<PAGE>
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: December 18, 1997
(Date of earliest event reported)
Commercial Mortgage Acceptance Corp.
-----------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 333-13725 43-1681393
- -------------------------------------------------------------------------------
(State or Other (Commission (I.R.S. Employer
Jurisdiction of File Number) Identification No.)
Incorporation
210 West 10th Street, Kansas City, Missouri 64105
- -------------------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (816) 435-5000
<PAGE>
ITEM 5. OTHER EVENTS.
Attached as exhibits to this Current Report are certain
computational materials (the "Computational Materials") distributed by
the underwriter in respect of the Registrant's proposed offering of the
Commercial Mortgage Pass-Through Certificates, Series 1997-ML1.
The Certificates will be offered pursuant to a Prospectus
and related Prospectus Supplement (together, the "Prospectus"), which will be
filed with the Commission pursuant to Rule 424 under the Securities Act of
1933, as amended (the "Act"). The offer and sale contemplated by the
Prospectus of the Certificates will be registered pursuant to the Act under
the Registrant's Registration Statement on Form S-3 (No. 333-13725) (the
"Registration Statement"). The Registrant hereby incorporates the Computational
Materials by reference in the Prospectus and the Registration Statement.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
(c) Exhibits
Item 601(a) of Regulation
S-K Exhibit No. Description
------------------------- -----------
99.1 Computational Materials
2
<PAGE>
Pursuant to the requirements of the
Securities Exchange Act of 1934, the
Registrant has duly caused this report
to be signed on behalf of the
Registrant by the undersigned thereunto
duly authorized.
COMMERCIAL MORTGAGE ACCEPTANCE CORP.
By: /s/ Leon E. Bergman
------------------------------
Name: Leon E. Bergman
Title: Executive Vice President
Date: December 18, 1997
3
<PAGE>
EXHIBIT INDEX
Item 601(a) of Regulation
S-K Exhibit No. Description Page
------------------------- ----------- ----
99.1 Computational Materials 5
<PAGE>
Dec 12 09:27 1997 Page 1
MERRILL LYNCH & CO
<TABLE>
<S> <C> <C>
Deal Name: ml7xl1_red_gr MORTGAGE BALANCE .....: $848,482,929
CLASS NOT. BALANCE ...: $751,574,263
PROCEEDS .............: $37,703,728
CREDIT SUPPORT(%) ....: 0.0%
CREDIT SUPPORT($) ....: $0
MONTH DEFAULTS BEGIN .:
MONTH DEFAULTS END ...:
MONTHS TO RECOVERY ...: 0
SERVICER ADVANCES ....: P & I
LOSS MODE ............: P only
SETTLEMENT DATE ......: 12/30/1997
</TABLE>
CLASS IO - PRICE = 4-30+
loym_100 = 0% CPR for lockouts/defeasance, yield maintenance, 100% CPR
thereafter
100 CPR = 0% CPR for lockouts/defeasance, 100% CPR thereafter
def_farb = default Farb loan in year 3, 5 and 7
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
---------------------------------------------PREPAYMENTS---------------------------------------------
0 CPR loym_100 100 CPR
------- 0%/LOANS ------- ------- 0%/LOANS ------- ------- 0%/LOANS ------
LS C.LOSS% YIELD WAL SPRD C.LOSS% YIELD WAL SPRD C.LOSS% YIELD WAL SPRD
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
0 CDR 0 0.00 8.35 9.4 239 0.00 7.85 9.2 189 0.00 7.70 8.7 175
25 0.00 8.35 9.4 239 0.0O 7.85 9.2 189 0.00 7.70 8.7 175
50 0.00 8.35 9.4 239 0.00 7.85 9.2 139 0.00 7.70 8.7 175
------- 7%/LOANS ------- ------- 7%/LOANS ------- ------- 7%/LOANS ------
LS C.LOSS% YIELD WAL SPRD C.LOSS% YIELD WAL SPRD C.LOSS% YIELD WAL SPRD
- -----------------------------------------------------------------------------------------------------------------------
def_farb3 0 0.00 7.43 8.9 147 0.00 6.92 8.7 96 0.00 6.72 8.2 77
25 1.85 7.13 8.9 118 1.85 6.60 8.7 65 1.85 6.38 8.2 43
50 3.70 6.83 8.9 88 3.70 6.28 8.7 32 3.70 6.17 8.2 22
------- 7%/LOANS ------- ------- 7%/LOANS ------- ------- 7%/LOANS ------
LS C.LOSS% YIELD WAL SPRD C.LOSS% YIELD WAL SPRD C.LOSS% YIELD WAL SPRD
- -----------------------------------------------------------------------------------------------------------------------
def_farb5 0 0.00 7.76 9.1 180 0.00 7.25 8.8 130 0.00 7.07 8.4 112
25 1.80 7.51 9.1 155 1.80 6.98 8.8 103 1.80 6.78 8.4 83
50 3.60 7.25 9.1 130 3.60 6.71 8.8 75 3.60 6.61 8.4 66
------- 7%/LOANS ------- ------- 7%/LOANS ------- ------- 7%/LOANS ------
LS C.LOSS% YIELD WAL SPRD C.LOSS% YIELD WAL SPRD C.LOSS% YIELD WAL SPRD
- -----------------------------------------------------------------------------------------------------------------------
def_farb7 0 0.00 8.03 9.2 207 0.00 7.53 9.0 158 0.00 7.37 8.6 142
25 1.75 7.82 9.2 186 1.75 7.31 9.0 135 1.75 7.12 8.6 117
50 3.49 7.61 9.2 165 3.49 7.08 9.0 112 3.49 6.98 8.6 103
</TABLE>
Tsy Curve
Tsy 3m 6m 1yr 2yr 3yr 4yr 5yr 7yr 10yr 30yr
--- -- -- --- --- --- --- --- --- ---- ----
Yield 5.32 5.50 5.61 5.83 5.87 5.89 5.92 5.94 5.96 6.15
Investors should read the Underwriter's Statement which accompanies these
Computational Materials. If the Statement is not attached please contact your
account representative. Do not use or rely on this information if you have not
received and reviewed the Statement.
These Computational Materials have been based upon the assumptions described
above. These assumptions will most likely not represent the actual experience of
the Mortgage Pool in the future. The Computational Materials are intended to
illustrate variations in yield on the Offered Certificates under such
assumptions. No representation is made herein as to the actual rate or timing of
principal payments or prepayments on any of the underlying Mortgage Loans in the
Mortgage Pool or the actual performance characteristics of the Offered
Certificates.
<PAGE>
Dec 12 09:00 1997 Page 1
MERRILL LYNCH & CO
<TABLE>
<S> <C> <C>
Deal Name: ml97xl1_red_grmid MORTGAGE BALANCE .....: $848,482,929
CLASS NOT. BALANCE ...: $751,574,263
PROCEEDS .............: $37,703,728
CREDIT SUPPORT(%) ....: 0.0%
CREDIT SUPPORT($) ....: $0
MONTH DEFAULTS BEGIN .:
MONTH DEFAULTS END ...:
MONTHS TO RECOVERY ...: 0
SERVICER ADVANCES ....: P & I
LOSS MODE ............ P only
SETTLEMENT DATE ......: 12/30/1997
</TABLE>
CLASS IO - PRICE = 4-30+
loym_100 = 0% CPR for lockout/defeasance, yield maintenance, 100% CPR
at midpoint of open prepay
100 CPR = 0% CPR for lockout/defeasance, 100% CPR at midpoint of open
prepay
def_farb = default Farb loan in year 3, 5 and 7
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
---------------------------------------------PREPAYMENTS---------------------------------------------
0 CPR loym_100 100 CPR
------- 0%/LOANS ------- ------- 0%/LOANS ------- ------- 0%/LOANS ------
LS C.LOSS% YIELD WAL SPRD C.LOSS% YIELD WAL SPRD C.LOSS% YIELD WAL SPRD
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
0 CDR 0 0.00 8.35 9.4 239 0.00 8.12 9.3 216 0.00 7.99 8.9 203
25 0.00 8.35 9.4 239 0.00 8.12 9.3 216 0.00 7.99 8.9 203
50 0.00 8.35 9.4 239 0.00 8.12 9.3 216 0.00 7.99 8.9 203
------- 7%/LOANS ------- ------- 7%/LOANS ------- ------- 7%/LOANS ------
LS C.LOSS% YIELD WAL SPRD C.LOSS% YIELD WAL SPRD C.LOSS% YIELD WAL SPRD
- -----------------------------------------------------------------------------------------------------------------------
def_farb3 0 0.00 7.43 8.9 147 0.00 7.20 8.8 125 0.00 7.02 8.3 107
25 1.85 7.13 8.9 118 1.85 6.89 8.8 94 1.85 6.69 8.3 74
50 3.70 6.83 8.9 88 3.70 6.58 8.8 62 3.70 6.48 8.3 53
------- 7%/LOANS ------- ------- 7%/LOANS ------- ------- 7%/LOANS ------
LS C.LOSS% YIELD WAL SPRD C.LOSS% YIELD WAL SPRD C.LOSS% YIELD WAL SPRD
- -----------------------------------------------------------------------------------------------------------------------
def_farb5 0 0.00 7.76 9.1 180 0.00 7.53 9.0 158 0.00 7.37 8.5 142
25 1.80 7.51 9.1 155 1.80 7.27 9.0 131 1.80 7.09 8.5 113
50 3.60 7.25 9.1 130 3.60 7.00 9.0 105 3.60 6.92 8.5 96
------- 7%/LOANS ------- ------- 7%/LOANS ------- ------- 7%/LOANS ------
LS C.LOSS% YIELD WAL SPRD C.LOSS% YIELD WAL SPRD C.LOSS% YIELD WAL SPRD
- -----------------------------------------------------------------------------------------------------------------------
def_farb7 0 0.00 8.03 9.2 207 0.00 7.81 9.1 185 0.00 7.66 8.7 171
25 1.75 7.82 9.2 186 1.75 7.59 9.1 163 1.75 7.42 8.7 147
50 3.49 7.61 9.2 165 3.49 7.37 9.1 141 3.49 7.29 8.7 133
</TABLE>
Tsy Curve
Tsy 3m 6m 1yr 2yr 3yr 4yr 5yr 7yr 10yr 30yr
--- -- -- --- --- --- --- --- --- ---- ----
Yield 5.32 5.50 5.61 5.83 5.87 5.89 5.92 5.94 5.96 6.15
Investors should read the Underwriter's Statement which accompanies these
Computational Materials. If the Statement is not attached please contact your
account representative. Do not use or rely on this information if you have not
received and reviewed the Statement.
These Computational Materials have been based upon the assumptions described
above. These assumptions will most likely not represent the actual experience of
the Mortgage Pool in the future. The Computational Materials are intended to
illustrate variations in yield on the Offered Certificates under such
assumptions. No representation is made herein as to the actual rate or timing of
principal payments or prepayments on any of the underlying Mortgage Loans in the
Mortgage Pool or the actual performance characteristics of the Offered
Certificates.
<PAGE>
Dec 17 15:41 1997 Page 1
Page 1 of 3
<TABLE>
<S> <C> <C>
December 17, 1997 03:40PM PRICE/YIELD TO MATURITY Table for ML97XL1_PXG_1216 Class A1 Merrill Lynch & Company
Settlement: December 30, 1997 Current Balance: $142,191,000.00 Current Coupon: 6.5% HyperStruct
Last Payment: None Next Payment: January 15, 1998
</TABLE>
- --------------------------------------------------------------------------------
0.00 CPR, 0.00 % SDA (PSA1 method), 0.00 % prin losses, 12 mtr, no advances
- --------------------------------------------------------------------------------
Scenario Assumption
-------------
0.00 CPR
-------------
Price Yield Dur
----- -------------
100-07 6.473 4.05
100-07+ 6.469
100-08 6.465
100-08+ 6.461
100-09 6.457 4.05
100-09+ 6.454
100-10 6.450
100-10+ 6.446
100-11 6.442 4.05
100-11+ 6.438
100-12 6.434
100-12+ 6.431
100-13 6.427 4.06
100-13+ 6.423
100-14 6.419
100-14+ 6.415
100-15 6.412 4.06
100-15+ 6.408
100-16 6.404
100-16+ 6.400
100-17 6.396 4.06
100-17+ 6.393
100-18 6.389
100-18+ 6.385
100-19 6.381 4.06
100-19+ 6.377
100-20 6.373
100-2O+ 6.370
100-21 6.366 4.06
100-21+ 6.362
100-22 6.358
100-22+ 6.354
WAL 5.000
1st Prin 01/15/98
Mat. 11/15/04
- --------------------------------------------------------------------------------
Investors should read the Underwriter's Statement which accompanies these
Computational Materials. If the Statement is not attached please contact your
account representative. Do not use or rely on this information if you have not
received and reviewed the Statement.
These Computational Materials have been based upon the assumptions described
above. These assumptions will most likely not represent the actual experience of
the Mortgage Pool in the future. The Computational Materials are intended to
illustrate variations in yield on the Offered Certificates under such
assumptions. No representation is made herein as to the actual rate or timing of
principal payments or prepayments on any of the underlying Mortgage Loans in the
Mortgage Pool or the actual performance characteristics of the Offered
Certificates.
<PAGE>
Dec 17 15:41 1997 Page 2
Page 2 of 3
<TABLE>
<S> <C> <C>
December 17, 1997 03:40PM PRICE/YIELD TO MATURITY Table for ML97XL1_PXG_1216 Class A1 Merrill Lynch & Company
Settlement: December 30, 1997 Current Balance: $142,191,000.00 Current Coupon: 6.5% HyperStruct
Last Payment: None Next Payment: January 15, 1998
</TABLE>
- --------------------------------------------------------------------------------
0.00 CPR, 0.00 % SDA (PSA1 method), 0.00 % prin losses, 12 mtr, no advances
- --------------------------------------------------------------------------------
Scenario Assumption
-------------
0.00 CPR
-------------
Price Yield Dur
----- -------------
100-23 6.351 4.06
100-23+ 6.347
100-24 6.343
100-24+ 6.339
100-25 6.335 4.06
100-25+ 6.332
100-26 6.328
100-26+ 6.324
100-27 6.320 4.06
100-27+ 6.316
100-28 6.313
100-28+ 6.309
100-29 6.305 4.06
100-29+ 6.301
100-30 6.298
100-30+ 6.294
100-31 6.290 4.06
100-31+ 6.286
101-00 6.282
101-00+ 6.279
101-01 6.275 4.07
101-01+ 6.271
101-02 6.267
101-02+ 6.263
101-03 6.260 4.07
101-03+ 6.256
101-04 6.252
101-04+ 6.248
101-05 6.245 4.07
101-05+ 6.241
101-06 6.237
101-06+ 6.233
WAL 5.000
1st Prin 01/15/98
Mat. 11/15/04
- --------------------------------------------------------------------------------
Investors should read the Underwriter's Statement which accompanies these
Computational Materials. If the Statement is not attached please contact your
account representative. Do not use or rely on this information if you have not
received and reviewed the Statement.
These Computational Materials have been based upon the assumptions described
above. These assumptions will most likely not represent the actual experience of
the Mortgage Pool in the future. The Computational Materials are intended to
illustrate variations in yield on the Offered Certificates under such
assumptions. No representation is made herein as to the actual rate or timing of
principal payments or prepayments on any of the underlying Mortgage Loans in the
Mortgage Pool or the actual performance characteristics of the Offered
Certificates.
<PAGE>
Dec 17 15:41 1997 Page 4
Page 1 of 3
<TABLE>
<S> <C> <C>
December 17, 1997 03:40PM PRICE/YIELD TO MATURITY Table for ML97XL1_PXG_1216 Class A2 Merrill Lynch & Company
Settlement: December 30, 1997 Current Balance: $117,378,000.00 Current Coupon: 6.53% HyperStruct
Last Payment: None Next Payment: January 15, 1998
</TABLE>
- --------------------------------------------------------------------------------
0.00 CPR, 0.00 % SDA (PSA1 method), 0.00 % prin losses, 12 mtr, no advances
- --------------------------------------------------------------------------------
Scenario Assumption
-------------
0.00 CPR
-------------
Price Yield Dur
----- -------------
100-06 6.540 5.73
100-07 6.537
100-07+ 6.535
100-08 6.532
100-08+ 6.529 5.73
100-09 6.527
100-09+ 6.524
100-10 6.521
100-10+ 6.518 5.74
100-11 6.516
100-11+ 6.513
100-12 6.510
100-12+ 6.508 5.74
100-13 6.505
100-13+ 6.502
100-14 6.500
100-14+ 6.497 5.74
100-15 6.494
100-15+ 6.491
100-16 6.489
100-16+ 6.486 5.74
100-17 6.483
100-17+ 6.481
100-18 6.478
100-18+ 6.475 5.74
100-19 6.473
100-19+ 6.470
100-20 6.467
100-20+ 6.464 5.74
100-21 6.462
100-21+ 6.459
100-22 6.456
WAL 7.500
1st Prin 11/15/04
Mat. 06/15/07
- --------------------------------------------------------------------------------
Investors should read the Underwriter's Statement which accompanies these
Computational Materials. If the Statement is not attached please contact your
account representative. Do not use or rely on this information if you have not
received and reviewed the Statement.
These Computational Materials have been based upon the assumptions described
above. These assumptions will most likely not represent the actual experience of
the Mortgage Pool in the future. The Computational Materials are intended to
illustrate variations in yield on the Offered Certificates under such
assumptions. No representation is made herein as to the actual rate or timing of
principal payments or prepayments on any of the underlying Mortgage Loans in the
Mortgage Pool or the actual performance characteristics of the Offered
Certificates.
<PAGE>
Dec 17 15:41 1997 Page 5
Page 2 of 3
<TABLE>
<S> <C> <C>
December 17, 1997 03:40PM PRICE/YIELD TO MATURITY Table for ML97XL1_PXG_1216 Class A2 Merrill Lynch & Company
Settlement: December 30, 1997 Current Balance: $117,378,000.00 Current Coupon: 6.53% HyperStruct
Last Payment: None Next Payment: January 15, 1998
</TABLE>
- --------------------------------------------------------------------------------
0.00 CPR, 0.00 % SDA (PSA1 method), 0.00 % prin losses, 12 mtr, no advances
- --------------------------------------------------------------------------------
Scenario Assumption
-------------
0.00 CPR
-------------
Price Yield Dur
----- -------------
100-22+ 6.454 5.74
100-23 6.451
100-23+ 6.448
100-24 6.446
100-24+ 6.443 5.74
100-25 6.440
100-25+ 6.438
100-26 6.435
100-26+ 6.432 5.74
100-27 6.430
100-27+ 6.427
100-28 6.424
100-28+ 6.422 5.74
100-29 6.419
100-29+ 6.416
100-30 6.413
100-30+ 6.411 5.74
100-31 6.408
100-31+ 6.405
101-00 6.403
101-00+ 6.400 5.75
101-01 6.397
101-01+ 6.395
101-02 6.392
101-02+ 6.389 5.75
101-03 6.387
101-03+ 6.384
101-04 6.381
101-04+ 6.379 5.75
101-05 6.376
101-05+ 6.373
101-06 6.371
WAL 7.500
1st Prin 11/15/04
Mat. 06/15/07
- --------------------------------------------------------------------------------
Investors should read the Underwriter's Statement which accompanies these
Computational Materials. If the Statement is not attached please contact your
account representative. Do not use or rely on this information if you have not
received and reviewed the Statement.
These Computational Materials have been based upon the assumptions described
above. These assumptions will most likely not represent the actual experience of
the Mortgage Pool in the future. The Computational Materials are intended to
illustrate variations in yield on the Offered Certificates under such
assumptions. No representation is made herein as to the actual rate or timing of
principal payments or prepayments on any of the underlying Mortgage Loans in the
Mortgage Pool or the actual performance characteristics of the Offered
Certificates.
