SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES AND EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported)
November 21, 1996
Farmer Mac Mortgage Securities Corporation
------------------------------------------------------
(Exact Name of Registrant as Specified in its Charter)
Delaware 333-6325 52-1779791
--------------------------- ----------- -------------------
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
919 18th Street, N.W. 20006
Washington, DC -----
--------------------- (Zip Code)
(Address of Principal
Executive Offices)
Registrant's telephone number, including area code (202) 872-7700
No Change
-----------------------------------------------------------
(Former Name or Former Address, if Changed Since Last Report)
-----------------------------------------------------------
<PAGE>
Item 5. Other Events
------------
Attached as Exhibit 99.1 to this Current Report are certain materials (the
"Computational Materials") furnished to the Registrant by Bear, Stearns & Co.
Inc. (the "Underwriter") in respect of Guaranteed Agricultural Mortgage-Backed
Securities Series 11/26/96 (the "Certificates"). The Certificates are being
offered pursuant to a Prospectus Supplement, dated November 21, 1996, which is
being filed with the Commission pursuant to Rule 424(b) under the Securities Act
of 1933, as amended (the "Act"), and a Prospectus, dated June 26, 1996, which
has previously been filed with the Commission pursuant to Rule 424(b) under the
(the "Act"). The Certificates have been registered pursuant to the Act under a
Registration Statement on Form S-3 (No. 333-6325) (the "Registration
Statement"). The Computational Materials are incorporated by reference in the
Registration Statement.
The Computational Materials were prepared solely by the Underwriter, and the
Registrant did not prepare or participate (other than providing the background
information concerning the underlying pool of assets upon which the
Computational Materials are based to the Underwriter) in the preparation of the
Computational Materials.
Any statements or information contained in the Computational Materials shall
be deemed to be modified or superseded for purposes of the prospectus and the
Registration Statement by statements or information contained in the Prospectus.
Item 7. Financial Statements; Pro Forma Financial Information and Exhibits
(a) Not applicable.
(b) Not applicable.
(c) Exhibits:
99.1 Computational Materials.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
FARMER MAC MORTGAGE SECURITIES
CORPORATION
By: /s/ Nancy E. Corsiglia
------------------------
Name: Nancy E. Corsiglia
Title: Vice President
Dated: November 22, 1996
<PAGE>
EXHIBIT INDEX
Exhibit No. Description Page No.
- ----------- ----------- --------
99.1 Computational Materials
EXHIBIT 99.1
Computational Materials
<PAGE>
STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING ESTIMATES AND OTHER
- --------------------------------------------------------------------------------
INFORMATION
-----------
The information contained in the attached materials (the "Information") may
include various forms of performance analysis, security characteristics and
securities pricing estimates for the securities addressed. Please read and
understand this entire statement before utilizing the Information. Should you
receive Information that refers to the "Statement Regarding Assumption and Other
Information", please refer to this statement instead.
The Information is illustrative and is not intended to predict actual results
which may differ substantially from those reflected in the Information.
Performance analysis is based on certain assumptions with respect to significant
factors that may prove not to be as assumed. You should understand the
assumptions and evaluate whether they are appropriate for your purposes.
Performance results are based on mathematical models that use inputs to
calculate results. As with all models, results may vary significantly depending
upon the value of the inputs given. Inputs to these models include but are not
limited to: prepayment expectations (econometric prepayment models, single
expected lifetime prepayments or a vector of periodic prepayments), interest
rate assumptions (parallel and nonparallel changes for different maturity
instruments), collateral assumptions (actual pool level data, aggregated pool
level date, reported factors or imputed factions), volatility assumptions
(historically observed or implied current) and reported information (paydown
factors, rate resets and trustee statements). Models used in any analysis may be
proprietary making the results difficult for any third party to reproduce.
Contact your registered representative for detailed explanations of any modeling
techniques employed in the Information.
The Information addresses only certain aspects of the applicable security's
characteristics and thus does not provide a complete assessment. As such, the
Information may not reflect the impact of all structural characteristics of the
security, including call events and cash flow priorities at all prepayment
speeds and/or interest rates. You should consider whether the behavior of these
securities should be tested at assumptions different from those included in the
Information. The assumptions underlying the Information, including structure and
collateral, may be modified from time to time to reflect changed circumstances.
Any investment decision should be based only on the data in the prospectus and
the prospectus supplement or private placement memorandum (Offering Documents)
and the current version of the Information. Offering Documents contain data that
is current as of their publication dates and after publication may no longer be
complete or current. The Information is provided solely by Bear Stearns, not as
agent for any issuer, and although it may be based on data supplied to it by an
issuer, the issuer has not participated in its preparation and makes no
representations regarding its accuracy or completeness. Contact your registered
representative for Offering Documents, current Information or additional
materials, including other models for performance analysis, which are likely to
produce different results, and any further explanation regarding the
Information.
Any pricing estimates Bear Sterns has supplied at your request (a) represent our
view, at the time determined, of the investment value of the securities between
the estimated bid and offer levels, the spread between which may be significant
due to market volatility or illiquidity, (b) do not constitute a bid by any
person for any security, (c) may not constitute prices at which the securities
could have been purchased or sold in any market (d) have not been confirmed by
actual trades, may vary from the value Bear Stearns assigns any such security
while in its inventory, and may not take into account the size of a position you
have in the security, and (e) may have been derived from matrix pricing that
uses data relating to other securities whose process are more readily
ascertainable to produce a hypothetical price based on the estimated yield
spread relationship between the securities.
General Information: The data underlying the Information has been obtained from
sources that we believe are reliable, but we do not guarantee the accuracy of
the underlying
<PAGE>
data or computations based thereon. Bear Stearns and/or individuals thereof may
have positions in these securities while the Information is circulating or
during such period may engage in transactions with the issuer or its affiliates.
We act as principal in transactions with you, and accordingly, you must
determine the appropriateness for you of such transactions and address any
legal, tax or accounting considerations applicable to you. Bear Stearns shall
not be a fiduciary or advisor unless we have agreed in writing to receive
compensation specifically to act in such capacities. If you are subject to
ERISA, the Information is being furnished on the condition that it will not form
a primary basis for any investment decision. The Information is not a
solicitation of any transaction in securities which may be made only by
prospectus when required by law, in which event you may obtain such prospectus
from Bear Stearns.
