Banc of America Merrill Lynch Commercial Mortgage
Filed: 15 Jun 05, 12:00am
<TABLE> LOAN NUMBER PROPERTY NAME PROPERTY TYPE BEG BAL Lowest Coupon IOs (Approx. 25%, Extended 24months, 50% Defaulted) 58626 American Express Building--UT Office 30,149,000.00 58625 American Express Building--ON Office 25,380,000.00 58623 American Express Building -- MN Office 56,050,000.00 58589 Capital Plaza Retail Center Retail 4,108,500.00 58470 Phoenix Plaza I & II Office 77,000,000.00 --------------------- 23.57% HOTEL LOANS (18MTH LAG, 45 & 50% LOSS SEVERITY) 12681 Fairfield Inn & Suites Laredo Hotel 6,990,523.10 58723 CSM - Denver Properties Hotel 13,200,000.00 58696 CSM - Hilton Garden Inn - Scottsdale Hotel 12,853,229.00 58611 Canyon Ranch Hotel 95,000,000.00 ALL OTHER LOANS (12MTH LAG, 35 & 40% LOSS SEVERITY) 58911 Seligman CVS Pool #1 Retail 7,040,000.00 58848 Regents Square I & II Office 88,600,000.00 58868 Asian Garden Mall Retail 50,300,000.00 58847 Mission City Corporate Center Office 44,000,000.00 58886 Mountain Farms Shopping Center Retail 44,000,000.00 58449 Captain's Portfolio Office 33,500,000.00 58852 Edward's Multiplex-Fresno Retail 19,730,000.00 58934 Trop Decatur Plaza Retail 15,500,000.00 58802 The Hesser Center Office 10,280,000.00 58941 Gateway Tower Office 10,200,000.00 58846 Cuyahoga Falls Market Center Retail 8,285,000.00 58939 Simi Valley I & II Retail 6,200,000.00 58914 Makena Great American Plaza Retail 4,468,340.00 58921 NYU Housing - 80 Lafayette Street Multifamily 110,000,000.00 58908 589 Fifth Avenue Office 73,500,000.00 58857 Atria East Office 30,995,196.00 58830 Crossroads at Sunset Retail 22,640,000.00 57938 Buena Park Corporate Plaza Office 21,700,000.00 58812 Atkins Kent MOB Office 19,979,782.02 58856 Villa Del Mar Multifamily 17,150,000.00 58826 Capistrano II Office Building Office 16,120,000.00 58855 Vail Club Apartments Multifamily 15,700,000.00 58824 Bridgecreek Office Building Office 13,960,000.00 58831 Ocean Dorado Retail 13,096,000.00 58870 Ths Shops at Cascade & Fairburn Retail 11,238,744.62 58809 Lambert Palm Business Center Industrial 9,200,000.00 58920 Tanglewood Commons Retail 9,100,000.00 58806 Eastridge Office Center Office 7,792,411.35 58873 110 and 120 Belmont Drive Office 6,893,111.69 58835 The Du Barry Apartments Multifamily 6,752,000.00 58842 Havenhurst Apartments Multifamily 4,936,278.00 58839 Barclay Apartments Multifamily 4,708,200.00 58832 Sir Francis Drake Apartments Multifamily 4,599,246.00 12974 Coronado Shopping Center- Santa Fe Retail 13,300,000.00 11355 Metro 502 Self Storage Self Storage 4,995,523.92 58789 Clark Office Building (Clark Enterprises) Office 50,836,428.60 58861 Bank of America West Building Office 16,964,617.14 58661 The Great Wall Mall Retail 15,965,377.21 58792 Germantown (Triumph) Office 12,400,000.00 58761 Rancho San Diego Industrial Center Industrial 9,471,214.29 58782 Walgreens - Garden City, MI Retail 5,411,263.59 58748 Best Florida Storage II Self Storage 5,348,755.57 58738 University Glen Apartments Multifamily 4,689,991.96 58759 105 Satellite Boulevard Industrial 4,490,813.15 58721 CVS - North Andover Retail 4,092,124.40 58750 Walgreens - Monroe, MI Retail 3,592,491.11 12547 Logan Square Apartments Multifamily 10,099,671.71 13106 Azar Industrial Industrial 6,000,000.00 9753 Thrashers Village Retail 5,189,482.10 13159 Village Plaza- Palmdale Refinance Retail 4,704,841.10 58797 The Grand Rivage at Brandon Lakes Multifamily 28,875,000.00 58726 Sorrento Valley Self Storage Self Storage 4,250,000.00 58727 Sorrento Mesa Self Storage 4,100,000.00 58725 Smart