SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-K
[X] ANNUAL REPORT PURSUANT TO SECTION 13 or 15(d) of
THE SECURITIES EXCHANGE ACT OF 1934 [FEE REQUIRED]
For the fiscal year ended December 31, 1999
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 333-75295-02
ADVANTA Revolving Home Equity Loan Trust 1999-B
New York 88-0360305
(State of other jurisdictio (IRS Employer
incorporation or organizat Identification No.)
c/o Bankers Trust Company
4 Albany Street
New York, NY 10015
Registrant's telephone number, including area code: (212) 250-2500
Securities registered pursuant to Section 12(b) of the Act.
Title of each class Name of each exchange on
which registered:
None None
Securities registered pursuant to Section 12(g) of the Act:
None
(Title of class)
Indicated 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 ($ 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:
$257,486,946.71
Documents Incorporated by Reference: Not Applicable
PART 1
ITEM 1 - BUSINESS
The ADVANTA Revolving Home Equity Loan Trust 1999-B, (the "Trust" or
"Issuer") is a New York common law trust established as of September 1,
1999, pursuant to a Pooling and Servicing Agreement (the "Pooling and
Servicing Agreement") between ADVANTA Mortgage Conduit Services, Inc.
as sponsors (the "Sponsor") and ADVANTA Mortgage Corp. USA as Master
Servicer (the "Master Servicer") (together, the "Companies") and Bankers
Trust Company, acting thereunder not in its individual capacity but solely as
trustee (the "Trustee"). The Issuer's only purpose is the issuance of
$275,000,000.00 principal amount of ADVANTA Revolving Home Equity Loan
Asset Backed Notes, Series 1999-B, Note Certificate
and the subordinated residual certificates pursuant to the Pooling
and Servicing Agreement. On September 1, 1999, the Sponsor sold
$275,000,000.00 aggregate principal amount of mortgage loans (the "Mort-
gage Loans"), to the Issuer in exchange for the Certificates, and sold the
Certificates pursuant to a public offering, the underwriting of which was
managed by Morgan Stanley Dean Witter and Banc of America Securities LLC
The Mortgage Loans and the distributions thereon,
along with certain insurance proceeds, certain proceeds obtained on foreclosure
and any investment income earned thereon, are the only significant assets of
the Issuer. The Certificates represent obligations solely of the Issuer. The
Certificates were registered under a Registration Statement (file no. 333-
75295) on Form S-3 declared effective on Septeber 1, 1998.
ITEM 2 - PROPERTIES
The Issuer neither owns nor leases any physical properties.
ITEM 3 - LEGAL PROCEEDINGS
The Master Servicer is not aware of any material pending legal proceedings
involving either the Issuer, the Trustee, the Sponsor or the Master Servicer
with respect to the Certificates or the Issuer's property.
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 Issuer through the solicitation of proxies or otherwise.
PART II
ITEM 5 - MARKET FOR REGISTRANT'S COMMON STOCK AND RELATED STOCK-
HOLDER MATTERS
The Trust is not an issuer of common stock in a corporation, although the
Certificates represent equity interest that has voting rights. The equity of
the Trust consists of the beneficial or ownership interest therein for which,
to the best knowledge of the Master Servicer, there is no established
public trading market.
As of March 4, 2000, there were approximately 11 holders of the Note
Certificates. The number of holders includes individual participants in
security position listings. As of December 24, 1999, 3 monthly
distributions had been made to the holders of the Certificates.
ITEM 6 - SELECTED FINANCIAL DATA
Not applicable.
ITEM 7 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
RESULTS OF OPERATION
On September 1, 1999, the Issuer issued $275,000,000.00 aggregate
principal amount of Note Certificates having a variable monthly rate,
which are collateralized by Mortgage Loans.
