 14,942,882.63
Adjusted Notional/Certificate Balance 72,800,000.00 48,700,000.00 14,942,882.63
Percent of ANIV 9.71% 6.49% 1.99%
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
--------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
CURRENT MONTH COLLECTION ACTIVITY Vehicles
--------
Principal Collections 7,089,409.06
Prepayments in Full 207 4,105,716.44
---
Reallocation Payment 2 27,762.53
-
Interest Collections 5,389,286.40
Net Liquidation Proceeds and Recoveries 1,483,346.17
Increase (Decrease) in Maturity Advances -
Net Liquidation Proceeds - Vehicle Sales 742,683.65
Non-Recoverable Advances (62,912.30)
------------------------
Total Available 18,775,291.95
---------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
CAPPED AND UNCAPPED EXPENSES: Amount Annual Amount
---------------------- ------------------------
Total Capped Expenses Paid 15,745.94 188,951.28
Total Uncapped Expenses Paid - -
Capped and Uncapped Expenses Due - -
SERVICER'S FEE DUE:
Servicer's Fee Paid 624,958.87
Servicer's Fee Balance Due -
SUPPLEMENTAL SERVICER'S FEES 65,041.45
-------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------
REVOLVING PERIOD: Vehicles Amount
-------- ------
Beginning Unreinvested Principal Collections 9,475.00
Principal Collections & Liquidated Contracts 13,830,338.21
Allocation to Subsequent Contracts 623 (13,833,919.01)
---
------------------------
Ending Unreinvested Principal Collections 5,894.20
-------------------------------------------------------------------------------------------------------------------------
</TABLE>
Page 3
<PAGE>
TOYOTA MOTOR CREDIT CORPORATION
Servicer's Certificate -- Toyota Auto Lease Trust 1998-C
Distribution Date of October 25, 1999 for the Collection Period
of September 1 through September 30, 1999
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
CLASS A1 CLASS A2 CLASS A3 CLASS B TOTAL CLASS
-------- -------- -------- ------- -----------
BALANCE BALANCE BALANCE BALANCE BALANCE
- ------------------------------------------------------------------------------------------------------------------------------------
<S><C>
INTEREST RATE
- -------------
Three Month LIBOR + 0.23% 0.27% 0.32% 2.00%
PRINCIPAL PAYMENTS
- ------------------
Principal Payment due to Investors
Ending Certificate Balance 189,000,000.00 424,500,000.00 72,800,000.00 48,700,000.00 735,000,000.00
INTEREST PAYMENTS
- -----------------
Class Interest Rate for Current
Interest Period
Interest Calculation for Current
Interest Period
At Certificate Payment Date:
Paid to Swap Counterparty -
Due to Swap Counterparty -
Proration % 0.00%
Interest Due to Investors
Interest Payment to Investors
Net Settlement due to /
(receive by) Swap Counterparty
Total Payment to Investors (Principal
and Interest)
SWAP SHORTFALL
- --------------
Prior Swap Interest Shortfall Carryover - - - - -
Swap Interest Shortfall Inc/(Dec)
This Period - - - - -
Swap Swap Interest Shortfall Carryover - - - - -
INTEREST RESET
- --------------
Interest Rate 5.74625% 5.78625% 5.83625% 7.51625%
Number of Days 91 91 91 91
Interest for Succeeding Certificate
Payment Date
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
I hereby certify to the best of my knowledge that
the report provided is true and correct.
/s/ Holly Pearson
- -------------------------------------------------
Holly Pearson, Treasury Manager
Page 4
