<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-K
(Mark One)
[X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED]
For the fiscal year ended December 31, 1998
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED]
For the transition period from _______ to _______.
Commission File Number 333-48429-05
IMC HOME EQUITY LOAN OWNER TRUST 1998-7
--------------------------------------------------------------
(Exact name of registrant as specified in its charter)
New York 13-7182266
- ---------------------------------------- --------------------------------
(State of other jurisdiction of (I.R.S. Employer
Incorporation or organization) Identification No.)
c/o The Chase Manhattan Bank
Structured Finance Services
450 West 33rd Street, New York, NY 10001-2697
- ---------------------------------------- --------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (813) 984-8801
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Name of each exchange on which registered:
None None
------------------------ ------------------------------------------
None
- --------------------------------------------------------------------------------
(Title of class)
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes X No .
--- ---
Indicate by check mark if disclosure of delinquent filers pursuant to
Item 405 of Regulation S-K (s 229.405 of this chapter) is not contained herein,
and will not be contained, to the best of registrant's knowledge, in definitive
proxy or information statements incorporated by reference in Part III of this
Form 10-K or any amendment to this Form 10-K. [X]
State the aggregate market value of the voting stock held by
non-affiliates of registrant. The aggregate market value shall be computed by
reference to the price at which the stock was sold, or the average bid and asked
prices of such stock, as of specified date within 60 days prior to the date of
filing:
Not Applicable
Documents Incorporated by Reference:
Not Applicable
<PAGE> 2
IMC HOME EQUITY LOAN OWNER TRUST 1998-7
INDEX
<TABLE>
<CAPTION>
Page
<S> <C> <C>
PART I.......................................................................... 3
ITEM 1 - BUSINESS................................................... 3
ITEM 2 - PROPERTIES................................................. 3
ITEM 3 - LEGAL PROCEEDINGS.......................................... 3
ITEM 4 - SUBMISSION OF MATTERS TO A VOTE OF SECURITY
HOLDERS.................................................... 3
PART II......................................................................... 3
ITEM 5 - MARKET FOR REGISTRANT'S COMMON STOCK AND
RELATED STOCKHOLDER MATTERS ............................... 3
ITEM 6 - SELECTED FINANCIAL DATA ................................... 3
ITEM 7 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS ............. 3
ITEM 7A - QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT
MARKET RISK................................................ 3
ITEM 8 - FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA ............... 4
ITEM 9 - CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS
ON ACCOUNTING AND FINANCIAL DISCLOSURE..................... 4
PART III........................................................................ 4
ITEM 10 - DIRECTORS AND EXECUTIVE OFFICERS OF THE
REGISTRANT................................................. 4
ITEM 11 - EXECUTIVE COMPENSATION .................................... 4
ITEM 12 - SECURITY OWNERSHIP OF CERTAIN BENEFICIAL
OWNERS AND MANAGEMENT...................................... 4
ITEM 13 - CERTAIN RELATIONSHIPS AND RELATED
TRANSACTIONS............................................... 5
PART IV......................................................................... 5
ITEM 14 - EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND
REPORTS ON FORM 8-K........................................ 5
SIGNATURES...................................................................... 6
INDEX TO EXHIBITS............................................................... 7
</TABLE>
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<PAGE> 3
PART I
ITEM 1 - BUSINESS
Not Applicable
ITEM 2 - PROPERTIES
Not Applicable
ITEM 3 - LEGAL PROCEEDINGS
The Depositor is not aware of any material pending legal proceedings
involving either the IMC Home Equity Loan Owner Trust 1998-7 (the "Trust"),
established pursuant to the Sale and Servicing Agreement (the "Agreement") dated
December 1, 1998, among The Chase Manhattan Bank, as trustee (the "Trustee"),
IMC Securities, Inc., as depositor (the "Depositor") and Ocwen Federal Bank FSB,
as servicer (the "Servicer"); the Trustee; the Depositor; or the Servicer which
relates to the Trust.
ITEM 4 - SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
No matter has been submitted to a vote of the holders of beneficial
interests in the Trust through the solicitation of proxies or otherwise.
PART II
ITEM 5 - MARKET FOR REGISTRANT'S COMMON STOCK AND RELATED STOCKHOLDER MATTERS
To the best knowledge of the Depositor, there is no established public
trading market for any beneficial interests in the Trust.
All of the Asset Backed Notes issued by the Trust are held by the
Depository Trust Company ("DTC") which in turn maintains records of holders of
beneficial interests in such Notes. Based on information obtained by the Trust
from DTC, as of March 18, 1999, there were 2 holders of the Notes.