Self Storage Self Storage 4,100,000.00 11969 Shurgard Storage - Shoreline Self Storage 4,834,885.83 58744 World Wide Parts Building Industrial 2,452,534.53 13022 Keelers Corner Multifamily 27,900,000.00 12868 Gateway Shopping Center - Arlington Retail 7,974,473.22 12551 Cedar East & Cypress Office Office 3,900,000.00 12458 All Safe Storage Self Storage 3,668,694.02 11324 1st Security Storage Christiansburg Self Storage 2,389,895.01 12090 West Allis Tech Center Industrial 2,094,151.30 9668 Silver Star Self Storage Self Storage 2,090,937.69 12909 Security Plus Self Storage & RV Self Storage 1,994,286.86 58711 OSI Systems Office 32,800,000.00 58736 22 East 71st Street Office 19,914,825.81 58705 ASAP Self Storage Self Storage 7,764,939.85 58658 Best Buy - Gwinnett County Retail 2,980,011.09 58665 TV Guide Hollywood Center Office Building Office 46,751,386.59 58430 Shurgard - Woodland Hills Self Storage 4,922,242.18 58433 Shurgard - Palms Self Storage 4,872,199.97 58682 Vacaville Town Center Retail 3,900,000.00 12034 Olde Sarasota Self Storage Self Storage 5,600,000.00 12165 Commons San Angelo Retail 2,977,190.20 10552 Packwood Shopping Center Retail 3,183,743.70 11847 U.S. Storage Centers Self Storage 1,985,087.42 58620 Fashion Show Mall Retail 376,645,624.49 </TABLE> <TABLE> LOAN NUMBER BEG RT INT CAL SVC FEE MAT TRM (ORIG) AM TRM (ORIG) AGE IO TRM (ORIG) FULL TERM IO FLAG 58626 4.29750% 30/360 0.06160% 60 0 2 60 1 58625 4.29750% 30/360 0.06160% 61 0 4 61 1 58623 4.26750% 30/360 0.04160% 60 0 5 60 1 58589 4.36600% 30/360 0.11160% 60 0 5 60 1 58470 4.58800% Act/360 0.02160% 60 0 8 60 1 12681 5.69500% Act/360 0.06160% 120 300 1 0 0 58723 5.58000% Act/360 0.11160% 120 360 3 24 0 58696 5.58000% Act/360 0.11160% 120 360 3 24 0 58611 5.93650% Act/360 0.02160% 120 0 4 120 1 58911 5.39900% Act/360 0.11160% 120 0 0 120 1 58848 4.61453% Act/360 0.04160% 82 0 0 82 1 58868 5.11000% Act/360 0.04160% 121 360 0 1 0 58847 4.66332% Act/360 0.04160% 82 0 0 82 1 58886 5.07000% Act/360 0.06160% 120 360 0 23 0 58449 5.17746% Act/360 0.06160% 76 360 0 16 0 58852 4.81800% 30/360 0.11160% 60 0 0 60 1 58934 5.69300% Act/360 0.11160% 120 360 0 60 0 58802 5.53600% Act/360 0.11160% 120 360 0 0 0 58941 5.19700% Act/360 0.11160% 60 0 0 60 1 58846 4.66800% 30/360 0.11160% 60 0 0 60 1 58939 5.13600% Act/360 0.11160% 120 360 0 0 0 58914 5.69300% Act/360 0.11160% 121 360 0 61 0 58921 5.51000% Act/360 0.06160% 120 0 1 120 1 58908 5.48150% Act/360 0.03160% 120 0 1 120 1 58857 5.54900% Act/360 0.06160% 120 360 1 60 0 58830 5.18600% Act/360 0.06160% 120 0 1 120 1 57938 5.63800% Act/360 0.06160% 120 360 1 12 0 58812 5.21000% Act/360 0.06160% 120 360 1 0 0 58856 5.22000% Act/360 0.11160% 120 0 1 120 1 58826 5.23500% Act/360 0.11160% 120 0 1 120 1 58855 5.22000% Act/360 0.11160% 120 0 1 120 1 58824 5.33600% Act/360 0.11160% 120 0 1 120 1 58831 5.18600% Act/360 0.11160% 120 0 1 120 1 58870 5.25300% Act/360 0.11160% 120 360 1 0 0 58809 5.12500% Act/360 0.11160% 120 360 1 36 0 58920 5.42500% Act/360 0.11160% 120 360 1 36 0 58806 5.36800% Act/360 0.11160% 120 360 1 0 0 58873 5.26200% Act/360 0.11160% 120 360 1 0 0 58835 5.21100% Act/360 0.11160% 120 0 1 120 1 58842 5.21300% Act/360 0.11160% 120 0 1 120 1 58839 5.22000% Act/360 0.11160% 120 0 1 120 1 58832 5.21100% Act/360 0.11160% 120 0 1 120 1 12974 5.21900% Act/360 0.06160% 120 360 1 24 0 11355 5.70200% Act/360 0.09160% 120 360 1 0 0 58789 5.03700% Act/360 0.04160% 120 300 2 0 0 58861 5.41000% Act/360 0.11160% 120 360 2 0 0 58661 5.22700% Act/360 0.11160% 120 360 2 0 0 58792 5.10700% Act/360 0.11160% 120 0 2 120 1 