<PAGE>
Bear Stearns & Co November 22, 1996
yap CTSX REPORT 9:10 AM EST
Page 1 of 1
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FM1196-CA102 Class A ( ) ANNUAL
Orig Bal 1,170,000 Fac 1.00000 #Coup 7.547 Mat 01/01/02 Wac-0.000
(0.000) WAM- / (-22763)
Price/Yield View Fact Thru 09/9999 Hist Coupons
Settlement Date 29-Nov-1996 Curve Date 21-November-1996
Tranche A( )
- -------------------------------------------------------------------------------
0% CPP prepay
Price 4.78 Avg. Life
01/98 1st Prin Last Prin
01/02
- -------------------------------------------------------------------------------
103:10 6.488 Yield
4.04 Duration
- --------------------------------------------------------------------------------
103:14 6.458 Yield
4.04 Duration
- --------------------------------------------------------------------------------
103:18 6.428 Yield
4.04 Duration
- --------------------------------------------------------------------------------
103:22 6.398 Yield
4.04 Duration
- --------------------------------------------------------------------------------
103:26 6.369 Yield
4.04 Duration
- --------------------------------------------------------------------------------
103:30 6.339 Yield
4.04 Duration
- --------------------------------------------------------------------------------
104. 2 6.310 Yield
4.04 Duration
- --------------------------------------------------------------------------------
104: 6 6.280 Yield
4.05 Duration
- --------------------------------------------------------------------------------
This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities, Pricing Estimates, and Other Information
(the "Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed the Statement. You may obtain
a copy of the Statement from your sales representative.
<PAGE>
Bear Stearns & Co November 22, 1996
yap CTSX REPORT 9:02 AM EST
Page 1 of 1
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FM1196-CS102 Class A ( ) SEMIANNUAL PMTS
Orig Bal 4,882,300 Fac 1.00000 Coup 7.229 Mat 01/01/02 Wac-0.000 (0.000)
WAM- / (-22763)
Price/Yield View Fact Thru 09/9999 Hist Coupons
Settlement Date 29-Nov-1996 Curve Date 21-Nov-1996 Tranche
A( )
- --------------------------------------------------------------------------------
0% CPP prepay
Price 4.78 Avg. Life
01/97 1st Prin
01/02 Last Prin
- --------------------------------------------------------------------------------
102:16 6.493 Yield
3.98 Duration
- --------------------------------------------------------------------------------
102:20 6.462 Yield
3.99 Duration
- --------------------------------------------------------------------------------
102:24 6.432 Yield
3.99 Duration
- --------------------------------------------------------------------------------
102:28 6.401 Yield
3.99 Duration
- --------------------------------------------------------------------------------
103: 0 6.371 Yield
3.99 Duration
- --------------------------------------------------------------------------------
103: 4 6.341 Yield
3.99 Duration
- --------------------------------------------------------------------------------
103: 8 6.311 Yield
3.99 Duration
- --------------------------------------------------------------------------------
103: 12 6.281 Yield
3.99 Duration
- --------------------------------------------------------------------------------
This information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities, Pricing Estimates, and Other Information
(the "Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed the Statement. You may obtain
a copy of the Statement from your sales representative.
<PAGE>
FARMER MAC OFFERINGS
- --------------------------------------------------------------------------------
YIELD MAINTENANCE CHARGES
1. FULL YIELD MAINTENANCE CHARGE - The borrower pays yield maintenance if he
prepays his mortgage at any time during the term of the mortgage.
2. PARTIAL YIELD MAINTENANCE CHARGE - The borrower pays yield maintenance if
he prepays his mortgage during the first 4 or 5 years of its term.
Thereafter, the borrower is free to prepay with no penalty.
The yield maintenance formula is generally the same whether the mortgage has
full or partial yield maintenance.
3. FULL YIELD MAINTENANCE - The designated time of prepayment the present
value of the future scheduled payments to maturity is calculated. The
future scheduled payments are discounted one each period at a rate
equivalent to the interpolated yield of the CMT having a term to maturity
which is the same as the term to such scheduled payment date from the
prepayment date.
4. PARTIAL YIELD MAINTENANCE - The calculation is the same as full yield
maintenance except that the future scheduled payments are discounted from
the date at which the mortgage becomes an "open prepay" mortgage rather
than maturity.
The calculated PV less the outstanding mortgage balance is the yield maintenance
charge.
In addition, if a borrower chooses to prepay between scheduled payment dates he
is obligated to pay the full period's interest accrual.
Farmer Mac does not guarantee to the certificate holders the payment of the
yield maintenance charge and shall pass through to the certificate holders yield
maintenance to the extent it is actually received by Farmer Mac.
The following example illustrates the yield maintenance charge using a
$2,000,000 annual pay loan with a 15-year term and a 25-year amortization term
which prepays immediately.
Assumptions
- -----------
Loan Balance $2,000,000
Gross Rate 8.320%
Field Servicing 0.370%
Guarantee Fees,
Master Servicing, Trustee 0.950%
Net Rate 7.000%
Prepay Calc Rate 7.250%
Balloon 15
Amort Term 25
<PAGE>
Yield Curve:
1 Year 5.83
2 Year 6.29
3 Year 6.49
5 Year 6.72
10 Year 6.94
30 Year 7.09
- --------------------------------------------------------------------------------
The information should be considered only after reading Bear Stearns' Statement
Regarding Assumptions as to Securities, Pricing Estimates and other information
(the "Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed the Statement. You may obtain
a copy of the Statement from your sales representative.
<PAGE>
ANNEX I: DESCRIPTION OF QUALIFIED LOAN POOLS
The description of the Qualified Loans and the related Mortgaged Properties
set forth below is based upon each Pool as constituted at the close of business
on the Cut-off Date, as adjusted for the scheduled principal payments due before
such date. Prior to the issuance of the Certificates, Qualified Loans may be
removed from each Pool as a result of incomplete documentation or otherwise, if
the Depositor deems such removal necessary or appropriate, or as a result of
prepayments in full. A limited number of other Qualified Loans may be added to
each Pool prior to the issuance of the Certificates unless including such
Qualified Loans would materially alter the characteristics of such Pool as
described herein. The Depositor believes that the information set forth herein
will be representative of the characteristics of the related Pool as it will be
constituted at the time the Certificates are issued although the range of
Mortgage Interest Rates and maturities and certain other characteristics of the
Qualified Loans in such Pool may vary.