<PAGE>
Dec 17 15:41 1997 Page 7
Page 1 of 3
<TABLE>
<S> <C> <C>
December 17, 1997 03:40PM PRICE/YIELD TO MATURITY Table for ML97XL1_PXG_1216 Class A3 Merrill Lynch & Company
Settlement: December 30, 1997 Current Balance: $220,490,334.00 Current Coupon: 6.57% HyperStruct
Last Payment: None Next Payment: January 15, 1998
</TABLE>
- --------------------------------------------------------------------------------
0.00 CPR, 0.00 % SDA (PSA1 method), 0.00 % prin losses, 12 mtr, no advances
- --------------------------------------------------------------------------------
Scenario Assumption
-------------
0.00 CPR
-------------
Price Yield Dur
----- -------------
100-06 6.596 6.87
100-06+ 6.594
100-07 6.592
100-07+ 6.590
100-08 6.587 6.87
100-08+ 6.585
100-09 6.583
100-09+ 6.581
100-10 6.578 6.87
100-10+ 6.576
100-11 6.574
100-11+ 6.572
100-12 6.569 6.88
100-12+ 6.567
100-13 6.565
100-13+ 6.563
100-14 6.560 6.88
100-14+ 6.558
100-15 6.556
100-15+ 6.554
100-16 6.551 6.88
100-16+ 6.549
100-17 6.547
100-17+ 6.545
100-18 6.542 6.88
100-18+ 6.540
100-19 6.538
100-19+ 6.536
100-20 6.533 6.88
100-20+ 6.531
100-21 6.529
100-21+ 6.527
WAL 9.539
1st Prin 06/15/07
Mat. 10/15/07
- --------------------------------------------------------------------------------
Investors should read the Underwriter's Statement which accompanies these
Computational Materials. If the Statement is not attached please contact your
account representative. Do not use or rely on this information if you have not
received and reviewed the Statement.
These Computational Materials have been based upon the assumptions described
above. These assumptions will most likely not represent the actual experience of
the Mortgage Pool in the future. The Computational Materials are intended to
illustrate variations in yield on the Offered Certificates under such
assumptions. No representation is made herein as to the actual rate or timing of
principal payments or prepayments on any of the underlying Mortgage Loans in the
Mortgage Pool or the actual performance characteristics of the Offered
Certificates.
<PAGE>
Dec 17 15:41 1997 Page 8
Page 2 of 3
<TABLE>
<S> <C> <C>
December 17, 1997 03:40PM PRICE/YIELD TO MATURITY Table for ML97XL1_PXG_1216 Class A3 Merrill Lynch & Company
Settlement: December 30, 1997 Current Balance: $220,490,334.00 Current Coupon: 6.57% HyperStruct
Last Payment: None Next Payment: January 15, 1998
</TABLE>
- --------------------------------------------------------------------------------
0.00 CPR, 0.00 % SDA (PSA1 method), 0.00 % prin losses, 12 mtr, no advances
- --------------------------------------------------------------------------------
Scenario Assumption
-------------
0.00 CPR
-------------
Price Yield Dur
----- -------------
100-22 6.524 6.88
100-22+ 6.522
100-23 6.520
100-23+ 6.518
100-24 6.515 6.88
100-24+ 6.513
100-25 6.511
100-25+ 6.509
100-26 6.506 6.88
100-26+ 6.504
100-27 6.502
100-27+ 6.500
100-28 6.497 6.89
100-28+ 6.495
100-29 6.493
100-29+ 6.491
100-30 6.489 6.89
100-30+ 6.486
100-31 6.484
100-31+ 6.482
101-00 6.480 6.89
101-00+ 6.477
101-01 6.475
101-01+ 6.473
101-02 6.471 6.89
101-02+ 6.468
101-03 6.466
101-03+ 6.464
101-04 6.462 6.89
101-04+ 6.459
101-05 6.457
101-05+ 6.455
WAL 9.539
1st Prin 06/15/07
Mat. 10/15/07
- --------------------------------------------------------------------------------
Investors should read the Underwriter's Statement which accompanies these
Computational Materials. If the Statement is not attached please contact your
account representative. Do not use or rely on this information if you have not
received and reviewed the Statement.
These Computational Materials have been based upon the assumptions described
above. These assumptions will most likely not represent the actual experience of
the Mortgage Pool in the future. The Computational Materials are intended to
illustrate variations in yield on the Offered Certificates under such
assumptions. No representation is made herein as to the actual rate or timing of
principal payments or prepayments on any of the underlying Mortgage Loans in the
Mortgage Pool or the actual performance characteristics of the Offered
Certificates.
<PAGE>
Dec 17 15:41 1997 Page 10
Page 1 of 3
<TABLE>
<S> <C> <C>
December 17, 1997 03:40PM PRICE/YIELD TO MATURITY Table for ML97XL1_PXG_1216 Class A4 Merrill Lynch & Company
Settlement: December 30, 1997 Current Balance: $96,908,666.00 Current Coupon: 6.735% HyperStruct
Last Payment: None Next Payment: January 15, 1998
</TABLE>
- --------------------------------------------------------------------------------
0.00 CPR, 0.00 % SDA (PSA1 method), 0.00 % prin losses, 12 mtr, no advances
- --------------------------------------------------------------------------------
Scenario Assumption
-------------
0.00 CPR
-------------
Price Yield Dur
----- -------------
101-00 6.628 6.19
101-00+ 6.625
101-01 6.623
101-01+ 6.620
101-02 6.618 6.19
101-02+ 6.615
101-03 6.613
101-03+ 6.610
101-04 6.608 6.19
101-04+ 6.605
101-05 6.603
101-05+ 6.600
101-06 6.598 6.19
101-06+ 6.595
101-07 6.593
101-07+ 6.590
101-08 6.588 6.19
101-08+ 6.585
101-09 6.583
101-09+ 6.580
101-10 6.578 6.20
101-10+ 6.576
101-11 6.573
101-11+ 6.571
101-12 6.568 6.20
101-12+ 6.566
101-13 6.563
101-13+ 6.561
101-14 6.558 6.20
101-14+ 6.556
101-15 6.553
101-15+ 6.551
WAL 8.520
1st Prin 01/15/98
Mat. 08/15/07
- --------------------------------------------------------------------------------
Investors should read the Underwriter's Statement which accompanies these
Computational Materials. If the Statement is not attached please contact your
account representative. Do not use or rely on this information if you have not
received and reviewed the Statement.
These Computational Materials have been based upon the assumptions described
above. These assumptions will most likely not represent the actual experience of
the Mortgage Pool in the future. The Computational Materials are intended to
illustrate variations in yield on the Offered Certificates under such
assumptions. No representation is made herein as to the actual rate or timing of
principal payments or prepayments on any of the underlying Mortgage Loans in the
Mortgage Pool or the actual performance characteristics of the Offered
Certificates.
<PAGE>
Dec 17 15:41 1997 Page 11
Page 2 of 3
<TABLE>
<S> <C> <C>
December 17, 1997 03:40PM PRICE/YIELD TO MATURITY Table for ML97XL1_PXG_1216 Class A4 Merrill Lynch & Company
Settlement: December 30, 1997 Current Balance: $96,908,666.00 Current Coupon: 6.735% HyperStruct
Last Payment: None Next Payment: January 15, 1998
</TABLE>
- --------------------------------------------------------------------------------
0.00 CPR, 0.00 % SDA (PSA1 method), 0.00 % prin losses, 12 mtr, no advances
- --------------------------------------------------------------------------------
Scenario Assumption
-------------
0.00 CPR
-------------
Price Yield Dur
----- -------------
101-16 6.548 6.20
101-16+ 6.546
101-17 6.543
101-17+ 6.541
101-18 6.538 6.20
101-18+ 6.536
101-19 6.534
101-19+ 6.531
101-20 6.529 6.20
101-20+ 6.526
101-21 6.524
101-21 6.521
101-22 6.519 6.20
101-22+ 6.516
101-23 6.514
101-23+ 6.511
101-24 6.509 6.21
101-24+ 6.506
101-25 6.504
101-25+ 6.502
101-26 6.499 6.21
101-26+ 6.497
101-27 6.494
101-27+ 6.492
101-28 6.489 6.21
101-28+ 6.487
101-29 6.484
101-29+ 6.482
101-30 6.479 6.21
101-30+ 6.477
101-31 6.474
101-31+ 6.472
WAL 8.520
1st Prin 01/15/98
Mat. 08/15/07
- --------------------------------------------------------------------------------
Investors should read the Underwriter's Statement which accompanies these
Computational Materials. If the Statement is not attached please contact your
account representative. Do not use or rely on this information if you have not
received and reviewed the Statement.
These Computational Materials have been based upon the assumptions described
above. These assumptions will most likely not represent the actual experience of
the Mortgage Pool in the future. The Computational Materials are intended to
illustrate variations in yield on the Offered Certificates under such
assumptions. No representation is made herein as to the actual rate or timing of
principal payments or prepayments on any of the underlying Mortgage Loans in the
Mortgage Pool or the actual performance characteristics of the Offered
Certificates.
<PAGE>
Dec 17 15:41 1997 Page 13
Page 1 of 3
<TABLE>
<S> <C> <C>
December 17, 1997 03:40PM PRICE/YIELD TO MATURITY Table for ML97XL1_PXG_1216 Class B Merrill Lynch & Company
Settlement: December 30, 1997 Current Balance: $59,394,000.00 Current Coupon: 6.64705% HyperStruct
Last Payment: None Next Payment: January 15, 1998
</TABLE>
- --------------------------------------------------------------------------------
0.00 CPR, 0.00 % SDA (PSAl method), 0.00 % prin losses, 12 mtr, no advances
- --------------------------------------------------------------------------------
Scenario Assumption
-------------
0.00 CPR
-------------
Price Yield Dur
----- -------------
99-14+ 6.757 7.04
99-15 6.754
99-15+ 6.752
99-16 6.750
99-16+ 6.748 7.04
99-17 6.746
99-17+ 6.743
99-18 6.741
99-18+ 6.739 7.04
99-19 6.737
99-19+ 6.734
99-20 6.732
99-20+ 6.730 7.04
99-21 6.728
99-21+ 6.726
99-22 6.723
99-22+ 6.721 7.05
99-23 6.719
99-23+ 6.717
99-24 6.715
99-24+ 6.712 7.05
99-25 6.710
99-25+ 6.708
99-26 6.706
99-26+ 6.703 7.05
99-27 6.701
99-27+ 6.699
99-28 6.697
99-28+ 6.695 7.05
99-29 6.692
99-29+ 6.690
99-30 6.688
WAL 9.919
1st Prin 10/15/07
Mat. 12/15/07
- --------------------------------------------------------------------------------
Investors should read the Underwriter's Statement which accompanies these
Computational Materials. If the Statement is not attached please contact your
account representative. Do not use or rely on this information if you have not
received and reviewed the Statement.
These Computational Materials have been based upon the assumptions described
above. These assumptions will most likely not represent the actual experience of
the Mortgage Pool in the future. The Computational Materials are intended to
illustrate variations in yield on the Offered Certificates under such
assumptions. No representation is made herein as to the actual rate or timing of
principal payments or prepayments on any of the underlying Mortgage Loans in the
Mortgage Pool or the actual performance characteristics of the Offered
Certificates.
<PAGE>
Dec 17 15:41 1997 Page 14
Page 2 of 3
<TABLE>
<S> <C> <C>
December 17, 1997 03:40PM PRICE/YIELD TO MATURITY Table for ML97XL1_PXG_1216 Class B Merrill Lynch & Company
Settlement: December 30, 1997 Current Balance: $59,394,000.00 Current Coupon: 6.64705% HyperStruct
Last Payment: None Next Payment: January 15, 1998
</TABLE>
- --------------------------------------------------------------------------------
0.00 CPR, 0.00 % SDA (PSA1 method), 0.00 % prin losses, 12 mtr, no advances
- --------------------------------------------------------------------------------
Scenario Assumption
-------------
0.00 CPR
-------------
Price Yield Dur
----- -------------
99-30+ 6.686 7.05
99-31 6.684
99-31+ 6.681
100-00 6.679
100-00+ 6.677 7.05
100-01 6.675
100-01+ 6.673
100-02 6.670
100-02+ 6.668 7.05
100-03 6.666
100-03+ 6.664
100-04 6.662
100-04+ 6.659 7.05
100-05 6.657
100-05+ 6.655
100-06 6.653
100-06+ 6.651 7.06
100-07 6.648
100-07+ 6.646
100-08 6.644
100-08+ 6.642 7.06
100-09 6.640
100-09+ 6.637
100-10 6.635
100-10+ 6.633 7.06
100-11 6.631
100-11+ 6.629
100-12 6.626
100-12+ 6.624 7.06
100-13 6.622
100-13+ 6.620
100-14 6.618
WAL 9.919
1st Prin 10/15/07
Mat. 12/15/07
- --------------------------------------------------------------------------------
Investors should read the Underwriter's Statement which accompanies these
Computational Materials. If the Statement is not attached please contact your
account representative. Do not use or rely on this information if you have not
received and reviewed the Statement.
These Computational Materials have been based upon the assumptions described
above. These assumptions will most likely not represent the actual experience of
the Mortgage Pool in the future. The Computational Materials are intended to
illustrate variations in yield on the Offered Certificates under such
assumptions. No representation is made herein as to the actual rate or timing of
principal payments or prepayments on any of the underlying Mortgage Loans in the
Mortgage Pool or the actual performance characteristics of the Offered
Certificates.
<PAGE>
Dec 17 15:41 1997 Page 16
Page 1 of 3
<TABLE>
<S> <C> <C>
December 17, 1997 03:40PM PRICE/YIELD TO MATURITY Table for ML97XL1_PXG_1216 Class C Merrill Lynch & Company
Settlement: December 30, 1997 Current Balance: $46,666,000.00 Current Coupon: 6.77705% HyperStruct
Last Payment: None Next Payment: January 15, 1998
</TABLE>
- --------------------------------------------------------------------------------
0.00 CPR, 0.00 % SDA (PSA1 method), 0.00 % prin losses, 12 mtr, no advances
- --------------------------------------------------------------------------------
Scenario Assumption
-------------
0.00 CPR
-------------
Price Yield Dur
----- -------------
99-15 6.888 7.02
99-15+ 6.885
99-16 6.883
99-16+ 6.881
99-17 6.879 7.02
99-17+ 6.876
99-18 6.874
99-18+ 6.872
99-19 6.870 7.02
99-19+ 6.868
99-20 6.865
99-20+ 6.863
99-21 6.861 7.02
99-21+ 6.859
99-22 6.856
99-22+ 6.854
99-23 6.852 7.02
99-23+ 6.850
99-24 6.848
99-24+ 6.845
99-25 6.843 7.02
99-25+ 6.841
99-26 6.839
99-26+ 6.836
99-27 6.834 7.02
99-27+ 6.832
99-28 6.830
99-28+ 6.828
99-29 6.825 7.03
99-29+ 6.823
99-30 6.821
99-30+ 6.819
WAL 9.958
1st Prin 12/15/07
Mat. 12/15/07
- --------------------------------------------------------------------------------
Investors should read the Underwriter's Statement which accompanies these
Computational Materials. If the Statement is not attached please contact your
account representative. Do not use or rely on this information if you have not
received and reviewed the Statement.
These Computational Materials have been based upon the assumptions described
above. These assumptions will most likely not represent the actual experience of
the Mortgage Pool in the future. The Computational Materials are intended to
illustrate variations in yield on the Offered Certificates under such
assumptions. No representation is made herein as to the actual rate or timing of
principal payments or prepayments on any of the underlying Mortgage Loans in the
Mortgage Pool or the actual performance characteristics of the Offered
Certificates.
<PAGE>
Dec 17 15:41 1997 Page 17
Page 2 of 3
<TABLE>
<S> <C> <C>
December 17, 1997 03:40PM PRICE/YIELD TO MATURITY Table for ML97XL1_PXG_1216 Class C Merrill Lynch & Company
Settlement: December 30, 1997 Current Balance: $46,666,000.00 Current Coupon: 6.77705% HyperStruct
Last Payment: None Next Payment: January 15, 1998
</TABLE>
- --------------------------------------------------------------------------------
0.00 CPR, 0.00 % SDA (PSA1 method), 0.00 % prin losses, 12 mtr, no advances
- --------------------------------------------------------------------------------
Scenario Assumption
-------------
0.00 CPR
-------------
Price Yield Dur
----- -------------
99-31 6.817 7.03
99-31+ 6.814
100-00 6.812
100-00+ 6.810
100-01 6.808 7.03
100-01+ 6.805
100-02 6.803
100-02+ 6.801
100-03 6.799 7.03
100-03 6.797
100-04 6.794
100-04+ 6.792
100-05 6.790 7.03
100-05+ 6.788
100-06 6.786
100-06+ 6.783
100-07 6.781 7.03
100-07+ 6.779
100-08 6.777
100-08+ 6.775
100-09 6.772 7.03
100-09+ 6.770
100-10 6.768
100-10+ 6.766
100-11 6.764 7.03
100-11+ 6.761
100-12 6.759
100-12+ 6.757
100-13 6.755 7.04
100-13+ 6.753
100-14 6.750
100-14+ 6.748
WAL 9.958
1st Prin 12/15/07
Mat. 12/15/07
- --------------------------------------------------------------------------------
Investors should read the Underwriter's Statement which accompanies these
Computational Materials. If the Statement is not attached please contact your
account representative. Do not use or rely on this information if you have not
received and reviewed the Statement.
These Computational Materials have been based upon the assumptions described
above. These assumptions will most likely not represent the actual experience of
the Mortgage Pool in the future. The Computational Materials are intended to
illustrate variations in yield on the Offered Certificates under such
assumptions. No representation is made herein as to the actual rate or timing of
principal payments or prepayments on any of the underlying Mortgage Loans in the
Mortgage Pool or the actual performance characteristics of the Offered
Certificates.
<PAGE>
Dec 17 15:41 1997 Page 19
Page 1 of 3
<TABLE>
<S> <C> <C>
December 17, 1997 03:40PM PRICE/YIELD TO MATURITY Table for ML97XL1_PXG_1216 Class D Merrill Lynch & Company
Settlement: December 30, 1997 Current Balance: $46,667,000.00 Current Coupon: 7.05705% HyperStruct
Last Payment: None Next Payment: January 15, 1998
</TABLE>
- --------------------------------------------------------------------------------
0.00 CPR, 0.00 % SDA (PSA1 method), 0.00 % prin losses, 12 mtr, no advances
- --------------------------------------------------------------------------------
Scenario Assumption
-------------
0.00 CPR
-------------
Price Yield Dur
----- -------------
99-14+ 7.190 7.20
99-15 7.188
99-15+ 7.186
99-16 7.183
99-16+ 7.181 7.20
99-17 7.179
99-17+ 7.177
99-18 7.175
99-18+ 7.172 7.20
99-19 7.170
99-19+ 7.168
99-20 7.166
99-20+ 7.164 7.21
99-21 7.162
99-21+ 7.160
99-22 7.157
99-22+ 7.155 7.21
99-23 7.153
99-23+ 7.151
99-24 7.149
99-24+ 7.147 7.21
99-25 7.144
99-25+ 7.142
99-26 7.140
99-26+ 7.138 7.21
99-27 7.136
99-27+ 7.134
99-28 7.131
99-28+ 7.129 7.21
99-29 7.127
99-29+ 7.125
99-30 7.123
WAL 10.583
1st Prin 12/15/07
Mat. 12/15/10
- --------------------------------------------------------------------------------
Investors should read the Underwriter's Statement which accompanies these
Computational Materials. If the Statement is not attached please contact your
account representative. Do not use or rely on this information if you have not
received and reviewed the Statement.
These Computational Materials have been based upon the assumptions described
above. These assumptions will most likely not represent the actual experience of
the Mortgage Pool in the future. The Computational Materials are intended to
illustrate variations in yield on the Offered Certificates under such
assumptions. No representation is made herein as to the actual rate or timing of
principal payments or prepayments on any of the underlying Mortgage Loans in the
Mortgage Pool or the actual performance characteristics of the Offered
Certificates.