ITEM 6 - SELECTED FINANCIAL DATA
Not Applicable
ITEM 7 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
Not Applicable
ITEM 7A - QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Not Applicable
-3-
<PAGE> 4
ITEM 8 - FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
In addition to the information included in the Annual Compilation of
Monthly Trustee's Statements attached as Exhibit 99.3 hereto, the gross
servicing compensation paid to the Servicer for the year ended December 31, 1998
was $250,003.72.
ITEM 9 - CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON
ACCOUNTING AND FINANCIAL DISCLOSURE
There were no disagreements on accounting or financial disclosures
between IMC Mortgage Company ("IMC") and its accountants.
On February 16, 1999 IMC appointed Grant Thornton L.L.P. as the independent
accounting firm and dismissed Pricewaterhouse Coopers L.L.P.
IMC's decision was made after discussions with and in accordance with
directions by the Securities and Exchange Commission. See IMC's Form 8-K dated
as of February 16, 1999 for more details.
PART III
ITEM 10 - DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT
Not Applicable
ITEM 11 - EXECUTIVE COMPENSATION
Not Applicable
ITEM 12 - SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND
MANAGEMENT
The following table sets forth (I) the name and address of each entity
owning more than 5% of the outstanding principal amount of the Notes of the
Trust; (ii) the principal amount of the Notes owned by each and (iii) the
percent that the principal amount of the Notes owned by such entity represents
of the outstanding principal amount of the Notes. The information set forth in
the table for the Notes is based upon information obtained by the Trust from DTC
and represents ownership of beneficial interest in the Notes held by DTC. The
Depositor is not aware of any Schedules 13D or 13G filed with the Securities and
Exchange Commission in respect of the Notes.
<TABLE>
<CAPTION>
Name and Address Principal Amount % of Class
- ---------------- ---------------- ----------
1998-7A Notes
- -------------
<S> <C> <C>
Boston Safe Deposit & Trust Company $ 529,000,000 100.0%
C/O Mellon Bank N.A.
Three Mellon Bank Center, Room 153-3015
Pittsburgh, PA 15259
</TABLE>
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<PAGE> 5
<TABLE>
<CAPTION>
1998-7B Notes
- -------------
<S> <C> <C>
Bankers Trust Company $ 71,000,000 100.0%
C/O BT Services Tennessee Inc.
648 Grassmere Park Drive
Nashville, TN 37211
</TABLE>
ITEM 13 - CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
[None]
Part IV
ITEM 14 - EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON
FORM 8-K
(a) The following documents are filed as part of this report:
1. Financial Statements:
Not applicable.
2. Financial Statement Schedules:
Not applicable.
3. Exhibits:
<TABLE>
<CAPTION>
EXHIBIT NO. DESCRIPTION
----------- -----------
<S> <C>
99.1 Statement of Compliance of the Servicer.
99.2 Annual Report of Independent Accountants
with respect to the Servicer's overall servicing
operations.
99.3 Annual compilation of Monthly Trustee's
Statement.
</TABLE>
(b) Reports on Form 8-K
1 report on Form 8-K has been filed by the issuer during the period covered by
this report.
<TABLE>
<CAPTION>
DATE OF REPORT ON FORM 8-K ITEMS REPORTED/FINANCIAL
STATEMENTS FILED
<S> <C>
January 20, 1999 Trustee's Monthly Report for the December
Monthly Period
</TABLE>
-5-
<PAGE> 6
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the Depositor has duly caused this Report to be signed on
its behalf by the undersigned, thereunto duly authorized.
By: IMC Securities, Inc.,
As Depositor
By: /s/ Thomas G. Middleton
-------------------------------------
Name: Thomas G. Middleton
Title: President, Chief Operating Officer,
Assistant Secretary and Director
By: /s/ Stuart D. Marvin
-------------------------------------
Name: Stuart D. Marvin
Title: Chief Financial Officer
Date: March 19, 1999
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<PAGE> 7
INDEX TO EXHIBITS
Item 14(C)
<TABLE>
<CAPTION>
EXHIBIT NO. DESCRIPTION
----------- ------------
<S> <C>
99.1 Statement of Compliance of the Servicer.
99.2* Annual Report of Independent Accountants
with respect to the Servicer's overall servicing
operations.
99.3 Annual compilation of Monthly Trustee's
Statement.
</TABLE>
* To be filed by amendment
-7-
<PAGE> 1
Exhibit 99.1
<TABLE>
<CAPTION>
February 25, 1999
<S> <C>
IMC Securities, Inc. Financial Security Assurance Inc.
