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Previous: ICY SPLASH FOOD & BEVERAGE INC, 3, 2000-01-05 |
Next: WIT CAPITAL GROUP INC, S-4/A, 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 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 December 27, 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
November 1999 is filed as Exhibit 20 to this Current Report on Form 8-K.
Item 7(c). Exhibits
<TABLE>
<CAPTION>
Exhibit Number Description
-------------- -----------
<S> <C>
20 Servicer's Certificate for the month of
November, 1999.
</TABLE>
-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: January 5, 2000 By: /s/ GEORGE E. BORST
--------------- -------------------------------------
George E. Borst
Senior Vice President
and General Manager
-3-
<PAGE>
Exhibit 20
TOYOTA MOTOR CREDIT CORPORATION
Servicer's Certificate - Toyota Auto Lease Trust 1998-C
Distribution Date of December 27, 1999 for the Collection Period of
November 1 through November 30, 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 749,930,742.06
Discounted Principal Balance 749,666,986.13
Servicer Advances 2,307,260.21
Servicer Pay Ahead Balance 2,059,856.41
Maturity Advances Outstanding -
Number of Current Contracts 37,943
Weighted Average Lease Rate 6.83%
Weighted Average Remaining Term 21.2
</TABLE>
<TABLE>
<S> <C>
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
</TABLE>
<TABLE>
<CAPTION>
Class A Class B Total
Amount Amount Amount
------ ------ ------
<S> <C> <C> <C>
Beginning Balance 40,153,630.29 1,095,750.00 41,249,380.29
Withdrawal Amount -- -- --
Transferor Excess 1,145,843.06 1,145,843.06
-------------------------------------------------------
Reserve Fund Balance Prior to Release 41,299,473.35 1,095,750.00 42,395,223.35
Specified Reserve Fund Balance 40,153,630.29 1,095,750.00 41,249,380.29
Release to Transferor 1,145,843.06 -- 1,145,843.06
-------------------------------------------------------
Ending Reserve Fund Balance 40,153,630.29 1,095,750.00 41,249,380.29
Cumulative Withdrawal Amount -- -- --
</TABLE>
<TABLE>
<CAPTION>
LIQUIDATION OF CHARGE-OFFS AND REPOSSESSIONS: VEHICLES
--------
<S> <C> <C>
Liquidated Contracts 83
Discounted Principal Balance 1,540,972.64
Net Liquidation Proceeds (1,313,897.23)
Recoveries - Previously Liquidated Contracts (13,561.00)
----------------
Aggregate Credit Losses for the Collection Period 213,514.41
================
Cumulative Credit Losses for all Periods 2,603,448.62
================
Repossessed in Current Period 53
</TABLE>
<TABLE>
<CAPTION>
RATIO OF NET CREDIT LOSSES TO THE AVERAGE POOL BALANCE Annualized Average
FOR EACH COLLECTION PERIOD: Charge-Off Rate
------------------------
<S> <C>
Second Preceding Collection Period 0.48%
First Preceding Collection Period 0.35%
Current Collection Period 0.34%
CONDITION (i) (CHARGE-OFF RATE)
Three Month Average 0.39%
Charge-off Rate Indicator ( greater than 1.25%) CONDITION NOT MET
</TABLE>
<TABLE>
<CAPTION>
DELINQUENT CONTRACTS: PERCENT ACCOUNTS PERCENT ANIV
------- -------- ------- ----
<S> <C> <C> <C> <C>
31-60 Days Delinquent 1.18% 448 1.13% 8,505,200.69
61-90 Days Delinquent 0.06% 24 0.07% 500,022.19
Over 90 Days Delinquent 0.03% 12 0.04% 282,767.01
-------- ------------
Total Delinquencies 484 9,287,989.89
======== ============
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 0.09%
Current Collection Period 0.09%
- ------------------------------------------------------------------------------------------------------------------------------------
CONDITION (ii) (DELINQUENCY PERCENTAGE)
Three Month Average 0.09%
Delinquency Percentage Indicator ( greater than 1.25%) CONDITION NOT MET
</TABLE>
<TABLE>
<CAPTION>
RESIDUAL VALUE (GAIN) LOSS: VEHICLES
<S> <C> <C>
Matured Lease Vehicle Inventory Sold 36 648,997.91
--
Net Liquidation Proceeds (579,372.82)
-----------
Net Residual Value (Gain) Loss 69,625.09
===========
Cumulative Residual Value (Gain) Loss all periods 294,575.67
===========
</TABLE>
<TABLE>
<CAPTION>
Average Average
Number Scheduled Sale Net Liquidation Residual
MATURED VEHICLES SOLD FOR Sold Maturities Ratio Proceeds Value
------ ---------- ----- --------------- --------
<S> <C> <C> <C> <C> <C>
EACH COLLECTION PERIOD:
Second Preceding Collection Period 46 131 35.11% 16,145.30 18,063.56
First Preceding Collection Period 55 72 76.39% 15,164.55 17,129.79
Current Collection Period 36 10 100.00% 16,093.69 18,066.64
Three Month Average 15,738.00 17,689.50
Ratio of Three Month Average Net Liquidation Proceeds to Average Residual Value 88.97%
</TABLE>
<TABLE>
<CAPTION>
CURRENT PERIOD
CONDITION (iii) (RESIDUAL VALUE TEST) AMOUNT/RATIO TEST MET?