The composition of each Qualified Loan Pool is subject to adjustment, with
the amount of such variance restricted to no more than 5% of the aggregate
principal balance of the Qualified Loans in such Pool, as stated herein. The
information set forth as to the Qualified Loans will be revised to reflect such
adjustments and included on a Form 8-K to be filed with the Commission within 15
days after the Closing Date and be available to Holders of Certificates promptly
thereafter through the facilities of the Commission as described under
"AVAILABLE INFORMATION" in the Prospectus.
Percentages in the following tables have been rounded and, therefore, the
total of the percentages in any given column may not add to 100%.
DESCRIPTION OF POOL AA1003
The Qualified Loans in Pool AA1003 will have had individual principal
balances as of the Cut-off Date of not less than $250,000 and not more than
$1,250,000. None of the Qualified Loans in Pool AA1003 will have been originated
prior to July 1, 1996 and all have a scheduled maturity of January 1, 2012. The
Qualified Loans in Pool AA1003 will have a weighted average Administrative Fee
Rate as of the Cut-off Date of approximately 1.251%.
All of the Qualified Loans in Pool AA1003 require the payment of a Yield
Maintenance Charge in connection with any principal prepayment, in whole or in
part, made prior to the maturity date of each such Qualified Loan.
Two of the Qualified Loans in Pool AA1003 (approximately 18% by aggregate
outstanding principal balance as of the Cut-off Date) provide for the annual
payment of principal and interest on a level basis to fully amortize each such
Qualified Loan over its stated term. All of the remaining Qualified Loans in
Pool AA1003 are balloon loans which provide for regular annual payments of
principal and interest computed on the basis of an amortization term that is
longer than the related term to stated maturity, with a "balloon" payment (each,
a "Balloon Payment") due at stated maturity that will be significantly larger
than the annual payments (each, a "Qualified Balloon Loan").
One Qualified Loan included in Pool AA1003 constitutes 32% (by principal
balance as of the Cut-off Date) of the aggregate principal amount of such Pool.
Such Qualified Loan has the following additional characteristics (in each case,
as of the Cut-off Date):
A-1
<PAGE>
Principal Balance......................... $1,250,000
Mortgage Interest Rate ................... 9.150%
Net Mortgage Rate......................... 7.860%
Year of Maturity.......................... 2012
Loan-to-Value Ratio....................... 58%
Original term to Maturity................. 15 years
The Mortgaged Property securing such Qualified Loan is located in the State
of Montana; the primary commodities produced on such property are hay, wheat and
beef cattle and calves. The loan is a Qualified Balloon Loan, with an
amortization schedule of 25 years. The total debt service coverage ratio (which
ratio gives effect to all sources of income) for such loan is 2.51. See "RISK
FACTORS -- "Relative Loan Sizes."
The following tables set forth additional information with respect to the
Qualified Loans included in Pool AA1003, in each case as of the Cut-off Date.
Percentages are based on the aggregate principal balance of Qualified Loans in
Pool AA1003.
Pool - AA1003
Distribution by Cut-off Date Principal Balance
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
Aggregate Principal Percentage of Aggregate
Number Balance As of Cut-off Aggregate Principal
Cut-off Date Principal Balance of Loans Date Balance As of Cut-Off
Date
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
$ 200,001 to $ 300,000 ............... 2 $ 530,000 14%
300,001 to 400,000 ............... 1 341,700 9
400,001 to 500,000 ............... 1 450,000 12
500,001 to 600,000 ............... 1 510,000 13
700,001 to 800,000 ............... 1 800,000 21
1,200,001 to 1,300,000 ............... 1 1,250,000 32
- ------------------------------------------------------------------------------------------------------------------------------------
Total 7 $ 3,881,700 100%
- ------------------------------------------------------------------------------------------------------------------------------------
Average Loan Amount $ 554,529
Minimum Amount $ 250,000
Maximum Amount $ 1,250,000
</TABLE>
A-2
<PAGE>
Pool - AA1003
Distribution by Mortgage Interest Rate
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------------
Aggregate Precentage of Aggregate
Number Principal Balance Principal Balance As of
Mortgage Interest Rate of Loans As of Cut-off Date Cut-off Date
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
9.001 % to 9.250 % ........ 4 $ 2,121,700 55%
9.251 to 9.500 .......... 3 1,760,000 45
- ----------------------------------------------------------------------------------------------------------------------------------
Total 7 $ 3,881,700 100%
- ----------------------------------------------------------------------------------------------------------------------------------
Weighted Average Mortgage Interest Rate 9.267%
Minimum Mortgage Interest Rate 9.050%
Maximum Mortgage Interest Rate 9.450%
</TABLE>
Pool - AA1003
Distribution by Net Mortgage Rate
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
Aggregate Precentage of Aggregate
Number Principal Balance Principal Balance As of
Net Mortgage Rate of Loans As of Cut-off Date Cut-off Date
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
7.751 % to 8.000 % .......... 4 $ 2,490,000 64%
8.001 to 8.250 ........... 2 591,700 15
8.251 to 8.500 ........... 1 800,000 21
- -----------------------------------------------------------------------------------------------------------------------------------
Total 7 $ 3,881,700 100%
- -----------------------------------------------------------------------------------------------------------------------------------
Weighted Average Net Mortgage Rate 8.016%
Minimum Net Mortgage Rate 7.860%
Maximum Net Mortgage Rate 8.340%
</TABLE>
A-3
<PAGE>
Pool - AA1003
Distribution by Remaining Amortization Term
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
Aggregate Precentage of Aggregate
Number Principal Balance Principal Balance As of
Remaining Amortization Term of Loans As of Cut-off Date Cut-off Date
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
168 to 180................. 2 $ 700,000 18%
288 to 300................. 5 3,181,700 82
- -----------------------------------------------------------------------------------------------------------------------------------
Total 7 $ 3,881,700 100%