<PAGE>
Dec 17 15:41 1997 Page 20
Page 2 of 3
<TABLE>
<S> <C> <C>
December 17, 1997 03:40PM PRICE/YIELD TO MATURITY Table for ML97XL1_PXG_1216 Class D Merrill Lynch & Company
Settlement: December 30, 1997 Current Balance: $46,667,000.00 Current Coupon: 7.05705% HyperStruct
Last Payment: None Next Payment: January 15, 1998
</TABLE>
- --------------------------------------------------------------------------------
0.00 CPR, 0.00 % SDA (PSA1 method), 0.00 % prin losses, 12 mtr, no advances
- --------------------------------------------------------------------------------
Scenario Assumption
-------------
0.00 CPR
-------------
Price Yield Dur
----- -------------
99-30+ 7.121 7.21
99-31 7.118
99-31+ 7.116
100-00 7.114
100-00+ 7.112 7.21
100-01 7.110
100-01+ 7.108
100-02 7.106
100-02+ 7.103 7.22
100-03 7.101
100-03+ 7.099
100-04 7.097
100-04+ 7.095 7.22
100-05 7.093
100-05+ 7.091
100-06 7.088
100-06+ 7.086 7.22
100-07 7.084
100-07+ 7.082
100-08 7.080
100-08+ 7.078 7.22
100-09 7.075
100-09+ 7.073
100-10 7.071
100-10+ 7.069 7.22
100-11 7.067
100-11+ 7.065
100-12 7.063
100-12+ 7.060 7.22
100-13 7.058
100-13+ 7.056
100-14 7.054
WAL 10.583
1st Prin 12/15/07
Mat. 12/15/10
- --------------------------------------------------------------------------------
Investors should read the Underwriter's Statement which accompanies these
Computational Materials. If the Statement is not attached please contact your
account representative. Do not use or rely on this information if you have not
received and reviewed the Statement.
These Computational Materials have been based upon the assumptions described
above. These assumptions will most likely not represent the actual experience of
the Mortgage Pool in the future. The Computational Materials are intended to
illustrate variations in yield on the Offered Certificates under such
assumptions. No representation is made herein as to the actual rate or timing of
principal payments or prepayments on any of the underlying Mortgage Loans in the
Mortgage Pool or the actual performance characteristics of the Offered
Certificates.
<PAGE>
Dec 17 15:41 1997 Page 22
Page 1 of 3
<TABLE>
<S> <C> <C>
December 17, 1997 03:40PM PRICE/YIELD TO MATURITY Table for ML97XL1_PXG_1216 Class E Merrill Lynch & Company
Settlement: December 30, 1997 Current Balance: $16,969,000.00 Current Coupon: 7.22705% HyperStruct
Last Payment: None Next Payment: January 15, 1998
</TABLE>
- --------------------------------------------------------------------------------
0.00 CPR, 0.00 % SDA (PSA1 method), 0.00 % prin losses, 12 mtr, no advances
- --------------------------------------------------------------------------------
Scenario Assumption
-------------
0.00 CPR
-------------
Price Yield Dur
----- -------------
99-15 7.413 8.53
99-15+ 7.411
99-16 7.409
99-16+ 7.408
99-17 7.406 8.53
99-17+ 7.404
99-18 7.402
99-18+ 7.400
99-19 7.398 8.54
99-19+ 7.397
99-20 7.395
99-20+ 7.393
99-21 7.391 8.54
99-21+ 7.389
99-22 7.387
99-22+ 7.386
99-23 7.384 8.54
99-23+ 7.382
99-24 7.380
99-24+ 7.378
99-25 7.377 8.54
99-25+ 7.375
99-26 7.373
99-26+ 7.371
99-27 7.369 8.54
99-27+ 7.367
99-28 7.366
99-28+ 7.364
99-29 7.362 8.55
99-29+ 7.360
99-30 7.358
99-30+ 7.357
WAL 14.062
1st Prin 12/15/10
Mat. 11/15/12
- --------------------------------------------------------------------------------
Investors should read the Underwriter's Statement which accompanies these
Computational Materials. If the Statement is not attached please contact your
account representative. Do not use or rely on this information if you have not
received and reviewed the Statement.
These Computational Materials have been based upon the assumptions described
above. These assumptions will most likely not represent the actual experience of
the Mortgage Pool in the future. The Computational Materials are intended to
illustrate variations in yield on the Offered Certificates under such
assumptions. No representation is made herein as to the actual rate or timing of
principal payments or prepayments on any of the underlying Mortgage Loans in the
Mortgage Pool or the actual performance characteristics of the Offered
Certificates.
<PAGE>
Dec 17 15:41 1997 Page 23
Page 2 of 3
<TABLE>
<S> <C> <C>
December 17, 1997 03:40PM PRICE/YIELD TO MATURITY Table for ML97XL1_PXG_1216 Class E Merrill Lynch & Company
Settlement: December 30, 1997 Current Balance: $16,969,000.00 Current Coupon: 7.22705% HyperStruct
Last Payment: None Next Payment: January 15, 1998
</TABLE>
- --------------------------------------------------------------------------------
0.00 CPR, 0.00 % SDA (PSA1 method), 0.00 % prin losses, 12 mtr, no advances
- --------------------------------------------------------------------------------
Scenario Assumption
-------------
0.00 CPR
-------------
Price Yield Dur
----- -------------
99-33 7.355 8.55
99-31+ 7.353
100-00 7.351
100-00+ 7.349
100-01 7.347 8.55
100-01+ 7.346
100-02 7.344
100-02+ 7.342
100-03 7.340 8.55
100-03+ 7.338
100-04 7.337
100-04+ 7.335
100-05 7.333 8.55
100-05+ 7.331
100-06 7.329
100-06+ 7.327
100-07 7.326 8.56
100-07+ 7.324
100-08 7.322
100-08+ 7.320
100-09 7.318 8.56
100-09+ 7.317
100-10 7.315
100-10+ 7.313
100-11 7.311 8.56
100-11+ 7.309
100-12 7.308
100-12+ 7.306
100-13 7.304 8.56
100-13+ 7.302
100-14 7.300
100-14+ 7.299
WAL 14.062
1st Prin 12/15/10
Mat. 11/15/12
- --------------------------------------------------------------------------------
Investors should read the Underwriter's Statement which accompanies these
Computational Materials. If the Statement is not attached please contact your
account representative. Do not use or rely on this information if you have not
received and reviewed the Statement.
These Computational Materials have been based upon the assumptions described
above. These assumptions will most likely not represent the actual experience of
the Mortgage Pool in the future. The Computational Materials are intended to
illustrate variations in yield on the Offered Certificates under such
assumptions. No representation is made herein as to the actual rate or timing of
principal payments or prepayments on any of the underlying Mortgage Loans in the
Mortgage Pool or the actual performance characteristics of the Offered
Certificates.
<PAGE>
Dec 15 19:23 1997 Page 1
<TABLE>
<S> <C> <C>
December 15, 1997 07:19PM PRICE/YIELD TO MATURITY Table for ML97XL1_RED Class C Merrill Lynch & Company
Settlement: December 30, 1997 Current Balance: $46,666,000.00 Current Coupon: 6.97405% HyperStruct
Last Payment: None Next Payment: January 15, 1998
</TABLE>
- --------------------------------------------------------------------------------
scenarios are recursive
- --------------------------------------------------------------------------------
def_farb = default Farb loan in 12 months, 12 MTR, 50% Loss Severity
def_farbtower = default Farb loan in 12 months, default Tower loan in 24 months,
12 MTR, 50% Loss Severity
------------- ------------- -------------
0 CPR def_farb def_farbtower
------------- ------------- -------------
Price Yield Dur Yield Dur Yield Dur
----- ------------- ------------- -------------
98-00 7.303 6.92 7.323 6.93 7.390 8.62
98-08 7.266 7.286 7.361
98-16 7.230 7.250 7.332
98-24 7.193 7.214 7.302
99-00 7.157 6.94 7.177 6.95 7.273 8.66
99-08 7.121 7.141 7.244
99-16 7.085 7.105 7.216
99-24 7.049 7.070 7.187
100-00 7.013 6.96 7.034 6.97 7.158 8.69
100-08 6.977 6.998 7.130
100-16 6.942 6.963 7.101
100-24 6.906 6.927 7.073
101-00 6.871 6.98 6.892 6.99 7.044 8.72
101-08 6.836 6.857 7.016
101-16 6.801 6.822 6.988
101-24 6.766 6.787 6.960
102-00 6.731 7.00 6.752 7.01 6.932 8.75
WAL 9.958 9.991 14.193
1st Prin 12/15/07 12/15/07 10/15/09
Mat. 12/15/07 09/15/03 12/15/12
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Recipient must read the information in the attached underwriter's statement
regarding computational materials and other information (the 'Statement'). If
the statement is not attached, please contact your account representative. Do
not use or rely on this information if you have not received and reviewed the
Statement.
- --------------------------------------------------------------------------------
Investors should read the Underwriter's Statement which accompanies these
Computational Materials. If the Statement is not attached please contact your
account representative. Do not use or rely on this information if you have not
received and reviewed the Statement.
These Computational Materials have been based upon the assumptions described
above. These assumptions will most likely not represent the actual experience of
the Mortgage Pool in the future. The Computational Materials are intended to
illustrate variations in yield on the Offered Certificates under such
assumptions. No representation is made herein as to the actual rate or timing of
principal payments or prepayments on any of the underlying Mortgage Loans in the
Mortgage Pool or the actual performance characteristics of the Offered
Certificates.
<PAGE>
Dec 15 19:48 1997 Page 1
<TABLE>
<S> <C> <C>
December 15, 1997 07:36PM PRICE/YIELD TO MATURITY Table for ML97XL1_RED Class A1 Merrill Lynch & Company
Settlement: December 30, 1997 Current Balance: $142,191,000.00 Current Coupon: 6.75% HyperStruct
Last Payment: None Next Payment: January 15, 1998
</TABLE>
- --------------------------------------------------------------------------------
scenarios are recursive
- --------------------------------------------------------------------------------
100 CPR = 100% CPR after lockouts/defeasance
def_2 = Brookfield, Farb, Newton/McDonald and Ritz default at maturity, 36 MTR,
75% recovery
def_3 = Brookfield defaults in 2006, Shilo defaults in 2001, 0 MTR, 100%
recovery
<TABLE>
<CAPTION>
------------- ------------- ------------- -------------
0 CPR 100 CPR def_2 def_3
------------- ------------- ------------- -------------
Price Yield Dur Yield Dur Yield Dur Yield Dur
----- ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
98-27 7.069 4.00 7.092 3.63 7.069 4.00 7.173 2.73
99-03 7.006 7.023 7.006 7.081
99-11 6.944 6.954 6.944 6.989
99-19 6.881 6.885 6.881 6.898
99-27 6.819 4.02 6.816 3.64 6.819 4.02 6.807 2.74
100-03 6.757 6.748 6.757 6.716
100-11 6.696 6.680 6.696 6.626
100-19 6.634 6.612 6.634 6.536
100-27 6.573 4.03 6.545 3.65 6.573 4.03 6.446 2.75
101-03 6.512 6.477 6.512 6.357
101-11 6.451 6.410 6.451 6.268
101-19 6.390 6.343 6.390 6.179
101-27 6.330 4.05 6.277 3.67 6.330 4.05 6.091 2.76
102-03 6.270 6.210 6.270 6.002
102-11 6.210 6.144 6.210 5.915
102-19 6.150 6.078 6.150 5.827
102-27 6.090 4.06 6.012 3.68 6.090 4.06 5.740 2.78
WAL 5.000 4.454 5.000 3.197
1st Prin 01/15/98 01/15/98 01/15/98 01/15/98
Mat. 11/15/04 11/15/04 11/15/04 01/15/04
</TABLE>
- --------------------------------------------------------------------------------
Investors should read the Underwriter's Statement which accompanies these
Computational Materials. If the Statement is not attached please contact your
account representative. Do not use or rely on this information if you have not
received and reviewed the Statement.
These Computational Materials have been based upon the assumptions described
above. These assumptions will most likely not represent the actual experience of
the Mortgage Pool in the future. The Computational Materials are intended to
illustrate variations in yield on the Offered Certificates under such
assumptions. No representation is made herein as to the actual rate or timing of
principal payments or prepayments on any of the underlying Mortgage Loans in the
Mortgage Pool or the actual performance characteristics of the Offered
Certificates.
<PAGE>
Dec 15 19:48 1997 Page 2
<TABLE>
<S> <C> <C>
December 15, 1997 07:36PM PRICE/YIELD TO MATURITY Table for ML97XL1_RED Class A2 Merrill Lynch & Company
Settlement: December 30, 1997 Current Balance: $117,378,000.00 Current Coupon: 6.75% HyperStruct
Last Payment: None Next Payment: January 15, 1998
</TABLE>
- --------------------------------------------------------------------------------
scenarios are recursive
- --------------------------------------------------------------------------------
100 CPR = 100% CPR after lockouts/defeasance
def_2 = Brookfield, Farb, Newton/McDonald and Ritz default at maturity, 36 MTR,
75% recovery
def_3 = Brookfield defaults in 2006, Shilo defaults in 2001, 0 MTR, 100%
recovery
<TABLE>
<CAPTION>
------------- ------------- ------------- -------------
0 CPR 100 CPR def_2 def_3
------------- ------------- ------------- -------------
Price Yield Dur Yield Dur Yield Dur Yield Dur
----- ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
98-19+ 7.045 5.66 7.046 5.63 7.045 5.66 7.066 5.13
98-27+ 7.001 7.001 7.001 7.017
99-03+ 6.956 6.957 6.956 6.968
99-11+ 6.912 6.912 6.912 6.919
99-19+ 6.868 5.67 6.868 5.65 6.868 5.67 6.870 5.15
99-27+ 6.824 6.824 6.824 6.822
100-03+ 6.780 6.780 6.780 6.774
100-11+ 6.737 6.736 6.737 6.726
100-19+ 6.693 5.69 6.693 5.66 6.693 5.69 6.678 5.16
100-27+ 6.650 6.649 6.650 6.630
101-03+ 6.607 6.606 6.607 6.582
101-11+ 6.564 6.562 6.564 6.535
101-19+ 6.521 5.70 6.519 5.68 6.521 5.70 6.487 5.17
101-27+ 6.478 6.476 6.478 6.440
102-03+ 6.435 6.433 6.435 6.393
102-11+ 6.392 6.390 6.392 6.346
102-19+ 6.350 5.72 6.348 5.69 6.350 5.72 6.299 5.18
WAL 7.500 7.451 7.500 6.599
1st Prin 11/15/04 11/15/04 11/15/04 01/15/04
Mat. 06/15/07 01/15/07 06/15/07 11/15/04
</TABLE>
- --------------------------------------------------------------------------------
Investors should read the Underwriter's Statement which accompanies these
Computational Materials. If the Statement is not attached please contact your
account representative. Do not use or rely on this information if you have not
received and reviewed the Statement.
These Computational Materials have been based upon the assumptions described
above. These assumptions will most likely not represent the actual experience of
the Mortgage Pool in the future. The Computational Materials are intended to
illustrate variations in yield on the Offered Certificates under such
assumptions. No representation is made herein as to the actual rate or timing of
principal payments or prepayments on any of the underlying Mortgage Loans in the
Mortgage Pool or the actual performance characteristics of the Offered
Certificates.
<PAGE>
Dec 15 19:46 1997 Page 3
<TABLE>
<S> <C> <C>
December 15, 1997 07:36PM PRICE/YIELD TO MATURITY Table for ML97XL1_RED Class A3 Merrill Lynch & Company
Settlement: December 30, 1997 Current Balance: $220,490,334.00 Current Coupon: 6.75% HyperStruct
Last Payment: None Next Payment: January 15, 1998
</TABLE>
- --------------------------------------------------------------------------------
scenarios are recursive
- --------------------------------------------------------------------------------
100 CPR = 100% CPR after lockouts/defeasance
def_2 = Brookfield, Farb, Newton/McDonald and Ritz default at maturity, 36 MTR,
75% recovery
def_3 = Brookfield defaults in 2006, Shilo defaults in 2001, 0 MTR, 100%
recovery
<TABLE>
<CAPTION>
------------- ------------- ------------- -------------
0 CPR 100 CPR def_2 def_3
------------- ------------- ------------- -------------
Price Yield Dur Yield Dur Yield Dur Yield Dur
----- ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
98-10+ 7.054 6.78 7.060 6.60 7.051 6.86 7.069 6.31
98-18+ 7.0l7 7.021 7.015 7.029
98-26+ 6.980 6.983 6.978 6.989
99-02+ 6.943 6.945 6.941 6.950
99-10+ 6.906 6.80 6.907 6.62 6.905 6.88 6.910 6.33
99-18+ 6.869 6.870 6.869 6.871
99-26+ 6.832 6.832 6.832 6.831
100-02+ 6.796 6.794 6.796 6.792
100-10+ 6.759 6.82 6.757 6.64 6.760 6.90 6.753 6.35
100-18+ 6.723 6.720 6.725 6.714
100-26+ 6.687 6.683 6.689 6.675
101-02+ 6.651 6.645 6.653 6.636
101-10+ 6.615 6.84 6.609 6.65 6.618 6.92 6.598 6.37
101-18+ 6.579 6.572 6.582 6.559
101-26+ 6.543 6.535 6.547 6.521
102-02 6.508 6.498 6.512 6.483
102-10+ 6.472 6.85 6.462 6.67 6.477 6.94 6.445 6.38
WAL 9.539 9.188 9.703 8.676
1st Prin 06/15/07 01/15/07 06/15/07 11/15/04
Mat. 10/15/07 08/15/07 09/15/08 08/15/07
</TABLE>
- --------------------------------------------------------------------------------
Investors should read the Underwriter's Statement which accompanies these
Computational Materials. If the Statement is not attached please contact your
account representative. Do not use or rely on this information if you have not
received and reviewed the Statement.
These Computational Materials have been based upon the assumptions described
above. These assumptions will most likely not represent the actual experience of
the Mortgage Pool in the future. The Computational Materials are intended to
illustrate variations in yield on the Offered Certificates under such
assumptions. No representation is made herein as to the actual rate or timing of
principal payments or prepayments on any of the underlying Mortgage Loans in the
Mortgage Pool or the actual performance characteristics of the Offered
Certificates.
<PAGE>
Dec 15 19:48 1997 Page 4
<TABLE>
<S> <C> <C>
December 15, 1997 07:36PM PRICE/YIELD TO MATURITY Table for ML97XL1_RED Class A4 Merrill Lynch & Company
Settlement: December 30, 1997 Current Balance: $96,908,666.00 Current Coupon: 6.735% HyperStruct
Last Payment: None Next Payment: January 15, 1998
</TABLE>
- --------------------------------------------------------------------------------
scenarios are recursive
- --------------------------------------------------------------------------------
100 CPR = 100% CPR after lockouts/defeasance
def_2 = Brookfield, Farb, Newton/McDonald and Ritz default at maturity, 36 MTR,
75% recovery
def_3 = Brookfield defaults in 2006, Shilo defaults in 2001, 0 MTR, 100%
recovery
<TABLE>
<CAPTION>
------------- ------------- ------------- -------------
0 CPR 100 CPR def_2 def_3
------------- ------------- ------------- -------------
Price Yield Dur Yield Dur Yield Dur Yield Dur
----- ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
98-11+ 7.055 6.13 124.595 0.03 7.055 6.13 7.055 6.13
90-19+ 7.014 114.909 7.014 7.014
98-27+ 6.973 105.535 6.973 6.973
99-03 6.932 96.463 6.932 6.932
99-11+ 6.892 6.15 87.682 0.03 6.892 6.15 6.892 6.15
99-19+ 6.851 79.182 6.851 6.851
99-27+ 6.811 70.953 6.811 6.811
100-03+ 6.770 62.986 6.770 6.770
100-11+ 6.730 6.18 55.273 0.03 6.730 6.18 6.730 6.18
100-19+ 6.690 47.804 6.690 6.690
100-27+ 6.650 40.571 6.650 6.650
101-03+ 6.610 33.567 6.610 6.610
101-11+ 6.571 6.20 26.783 0.04 6.571 6.20 6.571 6.20
101-19+ 6.531 20.211 6.531 6.531
101-27+ 6.492 13.846 6.492 6.492
102-03+ 6.452 7.679 6.452 6.452
102-11+ 6.413 6.22 1.705 0.04 6.413 6.22 6.413 6.22
WAL 8.520 0.042 8.520 8.520
1st Prin 01/15/98 01/15/98 01/15/98 01/15/98
Mat. 08/15/07 01/15/98 08/15/07 08/15/07
</TABLE>
- --------------------------------------------------------------------------------
Investors should read the Underwriter's Statement which accompanies these
Computational Materials. If the Statement is not attached please contact your
account representative. Do not use or rely on this information if you have not
received and reviewed the Statement.
