SUBJECT TO REVISION
SERIES TERM SHEET DATED JANUARY 20, 1998
$220,216,000
(Deutsche Financial Deutsche Financial Capital Securitization LLC,
Capital logo) Depositor
Oakwood Acceptance Corporation,
Servicer
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES, SERIES 1998-I
Attached is a preliminary Series Term Sheet describing the structure, collateral
pool and certain aspects of the Deutsche Financial Capital Securitization LLC
Senior/Subordinated Pass-Through Certificates, Series 1998-I. The Series Term
Sheet has been prepared by Deutsche Financial Capital Securitization LLC for
informational purposes only and is subject to modification or change. The
information and assumptions contained therein are preliminary and will be
superseded by a prospectus supplement and by any other additional information
subsequently filed with the Securities and Exchange Commission or incorporated
by reference in the Registration Statement.
Neither Credit Suisse First Boston, Deutsche Morgan Grenfell nor any of their
respective affiliates makes any representation as to the accuracy or
completeness of any of the information set forth in the attached Series Term
Sheet. This cover sheet is not part of the Series Term Sheet.
A REGISTRATION STATEMENT (INCLUDING A BASE PROSPECTUS) RELATING TO THE
PASS-THROUGH CERTIFICATES, INCLUDING THE DEUTSCHE FINANCIAL CAPITAL
SECURITIZATION LLC SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES, SERIES 1998-I,
HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION AND HAS BEEN DECLARED
EFFECTIVE. THE FINAL PROSPECTUS SUPPLEMENT RELATING TO THE SECURITIES WILL BE
FILED AFTER THE SECURITIES HAVE BEEN PRICED AND ALL OF THE TERMS AND INFORMATION
ARE FINALIZED. THIS COMMUNICATION IS NOT AN OFFER TO SELL OR THE SOLICITATION OF
AN OFFER TO BUY NOR SHALL THERE BE ANY SALE OF THE SECURITIES IN ANY STATE IN
WHICH SUCH OFFER, SOLICITATION OR SALE WOULD BE UNLAWFUL PRIOR TO REGISTRATION
OR QUALIFICATION UNDER THE SECURITIES LAWS OF ANY SUCH STATE. INTERESTED PERSONS
ARE REFERRED TO THE FINAL PROSPECTUS AND PROSPECTUS SUPPLEMENT TO WHICH THE
SECURITIES RELATE. ANY INVESTMENT DECISION SHOULD BE BASED ONLY UPON THE
INFORMATION IN THE FINAL PROSPECTUS AND PROSPECTUS SUPPLEMENT AS OF THEIR
PUBLICATION DATES.
Credit Suisse First Boston Deutsche Morgan Grenfell
THIS SERIES TERM SHEET WILL BE SUPERSEDED IN ITS ENTIRETY BY THE
INFORMATION APPEARING IN THE PROSPECTUS SUPPLEMENT, THE PROSPECTUS AND THE
SERIES 1998-I POOLING AND SERVICING AGREEMENT TO BE DATED AS OF JANUARY 1, 1998
(INCLUDING THE JUNE 1997 EDITION OF THE STANDARD TERMS), AMONG DEUTSCHE
FINANCIAL CAPITAL SECURITIZATION LLC, AS DEPOSITOR, OAKWOOD ACCEPTANCE
CORPORATION, AS SERVICER, AND PNC BANK, NATIONAL ASSOCIATION, AS TRUSTEE.
Class Designations
CLASS A CERTIFICATES.........................Class A-1, Class A-2, Class A-3, Class A-4, Class A-5 and
Class A-6 Certificates.
CLASS M CERTIFICATES.........................The Class M Certificates.
CLASS B CERTIFICATES.........................Class B-1 and Class B-2 Certificates.
SUBORDINATED CERTIFICATES....................Class M, Class B, Class X and Class R Certificates.
OFFERED CERTIFICATES.........................Class A, Class M and Class B-1 Certificates.
OFFERED SUBORDINATED CERTIFICATES............Class M and Class B-1 Certificates.
The Offered Certificates........................ Initial Pass-Through
Title of Class Principal Amount(1) Rate
Class A-1 Certificates......... $51,500,000 . %(2)
Class A-2 Certificates......... $39,300,000 . %(2)
Class A-3 Certificates......... $27,150,000 . %(2)
Class A-4 Certificates......... $11,600,000 . %(2)
Class A-5 Certificates......... $27,500,000 . %(2)
Class A-6 Certificates......... $24,169,000 . %(3)
Class M Certificates........... $18,352,000 . %(3)
Class B-1 Certificates......... $20,645,000 . %(3)
(1) The aggregate initial
principal balance of the
Certificates may be
increased or decreased by
up to 5%. Any such increase
or decrease may be
allocated
disproportionately among
the Classes of
Certificates. Accordingly,
any investor's commitments
with respect to the
Certificates may be
increased or decreased
correspondingly.
(2) Computed on the basis of a
360-day year of twelve
30-day months.
(3) The lesser of (i) the
specified rate per annum,
computed on the basis of a
360-day year of twelve
30-day months, and (ii) the
Weighted Average Net Asset
Rate for the related
Distribution Date.
Denominations................................... The Offered Certificates will be Book-Entry Certificates only, in
minimum denominations of $1,000 and integral multiples of $1 in
excess thereof.
Cut-off Date.................................... January 1, 1998.
Distribution Dates.............................. The fifteenth day of each month, commencing in February 1998 (each,
a "Distribution Date").
Interest Accrual Period......................... With respect to each Distribution Date the calendar month
preceding the month in which the Distribution Date occurs (each,
an "Interest Accrual Period").
1
Distributions..................................... The "Available Distribution Amount" for a Distribution Date
generally will include (1)(a) Monthly Payments of principal and
interest due on the Assets during the related Collection
Period, to the extent such payments were actually collected
from the Obligors or advanced by the Servicer and
(b) unscheduled payments received with respect to the Assets
during the related Prepayment Period, including Principal
Prepayments, proceeds of repurchases, Net Liquidation Proceeds
and net Insurance Proceeds, less (2)(a) if Oakwood is not the
Servicer, Servicing Fees for the related Collection Period,
(b) amounts required to reimburse the Servicer for previously
unreimbursed Advances in accordance with the Agreement,
(c) amounts required to reimburse the Company or the Servicer
for certain reimbursable expenses in accordance with the
Agreement and (d) amounts required to reimburse any party for
an overpayment of a Repurchase Price for an Asset in accordance
with the Agreement.
Distributions will be made on each Distribution Date to holders
of record on the preceding Record Date. Distributions on a Class
of Certificates will be allocated among the Certificates of such
Class in proportion to their respective percentage interests.
Certificate Structure Considerations.............. The primary credit support for the Class A Certificates is the
subordination of the Subordinated Certificates; for the Class M
Certificates is the subordination of the Class B, Class X and
Class R Certificates; for the Class B-1 Certificates is the
subordination of the Class B-2, Class X, and Class R
Certificates.
Subordination of the Offered Subordinated
Certificates.................................... The rights of the Class M Certificateholders to receive
distributions of principal will be subordinated to such rights
of the Class A Certificateholders to receive distributions of
principal and interest. Interest and interest shortfalls on
the Class M Certificates will not be subordinated to principal
payments on the Class A Certificates.
The rights of holders of the Class B-1 Certificates to receive
distributions of principal similarly will be subordinated to
the rights of the holders of the Class A and Class M
Certificates to receive distributions of principal and
interest. Interest and interest shortfalls on the Class B-1
Certificates will not be subordinated to principal payments on
the Class A and Class M Certificates.
Target Overcollateralization Amount............... The Target Overcollateralization Amount shall equal 0.75% of
the Scheduled Principal Balance as of the Cut-off Date.
2
Realized Losses on Liquidated Loans............... The Principal Distribution Amount for any Distribution Date is
intended to include the Scheduled Principal Balance of each
Asset that became a Liquidated Loan during the preceding
calendar month. A Realized Loss will be incurred on a
Liquidated Loan in the amount, if any, by which the Net
Liquidation Proceeds from such Liquidated Loan are less than
the Unpaid Principal Balance of such Liquidated Loan, plus
accrued and unpaid interest thereon (to the extent not covered
by Servicing Advances, if any, with respect to such Liquidated
Loan), plus amounts reimbursable to the Servicer for previously
unreimbursed Servicing Advances. The amount of the Realized
Loss, if any, in excess of the sum of (1) the amount of
interest collected on the nondefaulted Assets in excess of
certain Interest Distribution Amounts and Carryover Interest
Distribution Amounts required to be distributed on the Offered
Certificates and any portion of such interest required to be
paid to a Servicer other than Oakwood as servicing compensation
("Excess Interest") and (2) the Current Overcollateralization
Amount will be allocated to the Class M and Class B
Certificates as a Writedown Amount in reduction of their
Certificate Principal Balance as described below.
Allocation of Writedown Amounts................... The "Writedown Amount" for any Distribution Date will be the
amount, if any, by which the aggregate Certificate Principal
Balance of all Certificates, after all distributions have been
made on the Certificates on such Distribution Date, exceeds the
Pool Scheduled Principal Balance of the Assets for the next
Distribution Date. The Writedown Amount will be allocated
among the Classes of Class M and Class B Certificates in the
following order of priority:
(1) first, to the Class B-2 Certificates, to be applied in
reduction of the Adjusted Certificate Principal Balance of
such Class until it has been reduced to zero;
(2) second, to the Class B-1 Certificates, to be applied in
reduction of the Adjusted Certificate Principal Balance of
such Class until it has been reduced to zero; and
(3) third, to the Class M Certificates, to be applied in
reduction of the Adjusted Certificate Principal Balance of
such Class until it has been reduced to zero.
Advances.......................................... For each Distribution Date, the Servicer will be obligated to
make an advance (a "P&I Advance") in respect of any delinquent
Monthly Period that will, in the Servicer's judgment, be
recoverable from late payments on or Liquidation Proceeds from
such Asset. The Servicer will also be obligated to make
advances ("Servicing Advances" and, together with P&I Advances,
"Advances") in respect of Liquidation Expenses and certain
taxes and insurance premiums not paid by an Obligor on a timely
basis, to the extent the Servicer deems such Servicing Advances
recoverable out of Liquidation Proceeds or from collections on
the related Asset. P&I Advances and Servicing Advances are
reimbursable to the Servicer under certain
3
circumstances.
Final Scheduled Distribution Dates................ To the extent not previously paid prior to such dates, the
outstanding principal amount of each Class of Offered
Certificates will be payable on the April 2028 Distribution
Date (with respect to each Class of Certificates, the "Final
Scheduled Distribution Date"). The Final Scheduled
Distribution Date has been determined by adding three months to
the maturity date of the Asset with the latest stated maturity.
Optional Termination.............................. Either the Servicer or the holders of a majority in interest of
the Class R Certificates (the "Residual Majority"), at their
respective options and subject to the limitations imposed by
the Agreement, may terminate the Trust by purchasing all
Assets, Repo Properties and REO Properties remaining in the
Trust on any Distribution Date occurring on or after the
Distribution Date on which the sum of the Certificate Principal
Balance of the Certificates is less than 10% of the sum of the
original Certificate Principal Balance of the Certificates.
Auction Sale...................................... If neither the Residual Majority nor the Servicer exercises its
optional termination right within 90 days after it first
becomes eligible to do so, the Trustee shall solicit bids for
the purchase of all Assets then outstanding and all other
property in the Trust. In the event that satisfactory bids are
received, the sale proceeds will be distributed to
Certificateholders.
The Assets........................................ The Trust will consist of (1) manufactured housing installment
sales contracts (collectively, the "Contracts") secured by
security interests in manufactured homes, as defined herein
(the "Manufactured Homes"), and with respect to certain of the
Contracts ("Land Secured Contracts"), secured by liens on the
real estate on which the related Manufactured Homes are
located, and (2) mortgage loans secured by first liens on the
real estate to which the related Manufactured Homes are deemed
permanently affixed (the "Mortgage Loans," and collectively,
the "Assets"). The Asset Pool consists of approximately 5,747
Assets having an aggregate Scheduled Principal Balance as of
the Cut-off Date of approximately $229,392,046.05.
Approximately 12.68% of the Asset Pool is comprised of Assets
that are Mortgage Loans and approximately 3.29% of the Asset
Pool is comprised of Assets that are Land Secured Contracts.
Based on the Cut-off Date Pool Scheduled Principal Balance,
95.53% of the Assets are secured by Manufactured Homes which
were new, 3.78% of the Assets are secured by Manufactured Homes
which were used, 0.69% of the Assets are secured by
Manufactured Homes which were repossessed. As of the Cut-off
Date, the Assets were secured by Manufactured Homes or Mortgage
Properties (or Real Properties, in the case of Land Secured
Contracts) located in 41 states, and
4
approximately 18.54% and 14.44% of the Assets were secured by
Manufactured Homes or Mortgaged Properties located in Texas and
South Carolina, respectively (based on the mailing addresses of
the Obligors on the Assets as of the Cut-off Date). Each Asset
bears interest at an annual percentage rate (an "APR") of at
least 6.50% and not more than 13.75%. The weighted averaged APR
of the Assets as of the Cut-off Date is approximately 10.25%. The
Assets had remaining terms to maturity as of the Cut-off Date of
at least 22 months but not more than 360 months and original
terms to stated maturity of at least 24 months but not more than
360 months. As of the Cut-off Date, the Assets had a weighted
average original term to stated maturity of approximately 295
months, and a weighted average remaining term to stated maturity
of approximately 292 months. The final scheduled payment date on
the Asset with the latest maturity occurs in January 2028. No
Contract has an original loan-to-value ratio in excess of 100%.
The Servicer will be required to cause to be maintained one or
more standard hazard insurance policies with respect to each
Manufactured Home and Mortgage Property.
Certain Federal Income Tax
Consequences.................................... For federal income tax purposes, the Trust Estate will be
treated as one or more real estate mortgage investment conduits
("REMIC"). The Class A, Class M, Class B and Class X
Certificates will constitute "regular interests" in the REMIC
for federal income tax purposes. The Class R Certificates will
be treated as the sole class of "residual interests" in the
REMIC for federal income tax purposes.
ERISA Considerations.............................. Fiduciaries of employee benefit plans and certain other
retirement plans and arrangements, including individual
retirement accounts and annuities, Keogh plans, and collective
investment funds in which such plans, accounts, annuities or
arrangements are invested, that are subject to the Employee
Retirement Income Security Act of 1974, as amended ("ERISA"),
or corresponding provisions of the Code (any of the foregoing,
a "Plan"), persons acting on behalf of a Plan, or persons using
the assets of a Plan ("Plan Investors") should consult with
their own counsel to determine whether the purchase or holding
of the Offered Certificates could give rise to a transaction
that is prohibited either under ERISA or the Code
BECAUSE THE OFFERED SUBORDINATED CERTIFICATES ARE SUBORDINATED
SECURITIES, THEY WILL NOT SATISFY THE REQUIREMENTS OF CERTAIN
PROHIBITED TRANSACTION EXEMPTIONS. AS A RESULT, THE PURCHASE
OR HOLDING OF ANY OF THE OFFERED SUBORDINATED CERTIFICATES BY A
PLAN INVESTOR MAY CONSTITUTE A NON-EXEMPT PROHIBITED
TRANSACTION OR RESULT IN THE IMPOSITION OF EXCISE TAXES OR
CIVIL PENALTIES. ACCORDINGLY, NONE OF THE OFFERED SUBORDINATED
CERTIFICATES ARE OFFERED FOR SALE, AND ARE NOT TRANSFERABLE, TO
PLAN INVESTORS, UNLESS SUCH PLAN INVESTOR PROVIDES THE SELLER
AND THE TRUSTEE WITH A BENEFIT PLAN OPINION, OR THE
CIRCUMSTANCES DESCRIBED
5
IN CLAUSE (II) BELOW ARE SATISFIED. UNLESS SUCH OPINION IS
DELIVERED, EACH PERSON ACQUIRING AN OFFERED SUBORDINATED
CERTIFICATE WILL BE DEEMED TO REPRESENT TO THE TRUSTEE, THE
SELLER, AND THE SERVICER THAT EITHER (I) SUCH PERSON IS NOT A
PLAN INVESTOR SUBJECT TO ERISA OR SECTION 4975 OF THE CODE, OR
(II) SUCH PERSON IS AN INSURANCE COMPANY THAT IS PURCHASING AN
OFFERED SUBORDINATED CERTIFICATE WITH FUNDS FROM ITS "GENERAL
ACCOUNT" AND THE PROVISIONS OF PROHIBITED TRANSACTION CLASS
EXEMPTION 95-60 WILL APPLY TO EXEMPT THE PURCHASE OF SUCH
CERTIFICATE FROM THE PROHIBITED TRANSACTION RULES OF ERISA AND
THE CODE.
Legal Investment Considerations................... The Class A and Class M Certificates will constitute "mortgage
related securities" for purposes of the Secondary Mortgage
Market Enhancement Act of 1984 ("SMMEA").
THE CLASS B-1 CERTIFICATES ARE NOT "MORTGAGE RELATED SECURITIES"
FOR PURPOSES OF SMMEA BECAUSE SUCH CERTIFICATES ARE NOT RATED IN
ONE OF THE TWO HIGHEST RATING CATEGORIES BY A NATIONALLY
RECOGNIZED RATING AGENCY.
Ratings........................................... It is a condition to the issuance of the Certificates that
(i) the Class A Certificates be rated "AAA" and "Aaa" by each
of Fitch IBCA, Inc. ("Fitch") and Moody's Investors Service,
Inc., respectively ("Moody's" and, together with Fitch, the
"Rating Agencies"), (ii) the Class M Certificates be rated at
least "AA" and "Aa3" by each of Fitch and Moody's,
respectively, and (iii) the Class B-1 Certificates be rated at
least "BBB" and "Baa2" by each of Fitch and Moody's,
respectively. A security rating is not a recommendation to
buy, sell or hold securities and may be subject to revision or
withdrawal at any time by the assigning rating organization.
6
DELINQUENCY, LOAN LOSS AND REPOSSESSION EXPERIENCE
The following tables set forth certain information, for the periods
indicated, concerning (1) the asset servicing portfolio, (2) the delinquency
experience and (3) the loan loss and repossession experience of the portfolio of
manufactured housing installment sales contracts and residential mortgage loans
serviced by Oakwood. Because delinquencies, losses and repossessions are
affected by a variety of economic, geographic and other factors, there can be no
assurance that the delinquency and loss experience of the Assets will be
comparable to that set forth below.
ASSET SERVICING PORTFOLIO
(DOLLARS IN THOUSANDS)
AT SEPTEMBER 30,
---------------------------------------------------------------
1993 1994 1995 1996 1997
---- ---- ---- ---- ----
Total Number of Serviced Assets
Oakwood Originated.................. 28,938 39,273 51,566 67,120 89,411
Acquired Portfolios................. 1,591 5,773 4,872 4,177 3,602
Aggregate Outstanding Principal
Balance of Serviced Assets
Oakwood Originated.................. $507,394 $757,640 $1,130,378 $1,687,406 $2,499,794
Acquired Portfolios................. $30,498 $85,227 $70,853 $57,837 47,027
Average Outstanding Principal Balance
per Serviced Asset
Oakwood Originated.................. $17.5 $19.3 $21.9 $25.1 $28.0
Acquired Portfolios................. $19.2 $14.8 $14.5 $13.8 $13.1
Weighted Average Interest Rate
of Serviced Assets
Oakwood Originated.................. 12.8% 12.2% 12.0% 11.5% 11.0%
Acquired Portfolios................. 9.4% 11.0% 11.3% 11.2% 11.1%
DELINQUENCY EXPERIENCE (1)
(DOLLARS IN THOUSANDS)
AT SEPTEMBER 30,
-----------------------------------------------------------------
1993 1994 1995 1996 1997
---- ---- ---- ---- ----
Total Number of Serviced Assets
Oakwood Originated.................. 28,938 39,273 51,566 67,120 89,411
Acquired Portfolios................. 1,591 5,773 4,872 4,177 3,602
Number of Delinquent Assets(2)..........