- -----------------------------------------------------------------------------------------------------------------------------------
Weighted Average Remaining Amortization Term 278 months
Minimum Remaining Amortization Term 180 months
Maximum Remaining Amortization Term 300 months
</TABLE>
Pool - AA1003
Distribution by Amortization Type
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
Aggregate Percentage Weighted Weighted
Principal of Aggregate Average Cut- Average
Year of Number Balance As of Principal Balance Off Date Loan- Balloon-to
Maturity of Loans Cut-off Date As of Cut-off Date to-Value Ratio Value Ratio (1)
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Fully Amortizing 2012 ......... 2 $ 700,000 18% 59% 0%
Balloon Loans 2012 ......... 5 3,181,700 82 60 42
- -----------------------------------------------------------------------------------------------------------------------------------
Total 7 $ 3,881,700 100% 60%
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) The Weighted Average Balloon-to-Value Ratio represents the percentage of
the weighted average of the Balloon Payments of the Qualified Balloon Loans
in the Pool to the weighted average appraised value of the related
Mortgaged Properties
A-4
<PAGE>
Pool - AA1003
Distribution by Cut-off Date Loan-to-Value Ratio
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
Aggregate Precentage of Aggregate
Number Principal Balance Principal Balance Cumulative
Loan-to-Value Ratio of Loans As of Cut-off Date As of Cut-off Date Percentage
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
45.01% to 50.00% ......... 1 $ 341,700 9% 9%
55.01 to 60.00 ......... 3 2,210,000 57 66
60.01 to 65.00 ......... 2 1,050,000 27 93
65.01 to 70.00 ......... 1 280,000 7 100
- -----------------------------------------------------------------------------------------------------------------------------------
Total 7 $ 3,881,700 100%
- -----------------------------------------------------------------------------------------------------------------------------------
Weighted Average Loan-to-Value Ratio 60%
Minimum Loan-to-Value Ratio 45%
Maximum Loan-to-Value Ratio 70%
</TABLE>
Pool - AA1003
Distribution by Total Debt Coverage Ratio (1)
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
Aggregate Percentage of Aggregate
Number Principal Balance Principal Balance Cummulative
Debt Coverage Ratio of Loans As of Cut-off Date As of Cut-off Date Percentage
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
1.26 to 1.50 ............... 5 $ 2,381,700 61% 61%
2.51 to 2.75 ............... 1 1,250,000 32 94
3.01 to 3.25 ............... 1 250,000 6 100
- -----------------------------------------------------------------------------------------------------------------------------------
Total 7 $ 3,881,700 100%
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Weighted Average Total Debt Coverage Ratio 1.85
Minimum Total Debt Coverage Ratio 1.31
Maximum Total Debt Coverage Ratio 3.01
(1) Total Debt Coverage Ratio is the ratio determined by dividing the
borrower's total annual net income (net of living expenses and taxes) from
all sources by the borrower's total annual debt service obligations
(including capital lease payments).
A-5
<PAGE>
Pool - AA1003
Distribution by Commodity Group (1)
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
Precentage
Number Aggregate Principal of Aggregate Principal
Commodity Group of Loans Balance As of Cut-off Date Balance As of Cut-off Date
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Cattle and Calves 3 $ 967,510 25%
Cotton/Tobacco 1 120,000 3
Feed Grains 2 632,500 16
Food Grains 3 674,090 17
Oilseeds 1 80,000 2
Permanent Plantings 2 700,000 18
Potatoes, Tomatoes, and Other Vegetables 1 107,100 3
Sugarbeets, Cane and Other Crops 3 600,500 15
- ------------------------------------------------------------------------------------------------------------------------------------
Total 16 $ 3,881,700 100%
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) The number of loans in each commodity group will not equal the total number
of loans because a Mortgaged Property may be used to produce multiple
commodities and thus the related Qualified Loan may be allocated to more
than one commodity group. As to any Qualified Loan allocated to more than
one commodity group, the principal balance thereof is allocated among
commodity groups based on the proportion of the Mortgaged Property used for
the production of each commodity.
Pool - AA1003
Distribution by States
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
Aggregate Percentage of Aggregate
Number Principal Balance Principal Balance
State of Loans As of Cut-off Date As of Cut-off Date
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
California 1 $ 250,000 6%
Kentucky 1 800,000 21
Montana 3 1,871,700 48
Washington 2 960,000 25
- ------------------------------------------------------------------------------------------------------------------------------------
Total 7 $ 3,881,700 100%
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
A-6
<PAGE>
DESCRIPTION OF POOL AS1004
The Qualified Loans in Pool AS1004 will have had individual principal
balances as of the Cut-off Date of not less than $93,000 and not more than
$1,000,000. None of the Qualified Loans in Pool AS1004 will have been originated
prior to July 1, 1996 and all have a scheduled maturity of January 1, 2012. The
Qualified Loans in Pool AS1004 will have a weighted average Administrative Fee
Rate as of the Cut-off Date of approximately 1.181%.
All of the Qualified Loans in Pool AS1004 require the payment of a Yield
Maintenance Charge in connection with any principal prepayment, in whole or in
part, made prior to the maturity date of each such Qualified Loan.
Four of the Qualified Loans in Pool AS1004 (approximately 30% by aggregate
outstanding principal balance as of the Cut-off Date) provide for the
semi-annual payment of principal and interest on a level basis to fully amortize
each such Qualified Loan over its stated term. All of the remaining Qualified
Loans in Pool AS1004 are balloon loans which provide for regular semi-annual
payments of principal and interest computed on the basis of an amortization term
that is longer than the related term to stated maturity, with a "balloon"
payment (each, a "Balloon Payment") due at stated maturity that will be
significantly larger than the semi-annual payments (each, a "Qualified Balloon
Loan").
The following tables set forth additional information with respect to the
Qualified Loans included in Pool AS1004, in each case as of the Cut-off Date.
Percentages are based on the aggregate principal balance of Qualified Loans in
Pool AS1004.