58761 5.38000% Act/360 0.11160% 120 300 2 0 0 58782 5.92500% Act/360 0.11160% 120 360 2 0 0 58748 5.73500% Act/360 0.11160% 120 360 2 0 0 58738 5.30300% Act/360 0.11160% 84 360 2 0 0 58759 5.50000% Act/360 0.11160% 120 360 2 0 0 58721 5.78000% Act/360 0.11160% 120 360 2 0 0 58750 5.40000% Act/360 0.11160% 120 360 2 0 0 12547 5.57500% Act/360 0.07160% 120 360 2 0 0 13106 5.20400% Act/360 0.06160% 120 360 2 60 0 9753 5.54300% Act/360 0.06160% 120 360 2 0 0 13159 5.72800% Act/360 0.06160% 120 360 2 0 0 58797 5.02800% Act/360 0.06160% 120 360 3 24 0 58726 5.11000% Act/360 0.11160% 120 0 3 120 1 58727 5.08000% Act/360 0.11160% 120 0 3 120 1 58725 5.16700% Act/360 0.11160% 120 360 3 36 0 11969 5.31800% Act/360 0.06160% 120 360 3 0 0 58744 5.43700% Act/360 0.11160% 120 360 3 0 0 13022 5.31100% Act/360 0.06160% 84 0 3 84 1 12868 5.21100% Act/360 0.06160% 120 360 3 0 0 12551 5.57700% Act/360 0.06160% 84 360 3 24 0 12458 5.38200% Act/360 0.06160% 120 360 3 0 0 11324 5.73500% Act/360 0.06160% 120 300 3 0 0 12090 5.81400% Act/360 0.09160% 120 360 3 0 0 9668 5.59500% Act/360 0.09160% 84 300 3 0 0 12909 5.70400% Act/360 0.06160% 120 360 3 0 0 58711 5.00100% Act/360 0.06160% 118 360 4 60 0 58736 5.68900% Act/360 0.06160% 120 360 4 0 0 58705 5.40000% Act/360 0.11160% 120 360 4 0 0 58658 5.10000% Act/360 0.11160% 120 300 4 0 0 58665 5.57750% Act/360 0.06160% 120 360 5 0 0 58430 5.28000% Act/360 0.11160% 120 360 5 0 0 58433 5.22000% Act/360 0.11160% 120 360 5 0 0 58682 5.26100% Act/360 0.11160% 120 360 5 60 0 12034 5.45200% Act/360 0.07160% 120 348 5 12 0 12165 5.58700% Act/360 0.06160% 120 300 5 0 0 10552 5.78100% Act/360 0.08160% 120 360 5 0 0 11847 5.71100% Act/360 0.06160% 120 300 5 0 0 58620 3.79350% Act/360 0.00000% 37 360 6 0 0 </TABLE> <TABLE> TOTAL 817,354,224.00 25% 204,338,556.00 LOANS EXTENDED/DEFAULTED 192,687,500.00 UNIT NUM NAME PROPERTY TYPE BEG BAL 7 58623 American Express Building -- MN Office 56,050,000.00 16 58626 American Express Building--UT Office 30,149,000.00 18 58625 American Express Building--ON Office 25,380,000.00 59 58589 Capital Plaza Retail Center Retail 4,108,500.00 5 58470 Phoenix Plaza I & II Office 77,000,000.00 4 58848 Regents Square I & II Office 88,600,000.00 11 58847 Mission City Corporate Center Office 44,000,000.00 41 58846 Cuyahoga Falls Market Center Retail 8,285,000.00 23 58852 Edward's Multiplex-Fresno Retail 19,730,000.00 60 58727 Sorrento Mesa Self Storage 4,100,000.00 34 58792 Germantown (Triumph) Office 12,400,000.00 58 58726 Sorrento Valley Self Storage Self Storage 4,250,000.00 19 58830 Crossroads at Sunset Retail 22,640,000.00 32 58831 Ocean Dorado Retail 13,096,000.00 37 58941 Gateway Tower Office 10,200,000.00 46 58835 The Du Barry Apartments Multifamily 6,752,000.00 55 58832 Sir Francis Drake Apartments Multifamily 4,599,246.00 50 58842 Havenhurst Apartments Multifamily 4,936,278.00 24 58856 Villa Del Mar Multifamily 17,150,000.00 28 58855 Vail Club Apartments Multifamily 15,700,000.00 53 58839 Barclay Apartments Multifamily 4,708,200.00 26 58826 Capistrano II Office Building Office 16,120,000.00 67 13022 Keelers Corner Multifamily 27,900,000.00 30 58824 Bridgecreek Office Building Office 13,960,000.00 1 58911 Seligman CVS Pool #1 Retail 7,040,000.00 6 58908 589 Fifth Avenue Office 73,500,000.00 2 58921 NYU Housing - 80 Lafayette Street Multifamily 110,000,000.00 3 58611 Canyon Ranch Hotel 95,000,000.00 </TABLE> <TABLE> 0.25 0.24 UNIT BEG RT INT CAL SVC FEE MAT TRM (ORIG) AM TRM (ORIG) AGE IO TRM (ORIG) 7 0.042675 30/360 0.000416 60 0 5 60 16 0.042975 30/360 0.000616 60 0 2 60 18 0.042975 