Oakwood Originated:.................
30-59 Days......................... 244 350 601 835 1,171
60-89 Days......................... 51 97 185 308 476
90 Days or More.................... 150 198 267 492 716
Total Number of Assets Delinquent 445 645 1,053 1,635 2,363
Acquired Portfolios.................
30-59 Days......................... 37 127 63 66 90
60-89 Days......................... 26 49 17 23 23
90 Days or More.................... 16 98 76 62 75
Total Number of Assets Delinquent 79 274 156 151 188
Total Delinquencies as a Percentage of
Serviced Assets(3)......................
Oakwood Originated.................. 1.5% 1.6% 2.0% 2.4% 2.6%
Acquired Portfolios................. 5.0% 4.7% 3.2% 3.6% 5.2%
- ----------------------------------------
(1) Assets that are already the subject of repossession or foreclosure
procedures are not included in "delinquent assets" for purposes of this
table.
(2) The period of delinquency is based on the number of days payments are
contractually past due (assuming 30-day months). Consequently, a payment due
on the first day of a month is not 30 days delinquent until the first day of
the next month.
(3) By number of assets.
7
LOAN LOSS/REPOSSESSION EXPERIENCE
(DOLLARS IN THOUSANDS)
AT SEPTEMBER 30,
------------------------------------------------------------------
1993 1994 1995 1996 1997
---- ---- ---- ---- ----
Total Number of Serviced Assets(1).... 30,529 45,046 56,438 71,297 93,013
Average Number of Serviced Assets
During Period....................... 25,990 37,788 50,742 63,868 82,155
Number of Serviced Assets Repossessed..
902 1,241 1,718 2,746 3,885
Serviced Assets Repossessed as a
Percentage of Total Serviced
Assets(2)........................... 2.95% 2.75% 3.04% 3.85% 4.18%
Serviced Assets Repossessed as a
Percentage of Average Number of
Serviced Assets..................... 3.47% 3.28% 3.39% 4.30% 4.73%
Average Outstanding Principal Balance
of Assets(3)........................
Oakwood Originated.................. $531,199 $701,875 $976,905 $1,409,467 $2,065,033
Acquired Portfolios................. $15,249 $30,432 $30,235 $27,351 $22,943
Net Losses from Asset Liquidation(4):
Total Dollars(3)...................
Oakwood Originated............... $3,328 $4,630 $7,303 $14,248 $26,872
Acquired Portfolios.............. $0 $203 $473 $592 $528
As a Percentage of Average
Outstanding Principal Balance of
Assets(3)(5)
Oakwood Originated............... 0.63% 0.66% 0.75% 1.01% 1.30%
Acquired Portfolios.............. 0.00% 0.67% 1.56% 2.16% 2.30%
- ------------------
(1) As of period end.
(2) Total number of serviced assets repossessed during the applicable period
expressed as a percentage of the total number of serviced assets at the end
of the applicable period.
(3) Includes assets originated by Oakwood and serviced by Oakwood and others.
(4) Net losses represent all losses incurred on Oakwood - serviced portfolios.
Such amounts include estimates of net losses with respect to certain
defaulted assets. Charges to the loss reserves in respect of a defaulted
asset generally are made before the defaulted asset becomes a liquidated
asset. The length of the accrual period for the amount of accrued and unpaid
interest included in the calculation of the net loss varies depending upon
the period in which the loss was charged and whether the asset was owned by
an entity other than Oakwood.
(5) Total net losses incurred on assets liquidated during the applicable period
expressed as a percentage of the average outstanding principal balance of
all assets at the end of the applicable period.
The data presented in the foregoing tables are for illustrative
purposes only and there is no assurance that the delinquency, loan loss or
repossession experience of the Assets will be similar to that set forth above.
The delinquency, loan loss and repossession experience of manufactured housing
contracts historically has been sharply affected by a downturn in regional or
local economic conditions. These regional or local economic conditions are often
volatile, and no predictions can be made regarding future economic conditions in
any particular area. These downturns have tended to increase the severity of
loss on repossession because of the increased supply of used manufactured homes,
which in turn may affect the supply in other regions.
8
Whenever reference is made herein to a percentage of the Assets (or to
a percentage of the Scheduled Principal Balance of the Assets), the percentage
is calculated based on the Scheduled Principal Balances ("SPB") of the Assets as
of the Cut-off Date. In addition, numbers in any columns in the tables below may
not sum exactly to the total number at the bottom of the column due to rounding.
GEOGRAPHICAL DISTRIBUTION OF MANUFACTURED HOMES(1)
AGGREGATE SCHEDULED PERCENTAGE OF
NUMBER OF PRINCIPAL ASSET POOL
GEOGRAPHIC LOCATION ASSETS BALANCE BY SPB
- ------------------- ------ ------------------- ------
Alabama.................... 513 $ 17,792,762 7.76%
Alaska..................... 1 162,140 0.07
Arizona.................... 278 13,323,206 5.81
Arkansas................... 275 9,145,975 3.99
California................. 124 7,263,704 3.17
Colorado................... 75 3,604,147 1.57
Delaware................... 1 29,082 0.01
Florida.................... 277 11,026,649 4.81
Georgia.................... 460 17,891,041 7.80
Idaho...................... 15 1,143,593 0.50
Illinois................... 10 358,350 0.16
Indiana.................... 9 380,775 0.17
Iowa....................... 1 69,862 0.03
Kansas..................... 3 146,880 0.06
Kentucky................... 72 1,933,043 0.84
Louisiana.................. 212 7,664,109 3.34
Maryland................... 9 521,818 0.23
Michigan................... 2 90,695 0.04
Minnesota.................. 1 33,648 0.01
Mississippi................ 203 7,006,755 3.05
Missouri................... 107 3,648,406 1.59
Montana.................... 14 722,021 0.31
Nevada..................... 29 1,058,502 0.46
New Jersey................. 2 91,119 0.04
New Mexico................. 101 4,171,816 1.82
New York................... 4 165,280 0.07
North Carolina............. 494 19,809,940 8.64
Ohio....................... 18 513,313 0.22
Oklahoma................... 57 1,866,002 0.81
Oregon..................... 83 6,024,222 2.63
Pennsylvania............... 2 84,877 0.04
Rhode Island............... 1 51,877 0.02
South Carolina............. 815 33,133,898 14.44
Tennessee.................. 210 7,563,109 3.30
Texas...................... 1,104 42,520,831 18.54
Utah....................... 15 903,782 0.39
Virginia................... 15 535,927 0.23
Washington................. 60 3,709,976 1.62
West Virginia.............. 10 300,593 0.13
Wisconsin.................. 17 557,441 0.24
Wyoming.................... 48 2,370,883 1.03
------ ------------- ------
Total...................... 5,747 $229,392,046 100.00%
====== ============ ======
(1) Based on the mailing address of the Obligor on the related Asset as of the
Cut-off Date.
9
YEAR OF ORIGINATION OF ASSETS (1)
PERCENTAGE OF
NUMBER OF AGGREGATE SCHEDULED ASSET POOL
YEAR OF ORIGINATION ASSETS PRINCIPAL BALANCE BY SPB
- ------------------- ------ ----------------- ------
1996..................... 13 $ 661,263 0.29%
1997..................... 5,734 228,730,783 99.71
----- ------------- -------
Total............... 5,747 $229,392,046 100.00%
===== ============ ======
- ----------
(1) The weighted average seasoning of the Assets was approximately 3 months as
of the Cut-off Date.
DISTRIBUTION OF ORIGINAL ASSET AMOUNTS(1)
PERCENTAGE OF
ORIGINAL ASSET NUMBER OF AGGREGATE SCHEDULED ASSET POOL
AMOUNT ASSETS PRINCIPAL BALANCE BY SPB
- ------ ------ ----------------- ------
$ 4,999 or less.............. 2 $ 8,362 0.00%
$ 5,000 - $ 9,999......... 77 611,310 0.27
$ 10,000 - $ 14,999.......... 166 2,084,440 0.91
$ 15,000 - $ 19,999.......... 268 4,708,431 2.05
$ 20,000 - $ 24,999.......... 481 10,868,454 4.74
$ 25,000 - $ 29,999.......... 822 22,595,357 9.85
$ 30,000 - $ 34,999.......... 886 28,638,378 12.48
$ 35,000 - $ 39,999.......... 632 23,491,467 10.24
$ 40,000 - $ 44,999.......... 520 22,046,368 9.61
$ 45,000 - $ 49,999.......... 508 24,078,744 10.50
$ 50,000 - $ 54,999.......... 403 21,094,658 9.20
$ 55,000 - $ 59,999.......... 314 17,910,471 7.81
$ 60,000 - $ 64,999.......... 199 12,362,685 5.39
$ 65,000 - $ 69,999.......... 130 8,770,137 3.82
$ 70,000 - $ 74,999.......... 86 6,188,026 2.70
$ 75,000 - $ 79,999.......... 54 4,165,445 1.82
$ 80,000 - $ 84,999.......... 48 3,947,171 1.72
$ 85,000 - $ 89,999.......... 38 3,303,508 1.44
$ 90,000 - $ 94,999.......... 33 3,034,030 1.32
$ 95,000 - $ 99,999.......... 13 1,257,544 0.55
$100,000 or more............... 67 8,227,061 3.59
----- ------------- -------
Total..................... 5,747 $ 229,392,046 100.00%
===== =============== =======
(1) The highest original Asset amount was $220,078, which represents
approximately 0.10% of the aggregate principal balance of the Assets at
origination. The average original principal amount of the Assets was
approximately $40,066 as of the Cut-off Date.
10
ASSET RATES (1)
PERCENTAGE OF
NUMBER OF AGGREGATE SCHEDULED ASSET POOL
ASSET RATE ASSETS PRINCIPAL BALANCE BY SPB
---------- ------ ----------------- ------
6.000% - 6.999%........... 6 $ 370,560 0.16%
7.000% - 7.999%........... 68 3,685,709 1.61
8.000% - 8.999%......... 554 31,567,681 13.76
9.000% - 9.999%......... 1,039 50,839,542 22.16
10.000% - 10.999%.......... 1,663 69,292,880 30.21
11.000% - 11.999%.......... 1,691 56,736,787 24.73
12.000% - 12.999%.......... 658 15,583,098 6.79
13.000% - 13.999%.......... 68 1,315,789 0.57
------- --------------- --------
Total................. 5,747 $229,392,046 100.00%
===== ============ ======
- ----------
(1) The weighted average Asset Rate was approximately 10.25% as of the Cut-off
Date. This table reflects the Asset Rates of the Step-up Rate Loans as of
the Cut-off Date and does not reflect any subsequent increases in the Asset
Rates of the Step-up Rate Loans.
REMAINING TERMS TO MATURITY (IN MONTHS) (1)
PERCENTAGE OF
REMAINING TERM NUMBER OF AGGREGATE SCHEDULED ASSET POOL
TO MATURITY ASSETS PRINCIPAL BALANCE BY SPB
----------- ------ ----------------- ------
1 - 60 months.......... 54 $ 472,409 0.21%
61 - 96 months.......... 135 2,007,178 0.87
97 - 120 months........... 187 3,714,389 1.62
121 - 156 months........... 95 2,231,879 0.97
157 - 180 months........... 558 15,108,043 6.59
181 - 216 months........... 15 459,664 0.20
217 - 240 months........... 1,594 51,440,209 22.42
241 - 300 months........... 1,439 63,029,088 27.48
301 - 360 months........... 1,670 90,929,186 39.64
----- -------------- -------
Total.................... 5,747 $229,392,046 100.00%
===== ============ ======
- ----------
(1) The weighted average remaining term to maturity of the Assets was
approximately 292 months as of the Cut-off Date.
ORIGINAL TERMS TO MATURITY (IN MONTHS) (1)
PERCENTAGE OF
ORIGINAL TERM NUMBER OF AGGREGATE SCHEDULED ASSET POOL
TO MATURITY ASSETS PRINCIPAL BALANCE BY SPB
----------- ------ ----------------- ------
1 - 60 months.......... 54 $ 472,409 0.21%
61 - 96 months.......... 135 2,007,178 0.87
97 - 120 months........... 187 3,714,389 1.62
121 - 156 months........... 95 2,231,879 0.97
157 - 180 months........... 558 15,108,043 6.59
181 - 216 months........... 15 459,664 0.20
217 - 240 months........... 1,594 51,440,209 22.42
241 - 300 months........... 1,439 63,029,088 27.48
301 - 360 months........... 1,670 90,929,186 39.64
----- -------------- -------
Total.................... 5,747 $229,392,046 100.00%
===== ============ ======
- ----------
(1) The weighted average original term to maturity of the Assets was
approximately 295 months as of the Cut-off Date.
11
DISTRIBUTION OF ORIGINAL LOAN-TO-VALUE RATIOS(1)
PERCENTAGE OF
NUMBER OF AGGREGATE SCHEDULED ASSET POOL
LOAN-TO VALUE RATIO(2) ASSETS PRINCIPAL BALANCE BY SPB
- ---------------------- ------ ----------------- ------
50% or less................ 36 $ 770,707 0.34%
51% - 55%.................... 27 1,070,075 0.47
56% - 60%.................... 30 1,000,927 0.44
61% - 65%.................... 59 2,190,384 0.95
66% - 70%.................... 76 2,615,767 1.14
71% - 75%.................... 155 6,109,866 2.66
76% - 80%.................... 422 15,924,955 6.94
81% - 85%.................... 833 32,866,440 14.33
86% - 90%.................... 2,699 106,848,251 46.58
91% - 95%.................... 1,342 56,131,993 24.47
96% - 100%................... 68 3,862,679 1.68
------- ------------- ------
Total................... 5,747 $229,392,046 100.00%
===== ============ ======
- ----------
(1) The weighted average original Loan-to-Value Ratio of the Assets was
approximately 87.84% as of the Cut-off Date.
(2) Rounded to nearest 1%.
"Loan-to-Value Ratio" means, (a) with respect to each Contract, (i) as
to each Contract with respect to which a lien on land is required for
underwriting purposes, the ratio, expressed as a percentage, of the principal
amount of such Contract to the sum of the purchase price of the home (including
taxes, insurance and any land improvements), the tax value or appraised value of
the land and the amount of any prepaid finance charges or closing costs that are
financed; and (ii) as to each other Contract, the ratio, expressed as a
percentage, of the principal amount of such Contract to the purchase price of
the home (including taxes, insurance and any land improvements) and the amount
of any prepaid finance charges or closing costs that are financed; and (b) with
respect to each Mortgage Loan, the ratio, expressed as a percentage, of the
principal amount of such Mortgage Loan at the time of determination, to either
(i) the sum of the appraised value of the land and improvements, and the amount
of any prepaid finance charges or closing costs that are financed or (ii) the
sum of the purchase price of the home (including taxes, insurance and any land
improvements), the appraised value of the land and the amount of any prepaid
finance charges or closing costs that are financed.
12
DEUTSCHE SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES,
SERIES 1998-I
COMPUTATIONAL MATERIALS
BOND PROFILE SUMMARY
-----------------------------------------------------------------------------
Class Original Coupon Avg. CBE 1st Last Mod.
Name & Type Par % Life Yield Pay Pay Dur.
-----------------------------------------------------------------------------
TO CALL:
A1 SENIOR 51,500,000 6.1500 1.10 6.011 2/98 4/00 1.02
A2 SENIOR 39,300,000 6.0500 3.10 6.058 4/00 2/02 2.74
A3 SENIOR 27,150,000 6.1500 5.10 6.199 2/02 7/04 4.24
A4 SENIOR 11,600,000 6.3750 7.10 6.421 7/04 11/05 5.53
A5 SENIOR 27,500,000 6.5250 10.00 6.581 11/05 9/10 7.09
A6 SENIOR 24,169,000 6.8000 14.86 6.880 9/10 7/13 9.05
M AA MEZZ 18,352,000 6.7500 9.94 6.830 8/02 7/13 6.78
B1 BBB SUB 20,645,000 7.1500 9.84 7.229 8/02 7/13 6.61
B2 BB SUB 9,176,046 8.4250 10.18 8.530 8/02 7/13 6.30
-------------------------------
TO MATURITY:
A6 SENIOR 24,169,000 6.8000 16.83 6.879 9/10 11/20 9.62
M AA MEZZ 18,352,000 6.7500 10.39 6.830 8/02 12/17 6.92
B1 BBB SUB 20,645,000 7.1500 9.99 7.230 8/02 4/16 6.65
B2 BB SUB 9,176,046 8.4250 12.82 8.531 8/02 5/23 6.80
----------------------------------------------------------------------------
(1) Data assumes a prepayment speed of 180% MHP.
(2) Coupon and price are assumed for compuational material.
This information has been prepared in connection with the issuance of securities
representing interests in the above trust, and is based in part on information
provided by Deutsche Financial Capital, Oakwood Acceptance Corporation and
Deutsche Financial Services with respect to the expected characteristics of the
pool of loans in which these securities will represent undivided beneficial
interests. The actual characteristics and performance of the loans will differ
from the assumptions used in preparing these materials, which are hypothetical
in nature. Changes in the assumptions may have a material impact on the
information set forth in these materials. No representation is made that any
performance or return indicated herein will be achieved. For example, it is very
unlikely that the loans will prepay at a constant rate or follow a predictable
pattern. This information may not be used or otherwise disseminated in
connection with the offer or sale of these or any other securities, except in
connection with the initial offer or sale of these securities to you to the
extent set forth below. NO REPRESENTATION IS MADE AS TO THE APPROPRIATENESS,
USEFULNESS, ACCURACY OR COMPLETENESS OF THESE MATERIALS OR THE ASSUMPTIONS ON
WHICH THEY ARE BASED. Additional information is available upon request. These
materials do not constitute an offer to buy or sell or a solicitation of an
offer to buy or sell any security or instrument or to participate in any
particular trading strategy. ANY SUCH OFFER TO BUY OR SELL ANY SECURITY WOULD BE
MADE PURSUANT TO A DEFINITIVE PROSPECTUS AND PROSPECTUS SUPPLEMENT PREPARED BY
THE ISSUER WHICH WOULD CONTAIN MATERIAL INFORMATION NOT CONTAINED IN THESE
MATERIALS. SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL CONTAIN ALL MATERIAL
INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY AND ANY DECISION TO
INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE UPON SUCH PROSPECTUS
AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT NOT DEFINED HEREIN ARE
TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. In the
event of any such offering, these materials, including any description of the
loans contained herein, shall be deemed superseded, amended and supplemented in
their entirety by such Prospectus and Prospectus Supplement. To Our Readers
Worldwide: In addition, please note that this information has been provided by
Deutsche Morgan Grenfell. We recommend that investors obtain the advice of their
Deutsche Morgan Grenfell representative about the investment concerned. NOT FOR
DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND FUTURES
AUTHORITY.