The sale of the Mortgage Loans to the Issuer, the issuance of the Certificates
and the simultaneous delivery of the Certificates to the Companies for sale
pursuant to a public offering, the underwriting of which was co-managed by
Morgan Stanley Dean Witter and Banc of America Securities LLC.,
has been accounted for as a sale of the Certificates. The
value of the Certificates issued by the Issuer equaled the value of the Mortgage
Loans conveyed to the Issuer by the Companies, plus funds held in the
Prefunding Account (if any) and subsequently used to acquire additional
mortgage loans. Accordingly, there was no income, expense, gain or loss
resulting from the aforementioned transaction.
CAPITAL RESOURCES AND LIQUIDITY
The Issuer's primary sources of funds with respect to the Certificates will be
receipts of interest on and principal of the Mortgage Loans, along with certain
insurance proceeds, certain proceeds obtained on foreclosure and any
investment income earned thereon. The respective management's of the
Companies believe that the Issuer will have sufficient liquidity and capital
resources to pay all amounts on the Certificates as they become due and
all other anticipated expenses of the Issuer. The Issuer does not have, nor
will it have in the future, any significant source of capital for payment of the
Certificates and its operating expenses other than the receipt of interest on
and principal of the mortgage loans, certain insurance proceeds and certain
proceeds obtained on foreclosure and any payments made by the Certificate
Insurer. The Issuer is a limited purpose trust. The Certificates represent
obligations solely of the Issuer.
ITEM 8 - FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
Not applicable.
ITEM 9 - CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON
ACCOUNTING AND FINANCIAL DISCLOSURE
There were no changes of accountants or disagreements on accounting or
financial disclosures between the Issuer and its accountants.
PART III
ITEM 10 - DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT
The Issuer does not have any directors or officers.
ITEM 11 - EXECUTIVE COMPENSATION
Not applicable.See "Item 10-Directors and Executive Officers of the Registrant".
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 ADVANTA Home
Revolving Home Equity Loan Certificates, Series 1999-B, Note Certificate
(Certificates"), the name and address of each entity owning more than 5% of
the outstanding principal amount of the ADVANTA Home Equity Loan
Certificates, Series 1999-B, .;(ii) the principal amount of the Note
Certificates and (iii) the percent that the principal amount of Note
Certificates owned represents of the outstanding principal amount of the
Note Certificates. The information set forth in the table is based upon
information obtained by the Issuer from Depository Trust Company.
The Master Servicer is not aware of any Schedules 13D or 13G filed with the
Securities and Exchange Commission in respect of the Certificates.
Amount Owned
(All Dollar Amounts are in Thousands)
Name and Address Principal Percent
Note Certificates
The Bank of New York
Cecile Lamarco
925 Patterson Plank Rd
Secaucus, NJ 07094 9.18%
Chase Manhattan Bank
Orma Trim Supervisor
4 New York Plaza 13th Floor
New York, NY 10004 22.69%
Firstar Bank, N.A.
Carolyn Holt
425 Walnut Street
Location CN-WM-06CT
Cincinnati, OH 45201 32.73%
Investors Fiduciary Trust Company/SSB
Joseph Callahan
1776 Heritage Dr.
Global Corporate Action Unit JAB 5NW
No. Quincy, MA 02171 12.98%
Norwest Bank Minnesota, National Association
John Kemper
733 Marquette Avenue
Minneapolis, MN 55479-0056 14.55%
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:As the Issuer was established as of September 1
1999, the Master Servicer was obligated to prepare an Annual Statement to
Certificateholders as to Compliance for the year ended December 31, 1999,
and mail such statement to the Certificateholders on or before the last day
of March, 2000 and Independent Certified Public Accountants were required
to prepare an annual report pertaining to the compliance of the Master Servicer
with its servicing obligations pursuant to the Pooling and Servicing Agreement
on or before the last day of March, 2000. The Annual Statement to Certificate-
holders as to Compliance is included herewith as Exhibit 28.1 and the Annual
Independent Certified Public Accountants' Report is included herewith as
Exhibit 28.2. The Statement to Certificateholders on December 24, 1999, is
included herewith as Exhibit 28.3.