These Computational Materials have been based upon the assumptions described
above. These assumptions will most likely not represent the actual experience of
the Mortgage Pool in the future. The Computational Materials are intended to
illustrate variations in yield on the Offered Certificates under such
assumptions. No representation is made herein as to the actual rate or timing of
principal payments or prepayments on any of the underlying Mortgage Loans in the
Mortgage Pool or the actual performance characteristics of the Offered
Certificates.
<PAGE>
Dec 15 19:48 1997 Page 5
<TABLE>
<S> <C> <C>
December 15, 1997 07:36PM PRICE/YIELD TO MATURITY Table for ML97XL1_RED Class B Merrill Lynch & Company
Settlement: December 30, 1997 Current Balance: $59,394,000.00 Current Coupon: 6.82705% HyperStruct
Last Payment: None Next Payment: January 15, 1998
</TABLE>
- --------------------------------------------------------------------------------
scenarios are recursive
- --------------------------------------------------------------------------------
100 CPR = 100% CPR after lockouts/defeasance
def_2 = Brookfield, Farb, Newton/McDonald and Ritz default at maturity, 36 MTR,
75% recovery
def_3 = Brookfield defaults in 2006, Shilo defaults in 2001, 0 MTR, 100%
recovery
<TABLE>
<CAPTION>
------------- ------------- ------------- -------------
0 CPR 100 CPR def_2 def_3
------------- ------------- ------------- -------------
Price Yield Dur Yield Dur Yield Dur Yield Dur
----- ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
98-00 7.151 6.95 7.148 6.87 7.142 7.99 7.078 6.88
98-08 7.115 7.112 7.110 7.042
98-16 7.078 7.075 7.079 7.005
98-24 7.042 7.038 7.047 6.968
99-00 7.006 6.97 7.002 6.89 7.016 8.02 6.932 6.90
99-08 6.970 6.965 6.985 6.895
99-16 6.934 6.929 6.954 6.859
99-24 6.898 6.893 6.923 6.823
100-00 6.863 6.99 6.857 6.91 6.892 8.04 6.787 6.92
100-08 6.827 6.821 6.861 6.751
100-16 6.792 6.785 6.830 6.715
100-24 6.757 6.749 6.799 6.680
101-00 6.721 7.01 6.714 6.93 6.769 8.07 6.644 6.94
101-08 6.686 6.678 6.738 6.609
101-16 6.651 6.643 6.708 6.573
101-24 6.617 6.608 6.678 6.538
102-00 6.582 7.03 6.573 6.95 6.648 8.10 6.503 6.96
WAL 9.919 9.756 12.232 9.744
1st Prin 10/15/07 08/15/07 09/15/08 08/15/07
Mat. 12/15/07 10/15/07 10/15/10 10/15/07
</TABLE>
- --------------------------------------------------------------------------------
Investors should read the Underwriter's Statement which accompanies these
Computational Materials. If the Statement is not attached please contact your
account representative. Do not use or rely on this information if you have not
received and reviewed the Statement.
These Computational Materials have been based upon the assumptions described
above. These assumptions will most likely not represent the actual experience of
the Mortgage Pool in the future. The Computational Materials are intended to
illustrate variations in yield on the Offered Certificates under such
assumptions. No representation is made herein as to the actual rate or timing of
principal payments or prepayments on any of the underlying Mortgage Loans in the
Mortgage Pool or the actual performance characteristics of the Offered
Certificates.
<PAGE>
Dec 15 19:48 1997 Page 6
<TABLE>
<S> <C> <C>
December 15, 1997 07:36PM PRICE/YIELD TO MATURITY Table for ML97XL1_RED Class C Merrill Lynch & Company
Settlement: December 30, 1997 Current Balance: $46,666,000.00 Current Coupon: 6.97405% HyperStruct
Last Payment: None Next Payment: January 15, 1998
</TABLE>
- --------------------------------------------------------------------------------
scenarios are recursive
- --------------------------------------------------------------------------------
100 CPR = 100% CPR after lockouts/defeasance
def_2 = Brookfield, Farb, Newton/McDonald and Ritz default at maturity, 36 MTR,
75% recovery
def_3 = Brookfield defaults in 2006, Shilo defaults in 2001, 0 MTR, 100%
recovery
<TABLE>
<CAPTION>
------------- ------------- ------------- -------------
0 CPR 100 CPR def_2 def_3
------------- ------------- ------------- -------------
Price Yield Dur Yield Dur Yield Dur Yield Dur
----- ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
98-00 7.303 6.92 7.300 6.84 7.291 8.17 7.227 6.91
98-08 7.266 7.263 7.260 7.190
98-16 7.230 7.226 7.229 7.153
98-24 7.193 7.189 7.199 7.117
99-00 7.157 6.94 7.153 6.86 7.168 8.19 7.081 6.93
99-08 7.121 7.116 7.137 7.044
99-16 7.085 7.080 7.107 7.008
99-24 7.049 7.043 7.076 6.972
100-00 7.013 6.96 7.007 6.88 7.046 8.22 6.937 6.95
100-08 6.977 6.971 7.016 6.901
100-16 6.942 6.935 6.986 6.865
100-24 6.906 6.899 6.956 6.830
101-00 6.871 6.98 6.864 6.90 6.926 8.25 6.794 6.97
101-08 6.836 6.828 6.896 6.759
101-16 6.801 6.792 6.867 6.724
101-24 6.766 6.757 6.837 6.689
102-00 6.731 7.00 6.722 6.92 6.807 8.28 6.654 6.99
WAL 9.958 9.792 12.829 9.906
1st Prin 12/15/07 10/15/07 10/15/10 10/15/07
Mat. 12/15/07 10/15/07 12/15/10 12/15/07
</TABLE>
- --------------------------------------------------------------------------------
Investors should read the Underwriter's Statement which accompanies these
Computational Materials. If the Statement is not attached please contact your
account representative. Do not use or rely on this information if you have not
received and reviewed the Statement.
These Computational Materials have been based upon the assumptions described
above. These assumptions will most likely not represent the actual experience of
the Mortgage Pool in the future. The Computational Materials are intended to
illustrate variations in yield on the Offered Certificates under such
assumptions. No representation is made herein as to the actual rate or timing of
principal payments or prepayments on any of the underlying Mortgage Loans in the
Mortgage Pool or the actual performance characteristics of the Offered
Certificates.
<PAGE>
Dec 15 21:18 1997 Page 1
December 15, 1997 09:11PM Merrill Lynch & Company
Settlement: December 30, 1997 HyperStruct
Last Payment: None Next Payment: January 15, 1998
PRICE/YIELD TO MATURITY Table for ML97XL1_ALCM1 Class A1
Current Balance: $142,191,000.00 Current Coupon: 6.75%
- --------------------------------------------------------------------------------
scenarios are recursive
- --------------------------------------------------------------------------------
alcm1 = extend Brookfield, Newton/McDonald and Ritz for 5 yrs with current
DSC and excess amort principal
alcm2 = extend Brookfield, Newton/McDonald and Ritz for 5 yrs with 1.15
DSC and excess amort principal
------------- ------------
alcm1 alcm2
------------- ------------
Price Yield Dur Yield Dur
----- ------------- ------------
98-00 7.283 3.99 7.283 3.99
98-08 7.219 7.219
98-16 7.156 7.156
98-24 7.093 7.093
99-00 7.030 4.00 7.030 4.00
99-08 6.967 6.967
99-16 6.905 6.905
99-24 6.842 6.842
100-00 6.780 4.02 6.780 4.02
100-08 6.719 6.719
100-16 6.657 6.657
100-24 6.596 6.596
101-00 6.535 4.03 6.535 4.03
101-08 6.474 6.474
101-16 6.413 6.413
101-24 6.352 6.352
102-00 6.292 4.05 6.292 4.05
WAL 5.000 5.000
1st Prin 01/15/98 01/15/98
Mat. 11/15/04 11/15/04
- --------------------------------------------------------------------------------
Investors should read the Underwriter's Statement which accompanies these
Computational Materials. If the Statement is not attached please contact your
account representative. Do not use or rely on this information if you have not
received and reviewed the Statement.
These Computational Materials have been based upon the assumptions described
above. These assumptions will most likely not represent the actual experience of
the Mortgage Pool in the future. The Computational Materials are intended to
illustrate variations in yield on the Offered Certificates under such
assumptions. No representation is made herein as to the actual rate or timing of
principal payments or prepayments on any of the underlying Mortgage Loans in the
Mortgage Pool or the actual performance characteristics of the Offered
Certificates.
<PAGE>
Dec 15 21:18 1997 Page 2
December 15, 1997 09:11PM Merrill Lynch & Company
Settlement: December 30, 1997 HyperStruct
Last Payment: None Next Payment: January 15, 1998
PRICE/YIELD TO MATURITY Table for ML97XL1_ALCM1 Class A2
Current Balance: $117,378,000.00 Current Coupon: 6.75%
- --------------------------------------------------------------------------------
scenarios are recursive
- --------------------------------------------------------------------------------
alcm1 = extend Brookfield, Newton/McDonald and Ritz for 5 yrs with current
DSC and excess amort principal
alcm2 = extend Brookfield, Newton/McDonald and Ritz for 5 yrs with 1.15
DSC and excess amort principal
------------- ------------
alcm1 alcm2
------------- ------------
Price Yield Dur Yield Dur
----- ------------- ------------
98-19+ 7.045 5.66 7.045 5.66
98-27+ 7.001 7.001
99-03+ 6.956 6.956
99-11+ 6.912 6.912
99-19+ 6.868 5.67 6.868 5.67
99-27+ 6.824 6.824
100-03+ 6.780 6.780
100-11+ 6.737 6.737
100-19+ 6.693 5.69 6.693 5.69
100-27+ 6.650 6.650
101-03+ 6.607 6.607
101-11+ 6.564 6.564
101-19+ 6.521 5.70 6.521 5.70
101-27+ 6.478 6.478
102-03+ 6.435 6.435
102-11+ 6.392 6.392
102-19+ 6.350 5.72 6.350 5.72
WAL 7.500 7.500
1st Prin 11/15/04 11/15/04
Mat. 06/15/07 06/15/07
- --------------------------------------------------------------------------------
Investors should read the Underwriter's Statement which accompanies these
Computational Materials. If the Statement is not attached please contact your
account representative. Do not use or rely on this information if you have not
received and reviewed the Statement.
These Computational Materials have been based upon the assumptions described
above. These assumptions will most likely not represent the actual experience of
the Mortgage Pool in the future. The Computational Materials are intended to
illustrate variations in yield on the Offered Certificates under such
assumptions. No representation is made herein as to the actual rate or timing of
principal payments or prepayments on any of the underlying Mortgage Loans in the
Mortgage Pool or the actual performance characteristics of the Offered
Certificates.
<PAGE>
Dec 15 21:18 1997 Page 3
December 15, 1997 09:11PM Merrill Lynch & Company
Settlement: December 30, 1997 HyperStruct
Last Payment: None Next Payment: January 15, 1998
PRICE/YIELD TO MATURITY Table for ML97XL1_ALCM1 Class A3
Current Balance: $220,490,334.00 Current Coupon: 6.75%
- --------------------------------------------------------------------------------
scenarios are recursive
- --------------------------------------------------------------------------------
alcm1 = extend Brookfield, Newton/McDonald and Ritz for 5 yrs with current
DSC and excess amort principal
alcm2 = extend Brookfield, Newton/McDonald and Ritz for 5 yrs with 1.15
DSC and excess amort principal
------------- ------------
alcm1 alcm2
------------- ------------
Price Yield Dur Yield Dur
----- ------------- ------------
96-10+ 7.052 6.83 7.052 6.83
98-18+ 7.015 7.015
98-26+ 6.979 6.979
99-02+ 6.942 6.942
99-10+ 6.905 6.85 6.905 6.85
99-18+ 6.869 6.869
99-26+ 6.832 6.832
100-02+ 6.796 6.796
100-10+ 6.760 6.87 6.760 6.87
100-18+ 6.724 6.724
100-26+ 6.688 6.688
101-02+ 6.652 6.652
101-10+ 6.617 6.89 6.617 6.89
101-18+ 6.581 6.581
101-26+ 6.546 6.546
102-02+ 6.510 6.510
102-10+ 6.475 6.91 6.475 6.91
WAL 9.645 9.645
1st Prin 06/15/07 06/15/07
Mat. 12/15/07 12/15/07
- --------------------------------------------------------------------------------
Investors should read the Underwriter's Statement which accompanies these
Computational Materials. If the Statement is not attached please contact your
account representative. Do not use or rely on this information if you have not
received and reviewed the Statement.
These Computational Materials have been based upon the assumptions described
above. These assumptions will most likely not represent the actual experience of
the Mortgage Pool in the future. The Computational Materials are intended to
illustrate variations in yield on the Offered Certificates under such
assumptions. No representation is made herein as to the actual rate or timing of
principal payments or prepayments on any of the underlying Mortgage Loans in the
Mortgage Pool or the actual performance characteristics of the Offered
Certificates.
<PAGE>
Dec 15 21:18 1997 Page 4
December 15, 1997 09:11PM Merrill Lynch & Company
Settlement: December 30, 1997 HyperStruct
Last Payment: None Next Payment: January 15, 1998
PRICE/YIELD TO MATURITY Table for ML97XL1_ALCM1 Class A4
Current Balance: $96,908,666.00 Current Coupon: 6.735%
- --------------------------------------------------------------------------------
scenarios are recursive
- --------------------------------------------------------------------------------
alcm1 = extend Brookfield, Newton/McDonald and Ritz for 5 yrs with current
DSC and excess amort principal
alcm2 = extend Brookfield, Newton/McDonald and Ritz for 5 yrs with 1.15
DSC and excess amort principal
------------- ------------
alcm1 alcm2
------------- ------------
Price Yield Dur Yield Dur
----- ------------- ------------
98-11+ 7.055 6.13 7.055 6.13
98-19+ 7.014 7.014
98-27+ 6.973 6.973
99-03+ 6.932 6.932
99-11+ 6.892 6.15 6.892 6.15
99-19+ 6.851 6.851
99-27+ 6.811 6.811
100-03+ 6.770 6.770
100-11+ 6.730 6.18 6.730 6.18
100-19+ 6.690 6.690
100-27+ 6.650 6.650
101-03+ 6.610 6.610
101-11+ 6.571 6.20 6.571 6.20
101-19+ 6.531 6.531
101-27+ 6.492 6.492
102-03+ 6.452 6.452
102-11+ 6.413 6.22 6.413 6.22
WAL 8.520 8.520
1st Prin 01/15/98 01/15/98
Mat. 08/15/07 08/15/07
- --------------------------------------------------------------------------------
Investors should read the Underwriter's Statement which accompanies these
Computational Materials. If the Statement is not attached please contact your
account representative. Do not use or rely on this information if you have not
received and reviewed the Statement.
These Computational Materials have been based upon the assumptions described
above. These assumptions will most likely not represent the actual experience of
the Mortgage Pool in the future. The Computational Materials are intended to
illustrate variations in yield on the Offered Certificates under such
assumptions. No representation is made herein as to the actual rate or timing of
principal payments or prepayments on any of the underlying Mortgage Loans in the
Mortgage Pool or the actual performance characteristics of the Offered
Certificates.
<PAGE>
Dec 15 21:18 1997 Page 5
December 15, 1997 09:11PM Merrill Lynch & Company
Settlement: December 30, 1997 HyperStruct
Last Payment: None Next Payment: January 15, 1998
PRICE/YIELD TO MATURITY Table for ML97XL1_ALCM1 Class B
Current Balance: $59,394,000.00 Current Coupon: 6.82705%
- --------------------------------------------------------------------------------
scenarios are recursive
- --------------------------------------------------------------------------------
alcm1 = extend Brookfield, Newton/McDonald and Ritz for 5 yrs with current
DSC and excess amort principal
alcm2 = extend Brookfield, Newton/McDonald and Ritz for 5 yrs with 1.15
DSC and excess amort principal
------------- ------------
alcm1 alcm2
------------- ------------
Price Yield Dur Yield Dur
----- ------------- ------------
98-00 7.153 7.00 7.153 6.99
98-08 7.116 7.116
98-16 7.080 7.080
96-24 7.044 7.044
99-00 7.009 7.02 7.008 7.01
99-08 6.973 6.973
99-16 6.937 6.937
99-24 6.902 6.901
100-00 6.866 7.04 6.866 7.03
100-08 6.831 6.831
100-16 6.796 6.796
100-24 6.761 6.760
101-00 6.726 7.06 6.725 7.05
101-08 6.691 6.691
101-16 6.656 6.656
101-24 6.622 6.621
102-00 6.587 7.08 6.587 7.07
WAL 10.013 9.999
1st Prin 12/15/07 12/15/07
Mat. 08/15/08 07/15/08
- --------------------------------------------------------------------------------
Investors should read the Underwriter's Statement which accompanies these
Computational Materials. If the Statement is not attached please contact your
account representative. Do not use or rely on this information if you have not
received and reviewed the Statement.
These Computational Materials have been based upon the assumptions described
above. These assumptions will most likely not represent the actual experience of
the Mortgage Pool in the future. The Computational Materials are intended to
illustrate variations in yield on the Offered Certificates under such
assumptions. No representation is made herein as to the actual rate or timing of
principal payments or prepayments on any of the underlying Mortgage Loans in the
Mortgage Pool or the actual performance characteristics of the Offered
Certificates.
<PAGE>
Dec 15 21:18 1997 Page 6
December 15, 1997 09:11PM Merrill Lynch & Company
Settlement: December 30, 1997 HyperStruct
Last Payment: None Next Payment: January 15, 1998
PRICE/YIELD TO MATURITY Table for ML97XL1_ALCM1 Class C
Current Balance: $46,666,000.00 Current Coupon: 6.97405%
- --------------------------------------------------------------------------------
scenarios are recursive
- --------------------------------------------------------------------------------
alcm1 = extend Brookfield, Newton/McDonald and Ritz for 5 yrs with current
DSC and excess amort principal
alcm2 = extend Brookfield, Newton/McDonald and Ritz for 5 yrs with 1.15
DSC and excess amort principal
------------- ------------
alcm1 alcm2
------------- ------------
Price Yield Dur Yield Dur
----- ------------- ------------
98-00 7.309 7.94 7.308 7.80
98-08 7.277 7.276
98-16 7.245 7.243
98-24 7.213 7.211
99-00 7.182 7.97 7.179 7.82
99-08 7.150 7.147
99-16 7.119 7.115
99-24 7.088 7.083
100-00 7.056 7.99 7.052 7.85
100-08 7.025 7.020
100-16 6.994 6.988
100-24 6.964 6.957
101-00 6.933 8.02 6.926 7.87
101-08 6.902 6.894
101-16 6.872 6.863
101-24 6.841 6.832
102-00 6.811 8.05 6.801 7.90
WAL 12.291 11.937
1st Prin 08/15/08 07/15/08
Mat. 10/15/11 04/15/11
- --------------------------------------------------------------------------------
Investors should read the Underwriter's Statement which accompanies these
Computational Materials. If the Statement is not attached please contact your
account representative. Do not use or rely on this information if you have not
received and reviewed the Statement.
These Computational Materials have been based upon the assumptions described
above. These assumptions will most likely not represent the actual experience of
the Mortgage Pool in the future. The Computational Materials are intended to
illustrate variations in yield on the Offered Certificates under such
assumptions. No representation is made herein as to the actual rate or timing of
principal payments or prepayments on any of the underlying Mortgage Loans in the
Mortgage Pool or the actual performance characteristics of the Offered
Certificates.