/1
DEUTSCHE SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES,
SERIES 1998-I
COMPUTATIONAL MATERIALS
BOND PROFILE SUMMARY
-----------------------------------------------------------------------------
Percent of MHP: 0 100 150 180 200 300
-----------------------------------------------------------------------------
A1 SENIOR
Price: 99-31+ Coupon: 6.1500 Original Par: 51,500,000
-----------------------------------------------------------------------------
TO CALL:
Bond Yield: 6.18 6.09 6.04 6.01 5.99 5.90
Average Life: 5.92 1.71 1.27 1.10 1.01 0.72
Duration: 4.61 1.55 1.17 1.02 0.94 0.68
First Prin Pay: 2/98 2/98 2/98 2/98 2/98 2/98
Last Prin Pay: 9/08 7/01 8/00 4/00 2/00 7/99
-----------------------------------------------------------------------------
A2 SENIOR
Price: 99-30+ Coupon: 6.0500 Original Par: 39,300,000
-----------------------------------------------------------------------------
TO CALL:
Bond Yield: 6.11 6.08 6.07 6.06 6.05 6.02
Average Life: 13.07 4.90 3.60 3.10 2.84 2.01
Duration: 8.76 4.10 3.13 2.74 2.53 1.84
First Prin Pay: 9/08 7/01 8/00 4/00 2/00 7/99
Last Prin Pay: 5/13 6/04 10/02 2/02 10/01 9/00
-----------------------------------------------------------------------------
A3 SENIOR
Price: 99-28+ Coupon: 6.1500 Original Par: 27,150,000
-----------------------------------------------------------------------------
TO CALL:
Bond Yield: 6.22 6.21 6.20 6.20 6.20 6.18
Average Life: 17.16 8.04 5.97 5.10 4.53 3.10
Duration: 10.29 6.14 4.84 4.24 3.83 2.73
First Prin Pay: 5/13 6/04 10/02 2/02 10/01 9/00
Last Prin Pay: 1/17 2/08 7/05 7/04 9/03 9/01
-----------------------------------------------------------------------------
This information has been prepared in connection with the issuance of securities
representing interests in the above trust, and is based in part on information
provided by Deutsche Financial Capital, Oakwood Acceptance Corporation and
Deutsche Financial Services with respect to the expected characteristics of the
pool of loans in which these securities will represent undivided beneficial
interests. The actual characteristics and performance of the loans will differ
from the assumptions used in preparing these materials, which are hypothetical
in nature. Changes in the assumptions may have a material impact on the
information set forth in these materials. No representation is made that any
performance or return indicated herein will be achieved. For example, it is very
unlikely that the loans will prepay at a constant rate or follow a predictable
pattern. This information may not be used or otherwise disseminated in
connection with the offer or sale of these or any other securities, except in
connection with the initial offer or sale of these securities to you to the
extent set forth below. NO REPRESENTATION IS MADE AS TO THE APPROPRIATENESS,
USEFULNESS, ACCURACY OR COMPLETENESS OF THESE MATERIALS OR THE ASSUMPTIONS ON
WHICH THEY ARE BASED. Additional information is available upon request. These
materials do not constitute an offer to buy or sell or a solicitation of an
offer to buy or sell any security or instrument or to participate in any
particular trading strategy. ANY SUCH OFFER TO BUY OR SELL ANY SECURITY WOULD BE
MADE PURSUANT TO A DEFINITIVE PROSPECTUS AND PROSPECTUS SUPPLEMENT PREPARED BY
THE ISSUER WHICH WOULD CONTAIN MATERIAL INFORMATION NOT CONTAINED IN THESE
MATERIALS. SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL CONTAIN ALL MATERIAL
INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY AND ANY DECISION TO
INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE UPON SUCH PROSPECTUS
AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT NOT DEFINED HEREIN ARE
TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. In the
event of any such offering, these materials, including any description of the
loans contained herein, shall be deemed superseded, amended and supplemented in
their entirety by such Prospectus and Prospectus Supplement. To Our Readers
Worldwide: In addition, please note that this information has been provided by
Deutsche Morgan Grenfell. We recommend that investors obtain the advice of their
Deutsche Morgan Grenfell representative about the investment concerned. NOT FOR
DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND FUTURES
AUTHORITY.
/2
DEUTSCHE SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES,
SERIES 1998-I
COMPUTATIONAL MATERIALS
BOND PROFILE SUMMARY
-----------------------------------------------------------------------------
Percent of MHP: 0 100 150 180 200 300
-----------------------------------------------------------------------------
A4 SENIOR
Price: 99-31 Coupon: 6.3750 Original Par: 11,600,000
-----------------------------------------------------------------------------
TO CALL:
Bond Yield: 6.44 6.43 6.43 6.42 6.42 6.40
Average Life: 19.72 10.98 8.26 7.10 6.28 3.86
Duration: 10.90 7.66 6.23 5.53 5.02 3.32
First Prin Pay: 1/17 2/08 7/05 7/04 9/03 9/01
Last Prin Pay: 9/18 1/10 3/07 11/05 1/05 3/02
-----------------------------------------------------------------------------
A5 SENIOR
Price: 99-31+ Coupon: 6.5250 Original Par: 27,500,000
-----------------------------------------------------------------------------
TO CALL:
Bond Yield: 6.59 6.59 6.58 6.58 6.58 6.56
Average Life: 22.63 14.64 11.50 10.00 8.99 5.26
Duration: 11.47 9.12 7.81 7.09 6.56 4.30
First Prin Pay: 9/18 1/10 3/07 11/05 1/05 3/02
Last Prin Pay: 6/22 10/15 5/12 9/10 8/09 2/05
-----------------------------------------------------------------------------
A6 SENIOR
Price: 99-28+ Coupon: 6.8000 Original Par: 24,169,000
-----------------------------------------------------------------------------
TO CALL:
Bond Yield: 6.88 6.88 6.88 6.88 6.88 6.87
Average Life: 25.72 19.76 16.62 14.86 13.73 9.36
Duration: 11.77 10.53 9.64 9.05 8.63 6.68
First Prin Pay: 6/22 10/15 5/12 9/10 8/09 2/05
Last Prin Pay: 3/24 5/18 4/15 7/13 6/12 6/08
---------------------------
TO MATURITY:
Price: 99-29
Bond Yield: 6.88 6.88 6.88 6.88 6.88 6.87
Average Life: 26.78 21.52 18.56 16.83 15.64 10.65
Duration: 11.94 10.91 10.14 9.62 9.23 7.22
First Prin Pay: 6/22 10/15 5/12 9/10 8/09 2/05
Last Prin Pay: 4/27 6/24 3/22 11/20 11/19 1/15
-----------------------------------------------------------------------------
This information has been prepared in connection with the issuance of securities
representing interests in the above trust, and is based in part on information
provided by Deutsche Financial Capital, Oakwood Acceptance Corporation and
Deutsche Financial Services with respect to the expected characteristics of the
pool of loans in which these securities will represent undivided beneficial
interests. The actual characteristics and performance of the loans will differ
from the assumptions used in preparing these materials, which are hypothetical
in nature. Changes in the assumptions may have a material impact on the
information set forth in these materials. No representation is made that any
performance or return indicated herein will be achieved. For example, it is very
unlikely that the loans will prepay at a constant rate or follow a predictable
pattern. This information may not be used or otherwise disseminated in
connection with the offer or sale of these or any other securities, except in
connection with the initial offer or sale of these securities to you to the
extent set forth below. NO REPRESENTATION IS MADE AS TO THE APPROPRIATENESS,
USEFULNESS, ACCURACY OR COMPLETENESS OF THESE MATERIALS OR THE ASSUMPTIONS ON
WHICH THEY ARE BASED. Additional information is available upon request. These
materials do not constitute an offer to buy or sell or a solicitation of an
offer to buy or sell any security or instrument or to participate in any
particular trading strategy. ANY SUCH OFFER TO BUY OR SELL ANY SECURITY WOULD BE
MADE PURSUANT TO A DEFINITIVE PROSPECTUS AND PROSPECTUS SUPPLEMENT PREPARED BY
THE ISSUER WHICH WOULD CONTAIN MATERIAL INFORMATION NOT CONTAINED IN THESE
MATERIALS. SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL CONTAIN ALL MATERIAL
INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY AND ANY DECISION TO
INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE UPON SUCH PROSPECTUS
AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT NOT DEFINED HEREIN ARE
TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. In the
event of any such offering, these materials, including any description of the
loans contained herein, shall be deemed superseded, amended and supplemented in
their entirety by such Prospectus and Prospectus Supplement. To Our Readers
Worldwide: In addition, please note that this information has been provided by
Deutsche Morgan Grenfell. We recommend that investors obtain the advice of their
Deutsche Morgan Grenfell representative about the investment concerned. NOT FOR
DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND FUTURES
AUTHORITY.
/3
DEUTSCHE SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES,
SERIES 1998-I
COMPUTATIONAL MATERIALS
BOND PROFILE SUMMARY
-----------------------------------------------------------------------------
Percent of MHP: 0 100 150 180 200 300
-----------------------------------------------------------------------------
M AA MEZZ
Price: 99-27 Coupon: 6.7500 Original Par: 18,352,000
-----------------------------------------------------------------------------
TO CALL:
Bond Yield: 6.84 6.83 6.83 6.83 6.83 6.83
Average Life: 21.77 13.97 11.18 9.94 9.47 7.72
Duration: 10.97 8.50 7.35 6.78 6.58 5.74
First Prin Pay: 12/13 12/04 3/03 8/02 8/02 8/02
Last Prin Pay: 3/24 5/18 4/15 7/13 6/12 6/08
---------------------------
TO MATURITY:
Price: 99-27
Bond Yield: 6.84 6.83 6.83 6.83 6.83 6.83
Average Life: 22.03 14.38 11.61 10.39 9.95 8.36
Duration: 11.01 8.59 7.46 6.92 6.74 6.02
First Prin Pay: 12/13 12/04 3/03 8/02 8/02 8/02
Last Prin Pay: 7/26 4/22 9/19 12/17 2/17 5/13
-----------------------------------------------------------------------------
B1 BBB SUB
Price: 99-29 Coupon: 7.1500 Original Par: 20,645,000
-----------------------------------------------------------------------------
TO CALL:
Bond Yield: 7.24 7.24 7.23 7.23 7.23 7.22
Average Life: 21.69 13.86 11.07 9.84 9.38 7.71
Duration: 10.59 8.26 7.15 6.61 6.42 5.64
First Prin Pay: 12/13 12/04 3/03 8/02 8/02 8/02
Last Prin Pay: 3/24 5/18 4/15 7/13 6/12 6/08
---------------------------
TO MATURITY:
Price: 99-29
Bond Yield: 7.24 7.24 7.23 7.23 7.23 7.23
Average Life: 21.78 14.01 11.20 9.99 9.56 8.05
Duration: 10.60 8.29 7.18 6.65 6.48 5.79
First Prin Pay: 12/13 12/04 3/03 8/02 8/02 8/02
Last Prin Pay: 11/25 12/20 10/17 4/16 6/15 11/11
-----------------------------------------------------------------------------
This information has been prepared in connection with the issuance of securities
representing interests in the above trust, and is based in part on information
provided by Deutsche Financial Capital, Oakwood Acceptance Corporation and
Deutsche Financial Services with respect to the expected characteristics of the
pool of loans in which these securities will represent undivided beneficial
interests. The actual characteristics and performance of the loans will differ
from the assumptions used in preparing these materials, which are hypothetical
in nature. Changes in the assumptions may have a material impact on the
information set forth in these materials. No representation is made that any
performance or return indicated herein will be achieved. For example, it is very
unlikely that the loans will prepay at a constant rate or follow a predictable
pattern. This information may not be used or otherwise disseminated in
connection with the offer or sale of these or any other securities, except in
connection with the initial offer or sale of these securities to you to the
extent set forth below. NO REPRESENTATION IS MADE AS TO THE APPROPRIATENESS,
USEFULNESS, ACCURACY OR COMPLETENESS OF THESE MATERIALS OR THE ASSUMPTIONS ON
WHICH THEY ARE BASED. Additional information is available upon request. These
materials do not constitute an offer to buy or sell or a solicitation of an
offer to buy or sell any security or instrument or to participate in any
particular trading strategy. ANY SUCH OFFER TO BUY OR SELL ANY SECURITY WOULD BE
MADE PURSUANT TO A DEFINITIVE PROSPECTUS AND PROSPECTUS SUPPLEMENT PREPARED BY
THE ISSUER WHICH WOULD CONTAIN MATERIAL INFORMATION NOT CONTAINED IN THESE
MATERIALS. SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL CONTAIN ALL MATERIAL
INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY AND ANY DECISION TO
INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE UPON SUCH PROSPECTUS
AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT NOT DEFINED HEREIN ARE
TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. In the
event of any such offering, these materials, including any description of the
loans contained herein, shall be deemed superseded, amended and supplemented in
their entirety by such Prospectus and Prospectus Supplement. To Our Readers
Worldwide: In addition, please note that this information has been provided by
Deutsche Morgan Grenfell. We recommend that investors obtain the advice of their
Deutsche Morgan Grenfell representative about the investment concerned. NOT FOR
DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND FUTURES
AUTHORITY.
/4
DEUTSCHE SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES,
SERIES 1998-I
COMPUTATIONAL MATERIALS
Percent of Principal Outstanding of Class A-1
--------------------------------------------------------------------------------------------
Percent of MHP: 0 100 150 180 200 300
--------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------
Initial Percent 100 100 100 100 100 100
- ---------------------------------------------------------------------------------------------
January 15, 1999 91 71 61 55 51 31
January 15, 2000 85 42 21 9 1 0
January 15, 2001 78 13 0 0 0 0
January 15, 2002 71 0 0 0 0 0
January 15, 2003 63 0 0 0 0 0
January 15, 2004 53 0 0 0 0 0
January 15, 2005 43 0 0 0 0 0
January 15, 2006 31 0 0 0 0 0
January 15, 2007 20 0 0 0 0 0
January 15, 2008 8 0 0 0 0 0
January 15, 2009 0 0 0 0 0 0
January 15, 2010 0 0 0 0 0 0
January 15, 2011 0 0 0 0 0 0
January 15, 2012 0 0 0 0 0 0
January 15, 2013 0 0 0 0 0 0
- -----------------------------------------------------------------------------------------------------------------------
January 15, 2014 0 0 0 0 0 0
- -----------------------------------------------------------------------------------------------------------------------
January 15, 2015 0 0 0 0 0 0
January 15, 2016 0 0 0 0 0 0
January 15, 2017 0 0 0 0 0 0
January 15, 2018 0 0 0 0 0 0
January 15, 2019 0 0 0 0 0 0
January 15, 2020 0 0 0 0 0 0
January 15, 2021 0 0 0 0 0 0
January 15, 2022 0 0 0 0 0 0
January 15, 2023 0 0 0 0 0 0
January 15, 2024 0 0 0 0 0 0
January 15, 2025 0 0 0 0 0 0
January 15, 2026 0 0 0 0 0 0
January 15, 2027 0 0 0 0 0 0
January 15, 2028 0 0 0 0 0 0
Avg Life In Years: 5.9 1.7 1.3 1.1 1.0 0.7
- -----------------------------------------------------------------------------------------------------------------------
This information has been prepared in connection with the issuance of securities
representing interests in the above trust, and is based in part on information
provided by Deutsche Financial Capital, Oakwood Acceptance Corporation and
Deutsche Financial Services with respect to the expected characteristics of the
pool of loans in which these securities will represent undivided beneficial
interests. The actual characteristics and performance of the loans will differ
from the assumptions used in preparing these materials, which are hypothetical
in nature. Changes in the assumptions may have a material impact on the
information set forth in these materials. No representation is made that any
performance or return indicated herein will be achieved. For example, it is very
unlikely that the loans will prepay at a constant rate or follow a predictable
pattern. This information may not be used or otherwise disseminated in
connection with the offer or sale of these or any other securities, except in
connection with the initial offer or sale of these securities to you to the
extent set forth below. NO REPRESENTATION IS MADE AS TO THE APPROPRIATENESS,
USEFULNESS, ACCURACY OR COMPLETENESS OF THESE MATERIALS OR THE ASSUMPTIONS ON
WHICH THEY ARE BASED. Additional information is available upon request. These
materials do not constitute an offer to buy or sell or a solicitation of an
offer to buy or sell any security or instrument or to participate in any
particular trading strategy. ANY SUCH OFFER TO BUY OR SELL ANY SECURITY WOULD BE
MADE PURSUANT TO A DEFINITIVE PROSPECTUS AND PROSPECTUS SUPPLEMENT PREPARED BY
THE ISSUER WHICH WOULD CONTAIN MATERIAL INFORMATION NOT CONTAINED IN THESE
MATERIALS. SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL CONTAIN ALL MATERIAL
INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY AND ANY DECISION TO
INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE UPON SUCH PROSPECTUS
AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT NOT DEFINED HEREIN ARE
TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. In the
event of any such offering, these materials, including any description of the
loans contained herein, shall be deemed superseded, amended and supplemented in
their entirety by such Prospectus and Prospectus Supplement. To Our Readers
Worldwide: In addition, please note that this information has been provided by
Deutsche Morgan Grenfell. We recommend that investors obtain the advice of their
Deutsche Morgan Grenfell representative about the investment concerned. NOT FOR
DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND FUTURES
AUTHORITY.