Pool - AS1004
Distribution by Cut-off Date Principal Balance
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------------
Aggregate Percentage Percentage of
Number of Principal Balance Aggregate
Cut-off Date Principal Balance Loans As of Cut-off Date Principal
Balance As of
Cut-off Date
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
$ 1 to $100,000............... 1 $ 93,000 2%
100,001 to 200,000............... 3 462,000 8
300,001 to 400,000............... 2 757,000 13
400,001 to 500,000............... 1 486,000 8
500,001 to 600,000............... 4 2,304,400 38
800,001 to 900,000............... 1 900,000 15
900,001 to 1,000,000............... 1 1,000,000 17
- -------------------------------------------------------------------------------------------------------------------------------
Total 13 $ 6,002,400 100.00%
- -------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Average Loan Amount $ 461,723
Minimum Amount $ 93,000
Maximum Amount $ 1,000,000
A-7
<PAGE>
Pool - AS1004
Distribution by Mortgage Interest Rate
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------------
Aggregate Precentage of Aggregate
Number Principal Balance Principal Balance As of
Mortgage Interest Rate of Loans As of Cut-off Date Cut-off Date
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
8.251 % to 8.500% ............. 1 $ 1,000,000 17%
8.501 to 8.750 ............. 1 170,000 3
8.751 to 9.000 ............. 3 818,000 14
9.001 to 9.250 ............. 6 3,138,400 52
9.251 to 9.500 ............. 1 390,000 6
9.501 to 9.750 ............. 1 486,000 8
- ------------------------------------------------------------------------------------------------------------------------------------
Total 13 $ 6,002,400 100%
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Weighted Average Mortgage Interest Rate 9.038%
Minimum Mortgage Interest Rate 8.500%
Maximum Mortgage Interest Rate 9.520%
Pool - AS1004
Distribution by Net Mortgage Rate
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------------
Aggregate Precentage of Aggregate
Number Principal Balance Principal Balance As of
Net Mortgage Rate of Loans As of Cut-off Date Cut-off Date
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
7.251 % to 7.500 % ...................... 1 $ 1,000,000 17 %
7.501 to 7.750 ....................... 4 942,400 16
7.751 to 8.000 ....................... 3 1,565,000 26
8.001 to 8.250 ....................... 5 2,495,000 42
- ---------------------------------------------------------------------------------------------------------------------------------
Total 13 $ 6,002,400 100 %
- ---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Weighted Average Net Mortgage Rate 7.857%
Minimum Net Mortgage Rate 7.430%
Maximum Net Mortgage Rate 8.140%
A-8
<PAGE>
Pool - AS1004
Distribution by Remaining Amortization Term
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------------
Aggregate Percentage Percentage of
Principal Balance Aggregate Principal
Remaining Amortization Term Number of As of Cut-off Balance As of Cut-off
Loans Date Date
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
168 to 180 ............. 4 $ 1,787,000 30%
288 to 300 ............. 9 4,215,400 70
- --------------------------------------------------------------------------------------------------------------------------------
Total 13 $ 6,002,400 100%
- --------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Weighted Average Remaining Amortization Term 264 months
Minimum Remaining Amortization Term 180 months
Maximum Remaining Amortization Term 300 months
Pool - AS1004
Distribution by Amortization Type
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
Aggregate Percentage Weighted Weighted
Principal of Aggregate Average Cut- Average
Year of Number Balance As of Principal Balance Off Date Loan- Balloon-to
Maturity of Loans Cut-off Date As of Cut-off Date to-Value Ratio Value Ratio (1)
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Fully Amortizing 2012 ....... 4 $ 1,787,000 30% 49% 0%
Balloon Loans 2012 ....... 9 4,215,400 70 61 42
- -----------------------------------------------------------------------------------------------------------------------------------
Total 13 $ 6,002,400 100% 58%
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) The Weighted Average Balloon-to-Value Ratio represents the percentage of
the weighted average of the Balloon Payments of the Qualified Balloon Loans
in the Pool to the weighted average appraised value of the related
Mortgaged Properties
A-9
<PAGE>
Pool - AS1004
Distribution by Cut-off Date Loan-to-Value Ratio
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------------
Aggregate Percentage of Cumulative
Principal Aggregate Percentage
Loan-to-Value Ratio Number of Balance As of Principal
Loans Cut-off Date Balance As of
Cut-off Date
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
35.01% to 40.00% ............ 1 $ 142,000 2% 2%
40.01 to 45.00 ............ 3 1,556,000 26 28
45.01 to 50.00 ............ 2 750,000 12 41
60.01 to 65.00 ............ 3 1,268,000 21 62
65.01 to 70.00 ............ 4 2,286,400 38 100
- ----------------------------------------------------------------------------------------------------------------------------------
Total 13 $ 6,002,400 100%
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Weighted Average Loan-to-Value Ratio 58%
Minimum Loan-to-Value Ratio 39%
Maximum Loan-to-Value Ratio 70%
Pool - AS1004
Distribution by Total Debt Coverage Ratio (1)
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------------
Aggregate Percentage of Cumulative
Number of Principal Balance Aggregate Percentage
Debt Coverage Ratio Loans As of Cut-off Date Principal
Balance As of
Cut-off Date
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
1.26 to 1.50 ............ 8 $ 3,971,000 66% 66%
1.51 to 1.75 ............ 1 367,000 6 72
1.76 to 2.00 ............ 1 93,000 2 74
2.01 to 2.25 ............ 1 900,000 15 89
3.51 to 3.75 ............ 1 529,400 9 98
5.26 to 5.50 ............ 1 142,000 2 100
- ----------------------------------------------------------------------------------------------------------------------------------
Total 13 $ 6,002,400 100%
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Weighted Average Total Debt Coverage Ratio 1.78
Minimum Total Debt Coverage Ratio 1.26
Maximum Total Debt Coverage Ratio 5.39
(1) Total Debt Coverage Ratio is the ratio determined by dividing the
borrower's total annual net income (net of living expenses and taxes) from
all sources by the borrower's total annual debt service obligations
(including capital lease payments).