Exhibit No. Description
*3.1 Certificates of Incorporation of the
Companies
*3.2 By-laws of the Companies
*4 Pooling and Servicing Agreement
28.1 Annual Statement to Certificateholders
as to Compliance for the year ended
December 31, 1999.
28.2 Annual Independent Certified Public
Accountants' Report.
28.3 Report of Management on Compliance
with Minimum Servicing Standards.
28.4 Statement to Certificateholders on
December 24, 1999.
* Incorporated by reference to the Exhibit of the same designation filed with
the Issuer's Form S-3 registration statement declared effective September 1,
1998
(b) Reports on Form 8-K.
3 reports on Form 8-K have been filed by the Issuer during the
period covered by this report.
Items Reported/Financial
Date of Reports on Form 8-K Statements Filed
October 25, 1999Monthly Report for the September 1999 Monthly
Period relating to the ADVANTA Revolving Home
Equity Loan Pass-through Certificates 1999-B, Note
Certificate, issued by the ADVANTA Revolving Home
Equity Loan Trust 1999-B.
November 26, 199Monthly Report for the October 1999 Monthly
Period relating to the ADVANTA Revolving Home
Equity Loan Pass-through Certificates 1999-B, Note
Certificate, issued by the ADVANTA Revolving Home
Equity Loan Trust 1999-B.
December 24, 199Monthly Report for the November 1999 Monthly
Period relating to the ADVANTA Revolving Home
Equity Loan Pass-through Certificates 1999-B, Note
Certificate, issued by the ADVANTA Revolving Home
Equity Loan Trust 1999-B.
(c) See "Item 14(a) (3)-Exhibits".
(d) Not applicable.
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange
Act of 1934, the Registrant has duly caused this Report to be signed on its
behalf by the undersigned, thereunto duly authorized.
ADVANTA Mortgage Corp., USA,
as Master Servicer and on behalf of
ADVANTA Revolving Home Equity Loan Trust 1999-B
Registrant
BY; /s/ H. John Berens
H. John Berens
Senior Vice President
Advanta Mortgage
March 31, 2000
INDEX TO EXHIBITS (Item 14(c))
Exhibit # Description
*3.1 Certificates of Incorporation of the Companies
*3.2 By-laws of the Companies.
*4 Pooling and Servicing Agreement
28.1 Annual Statement to Certificateholders as to
Compliance for the year ended December 31,
1999.
28.2 Annual Independent Certified Public Account-
ants' Report.
28.3 Report of Management on Compliance with
Minimum Servicing Standards.
28.4 Statement to Certificateholders on December 24,
1999.
* Incorporated by reference to the Exhibit of the same designation filed with
the Issuer's Form S-3 registration statement declared effective September
1, 1998.
<TABLE>
EXHIBIT 28.1
<S>
March 24, 2000
Bankers Trust Company
Attention: Mark McNeill
1761 East St. Andrew Place
Santa Ana, CA 92705-4934
RE: Annual Statement as to Compliance
Pursuant to that certain Loan Servicing Agreement ("Agreement") dated as of
September 1, 1999, relating to ADVANTA Revolving Home Equity Loan Trust
1999-B, I, H. John Berens, hereby certify that (I) a review of the activities of
the Servicer during the preceding year and the performance under this
Agreement has been made under my supervision, and (II) to the best of my
knowledge, based on such review, the Servicer has fulfilled all its obligations
under this Agreement for such year.
Sincerely,
BY; /s/ H. John Berens
H. John Berens
Senior Vice President
Advanta Mortgage
HJB/lp
cc: Mr. James L. Shreero
Mary T. Woehr, Esq.