/5
DEUTSCHE SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES,
SERIES 1998-I
COMPUTATIONAL MATERIALS
Percent of Principal Outstanding of Class A-2
--------------------------------------------------------------------------------------------
Percent of MHP: 0 100 150 180 200 300
--------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------
Initial Percent 100 100 100 100 100 100
- ---------------------------------------------------------------------------------------------
January 15, 1999 100 100 100 100 100 100
January 15, 2000 100 100 100 100 100 50
January 15, 2001 100 100 77 54 40 0
January 15, 2002 100 80 31 3 0 0
January 15, 2003 100 46 0 0 0 0
January 15, 2004 100 13 0 0 0 0
January 15, 2005 100 0 0 0 0 0
January 15, 2006 100 0 0 0 0 0
January 15, 2007 100 0 0 0 0 0
January 15, 2008 100 0 0 0 0 0
January 15, 2009 94 0 0 0 0 0
January 15, 2010 74 0 0 0 0 0
January 15, 2011 53 0 0 0 0 0
January 15, 2012 29 0 0 0 0 0
January 15, 2013 7 0 0 0 0 0
January 15, 2014 0 0 0 0 0 0
January 15, 2015 0 0 0 0 0 0
January 15, 2016 0 0 0 0 0 0
January 15, 2017 0 0 0 0 0 0
- -----------------------------------------------------------------------------------------------------------------------
January 15, 2018 0 0 0 0 0 0
- -----------------------------------------------------------------------------------------------------------------------
January 15, 2019 0 0 0 0 0 0
January 15, 2020 0 0 0 0 0 0
January 15, 2021 0 0 0 0 0 0
January 15, 2022 0 0 0 0 0 0
January 15, 2023 0 0 0 0 0 0
January 15, 2024 0 0 0 0 0 0
January 15, 2025 0 0 0 0 0 0
January 15, 2026 0 0 0 0 0 0
January 15, 2027 0 0 0 0 0 0
January 15, 2028 0 0 0 0 0 0
Avg Life In Years: 13.1 4.9 3.6 3.1 2.8 2.0
- -----------------------------------------------------------------------------------------------------------------------
This information has been prepared in connection with the issuance of securities
representing interests in the above trust, and is based in part on information
provided by Deutsche Financial Capital, Oakwood Acceptance Corporation and
Deutsche Financial Services with respect to the expected characteristics of the
pool of loans in which these securities will represent undivided beneficial
interests. The actual characteristics and performance of the loans will differ
from the assumptions used in preparing these materials, which are hypothetical
in nature. Changes in the assumptions may have a material impact on the
information set forth in these materials. No representation is made that any
performance or return indicated herein will be achieved. For example, it is very
unlikely that the loans will prepay at a constant rate or follow a predictable
pattern. This information may not be used or otherwise disseminated in
connection with the offer or sale of these or any other securities, except in
connection with the initial offer or sale of these securities to you to the
extent set forth below. NO REPRESENTATION IS MADE AS TO THE APPROPRIATENESS,
USEFULNESS, ACCURACY OR COMPLETENESS OF THESE MATERIALS OR THE ASSUMPTIONS ON
WHICH THEY ARE BASED. Additional information is available upon request. These
materials do not constitute an offer to buy or sell or a solicitation of an
offer to buy or sell any security or instrument or to participate in any
particular trading strategy. ANY SUCH OFFER TO BUY OR SELL ANY SECURITY WOULD BE
MADE PURSUANT TO A DEFINITIVE PROSPECTUS AND PROSPECTUS SUPPLEMENT PREPARED BY
THE ISSUER WHICH WOULD CONTAIN MATERIAL INFORMATION NOT CONTAINED IN THESE
MATERIALS. SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL CONTAIN ALL MATERIAL
INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY AND ANY DECISION TO
INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE UPON SUCH PROSPECTUS
AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT NOT DEFINED HEREIN ARE
TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. In the
event of any such offering, these materials, including any description of the
loans contained herein, shall be deemed superseded, amended and supplemented in
their entirety by such Prospectus and Prospectus Supplement. To Our Readers
Worldwide: In addition, please note that this information has been provided by
Deutsche Morgan Grenfell. We recommend that investors obtain the advice of their
Deutsche Morgan Grenfell representative about the investment concerned. NOT FOR
DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND FUTURES
AUTHORITY.
/6
DEUTSCHE SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES,
SERIES 1998-I
COMPUTATIONAL MATERIALS
Percent of Principal Outstanding of Class A-3
--------------------------------------------------------------------------------------------
Percent of MHP: 0 100 150 180 200 300
--------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------
Initial Percent 100 100 100 100 100 100
- ---------------------------------------------------------------------------------------------
January 15, 1999 100 100 100 100 100 100
January 15, 2000 100 100 100 100 100 100
January 15, 2001 100 100 100 100 100 59
January 15, 2002 100 100 100 100 80 0
January 15, 2003 100 100 84 51 24 0
January 15, 2004 100 100 47 14 0 0
January 15, 2005 100 77 15 0 0 0
January 15, 2006 100 49 0 0 0 0
January 15, 2007 100 24 0 0 0 0
January 15, 2008 100 0 0 0 0 0
January 15, 2009 100 0 0 0 0 0
January 15, 2010 100 0 0 0 0 0
January 15, 2011 100 0 0 0 0 0
January 15, 2012 100 0 0 0 0 0
January 15, 2013 100 0 0 0 0 0
January 15, 2014 79 0 0 0 0 0
January 15, 2015 55 0 0 0 0 0
January 15, 2016 29 0 0 0 0 0
January 15, 2017 0 0 0 0 0 0
January 15, 2018 0 0 0 0 0 0
January 15, 2019 0 0 0 0 0 0
January 15, 2020 0 0 0 0 0 0
January 15, 2021 0 0 0 0 0 0
- -----------------------------------------------------------------------------------------------------------------------
January 15, 2022 0 0 0 0 0 0
- -----------------------------------------------------------------------------------------------------------------------
January 15, 2023 0 0 0 0 0 0
January 15, 2024 0 0 0 0 0 0
January 15, 2025 0 0 0 0 0 0
January 15, 2026 0 0 0 0 0 0
January 15, 2027 0 0 0 0 0 0
January 15, 2028 0 0 0 0 0 0
Avg Life In Years: 17.2 8.0 6.0 5.1 4.5 3.1
- -----------------------------------------------------------------------------------------------------------------------
This information has been prepared in connection with the issuance of securities
representing interests in the above trust, and is based in part on information
provided by Deutsche Financial Capital, Oakwood Acceptance Corporation and
Deutsche Financial Services with respect to the expected characteristics of the
pool of loans in which these securities will represent undivided beneficial
interests. The actual characteristics and performance of the loans will differ
from the assumptions used in preparing these materials, which are hypothetical
in nature. Changes in the assumptions may have a material impact on the
information set forth in these materials. No representation is made that any
performance or return indicated herein will be achieved. For example, it is very
unlikely that the loans will prepay at a constant rate or follow a predictable
pattern. This information may not be used or otherwise disseminated in
connection with the offer or sale of these or any other securities, except in
connection with the initial offer or sale of these securities to you to the
extent set forth below. NO REPRESENTATION IS MADE AS TO THE APPROPRIATENESS,
USEFULNESS, ACCURACY OR COMPLETENESS OF THESE MATERIALS OR THE ASSUMPTIONS ON
WHICH THEY ARE BASED. Additional information is available upon request. These
materials do not constitute an offer to buy or sell or a solicitation of an
offer to buy or sell any security or instrument or to participate in any
particular trading strategy. ANY SUCH OFFER TO BUY OR SELL ANY SECURITY WOULD BE
MADE PURSUANT TO A DEFINITIVE PROSPECTUS AND PROSPECTUS SUPPLEMENT PREPARED BY
THE ISSUER WHICH WOULD CONTAIN MATERIAL INFORMATION NOT CONTAINED IN THESE
MATERIALS. SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL CONTAIN ALL MATERIAL
INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY AND ANY DECISION TO
INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE UPON SUCH PROSPECTUS
AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT NOT DEFINED HEREIN ARE
TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. In the
event of any such offering, these materials, including any description of the
loans contained herein, shall be deemed superseded, amended and supplemented in
their entirety by such Prospectus and Prospectus Supplement. To Our Readers
Worldwide: In addition, please note that this information has been provided by
Deutsche Morgan Grenfell. We recommend that investors obtain the advice of their
Deutsche Morgan Grenfell representative about the investment concerned. NOT FOR
DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND FUTURES
AUTHORITY.
/7
DEUTSCHE SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES,
SERIES 1998-I
COMPUTATIONAL MATERIALS
Percent of Principal Outstanding of Class A-4
--------------------------------------------------------------------------------------------
Percent of MHP: 0 100 150 180 200 300
--------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------
Initial Percent 100 100 100 100 100 100
- ---------------------------------------------------------------------------------------------
January 15, 1999 100 100 100 100 100 100
January 15, 2000 100 100 100 100 100 100
January 15, 2001 100 100 100 100 100 100
January 15, 2002 100 100 100 100 100 21
January 15, 2003 100 100 100 100 100 0
January 15, 2004 100 100 100 100 71 0
January 15, 2005 100 100 100 56 0 0
January 15, 2006 100 100 66 0 0 0
January 15, 2007 100 100 5 0 0 0
January 15, 2008 100 100 0 0 0 0
January 15, 2009 100 48 0 0 0 0
January 15, 2010 100 0 0 0 0 0
January 15, 2011 100 0 0 0 0 0
January 15, 2012 100 0 0 0 0 0
January 15, 2013 100 0 0 0 0 0
January 15, 2014 100 0 0 0 0 0
January 15, 2015 100 0 0 0 0 0
January 15, 2016 100 0 0 0 0 0
January 15, 2017 99 0 0 0 0 0
January 15, 2018 31 0 0 0 0 0
January 15, 2019 0 0 0 0 0 0
January 15, 2020 0 0 0 0 0 0
January 15, 2021 0 0 0 0 0 0
January 15, 2022 0 0 0 0 0 0
January 15, 2023 0 0 0 0 0 0
January 15, 2024 0 0 0 0 0 0
January 15, 2025 0 0 0 0 0 0
- -----------------------------------------------------------------------------------------------------------------------
January 15, 2026 0 0 0 0 0 0
- -----------------------------------------------------------------------------------------------------------------------
January 15, 2027 0 0 0 0 0 0
January 15, 2028 0 0 0 0 0 0
Avg Life In Years: 19.7 11.0 8.3 7.1 6.3 3.9
- -----------------------------------------------------------------------------------------------------------------------
This information has been prepared in connection with the issuance of securities
representing interests in the above trust, and is based in part on information
provided by Deutsche Financial Capital, Oakwood Acceptance Corporation and
Deutsche Financial Services with respect to the expected characteristics of the
pool of loans in which these securities will represent undivided beneficial
interests. The actual characteristics and performance of the loans will differ
from the assumptions used in preparing these materials, which are hypothetical
in nature. Changes in the assumptions may have a material impact on the
information set forth in these materials. No representation is made that any
performance or return indicated herein will be achieved. For example, it is very
unlikely that the loans will prepay at a constant rate or follow a predictable
pattern. This information may not be used or otherwise disseminated in
connection with the offer or sale of these or any other securities, except in
connection with the initial offer or sale of these securities to you to the
extent set forth below. NO REPRESENTATION IS MADE AS TO THE APPROPRIATENESS,
USEFULNESS, ACCURACY OR COMPLETENESS OF THESE MATERIALS OR THE ASSUMPTIONS ON
WHICH THEY ARE BASED. Additional information is available upon request. These
materials do not constitute an offer to buy or sell or a solicitation of an
offer to buy or sell any security or instrument or to participate in any
particular trading strategy. ANY SUCH OFFER TO BUY OR SELL ANY SECURITY WOULD BE
MADE PURSUANT TO A DEFINITIVE PROSPECTUS AND PROSPECTUS SUPPLEMENT PREPARED BY
THE ISSUER WHICH WOULD CONTAIN MATERIAL INFORMATION NOT CONTAINED IN THESE
MATERIALS. SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL CONTAIN ALL MATERIAL
INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY AND ANY DECISION TO
INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE UPON SUCH PROSPECTUS
AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT NOT DEFINED HEREIN ARE
TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. In the
event of any such offering, these materials, including any description of the
loans contained herein, shall be deemed superseded, amended and supplemented in
their entirety by such Prospectus and Prospectus Supplement. To Our Readers
Worldwide: In addition, please note that this information has been provided by
Deutsche Morgan Grenfell. We recommend that investors obtain the advice of their
Deutsche Morgan Grenfell representative about the investment concerned. NOT FOR
DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND FUTURES
AUTHORITY.
/8
DEUTSCHE SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES,
SERIES 1998-I
COMPUTATIONAL MATERIALS
Percent of Principal Outstanding of Class A-5
--------------------------------------------------------------------------------------------
Percent of MHP: 0 100 150 180 200 300
--------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------
Initial Percent 100 100 100 100 100 100
- ---------------------------------------------------------------------------------------------
January 15, 1999 100 100 100 100 100 100
January 15, 2000 100 100 100 100 100 100
January 15, 2001 100 100 100 100 100 100
January 15, 2002 100 100 100 100 100 100
January 15, 2003 100 100 100 100 100 53
January 15, 2004 100 100 100 100 100 25
January 15, 2005 100 100 100 100 98 1
January 15, 2006 100 100 100 95 71 0
January 15, 2007 100 100 100 70 47 0
January 15, 2008 100 100 79 48 26 0
January 15, 2009 100 100 58 28 8 0
January 15, 2010 100 99 39 10 0 0
January 15, 2011 100 79 21 0 0 0
January 15, 2012 100 59 5 0 0 0
January 15, 2013 100 42 0 0 0 0
January 15, 2014 100 26 0 0 0 0
January 15, 2015 100 11 0 0 0 0
January 15, 2016 100 0 0 0 0 0
January 15, 2017 100 0 0 0 0 0
January 15, 2018 100 0 0 0 0 0
January 15, 2019 92 0 0 0 0 0
January 15, 2020 68 0 0 0 0 0
January 15, 2021 41 0 0 0 0 0
January 15, 2022 12 0 0 0 0 0
January 15, 2023 0 0 0 0 0 0
January 15, 2024 0 0 0 0 0 0
January 15, 2025 0 0 0 0 0 0
January 15, 2026 0 0 0 0 0 0
January 15, 2027 0 0 0 0 0 0
January 15, 2028 0 0 0 0 0 0
- -----------------------------------------------------------------------------------------------------------------------
Avg Life In Years: 22.6 14.6 11.5 10.0 9.0 5.3
- -----------------------------------------------------------------------------------------------------------------------
This information has been prepared in connection with the issuance of securities
representing interests in the above trust, and is based in part on information
provided by Deutsche Financial Capital, Oakwood Acceptance Corporation and
Deutsche Financial Services with respect to the expected characteristics of the
pool of loans in which these securities will represent undivided beneficial
interests. The actual characteristics and performance of the loans will differ
from the assumptions used in preparing these materials, which are hypothetical
in nature. Changes in the assumptions may have a material impact on the
information set forth in these materials. No representation is made that any
performance or return indicated herein will be achieved. For example, it is very
unlikely that the loans will prepay at a constant rate or follow a predictable
pattern. This information may not be used or otherwise disseminated in
connection with the offer or sale of these or any other securities, except in
connection with the initial offer or sale of these securities to you to the
extent set forth below. NO REPRESENTATION IS MADE AS TO THE APPROPRIATENESS,
USEFULNESS, ACCURACY OR COMPLETENESS OF THESE MATERIALS OR THE ASSUMPTIONS ON
WHICH THEY ARE BASED. Additional information is available upon request. These
materials do not constitute an offer to buy or sell or a solicitation of an
offer to buy or sell any security or instrument or to participate in any
particular trading strategy. ANY SUCH OFFER TO BUY OR SELL ANY SECURITY WOULD BE
MADE PURSUANT TO A DEFINITIVE PROSPECTUS AND PROSPECTUS SUPPLEMENT PREPARED BY
THE ISSUER WHICH WOULD CONTAIN MATERIAL INFORMATION NOT CONTAINED IN THESE
MATERIALS. SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL CONTAIN ALL MATERIAL
INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY AND ANY DECISION TO
INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE UPON SUCH PROSPECTUS
AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT NOT DEFINED HEREIN ARE
TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. In the
event of any such offering, these materials, including any description of the
loans contained herein, shall be deemed superseded, amended and supplemented in
their entirety by such Prospectus and Prospectus Supplement. To Our Readers
Worldwide: In addition, please note that this information has been provided by
Deutsche Morgan Grenfell. We recommend that investors obtain the advice of their
Deutsche Morgan Grenfell representative about the investment concerned. NOT FOR
DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND FUTURES
AUTHORITY.
/9
DEUTSCHE SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES,
SERIES 1998-I
COMPUTATIONAL MATERIALS
Percent of Principal Outstanding of Class A-6
--------------------------------------------------------------------------------------------
Percent of MHP: 0 100 150 180 200 300
--------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------
Initial Percent 100 100 100 100 100 100
- ---------------------------------------------------------------------------------------------
January 15, 1999 100 100 100 100 100 100
January 15, 2000 100 100 100 100 100 100
January 15, 2001 100 100 100 100 100 100
January 15, 2002 100 100 100 100 100 100
January 15, 2003 100 100 100 100 100 100
January 15, 2004 100 100 100 100 100 100
January 15, 2005 100 100 100 100 100 100
January 15, 2006 100 100 100 100 100 80
January 15, 2007 100 100 100 100 100 63
January 15, 2008 100 100 100 100 100 49
January 15, 2009 100 100 100 100 100 38
January 15, 2010 100 100 100 100 92 29
January 15, 2011 100 100 100 94 76 22
January 15, 2012 100 100 100 78 62 16
January 15, 2013 100 100 90 65 51 12
January 15, 2014 100 100 76 54 41 6
January 15, 2015 100 100 63 44 33 0
January 15, 2016 100 95 52 35 25 0
January 15, 2017 100 79 41 26 19 0
January 15, 2018 100 64 32 19 10 0
January 15, 2019 100 53 25 12 4 0
January 15, 2020 100 43 18 5 0 0
January 15, 2021 100 33 9 0 0 0
January 15, 2022 100 23 1 0 0 0
January 15, 2023 81 10 0 0 0 0
January 15, 2024 63 2 0 0 0 0
January 15, 2025 47 0 0 0 0 0
January 15, 2026 30 0 0 0 0 0
January 15, 2027 5 0 0 0 0 0
January 15, 2028 0 0 0 0 0 0
Avg Life In Years: 26.8 21.5 18.6 16.8 15.6 10.7
- -----------------------------------------------------------------------------------------------------------------------
This information has been prepared in connection with the issuance of securities
representing interests in the above trust, and is based in part on information
provided by Deutsche Financial Capital, Oakwood Acceptance Corporation and
Deutsche Financial Services with respect to the expected characteristics of the
pool of loans in which these securities will represent undivided beneficial
interests. The actual characteristics and performance of the loans will differ
from the assumptions used in preparing these materials, which are hypothetical
in nature. Changes in the assumptions may have a material impact on the
information set forth in these materials. No representation is made that any
performance or return indicated herein will be achieved. For example, it is very
unlikely that the loans will prepay at a constant rate or follow a predictable
pattern. This information may not be used or otherwise disseminated in
connection with the offer or sale of these or any other securities, except in
connection with the initial offer or sale of these securities to you to the
extent set forth below. NO REPRESENTATION IS MADE AS TO THE APPROPRIATENESS,
USEFULNESS, ACCURACY OR COMPLETENESS OF THESE MATERIALS OR THE ASSUMPTIONS ON
WHICH THEY ARE BASED. Additional information is available upon request. These
materials do not constitute an offer to buy or sell or a solicitation of an
offer to buy or sell any security or instrument or to participate in any
particular trading strategy. ANY SUCH OFFER TO BUY OR SELL ANY SECURITY WOULD BE
MADE PURSUANT TO A DEFINITIVE PROSPECTUS AND PROSPECTUS SUPPLEMENT PREPARED BY
THE ISSUER WHICH WOULD CONTAIN MATERIAL INFORMATION NOT CONTAINED IN THESE
MATERIALS. SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL CONTAIN ALL MATERIAL
INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY AND ANY DECISION TO
INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE UPON SUCH PROSPECTUS
AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT NOT DEFINED HEREIN ARE
TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. In the
event of any such offering, these materials, including any description of the
loans contained herein, shall be deemed superseded, amended and supplemented in
their entirety by such Prospectus and Prospectus Supplement. To Our Readers
Worldwide: In addition, please note that this information has been provided by
Deutsche Morgan Grenfell. We recommend that investors obtain the advice of their
Deutsche Morgan Grenfell representative about the investment concerned. NOT FOR
DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND FUTURES
AUTHORITY.