<PAGE>
Dec 15 12:07 1997 Page 1
MERRILL LYNCH & CO
Deal Name: ml97xl1_red MORTGAGE BALANCE......:$848,482,929
CLASS NOT. BALANCE....:$751,574,263
PROCEEDS..............: $37,703,728
CREDIT SUPPORT (%)....: 0.0%
CREDIT SUPPORT ($)....: $0
MONTH DEFAULTS BEGIN..: 1
MONTH DEFAULTS END....: 360
MONTHS TO RECOVERY....: 12
SERVICER ADVANCES.....: P & I
LOSS MODE.............: P only
SETTLEMENT DATE.......: 12/30/1997
CLASS IO - PRICE = 4-30+
UP 200bps
<TABLE>
<CAPTION>
------------------------- PREPAYMENTS ----------------------------
0 CPR 100 CPR
------------ 0%/LOANS --------- ----------- 0%/LOANS ----------
LS C.LOSS% YIELD WAL SPRD C.LOSS% YIELD WAL SPRD
- -------------- ------------------------------- -------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
0 CDR 0 0.00 8.35 9.4 39 0.00 7.18 8.7 (77)
</TABLE>
<TABLE>
<CAPTION>
Tsy Curve
Tsy 3m 6m 1yr 2yr 3yr 4yr 5yr 7yr 10yr 30yr
--- -- -- --- --- --- --- --- --- ---- ----
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Yield 7.32 7.50 7.61 7.83 7.87 7.89 7.92 7.94 7.96 8.15
</TABLE>
- --------------------------------------------------------------------------------
Investors should read the Underwriter's Statement which accompanies these
Computational Materials. If the Statement is not attached please contact your
account representative. Do not use or rely on this information if you have not
received and reviewed the Statement.
These Computational Materials have been based upon the assumptions described
above. These assumptions will most likely not represent the actual experience of
the Mortgage Pool in the future. The Computational Materials are intended to
illustrate variations in yield on the Offered Certificates under such
assumptions. No representation is made herein as to the actual rate or timing of
principal payments or prepayments on any of the underlying Mortgage Loans in the
Mortgage Pool or the actual performance characteristics of the Offered
Certificates.
<PAGE>
Dec 15 13:50 1997 Page 1
MERRILL LYNCH & CO
Deal Name: ml97xl1_red_gr MORTGAGE BALANCE......:$848,482,929
CLASS NOT. BALANCE....:$751,574,263
PROCEEDS..............: $37,703,728
CREDIT SUPPORT (%)....: 0.0%
CREDIT SUPPORT ($)....: $0
MONTH DEFAULTS BEGIN..: 1
MONTH DEFAULTS END....: 360
MONTHS TO RECOVERY....: 0
SERVICER ADVANCES.....: P & I
LOSS MODE.............: P only
SETTLEMENT DATE.......: 12/30/1997
CLASS IO - PRICE = 4-30+
def_farb5 = Farb loan defaults in 5yrs
def_newt5 = Newton loan defaults in 5yrs
def_farbnewt5 = Farb and Newton default in 5yrs
--------- PREPAYMENTS ---------
0 CPR
------------ 0%/LOANS ---------
LS C.LOSS% YIELD WAL SPRD
- ----------------- -------------------------------
0 CDR 0 0.00 8.35 9.4 239
25 0.00 8.35 9.4 239
50 0.00 8.35 9.4 239
------------ 7%/LOANS ---------
LS C.LOSS% YIELD WAL SPRD
- ----------------- -------------------------------
def_farb5 0 0.00 7.76 9.1 180
25 1.80 7.51 9.1 155
50 3.60 7.25 9.1 130
----------- 10%/LOANS ---------
LS C.LOSS% YIELD WAL SPRD
- ----------------- -------------------------------
def_newt5 0 0.00 6.58 8.4 62
25 2.49 6.48 8.4 52
50 4.99 6.38 8.4 42
----------- 17%/LOANS ---------
LS C.LOSS% YIELD WAL SPRD
- ----------------- -------------------------------
def_farbnewt5 0 0.00 5.87 8.1 (7)
25 4.30 5.68 8.1 (26)
50 8.59 4.96 8.1 (98)
<TABLE>
<CAPTION>
Tsy Curve
Tsy 3m 6m 1yr 2yr 3yr 4yr 5yr 7yr 10yr 30yr
--- -- -- --- --- --- --- --- --- ---- ----
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Yield 5.32 5.50 5.61 5.83 5.87 5.89 5.92 5.94 5.96 6.15
</TABLE>
- --------------------------------------------------------------------------------
Investors should read the Underwriter's Statement which accompanies these
Computational Materials. If the Statement is not attached please contact your
account representative. Do not use or rely on this information if you have not
received and reviewed the Statement.
These Computational Materials have been based upon the assumptions described
above. These assumptions will most likely not represent the actual experience of
the Mortgage Pool in the future. The Computational Materials are intended to
illustrate variations in yield on the Offered Certificates under such
assumptions. No representation is made herein as to the actual rate or timing of
principal payments or prepayments on any of the underlying Mortgage Loans in the
Mortgage Pool or the actual performance characteristics of the Offered
Certificates.
<PAGE>
Dec 12 09:27 1997 Page 1
MERRILL LYNCH & CO
Deal Name: ml97xl1_red_gr MORTGAGE BALANCE..... :$848,482,929
CLASS NOT. BALANCE... :$751,574,263
PROCEEDS............. : $37,703,728
CREDIT SUPPORT (%)... : 0.0%
CREDIT SUPPORT ($)... : $0
MONTH DEFAULTS BEGIN. :
MONTH DEFAULTS END... :
MONTHS TO RECOVERY... : 0
SERVICER ADVANCES.... : P & I
LOSS MODE............ : P only
SETTLEMENT DATE...... : 12/30/1997
CLASS IO - PRICE = 4-30+
loym_100 = 0% CPR for lockouts/defeasance, yield maintenance,
100% CPR thereafter
100 CPR = 0% CPR for lockouts/defeasance, 100% CPR thereafter
def_farb = default Farb loan in year 3, 5 and 7
<TABLE>
<CAPTION>
-------------------------------------------- PREPAYMENTS --------------------------------------------
0 CPR loym_100 100 CPR
----------- 0%/LOANS ---------- ---------- 0%/LOANS ---------- ---------- 0%/LOANS ----------
LS C.LOSS% YIELD WAL SPRD C.LOSS% YIELD WAL SPRD C.LOSS% YIELD WAL SPRD
- -------------- ------------------------------- ------------------------------ ------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
0 CDR 0 0.00 8.35 9.4 239 0.00 7.85 9.2 189 0.00 7.70 8.7 175
25 0.00 8.35 9.4 239 0.00 7.85 9.2 189 0.00 7.70 8.7 175
50 0.00 8.35 9.4 239 0.00 7.85 9.2 189 0.00 7.70 8.7 175
<CAPTION>
----------- 7%/LOANS ---------- ---------- 7%/LOANS ---------- ---------- 7%/LOANS ----------
LS C.LOSS% YIELD WAL SPRD C.LOSS% YIELD WAL SPRD C.LOSS% YIELD WAL SPRD
- -------------- ------------------------------- ------------------------------ ------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
def_farb3 0 0.00 7.43 8.9 147 0.00 6.92 8.7 96 0.00 6.72 8.2 77
25 1.85 7.13 8.9 118 1.85 6.60 8.7 65 1.85 6.38 8.2 43
50 3.70 6.83 8.9 88 3.70 6.28 8.7 32 3.70 6.17 8.2 22
<CAPTION>
----------- 7%/LOANS ---------- ---------- 7%/LOANS ---------- ---------- 7%/LOANS ----------
LS C.LOSS% YIELD WAL SPRD C.LOSS% YIELD WAL SPRD C.LOSS% YIELD WAL SPRD
- -------------- ------------------------------- ------------------------------ ------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
def_farb5 0 0.00 7.76 9.1 180 0.00 7.25 8.8 130 0.00 7.07 8.4 112
25 1.80 7.51 9.1 155 1.80 6.98 8.8 103 1.80 6.78 8.4 83
50 3.60 7.25 9.1 130 3.60 6.71 8.8 75 3.60 6.61 8.4 66
<CAPTION>
----------- 7%/LOANS ---------- ---------- 7%/LOANS ---------- ---------- 7%/LOANS ----------
LS C.LOSS% YIELD WAL SPRD C.LOSS% YIELD WAL SPRD C.LOSS% YIELD WAL SPRD
- -------------- ------------------------------- ------------------------------ ------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
def_farb7 0 0.00 8.03 9.2 207 0.00 7.53 9.0 158 0.00 7.37 8.6 142
25 1.75 7.82 9.2 186 1.75 7.31 9.0 135 1.75 7.12 8.6 117
50 3.49 7.61 9.2 165 3.49 7.08 9.0 112 3.49 6.98 8.6 103
</TABLE>
<TABLE>
<CAPTION>
Tsy Curve
Tsy 3m 6m 1yr 2yr 3yr 4yr 5yr 7yr 10yr 30yr
--- -- -- --- --- --- --- --- --- ---- ----
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Yield 5.32 5.50 5.61 5.83 5.87 5.89 5.92 5.94 5.96 6.15
</TABLE>
- --------------------------------------------------------------------------------
Investors should read the Underwriter's Statement which accompanies these
Computational Materials. If the Statement is not attached please contact your
account representative. Do not use or rely on this information if you have not
received and reviewed the Statement.
These Computational Materials have been based upon the assumptions described
above. These assumptions will most likely not represent the actual experience of
the Mortgage Pool in the future. The Computational Materials are intended to
illustrate variations in yield on the Offered Certificates under such
assumptions. No representation is made herein as to the actual rate or timing of
principal payments or prepayments on any of the underlying Mortgage Loans in the
Mortgage Pool or the actual performance characteristics of the Offered
Certificates.
<PAGE>
Dec 12 09:00 1997 Page 1
MERRILL LYNCH & CO
Deal Name: ml97xl1_red_grmid MORTGAGE BALANCE......:$848,482,929
CLASS NOT. BALANCE....:$751,574,263
PROCEEDS..............: $37,703,728
CREDIT SUPPORT (%)....: 0.0%
CREDIT SUPPORT ($)....: $0
MONTH DEFAULTS BEGIN..:
MONTH DEFAULTS END....:
MONTHS TO RECOVERY....: 0
SERVICER ADVANCES.....: P & I
LOSS MODE.............: P only
SETTLEMENT DATE.......: 12/30/1997
CLASS IO - PRICE = 4-30+
loym_100 = 0% CPR for lockout/defeasance, yield maintenance,
100% CPR at midpoint of open prepay
100 CPR = 0% CPR for lockout/defeasance, 100% CPR at midpoint
of open prepay
def_farb = default Farb loan in year 3, 5 and 7
<TABLE>
<CAPTION>
-------------------------------------------- PREPAYMENTS --------------------------------------------
0 CPR loym_100 100 CPR
----------- 0%/LOANS ---------- ---------- 0%/LOANS ---------- ---------- 0%/LOANS ----------
LS C.LOSS% YIELD WAL SPRD C.LOSS% YIELD WAL SPRD C.LOSS% YIELD WAL SPRD
- -------------- ------------------------------- ------------------------------ ------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
0 CDR 0 0.00 8.35 9.4 239 0.00. 8.12 9.3 216 0.00 7.99 8.9 203
25 0.00 8.35 9.4 239 0.00 8.12 9.3 216 0.00 7.99 8.9 203
50 0.00 8.35 9.4 239 0.00 8.12 9.3 216 0.00 7.99 8.9 203
<CAPTION>
----------- 7%/LOANS ---------- ---------- 7%/LOANS ---------- ---------- 7%/LOANS ----------
LS C.LOSS% YIELD WAL SPRD C.LOSS% YIELD WAL SPRD C.LOSS% YIELD WAL SPRD
- -------------- ------------------------------- ------------------------------ ------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
def_farb3 0 0.00 7.43 8.9 147 0.00 7.20 8.8 125 0.00 7.02 8.3 107
25 1.85 7.13 8.9 118 1.85 6.89 8.8 94 1.85 6.69 8.3 74
50 3.70 6.83 8.9 88 3.70 6.58 8.8 62 3.70 6.48 8.3 53
<CAPTION>
----------- 7%/LOANS ---------- ---------- 7%/LOANS ---------- ---------- 7%/LOANS ----------
LS C.LOSS% YIELD WAL SPRD C.LOSS% YIELD WAL SPRD C.LOSS% YIELD WAL SPRD
- -------------- ------------------------------- ------------------------------ ------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
def_farb5 0 0.00 7.76 9.1 180 0.00 7.53 9.0 158 0.00 7.37 8.5 142
25 1.80 7.51 9.1 155 1.80 7.27 9.0 131 1.80 7.09 8.5 113
50 3.60 7.25 9.1 130 3.60 7.00 9.0 105 3.60 6.92 8.5 96
<CAPTION>
----------- 7%/LOANS ---------- ---------- 7%/LOANS ---------- ---------- 7%/LOANS ----------
LS C.LOSS% YIELD WAL SPRD C.LOSS% YIELD WAL SPRD C.LOSS% YIELD WAL SPRD
- -------------- ------------------------------- ------------------------------ ------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
def_farb7 0 0.00 8.03 9.2 207 0.00 7.81 9.1 185 0.00 7.66 8.7 171
25 1.75 7.82 9.2 186 1.75 7.59 9.1 163 1.75 7.42 8.7 147
50 3.49 7.61 9.2 165 3.49 7.37 9.1 141 3.49 7.29 8.7 133
</TABLE>
<TABLE>
<CAPTION>
Tsy Curve
Tsy 3m 6m 1yr 2yr 3yr 4yr 5yr 7yr 10yr 30yr
--- -- -- --- --- --- --- --- --- ---- ----
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Yield 5.32 5.50 5.61 5.83 5.87 5.89 5.92 5.94 5.96 6.15
</TABLE>
- --------------------------------------------------------------------------------
Investors should read the Underwriter's Statement which accompanies these
Computational Materials. If the Statement is not attached please contact your
account representative. Do not use or rely on this information if you have not
received and reviewed the Statement.
These Computational Materials have been based upon the assumptions described
above. These assumptions will most likely not represent the actual experience of
the Mortgage Pool in the future. The Computational Materials are intended to
illustrate variations in yield on the Offered Certificates under such
assumptions. No representation is made herein as to the actual rate or timing of
principal payments or prepayments on any of the underlying Mortgage Loans in the
Mortgage Pool or the actual performance characteristics of the Offered
Certificates.
<PAGE>
Dec 15 14:53 1997 Page 1
MERRILL LYNCH & CO
Deal Name: ml97xl1_red_gr MORTGAGE BALANCE.....: $848,482,929
CLASS NOT. BALANCE...: $751,574,263
PROCEEDS.............: $37,703,728
CREDIT SUPPORT (%)...: 0.0%
CREDIT SUPPORT ($)...: $0
MONTH DEFAULTS BEGIN.: 1
MONTH DEFAULTS END...: 360
MONTHS TO RECOVERY...: 0
SERVICER ADVANCES....: P & I
LOSS MODE............: P only
SETTLEMENT DATE......: 12/30/1997
CLASS IO - PRICE = 4-30+
UP 200BPS
<TABLE>
<CAPTION>
-------------------------- PREPAYMENTS ---------------------------
0 CPR 100 CPR
----------- 0%/LOANS ---------- ---------- 0%/LOANS ----------
LS C.LOSS% YIELD WAL SPRD C.LOSS% YIELD WAL SPRD
- ---------------- ------------------------------- ------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
0 CDR 0 0.00 8.35 9.4 39 0.00 7.18 8.7 (76)
25 0.00 8.35 9.4 39 0.00 7.18 8.7 (76)
50 0.00 8.35 9.4 39 0.00 7.18 8.7 (76)
<CAPTION>
----------- 7%/LOANS ---------- ---------- 7%/LOANS ----------
LS C.LOSS% YIELD WAL SPRD C.LOSS% YIELD WAL SPRD
- ---------------- ------------------------------- ------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
def_farb5 0 0.00 7.76 9.1 (19) 0.00 6.52 8.4 (142)
25 1.80 7.51 9.1 (44) 1.80 6.44 8.4 (150)
50 3.60 7.25 9.1 (69) 3.60 6.33 8.4 (161)
<CAPTION>
---------- 10%/LOANS ---------- --------- 10%/LOANS ----------
LS C.LOSS% YIELD WAL SPRD C.LOSS% YIELD WAL SPRD
- ---------------- ------------------------------- ------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
def_newt5 0 0.00 6.58 8.4 (137) 0.00 4.63 7.7 (331)
25 2.49 6.48 8.4 (147) 2.49 4.51 7.7 (343)
50 4.99 6.38 8.4 (157) 4.99 4.38 7.7 (356)
<CAPTION>
---------- 17%/LOANS ---------- --------- 17%/LOANS ----------
LS C.LOSS% YIELD WAL SPRD C.LOSS% YIELD WAL SPRD
- ---------------- ------------------------------- ------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
def_farbnewt5 0 0.00 5.87 8.1 (207) 0.00 3.77 7.4 (417)
25 4.30 5.68 8.1 (226) 4.30 3.52 7.4 (441)
50 8.59 4.96 8.1 (298) 8.59 3.09 7.4 (485)
</TABLE>
<TABLE>
<CAPTION>
Tsy Curve
Tsy 3m 6m 1yr 2yr 3yr 4yr 5yr 7yr 10yr 30yr
--- -- -- --- --- --- --- --- --- ---- ----
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Yield 7.32 7.50 7.61 7.83 7.87 7.89 7.92 7.94 7.96 8.15
</TABLE>
- --------------------------------------------------------------------------------
Investors should read the Underwriter's Statement which accompanies these
Computational Materials. If the Statement is not attached please contact your
account representative. Do not use or rely on this information if you have not
received and reviewed the Statement.
These Computational Materials have been based upon the assumptions described
above. These assumptions will most likely not represent the actual experience of
the Mortgage Pool in the future. The Computational Materials are intended to
illustrate variations in yield on the Offered Certificates under such
assumptions. No representation is made herein as to the actual rate or timing of
principal payments or prepayments on any of the underlying Mortgage Loans in the
Mortgage Pool or the actual performance characteristics of the Offered
Certificates.
<PAGE>
Dec 17 09:55 1997 Page 1
MERRILL LYNCH & CO
Deal Name: ml97xl1_pxg_1216 MORTGAGE BALANCE.....: $848,482,929
CLASS NOT. BALANCE...: $751,574,263
PROCEEDS.............: $45,676,883
CREDIT SUPPORT (%)...: 0.0%
CREDIT SUPPORT ($)...: $0
MONTH DEFAULTS BEGIN.: 24
MONTH DEFAULTS END...: 360
MONTHS TO RECOVERY...: 12
SERVICER ADVANCES....: P & I
LOSS MODE............: P only
SETTLEMENT DATE......: 12/30/1997
CLASS IO - PRICE = 6-00
0% CPR for lockouts, yield maintenance then at indicated CPR
<TABLE>
<CAPTION>
-------------------------------------------- PREPAYMENTS --------------------------------------------
0 CPR loym_20 loym_100
----------- 0%/LOANS ---------- ---------- 0%/LOANS ---------- ---------- 0%/LOANS ----------
LS C.LOSS% YIELD WAL SPRD C.LOSS% YIELD WAL SPRD C.LOSS% YIELD WAL SPRD
- -------------- ------------------------------- ------------------------------ ------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
0 CDR 0 0.00 8.16 9.4 239 0.00 8.09 9.4 232 0.00 7.61 9.2 184
35 0.00 8.16 9.4 239 0.00 8.09 9.4 232 0.00 7.61 9.2 184
<CAPTION>
---------- 12%/LOANS ---------- --------- 12%/LOANS ---------- --------- 12%/LOANS ----------
LS C.LOSS% YIELD WAL SPRD C.LOSS% YIELD WAL SPRD C.LOSS% YIELD WAL SPRD
- -------------- ------------------------------- ------------------------------ ------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
2 CDR 0 0.00 7.18 8.9 142 0.00 7.12 8.9 135 0.00 6.66 8.7 89
35 4.37 6.86 8.9 109 4.37 6.79 8.9 103 4.34 6.30 8.7 54
<CAPTION>
---------- 23%/LOANS ---------- --------- 23%/LOANS ---------- --------- 23%/LOANS ----------
LS C.LOSS% YIELD WAL SPRD C.LOSS% YIELD WAL SPRD C.LOSS% YIELD WAL SPRD
- -------------- ------------------------------- ------------------------------ ------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
4 CDR 0 0.00 6.13 8.5 37 0.00 6.06 8.4 30 0.00 5.62 8.3 (13)
35 8.16 5.51 8.5 (24) 8.16 5.44 8.4 (31) 8.11 4.94 8.3 (81)
</TABLE>
<TABLE>
<CAPTION>
Tsy Curve
Tsy 3m 6m 1yr 2yr 3yr 4yr 5yr 7yr 10yr 30yr
--- -- -- --- --- --- --- --- --- ---- ----
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Yield 5.20 5.40 5.46 5.67 5.69 5.71 5.74 5.75 5.77 5.96
</TABLE>
- --------------------------------------------------------------------------------
Investors should read the Underwriter's Statement which accompanies these
Computational Materials. If the Statement is not attached please contact your
account representative. Do not use or rely on this information if you have not
received and reviewed the Statement.