-------------- ---------
<S> <C> <C>
a) Number of Vehicles Sold greater than 25% of Scheduled Maturities 100.00% YES
b) Number of Scheduled Maturities greater than 500 10 NO
c) 3 Month Average Matured Leased Vehicle Proceeds less than 75% of Avg. Residual Values 88.97% 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 5,436,383.44
Net Investment Income 30,713.54
Non-recoverable Advances (45,133.07)
------------
Available Interest 5,421,963.91 5,313,975.39
Class A1, A2, A3 Notional Interest Accrual Amount (3,075,508.25) (3,075,508.25)
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 (624,946.99) (612,448.05)
Capped Expenses (15,745.94) (15,431.02)
Interest Accrual on Class B. Cert. Prin. Loss Amt. - -
Uncapped Expenses - -
------------- -------------
Total Unallocated Interest 1,423,343.31 1,328,168.65
Excess Interest to Transferor (1,328,168.65)
------------- -------------
Net Interest Collections Available 1,423,343.31 -
Interest Collections Allocated to Losses (277,500.25)
Accelerated Principal Distribution -
-------------
Deposit to Reserve Fund 1,145,843.06
-------------
Withdrawal from Reserve Fund -
-------------
PRINCIPAL:
Certificate Principal Loss Amounts:
Current Loss Amount (283,139.50) (277,500.25)
Loss Reimbursement from Transferor 277,500.25 277,500.25
Loss Reimbursement from Reserve Fund -
------------- -----------
Transferor Ending Certificate Principal Loss Amount (5,639.25) -
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 11,219,626.07 10,073,783.01
Allocations - Current Period 3,357,927.67 3,357,927.67
Allocations - Not Disbursed Beginning of Period 6,715,855.34 6,715,855.34
Allocations - Not Disbursed End of Period - -
DUE TO TRUST - CURRENT PERIOD:
Total Deposit to Reserve Fund 1,145,843.06
Due To Trust 10,073,783.01 10,073,783.01
------------- -------------
Total Due To Trust 11,219,626.07 10,073,783.01
</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
Non-recoverable Advances
Available Interest
Class A1, A2, A3 Notional Interest Accrual Amount
Unreimbursed A1, A2, A3 Interest Shortfall 1,366,450.81 3,069,091.90 526,336.61 352,096.06
Interest Accrual for Adjusted Class B Certificate Bal. (829,237.50) (1,914,848.75) (331,422.00)
Class B Interest Carryover Shortfall - - -
Servicer's Fee (282,419.42)
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
PRINCIPAL:
Certificate Principal Loss Amounts:
Current Loss Amount
Loss Reimbursement from Transferor
Loss Reimbursement from Reserve Fund (277,500.25)
277,500.25
----------
Transferor 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
Allocations - Accelerated Principal Distribution
Allocations - Not Disbursed Beginning of Period
Allocations - Not Disbursed End of Period
INTEREST DISTRIBUTIONS/ALLOCATIONS:
Distribution - Current Period 2,487,712.50 5,744,546.25 994,266.00 847,258.26
Allocations - Current Period 829,237.50 1,914,848.75 331,422.00 282,419.42
Allocations - Not Disbursed Beginning of Period 1,658,475.00 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
Due To Trust
Total Due To Trust 2,487,712.50 5,744,546.25 994,266.00 847,258.26
------------ ------------ ---------- ----------
2,487,712.50 5,744,546.25 994,266.00 847,258.26
</TABLE>
<TABLE>
<CAPTION>
TRANSFEROR INTEREST
------------------------
Interest Principal
------------------------
<S> <C> <C>
INTEREST: 2.00%
- ---------
Interest Collections
Net Investment Income
Non-recoverable Advances
Available Interest 107,988.52
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 (12,498.94)
Capped Expenses (314.92)
Interest Accrual on Class B. Cert. Prin. Loss Amt.