/10
DEUTSCHE SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES,
SERIES 1998-I
COMPUTATIONAL MATERIALS
Percent of Principal Outstanding of Class M
--------------------------------------------------------------------------------------------
Percent of MHP: 0 100 150 180 200 300
--------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------
Initial Percent 100 100 100 100 100 100
- ---------------------------------------------------------------------------------------------
January 15, 1999 100 100 100 100 100 100
January 15, 2000 100 100 100 100 100 100
January 15, 2001 100 100 100 100 100 100
January 15, 2002 100 100 100 100 100 100
January 15, 2003 100 100 100 93 93 89
January 15, 2004 100 100 90 81 80 71
January 15, 2005 100 99 79 70 68 57
January 15, 2006 100 90 70 61 58 45
January 15, 2007 100 82 62 52 49 35
January 15, 2008 100 74 54 45 42 28
January 15, 2009 100 67 47 39 35 21
January 15, 2010 100 60 41 33 29 16
January 15, 2011 100 54 35 28 24 12
January 15, 2012 100 47 30 23 20 8
January 15, 2013 100 42 26 19 16 2
January 15, 2014 99 37 22 16 13 0
January 15, 2015 91 32 18 13 10 0
January 15, 2016 83 27 15 10 6 0
January 15, 2017 74 22 12 5 0 0
January 15, 2018 65 18 8 0 0 0
January 15, 2019 58 15 3 0 0 0
January 15, 2020 50 12 0 0 0 0
January 15, 2021 42 9 0 0 0 0
January 15, 2022 32 1 0 0 0 0
January 15, 2023 23 0 0 0 0 0
January 15, 2024 18 0 0 0 0 0
January 15, 2025 13 0 0 0 0 0
January 15, 2026 7 0 0 0 0 0
January 15, 2027 0 0 0 0 0 0
January 15, 2028 0 0 0 0 0 0
Avg Life In Years: 22.0 14.4 11.6 10.4 10.0 8.4
- -----------------------------------------------------------------------------------------------------------------------
This information has been prepared in connection with the issuance of securities
representing interests in the above trust, and is based in part on information
provided by Deutsche Financial Capital, Oakwood Acceptance Corporation and
Deutsche Financial Services with respect to the expected characteristics of the
pool of loans in which these securities will represent undivided beneficial
interests. The actual characteristics and performance of the loans will differ
from the assumptions used in preparing these materials, which are hypothetical
in nature. Changes in the assumptions may have a material impact on the
information set forth in these materials. No representation is made that any
performance or return indicated herein will be achieved. For example, it is very
unlikely that the loans will prepay at a constant rate or follow a predictable
pattern. This information may not be used or otherwise disseminated in
connection with the offer or sale of these or any other securities, except in
connection with the initial offer or sale of these securities to you to the
extent set forth below. NO REPRESENTATION IS MADE AS TO THE APPROPRIATENESS,
USEFULNESS, ACCURACY OR COMPLETENESS OF THESE MATERIALS OR THE ASSUMPTIONS ON
WHICH THEY ARE BASED. Additional information is available upon request. These
materials do not constitute an offer to buy or sell or a solicitation of an
offer to buy or sell any security or instrument or to participate in any
particular trading strategy. ANY SUCH OFFER TO BUY OR SELL ANY SECURITY WOULD BE
MADE PURSUANT TO A DEFINITIVE PROSPECTUS AND PROSPECTUS SUPPLEMENT PREPARED BY
THE ISSUER WHICH WOULD CONTAIN MATERIAL INFORMATION NOT CONTAINED IN THESE
MATERIALS. SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL CONTAIN ALL MATERIAL
INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY AND ANY DECISION TO
INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE UPON SUCH PROSPECTUS
AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT NOT DEFINED HEREIN ARE
TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. In the
event of any such offering, these materials, including any description of the
loans contained herein, shall be deemed superseded, amended and supplemented in
their entirety by such Prospectus and Prospectus Supplement. To Our Readers
Worldwide: In addition, please note that this information has been provided by
Deutsche Morgan Grenfell. We recommend that investors obtain the advice of their
Deutsche Morgan Grenfell representative about the investment concerned. NOT FOR
DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND FUTURES
AUTHORITY.
/11
DEUTSCHE SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES,
SERIES 1998-I
COMPUTATIONAL MATERIALS
Percent of Principal Outstanding of Class B-1
--------------------------------------------------------------------------------------------
Percent of MHP: 0 100 150 180 200 300
--------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------
Initial Percent 100 100 100 100 100 100
- ---------------------------------------------------------------------------------------------
January 15, 1999 100 100 100 100 100 100
January 15, 2000 100 100 100 100 100 100
January 15, 2001 100 100 100 100 100 100
January 15, 2002 100 100 100 100 100 100
January 15, 2003 100 100 100 93 93 89
January 15, 2004 100 100 90 81 80 71
January 15, 2005 100 99 79 70 68 57
January 15, 2006 100 90 70 61 58 45
January 15, 2007 100 82 62 52 49 35
January 15, 2008 100 74 54 45 42 26
January 15, 2009 100 67 47 39 35 17
January 15, 2010 100 60 41 33 29 10
January 15, 2011 100 54 35 26 21 4
January 15, 2012 100 47 30 19 15 0
January 15, 2013 100 42 23 14 10 0
January 15, 2014 99 37 17 9 5 0
January 15, 2015 91 32 12 5 1 0
January 15, 2016 83 25 7 1 0 0
January 15, 2017 74 18 3 0 0 0
January 15, 2018 65 12 0 0 0 0
January 15, 2019 58 8 0 0 0 0
January 15, 2020 50 4 0 0 0 0
January 15, 2021 42 0 0 0 0 0
January 15, 2022 32 0 0 0 0 0
January 15, 2023 19 0 0 0 0 0
January 15, 2024 12 0 0 0 0 0
January 15, 2025 5 0 0 0 0 0
January 15, 2026 0 0 0 0 0 0
January 15, 2027 0 0 0 0 0 0
January 15, 2028 0 0 0 0 0 0
Avg Life In Years: 21.8 14.0 11.2 10.0 9.6 8.0
- -----------------------------------------------------------------------------------------------------------------------
This information has been prepared in connection with the issuance of securities
representing interests in the above trust, and is based in part on information
provided by Deutsche Financial Capital, Oakwood Acceptance Corporation and
Deutsche Financial Services with respect to the expected characteristics of the
pool of loans in which these securities will represent undivided beneficial
interests. The actual characteristics and performance of the loans will differ
from the assumptions used in preparing these materials, which are hypothetical
in nature. Changes in the assumptions may have a material impact on the
information set forth in these materials. No representation is made that any
performance or return indicated herein will be achieved. For example, it is very
unlikely that the loans will prepay at a constant rate or follow a predictable
pattern. This information may not be used or otherwise disseminated in
connection with the offer or sale of these or any other securities, except in
connection with the initial offer or sale of these securities to you to the
extent set forth below. NO REPRESENTATION IS MADE AS TO THE APPROPRIATENESS,
USEFULNESS, ACCURACY OR COMPLETENESS OF THESE MATERIALS OR THE ASSUMPTIONS ON
WHICH THEY ARE BASED. Additional information is available upon request. These
materials do not constitute an offer to buy or sell or a solicitation of an
offer to buy or sell any security or instrument or to participate in any
particular trading strategy. ANY SUCH OFFER TO BUY OR SELL ANY SECURITY WOULD BE
MADE PURSUANT TO A DEFINITIVE PROSPECTUS AND PROSPECTUS SUPPLEMENT PREPARED BY
THE ISSUER WHICH WOULD CONTAIN MATERIAL INFORMATION NOT CONTAINED IN THESE
MATERIALS. SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL CONTAIN ALL MATERIAL
INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY AND ANY DECISION TO
INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE UPON SUCH PROSPECTUS
AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT NOT DEFINED HEREIN ARE
TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. In the
event of any such offering, these materials, including any description of the
loans contained herein, shall be deemed superseded, amended and supplemented in
their entirety by such Prospectus and Prospectus Supplement. To Our Readers
Worldwide: In addition, please note that this information has been provided by
Deutsche Morgan Grenfell. We recommend that investors obtain the advice of their
Deutsche Morgan Grenfell representative about the investment concerned. NOT FOR
DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND FUTURES
AUTHORITY.
/12
SUBJECT TO REVISION
SERIES TERM SHEET DATED JANUARY 20, 1998
$220,216,000
(Deutsche Financial Deutsche Financial Capital Securitization LLC,
Capital logo) Depositor
Oakwood Acceptance Corporation,
Servicer
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES, SERIES 1998-I
Attached is a preliminary Series Term Sheet describing the structure, collateral
pool and certain aspects of the Deutsche Financial Capital Securitization LLC
Senior/Subordinated Pass-Through Certificates, Series 1998-I. The Series Term
Sheet has been prepared by Deutsche Financial Capital Securitization LLC for
informational purposes only and is subject to modification or change. The
information and assumptions contained therein are preliminary and will be
superseded by a prospectus supplement and by any other additional information
subsequently filed with the Securities and Exchange Commission or incorporated
by reference in the Registration Statement.
Neither Credit Suisse First Boston, Deutsche Morgan Grenfell nor any of their
respective affiliates makes any representation as to the accuracy or
completeness of any of the information set forth in the attached Series Term
Sheet. This cover sheet is not part of the Series Term Sheet.
A REGISTRATION STATEMENT (INCLUDING A BASE PROSPECTUS) RELATING TO THE
PASS-THROUGH CERTIFICATES, INCLUDING THE DEUTSCHE FINANCIAL CAPITAL
SECURITIZATION LLC SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES, SERIES 1998-I,
HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION AND HAS BEEN DECLARED
EFFECTIVE. THE FINAL PROSPECTUS SUPPLEMENT RELATING TO THE SECURITIES WILL BE
FILED AFTER THE SECURITIES HAVE BEEN PRICED AND ALL OF THE TERMS AND INFORMATION
ARE FINALIZED. THIS COMMUNICATION IS NOT AN OFFER TO SELL OR THE SOLICITATION OF
AN OFFER TO BUY NOR SHALL THERE BE ANY SALE OF THE SECURITIES IN ANY STATE IN
WHICH SUCH OFFER, SOLICITATION OR SALE WOULD BE UNLAWFUL PRIOR TO REGISTRATION
OR QUALIFICATION UNDER THE SECURITIES LAWS OF ANY SUCH STATE. INTERESTED PERSONS
ARE REFERRED TO THE FINAL PROSPECTUS AND PROSPECTUS SUPPLEMENT TO WHICH THE
SECURITIES RELATE. ANY INVESTMENT DECISION SHOULD BE BASED ONLY UPON THE
INFORMATION IN THE FINAL PROSPECTUS AND PROSPECTUS SUPPLEMENT AS OF THEIR
PUBLICATION DATES.
Credit Suisse First Boston Deutsche Morgan Grenfell
THIS SERIES TERM SHEET WILL BE SUPERSEDED IN ITS ENTIRETY BY THE
INFORMATION APPEARING IN THE PROSPECTUS SUPPLEMENT, THE PROSPECTUS AND THE
SERIES 1998-I POOLING AND SERVICING AGREEMENT TO BE DATED AS OF JANUARY 1, 1998
(INCLUDING THE JUNE 1997 EDITION OF THE STANDARD TERMS), AMONG DEUTSCHE
FINANCIAL CAPITAL SECURITIZATION LLC, AS DEPOSITOR, OAKWOOD ACCEPTANCE
CORPORATION, AS SERVICER, AND PNC BANK, NATIONAL ASSOCIATION, AS TRUSTEE.
Class Designations
CLASS A CERTIFICATES.........................Class A-1, Class A-2, Class A-3, Class A-4, Class A-5 and
Class A-6 Certificates.
CLASS M CERTIFICATES.........................The Class M Certificates.
CLASS B CERTIFICATES.........................Class B-1 and Class B-2 Certificates.
SUBORDINATED CERTIFICATES....................Class M, Class B, Class X and Class R Certificates.
OFFERED CERTIFICATES.........................Class A, Class M and Class B-1 Certificates.
OFFERED SUBORDINATED CERTIFICATES............Class M and Class B-1 Certificates.
The Offered Certificates........................ Initial Pass-Through
Title of Class Principal Amount(1) Rate
Class A-1 Certificates......... $51,500,000 . %(2)
Class A-2 Certificates......... $39,300,000 . %(2)
Class A-3 Certificates......... $27,150,000 . %(2)
Class A-4 Certificates......... $11,600,000 . %(2)
Class A-5 Certificates......... $27,500,000 . %(2)
Class A-6 Certificates......... $24,169,000 . %(3)
Class M Certificates........... $18,352,000 . %(3)
Class B-1 Certificates......... $20,645,000 . %(3)
(1) The aggregate initial
principal balance of the
Certificates may be
increased or decreased by
up to 5%. Any such increase
or decrease may be
allocated
disproportionately among
the Classes of
Certificates. Accordingly,
any investor's commitments
with respect to the
Certificates may be
increased or decreased
correspondingly.
(2) Computed on the basis of a
360-day year of twelve
30-day months.
(3) The lesser of (i) the
specified rate per annum,
computed on the basis of a
360-day year of twelve
30-day months, and (ii) the
Weighted Average Net Asset
Rate for the related
Distribution Date.
Denominations................................... The Offered Certificates will be Book-Entry Certificates only, in
minimum denominations of $1,000 and integral multiples of $1 in
excess thereof.
Cut-off Date.................................... January 1, 1998.
Distribution Dates.............................. The fifteenth day of each month (or if such fifteenth day is not
a business day, the next succeeding business day), commencing in
February 1998 (each, a "Distribution Date").
Interest Accrual Period......................... With respect to each Distribution Date the calendar month
preceding the month in which the Distribution Date occurs (each,
an "Interest Accrual Period").
1
Distributions..................................... The "Available Distribution Amount" for a Distribution Date
generally will include (1)(a) Monthly Payments of principal and
interest due on the Assets during the related Collection
Period, to the extent such payments were actually collected
from the Obligors or advanced by the Servicer and
(b) unscheduled payments received with respect to the Assets
during the related Prepayment Period, including Principal
Prepayments, proceeds of repurchases, Net Liquidation Proceeds
and net Insurance Proceeds, less (2)(a) if Oakwood is not the
Servicer, Servicing Fees for the related Collection Period,
(b) amounts required to reimburse the Servicer for previously
unreimbursed Advances in accordance with the Agreement,
(c) amounts required to reimburse the Company or the Servicer
for certain reimbursable expenses in accordance with the
Agreement and (d) amounts required to reimburse any party for
an overpayment of a Repurchase Price for an Asset in accordance
with the Agreement.
Distributions will be made on each Distribution Date to holders
of record on the preceding Record Date. Distributions on a Class
of Certificates will be allocated among the Certificates of such
Class in proportion to their respective percentage interests.
Certificate Structure Considerations.............. The primary credit support for the Class A Certificates is the
subordination of the Subordinated Certificates; for the Class M
Certificates is the subordination of the Class B, Class X and
Class R Certificates; for the Class B-1 Certificates is the
subordination of the Class B-2, Class X, and Class R
Certificates.
Subordination of the Offered Subordinated
Certificates.................................... The rights of the Class M Certificateholders to receive
distributions of principal will be subordinated to such rights
of the Class A Certificateholders to receive distributions of
principal and interest. Interest and interest shortfalls on
the Class M Certificates will not be subordinated to principal
payments on the Class A Certificates.
The rights of holders of the Class B-1 Certificates to receive
distributions of principal similarly will be subordinated to
the rights of the holders of the Class A and Class M
Certificates to receive distributions of principal and
interest. Interest and interest shortfalls on the Class B-1
Certificates will not be subordinated to principal payments on
the Class A and Class M Certificates.
Target Overcollateralization Amount............... The Target Overcollateralization Amount, for any Distribution
Date, shall equal 0.75% of the Scheduled Principal Balance as
of the Cut-off Date.
2
Realized Losses on Liquidated Loans............... The Principal Distribution Amount for any Distribution Date is
intended to include the Scheduled Principal Balance of each
Asset that became a Liquidated Loan during the preceding
calendar month. A Realized Loss will be incurred on a
Liquidated Loan in the amount, if any, by which the Net
Liquidation Proceeds from such Liquidated Loan are less than
the Unpaid Principal Balance of such Liquidated Loan, plus
accrued and unpaid interest thereon (to the extent not covered
by Servicing Advances, if any, with respect to such Liquidated
Loan), plus amounts reimbursable to the Servicer for previously
unreimbursed Servicing Advances. The amount of the Realized
Loss, if any, in excess of the sum of (1) the amount of
interest collected on the nondefaulted Assets in excess of
certain Interest Distribution Amounts and Carryover Interest
Distribution Amounts required to be distributed on the Offered
Certificates and any portion of such interest required to be
paid to a Servicer other than Oakwood as servicing compensation
("Excess Interest") and (2) the Current Overcollateralization
Amount will be allocated to the Class M and Class B
Certificates as a Writedown Amount in reduction of their
Certificate Principal Balance as described below.
Allocation of Writedown Amounts................... The "Writedown Amount" for any Distribution Date will be the
amount, if any, by which the aggregate Certificate Principal
Balance of all Certificates, after all distributions have been
made on the Certificates on such Distribution Date, exceeds the
Pool Scheduled Principal Balance of the Assets for the next
Distribution Date. The Writedown Amount will be allocated
among the Classes of Class M and Class B Certificates in the
following order of priority:
(1) first, to the Class B-2 Certificates, to be applied in
reduction of the Adjusted Certificate Principal Balance of
such Class until it has been reduced to zero;
(2) second, to the Class B-1 Certificates, to be applied in
reduction of the Adjusted Certificate Principal Balance of
such Class until it has been reduced to zero; and
(3) third, to the Class M Certificates, to be applied in
reduction of the Adjusted Certificate Principal Balance of
such Class until it has been reduced to zero.
Advances.......................................... For each Distribution Date, the Servicer will be obligated to
make an advance (a "P&I Advance") in respect of any delinquent
Monthly Period that will, in the Servicer's judgment, be
recoverable from late payments on or Liquidation Proceeds from
such Asset. The Servicer will also be obligated to make
advances ("Servicing Advances" and, together with P&I Advances,
"Advances") in respect of Liquidation Expenses and certain
taxes and insurance premiums not paid by an Obligor on a timely
basis, to the extent the Servicer deems such Servicing Advances
recoverable out of Liquidation Proceeds or from collections on
the related Asset. P&I Advances and Servicing Advances are
reimbursable to the Servicer under certain
3
circumstances.
Final Scheduled Distribution Dates................ To the extent not previously paid prior to such dates, the
outstanding principal amount of each Class of Offered
Certificates will be payable on the April 2028 Distribution
Date (with respect to each Class of Certificates, the "Final
Scheduled Distribution Date"). The Final Scheduled
Distribution Date has been determined by adding three months to
the maturity date of the Asset with the latest stated maturity.
Optional Termination.............................. Either the Servicer or the holders of a majority in interest of
the Class R Certificates (the "Residual Majority"), at their
respective options and subject to the limitations imposed by
the Agreement, may terminate the Trust by purchasing all
Assets, Repo Properties and REO Properties remaining in the
Trust on any Distribution Date occurring on or after the
Distribution Date on which the sum of the Certificate Principal
Balance of the Certificates is less than 10% of the sum of the
original Certificate Principal Balance of the Certificates.
Auction Sale...................................... If neither the Residual Majority nor the Servicer exercises its
optional termination right within 90 days after it first
becomes eligible to do so, the Trustee shall solicit bids for
the purchase of all Assets then outstanding and all other
property in the Trust. In the event that satisfactory bids are
received, the sale proceeds will be distributed to
Certificateholders.
The Assets........................................ The Trust will consist of (1) manufactured housing installment
sales contracts (collectively, the "Contracts") secured by
security interests in manufactured homes, as defined herein
(the "Manufactured Homes"), and with respect to certain of the
Contracts ("Land Secured Contracts"), secured by liens on the
real estate on which the related Manufactured Homes are
located, and (2) mortgage loans secured by first liens on the
real estate to which the related Manufactured Homes are deemed
permanently affixed (the "Mortgage Loans," and collectively,
the "Assets"). The Asset Pool consists of approximately 5,747
Assets having an aggregate Scheduled Principal Balance as of
the Cut-off Date of approximately $229,392,046.05.
