<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): June 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 June 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 May 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
May, 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: July 9, 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 June 25, 1999 for the Collection Period of
May 1 through May 31, 1999
<TABLE>
<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 749,969,025.55
Discounted Principal Balance 749,961,571.05
Servicer Advances 2,157,688.68
Servicer Pay Ahead Balance 1,521,013.59
Maturity Advances Outstanding -
Number of Current Contracts 36,167
Weighted Average Lease Rate 6.85%
Weighted Average Remaining Term 26.9
- -----------------------------------------------------------------------------------------------------------------------
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
<CAPTION>
Class A Class B Total
Amount Amount Amount
------------- ------------ -------------
<S> <C> <C> <C>
Beginning Balance 35,451,151.53 1,095,750.00 36,546,901.53
Withdrawal Amount - - -
Transferor Excess 1,318,039.29 1,318,039.29
---------------------------------------------------------------
Ending Balance 36,769,190.82 1,095,750.00 37,864,940.82
Specified Reserve Fund Balance 40,153,630.29 1,095,750.00 41,249,380.29
---------------------------------------------------------------
Release to Transferor - - -
Cumulative Withdrawal Amount - - -
- -----------------------------------------------------------------------------------------------------------------------
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------
LIQUIDATION OF CHARGE-OFFS AND REPOSSESSIONS: Vehicles
--------
<S> <C> <C>
Liquidated Contracts 84
Discounted Principal Balance 1,735,341.87
Net Liquidation Proceeds (1,496,643.99)
Recoveries - Previously Liquidated Contracts (6,214.15)
----------------------
Aggregate Credit Losses for the Collection Period 232,483.73
----------------------
----------------------
Cumulative Credit Losses for all Periods 979,263.76
----------------------
----------------------
Repossessed in Current Period 44
RATIO OF NET CREDIT LOSSES TO THE AVERAGE POOL BALANCE Annualized Average
FOR EACH COLLECTION PERIOD: Charge-Off Rate
----------------------
Second Preceding Collection Period 0.37%
First Preceding Collection Period 0.14%
Current Collection Period 0.37%
- -----------------------------------------------------------------------------------------------------------------------
CONDITION (i) (CHARGE-OFF RATE)
Three Month Average 0.29%
Charge-off Rate Indicator ( > 1.25%) CONDITION NOT MET
- -----------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------
<CAPTION>
DELINQUENT CONTRACTS: Percent Accounts Percent ANIV
------- -------- ------- ----
31-60 Days Delinquent 0.99% 357 0.99% 7,455,965.16
61-90 Days Delinquent 0.06% 21 0.06% 426,601.91
Over 90 Days Delinquent 0.04% 14 0.05% 348,481.40
------- ---------------
Total Delinquencies 392 8,231,048.47
------- ---------------
------- ---------------
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 0.06%
First Preceding Collection Period 0.08%
Current Collection Period 0.10%
- -----------------------------------------------------------------------------------------------------------------------
CONDITION (ii) (DELINQUENCY PERCENTAGE)
Three Month Average 0.08%
Delinquency Percentage Indicator ( > 1.25%) CONDITION NOT MET
- -----------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------
<CAPTION>
RESIDUAL VALUE (GAIN) LOSS: Vehicles
--------
Matured Lease Vehicle Inventory Sold 1 12,548.50
Net Liquidation Proceeds (11,307.20)
-------------
Net Residual Value (Gain) Loss 1,241.30
-------------
-------------
Cumulative Residual Value (Gain) Loss all periods 1,241.30
-------------
-------------
Average Average
Number Scheduled Sale Net Liquidation Residual
MATURED VEHICLES SOLD FOR Sold Maturities Ratio Proceeds Value
------ ---------- ----- --------------- --------
EACH COLLECTION PERIOD:
Second Preceding Collection Period 0 0
First Preceding Collection Period 0 0
Current Collection Period 1 0 100.00% 11,307.20 12,103.80
Three Month Average 11,307.20 12,103.80
-----------
Ratio of Three Month Average Net Liquidation Proceeds to Average Residual Value 93.42%
-----------
- ----------------------------------------------------------------------------------------------------------------------
<CAPTION>
Current Period
CONDITION (iii) (RESIDUAL VALUE TEST) Amount/Ratio Test Met?