Uncapped Expenses -
------------
Total Unallocated Interest 95,174.66
Excess Interest to Transferor 1,328,168.65
------------
Net Interest Collections Available 1,423,343.31
Interest Collections Allocated to Losses (277,500.25)
Accelerated Principal Distribution -
------------
Deposit to Reserve Fund 1,145,843.06
------------
Withdrawal from Reserve Fund
PRINCIPAL:
Certificate Principal Loss Amounts:
Current Loss Amount (5,639.25)
Loss Reimbursement from Transferor (277,500.25)
Loss Reimbursement from Reserve Fund
------------ ---------
Transferor Ending Certificate Principal Loss Amount (277,500.25) (5,639.25)
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 1,145,843.06 -
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 1,145,843.06 -
Due To Trust -
------------ ---------
Total Due To Trust 1,145,843.06 -
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
CERTIFICATE BALANCE CLASS A1
------------------- --------
Total Percent Balance Percent Balance
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <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 25.71% 189,000,000.00
Percent of ANIV 98.00% 25.20%
Certificate Factor 1.0000000 1.0000000
Notional/Certificate Rate 5.265%
Targeted Maturity Dates December 25, 2000
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 749,936,381.31
Discounted Principal Balance 749,215,169.10
Notional/Certificate Balance 735,000,000.00 189,000,000.00
Adjusted Notional/Certificate Balance 735,000,000.00 189,000,000.00
Percent of ANIV 98.01% 25.20%
Certificate Factor 1.0000000 1.0000000
Servicer Advances 2,293,941.98
Servicer Pay Ahead Balance 1,781,187.36
Maturity Advances Outstanding -
Number of Current Contracts 37,582
Weighted Average Lease Rate 6.83%
Weighted Average Remaining Term 22.2
POOL DATA CURRENT MONTH
Aggregate Net Investment Value 749,930,742.06
Discounted Principal Balance 749,666,986.13
Notional/Certificate Balance 735,000,000.00 189,000,000.00
Adjusted Notional/Certificate Balance 735,000,000.00 189,000,000.00
Percent of ANIV 98.01% 25.20%
Certificate Factor 1.0000000 1.0000000
Servicer Advances 2,307,260.21
Servicer Pay Ahead Balance 2,059,856.41
Maturity Advances Outstanding -
Number of Current Contracts 37,943
Weighted Average Lease Rate 6.83%
Weighted Average Remaining Term 21.2
Prior Certificate Interest Payment Date September 27, 1999
Next Certificate Interest Payment Date December 27, 1999
</TABLE>
<TABLE>
<CAPTION>
CLASS A2 CLASS A3 CLASS B
-------- -------- -------
Percent Balance Percent Balance Percent Balance
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
ORIGINAL DEAL PARAMETER
Aggregate Net Investment Value (ANIV)
Discounted Principal Balance
Initial Notional/Certificate Balance 57.76% 424,500,000.00 9.90% 72,800,000.00 6.63% 48,700,000.00
Percent of ANIV 56.60% 9.71% 6.49%
Certificate Factor 1.0000000 1.0000000 1.0000000
Notional/Certificate Rate 5.413% 5.463% 6.959%
Targeted Maturity Dates December 25, 2001 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 424,500,000.00 72,800,000.00 48,700,000.00
Adjusted Notional/Certificate Balance 424,500,000.00 72,800,000.00 48,700,000.00
Percent of ANIV 56.61% 9.71% 6.49%
Certificate Factor 1.0000000 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 424,500,000.00 72,800,000.00 48,700,000.00
Adjusted Notional/Certificate Balance 424,500,000.00 72,800,000.00 48,700,000.00
Percent of ANIV 56.61% 9.71% 6.49%
Certificate Factor 1.0000000 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>
TRANSFEROR INTEREST
-------------------
Balance
<S> <C>
ORIGINAL DEAL PARAMETER