Approximately 12.68% of the Asset Pool is comprised of Assets
that are Mortgage Loans and approximately 3.29% of the Asset
Pool is comprised of Assets that are Land Secured Contracts.
Based on the Cut-off Date Pool Scheduled Principal Balance,
95.53% of the Assets are secured by Manufactured Homes which
were new, 3.78% of the Assets are secured by Manufactured Homes
which were used, 0.69% of the Assets are secured by
Manufactured Homes which were repossessed. As of the Cut-off
Date, the Assets were secured by Manufactured Homes or Mortgage
Properties (or Real Properties, in the case of Land Secured
Contracts) located in 41 states, and
4
approximately 18.54% and 14.44% of the Assets were secured by
Manufactured Homes or Mortgaged Properties located in Texas and
South Carolina, respectively (based on the mailing addresses of
the Obligors on the Assets as of the Cut-off Date). Each Asset
bears interest at an annual percentage rate (an "APR") of at
least 6.50% and not more than 13.75%. The weighted averaged APR
of the Assets as of the Cut-off Date is approximately 10.25%. The
Assets had remaining terms to maturity as of the Cut-off Date of
at least 22 months but not more than 360 months and original
terms to stated maturity of at least 24 months but not more than
360 months. As of the Cut-off Date, the Assets had a weighted
average original term to stated maturity of approximately 295
months, and a weighted average remaining term to stated maturity
of approximately 292 months. The final scheduled payment date on
the Asset with the latest maturity occurs in January 2028. No
Contract has an original loan-to-value ratio in excess of 100%.
The Servicer will be required to cause to be maintained one or
more standard hazard insurance policies with respect to each
Manufactured Home and Mortgage Property.
Certain Federal Income Tax
Consequences.................................... For federal income tax purposes, the Trust Estate will be
treated as one or more real estate mortgage investment conduits
("REMIC"). The Class A, Class M, Class B and Class X
Certificates will constitute "regular interests" in the REMIC
for federal income tax purposes. The Class R Certificates will
be treated as the sole class of "residual interests" in the
REMIC for federal income tax purposes.
ERISA Considerations.............................. Fiduciaries of employee benefit plans and certain other
retirement plans and arrangements, including individual
retirement accounts and annuities, Keogh plans, and collective
investment funds in which such plans, accounts, annuities or
arrangements are invested, that are subject to the Employee
Retirement Income Security Act of 1974, as amended ("ERISA"),
or corresponding provisions of the Code (any of the foregoing,
a "Plan"), persons acting on behalf of a Plan, or persons using
the assets of a Plan ("Plan Investors") should consult with
their own counsel to determine whether the purchase or holding
of the Offered Certificates could give rise to a transaction
that is prohibited either under ERISA or the Code
BECAUSE THE OFFERED SUBORDINATED CERTIFICATES ARE SUBORDINATED
SECURITIES, THEY WILL NOT SATISFY THE REQUIREMENTS OF CERTAIN
PROHIBITED TRANSACTION EXEMPTIONS. AS A RESULT, THE PURCHASE
OR HOLDING OF ANY OF THE OFFERED SUBORDINATED CERTIFICATES BY A
PLAN INVESTOR MAY CONSTITUTE A NON-EXEMPT PROHIBITED
TRANSACTION OR RESULT IN THE IMPOSITION OF EXCISE TAXES OR
CIVIL PENALTIES. ACCORDINGLY, NONE OF THE OFFERED SUBORDINATED
CERTIFICATES ARE OFFERED FOR SALE, AND ARE NOT TRANSFERABLE, TO
PLAN INVESTORS, UNLESS SUCH PLAN INVESTOR PROVIDES THE SELLER
AND THE TRUSTEE WITH A BENEFIT PLAN OPINION, OR THE
CIRCUMSTANCES DESCRIBED
5
IN CLAUSE (II) BELOW ARE SATISFIED. UNLESS SUCH OPINION IS
DELIVERED, EACH PERSON ACQUIRING AN OFFERED SUBORDINATED
CERTIFICATE WILL BE DEEMED TO REPRESENT TO THE TRUSTEE, THE
SELLER, AND THE SERVICER THAT EITHER (I) SUCH PERSON IS NOT A
PLAN INVESTOR SUBJECT TO ERISA OR SECTION 4975 OF THE CODE, OR
(II) SUCH PERSON IS AN INSURANCE COMPANY THAT IS PURCHASING AN
OFFERED SUBORDINATED CERTIFICATE WITH FUNDS FROM ITS "GENERAL
ACCOUNT" AND THE PROVISIONS OF PROHIBITED TRANSACTION CLASS
EXEMPTION 95-60 WILL APPLY TO EXEMPT THE PURCHASE OF SUCH
CERTIFICATE FROM THE PROHIBITED TRANSACTION RULES OF ERISA AND
THE CODE.
Legal Investment Considerations................... The Class A and Class M Certificates will constitute "mortgage
related securities" for purposes of the Secondary Mortgage
Market Enhancement Act of 1984 ("SMMEA").
THE CLASS B-1 CERTIFICATES ARE NOT "MORTGAGE RELATED SECURITIES"
FOR PURPOSES OF SMMEA BECAUSE SUCH CERTIFICATES ARE NOT RATED IN
ONE OF THE TWO HIGHEST RATING CATEGORIES BY A NATIONALLY
RECOGNIZED RATING AGENCY.
Ratings........................................... It is a condition to the issuance of the Certificates that
(i) the Class A Certificates be rated "AAA" and "Aaa" by each
of Fitch IBCA, Inc. ("Fitch") and Moody's Investors Service,
Inc., respectively ("Moody's" and, together with Fitch, the
"Rating Agencies"), (ii) the Class M Certificates be rated at
least "AA" and "Aa3" by each of Fitch and Moody's,
respectively, and (iii) the Class B-1 Certificates be rated at
least "BBB" and "Baa2" by each of Fitch and Moody's,
respectively. A security rating is not a recommendation to
buy, sell or hold securities and may be subject to revision or
withdrawal at any time by the assigning rating organization.
6
DELINQUENCY, LOAN LOSS AND REPOSSESSION EXPERIENCE
The following tables set forth certain information, for the periods
indicated, concerning (1) the asset servicing portfolio, (2) the delinquency
experience and (3) the loan loss and repossession experience of the portfolio of
manufactured housing installment sales contracts and residential mortgage loans
serviced by Oakwood. Because delinquencies, losses and repossessions are
affected by a variety of economic, geographic and other factors, there can be no
assurance that the delinquency and loss experience of the Assets will be
comparable to that set forth below.
ASSET SERVICING PORTFOLIO
(DOLLARS IN THOUSANDS)
AT SEPTEMBER 30,
---------------------------------------------------------------
1993 1994 1995 1996 1997
---- ---- ---- ---- ----
Total Number of Serviced Assets
Oakwood Originated.................. 28,938 39,273 51,566 67,120 89,411
Acquired Portfolios................. 1,591 5,773 4,872 4,177 3,602
Aggregate Outstanding Principal
Balance of Serviced Assets
Oakwood Originated.................. $507,394 $757,640 $1,130,378 $1,687,406 $2,499,794
Acquired Portfolios................. $30,498 $85,227 $70,853 $57,837 47,027
Average Outstanding Principal Balance
per Serviced Asset
Oakwood Originated.................. $17.5 $19.3 $21.9 $25.1 $28.0
Acquired Portfolios................. $19.2 $14.8 $14.5 $13.8 $13.1
Weighted Average Interest Rate
of Serviced Assets
Oakwood Originated.................. 12.8% 12.2% 12.0% 11.5% 11.0%
Acquired Portfolios................. 9.4% 11.0% 11.3% 11.2% 11.1%
DELINQUENCY EXPERIENCE (1)
(DOLLARS IN THOUSANDS)
AT SEPTEMBER 30,
-----------------------------------------------------------------
1993 1994 1995 1996 1997
---- ---- ---- ---- ----
Total Number of Serviced Assets
Oakwood Originated.................. 28,938 39,273 51,566 67,120 89,411
Acquired Portfolios................. 1,591 5,773 4,872 4,177 3,602
Number of Delinquent Assets(2)..........
Oakwood Originated:.................
30-59 Days......................... 244 350 601 835 1,171
60-89 Days......................... 51 97 185 308 476
90 Days or More.................... 150 198 267 492 716
Total Number of Assets Delinquent 445 645 1,053 1,635 2,363
Acquired Portfolios.................
30-59 Days......................... 37 127 63 66 90
60-89 Days......................... 26 49 17 23 23
90 Days or More.................... 16 98 76 62 75
Total Number of Assets Delinquent 79 274 156 151 188
Total Delinquencies as a Percentage of
Serviced Assets(3)......................
Oakwood Originated.................. 1.5% 1.6% 2.0% 2.4% 2.6%
Acquired Portfolios................. 5.0% 4.7% 3.2% 3.6% 5.2%
- ----------------------------------------
(1) Assets that are already the subject of repossession or foreclosure
procedures are not included in "delinquent assets" for purposes of this
table.
(2) The period of delinquency is based on the number of days payments are
contractually past due (assuming 30-day months). Consequently, a payment due
on the first day of a month is not 30 days delinquent until the first day of
the next month.
(3) By number of assets.
7
LOAN LOSS/REPOSSESSION EXPERIENCE
(DOLLARS IN THOUSANDS)
AT SEPTEMBER 30,
------------------------------------------------------------------
1993 1994 1995 1996 1997
---- ---- ---- ---- ----
Total Number of Serviced Assets(1).... 30,529 45,046 56,438 71,297 93,013
Average Number of Serviced Assets
During Period....................... 25,990 37,788 50,742 63,868 82,155
Number of Serviced Assets Repossessed..
902 1,241 1,718 2,746 3,885
Serviced Assets Repossessed as a
Percentage of Total Serviced
Assets(2)........................... 2.95% 2.75% 3.04% 3.85% 4.18%
Serviced Assets Repossessed as a
Percentage of Average Number of
Serviced Assets..................... 3.47% 3.28% 3.39% 4.30% 4.73%
Average Outstanding Principal Balance
of Assets(3)........................
Oakwood Originated.................. $531,199 $701,875 $976,905 $1,409,467 $2,065,033
Acquired Portfolios................. $15,249 $30,432 $30,235 $27,351 $22,943
Net Losses from Asset Liquidation(4):
Total Dollars(3)...................
Oakwood Originated............... $3,328 $4,630 $7,303 $14,248 $26,872
Acquired Portfolios.............. $0 $203 $473 $592 $528
As a Percentage of Average
Outstanding Principal Balance of
Assets(3)(5)
Oakwood Originated............... 0.63% 0.66% 0.75% 1.01% 1.30%
Acquired Portfolios.............. 0.00% 0.67% 1.56% 2.16% 2.30%
- ------------------
(1) As of period end.
(2) Total number of serviced assets repossessed during the applicable period
expressed as a percentage of the total number of serviced assets at the end
of the applicable period.
(3) Includes assets originated by Oakwood and serviced by Oakwood and others.
(4) Net losses represent all losses incurred on Oakwood - serviced portfolios.
Such amounts include estimates of net losses with respect to certain
defaulted assets. Charges to the loss reserves in respect of a defaulted
asset generally are made before the defaulted asset becomes a liquidated
asset. The length of the accrual period for the amount of accrued and unpaid
interest included in the calculation of the net loss varies depending upon
the period in which the loss was charged and whether the asset was owned by
an entity other than Oakwood.
(5) Total net losses incurred on assets liquidated during the applicable period
expressed as a percentage of the average outstanding principal balance of
all assets at the end of the applicable period.
The data presented in the foregoing tables are for illustrative
purposes only and there is no assurance that the delinquency, loan loss or
repossession experience of the Assets will be similar to that set forth above.
The delinquency, loan loss and repossession experience of manufactured housing
contracts historically has been sharply affected by a downturn in regional or
local economic conditions. These regional or local economic conditions are often
volatile, and no predictions can be made regarding future economic conditions in
any particular area. These downturns have tended to increase the severity of
loss on repossession because of the increased supply of used manufactured homes,
which in turn may affect the supply in other regions.
8
Whenever reference is made herein to a percentage of the Assets (or to
a percentage of the Scheduled Principal Balance of the Assets), the percentage
is calculated based on the Scheduled Principal Balances ("SPB") of the Assets as
of the Cut-off Date. In addition, numbers in any columns in the tables below may
not sum exactly to the total number at the bottom of the column due to rounding.
GEOGRAPHICAL DISTRIBUTION OF MANUFACTURED HOMES(1)
AGGREGATE SCHEDULED PERCENTAGE OF
NUMBER OF PRINCIPAL ASSET POOL
GEOGRAPHIC LOCATION ASSETS BALANCE BY SPB
- ------------------- ------ ------------------- ------
Alabama.................... 513 $ 17,792,762 7.76%
Alaska..................... 1 162,140 0.07
Arizona.................... 278 13,323,206 5.81
Arkansas................... 275 9,145,975 3.99
California................. 124 7,263,704 3.17
Colorado................... 75 3,604,147 1.57
Delaware................... 1 29,082 0.01
Florida.................... 277 11,026,649 4.81
Georgia.................... 460 17,891,041 7.80
Idaho...................... 15 1,143,593 0.50
Illinois................... 10 358,350 0.16
Indiana.................... 9 380,775 0.17
Iowa....................... 1 69,862 0.03
Kansas..................... 3 146,880 0.06
Kentucky................... 72 1,933,043 0.84
Louisiana.................. 212 7,664,109 3.34
Maryland................... 9 521,818 0.23
Michigan................... 2 90,695 0.04
Minnesota.................. 1 33,648 0.01
Mississippi................ 203 7,006,755 3.05
Missouri................... 107 3,648,406 1.59
Montana.................... 14 722,021 0.31
Nevada..................... 29 1,058,502 0.46
New Jersey................. 2 91,119 0.04
New Mexico................. 101 4,171,816 1.82
New York................... 4 165,280 0.07
North Carolina............. 494 19,809,940 8.64
Ohio....................... 18 513,313 0.22
Oklahoma................... 57 1,866,002 0.81
Oregon..................... 83 6,024,222 2.63
Pennsylvania............... 2 84,877 0.04
Rhode Island............... 1 51,877 0.02
South Carolina............. 815 33,133,898 14.44
Tennessee.................. 210 7,563,109 3.30
Texas...................... 1,104 42,520,831 18.54
Utah....................... 15 903,782 0.39
Virginia................... 15 535,927 0.23
Washington................. 60 3,709,976 1.62
West Virginia.............. 10 300,593 0.13
Wisconsin.................. 17 557,441 0.24
Wyoming.................... 48 2,370,883 1.03
------ ------------- ------
Total...................... 5,747 $229,392,046 100.00%
====== ============ ======
(1) Based on the mailing address of the Obligor on the related Asset as of the
Cut-off Date.
9
YEAR OF ORIGINATION OF ASSETS (1)
PERCENTAGE OF
NUMBER OF AGGREGATE SCHEDULED ASSET POOL
YEAR OF ORIGINATION ASSETS PRINCIPAL BALANCE BY SPB
- ------------------- ------ ----------------- ------
1996..................... 13 $ 661,263 0.29%
1997..................... 5,734 228,730,783 99.71
----- ------------- -------
Total............... 5,747 $229,392,046 100.00%
===== ============ ======
- ----------
(1) The weighted average seasoning of the Assets was approximately 3 months as
of the Cut-off Date.
DISTRIBUTION OF ORIGINAL ASSET AMOUNTS(1)
PERCENTAGE OF
ORIGINAL ASSET NUMBER OF AGGREGATE SCHEDULED ASSET POOL
AMOUNT ASSETS PRINCIPAL BALANCE BY SPB
- ------ ------ ----------------- ------
$ 4,999 or less.............. 2 $ 8,362 0.00%
$ 5,000 - $ 9,999......... 77 611,310 0.27
$ 10,000 - $ 14,999.......... 166 2,084,440 0.91
$ 15,000 - $ 19,999.......... 268 4,708,431 2.05
$ 20,000 - $ 24,999.......... 481 10,868,454 4.74
$ 25,000 - $ 29,999.......... 822 22,595,357 9.85
$ 30,000 - $ 34,999.......... 886 28,638,378 12.48
$ 35,000 - $ 39,999.......... 632 23,491,467 10.24
$ 40,000 - $ 44,999.......... 520 22,046,368 9.61
$ 45,000 - $ 49,999.......... 508 24,078,744 10.50
$ 50,000 - $ 54,999.......... 403 21,094,658 9.20
$ 55,000 - $ 59,999.......... 314 17,910,471 7.81
$ 60,000 - $ 64,999.......... 199 12,362,685 5.39
$ 65,000 - $ 69,999.......... 130 8,770,137 3.82
$ 70,000 - $ 74,999.......... 86 6,188,026 2.70
$ 75,000 - $ 79,999.......... 54 4,165,445 1.82
$ 80,000 - $ 84,999.......... 48 3,947,171 1.72
$ 85,000 - $ 89,999.......... 38 3,303,508 1.44
$ 90,000 - $ 94,999.......... 33 3,034,030 1.32
$ 95,000 - $ 99,999.......... 13 1,257,544 0.55
$100,000 or more............... 67 8,227,061 3.59
----- ------------- -------
Total..................... 5,747 $ 229,392,046 100.00%
===== =============== =======
(1) The highest original Asset amount was $220,078, which represents
approximately 0.10% of the aggregate principal balance of the Assets at
origination. The average original principal amount of the Assets was
approximately $40,066 as of the Cut-off Date.
10
ASSET RATES (1)
PERCENTAGE OF
NUMBER OF AGGREGATE SCHEDULED ASSET POOL
ASSET RATE ASSETS PRINCIPAL BALANCE BY SPB
---------- ------ ----------------- ------
6.000% - 6.999%........... 6 $ 370,560 0.16%
7.000% - 7.999%........... 68 3,685,709 1.61
8.000% - 8.999%......... 554 31,567,681 13.76
9.000% - 9.999%......... 1,039 50,839,542 22.16
10.000% - 10.999%.......... 1,663 69,292,880 30.21
11.000% - 11.999%.......... 1,691 56,736,787 24.73
12.000% - 12.999%.......... 658 15,583,098 6.79
13.000% - 13.999%.......... 68 1,315,789 0.57
------- --------------- --------
Total................. 5,747 $229,392,046 100.00%
===== ============ ======
- ----------
(1) The weighted average Asset Rate was approximately 10.25% as of the Cut-off
Date. This table reflects the Asset Rates of the Step-up Rate Loans as of
the Cut-off Date and does not reflect any subsequent increases in the Asset
Rates of the Step-up Rate Loans.
REMAINING TERMS TO MATURITY (IN MONTHS) (1)
PERCENTAGE OF
REMAINING TERM NUMBER OF AGGREGATE SCHEDULED ASSET POOL
TO MATURITY ASSETS PRINCIPAL BALANCE BY SPB
----------- ------ ----------------- ------
1 - 60 months.......... 54 $ 472,409 0.21%
61 - 96 months.......... 135 2,007,178 0.87
97 - 120 months........... 187 3,714,389 1.62
121 - 156 months........... 95 2,231,879 0.97
157 - 180 months........... 558 15,108,043 6.59
181 - 216 months........... 15 459,664 0.20
217 - 240 months........... 1,594 51,440,209 22.42
241 - 300 months........... 1,439 63,029,088 27.48
301 - 360 months........... 1,670 90,929,186 39.64
----- -------------- -------
Total.................... 5,747 $229,392,046 100.00%
===== ============ ======
- ----------
(1) The weighted average remaining term to maturity of the Assets was
approximately 292 months as of the Cut-off Date.