These Computational Materials have been based upon the assumptions described
above. These assumptions will most likely not represent the actual experience of
the Mortgage Pool in the future. The Computational Materials are intended to
illustrate variations in yield on the Offered Certificates under such
assumptions. No representation is made herein as to the actual rate or timing of
principal payments or prepayments on any of the underlying Mortgage Loans in the
Mortgage Pool or the actual performance characteristics of the Offered
Certificates.
<PAGE>
Dec 17 10:03 1997 Page 1
MERRILL LYNCH & CO
Deal Name: ml97xl1_pxg_1216 MORTGAGE BALANCE.....: $848,482,929
CLASS NOT. BALANCE...: $751,574,263
PROCEEDS.............: $45,676,883
CREDIT SUPPORT (%)...: 0.0%
CREDIT SUPPORT ($)...: $0
MONTH DEFAULTS BEGIN.: 24
MONTH DEFAULTS END...: 360
MONTHS TO RECOVERY...: 12
SERVICER ADVANCES....: P & I
LOSS MODE............: P only
SETTLEMENT DATE......: 12/30/1997
CLASS IO - PRICE = 6-00
0% CPR for lockouts, then at indicated CPR
<TABLE>
<CAPTION>
-------------------------------------------- PREPAYMENTS --------------------------------------------
0 CPR 20 CPR 100 CPR
----------- 0%/LOANS ---------- ---------- 0%/LOANS ---------- ---------- 0%/LOANS ----------
LS C.LOSS% YIELD WAL SPRD C.LOSS% YIELD WAL SPRD C.LOSS% YIELD WAL SPRD
- -------------- ------------------------------- ------------------------------ ------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
0 CDR 0 0.00 8.16 9.4 239 0.00 8.07 9.2 231 0.00 7.51 8.7 175
35 0.00 8.16 9.4 239 0.00 8.07 9.2 231 0.00 7.51 8.7 175
<CAPTION>
---------- 12%/LOANS ---------- --------- 11%/LOANS ---------- --------- 11%/LOANS ----------
LS C.LOSS% YIELD WAL SPRD C.LOSS% YIELD WAL SPRD C.LOSS% YIELD WAL SPRD
- -------------- ------------------------------- ------------------------------ ------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
2 CDR 0 0.00 7.18 8.9 142 0.00 7.09 8.7 133 0.00 6.58 8.3 82
35 4.37 6.86 8.9 109 3.98 6.82 8.7 106 3.68 6.24 8.3 48
<CAPTION>
---------- 23%/LOANS ---------- --------- 21%/LOANS ---------- --------- 20%/LOANS ----------
LS C.LOSS% YIELD WAL SPRD C.LOSS% YIELD WAL SPRD C.LOSS% YIELD WAL SPRD
- -------------- ------------------------------- ------------------------------ ------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
4 CDR 0 0.00 6.13 8.5 37 0.00 6.11 8.3 35 0.00 5.71 8.0 (4)
35 8.16 5.51 8.5 (24) 7.45 5.53 8.3 (22) 6.90 5.08 8.0 (67)
</TABLE>
<TABLE>
<CAPTION>
Tsy Curve
Tsy 3m 6m 1yr 2yr 3yr 4yr 5yr 7yr 10yr 30yr
--- -- -- --- --- --- --- --- --- ---- ----
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Yield 5.20 5.40 5.46 5.67 5.69 5.71 5.74 5.75 5.77 5.96
</TABLE>
- --------------------------------------------------------------------------------
Investors should read the Underwriter's Statement which accompanies these
Computational Materials. If the Statement is not attached please contact your
account representative. Do not use or rely on this information if you have not
received and reviewed the Statement.
These Computational Materials have been based upon the assumptions described
above. These assumptions will most likely not represent the actual experience of
the Mortgage Pool in the future. The Computational Materials are intended to
illustrate variations in yield on the Offered Certificates under such
assumptions. No representation is made herein as to the actual rate or timing of
principal payments or prepayments on any of the underlying Mortgage Loans in the
Mortgage Pool or the actual performance characteristics of the Offered
Certificates.
<PAGE>
Dec 17 10:09 1997 Page 1
MERRILL LYNCH & CO
Deal Name: ml97xl1_pxg_1216 MORTGAGE BALANCE.....: $848,482,929
CLASS NOT. BALANCE...: $751,574,263
PROCEEDS.............: $45,676,883
CREDIT SUPPORT (%)...: 0.0%
CREDIT SUPPORT ($)...: $0
MONTH DEFAULTS BEGIN.: 24
MONTH DEFAULTS END...: 360
MONTHS TO RECOVERY...: 12
SERVICER ADVANCES....: P & I
LOSS MODE............: P only
SETTLEMENT DATE......: 12/30/1997
CLASS IO - PRICE = 6-00
0% CPR for lockouts, then at indicated CPR
*** TSY UP 300BPS
<TABLE>
<CAPTION>
-------------------------------------------- PREPAYMENTS --------------------------------------------
0 CPR 20 CPR 100 CPR
----------- 0%/LOANS ---------- ---------- 0%/LOANS ---------- ---------- 0%/LOANS ----------
LS C.LOSS% YIELD WAL SPRD C.LOSS% YIELD WAL SPRD C.LOSS% YIELD WAL SPRD
- -------------- ------------------------------- ------------------------------ ------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
0 CDR 0 0.00 8.16 9.4 (60) 0.00 7.78 9.2 (98) 0.00 6.73 8.7 (203)
35 0.00 8.16 9.4 (60) 0.00 7.78 9.2 (98) 0.00 6.73 8.7 (203)
<CAPTION>
---------- 12%/LOANS ---------- --------- 11%/LOANS ---------- --------- 11%/LOANS ----------
LS C.LOSS% YIELD WAL SPRD C.LOSS% YIELD WAL SPRD C.LOSS% YIELD WAL SPRD
- -------------- ------------------------------- ------------------------------ ------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
2 CPR 0 0.00 7.18 8.9 (157) 0.00 6.76 8.7 (200) 0.00 5.69 8.3 (306)
35 4.37 6.86 8.9 (190) 3.98 6.57 8.7 (218) 3.68 5.66 8.3 (309)
<CAPTION>
---------- 23%/LOANS ---------- --------- 21%/LOANS ---------- --------- 20%/LOANS ----------
LS C.LOSS% YIELD WAL SPRD C.LOSS% YIELD WAL SPRD C.LOSS% YIELD WAL SPRD
- -------------- ------------------------------- ------------------------------ ------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
4 CDR 0 0.00 6.13 8.5 (262) 0.00 5.70 8.3 (305) 0.00 4.66 8.0 (409)
35 8.16 5.51 8.5 (324) 7.45 5.28 8.3 (347) 6.90 4.53 8.0 (422)
</TABLE>
<TABLE>
<CAPTION>
Tsy Curve
Tsy 3m 6m 1yr 2yr 3yr 4yr 5yr 7yr 10yr 30yr
--- -- -- --- --- --- --- --- --- ---- ----
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Yield 8.20 8.40 8.46 8.67 8.69 8.71 8.74 8.75 8.77 8.96
</TABLE>
- --------------------------------------------------------------------------------
Investors should read the Underwriter's Statement which accompanies these
Computational Materials. If the Statement is not attached please contact your
account representative. Do not use or rely on this information if you have not
received and reviewed the Statement.
These Computational Materials have been based upon the assumptions described
above. These assumptions will most likely not represent the actual experience of
the Mortgage Pool in the future. The Computational Materials are intended to
illustrate variations in yield on the Offered Certificates under such
assumptions. No representation is made herein as to the actual rate or timing of
principal payments or prepayments on any of the underlying Mortgage Loans in the
Mortgage Pool or the actual performance characteristics of the Offered
Certificates.
<PAGE>
Dec 15 20:13 1997 Page 1
MERRILL LYNCH & CO
Deal Name: ml97xl1_red MORTGAGE BALANCE.....: $848,482,929
CLASS NOT. BALANCE...: $751,574,263
PROCEEDS.............: $37,703,728
CREDIT SUPPORT (%)...: 0.0%
CREDIT SUPPORT ($)...: $0
MONTH DEFAULTS BEGIN.: 1
MONTH DEFAULTS END...: 360
MONTHS TO RECOVERY...: 0
SERVICER ADVANCES....: P & I
LOSS MODE............: P only
SETTLEMENT DATE......: 12/30/1997
CLASS IO - PRICE = 4-30+
--------- PREPAYMENTS ---------
0 CPR
------------ 5%/LOANS ---------
LS C.LOSS% YIELD WAL SPRD
- -------------- -------------------------------
d_mz1 10 0.49 7.39 8.9 143
30 1.48 7.21 8.9 125
50 2.47 7.02 8.9 106
------------ 5%/LOANS ---------
LS C.LOSS% YIELD WAL SPRD
- -------------- -------------------------------
d_mz2 10 0.53 7.32 8.9 136
30 1.60 7.11 8.9 115
50 2.66 6.91 8.9 95
------------ 7%/LOANS ---------
LS C.LOSS% YIELD WAL SPRD
- -------------- -------------------------------
d_mz3 10 0.74 6.98 8.7 102
30 2.23 6.69 8.7 74
50 3.71 6.40 8.7 44
----------- 11%/LOANS ---------
LS C.LOSS% YIELD WAL SPRD
- -------------- -------------------------------
d_newt 10 1.05 4.72 7.8 (122)
30 3.16 4.52 7.8 (142)
50 5.27 4.32 7.8 (162)
----------- 10%/LOANS ---------
LS C.LOSS% YIELD WAL SPRD
- -------------- -------------------------------
d_shilo 10 1.01 2.46 8.0 (349)
30 3.03 2.25 8.0 (369)
50 5.05 1.79 8.0 (415)
<TABLE>
<CAPTION>
Tsy Curve
Tsy 3m 6m 1yr 2yr 3yr 4yr 5yr 7yr 10yr 30yr
--- -- -- --- --- --- --- --- --- ---- ----
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Yield 5.32 5.50 5.61 5.83 5.87 5.89 5.92 5.94 5.96 6.15
</TABLE>
- --------------------------------------------------------------------------------
Investors should read the Underwriter's Statement which accompanies these
Computational Materials. If the Statement is not attached please contact your
account representative. Do not use or rely on this information if you have not
received and reviewed the Statement.
These Computational Materials have been based upon the assumptions described
above. These assumptions will most likely not represent the actual experience of
the Mortgage Pool in the future. The Computational Materials are intended to
illustrate variations in yield on the Offered Certificates under such
assumptions. No representation is made herein as to the actual rate or timing of
principal payments or prepayments on any of the underlying Mortgage Loans in the
Mortgage Pool or the actual performance characteristics of the Offered
Certificates.
<PAGE>
Dec 15 20:10 1997 Page 1
MERRILL LYNCH & CO
Deal Name: ml97xl1_red MORTGAGE BALANCE.....: $848,482,929
CLASS NOT. BALANCE...: $751,574,263
PROCEEDS.............: $37,703,728
CREDIT SUPPORT (%)...: 0.0%
CREDIT SUPPORT ($)...: $0
MONTH DEFAULTS BEGIN.: 1
MONTH DEFAULTS END...: 360
MONTHS TO RECOVERY...: 0
SERVICER ADVANCES....: P & I
LOSS MODE............: P only
SETTLEMENT DATE......: 12/30/1997
CLASS IO - PRICE = 4-30+
--------- PREPAYMENTS ---------
0 CPR
------------ 5%/LOANS ---------
LS C.LOSS% YIELD WAL SPRD
- -------------- -------------------------------
d_acc1 10 0.52 7.22 9.1 126
30 1.57 7.02 9.1 106
50 2.62 6.82 9.1 86
------------ 2%/LOANS ---------
LS C.LOSS% YIELD WAL SPRD
- -------------- -------------------------------
d_acc2 10 0.25 7.62 9.2 166
30 0.74 7.53 9.2 157
50 1.23 7.44 9.2 148
------------ 7%/LOANS ---------
LS C.LOSS% YIELD WAL SPRD
- -------------- -------------------------------
d_brk 10 0.70 5.85 8.7 (10)
30 2.11 5.56 8.7 (38)
50 3.52 5.27 8.7 (68)
------------ 8%/LOANS ---------
LS C.LOSS% YIELD WAL SPRD
- -------------- -------------------------------
d_farb 10 0.76 6.68 8.7 72
30 2.29 6.38 8.7 42
50 3.82 6.07 8.7 11
----------- 15%/LOANS ---------
LS C.LOSS% YIELD WAL SPRD
- -------------- -------------------------------
d_mill 10 1.53 3.57 7.9 (237)
30 4.58 2.87 7.9 (307)
50 7.63 2.19 7.9 (375)
<TABLE>
<CAPTION>
Tsy Curve
Tsy 3m 6m 1yr 2yr 3yr 4yr 5yr 7yr 10yr 30yr
--- -- -- --- --- --- --- --- --- ---- ----
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Yield 5.32 5.50 5.61 5.83 5.87 5.89 5.92 5.94 5.96 6.15
</TABLE>
- --------------------------------------------------------------------------------
Investors should read the Underwriter's Statement which accompanies these
Computational Materials. If the Statement is not attached please contact your
account representative. Do not use or rely on this information if you have not
received and reviewed the Statement.
These Computational Materials have been based upon the assumptions described
above. These assumptions will most likely not represent the actual experience of
the Mortgage Pool in the future. The Computational Materials are intended to
illustrate variations in yield on the Offered Certificates under such
assumptions. No representation is made herein as to the actual rate or timing of
principal payments or prepayments on any of the underlying Mortgage Loans in the
Mortgage Pool or the actual performance characteristics of the Offered
Certificates.
<PAGE>
Dec 15 20:14 1997 Page 1
MERRILL LYNCH & CO
Deal Name: ml97xl1_red MORTGAGE BALANCE.....: $848,482,929
CLASS NOT. BALANCE...: $751,574,263
PROCEEDS.............: $37,703,728
CREDIT SUPPORT (%)...: 0.0%
CREDIT SUPPORT ($)...: $0
MONTH DEFAULTS BEGIN.: 1
MONTH DEFAULTS END...: 360
MONTHS TO RECOVERY...: 0
SERVICER ADVANCES....: P & I
LOSS MODE............: P only
SETTLEMENT DATE......: 12/30/1997
CLASS IO - PRICE = 4-30+
--------- PREPAYMENTS ---------
0 CPR
----------- 13%/LOANS ---------
LS C.LOSS% YIELD WAL SPRD
- -------------- -------------------------------
d_tow 10 1.26 7.43 8.5 147
30 3.78 6.95 8.5 99
50 6.31 6.48 8.5 53
<TABLE>
<CAPTION>
Tsy Curve
Tsy 3m 6m 1yr 2yr 3yr 4yr 5yr 7yr 10yr 30yr
--- -- -- --- --- --- --- --- --- ---- ----
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Yield 5.32 5.50 5.61 5.83 5.87 5.89 5.92 5.94 5.96 6.15
</TABLE>
- --------------------------------------------------------------------------------
Investors should read the Underwriter's Statement which accompanies these
Computational Materials. If the Statement is not attached please contact your
account representative. Do not use or rely on this information if you have not
received and reviewed the Statement.
These Computational Materials have been based upon the assumptions described
above. These assumptions will most likely not represent the actual experience of
the Mortgage Pool in the future. The Computational Materials are intended to
illustrate variations in yield on the Offered Certificates under such
assumptions. No representation is made herein as to the actual rate or timing of
principal payments or prepayments on any of the underlying Mortgage Loans in the
Mortgage Pool or the actual performance characteristics of the Offered
Certificates.
<PAGE>
Dec 15 20:18 1997 Page 1
MERRILL LYNCH & CO
Deal Name: ml97xl1_red MORTGAGE BALANCE.....: $848,482,929
CLASS NOT. BALANCE...: $751,574,263
PROCEEDS.............: $37,703,728
CREDIT SUPPORT (%)...: 0.0%
CREDIT SUPPORT ($)...: $0
MONTH DEFAULTS BEGIN.: 1
MONTH DEFAULTS END...: 360
MONTHS TO RECOVERY...: 0
SERVICER ADVANCES....: P & I
LOSS MODE............: P only
SETTLEMENT DATE......: 12/30/1997
CLASS IO - PRICE = 4-30+
--------- PREPAYMENTS ---------
0 CPR
----------- 15%/LOANS ---------
LS C.LOSS% YIELD WAL SPRD
- -------------- -------------------------------
d_mill 65 9.92 1.51 7.9 (443)
90 13.74 1.19 7.9 (475)
----------- 10%/LOANS ---------
LS C.LOSS% YIELD WAL SPRD
- -------------- -------------------------------
d_shilo 65 6.57 1.42 8.0 (452)
90 9.09 0.78 8.0 (516)
<TABLE>
<CAPTION>
Tsy Curve
Tsy 3m 6m 1yr 2yr 3yr 4yr 5yr 7yr 10yr 30yr
--- -- -- --- --- --- --- --- --- ---- ----
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Yield 5.32 5.50 5.61 5.83 5.87 5.89 5.92 5.94 5.96 6.15
</TABLE>
- --------------------------------------------------------------------------------
Investors should read the Underwriter's Statement which accompanies these
Computational Materials. If the Statement is not attached please contact your
account representative. Do not use or rely on this information if you have not
received and reviewed the Statement.
These Computational Materials have been based upon the assumptions described
above. These assumptions will most likely not represent the actual experience of
the Mortgage Pool in the future. The Computational Materials are intended to
illustrate variations in yield on the Offered Certificates under such
assumptions. No representation is made herein as to the actual rate or timing of
principal payments or prepayments on any of the underlying Mortgage Loans in the
Mortgage Pool or the actual performance characteristics of the Offered
Certificates.