A-10
<PAGE>
Pool - AS1004
Distribution by Commodity Group (1)
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------
Aggregate Principal Percentage of Aggregate
Number of Balance As of Cut-off Principal Balance As of
Commodity Group Loans Date Cut-off Date
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Cattle and Calves 2 $ 487,000 8%
Cotton/Tobacco 2 471,000 8
Feed Grains 9 2,842,860 47
Food Grains 3 640,940 11
Oilseeds 4 490,600 8
Permanent Plantings 3 1,070,000 18
- -------------------------------------------------------------------------------------------------------------
Total 23 $ 6,002,400 100%
- -------------------------------------------------------------------------------------------------------------
</TABLE>
(1) The number of loans in each commodity group will not equal the total number
of loans because a Mortgaged Property may be used to produce multiple
commodities and thus the related Qualified Loan may be allocated to more
than one commodity group. As to any Qualified Loan allocated to more than
one commodity group, the principal balance thereof is allocated among
commodity groups based on the proportion of the Mortgaged Property used for
the production of each commodity.
Pool - AS1004
Distribution by States
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------
Aggregate Principal Percentage of Aggregate
Number of Balance As of Cut-off Principal Balance As of
State Loans Date Cut-off Date
- ---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
California 2 $ 312,000 5%
Georgia 1 1,000,000 17
Illinois 2 1,200,000 20
Kansas 1 529,400 9
Kentucky 1 575,000 10
Minnesota 1 93,000 2
Montana 1 486,000 8
Nebraska 1 390,000 6
Ohio 1 150,000 2
Utah 1 367,000 6
Washington 1 900,000 15
- ---------------------------------------------------------------------------------------------------------------
Total 13 $ 6,002,400 100%
- ---------------------------------------------------------------------------------------------------------------
</TABLE>
A-11
<PAGE>
DESCRIPTION OF POOL CA1002
The two Qualified Loans in Pool CA1002 will have had individual principal
balances as of the Cut-off Date of $400,000 and $770,000 respectively. Neither
of the Qualified Loans in Pool CA1002 will have been originated prior to July 1,
1996 and both have a scheduled maturity of January 1, 2002. The Qualified Loans
in Pool CA1002 will have a weighted average Administrative Fee Rate as of the
Cut-off Date of approximately 1.323%.
Both of the Qualified Loans in Pool CA1002 require the payment of a Yield
Maintenance Charge in connection with any principal prepayment, in whole or in
part, made prior to the maturity date of each such Qualified Loan.
Both of the Qualified Loans in Pool CA1002 are balloon loans which provide
for regular annual payments of principal and interest computed on the basis of
an amortization term that is longer than the related term to stated maturity,
with a "balloon" payment (each, a "Balloon Payment") due at stated maturity that
will be significantly larger than the annual payments (each, a "Qualified
Balloon Loan").
Pool CA1002 consists of two Qualified Loans constituting 66% and 34 % (by
principal balance of the Cut-off Date), respectively, of the aggregate principal
amount of such Pool. The following tables set forth additional information with
respect to the Qualified Loans included in Pool CA1002, in each case as of the
Cut-off Date. Percentages are based on the aggregate principal balance of
Qualified Loans in Pool CA1002.
Pool - CA1002
Distribution by Cut-off Date Principal Balance
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------------
Aggregate Percentage of
Number of Principal Balance Aggregate
Cut-off Date Principal Balance Loans As of Cut-off Principal
Date Balance As of
Cut-off Date
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
$ 300,001 to $ 400,000........... 1 $ 400,000 34%
700,001 to 800,000........... 1 770,000 66
- ---------------------------------------------------------------------------------------------------------------------------------
Total 2 $ 1,170,000 100%
- ---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Average Loan Amount $ 585,000
Minimum Amount $ 400,000
Maximum Amount $ 770,000
A-12
<PAGE>
Pool - CA1002
Distribution by Mortgage Interest Rate
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------------
Aggregate Precentage of Aggregate
Number Principal Balance Principal Balance As of
Mortgage Interest Rate of Loans As of Cut-off Date Cut-off Date
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
8.501% to 8.750% .......... 1 $ 400,000 34%
8.751 to 9.000 ........... 1 770,000 66
- ---------------------------------------------------------------------------------------------------------------------------------
Total 2 $ 1,170,000 100%
- ---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Weighted Average Mortgage Interest Rate 8.870%
Minimum Mortgage Interest Rate 8.620%
Maximum Mortgage Interest Rate 9.000%
Pool - CA1002
Distribution by Net Mortgage Rate
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------------
Aggregate Precentage of Aggregate
Number Principal Balance Principal Balance As of
Net Mortgage Rate of Loans As of Cut-off Date Cut-off Date
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
7.251% to 7.500% .............. 1 $ 400,000 34%
7.501 to 7.750 .............. 1 770,000 66
- ----------------------------------------------------------------------------------------------------------------------------------
Total 2 $ 1,170,000 100%
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Weighted Average Net Mortgage Rate 7.547%
Minimum Net Mortgage Rate 7.330%
Maximum Net Mortgage Rate 7.660%
A-13
<PAGE>
Pool - CA1002
Distribution by Amortization Type
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------------
Aggregate Percentage Weighted Weighted
Principal of Aggregate Average Cut- Average
Year of Number Balance As of Principal Balance Off Date Loan- Balloon-to
Maturity of Loans Cut-off Date As of Cut-off Date to-Value Ratio Value Ratio (1)
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Balloon Loans 2002 ............ 2 $ 1,170,000 100% 67% 57%
- ----------------------------------------------------------------------------------------------------------------------------------
Total 2 $ 1,170,000 100%
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) The Weighted Average Balloon-to-Value Ratio represents the percentage of
the weighted average of the Balloon Payments of the Qualified Balloon Loans
in the Pool to the weighted average appraised value of the related
Mortgaged Properties
Pool - CA1002
Distribution by Remaining Amortization Term
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------------
Aggregate Percentage Percentage of
Principal Balance Aggregate Principal
Remaining Amortization Term Number of As of Cut-off Balance As of Cut-off
Loans Date Date
- --------------------------------------------------------------------------------------------------------------------------------
<C> <C> <C> <C> <C>
168 to 180 ................... 2 $ 1,170,000 100%
- --------------------------------------------------------------------------------------------------------------------------------
Total 2 $ 1,170,000 100%
- --------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Weighted Average Remaining Amortization Term 180 months
Minimum Remaining Amortization Term 180 months
Maximum Remaining Amortization Term 180 months
A-14
<PAGE>
Pool - CA1002
Distribution by Cut-off Date Loan-to-Value Ratio
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------------
Aggregate Percentage of Cumulative
Principal Aggregate Percentage
Loan-to-Value Ratio Number of Balance As of Principal
Loans Cut-off Date Balance As of
Cut-off Date
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
60.01% to 65.00% .................... 1 $ 400,000 34% 34%
65.01 to 70.00 .................... 1 770,000 66 100
- ----------------------------------------------------------------------------------------------------------------------------------
Total 2 $ 1,170,000 100%
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Weighted Average Loan-to-Value Ratio 67%
Minimum Loan-to-Value Ratio 62%
Maximum Loan-to-Value Ratio 70%
Pool - CA1002
Distribution by Total Debt Coverage Ratio (1)
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------------
Aggregate Percentage of Cumulative
Number of Principal Balance Aggregate Percentage
Debt Coverage Ratio Loans As of Cut-off Date Principal
Balance As of
Cut-off Date
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
1.26 to 1.50 ............... 2 $ 1,170,000 100% 100%
- ----------------------------------------------------------------------------------------------------------------------------------
Total 2 $ 1,170,000 100%
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Weighted Average Total Debt Coverage Ratio 1.43
Minimum Total Debt Coverage Ratio 1.40
Maximum Total Debt Coverage Ratio 1.50
(1) Total Debt Coverage Ratio is the ratio determined by dividing the
borrower's total annual net income (net of living expenses and taxes) from
all sources by the borrower's total annual debt service obligations
(including capital lease payments).