5901 E. Fowler Avenue 350 Park Avenue
Tampa, Florida 33617 New York, New York 10022
IMC Home Equity Loan Owner Trust 1998-7 Moody's Investors Services, Inc.
c/o Wilmington Trust Company 99 Church Street
1100 North Market Street New York, New York 10007
Wilmington, Delaware 19890
Attention: Corporate Trust Administration
Standard & Poor's Rating Services, a
The Chase Manhattan Bank division of The McGraw-Hill Companies, Inc.
450 West 33rd Street 25 Broadway
New York, New York 10001 New York, New York 10004-0030
</TABLE>
RE: IMC HOME EQUITY LOAN OWNER TRUST 1998-7, HOME EQUITY LOAN ASSET
BACKED NOTES, SERIES 1998-7A, HOME EQUITY LOAN ASSET BACKED NOTES,
SERIES 1998-7B (THE "NOTES")
Ladies and Gentleman:
I am Vice President of Ocwen Federal Bank FSB, a federal savings bank
("Ocwen"). Reference is hereby made to that certain Sale and Servicing
Agreement, dated as of December 1, 1998 (the "Agreement")., among IMC Home
Equity Loan Owner Trust 1998-7 as Issuer, IMC Securities, Inc. as Depositor, IMC
Mortgage Company as Seller, Ocwen as Servicer and The Chase Manhattan Bank as
Indenture Trustee. All capitalized terms not otherwise defined herein shall have
the meanings ascribed to such terms in the Agreement. I have reviewed the
activities of Ocwen during the calendar year 1998 with respect to the Notes, and
to the best of my knowledge, based on such review, Ocwen has fulfilled all its
obligations under the Agreement for such year.
Sincerely,
/s/ Donald L. St. John
Donald L. St. John
Vice President
Ocwen Federal Bank FSB
<PAGE> 1
EXHIBIT 99.3
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------
IMC Home Equity Loan Trust 1998-7 Asset Backed Notes Series 1998-7A & 1998-7B
Statement to Certificateholders
January 20, 1999
- ----------------------------------------------------------------------------------------------------------------------------
DISTRIBUTION IN DOLLARS
- ----------------------------------------------------------------------------------------------------------------------------
ORIGINAL PRIOR CURRENT
FACE PRINCIPAL REALIZED DEFERRED PRINCIPAL
CLASS VALUE BALANCE INTEREST PRINCIPAL TOTAL LOSSES INTEREST BALANCE
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
a 529,000,000.00 529,000,000.00 2,812,516.67 3,948,440.50 6,760,957.17 0.00 0.00 525,051,559.50
b 71,000,000.00 71,000,000.00 385,766.67 951,775.33 1,337,542.00 0.00 0.00 70,048,224.67
cert 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------
TOTALS 600,000,000.00 600,000,000.00 3,198,283.34 4,900,215.83 8,098,499.17 0.00 0.00 595,099,784.17
- ----------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- ------------------------------------------------------------------------------- ---------------------------
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE PASS-THROUGH RATES
- ------------------------------------------------------------------------------- ---------------------------
PRIOR CURRENT CURRENT
PRINCIPAL PRINCIPAL CLASS PASS-THRU
CLASS FACTOR INTEREST PRINCIPAL TOTAL FACTOR RATE
- ------------------------------------------------------------------------------- ---------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
a 1,000.0000000 5.316667 7.463971 12.780637 992.5360293 a 6.380000 %
b 1,000.0000000 5.433333 13.405286 18.838620 986.5947137 b 6.520000 %
- ------------------------------------------------------------------------------- ---------------------------
TOTALS 1,000.0000000 5.330472 8.167026 13.497499 991.8329736
- -------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------
IF THERE ARE ANY QUESTIONS OR PROBLEMS WITH THIS STATEMENT, PLEASE CONTACT THE ADMINISTRATOR LISTED
BELOW:
Thomas Rollauer
450 W. 33rd Street, 14th Floor,
New York, New York 10001
Tel: (212) 946 3881
Email: [email protected]
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</TABLE>
<PAGE> 2
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------
IMC Home Equity Loan Trust 1998-7 Asset Backed Notes Series 1998-7A & 1998-7B