30/360 0.000616 61 0 4 61 59 0.04366 30/360 0.001116 60 0 5 60 5 0.04588 Act/360 0.000216 60 0 8 60 4 0.04614526 Act/360 0.000416 82 0 0 82 11 0.046633182 Act/360 0.000416 82 0 0 82 41 0.04668 30/360 0.001116 60 0 0 60 23 0.04818 30/360 0.001116 60 0 0 60 60 0.0508 Act/360 0.001116 120 0 3 120 34 0.05107 Act/360 0.001116 120 0 2 120 58 0.0511 Act/360 0.001116 120 0 3 120 19 0.05186 Act/360 0.000616 120 0 1 120 32 0.05186 Act/360 0.001116 120 0 1 120 37 0.05197 Act/360 0.001116 60 0 0 60 46 0.05211 Act/360 0.001116 120 0 1 120 55 0.05211 Act/360 0.001116 120 0 1 120 50 0.05213 Act/360 0.001116 120 0 1 120 24 0.0522 Act/360 0.001116 120 0 1 120 28 0.0522 Act/360 0.001116 120 0 1 120 53 0.0522 Act/360 0.001116 120 0 1 120 26 0.05235 Act/360 0.001116 120 0 1 120 67 0.05311 Act/360 0.000616 84 0 3 84 30 0.05336 Act/360 0.001116 120 0 1 120 1 0.05399 Act/360 0.001116 120 0 0 120 6 0.054815 Act/360 0.000316 120 0 1 120 2 0.0551 Act/360 0.000616 120 0 1 120 3 0.059365 Act/360 0.000216 120 0 4 120 </TABLE> PRICE/YIELD TABLE - CLASS D <TABLE> - ------------------------------------------------------------------------------------------------------------------------------------ Security ID: BACM 2005-2 Initial Balance: 28,741,000 Settlement Date: 06/28/05 Initial Pass-Through Rate: 4.890% Accrual Start Date: 06/01/05 First Pay Date: 07/10/05 - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ PREPAYMENT SCENARIO 1 SCENARIO 2 SCENARIO 3 SCENARIO 4 SCENARIO 5 SCENARIO 6 SCENARIO 7 - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ During YM 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - ------------------------------------------------------------------------------------------------------------------------------------ During Penalty 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - ------------------------------------------------------------------------------------------------------------------------------------ During Open 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ EXTENSIONS ON LOW COUPON IOS (1) SCENARIO 1 SCENARIO 2 SCENARIO 3 SCENARIO 4 SCENARIO 5 SCENARIO 6 SCENARIO 7 - ------------------------------------------------------------------------------------------------------------------------------------ Extension Term (months) 24 24 24 24 24 24 24 - ------------------------------------------------------------------------------------------------------------------------------------ Extension Pct 25.00% 25.00% 25.00% 25.00% 25.00% 25.00% 25.00% - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ DEFAULTS SCENARIO 1 SCENARIO 2 SCENARIO 3 SCENARIO 4 SCENARIO 5 SCENARIO 6 SCENARIO 7 - ------------------------------------------------------------------------------------------------------------------------------------ Default Rate on Low Coupon IOs (1) 0.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% - ------------------------------------------------------------------------------------------------------------------------------------ CDR on Remaining Loans 0.00% 1.00% 2.00% 3.00% 1.00% 2.00% 3.00% - ------------------------------------------------------------------------------------------------------------------------------------ Loss Severity on Low Coupon IOs/ Non-Hospitality Loans (2) 0.00% 35.00% 35.00% 35.00% 40.00% 40.00% 40.00% - ------------------------------------------------------------------------------------------------------------------------------------ Loss Severity on Hospitality Loans (3) 0.00% 45.00% 45.00% 45.00% 50.00% 50.00% 