------------ ---------
<S> <C> <C>
a) Number of Vehicles Sold > 25% of Scheduled Maturities YES
b) Number of Scheduled Maturities > 500 NO
c) 3 Month Average Matured Leased Vehicle Proceeds < 75% of Avg. Residual Values 93.42% NO
Residual Value Indicator (condition met if tests a, b and c = YES) CONDITION NOT MET
- ----------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
TOYOTA MOTOR CREDIT CORPORATION
Servicer's Certificate - Toyota Auto Lease Trust 1998-C
Distribution Date of June 25, 1999 for the Collection Period of
May 1 through May 31, 1999
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------
Certificate Balance Class A1
------------------- --------
Total Percent Balance Balance
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INTEREST: 98.00%
Interest Collections 5,560,308.02
Net Investment Income 26,919.39
Non-recoverable Advances (41,485.89)
---------------
Available Interest 5,545,741.52 5,434,826.69 1,397,526.86
Class A1, A2, A3 Notional Interest Accrual Amount (3,075,508.25) (3,075,508.25) (829,237.50)
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 (624,978.09) (612,478.53)
Capped Expenses (15,745.94) (15,431.02)
Interest Accrual on Class B. Cert. Prin. Loss Amt. - -
Uncapped Expenses - -
--------------- ---------------
Total Unallocated Interest 1,547,089.82 1,448,989.47
Excess Interest to Transferor (1,448,989.47)
--------------- ---------------
Net Interest Collections Available 1,547,089.82 -
Interest Collections Allocated to Losses (229,050.53)
Accelerated Principal Distribution -
---------------
Deposit to Reserve Fund 1,318,039.29
---------------
Withdrawal from Reserve Fund -
---------------
PRINCIPAL:
Certificate Principal Loss Amounts:
Current Loss Amount (233,725.03) (229,050.53)
Loss Reimbursement from Transferor 229,050.53 229,050.53
Loss Reimbursement from Reserve Fund -
--------------- ---------------
Transferor Ending Certificate Principal Loss Amount (4,674.50) -
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 10,073,783.01 10,073,783.01 2,487,712.50
Allocations - Current Period 3,357,927.67 3,357,927.67 829,237.50
Allocations - Not Disbursed Beginning of Period 6,715,855.34 6,715,855.34 1,658,475.00
Allocations - Not Disbursed End of Period
DUE TO TRUST - CURRENT PERIOD:
Total Deposit to Reserve Fund 1,318,039.29
Total Allocation Amount 3,331,008.28 3,331,008.28 822,315.37
--------------- --------------- ----------------
Total Due To Trust 4,649,047.57 3,331,008.28 822,315.37
- -----------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
Class A2 Class A3 Class B Transferor Interest
-------- -------- ------- -------------------
Balance Balance Balance Interest Principal
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
INTEREST: 2.00%
Interest Collections
Net Investment Income
Non-recoverable Advances
Available Interest 3,138,889.70 538,306.64 360,103.48 110,914.83
Class A1, A2, A3 Notional Interest Accrual Amount (1,914,848.75) (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 (12,499.56)
Capped Expenses (314.92)
Interest Accrual on Class B. Cert. Prin. Loss Amt. -
Uncapped Expenses -
--------------
Total Unallocated Interest 98,100.34
Excess Interest to Transferor 1,448,989.47
--------------
Net Interest Collections Available 1,547,089.81
Interest Collections Allocated to Losses (229,050.53)
Accelerated Principal Distribution -
--------------
Deposit to Reserve Fund 1,318,039.28
--------------
Withdrawal from Reserve Fund
PRINCIPAL:
Certificate Principal Loss Amounts:
Current Loss Amount (229,050.53) (4,674.50)
Loss Reimbursement from Transferor 229,050.53 (229,050.53)
Loss Reimbursement from Reserve Fund
------------ ----------------------------
Transferor Ending Certificate Principal Loss Amount - (229,050.53) (4,674.50)