Aggregate Net Investment Value (ANIV)
Discounted Principal Balance
Initial Notional/Certificate Balance 14,988,732.51
Percent of ANIV 2.00%
Certificate Factor
Notional/Certificate Rate
Targeted Maturity Dates
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 14,936,381.31
Adjusted Notional/Certificate Balance 14,936,381.31
Percent of ANIV 1.99%
Certificate Factor
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 14,930,742.06
Adjusted Notional/Certificate Balance 14,930,742.06
Percent of ANIV 1.99%
Certificate Factor
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>
CURRENT MONTH COLLECTION ACTIVITY VEHICLES
<S> <C> <C>
Principal Collections 7,337,237.07
Prepayments in Full 158 3,319,561.62
---
Reallocation Payment 6 75,314.66
-
Interest Collections 5,436,383.44
Net Liquidation Proceeds and Recoveries 1,327,458.23
Increase (Decrease) in Maturity Advances -
Net Liquidation Proceeds - Vehicle Sales 579,372.82
Non-Recoverable Advances (45,133.07)
--------------
Total Available 18,030,194.77
</TABLE>
<TABLE>
<CAPTION>
CAPPED AND UNCAPPED EXPENSES: Amount Annual Amount
----------------------- -----------------------
<S> <C> <C>
Total Capped Expenses Paid 15,745.94 220,443.16
Total Uncapped Expenses Paid - -
Capped and Uncapped Expenses Due - -
SERVICER'S FEE DUE:
Servicer's Fee Paid 624,946.99
Servicer's Fee Balance Due -
SUPPLEMENTAL SERVICER'S FEES 66,929.78
</TABLE>
<TABLE>
<CAPTION>
REVOLVING PERIOD: VEHICLES AMOUNT
<S> <C> <C>
Beginning Unreinvested Principal Collections 9,023.10
Principal Collections & Liquidated Contracts 12,916,444.65
Allocation to Subsequent Contracts 643 (12,918,718.60)
----------------------
Ending Unreinvested Principal Collections 6,749.15
</TABLE>
<TABLE>
<CAPTION>
CLASS A1 CLASS A2 CLASS A3 CLASS B
-------- -------- -------- -------
Balance Balance Balance Balance
<S> <C> <C> <C> <C> <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
INTEREST PAYMENTS
Class Interest Rate for Current
Interest Period 5.74625% 5.78625% 5.83625% 7.51625%
Interest Calculation for Current
Interest Period 2,745,270.94 6,208,887.34 1,073,999.69 925,271.25
At Certificate Payment Date:
Paid to Swap Counterparty 2,487,712.50 5,744,546.25 994,266.00 847,258.26
Due to Swap Counterparty 2,487,712.50 5,744,546.25 994,266.00 847,258.26
Proration % 0.00%
Interest Due to Investors 2,745,270.94 6,208,887.34 1,073,999.69 925,271.25
Interest Payment to Investors 2,745,270.94 6,208,887.34 1,073,999.69 925,271.25
Net Settlement due to / (receive by) Swap
Counterparty 257,558.44 464,341.09 79,733.69 78,013.00
TOTAL PAYMENT TO INVESTORS (PRINCIPAL AND INTEREST) 2,745,270.94 6,208,887.34 1,073,999.69 925,271.25
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 TBD
Number of Days TBD TBD TBD TBD
INTEREST FOR SUCCEEDING CERTIFICATE PAYMENT DATE
</TABLE>
<TABLE>
<CAPTION>
TOTAL CLASS
-----------
Balance
<S> <C>
INTEREST RATE
Three Month LIBOR +
PRINCIPAL PAYMENTS
Principal Payment due to Investors
Ending Certificate Balance 735,000,000.00
INTEREST PAYMENTS
Class Interest Rate for Current Interest Period
Interest Calculation for Current Interest Period 10,953,429.23
At Certificate Payment Date:
Paid to Swap Counterparty 10,073,783.01
Due to Swap Counterparty 10,073,783.01
Proration %
Interest Due to Investors 10,953,429.23
Interest Payment to Investors 10,953,429.23
Net Settlement due to / (receive by) Swap
Counterparty 879,646.22
TOTAL PAYMENT TO INVESTORS (PRINCIPAL AND INTEREST) 10,953,429.23
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 Operations Manager
|
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