50.00% - ------------------------------------------------------------------------------------------------------------------------------------ Recovery Delay on Low Coupon IOs/ Non-Hospitality Loans (2) 0 12 12 12 12 12 12 - ------------------------------------------------------------------------------------------------------------------------------------ Recovery Delay on Hospitality Loans (3) 0 18 18 18 18 18 18 - ------------------------------------------------------------------------------------------------------------------------------------ </TABLE> <TABLE> - ----------------------------------------------------------------------------------------------------------------------------- SCENARIO 1 SCENARIO 2 SCENARIO 3 SCENARIO 4 SCENARIO 5 SCENARIO 6 SCENARIO 7 - ----------------------------------------------------------------------------------------------------------------------------- 100.00000000 4.92 4.92 4.12 -20.84 4.92 -5.70 -32.07 - ----------------------------------------------------------------------------------------------------------------------------- 100.06250000 4.92 4.92 4.11 -20.86 4.92 -5.71 -32.08 - ----------------------------------------------------------------------------------------------------------------------------- 100.12500000 4.91 4.91 4.11 -20.87 4.91 -5.72 -32.09 - ----------------------------------------------------------------------------------------------------------------------------- 100.18750000 4.90 4.90 4.10 -20.88 4.90 -5.73 -32.11 - ----------------------------------------------------------------------------------------------------------------------------- 100.25000000 4.89 4.89 4.09 -20.89 4.89 -5.74 -32.12 - ----------------------------------------------------------------------------------------------------------------------------- 100.31250000 4.88 4.88 4.08 -20.90 4.88 -5.75 -32.13 - ----------------------------------------------------------------------------------------------------------------------------- 100.37500000 4.88 4.88 4.07 -20.91 4.88 -5.76 -32.15 - ----------------------------------------------------------------------------------------------------------------------------- 100.43750000 4.87 4.87 4.06 -20.92 4.87 -5.76 -32.16 - ----------------------------------------------------------------------------------------------------------------------------- 100.50000000 4.86 4.86 4.06 -20.93 4.86 -5.77 -32.17 - ----------------------------------------------------------------------------------------------------------------------------- 100.56250000 4.85 4.85 4.05 -20.94 4.85 -5.78 -32.18 - ----------------------------------------------------------------------------------------------------------------------------- 100.62500000 4.84 4.84 4.04 -20.95 4.84 -5.79 -32.20 - ----------------------------------------------------------------------------------------------------------------------------- 100.68750000 4.83 4.84 4.03 -20.97 4.84 -5.80 -32.21 - ----------------------------------------------------------------------------------------------------------------------------- 100.75000000 4.83 4.83 4.02 -20.98 4.83 -5.81 -32.22 - ----------------------------------------------------------------------------------------------------------------------------- 100.81250000 4.82 4.82 4.02 -20.99 4.82 -5.81 -32.23 - ----------------------------------------------------------------------------------------------------------------------------- 100.87500000 4.81 4.81 4.01 -21.00 4.81 -5.82 -32.25 - ----------------------------------------------------------------------------------------------------------------------------- 100.93750000 4.80 4.80 