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 5,744,546.25 994,266.00 847,258.26 -
Allocations - Current Period 1,914,848.75 331,422.00 282,419.42 -
Allocations - Not Disbursed Beginning of Period 3,829,697.50 662,844.00 564,838.84 -
Allocations - Not Disbursed End of Period -
DUE TO TRUST - CURRENT PERIOD:
Total Deposit to Reserve Fund
Total Allocation Amount 1,899,301.43 328,755.70 280,635.78 - -
-------------- ------------ ------------ ----------------------------
Total Due To Trust 1,899,301.43 328,755.70 280,635.78 - -
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
TOYOTA MOTOR CREDIT CORPORATION
Servicer's Certificate - Toyota Auto Lease Trust 1998-C
Distribution Date of June 25, 1999 for the Collection Period of
May 1 through May 31, 1999
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
Certificate Balance Class A1 Class A2
------------------- ------------------- -------------------
Total Percent Balance Percent Balance Percent Balance
- -----------------------------------------------------------------------------------------------------------------------------------
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 25.71% 189,000,000.00 57.76% 424,500,000.00
Percent of ANIV 98.00% 25.20% 56.60%
Certificate Factor 1.0000000 1.0000000 1.0000000
Notional/Certificate Rate 5.265% 5.413%
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 749,973,700.05
Discounted Principal Balance 749,962,989.28
Notional/Certificate Balance 735,000,000.00 189,000,000.00 424,500,000.00
Adjusted Notional/Certificate Balance 735,000,000.00 189,000,000.00 424,500,000.00
Percent of ANIV 98.00% 25.20% 56.60%
Certificate Factor 1.0000000 1.0000000 1.0000000
Servicer Advances 1,679,902.97
Servicer Pay Ahead Balance 2,102,534.75
Maturity Advances Outstanding -
Number of Current Contracts 35,879
Weighted Average Lease Rate 6.85%
Weighted Average Remaining Term 27.9
POOL DATA CURRENT MONTH
Aggregate Net Investment Value 749,969,025.55
Discounted Principal Balance 749,961,571.05
Notional/Certificate Balance 735,000,000.00 189,000,000.00 424,500,000.00
Adjusted Notional/Certificate Balance 735,000,000.00 189,000,000.00 424,500,000.00
Percent of ANIV 98.00% 25.20% 56.60%
Certificate Factor 1.0000000 1.0000000 1.0000000
Servicer Advances 2,157,688.68
Servicer Pay Ahead Balance 1,521,013.59
Maturity Advances Outstanding -
Number of Current Contracts 36,167
Weighted Average Lease Rate 6.85%
Weighted Average Remaining Term 26.9
<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 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%
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 14,973,700.05
Adjusted Notional/Certificate Balance 72,800,000.00 48,700,000.00 14,973,700.05
Percent of ANIV 9.71% 6.49% 2.00%
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 14,969,025.55
Adjusted Notional/Certificate Balance 72,800,000.00 48,700,000.00 14,969,025.55
Percent of ANIV 9.71% 6.49% 2.00%
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
- -----------------------------------------------------------------------------------------------------------------
<CAPTION>
- -------------------------------------------------------------------------------------------------
CURRENT MONTH COLLECTION ACTIVITY Vehicles
--------
<S> <C> <C>
Principal Collections 6,700,068.88
Prepayments in Full 132 2,646,179.11
---
Reallocation Payment 0 -
Interest Collections 5,560,308.02
Net Liquidation Proceeds and Recoveries 1,502,858.14
Increase (Decrease) in Maturity Advances -
Net Liquidation Proceeds - Vehicle Sales 11,307.20
Non-Recoverable Advances (41,485.89)
-------------------
Total Available 16,379,235.46
- -------------------------------------------------------------------------------------------------
<CAPTION>