<S>
</TABLE>
<TABLE>
EXHIBIT 28.2
<S>
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To ADVANTA Mortgage Corp. USA:
We have examined management's assertion included in the accompanying Report
of Management on Compliance with Minimum Servicing Standards, that Advanta
Mortgage Corp. USA, an indirect wholly-owned subsidiary of Advanta Corp., complied
with the minimum servicing standards identified in the Mortgage Bankers Association of
America's Uniform Single Attestation Program for Mortgage Bankers (USAP) and that
Advanta Mortgage Corp. USA had in effect fidelity bond coverage in the amount of $15 million
and errors and omissions coverage in the amount of $5 million per occurrence as of and
during the year ended December 31, 1999. Management is responsible for Advanta
Mortgage Corp. USA's compliance with minimum servicing standards and for maintaining
a fidelity bond and errors and omission policy. Our responsibility is to express
an opinion on management's assertion about Advanta Mortgage Corp. USA's
compliance based on our examination.
Our examination was conducted in accordance with attestation standards established
by the American Institute of Certified Public Accountants and, accordingly, included
examining, on a test basis, evidence about Advanta Mortgage Corp. USA's compliance
with the minimum servicing standards and performing such other procedures as we
considered necessary in the circumstances. We believe that our examination provides
provides a reasonable basis for our opinion. Our examination does not provide a legal
determination on Advanta Mortgage Corp. USA's compliance with the minimum
servicing standards.
In our opinion, management's assertion that Advanta Mortgage Corp. USA complied with the
aforementioned minimum servicing standards and that Advanta Mortgage Corp. USA had in
effect fidelity bond coverage in the amount of $15 million and errors and omissions
coverage in the amount of $5 million per occurrence as of and during the year
ended December 31, 1999 is fairly stated, in all material respects.
BY; /s/ Arthur Andersen LLP
Philadelphia, PA
January 21, 2000
<S>
</TABLE>
<TABLE>
EXHIBIT 28.3
<S>
REPORT OF MANAGEMENT ON COMPLIANCE WITH
MINIMUM SERVICING STANDARDS
As of and during the year ended December 31, 1999, Advanta Mortgage Corp. USA has
complied in all material respects with the minimum servicing standards as set forth in the
Mortgage Bankers Association of America's Uniform Single Attestation Program for Mortgage
Bankers. As of and during the same period, Advanta Mortgage Corp. USA had in effect fidelity
bond coverage in the amount of $15 million and errors and omissions coverage in the amount
of $5 million per occurrence.
BY; /s/ H. John Berens BY; /s/ James L. Shreero
H. John Berens James L. Shreero
Senior Vice President Senior Vice President
Loan Servicing Officer and Chief Financial
Officer
<S>
</TABLE>
<TABLE>
EXHIBIT 28.4
ADVANTA Revolving Home Equity Loan Trust 1999-B
Statement to Certificateholders
Distribution in Dollars - Current Period
<CAPTION>
Prior
Original Principal Total Realized
Class Face Value Balance Interest Principal Distribution Losses
<S> <C> <C> <C> <C> <C> <C>
Notes 275,000,000. 268,510,599. 1,378,05 3,507,463 4,885,51
Certs
Totals 275,000,000. 268,510,599. 1,378,05 3,507,463 4,885,51
</TABLE>
<TABLE>
<CAPTION>
Current
Deferred Principal
Class Interest Balance
<S> <C> <C>
Notes 265,003,135.77
Certs -
Totals 265,003,135.77
</TABLE>
<TABLE>
Interest Accrual Detail Current Period Factor Information per $1,000 of Original Face
<CAPTION>
Orig. Principal Prior
Period Period (with Notional) Principal
Class Starting Ending Method Cusip Balance Balance
<S> <C> <C> <C> <C> <C> <C>
Notes 11/26/99 12/26/99 A-Act/360 00759OAVO 275,000,000. 976.402
Certs -
</TABLE>
<TABLE>
<CAPTION>
Current
Total Principal
Class Interest Principal Distribution Balance
<S> <C> <C> <C> <C>
Notes 5.0 12.7 17.7 963.647766
Certs -
</TABLE>
<TABLE>
Distribution in Dollars - To Date
<CAPTION>
Original Unscheduled Scheduled Total Total
Class Face Value Interest Principal Principal Principal Distribution
<S> <C> <C> <C> <C> <C> <C>
Notes 275,000,000. 3,965,41 9,996,864 9,996,86 13,962,281.