<PAGE>
Dec 12 09:27 1997 Page 1
MERRILL LYNCH & CO
Deal Name: ml97xl1_red_gr MORTGAGE BALANCE.....: $848,482,929
CLASS NOT. BALANCE...: $751,574,263
PROCEEDS.............: $37,703,728
CREDIT SUPPORT (%)...: 0.0%
CREDIT SUPPORT ($)...: $0
MONTH DEFAULTS BEGIN.:
MONTH DEFAULTS END...:
MONTHS TO RECOVERY...: 0
SERVICER ADVANCES....: P & I
LOSS MODE............: P only
SETTLEMENT DATE......: 12/30/1997
CLASS IO - PRICE = 4-30+
loym_100 = 0% CPR for lockout/defeasance, yield maintenance,
100% CPR thereafter
100 CPR = 0% CPR for lockout/defeasance, 100% CPR thereafter
def_farb = default Farb loan in year 3, 5 and 7
<TABLE>
<CAPTION>
-------------------------------------------- PREPAYMENTS --------------------------------------------
0 CPR loym_100 100 CPR
----------- 0%/LOANS ---------- ---------- 0%/LOANS ---------- ---------- 0%/LOANS ----------
LS C.LOSS% YIELD WAL SPRD C.LOSS% YIELD WAL SPRD C.LOSS% YIELD WAL SPRD
- -------------- ------------------------------- ------------------------------ ------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
0 CDR 0 0.00 8.35 9.4 239 0.00 7.85 9.2 189 0.00 7.70 8.7 175
25 0.00 8.35 9.4 239 0.00 7.85 9.2 189 0.00 7.70 8.7 175
50 0.00 8.35 9.4 239 0.00 7.85 9.2 189 0.00 7.70 8.7 175
<CAPTION>
----------- 7%/LOANS ---------- ---------- 7%/LOANS ---------- ---------- 7%/LOANS ----------
LS C.LOSS% YIELD WAL SPRD C.LOSS% YIELD WAL SPRD C.LOSS% YIELD WAL SPRD
- -------------- ------------------------------- ------------------------------ ------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
def_farb3 0 0.00 7.43 8.9 147 0.00 6.92 8.7 96 0.00 6.72 8.2 77
25 1.85 7.13 8.9 118 1.85 6.60 8.7 65 1.85 6.38 8.2 43
50 3.70 6.83 8.9 88 3.70 6.28 8.7 32 3.70 6.17 8.2 22
<CAPTION>
----------- 7%/LOANS ---------- ---------- 7%/LOANS ---------- ---------- 7%/LOANS ----------
LS C.LOSS% YIELD WAL SPRD C.LOSS% YIELD WAL SPRD C.LOSS% YIELD WAL SPRD
- -------------- ------------------------------- ------------------------------ ------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
def-farb5 0 0.00 7.76 9.1 180 0.00 7.25 8.8 130 0.00 7.07 8.4 112
25 1.80 7.51 9.1 155 1.80 6.98 8.8 103 1.80 6.78 8.4 83
50 3.60 7.25 9.1 130 3.60 6.71 8.8 75 3.60 6.61 8.4 66
<CAPTION>
----------- 7%/LOANS ---------- ---------- 7%/LOANS ---------- ---------- 7%/LOANS ----------
LS C.LOSS% YIELD WAL SPRD C.LOSS% YIELD WAL SPRD C.LOSS% YIELD WAL SPRD
- -------------- ------------------------------- ------------------------------ ------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
def_farb7 0 0.00 8.03 9.2 207 0.00 7.53 9.0 158 0.00 7.37 8.6 142
25 1.75 7.82 9.2 186 1.75 7.31 9.0 135 1.75 7.12 8.6 117
50 3.49 7.61 9.2 165 3.49 7.08 9.0 112 3.49 6.98 8.6 103
</TABLE>
<TABLE>
<CAPTION>
Tsy Curve
Tsy 3m 6m 1yr 2yr 3yr 4yr 5yr 7yr 10yr 30yr
--- -- -- --- --- --- --- --- --- ---- ----
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Yield 5.32 5.50 5.61 5.83 5.87 5.89 5.92 5.94 5.96 6.15
</TABLE>
- --------------------------------------------------------------------------------
Investors should read the Underwriter's Statement which accompanies these
Computational Materials. If the Statement is not attached please contact your
account representative. Do not use or rely on this information if you have not
received and reviewed the Statement.
These Computational Materials have been based upon the assumptions described
above. These assumptions will most likely not represent the actual experience of
the Mortgage Pool in the future. The Computational Materials are intended to
illustrate variations in yield on the Offered Certificates under such
assumptions. No representation is made herein as to the actual rate or timing of
principal payments or prepayments on any of the underlying Mortgage Loans in the
Mortgage Pool or the actual performance characteristics of the Offered
Certificates.
<PAGE>
Dec 12 09:00 1997 Page 1
MERRILL LYNCH & CO
Deal Name: ml97xl1_red_grmid MORTGAGE BALANCE.....: $848,482,929
CLASS NOT. BALANCE...: $751,574,263
PROCEEDS.............: $37,703,728
CREDIT SUPPORT (%)...: 0.0%
CREDIT SUPPORT ($)...: $0
MONTH DEFAULTS BEGIN.:
MONTH DEFAULTS END...:
MONTHS TO RECOVERY...: 0
SERVICER ADVANCES....: P & I
LOSS MODE............: P only
SETTLEMENT DATE......: 12/30/1997
CLASS IO - PRICE = 4-30+
loym_100 = 0% CPR for lockout/defeasance, yield maintenance,
100% CPR at midpoint of open prepay
100 CPR = 0% CPR for lockout/defeasance, 100% CPR at midpoint
of open prepay
def_farb = default Farb loan in year 3, 5 and 7
<TABLE>
<CAPTION>
-------------------------------------------- PREPAYMENTS --------------------------------------------
0 CPR loym_100 100 CPR
----------- 0%/LOANS ---------- ---------- 0%/LOANS ---------- ---------- 0%/LOANS ----------
LS C.LOSS% YIELD WAL SPRD C.LOSS% YIELD WAL SPRD C.LOSS% YIELD WAL SPRD
- -------------- ------------------------------- ------------------------------ ------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
0 CDR 0 0.00 8.35 9.4 239 0.00 8.12 9.3 216 0.00 7.99 8.9 203
25 0.00 8.35 9.4 233 0.00 8.12 9.3 216 0.00 7.99 8.9 203
50 0.00 8.35 9.4 239 0.00 8.12 9.3 216 0.00 7.99 8.9 203
<CAPTION>
----------- 7%/LOANS ---------- ---------- 7%/LOANS ---------- ---------- 7%/LOANS ----------
LS C.LOSS% YIELD WAL SPRD C.LOSS% YIELD WAL SPRD C.LOSS% YIELD WAL SPRD
- -------------- ------------------------------- ------------------------------ ------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
def_farb3 0 0.00 7.43 8.9 147 0.00 7.20 8.8 125 0.00 7.02 8.3 107
25 1.85 7.13 8.9 118 1.85 6.89 8.8 94 1.85 6.69 8.3 74
50 3.70 6.83 8.9 88 3.70 6.58 8.8 62 3.70 6.48 8.3 53
<CAPTION>
----------- 7%/LOANS ---------- ---------- 7%/LOANS ---------- ---------- 7%/LOANS ----------
LS C.LOSS% YIELD WAL SPRD C.LOSS% YIELD WAL SPRD C.LOSS% YIELD WAL SPRD
- -------------- ------------------------------- ------------------------------ ------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
def_farb5 0 0.00 7.76 9.1 180 0.00 7.53 9.0 158 0.00 7.37 8.5 142
25 1.80 7.51 9.1 155 1.80 7.27 9.0 131 1.80 7.09 8.5 113
50 3.60 7.25 9.1 130 3.60 7.00 9.0 105 3.60 6.92 8.5 96
<CAPTION>
----------- 7%/LOANS ---------- ---------- 7%/LOANS ---------- ---------- 7%/LOANS ----------
LS C.LOSS% YIELD WAL SPRD C.LOSS% YIELD WAL SPRD C.LOSS% YIELD WAL SPRD
- -------------- ------------------------------- ------------------------------ ------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
def_farb7 0 0.00 8.03 9.2 207 0.00 7.81 9.1 185 0.00 7.66 8.7 171
25 1.75 7.82 9.2 186 1.75 7.59 9.1 163 1.75 7.42 8.7 147
50 3.49 7.61 9.2 165 3.49 7.37 9.1 141 3.49 7.29 8.7 133
</TABLE>
<TABLE>
<CAPTION>
Tsy Curve
Tsy 3m 6m 1yr 2yr 3yr 4yr 5yr 7yr 10yr 30yr
--- -- -- --- --- --- --- --- --- ---- ----
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Yield 5.32 5.50 5.61 5.83 5.87 5.89 5.92 5.94 5.96 6.15
</TABLE>
- --------------------------------------------------------------------------------
Investors should read the Underwriter's Statement which accompanies these
Computational Materials. If the Statement is not attached please contact your
account representative. Do not use or rely on this information if you have not
received and reviewed the Statement.
These Computational Materials have been based upon the assumptions described
above. These assumptions will most likely not represent the actual experience of
the Mortgage Pool in the future. The Computational Materials are intended to
illustrate variations in yield on the Offered Certificates under such
assumptions. No representation is made herein as to the actual rate or timing of
principal payments or prepayments on any of the underlying Mortgage Loans in the
Mortgage Pool or the actual performance characteristics of the Offered
Certificates.
<PAGE>
Dec 12 11:14 1997 Page 1
December 12, 1997 11:04AM Merrill Lynch & Company
Settlement: December 30, 1997 HyperStruct
Last Payment: None Next Payment: January 15, 1998
PRICE/YIELD TO MATURITY Table for ML97XL1 Class A1
Current Balance: $142,191,000.00 Current Coupon: 6.75%
- --------------------------------------------------------------------------------
scenarios are recursive
- --------------------------------------------------------------------------------
Scenario Assumption
metlife1 metlife2 metlife3
---------------- ----------------- ----------------
Price Yield Dur Yield Dur Yield Dur
- ------- ---------------- ----------------- ----------------
100-00 6.782 4.12 6.780 3.97 6.780 4.02
100-04 6.752 6.748 6.750
100-08 6.722 6.717 6.719
100-12 6.692 6.686 6.688
100-16 6.662 4.13 6.655 3.98 6.657 4.03
100-20 6.632 6.624 6.626
100-24 6.602 6.593 6.596
100-28 6.572 6.562 6.565
101-00 6.542 4.14 6.531 3.99 6.535 4.03
101-04 6.513 6.500 6.504
101-08 6.483 6.469 6.474
101-12 6.453 6.439 6.443
101-16 6.424 4.14 6.408 3.99 6.413 4.04
101-20 6.394 6.377 6.383
101-24 6.365 6.347 6.352
101-28 6.335 6.316 6.322
102-00 6.306 4.15 6.286 4.00 6.292 4.05
WAL 5.171 4.924 5.000
1st Prin 01/15/98 01/15/98 01/15/98
Mat. 05/15/06 03/15/05 11/15/04
Investors should read the Underwriter's Statement which accompanies these
Computational Materials. If the Statement is not attached please contact your
account representative. Do not use or rely on this information if you have not
received and reviewed the Statement.
These Computational Materials have been based upon the assumptions described
above. These assumptions will most likely not represent the actual experience of
the Mortgage Pool in the future. The Computational Materials are intended to
illustrate variations in yield on the Offered Certificates under such
assumptions. No representation is made herein as to the actual rate or timing of
principal payments or prepayments on any of the underlying Mortgage Loans in the
Mortgage Pool or the actual performance characteristics of the Offered
Certificates.
<PAGE>
Dec 12 11:14 1997 Page 2
December 12, 1997 11:04AM Merrill Lynch & Company
Settlement: December 30, 1997 HyperStruct
Last Payment: None Next Payment: January 15, 1998
PRICE/YIELD TO MATURITY Table for ML97XL1 Class A2
Current Balance: $117,378,000.00 Current Coupon: 6.75%
- --------------------------------------------------------------------------------
scenarios are recursive
- --------------------------------------------------------------------------------
Scenario Assumption
metlife1 metlife2 metlife3
---------------- ----------------- ----------------
Price Yield Dur Yield Dur Yield Dur
- ------- ---------------- ----------------- ----------------
100-00 6.805 6.39 6.806 6.61 6.799 5.59
100-04 6.785 6.787 6.777
100-08 6.766 6.768 6.754
100-12 6.746 6.750 6.732
100-16 6.727 6.40 6.731 6.62 6.710 5.60
100-20 6.708 6.712 6.688
100-24 6.688 6.694 6.666
100-28 6.669 6.675 6.644
101-00 6.650 6.41 6.656 6.63 6.622 5.60
101-04 6.631 6.638 6.600
101-08 6.612 6.619 6.578
101-12 6.592 6.601 6.556
101-16 6.573 6.42 6.582 6.64 6.534 5.61
101-20 6.554 6.564 6.513
101-24 6.535 6.546 6.491
101-28 6.516 6.527 6.469
102-00 6.497 6.42 6.509 6.65 6.447 5.62
WAL 8.736 9.161 7.329
1st Prin 05/15/06 03/15/05 11/15/04
Mat. 11/15/06 06/15/07 05/15/06
Investors should read the Underwriter's Statement which accompanies these
Computational Materials. If the Statement is not attached please contact your
account representative. Do not use or rely on this information if you have not
received and reviewed the Statement.
These Computational Materials have been based upon the assumptions described
above. These assumptions will most likely not represent the actual experience of
the Mortgage Pool in the future. The Computational Materials are intended to
illustrate variations in yield on the Offered Certificates under such
assumptions. No representation is made herein as to the actual rate or timing of
principal payments or prepayments on any of the underlying Mortgage Loans in the
Mortgage Pool or the actual performance characteristics of the Offered
Certificates.
<PAGE>
Dec 12 11:14 1997 Page 3
December 12, 1997 11:04AM Merrill Lynch & Company
Settlement: December 30, 1997 HyperStruct
Last Payment: None Next Payment: January 15, 1998
PRICE/YIELD TO MATURITY Table for ML97XL1 Class A3
Current Balance: $220,490,334.00 Current Coupon: 6.75%
- --------------------------------------------------------------------------------
scenarios are recursive
- --------------------------------------------------------------------------------
Scenario Assumption
metlife1 metlife2 metlife3
---------------- ----------------- ----------------
Price Yield Dur Yield Dur Yield Dur
- ------- ---------------- ----------------- ----------------
100-00 6.807 6.82 6.809 7.10 6.807 6.77
100-04 6.789 6.791 6.789
100-08 6.771 6.774 6.770
100-12 6.753 6.756 6.752
100-16 6.735 6.83 6.739 7.11 6.734 6.77
100-20 6.717 6.722 6.715
100-24 6.698 6.704 6.697
100-28 6.680 6.687 6.679
101-00 6.662 6.84 6.670 7.12 6.661 6.78
101-04 6.644 6.652 6.643
101-08 6.627 6.635 6.625
101-12 6.609 6.618 6.607
101-16 6.591 6.85 6.601 7.13 6.588 6.79
101-20 6.573 6.583 6.570
101-24 6.555 6.566 6.552
101-28 6.537 6.549 6.535
102-00 6.519 6.86 6.532 7.14 6.517 6.80
WAL 9.567 10.136 9.456
1st Prin 11/15/06 06/15/07 05/15/06
Mat. 12/15/07 06/15/10 12/15/07
Investors should read the Underwriter's Statement which accompanies these
Computational Materials. If the Statement is not attached please contact your
account representative. Do not use or rely on this information if you have not
received and reviewed the Statement.
These Computational Materials have been based upon the assumptions described
above. These assumptions will most likely not represent the actual experience of
the Mortgage Pool in the future. The Computational Materials are intended to
illustrate variations in yield on the Offered Certificates under such
assumptions. No representation is made herein as to the actual rate or timing of
principal payments or prepayments on any of the underlying Mortgage Loans in the
Mortgage Pool or the actual performance characteristics of the Offered
Certificates.
<PAGE>
Dec 12 11:14 1997 Page 4
December 12, 1997 11:04AM Merrill Lynch & Company
Settlement: December 30, 1997 HyperStruct
Last Payment: None Next Payment: January 15, 1998
PRICE/YIELD TO MATURITY Table for ML97XL1 Class A4
Current Balance: $98,908,666.00 Current Coupon: 6.735%
- --------------------------------------------------------------------------------
scenarios are recursive
- --------------------------------------------------------------------------------
Scenario Assumption
metlife1 metlife2 metlife3
---------------- ----------------- ----------------
Price Yield Dur Yield Dur Yield Dur
- ------- ---------------- ----------------- ----------------
99-00 6.950 6.15 6.950 6.15 6.950 6.15
99-04 6.930 6.930 6.930
99-08 6.909 6.909 6.909
99-12 6.889 6.889 6.889
99-16 6.869 6.16 6.869 6.16 6.869 6.16
99-20 6.848 6.848 6.848
99-24 6.828 6.828 6.828
99-28 6.808 6.808 6.808
100-00 6.788 6.17 6.788 6.17 6.788 6.17
100-04 6.768 6.768 6.768
100-08 6.748 6.748 6.748
100-12 6.728 6.728 6.728
100-16 6.707 6.18 6.707 6.18 6.707 6.18
100-20 6.687 6.687 6.687
100-24 6.667 6.667 6.667
100-28 6.648 6.648 6.648
102-00 6.628 6.19 6.628 6.19 6.628 6.19
WAL 8.520 8.520 8.520
1st Prin 01/15/98 01/15/98 01/15/98
Mat. 08/15/07 08/15/07 08/15/07
Investors should read the Underwriter's Statement which accompanies these
Computational Materials. If the Statement is not attached please contact your
account representative. Do not use or rely on this information if you have not
received and reviewed the Statement.
These Computational Materials have been based upon the assumptions described
above. These assumptions will most likely not represent the actual experience of
the Mortgage Pool in the future. The Computational Materials are intended to
illustrate variations in yield on the Offered Certificates under such
assumptions. No representation is made herein as to the actual rate or timing of
principal payments or prepayments on any of the underlying Mortgage Loans in the
Mortgage Pool or the actual performance characteristics of the Offered
Certificates.
<PAGE>
Dec 12 11:14 1997 Page 5
December 12, 1997 11:04AM Merrill Lynch & Company
Settlement: December 30, 1997 HyperStruct
Last Payment: None Next Payment: January 15, 1998
PRICE/YIELD TO MATURITY Table for ML97XL1 Class B
Current Balance: $59,394,000.00 Current Coupon: 6.82705%
- --------------------------------------------------------------------------------
scenarios are recursive
- --------------------------------------------------------------------------------
Scenario Assumption
metlife1 metlife2 metlife3
---------------- ----------------- ----------------
Price Yield Dur Yield Dur Yield Dur
- ------- ---------------- ----------------- ----------------
99-00 6.989 6.99 6.989 8.19 7.013 6.99
99-04 6.971 6.974 6.995
99-08 6.953 6.959 6.977
99-12 6.935 6.944 6.959
99-16 6.917 7.00 9.928 8.21 6.941 7.00
99-20 6.899 6.913 6.923
99-24 6.881 6.898 6.905
99-28 6.864 6.883 6.888
100-00 6.846 7.01 6.868 8.22 6.870 7.01
100-04 6.828 6.853 6.852
100-08 6.811 6.838 6.834
100-12 6.793 6.822 6.817
100-16 6.775 7.02 6.807 8.24 6.799 7.02
100-20 6.758 6.792 6.782
100-24 6.740 6.777 6.764
100-28 6.723 6.762 6.746
102-00 6.705 7.03 6.748 8.25 6.729 7.03
WAL 9.960 12.638 9.958
1st Prin 12/15/07 06/15/10 12/15/07
Mat. 02/15/08 12/15/10 12/15/07
Investors should read the Underwriter's Statement which accompanies these
Computational Materials. If the Statement is not attached please contact your
account representative. Do not use or rely on this information if you have not
received and reviewed the Statement.
These Computational Materials have been based upon the assumptions described
above. These assumptions will most likely not represent the actual experience of
the Mortgage Pool in the future. The Computational Materials are intended to
illustrate variations in yield on the Offered Certificates under such
assumptions. No representation is made herein as to the actual rate or timing of
principal payments or prepayments on any of the underlying Mortgage Loans in the
Mortgage Pool or the actual performance characteristics of the Offered
Certificates.
<PAGE>
Dec 12 11:14 1997 Page 6
PRICE/YIELD TO MATURITY Merrill Lynch &
Table for ML97XL1 Class C Company
December 12, 1997 11:04AM Current Balance: HyperStruct
Settlement: December 30, 1997 $46,666,000.00 Next Payment: January
Last Payment: None Current Coupon: 6.97405% 15, 1998
- --------------------------------------------------------------------------------
scenarios are recursive
- --------------------------------------------------------------------------------
Scenario Assumption
-------------- --------------- ----------------
metlife1 metlife2 metlife3
-------------- --------------- ----------------
Price Yield Dur Yield Dur Yield Dur
------ -------------- --------------- ----------------
99-00 7.165 7.57 7.141 8.25 7.181 7.40
99-04 7.148 7.125 7.164
99-08 7.132 7.110 7.147
99-12 7.115 7.095 7.130
99-16 7.099 7.58 7.080 8.27 7.113 7.41
99-20 7.082 7.065 7.096
99-24 7.066 7.050 7.079
99-28 7.049 7.035 7.063
100-00 7.033 7.60 7.020 8.28 7.046 7.42
100-04 7.017 7.005 7.029
100-08 7.000 6.990 7.012
100-12 6.984 6.975 6.996
100-16 6.968 7.61 6.960 8.29 6.979 7.43
100-20 6.952 6.945 6.962
100-24 6.935 6.930 6.946
100-28 6.919 6.915 6.929
101-00 6.903 7.62 6.900 8.31 6.913 7.44
WAL 11.326 12.958 10.949
1st Prin 02/15/08 12/15/10 12/15/07
Mat. 06/15/09 12/15/10 06/15/09
Investors should read the Underwriter's Statement which accompanies these
Computational Materials. If the Statement is not attached please contact your
account representative. Do not use or rely on this information if you have not
received and reviewed the Statement.