ORIGINAL TERMS TO MATURITY (IN MONTHS) (1)
PERCENTAGE OF
ORIGINAL TERM NUMBER OF AGGREGATE SCHEDULED ASSET POOL
TO MATURITY ASSETS PRINCIPAL BALANCE BY SPB
----------- ------ ----------------- ------
1 - 60 months.......... 54 $ 472,409 0.21%
61 - 96 months.......... 135 2,007,178 0.87
97 - 120 months........... 187 3,714,389 1.62
121 - 156 months........... 95 2,231,879 0.97
157 - 180 months........... 558 15,108,043 6.59
181 - 216 months........... 15 459,664 0.20
217 - 240 months........... 1,594 51,440,209 22.42
241 - 300 months........... 1,439 63,029,088 27.48
301 - 360 months........... 1,670 90,929,186 39.64
----- -------------- -------
Total.................... 5,747 $229,392,046 100.00%
===== ============ ======
- ----------
(1) The weighted average original term to maturity of the Assets was
approximately 295 months as of the Cut-off Date.
11
DISTRIBUTION OF ORIGINAL LOAN-TO-VALUE RATIOS(1)
PERCENTAGE OF
NUMBER OF AGGREGATE SCHEDULED ASSET POOL
LOAN-TO VALUE RATIO(2) ASSETS PRINCIPAL BALANCE BY SPB
- ---------------------- ------ ----------------- ------
50% or less................ 36 $ 770,707 0.34%
51% - 55%.................... 27 1,070,075 0.47
56% - 60%.................... 30 1,000,927 0.44
61% - 65%.................... 59 2,190,384 0.95
66% - 70%.................... 76 2,615,767 1.14
71% - 75%.................... 155 6,109,866 2.66
76% - 80%.................... 422 15,924,955 6.94
81% - 85%.................... 833 32,866,440 14.33
86% - 90%.................... 2,699 106,848,251 46.58
91% - 95%.................... 1,342 56,131,993 24.47
96% - 100%................... 68 3,862,679 1.68
------- ------------- ------
Total................... 5,747 $229,392,046 100.00%
===== ============ ======
- ----------
(1) The weighted average original Loan-to-Value Ratio of the Assets was
approximately 87.84% as of the Cut-off Date.
(2) Rounded to nearest 1%.
"Loan-to-Value Ratio" means, (a) with respect to each Contract, (i) as
to each Contract with respect to which a lien on land is required for
underwriting purposes, the ratio, expressed as a percentage, of the principal
amount of such Contract to the sum of the purchase price of the home (including
taxes, insurance and any land improvements), the tax value or appraised value of
the land and the amount of any prepaid finance charges or closing costs that are
financed; and (ii) as to each other Contract, the ratio, expressed as a
percentage, of the principal amount of such Contract to the purchase price of
the home (including taxes, insurance and any land improvements) and the amount
of any prepaid finance charges or closing costs that are financed; and (b) with
respect to each Mortgage Loan, the ratio, expressed as a percentage, of the
principal amount of such Mortgage Loan at the time of determination, to either
(i) the sum of the appraised value of the land and improvements, and the amount
of any prepaid finance charges or closing costs that are financed or (ii) the
sum of the purchase price of the home (including taxes, insurance and any land
improvements), the appraised value of the land and the amount of any prepaid
finance charges or closing costs that are financed.
12
DEUTSCHE SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES,
SERIES 1998-I
COMPUTATIONAL MATERIALS
BOND PROFILE SUMMARY
-----------------------------------------------------------------------------
Class Original Coupon Avg. CBE 1st Last Mod.
Name & Type Par % Life Yield Pay Pay Dur.
-----------------------------------------------------------------------------
TO CALL:
A1 SENIOR 51,500,000 6.1500 1.10 6.011 2/98 4/00 1.02
A2 SENIOR 39,300,000 6.0500 3.10 6.058 4/00 2/02 2.74
A3 SENIOR 27,150,000 6.1500 5.10 6.199 2/02 7/04 4.24
A4 SENIOR 11,600,000 6.3750 7.10 6.421 7/04 11/05 5.53
A5 SENIOR 27,500,000 6.5250 10.00 6.581 11/05 9/10 7.09
A6 SENIOR 24,169,000 6.8000 14.86 6.880 9/10 7/13 9.05
M AA MEZZ 18,352,000 6.7500 9.94 6.830 8/02 7/13 6.78
B1 BBB SUB 20,645,000 7.1500 9.84 7.229 8/02 7/13 6.61
B2 BB SUB 9,176,046 8.4250 10.18 8.530 8/02 7/13 6.30
-------------------------------
TO MATURITY:
A6 SENIOR 24,169,000 6.8000 16.83 6.879 9/10 11/20 9.62
M AA MEZZ 18,352,000 6.7500 10.39 6.830 8/02 12/17 6.92
B1 BBB SUB 20,645,000 7.1500 9.99 7.230 8/02 4/16 6.65
B2 BB SUB 9,176,046 8.4250 12.82 8.531 8/02 5/23 6.80
----------------------------------------------------------------------------
(1) Data assumes a prepayment speed of 180% MHP.
(2) Coupon and price are assumed for compuational material.
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no circumstances
shall the information presented constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of such jurisdiction.
The securities may not be sold nor may an offer to buy be accepted prior to the
delivery of a final prospectus relating to the securities. The above preliminary
description of the underlying assets has been provided by the issuer and has not
been independently verified by Credit Suisse First Boston. All information
described above is preliminary, limited in nature and subject to completion or
amendment. Credit Suisse First Boston makes no representations that the above
referenced security will actually perform as described in any scenario
presented.
CREDIT | FIRST
SUISSE | BOSTON
/1
DEUTSCHE SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES,
SERIES 1998-I
COMPUTATIONAL MATERIALS
BOND PROFILE SUMMARY
-----------------------------------------------------------------------------
Percent of MHP: 0 100 150 180 200 300
-----------------------------------------------------------------------------
A1 SENIOR
Price: 99-31+ Coupon: 6.1500 Original Par: 51,500,000
-----------------------------------------------------------------------------
TO CALL:
Bond Yield: 6.18 6.09 6.04 6.01 5.99 5.90
Average Life: 5.92 1.71 1.27 1.10 1.01 0.72
Duration: 4.61 1.55 1.17 1.02 0.94 0.68
First Prin Pay: 2/98 2/98 2/98 2/98 2/98 2/98
Last Prin Pay: 9/08 7/01 8/00 4/00 2/00 7/99
-----------------------------------------------------------------------------
A2 SENIOR
Price: 99-30+ Coupon: 6.0500 Original Par: 39,300,000
-----------------------------------------------------------------------------
TO CALL:
Bond Yield: 6.11 6.08 6.07 6.06 6.05 6.02
Average Life: 13.07 4.90 3.60 3.10 2.84 2.01
Duration: 8.76 4.10 3.13 2.74 2.53 1.84
First Prin Pay: 9/08 7/01 8/00 4/00 2/00 7/99
Last Prin Pay: 5/13 6/04 10/02 2/02 10/01 9/00
-----------------------------------------------------------------------------
A3 SENIOR
Price: 99-28+ Coupon: 6.1500 Original Par: 27,150,000
-----------------------------------------------------------------------------
TO CALL:
Bond Yield: 6.22 6.21 6.20 6.20 6.20 6.18
Average Life: 17.16 8.04 5.97 5.10 4.53 3.10
Duration: 10.29 6.14 4.84 4.24 3.83 2.73
First Prin Pay: 5/13 6/04 10/02 2/02 10/01 9/00
Last Prin Pay: 1/17 2/08 7/05 7/04 9/03 9/01
-----------------------------------------------------------------------------
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no circumstances
shall the information presented constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of such jurisdiction.
The securities may not be sold nor may an offer to buy be accepted prior to the
delivery of a final prospectus relating to the securities. The above preliminary
description of the underlying assets has been provided by the issuer and has not
been independently verified by Credit Suisse First Boston. All information
described above is preliminary, limited in nature and subject to completion or
amendment. Credit Suisse First Boston makes no representations that the above
referenced security will actually perform as described in any scenario
presented.
CREDIT | FIRST
SUISSE | BOSTON
/2
DEUTSCHE SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES,
SERIES 1998-I
COMPUTATIONAL MATERIALS
BOND PROFILE SUMMARY
-----------------------------------------------------------------------------
Percent of MHP: 0 100 150 180 200 300
-----------------------------------------------------------------------------
A4 SENIOR
Price: 99-31 Coupon: 6.3750 Original Par: 11,600,000
-----------------------------------------------------------------------------
TO CALL:
Bond Yield: 6.44 6.43 6.43 6.42 6.42 6.40
Average Life: 19.72 10.98 8.26 7.10 6.28 3.86
Duration: 10.90 7.66 6.23 5.53 5.02 3.32
First Prin Pay: 1/17 2/08 7/05 7/04 9/03 9/01
Last Prin Pay: 9/18 1/10 3/07 11/05 1/05 3/02
-----------------------------------------------------------------------------
A5 SENIOR
Price: 99-31+ Coupon: 6.5250 Original Par: 27,500,000
-----------------------------------------------------------------------------
TO CALL:
Bond Yield: 6.59 6.59 6.58 6.58 6.58 6.56
Average Life: 22.63 14.64 11.50 10.00 8.99 5.26
Duration: 11.47 9.12 7.81 7.09 6.56 4.30
First Prin Pay: 9/18 1/10 3/07 11/05 1/05 3/02
Last Prin Pay: 6/22 10/15 5/12 9/10 8/09 2/05
-----------------------------------------------------------------------------
A6 SENIOR
Price: 99-28+ Coupon: 6.8000 Original Par: 24,169,000
-----------------------------------------------------------------------------
TO CALL:
Bond Yield: 6.88 6.88 6.88 6.88 6.88 6.87
Average Life: 25.72 19.76 16.62 14.86 13.73 9.36
Duration: 11.77 10.53 9.64 9.05 8.63 6.68
First Prin Pay: 6/22 10/15 5/12 9/10 8/09 2/05
Last Prin Pay: 3/24 5/18 4/15 7/13 6/12 6/08
---------------------------
TO MATURITY:
Price: 99-29
Bond Yield: 6.88 6.88 6.88 6.88 6.88 6.87
Average Life: 26.78 21.52 18.56 16.83 15.64 10.65
Duration: 11.94 10.91 10.14 9.62 9.23 7.22
First Prin Pay: 6/22 10/15 5/12 9/10 8/09 2/05
Last Prin Pay: 4/27 6/24 3/22 11/20 11/19 1/15
-----------------------------------------------------------------------------
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no circumstances
shall the information presented constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of such jurisdiction.
The securities may not be sold nor may an offer to buy be accepted prior to the
delivery of a final prospectus relating to the securities. The above preliminary
description of the underlying assets has been provided by the issuer and has not
been independently verified by Credit Suisse First Boston. All information
described above is preliminary, limited in nature and subject to completion or
amendment. Credit Suisse First Boston makes no representations that the above
referenced security will actually perform as described in any scenario
presented.
CREDIT | FIRST
SUISSE | BOSTON
/3
DEUTSCHE SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES,
SERIES 1998-I
COMPUTATIONAL MATERIALS
BOND PROFILE SUMMARY
-----------------------------------------------------------------------------
Percent of MHP: 0 100 150 180 200 300
-----------------------------------------------------------------------------
M AA MEZZ
Price: 99-27 Coupon: 6.7500 Original Par: 18,352,000
-----------------------------------------------------------------------------
TO CALL:
Bond Yield: 6.84 6.83 6.83 6.83 6.83 6.83
Average Life: 21.77 13.97 11.18 9.94 9.47 7.72
Duration: 10.97 8.50 7.35 6.78 6.58 5.74
First Prin Pay: 12/13 12/04 3/03 8/02 8/02 8/02
Last Prin Pay: 3/24 5/18 4/15 7/13 6/12 6/08
---------------------------
TO MATURITY:
Price: 99-27
Bond Yield: 6.84 6.83 6.83 6.83 6.83 6.83
Average Life: 22.03 14.38 11.61 10.39 9.95 8.36
Duration: 11.01 8.59 7.46 6.92 6.74 6.02
First Prin Pay: 12/13 12/04 3/03 8/02 8/02 8/02
Last Prin Pay: 7/26 4/22 9/19 12/17 2/17 5/13
-----------------------------------------------------------------------------
B1 BBB SUB
Price: 99-29 Coupon: 7.1500 Original Par: 20,645,000
-----------------------------------------------------------------------------
TO CALL:
Bond Yield: 7.24 7.24 7.23 7.23 7.23 7.22
Average Life: 21.69 13.86 11.07 9.84 9.38 7.71
Duration: 10.59 8.26 7.15 6.61 6.42 5.64
First Prin Pay: 12/13 12/04 3/03 8/02 8/02 8/02
Last Prin Pay: 3/24 5/18 4/15 7/13 6/12 6/08
---------------------------
TO MATURITY:
Price: 99-29
Bond Yield: 7.24 7.24 7.23 7.23 7.23 7.23
Average Life: 21.78 14.01 11.20 9.99 9.56 8.05
Duration: 10.60 8.29 7.18 6.65 6.48 5.79
First Prin Pay: 12/13 12/04 3/03 8/02 8/02 8/02
Last Prin Pay: 11/25 12/20 10/17 4/16 6/15 11/11
-----------------------------------------------------------------------------
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no circumstances
shall the information presented constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of such jurisdiction.
The securities may not be sold nor may an offer to buy be accepted prior to the
delivery of a final prospectus relating to the securities. The above preliminary
description of the underlying assets has been provided by the issuer and has not
been independently verified by Credit Suisse First Boston. All information
described above is preliminary, limited in nature and subject to completion or
amendment. Credit Suisse First Boston makes no representations that the above
referenced security will actually perform as described in any scenario
presented.
CREDIT | FIRST
SUISSE | BOSTON
/4
DEUTSCHE SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES,
SERIES 1998-I
COMPUTATIONAL MATERIALS
BOND PROFILE SUMMARY
-----------------------------------------------------------------------------
Percent of MHP: 0 100 150 180 200 300
-----------------------------------------------------------------------------
B2 BB SUB
Price: 99-30+ Coupon: 8.4250 Original Par: 9,176,046
-----------------------------------------------------------------------------
TO CALL:
Bond Yield: 8.54 8.54 8.53 8.53 8.53 8.52
Average Life: 21.94 14.21 11.44 10.18 9.65 7.75
Duration: 9.55 7.69 6.77 6.30 6.12 5.38
First Prin Pay: 12/13 12/04 3/03 8/02 8/02 8/02
Last Prin Pay: 3/24 5/18 4/15 7/13 6/12 6/08
---------------------------
TO MATURITY:
Price: 99-31
Bond Yield: 8.54 8.54 8.53 8.53 8.53 8.53
Average Life: 22.95 16.43 13.92 12.82 12.36 10.23
Duration: 9.65 7.98 7.18 6.80 6.68 6.11
First Prin Pay: 12/13 12/04 3/03 8/02 8/02 8/02
Last Prin Pay: 8/27 7/26 11/24 5/23 7/22 3/18
-----------------------------------------------------------------------------
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no circumstances
shall the information presented constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of such jurisdiction.
The securities may not be sold nor may an offer to buy be accepted prior to the
delivery of a final prospectus relating to the securities. The above preliminary
description of the underlying assets has been provided by the issuer and has not
been independently verified by Credit Suisse First Boston. All information
described above is preliminary, limited in nature and subject to completion or
amendment. Credit Suisse First Boston makes no representations that the above
referenced security will actually perform as described in any scenario
presented.
CREDIT | FIRST
SUISSE | BOSTON
/5
DEUTSCHE SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES,
SERIES 1998-I
COMPUTATIONAL MATERIALS
Percent of Principal Outstanding of Class A-1
--------------------------------------------------------------------------------------------
Percent of MHP: 0 100 150 180 200 300
--------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------
Initial Percent 100 100 100 100 100 100
- ---------------------------------------------------------------------------------------------
January 15, 1999 91 71 61 55 51 31
January 15, 2000 85 42 21 9 1 0
January 15, 2001 78 13 0 0 0 0
January 15, 2002 71 0 0 0 0 0
January 15, 2003 63 0 0 0 0 0
January 15, 2004 53 0 0 0 0 0
January 15, 2005 43 0 0 0 0 0
January 15, 2006 31 0 0 0 0 0
January 15, 2007 20 0 0 0 0 0
January 15, 2008 8 0 0 0 0 0
January 15, 2009 0 0 0 0 0 0
January 15, 2010 0 0 0 0 0 0
January 15, 2011 0 0 0 0 0 0
January 15, 2012 0 0 0 0 0 0
January 15, 2013 0 0 0 0 0 0
- -----------------------------------------------------------------------------------------------------------------------
January 15, 2014 0 0 0 0 0 0
- -----------------------------------------------------------------------------------------------------------------------
January 15, 2015 0 0 0 0 0 0
January 15, 2016 0 0 0 0 0 0
January 15, 2017 0 0 0 0 0 0
January 15, 2018 0 0 0 0 0 0
January 15, 2019 0 0 0 0 0 0
January 15, 2020 0 0 0 0 0 0
January 15, 2021 0 0 0 0 0 0
January 15, 2022 0 0 0 0 0 0
January 15, 2023 0 0 0 0 0 0
January 15, 2024 0 0 0 0 0 0
January 15, 2025 0 0 0 0 0 0
January 15, 2026 0 0 0 0 0 0
January 15, 2027 0 0 0 0 0 0
January 15, 2028 0 0 0 0 0 0
Avg Life In Years: 5.9 1.7 1.3 1.1 1.0 0.7
- -----------------------------------------------------------------------------------------------------------------------
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no circumstances
shall the information presented constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of such jurisdiction.
The securities may not be sold nor may an offer to buy be accepted prior to the
delivery of a final prospectus relating to the securities. The above preliminary
description of the underlying assets has been provided by the issuer and has not
been independently verified by Credit Suisse First Boston. All information
described above is preliminary, limited in nature and subject to completion or
amendment. Credit Suisse First Boston makes no representations that the above
referenced security will actually perform as described in any scenario
presented.