Certs
Totals 275,000,000. 3,965,41 9,996,864 9,996,86 13,962,281.
</TABLE>
<TABLE>
<CAPTION>
Current
Realized Deferred Principal
Class Losses Interest Balance
<S> <C> <C> <C>
Notes 265,003,135.77
Certs -
Totals 265,003,135.77
</TABLE>
<TABLE>
Interest Detail
<CAPTION>
Pass Prior Principal Non- Prior Unscheduled
Through (with Notional) Accrued Supported Unpaid Interest
Class Rate Balance Interest Interest SF Interest Adjustments
<S> <C> <C> <C> <C> <C> <C>
Notes 5.96000% 268,510,599. 1,378,05
Certs
Totals 268,510,599. 1,378,05
</TABLE>
<TABLE>
<CAPTION>
Paid or Current
Optimal Deferred Unpaid
Class Interest Interest Interest
<S> <C> <C> <C>
Notes 1,378,05 1,378,05 -
Certs -
Totals 1,378,05 1,378,05 -
</TABLE>
<TABLE>
Collection Account Report
<CAPTION>
Summary Total
<S> <C> <C> <C> <C> <C> <C>
Principal Collections 2,605,146
Principal Withdrawals
Principal Other Accounts
TOTAL NET PRINCIPAL 2,605,146
Interest Collects 2,052,814
Interest Withdrawals
Interest Fees (196,04
Interest Other Accounts 423,60
TOTAL INTEREST 2,280,373
TOTAL AVAILABLE TO BONDHOLDERS 4,885,519
</TABLE>
<TABLE>
<CAPTION>
Principal - Collections Total
<S> <C> <C> <C> <C> <C> <C>
Principal Received 2,605,146
Repurchases/Substitutions
Liquidations
Insurance Principal
Realized Losses
TOTAL PRINCIPAL COLLECTED 2,605,146
</TABLE>
<TABLE>
Collection Account Report
<CAPTION>
Principal - Withdrawals Total
<S> <C> <C> <C> <C> <C> <C>
SPACE INTENTIONALLY LEFT BLANK
</TABLE>
<TABLE>
<CAPTION>
Principal - Other Accounts Total
<S> <C> <C> <C> <C> <C> <C>
Prefunded Termination Amt
Other Principal
TOTAL OTHER ACCOUNTS PRINCIPAL
</TABLE>
<TABLE>
<CAPTION>
Interest - Collections Total
<S> <C> <C> <C> <C> <C> <C>
Interest Received 2,052,814
Repurchases/Substitutions
Liquidations
Insurance Interest
Other Additional Interest
Interest Realized Losses
TOTAL INTEREST COLLECTED 2,052,814
</TABLE>
<TABLE>
Collection Account Report
<CAPTION>
Interest - Withdrawals Total
<S> <C> <C> <C> <C> <C> <C>
Insurer Reimbursement Amounts
Reimburse Indenture And Owner Trustee Expenses
Reimburse to Servicer Nonrecoverable Advances
TOTAL INTEREST WITHDRAWALS
</TABLE>
<TABLE>
<CAPTION>
Interest - Other Accounts Total
<S> <C> <C> <C> <C> <C> <C>
Capitalized Interest Requirement 209,85
Pre-Funding Interest Earnings 213,74
Collection Account Interest Earnings
TOTAL OTHER ACCOUNT INTEREST 423,60
</TABLE>
<TABLE>
<CAPTION>
Interest - Fees Total
<S> <C> <C> <C> <C> <C> <C>
Servicing Fees 133,87
Indenture Trustee Fees 3,5
Owner Trustee Fees
Certificate Insurer Premiums 58,1