A-15
<PAGE>
Pool - CA1002
Distribution by Commodity Group (1)
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------
Aggregate Principal Percentage of Aggregate
Number of Balance As of Cut-off Principal Balance As of
Commodity Group Loans Date Cut-off Date
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Feed Grains 1 $770,000 66%
Permanent Plantings 1 400,000 34
- --------------------------------------------------------------------------------------------------------------------------
Total 2 $ 1,170,000 100%
- --------------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) The number of loans in each commodity group will not equal the total number
of loans because a Mortgaged Property may be used to produce multiple
commodities and thus the related Qualified Loan may be allocated to more
than one commodity group. As to any Qualified Loan allocated to more than
one commodity group, the principal balance thereof is allocated among
commodity groups based on the proportion of the Mortgaged Property used for
the production of each commodity.
Pool - CA1002
Distribution by States
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------
Aggregate Principal Percentage of Aggregate
Number of Balance As of Cut-off Principal Balance As of
State Loans Date Cut-off Date
- --------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Idaho 1 $ 770,000 66%
Washington 1 400,000 34
- --------------------------------------------------------------------------------------------------------
Total 2 $ 1,170,000 100%
- --------------------------------------------------------------------------------------------------------
</TABLE>
A-16
<PAGE>
DESCRIPTION OF POOL CS1002
The Qualified Loans in Pool CS1002 will have had individual principal
balances as of the Cut-off Date of not less than $120,000 and not more than
$2,300,000. None of the Qualified Loans in Pool CS1002 will have been originated
prior to July 1, 1996. The Qualified Loans in Pool CS1002 will have a weighted
average Administrative Fee Rate as of the Cut-off Date of approximately 1.265%.
All of the Qualified Loans in Pool CS1002 require the payment of a Yield
Maintenance Charge in connection with any principal prepayment, in whole or in
part, made prior to the maturity date of each such Qualified Loan.
All of the Qualified Loans in Pool CS1002 are balloon loans which provide
for regular semi-annual payments of principal and interest computed on the basis
of an amortization term that is longer than the related term to stated maturity,
with a "balloon" payment (each, a "Balloon Payment") due at stated maturity that
will be significantly larger than the semi-annual payments (each, a "Qualified
Balloon Loan").
One Qualified Loan included in Pool CS1002 constitutes 47% (by principal
balance as of the Cut-off Date) of the aggregate principal amount of such Pool.
Such Qualified Loan has the following additional characteristics (in each case,
as of the Cut-off Date):
Principal Balance .................................... $ 2,300,000
Mortgage Interest Rate ............................... 8.60%
Net Mortgage Rate .................................... 7.13%
Year of Maturity ..................................... 2002
Loan-to-Value Ratio .................................. 50%
Original term to Maturity ............................ 5 years
The Mortgaged Property securing such Qualified Loan is located in the State
of Oregon; the primary commodities produced on such property are sugar beets and
wheat. The loan is a Qualified Balloon Loan, with an amortization schedule of 25
years. The total debt service coverage ratio (which ratio gives effect to all
sources of income) for such loan is 1.40. See "RISK FACTORS -- "Relative Loan
Sizes."
The following tables set forth additional information with respect to the
Qualified Loans included in Pool CS1002, in each case as of the Cut-off Date.
Percentages are based on the aggregate principal balance of Qualified Loans in
Pool CS1002.