CREDIT | FIRST
SUISSE | BOSTON
/6
DEUTSCHE SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES,
SERIES 1998-I
COMPUTATIONAL MATERIALS
Percent of Principal Outstanding of Class A-2
--------------------------------------------------------------------------------------------
Percent of MHP: 0 100 150 180 200 300
--------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------
Initial Percent 100 100 100 100 100 100
- ---------------------------------------------------------------------------------------------
January 15, 1999 100 100 100 100 100 100
January 15, 2000 100 100 100 100 100 50
January 15, 2001 100 100 77 54 40 0
January 15, 2002 100 80 31 3 0 0
January 15, 2003 100 46 0 0 0 0
January 15, 2004 100 13 0 0 0 0
January 15, 2005 100 0 0 0 0 0
January 15, 2006 100 0 0 0 0 0
January 15, 2007 100 0 0 0 0 0
January 15, 2008 100 0 0 0 0 0
January 15, 2009 94 0 0 0 0 0
January 15, 2010 74 0 0 0 0 0
January 15, 2011 53 0 0 0 0 0
January 15, 2012 29 0 0 0 0 0
January 15, 2013 7 0 0 0 0 0
January 15, 2014 0 0 0 0 0 0
January 15, 2015 0 0 0 0 0 0
January 15, 2016 0 0 0 0 0 0
January 15, 2017 0 0 0 0 0 0
- -----------------------------------------------------------------------------------------------------------------------
January 15, 2018 0 0 0 0 0 0
- -----------------------------------------------------------------------------------------------------------------------
January 15, 2019 0 0 0 0 0 0
January 15, 2020 0 0 0 0 0 0
January 15, 2021 0 0 0 0 0 0
January 15, 2022 0 0 0 0 0 0
January 15, 2023 0 0 0 0 0 0
January 15, 2024 0 0 0 0 0 0
January 15, 2025 0 0 0 0 0 0
January 15, 2026 0 0 0 0 0 0
January 15, 2027 0 0 0 0 0 0
January 15, 2028 0 0 0 0 0 0
Avg Life In Years: 13.1 4.9 3.6 3.1 2.8 2.0
- -----------------------------------------------------------------------------------------------------------------------
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no circumstances
shall the information presented constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of such jurisdiction.
The securities may not be sold nor may an offer to buy be accepted prior to the
delivery of a final prospectus relating to the securities. The above preliminary
description of the underlying assets has been provided by the issuer and has not
been independently verified by Credit Suisse First Boston. All information
described above is preliminary, limited in nature and subject to completion or
amendment. Credit Suisse First Boston makes no representations that the above
referenced security will actually perform as described in any scenario
presented.
CREDIT | FIRST
SUISSE | BOSTON
/7
DEUTSCHE SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES,
SERIES 1998-I
COMPUTATIONAL MATERIALS
Percent of Principal Outstanding of Class A-3
--------------------------------------------------------------------------------------------
Percent of MHP: 0 100 150 180 200 300
--------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------
Initial Percent 100 100 100 100 100 100
- ---------------------------------------------------------------------------------------------
January 15, 1999 100 100 100 100 100 100
January 15, 2000 100 100 100 100 100 100
January 15, 2001 100 100 100 100 100 59
January 15, 2002 100 100 100 100 80 0
January 15, 2003 100 100 84 51 24 0
January 15, 2004 100 100 47 14 0 0
January 15, 2005 100 77 15 0 0 0
January 15, 2006 100 49 0 0 0 0
January 15, 2007 100 24 0 0 0 0
January 15, 2008 100 0 0 0 0 0
January 15, 2009 100 0 0 0 0 0
January 15, 2010 100 0 0 0 0 0
January 15, 2011 100 0 0 0 0 0
January 15, 2012 100 0 0 0 0 0
January 15, 2013 100 0 0 0 0 0
January 15, 2014 79 0 0 0 0 0
January 15, 2015 55 0 0 0 0 0
January 15, 2016 29 0 0 0 0 0
January 15, 2017 0 0 0 0 0 0
January 15, 2018 0 0 0 0 0 0
January 15, 2019 0 0 0 0 0 0
January 15, 2020 0 0 0 0 0 0
January 15, 2021 0 0 0 0 0 0
- -----------------------------------------------------------------------------------------------------------------------
January 15, 2022 0 0 0 0 0 0
- -----------------------------------------------------------------------------------------------------------------------
January 15, 2023 0 0 0 0 0 0
January 15, 2024 0 0 0 0 0 0
January 15, 2025 0 0 0 0 0 0
January 15, 2026 0 0 0 0 0 0
January 15, 2027 0 0 0 0 0 0
January 15, 2028 0 0 0 0 0 0
Avg Life In Years: 17.2 8.0 6.0 5.1 4.5 3.1
- -----------------------------------------------------------------------------------------------------------------------
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no circumstances
shall the information presented constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of such jurisdiction.
The securities may not be sold nor may an offer to buy be accepted prior to the
delivery of a final prospectus relating to the securities. The above preliminary
description of the underlying assets has been provided by the issuer and has not
been independently verified by Credit Suisse First Boston. All information
described above is preliminary, limited in nature and subject to completion or
amendment. Credit Suisse First Boston makes no representations that the above
referenced security will actually perform as described in any scenario
presented.
CREDIT | FIRST
SUISSE | BOSTON
/8
DEUTSCHE SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES,
SERIES 1998-I
COMPUTATIONAL MATERIALS
Percent of Principal Outstanding of Class A-4
--------------------------------------------------------------------------------------------
Percent of MHP: 0 100 150 180 200 300
--------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------
Initial Percent 100 100 100 100 100 100
- ---------------------------------------------------------------------------------------------
January 15, 1999 100 100 100 100 100 100
January 15, 2000 100 100 100 100 100 100
January 15, 2001 100 100 100 100 100 100
January 15, 2002 100 100 100 100 100 21
January 15, 2003 100 100 100 100 100 0
January 15, 2004 100 100 100 100 71 0
January 15, 2005 100 100 100 56 0 0
January 15, 2006 100 100 66 0 0 0
January 15, 2007 100 100 5 0 0 0
January 15, 2008 100 100 0 0 0 0
January 15, 2009 100 48 0 0 0 0
January 15, 2010 100 0 0 0 0 0
January 15, 2011 100 0 0 0 0 0
January 15, 2012 100 0 0 0 0 0
January 15, 2013 100 0 0 0 0 0
January 15, 2014 100 0 0 0 0 0
January 15, 2015 100 0 0 0 0 0
January 15, 2016 100 0 0 0 0 0
January 15, 2017 99 0 0 0 0 0
January 15, 2018 31 0 0 0 0 0
January 15, 2019 0 0 0 0 0 0
January 15, 2020 0 0 0 0 0 0
January 15, 2021 0 0 0 0 0 0
January 15, 2022 0 0 0 0 0 0
January 15, 2023 0 0 0 0 0 0
January 15, 2024 0 0 0 0 0 0
January 15, 2025 0 0 0 0 0 0
- -----------------------------------------------------------------------------------------------------------------------
January 15, 2026 0 0 0 0 0 0
- -----------------------------------------------------------------------------------------------------------------------
January 15, 2027 0 0 0 0 0 0
January 15, 2028 0 0 0 0 0 0
Avg Life In Years: 19.7 11.0 8.3 7.1 6.3 3.9
- -----------------------------------------------------------------------------------------------------------------------
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no circumstances
shall the information presented constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of such jurisdiction.
The securities may not be sold nor may an offer to buy be accepted prior to the
delivery of a final prospectus relating to the securities. The above preliminary
description of the underlying assets has been provided by the issuer and has not
been independently verified by Credit Suisse First Boston. All information
described above is preliminary, limited in nature and subject to completion or
amendment. Credit Suisse First Boston makes no representations that the above
referenced security will actually perform as described in any scenario
presented.
CREDIT | FIRST
SUISSE | BOSTON
/9
DEUTSCHE SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES,
SERIES 1998-I
COMPUTATIONAL MATERIALS
Percent of Principal Outstanding of Class A-5
--------------------------------------------------------------------------------------------
Percent of MHP: 0 100 150 180 200 300
--------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------
Initial Percent 100 100 100 100 100 100
- ---------------------------------------------------------------------------------------------
January 15, 1999 100 100 100 100 100 100
January 15, 2000 100 100 100 100 100 100
January 15, 2001 100 100 100 100 100 100
January 15, 2002 100 100 100 100 100 100
January 15, 2003 100 100 100 100 100 53
January 15, 2004 100 100 100 100 100 25
January 15, 2005 100 100 100 100 98 1
January 15, 2006 100 100 100 95 71 0
January 15, 2007 100 100 100 70 47 0
January 15, 2008 100 100 79 48 26 0
January 15, 2009 100 100 58 28 8 0
January 15, 2010 100 99 39 10 0 0
January 15, 2011 100 79 21 0 0 0
January 15, 2012 100 59 5 0 0 0
January 15, 2013 100 42 0 0 0 0
January 15, 2014 100 26 0 0 0 0
January 15, 2015 100 11 0 0 0 0
January 15, 2016 100 0 0 0 0 0
January 15, 2017 100 0 0 0 0 0
January 15, 2018 100 0 0 0 0 0
January 15, 2019 92 0 0 0 0 0
January 15, 2020 68 0 0 0 0 0
January 15, 2021 41 0 0 0 0 0
January 15, 2022 12 0 0 0 0 0
January 15, 2023 0 0 0 0 0 0
January 15, 2024 0 0 0 0 0 0
January 15, 2025 0 0 0 0 0 0
January 15, 2026 0 0 0 0 0 0
January 15, 2027 0 0 0 0 0 0
January 15, 2028 0 0 0 0 0 0
- -----------------------------------------------------------------------------------------------------------------------
Avg Life In Years: 22.6 14.6 11.5 10.0 9.0 5.3
- -----------------------------------------------------------------------------------------------------------------------
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no circumstances
shall the information presented constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of such jurisdiction.
The securities may not be sold nor may an offer to buy be accepted prior to the
delivery of a final prospectus relating to the securities. The above preliminary
description of the underlying assets has been provided by the issuer and has not
been independently verified by Credit Suisse First Boston. All information
described above is preliminary, limited in nature and subject to completion or
amendment. Credit Suisse First Boston makes no representations that the above
referenced security will actually perform as described in any scenario
presented.
CREDIT | FIRST
SUISSE | BOSTON
/10
DEUTSCHE SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES,
SERIES 1998-I
COMPUTATIONAL MATERIALS
Percent of Principal Outstanding of Class A-6
--------------------------------------------------------------------------------------------
Percent of MHP: 0 100 150 180 200 300
--------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------
Initial Percent 100 100 100 100 100 100
- ---------------------------------------------------------------------------------------------
January 15, 1999 100 100 100 100 100 100
January 15, 2000 100 100 100 100 100 100
January 15, 2001 100 100 100 100 100 100
January 15, 2002 100 100 100 100 100 100
January 15, 2003 100 100 100 100 100 100
January 15, 2004 100 100 100 100 100 100
January 15, 2005 100 100 100 100 100 100
January 15, 2006 100 100 100 100 100 80
January 15, 2007 100 100 100 100 100 63
January 15, 2008 100 100 100 100 100 49
January 15, 2009 100 100 100 100 100 38
January 15, 2010 100 100 100 100 92 29
January 15, 2011 100 100 100 94 76 22
January 15, 2012 100 100 100 78 62 16
January 15, 2013 100 100 90 65 51 12
January 15, 2014 100 100 76 54 41 6
January 15, 2015 100 100 63 44 33 0
January 15, 2016 100 95 52 35 25 0
January 15, 2017 100 79 41 26 19 0
January 15, 2018 100 64 32 19 10 0
January 15, 2019 100 53 25 12 4 0
January 15, 2020 100 43 18 5 0 0
January 15, 2021 100 33 9 0 0 0
January 15, 2022 100 23 1 0 0 0
January 15, 2023 81 10 0 0 0 0
January 15, 2024 63 2 0 0 0 0
January 15, 2025 47 0 0 0 0 0
January 15, 2026 30 0 0 0 0 0
January 15, 2027 5 0 0 0 0 0
January 15, 2028 0 0 0 0 0 0
Avg Life In Years: 26.8 21.5 18.6 16.8 15.6 10.7
- -----------------------------------------------------------------------------------------------------------------------
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no circumstances
shall the information presented constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of such jurisdiction.
The securities may not be sold nor may an offer to buy be accepted prior to the
delivery of a final prospectus relating to the securities. The above preliminary
description of the underlying assets has been provided by the issuer and has not
been independently verified by Credit Suisse First Boston. All information
described above is preliminary, limited in nature and subject to completion or
amendment. Credit Suisse First Boston makes no representations that the above
referenced security will actually perform as described in any scenario
presented.
CREDIT | FIRST
SUISSE | BOSTON
/11
DEUTSCHE SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES,
SERIES 1998-I
COMPUTATIONAL MATERIALS
Percent of Principal Outstanding of Class M
--------------------------------------------------------------------------------------------
Percent of MHP: 0 100 150 180 200 300
--------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------
Initial Percent 100 100 100 100 100 100
- ---------------------------------------------------------------------------------------------
January 15, 1999 100 100 100 100 100 100
January 15, 2000 100 100 100 100 100 100
January 15, 2001 100 100 100 100 100 100
January 15, 2002 100 100 100 100 100 100
January 15, 2003 100 100 100 93 93 89
January 15, 2004 100 100 90 81 80 71
January 15, 2005 100 99 79 70 68 57
January 15, 2006 100 90 70 61 58 45
January 15, 2007 100 82 62 52 49 35
January 15, 2008 100 74 54 45 42 28
January 15, 2009 100 67 47 39 35 21
January 15, 2010 100 60 41 33 29 16
January 15, 2011 100 54 35 28 24 12
January 15, 2012 100 47 30 23 20 8
January 15, 2013 100 42 26 19 16 2
January 15, 2014 99 37 22 16 13 0
January 15, 2015 91 32 18 13 10 0
January 15, 2016 83 27 15 10 6 0
January 15, 2017 74 22 12 5 0 0
January 15, 2018 65 18 8 0 0 0
January 15, 2019 58 15 3 0 0 0
January 15, 2020 50 12 0 0 0 0
January 15, 2021 42 9 0 0 0 0
January 15, 2022 32 1 0 0 0 0
January 15, 2023 23 0 0 0 0 0
January 15, 2024 18 0 0 0 0 0
January 15, 2025 13 0 0 0 0 0
January 15, 2026 7 0 0 0 0 0
January 15, 2027 0 0 0 0 0 0
January 15, 2028 0 0 0 0 0 0
Avg Life In Years: 22.0 14.4 11.6 10.4 10.0 8.4
- -----------------------------------------------------------------------------------------------------------------------
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no circumstances
shall the information presented constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of such jurisdiction.
The securities may not be sold nor may an offer to buy be accepted prior to the
delivery of a final prospectus relating to the securities. The above preliminary
description of the underlying assets has been provided by the issuer and has not
been independently verified by Credit Suisse First Boston. All information
described above is preliminary, limited in nature and subject to completion or
amendment. Credit Suisse First Boston makes no representations that the above
referenced security will actually perform as described in any scenario
presented.
CREDIT | FIRST
SUISSE | BOSTON
/12
DEUTSCHE SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES,
SERIES 1998-I
COMPUTATIONAL MATERIALS
Percent of Principal Outstanding of Class B-1
--------------------------------------------------------------------------------------------
Percent of MHP: 0 100 150 180 200 300
--------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------
Initial Percent 100 100 100 100 100 100
- ---------------------------------------------------------------------------------------------
January 15, 1999 100 100 100 100 100 100
January 15, 2000 100 100 100 100 100 100
January 15, 2001 100 100 100 100 100 100
January 15, 2002 100 100 100 100 100 100
January 15, 2003 100 100 100 93 93 89
January 15, 2004 100 100 90 81 80 71
January 15, 2005 100 99 79 70 68 57
January 15, 2006 100 90 70 61 58 45
January 15, 2007 100 82 62 52 49 35
January 15, 2008 100 74 54 45 42 26
January 15, 2009 100 67 47 39 35 17
January 15, 2010 100 60 41 33 29 10
January 15, 2011 100 54 35 26 21 4
January 15, 2012 100 47 30 19 15 0
January 15, 2013 100 42 23 14 10 0
January 15, 2014 99 37 17 9 5 0
January 15, 2015 91 32 12 5 1 0
January 15, 2016 83 25 7 1 0 0
January 15, 2017 74 18 3 0 0 0
January 15, 2018 65 12 0 0 0 0
January 15, 2019 58 8 0 0 0 0
January 15, 2020 50 4 0 0 0 0
January 15, 2021 42 0 0 0 0 0
January 15, 2022 32 0 0 0 0 0
January 15, 2023 19 0 0 0 0 0
January 15, 2024 12 0 0 0 0 0
January 15, 2025 5 0 0 0 0 0
January 15, 2026 0 0 0 0 0 0
January 15, 2027 0 0 0 0 0 0
January 15, 2028 0 0 0 0 0 0
Avg Life In Years: 21.8 14.0 11.2 10.0 9.6 8.0
- -----------------------------------------------------------------------------------------------------------------------
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no circumstances
shall the information presented constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of such jurisdiction.
The securities may not be sold nor may an offer to buy be accepted prior to the
delivery of a final prospectus relating to the securities. The above preliminary
description of the underlying assets has been provided by the issuer and has not
been independently verified by Credit Suisse First Boston. All information
described above is preliminary, limited in nature and subject to completion or
amendment. Credit Suisse First Boston makes no representations that the above
referenced security will actually perform as described in any scenario
presented.
CREDIT | FIRST
SUISSE | BOSTON
/13
DEUTSCHE SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES,
SERIES 1998-I
COMPUTATIONAL MATERIALS
Percent of Principal Outstanding of Class B-2
--------------------------------------------------------------------------------------------
Percent of MHP: 0 100 150 180 200 300
--------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------
Initial Percent 100 100 100 100 100 100
- ---------------------------------------------------------------------------------------------
January 15, 1999 100 100 100 100 100 100
January 15, 2000 100 100 100 100 100 100
- -----------------------------------------------------------------------------------------------------------------------
January 15, 2001 100 100 100 100 100 100
- -----------------------------------------------------------------------------------------------------------------------
January 15, 2002 100 100 100 100 100 100
January 15, 2003 100 100 100 93 93 89
January 15, 2004 100 100 90 81 80 71
January 15, 2005 100 99 79 70 68 57
January 15, 2006 100 90 70 61 58 45
January 15, 2007 100 82 62 52 49 35
January 15, 2008 100 74 54 45 42 31
January 15, 2009 100 67 47 39 35 31
January 15, 2010 100 60 41 33 31 31
January 15, 2011 100 54 35 31 31 31
January 15, 2012 100 47 31 31 31 31
January 15, 2013 100 42 31 31 31 31
January 15, 2014 99 37 31 31 31 31
January 15, 2015 91 32 31 31 31 31
January 15, 2016 83 31 31 31 31 18
January 15, 2017 74 31 31 31 31 8
January 15, 2018 65 31 31 31 31 1
January 15, 2019 58 31 31 31 31 0
January 15, 2020 50 31 31 31 28 0
January 15, 2021 42 31 31 28 16 0
January 15, 2022 32 31 31 14 5 0
January 15, 2023 31 31 15 2 0 0
January 15, 2024 31 31 6 0 0 0
January 15, 2025 31 22 0 0 0 0
January 15, 2026 31 7 0 0 0 0
January 15, 2027 31 0 0 0 0 0
January 15, 2028 0 0 0 0 0 0
Avg Life In Years: 22.9 16.4 13.9 12.8 12.4 10.2
- -----------------------------------------------------------------------------------------------------------------------
The above analysis is not intended to be a prospectus and any investment
decision with respect to the security should be made by you based solely upon
all of the information contained in the final prospectus. Under no circumstances
shall the information presented constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of such jurisdiction.
The securities may not be sold nor may an offer to buy be accepted prior to the
delivery of a final prospectus relating to the securities. The above preliminary
description of the underlying assets has been provided by the issuer and has not
been independently verified by Credit Suisse First Boston. All information
described above is preliminary, limited in nature and subject to completion or
amendment. Credit Suisse First Boston makes no representations that the above
referenced security will actually perform as described in any scenario
presented.
CREDIT | FIRST
SUISSE | BOSTON
/14