TOTAL INTEREST FEES 196,04
</TABLE>
<TABLE>
Credit Enhancement Report
<CAPTION>
Accounts Total
<S> <C> <C> <C> <C> <C> <C>
SPACE INTENTIONALLY LEFT BLANK
</TABLE>
<TABLE>
<CAPTION>
Insurance Total
<S> <C> <C> <C> <C> <C> <C>
SPACE INTENTIONALLY LEFT BLANK
</TABLE>
<TABLE>
<CAPTION>
Structural Features Total
<S> <C> <C> <C> <C> <C> <C>
Specified Overcollateralization Amount 34,736,842.11
Current Overcollateralization Amount 19,713,624.22
Overcollateralization Deficit
Overcollateralization Reduction Amount
</TABLE>
<TABLE>
Delinquency Report - Total
<CAPTION>
Current 1 Payment 2 Payments 3+ Payments Total
<S> <C> <C> <C> <C> <C> <C>
DELINQUENT Balance 3,220,72 789,45 708,0 4,718,220
% Balance 1.51% 0.37% 0.33% 2.21%
# Loans 127 30 28 185
% # Loans 0.00% 0.00% 0.00% 0.00%
FORECLOSURE Balance 38,7 38,7
% Balance 0.00% 0.00% 0.00% 0.02% 0.02%
# Loans 1 1
% # Loans 0.00% 0.00% 0.00% 0.00% 0.00%
BANKRUPTCY Balance 49,2 15,0 52,8 40,0 157,09
% Balance 0.02% 0.01% 0.02% 0.02% 0.07%
# Loans 3 7
% # Loans 0.00% 0.00% 0.00% 0.00% 0.00%
REO Balance
% Balance 0.00% 0.00% 0.00% 0.00% 0.00%
# Loans
% # Loans 0.00% 0.00% 0.00% 0.00% 0.00%
TOTAL Balance 49,2 3,235,72 842,25 786,7 4,914,064
% Balance 0.02% 1.52% 0.39% 0.37% 2.30%
# Loans
% # Loans 0.00% 0.00% 0.00% 0.00% 0.00%
Note: Current=0-29 days, 1 payment=30-59 days, 2 payments=60-89 days, 3+payments=90+
</TABLE>
<TABLE>
Triggers, Adj. Rate Cert. And Miscellaneous Report
<CAPTION>
Trigger Events Total
<S> <C> <C> <C> <C> <C> <C>
Overcollateralization Trigger Event Occurred? No
</TABLE>
<TABLE>
<CAPTION>
Adjustable Rate Certificate Information Total
<S> <C> <C> <C> <C> <C> <C>
Current LIBOR 5.590000%
Next LIBOR 5.590000%
Next Notes Pass Through Rate 5.960000%
Net Funds Cap Rate 11.472329%
Net Funds Cap Carry-Forward Amount
</TABLE>
<TABLE>
<CAPTION>
Additional Information Adjustable Fixed Total
<S> <C> <C> <C> <C> <C> <C>
SPACE INTENTIONALLY LEFT BLANK
</TABLE>
<TABLE>
Other Related Information
<CAPTION>
Additional Information Total
<S> <C> <C> <C> <C> <C> <C>
POOL INFORMATION
Beginning Pool & Prefunded Balance 286,282,880.
Total Principal Received (2,605,146
Draws 1,039,026
Ending Pool & Prefunded Balance 284,716,759.
PREFUNDING INFORMATION
Beginning Prefunding Balance 105,273,487.
Prefunding Withdrawals (9,639,679
Prefunding Termination
Ending Prefunding Amount 72,084,713.
Interest Earned On Prefunding Account
Beginning Capitalized Interest Balance 1,256,726
Capitalized Interest Requirement 209,85
Capitalized Interest Termination
Ending Capitalized Interest Account 1,046,868
</TABLE>