January 20, 1999
- --------------------------------------------------------------------------------------------------
POOL 1 INFORMATION
<S> <C>
Section 3.08 (1) Beginning Pool 1 Note Account Balance 0.00
Section 3.08 (2) Note A Current Interest 2,812,516.67
Section 3.08 (2) Note A Principal Remittance Amount 3,948,440.50
Section 3.08 (6) Pool 1 Realized Losses 0.00
Section 3.08 (7) Pool 1 Overcollateralization Reduction Amount 0.00
Section 3.08 (7) Pool 1 Overcollateralization Amount 1,516,868.53
Section 3.09(a)(ii) Note A Principal Distribution
Installment Principal Collected 141,782.36
Principal Prepayments 2,290,944.60
Overcolateralization Increase Amount 1,515,713.54
Recoveries From Prior Periods 0.00
Other 0.00
Section 3.09 (a)(iv) Note A Carry Forward Amount 0.00
Section 3.09 (a)(vi) Ending Aggregate Pool 1 Loan Balance 526,568,428.03
Ending Number of Loan Outstanding in Pool 1 8,056
Section 3.09 (a)(ix) Weighted Average Coupon Rate of Home Equity Loans in Pool 1 10.580000%
Section 3.09 (a)(xi) Pool 1 Substitution Amount-Principal 0.00
Pool 1 Substitution Amount-Interest 0.00
Pool 1 Loan Purchase Amount-Principal 0.00
Pool 1 Loan Purchase Amount-Interest 0.00
- --------------------------------------------------------------------------------------------------
</TABLE>
<PAGE> 3
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------
IMC Home Equity Loan Trust 1998-7 Asset Backed Notes Series 1998-7A & 1998-7B
January 20, 1999
- -------------------------------------------------------------------------------------------------
POOL 2 INFORMATION
<S> <C> <C>
Section 3.08 (1) Beginning Pool 2 Note Account Balance 0.00
Section 3.08 (2) Note B Current Interest 385,766.67
Section 3.08 (2) Note B Principal Remittance Amount 951,775.33
Section 3.08 (6) Pool 2 Realized Losses 0.00
Section 3.08 (7) Pool 2 Overcollateralization Reduction Amount 0.00
Section 3.08 (7) Pool 2 Overcollateralization Amount 183,495.34
Section 3.09(a)(ii) Note B Principal Distribution
Installment Principal Collected 124,929.74
Principal Prepayments 651,122.01
Overcollateralization Increase Amount 175,723.58
Recoveries From Prior Periods 0.00
Other 0.00
Section 3.09 (a)(iv) Note B Carry Forward Amount 0.00
Section 3.09 (a)(vi) Ending Aggregate Pool 2 Loan Balance 70,231,720.01
Ending Number of Loan Outstanding in Pool 2 384
Section 3.09 (a)(ix) Weighted Average Coupon Rate of HomeEquity Loans in Pool 2 10.250600%
Section 3.09 (a)(xi) Pool 2 Substitution Amount-Principal 0.00
Pool 2 Substitution Amount-Interest 0.00
Pool 2 Loan Purchase Amount-Principal 0.00
Pool 2 Loan Purchase Amount-Interest 0.00
- -------------------------------------------------------------------------------------------------
</TABLE>
<PAGE> 4
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------
IMC Home Equity Loan Trust 1998-7 Asset Backed Notes Series 1998-7A & 1998-7B
January 20, 1999
- -------------------------------------------------------------------------------------------------
<S> <C> <C>
Section 3.09 (b)(i) Delinquency Information
Group 1
Period Number Principal Balance Percentage
31-60 days 339 22,896,489.52 4.35%
61-90 days 108 7,213,404.67 1.37%
91+ days 4 296,848.98 0.06%
Total 451 30,406,743.17 5.78%
Group 2
Period Number Principal Balance Percentage
31-60 days 8 1,233,149.39 1.76%
61-90 days 2 515,240.72 0.73%
91+ days 0 0.00 0.00%
Total 10 1,748,390.11 2.49%
Section 3.09 (b)(ii) Foreclosure Information
Group 1
Number Principal Balance Percentage
0 0.00 0.00%
Group 2
Number Principal Balance Percentage
0 0.00 0.00%
Total Number of Loans in Foreclosure 0
Total Balance of Loans in Foreclosure 0.00
Section 3.09 (b)(ii) Number of Loans in Foreclosure that were commenced in prior month
Pool 1 0
Pool 2 0
Total 0
Section 3.09 (b)(ii) Balance of Loans in Foreclosure that were commenced in prior month
Pool 1 0.00
Pool 2 0.00
Total 0.00
Section 3.09 (b)(iii) Number of Loans in Bankruptcy
Pool 1 0
Pool 2 0
Total 0
Section 3.09 (b)(iii)Balance of Loans in Bankruptcy