A-17
<PAGE>
Pool - CS1002
Distribution by Cut-off Date Principal Balance
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------------
Aggregate Percentage of
Number of Principal Balance Aggregate
Cut-off Date Principal Balance Loans As of Cut-off Principal
Date Balance As of
Cut-off Date
- ----------------------------------------------------------------------------------------------------------------------------------
<C> <C> <C> <C> <C>
$ 100,001 to $ 200,000............. 2 $ 266,300 5%
200,001 to 300,000............. 1 250,000 5
300,001 to 400,000............. 1 306,000 6
700,001 to 800,000............. 1 760,000 16
900,001 to 1,000,000............. 1 1,000,000 20
2,200,001 to 2,300,000............. 1 2,300,000 47
- ----------------------------------------------------------------------------------------------------------------------------------
Total 7 $ 4,882,300 100%
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Average Loan Amount $ 697,471
Minimum Amount $ 120,000
Maximum Amount $ 2,300,000
Pool - CS1002
Distribution by Mortgage Interest Rate
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------------
Aggregate Precentage of Aggregate
Number Principal Balance Principal Balance As of
Mortgage Interest Rate of Loans As of Cut-off Date Cut-off Date
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
8.001 % to 8.250 % ........... 1 $ 760,000 16%
8.251 to 8.500 ............. 3 1,426,000 29
8.501 to 8.750 ............. 2 2,550,000 52
8.751 to 9.000 ............. 1 146,300 3
- ----------------------------------------------------------------------------------------------------------------------------------
Total 7 $ 4,882,300 100%
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Weighted Average Mortgage Interest Rate 8.494%
Minimum Mortgage Interest Rate 8.160%
Maximum Mortgage Interest Rate 8.800%
A-18
<PAGE>
Pool - CS1002
Distribution by Net Mortgage Rate
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------------
Aggregate Precentage of Aggregate
Number Principal Balance Principal Balance As of
Net Mortgage Rate of Loans As of Cut-off Date Cut-off Date
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
7.001% to 7.250%........................ 4 $ 3,486,000 71%
7.251 to 7.500 ........................ 2 1,250,000 5
7.501 to 7.750 ........................ 1 146,300 23
- ---------------------------------------------------------------------------------------------------------------------------------
Total 7 $ 4,882,300 100%
- ---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Weighted Average Net Mortgage Rate 7.229%
Minimum Net Mortgage Rate 7.070%
Maximum Net Mortgage Rate 7.720%
Pool - CS1002
Distribution by Remaining Amortization Term
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------------
Aggregate Percentage Percentage of
Principal Balance Aggregate Principal
Remaining Amortization Term Number of As of Cut-off Balance As of Cut-off
Loans Date Date
- ---------------------------------------------------------------------------------------------------------------------------------
<C> <C> <C> <C>
168 to 180 ............... 5 $ 2,332,300 48%
288 to 300 ............... 2 2,550,000 52
- ---------------------------------------------------------------------------------------------------------------------------------
Total 7 $ 4,882,300 100%
- ---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Weighted Average Remaining Amortization Term 243 months
Minimum Remaining Amortization Term 180 months
Maximum Remaining Amortization Term 300 months
A-19
<PAGE>
Pool - CS1002
Distribution by Amortization Type
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------------
Aggregate Percentage Weighted Weighted
Principal of Aggregate Average Cut- Average
Year of Number Balance As of Principal Balance Off Date Loan- Balloon-to
Maturity of Loans Cut-off Date As of Cut-off Date to-Value Ratio Value Ratio (1)
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Balloon Loans 2001 ........... 2 $ 1,010,000 21% 52% 44%
Balloon Loans 2002 ........... 5 3,872,300 79 56 49
- ----------------------------------------------------------------------------------------------------------------------------------
Total 7 $ 4,882,300 100% 55%
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Weighted Average Maturity Date 1/1/02
Minimum Maturity Date 7/1/01
Maximum Maturity Date 1/1/02
(1) The Weighted Average Balloon-to-Value Ratio represents the percentage of
the weighted average of the Balloon Payments of the Qualified Balloon Loans
in the Pool to the weighted average appraised value of the related
Mortgaged Properties
Pool - CS1002
Distribution by Cut-off Date Loan-to-Value Ratio
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------------
Aggregate Percentage of Cumulative
Principal Aggregate Percentage
Loan-to-Value Ratio Number of Balance As of Principal
Loans Cut-off Date Balance As of
Cut-off Date
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
40.01% to 45.00% ................. 1 $ 250,000 5% 5%
45.01 to 50.00 ................. 1 2,300,000 47 52
50.01 to 55.00 ................. 1 760,000 16 68
60.01 to 65.00 ................. 1 1,000,000 20 88
65.01 to 70.00 ................. 3 572,300 12 100
- ----------------------------------------------------------------------------------------------------------------------------------
Total 7 $ 4,882,300 100%
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Weighted Average Loan-to-Value Ratio 55%
Minimum Loan-to-Value Ratio 43%
Maximum Loan-to-Value Ratio 70%
A-20
<PAGE>
Pool - CS1002
Distribution by Total Debt Coverage Ratio (1)
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
Aggregate Percentage of Cumulative
Number of Principal Balance Aggregate Percentage
Debt Coverage Ratio Loans As of Cut-off Date Principal
Balance As of
Cut-off Date
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
1.26 to 1.50 ............... 3 $ 2,670,000 55% 55%
2.26 to 2.50 ............... 1 1,000,000 20 75
2.76 to 3.00 ............... 1 306,000 6 81
5.01 to 5.25 ............... 1 760,000 16 97
5.26 to 5.50 ............... 1 146,300 3 100
- -----------------------------------------------------------------------------------------------------------------------------------
Total 7 $ 4,882,300 100%
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Weighted Average Total Debt Coverage Ratio 2.42
Minimum Total Debt Coverage Ratio 1.40
Maximum Total Debt Coverage Ratio 5.33
(1) Total Debt Coverage Ratio is the ratio determined by dividing the
borrower's total annual net income (net of living expenses and taxes) from
all sources by the borrower's total annual debt service obligations
(including capital lease payments).
Pool - CS1002
Distribution by Commodity Group (1)
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
Aggregate Principal Percentage of Aggregate
Number of Balance As of Cut-off Principal Balance As of
Commodity Group Loans Date Cut-off Date
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Cattle and Calves 1 $ 250,000 5
Food Grains 1 1,150,000 24%
Permanent Plantings 7 2,332,300 48
Sugarbeets, Cane and Other Crops 1 1,150,000 24
- ------------------------------------------------------------------------------------------------------------------------------------
Total 10 $ 4,882,300 100%
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) The number of loans in each commodity group will not equal the total number
of loans because a Mortgaged Property may be used to produce multiple
commodities and thus the related Qualified Loan may be allocated to more
than one commodity group. As to any Qualified Loan allocated to more than
one commodity group, the principal balance thereof is allocated among
commodity groups based on the proportion of the Mortgaged Property used for
the production of each commodity.
A-21
<PAGE>
Pool - CS1002
Distribution by States
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------
Aggregate Principal Percentage of Aggregate
Number of Balance As of Cut-off Principal Balance As of
State Loans Date Cut-off Date
- ---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
California 5 $ 2,332,300 48%
Oregon 2 2,550,000 52
- ---------------------------------------------------------------------------------------------------------
Total 7 $ 4,882,300 100%
- ---------------------------------------------------------------------------------------------------------
</TABLE>
A-22