4.00 -21.01 4.80 -5.83 -32.26 - ----------------------------------------------------------------------------------------------------------------------------- 101.00000000 4.79 4.80 3.99 -21.02 4.80 -5.84 -32.27 - ----------------------------------------------------------------------------------------------------------------------------- WAL (YRS) 9.87 9.98 10.03 0.00 10.02 10.03 0.00 - ----------------------------------------------------------------------------------------------------------------------------- MOD DUR 7.65 7.72 7.73 5.63 7.74 7.35 4.84 - ----------------------------------------------------------------------------------------------------------------------------- FIRST PRIN PAY 05/10/2015 06/10/2015 07/10/2015 1/0/1900 06/10/2015 07/10/2015 1/0/1900 - ----------------------------------------------------------------------------------------------------------------------------- MATURITY 05/10/2015 07/10/2015 07/10/2015 09/10/2014 07/10/2015 07/10/2015 07/10/2012 - ----------------------------------------------------------------------------------------------------------------------------- YIELD SPREAD 97 96 16 -2093 96 -967 -3217 - ----------------------------------------------------------------------------------------------------------------------------- </TABLE> - -------------------------------------------------------------------------------- ASSUMPTIONS - -------------------------------------------------------------------------------- 1% Cleanup Call is Not Exercised - -------------------------------- Initial Balance is as of June 2005 - ---------------------------------- No Prepayments on any Mortgage Loan No Delinquencies on any Mortgage Loan - -------------------------------------------------------------------------------- FOOTNOTES - -------------------------------------------------------------------------------- (1) Please refer to the highlighted loans on the tab: Full Term Interest Only Loans (2) Please refer to the groupings on the "Scenario Summary" tab. "Lowest Coupon IOs" and "All Other Loans" (3) Please refer to the grouping on the "Scenario Summary " tab called "Hotel Loans" - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- TREASURY CURVE AS OF - -------------------------------------------------------------------------------- TERM (YRS) YIELD (BEY%) - -------------------------------------------------------------------------------- 1/12 3.486% 1/4 3.486% 1/2 3.486% 2 3.486% 3 3.532% 5 3.630% 10 3.900% 30 4.259% - -------------------------------------------------------------------------------- This material is for your private information and Banc of America Securities LLC (the "Underwriter") is not soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. 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Any information in the material, whether regarding the assets backing any securities discussed herein or otherwise, will be superseded in its entirety by the information contained in any final prospectus and prospectus supplement for any securities actually sold to you, which you should read before making any investment decision. This material is furnished solely by the Underwriter and not by the issuer of the securities. The issuer of the securities has not prepared, reviewed or participated in the preparation of this material, is not responsible for the accuracy of this material and has not authorized the dissemination of this material. The Underwriter is acting as Underwriter and not acting as agent for the issuer in connection with the proposed transaction. BANC OF AMERICA SECURITIES LLC