Pool 1 0.00
Pool 2 0.00
Total 0.00
- -------------------------------------------------------------------------------------------------
</TABLE>
<PAGE> 5
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------
IMC Home Equity Loan Trust 1998-7 Asset Backed Notes Series 1998-7A & 1998-7B
January 20, 1999
- -------------------------------------------------------------------------------------------------
<S> <C> <C>
Section 3.09 (b)(iii) Number of Balloon Loans
Pool 1 2
Pool 2 1
Total 3
Section 3.09 (b)(iii)Balance of Balloon Loans
Pool 1 115,436.92
Pool 2 269,305.80
Total 384,742.72
Section 3.09 (b)(iv)Number of REO Properties
Pool 1 0
Pool 2 0
Total 0
Section 3.09 (b)(iv) Balance of REO Properties
Pool 1 0.00
Pool 2 0.00
Total 0.00
Section 3.09 (b)(v) Book Value of REO Properties
Pool 1 0.00
Pool 2 0.00
Total 0.00
AGGREGATE INFORMATION
Section 3.08 (3)Amount of Insured Payment 0.00
Section 3.09 (b)(vi) Cumulative Loss Percentage 0.000000%
Current Period Realized Losses (both Pools) 0.00
Cumulative Realized Losses 0.00
Annual Loss Percentage (Rolling 12 month) 0.000000%
Section 3.09 (b)(vii) Sixty Plus Delinquency Percentage (Rolling 6 Month) 1.344754%
Sixty Plus Day Delinquent Loans 8,025,494.37
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</TABLE>
<PAGE> 6
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------
IMC Home Equity Loan Trust 1998-7 Asset Backed Notes Series 1998-7A & 1998-7B
January 20, 1999
- -------------------------------------------------------------------------------------------------
POOL 1 NOTE ACCOUNT
<S> <C> <C>
CREDITS
Monthly Remittance Amount 6,876,340.31
DEBITS
Trustee Fee 1,645.53
Trustee Reimbursable Expenses 0.00
Owner Trustee Fee 3,529.28
Premium Amount 110,208.33
Note A Current Interest 2,812,516.67
Principal Distribution (including O/C Amount) 3,948,440.50
Certificate Account Distribution 0.00
Remaining Amount 0.00
POOL 2 NOTE ACCOUNT
CREDITS
Monthly Remittance Amount 1,353,023.86
DEBITS
Trustee Fee 219.48
Trustee Reimbursable Expenses 0.00
Owner Trustee Fee 470.72
Premium Amount 14,791.67
Note B Current Interest 385,766.67
Principal Distribution (including O/C Amount) 951,775.33
Certificate Account Distribution 0.00
Remaining Amount 0.00
- -------------------------------------------------------------------------------------------------
</TABLE>
<PAGE> 7
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------
IMC Home Equity Loan Trust 1998-7 Asset Backed Notes Series 1998-7A & 1998-7B
January 20, 1999
- -------------------------------------------------------------------------------------------------
RESERVE ACCOUNT
<S> <C> <C>
Reserve Requirement 18,699,636.13
Beginning Reserve Balance 0.00
CREDITS
Deposits form Pool 1 0.00
Deposits from Pool 2 0.00
DEBITS
Withdrawals to Pool 1 0.00
Withdrawals to Pool 2 0.00
Release to Certificate Distribution Account 0.00
Ending Reserve Balance 0.00
CERTIFICATE DISTRIBUTION ACCOUNT
Beginning Certificate Distribution Account Balance 0.00
CREDITS
Deposits form Pool 1 0.00
Deposits from Pool 2 0.00
Deposits from Reserve 0.00
DEBITS
Payment to Certificateholders 0.00
Ending Certificate Account Balance 0.00
- -------------------------------------------------------------------------------------------------
</TABLE>
<PAGE> 8
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------
IMC Home Equity Loan Trust 1998-7 Asset Backed Notes Series 1998-7A & 1998-7B
January 20, 1999
- -------------------------------------------------------------------------------------------------
FOR INTERNAL USE ONLY
<S> <C> <C>
Pool 1 Specificed O/C Amount (for info only) 17,986,000.00
Pool 2 specificed O/C Amount (for info only) 2,414,000.00
Pool 1 O/C Deficiency (for info only) 16,469,131.47
Pool 2 O/C Deficiency (for info only) 2,230,504.66
Pool 1 O/C Deficit (for info only) 0.00
Pool 2 O/C Deficit (for info only) 0.00
- -------------------------------------------------------------------------------------------------
</TABLE>