- -------------------------------------------------------------------------------------------------------------
CAPPED AND UNCAPPED EXPENSES: Amount Annual Amount
------------------ --------------------
<S> <C> <C>
Total Capped Expenses Paid 15,745.94 110,221.58
Total Uncapped Expenses Paid - -
Capped and Uncapped Expenses Due - -
SERVICER'S FEE DUE:
Servicer's Fee Paid 624,978.09
Servicer's Fee Balance Due -
SUPPLEMENTAL SERVICER'S FEES 52,823.27
- -------------------------------------------------------------------------------------------------------------
<CAPTION>
- -------------------------------------------------------------------------------------------------------------
REVOLVING PERIOD: Vehicles Amount
-------- ------
Beginning Unreinvested Principal Collections 10,710.77
Principal Collections & Liquidated Contracts 11,089,463.86
Allocation to Subsequent Contracts 505 (11,092,720.13)
--------------------
Ending Unreinvested Principal Collections 7,454.50
- -------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
TOYOTA MOTOR CREDIT CORPORATION
Servicer's Certificate - Toyota Auto Lease Trust 1998-C
Distribution Date of June 25, 1999 for the Collection Period of
May 1 through May 31, 1999
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------
Class A1 Class A2 Class A3
-------- -------- --------
Balance Balance Balance
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
INTEREST RATE
Three Month LIBOR + 0.23% 0.27% 0.32%
PRINCIPAL PAYMENTS
Principal Payment due to Investors
Ending Certificate Balance 189,000,000.00 424,500,000.00 72,800,000.00
INTEREST PAYMENTS
Class Interest Rate for Current Interest Period 5.23000% 5.27000% 5.32000%
Interest Calculation for Current Interest Period 2,526,090.00 5,717,071.67 989,756.44
At Certificate Payment Date:
Paid to Swap Counterparty - 2,487,712.50 5,744,546.25 994,266.00
Due to Swap Counterparty - 2,487,712.50 5,744,546.25 994,266.00
Proration % 0.00%
Interest Due to Investors 2,526,090.00 5,717,071.67 989,756.44
Interest Payment to Investors 2,526,090.00 5,717,071.67 989,756.44
Net Settlement due to/(receive by) Swap Counterparty 38,377.50 (27,474.58) (4,509.56)
TOTAL PAYMENT TO INVESTORS (PRINCIPAL AND INTEREST) 2,526,090.00 5,717,071.67 989,756.44
SWAP SHORTFALL
Prior Swap Interest Shortfall Carryover - - -
Swap Interest Shortfall Inc/(Dec) This Period - - -
Swap Swap Interest Shortfall Carryover - - -
INTEREST RESET
Interest Rate TBD TBD TBD
Number of Days TBD TBD TBD
INTEREST FOR SUCCEEDING CERTIFICATE PAYMENT DATE
- --------------------------------------------------------------------------------------------------------------------------
<CAPTION>
Class B Total Class
------- -----------
Balance Balance
- ----------------------------------------------------------------------------------------
<S> <C> <C>
INTEREST RATE
Three Month LIBOR + 2.00%
PRINCIPAL PAYMENTS
Principal Payment due to Investors
Ending Certificate Balance 48,700,000.00 735,000,000.00
INTEREST PAYMENTS
Class Interest Rate for Current Interest Period 7.00000%
Interest Calculation for Current Interest Period 871,188.89 10,104,107.00
At Certificate Payment Date:
Paid to Swap Counterparty 847,258.26 10,073,783.01
Due to Swap Counterparty 847,258.26 10,073,783.01
Proration %
Interest Due to Investors 871,188.89 10,104,107.00
Interest Payment to Investors 871,188.89 10,104,107.00
Net Settlement due to/(receive by) Swap Counterparty 23,930.63 30,323.99
TOTAL PAYMENT TO INVESTORS (PRINCIPAL AND INTEREST) 871,188.89 10,104,107.00
SWAP SHORTFALL
Prior Swap Interest Shortfall Carryover - -
Swap Interest Shortfall Inc/(Dec) This Period - -
Swap Swap Interest Shortfall Carryover - -
INTEREST RESET
Interest Rate TBD
Number of Days TBD
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