These Computational Materials have been based upon the assumptions described
above. These assumptions will most likely not represent the actual experience of
the Mortgage Pool in the future. The Computational Materials are intended to
illustrate variations in yield on the Offered Certificates under such
assumptions. No representation is made herein as to the actual rate or timing of
principal payments or prepayments on any of the underlying Mortgage Loans in the
Mortgage Pool or the actual performance characteristics of the Offered
Certificates.
<PAGE>
Dec 12 11:14 1997 Page 7
PRICE/YIELD TO MATURITY Merrill Lynch &
Table for ML97XL1 Class D Company
December 12, 1997 11:04AM Current Balance: HyperStruct
Settlement: December 30, 1997 $46,667,000.00 Next Payment: January
Last Payment: None Current Coupon: 7.20805% 15, 1998
- --------------------------------------------------------------------------------
scenarios are recursive
- --------------------------------------------------------------------------------
Scenario Assumption
-------------- --------------- ----------------
metlife1 metlife2 metlife3
-------------- --------------- ----------------
Price Yield Dur Yield Dur Yield Dur
------ -------------- --------------- ----------------
99-00 7.426 8.18 7.398 8.76 7.437 7.82
99-04 7.411 7.384 7.421
99-08 7.395 7.370 7.405
99-12 7.380 7.355 7.389
99-16 7.365 8.19 7.341 8.77 7.373 7.83
99-20 7.350 7.327 7.357
99-24 7.334 7.313 7.341
99-28 7.319 7.298 7.326
100-00 7.304 8.21 7.284 8.79 7.310 7.85
100-04 7.289 7.270 7.294
100-08 7.274 7.256 7.278
100-12 7.259 7.242 7.262
100-16 7.244 8.22 7.228 8.81 7.247 7.86
100-20 7.229 7.214 7.231
100-24 7.214 7.200 7.215
100-28 7.199 7.186 7.199
101-00 7.184 8.24 7.172 8.83 7.184 7.88
WAL 13.151 14.765 12.199
1st Prin 06/15/09 12/15/10 06/15/09
Mat. 11/15/13 04/15/15 07/15/12
Investors should read the Underwriter's Statement which accompanies these
Computational Materials. If the Statement is not attached please contact your
account representative. Do not use or rely on this information if you have not
received and reviewed the Statement.
These Computational Materials have been based upon the assumptions described
above. These assumptions will most likely not represent the actual experience of
the Mortgage Pool in the future. The Computational Materials are intended to
illustrate variations in yield on the Offered Certificates under such
assumptions. No representation is made herein as to the actual rate or timing of
principal payments or prepayments on any of the underlying Mortgage Loans in the
Mortgage Pool or the actual performance characteristics of the Offered
Certificates.
<PAGE>
Dec 12 11:14 1997 Page 8
PRICE/YIELD TO MATURITY Merrill Lynch &
Table for ML97XL1 Class E Company
December 12, 1997 11:04AM Current Balance: HyperStruct
Settlement: December 30, 1997 $16,969,000.00 Next Payment: January
Last Payment: None Current Coupon: 7.37405% 15, 1998
- --------------------------------------------------------------------------------
scenarios are recursive
- --------------------------------------------------------------------------------
Scenario Assumption
-------------- --------------- ----------------
metlife1 metlife2 metlife3
-------------- --------------- ----------------
Price Yield Dur Yield Dur Yield Dur
------ -------------- --------------- ----------------
99-00 7.620 9.24 7.586 9.56 7.633 8.91
99-04 7.607 7.573 7.619
99-08 7.593 7.560 7.605
99-12 7.580 7.547 7.591
99-16 7.566 9.26 7.534 9.59 7.577 8.92
99-20 7.553 7.521 7.563
99-24 7.539 7.508 7.549
99-28 7.526 7.495 7.535
100-00 7.512 9.28 7.482 9.61 7.521 8.94
100-04 7.499 7.469 7.507
100-08 7.486 7.456 7.494
100-12 7.472 7.443 7.480
100-16 7.459 9.30 7.430 9.63 7.466 8.96
100-20 7.446 7.417 7.452
100-24 7.432 7.404 7.438
100-28 7.419 7.392 7.425
101-00 7.406 9.32 7.379 9.65 7.411 8.98
WAL 16.620 17.783 15.519
1st Prin 11/15/13 04/15/15 07/15/12
Mat. 11/15/14 12/15/15 06/15/14
Investors should read the Underwriter's Statement which accompanies these
Computational Materials. If the Statement is not attached please contact your
account representative. Do not use or rely on this information if you have not
received and reviewed the Statement.
These Computational Materials have been based upon the assumptions described
above. These assumptions will most likely not represent the actual experience of
the Mortgage Pool in the future. The Computational Materials are intended to
illustrate variations in yield on the Offered Certificates under such
assumptions. No representation is made herein as to the actual rate or timing of
principal payments or prepayments on any of the underlying Mortgage Loans in the
Mortgage Pool or the actual performance characteristics of the Offered
Certificates.
<PAGE>
EXHIBIT
Commercial Mortgage Acceptance Corp. Commercial Mortgage
Pass-Through Certificates, Series 1997-ML I
Stress Test Parameters
<TABLE>
<CAPTION>
- ---------------------- --------------------------------------- ---------------------------------------
Expected Case (2) Worst Case (3)
- ---------------------- --------------------------------------- ---------------------------------------
Default/ Default/
Loan Perform(1) Loss Extend Perform(1) Loss Extend
- ---------------------- --------------------------------------- ---------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Franklin Mills $129,493,575 $129,493,575
Tower 45 / One $107,000,000 $107,000,000
Orlando Center
Copley Place $ 96,908,666 $ 96,908,666
Newton Oldacre $ 89,431,863 $ 89,431,863
McDonald
Shilo Inns $ 85,732,819 $ 85,732,819
Farb Investments $64,781,452 $64,781,452
Four Seasons $ 63,000,000 $ 63,000,000
Biltmore
Dain Bosworth / $ 59,754,386 $ 59,754,386
Gaviidae I and II
Four Seasons Austin $ 45,150,000 $ 45,150,000
AACI $ 44,440,152 $ 44,440,152
Ritz Carlton St. Louis $ 41,850,000 $ 41,850,000
AACII $ 20,940,000 $ 20,940,000
Totals (%): 62% 8% 30% 49% 8% 43%
Totals ($): $527,515,212 $64,781,452 $256,186,249 $419,366,212 $64,781,452 $364,336,249
- ---------------------- --------------------------------------- ---------------------------------------
</TABLE>
- ---------------------- ---------------------------------------
Best Case (4)
- ---------------------- ---------------------------------------
Default/
Loan Perform(1) Loss Extend
- ---------------------- ---------------------------------------
Franklin Mills $129,493,575
Tower 45 / One $107,000,000
Orlando Center
Copley Place $ 96,908,666
Newton Oldacre $ 89,431,863
McDonald
Shilo Inns $ 85,732,819
Farb Investments $64,781,452
Four Seasons $ 63,000,000
Biltmore
Dain Bosworth / $ 59,754,386
Gaviidae I and II
Four Seasons Austin $ 45,150,000
AACI $ 44,440,152
Ritz Carlton St. Louis $ 41,850,000
AACII $ 20,940,000
Totals (%): 73% 8% 20%
Totals ($): $618,947,075 $64,781,452 $166,754,386
- ---------------------- ---------------------------------------
Notes:
(1) Assuming payment in full based on 0% CPR at the earlier of Anticipated
Repayment Date (ARD) or maturity date.
(2) Expected Case Assumptions: 40% loss severity; 12 months to recover
principal; default occurs 75% through remaining term; loans extend for 24
months and then perform.
(3) Worst Case Assumptions: 60% loss severity; 18 months to recover principal;
default occurs 50% through remaining term; loans extend for 36 months and
then perform.
(4) Best Case Assumptions: 20% loss severity; 12 months to recover principal;
default occurs 75% through remaining term; 24 months.
Investors should read the Underwriter's Statement which accompanies these
Computational Materials. If the Statement is not attached please contact your
account representative. Do not use or rely on this information if you have not
received and reviewed the Statement.
These Computational Materials have been based upon the assumptions described
above. These assumptions will most likely not represent the actual experience of
the Mortgage Pool in the future. The Computational Materials are intended to
illustrate variations in yield on the Offered Certificates under such
assumptions. No representation is made herein as to the actual rate or timing of
principal payments or prepayments on any of the underlying Mortgage Loans in the
Mortgage Pool or the actual performance characteristics of the Offered
Certificates.
<PAGE>
Dec 16 14:16 1997 Page 1
PRICE/YIELD TO MATURITY
Table for MLMI97C2_RED Merrill Lynch &
Class A2 Company
December 16, 1997 02:09PM Current Balance: HyperStruct
Settlement: December 30, 1997 $377,708,000.00 Next Payment: January
Last Payment: None Current Coupon: 6.796% 10, 1998
- --------------------------------------------------------------------------------
scenarios are recursive
- --------------------------------------------------------------------------------
Scenario Assumption
--------------- ---------------- -----------------
O CPR non_multi_1 non_multi_2
--------------- ---------------- -----------------
Price Yield Dur Yield Dur Yield Dur
------ --------------- ---------------- -----------------
99-16 6.94 6.84 6.94 6.60 6.94 6.60
99-20 6.92 6.92 6.92
99-24 6.90 6.90 6.90
99-28 6.89 6.89 6.89
100-00 6.87 6.85 6.87 6.60 6.87 6.60
100-04 6.85 6.85 6.85
100-08 6.83 6.83 6.83
100-12 6.81 6.81 6.81
100-16 6.80 6.86 6.79 6.61 6.79 6.61
100-20 6.76 6.77 6.77
100-24 6.76 6.75 6.75
100-28 6.74 6.74 6.74
101-00 6.72 6.87 6.72 6.62 6.72 6.62
101-04 6.71 6.70 6.70
101-06 6.69 6.68 6.68
101-12 6.67 6.66 6.66
101-16 6.65 6.88 6.64 6.63 6.64 6.63
101-20 6.63 6.63 6.63
101-24 6.62 6.61 6.61
101-28 6.60 6.59 6.59
102-00 6.58 6.89 6.57 6.64 6.57 6.64
102-04 6.56 6.55 6.55
102-08 6.55 6.53 6.53
102-12 6.53 6.52 6.52
102-16 6.51 6.90 6.50 6.65 6.50 6.65
WAL 9.675 9.232 9.232
1st Prin 05/10/05 04/10/03 04/10/03
Mat. 12/10/07 12/10/07 12/10/07
non_multi_1 : 100 CDR for non-multifamily loans w/ LTV > 75%.
Default begins month 13. 0 months to recovery.
non_multi_2 : 100 CDR for non-multifamily loans w/ LTV > 75%.
Default begins month 13. 12 months to recovery.
14 loans totalling $114.8mm w/ LTV > 75% which-are non-multi.
- --------------------------------------------------------------------------------
0 CPR:
Prepay: 0.00 CPR
non_multi_1:
def:
Prepay: 0 PSA
Default: delay_12 CDR (PSA1 method), 30.00 % prin losses, 0 mtr, P&I
advanced
default:
Prepay: 0 PSA
multi:
Prepay: 0 PSA
non_multi_2:
def:
Investors should read the Underwriter's Statement which accompanies these
Computational Materials. If the Statement is not attached please contact your
account representative. Do not use or rely on this information if you have not
received and reviewed the Statement.
These Computational Materials have been based upon the assumptions described
above. These assumptions will most likely not represent the actual experience of
the Mortgage Pool in the future. The Computational Materials are intended to
illustrate variations in yield on the Offered Certificates under such
assumptions. No representation is made herein as to the actual rate or timing of
principal payments or prepayments on any of the underlying Mortgage Loans in the
Mortgage Pool or the actual performance characteristics of the Offered
Certificates.
<PAGE>
Dec 16 14:19 1997 Page 1
PRICE/YIELD TO MATURITY
Table for MLMI97C2_RED Merrill Lynch &
Class A1 Company
December 16, 1997 01:56PM Current Balance: HyperStruct
Settlement: December 30, 1997 $124,018,000.00 Next Payment: January
Last Payment: None Current Coupon: 6.712% 10, 1998
- --------------------------------------------------------------------------------
scenarios are recursive
- --------------------------------------------------------------------------------
Scenario Assumption
--------------- ---------------- -----------------
O CPR non_multi_1 non_multi_2
--------------- ---------------- -----------------
Price Yield Dur Yield Dur Yield Dur
------ --------------- ---------------- -----------------
99-16 6.89 4.00 7.03 1.48 6.97 2.04
99-20 6.86 6.95 6.91
99-24 6.83 6.86 6.85
99-28 6.80 6.78 6.79
100-00 6.76 4.01 6.69 1.49 6.72 2.04
100-04 6.73 6.61 6.66
100-08 6.70 6.53 6.60
100-12 6.67 6.44 6.54
100-16 6.64 4.02 6.36 1.49 6.48 2.05
100-20 6.61 6.28 6.42
100-24 6.58 6.20 6.36
100-28 6.55 6.11 6.30
101-00 6.52 4.03 6.03 1.50 6.24 2.05
101-04 6.49 5.95 6.18
101-08 6.46 5.87 6.12
101-12 6.43 5.79 6.06
101-16 6.40 4.03 5.70 1.51 6.00 2.05
101-20 6.37 5.62 5.94
101-24 6.34 5.54 5.88
101-28 6.31 5.46 5.82
102-00 6.28 4.04 5.38 1.51 5.76 2.06
102-04 6.25 5.30 5.70
102-08 6.22 5.22 5.65
102-12 6.19 5.14 5.59
102-16 6.16 4.05 5.06 1.52 5.53 2.06
WAL 5.000 1.671 2.308
1st Prin 01/10/98 01/10/98 01/10/98
Mat. 05/10/05 04/10/03 04/10/03
non_multi_1: 100 CDR for non-multifamily loans w/ LTV > 75%.
Default begins month 13. 0 months to recovery.
non_multi_2: 100 CDR for non-multifamily loans w/ LTV > 75%.
Default begins month 13. 12 months to recovery.
14 loans totalling $114.0mm w/ LTV > 75% and non-multi
- --------------------------------------------------------------------------------
0 CPR:
Prepay: 0.00 CPR
non_multi_1:
def:
Prepay: 0 PSA
Default: delay_12 CDR (PSA1 method), 30.00 % prin losses, 0 mtr, P&I
advanced
default:
Prepay: 0 PSA
multi:
Prepay: 0 PSA
non_multi_2:
def:
Investors should read the Underwriter's Statement which accompanies these
Computational Materials. If the Statement is not attached please contact your
account representative. Do not use or rely on this information if you have not
received and reviewed the Statement.
These Computational Materials have been based upon the assumptions described
above. These assumptions will most likely not represent the actual experience of
the Mortgage Pool in the future. The Computational Materials are intended to
illustrate variations in yield on the Offered Certificates under such
assumptions. No representation is made herein as to the actual rate or timing of
principal payments or prepayments on any of the underlying Mortgage Loans in the
Mortgage Pool or the actual performance characteristics of the Offered
Certificates.
<PAGE>
Dec 15 10:43 1997 Page 1
MERRILL LYNCH & CO
Deal Name: ml97xl1_red_gr
MORTGAGE BALANCE.....: $848,482,929
CLASS BALANCE........: $142,191,000
CREDIT SUPPORT(%)....: 32.0%
CREDIT SUPPORT($)....: $271,514,537
MONTH DEFAULTS BEGIN: 1
MONTH DEFAULTS END...: 360
MONTHS TO RECOVERY...: 0
SERVICER ADVANCES....: P & I
LOSS MODE............: P only
SETTLEMENT DATE......: 12/30/1997
CLASS A1 - PRICE = 100-27+
def_tower = Tower loan defaults in 3yrs; def_farb = Farb loan defaults in 3yrs
def_towerfarb = Tower/Farb loan, defaults in 3yrs; def_shilo = Shilo loan
defaults in 3yrs
-------- PREPAYMENTS -------
O CPR
------- 0%/LOANS ----------
LS C.LOSS% YIELD WAL LOSS%
- ------------------- ----------------------------
0 CDR 0 0.00 6.57 5.0 ---
40 0.00 6.57 5.0 ---
------- 12%/LOANS ---------
LS C.LOSS% YIELD WAL LOSS%
- ------------------- ----------------------------
def_tower 0 0.00 6.39 2.8 ---
40 4.98 6.47 3.5 ---
------- 7%/LOANS ----------
LS C.LOSS% YIELD WAL LOSS%
- ------------------- ----------------------------
def_farb 0 0.00 6.47 3.5 ---
40 2.96 6.51 4.0 ---
------- 20%/LOANS ---------
LS C.LOSS% YIELD WAL LOSS%
- ------------------- ----------------------------
def_towerfarb 0 0.00 6.38 2.7 ---
40 7.93 6.40 2.9 ---
------- 9%/LOANS ----------
LS C.LOSS% YIELD WAL LOSS%
- ------------------- ----------------------------
def_shilo 0 0.00 6.44 3.2
40 3.77 6.50 3.9
Investors should read the Underwriter's Statement which accompanies these
Computational Materials. If the Statement is not attached please contact your
account representative. Do not use or rely on this information if you have not
received and reviewed the Statement.
These Computational Materials have been based upon the assumptions described
above. These assumptions will most likely not represent the actual experience of
the Mortgage Pool in the future. The Computational Materials are intended to
illustrate variations in yield on the Offered Certificates under such
assumptions. No representation is made herein as to the actual rate or timing of
principal payments or prepayments on any of the underlying Mortgage Loans in the
Mortgage Pool or the actual performance characteristics of the Offered
Certificates.
<PAGE>
Dec 15 10:43 1997 Page 2
MERRILL LYNCH & CO
Deal Name: ml97xl1_red_gr
MORTGAGE BALANCE.....: $848,482,929
CLASS BALANCE........: $117,378,000
CREDIT SUPPORT(%)....: 32.0%
CREDIT SUPPORT($)....: $271,514,537
MONTH DEFAULTS BEGIN: 1
MONTH DEFAULTS END...: 360
MONTHS TO RECOVERY...: 0
SERVICER ADVANCES....: P & I
LOSS MODE............: P only
SETTLEMENT DATE......: 12/30/1997
CLASS A2 - PRICE = 100-20
def_tower = Tower loan defaults in 3yrs; def_farb = Farb loan defaults in 3yrs
def_towerfarb = Tower/Farb loan, defaults in 3yrs; def_shilo = Shilo loan
defaults in 3yrs
-------- PREPAYMENTS -------
O CPR
------- 0%/LOANS ----------
LS C.LOSS% YIELD WAL LOSS%
- ------------------- ----------------------------
0 CDR 0 0.00 6.69 7.5 ---
40 0.00 6.69 7.5 ---
------- 12%/LOANS ---------
LS C.LOSS% YIELD WAL LOSS%
- ------------------- ----------------------------
def_tower 0 0.00 6.68 6.8 ---
40 4.98 6.70 8.2 ---
------- 7%/LOANS ----------
LS C.LOSS% YIELD WAL LOSS%
- ------------------- ----------------------------
def_farb 0 0.00 6.68 6.7 ---
40 2.96 6.68 6.9 ---
------- 20%/LOANS ---------
LS C.LOSS% YIELD WAL LOSS%
- ------------------- ----------------------------
def_towerfarb 0 0.00 6.60 4.4 ---
40 7.93 6.68 7.2 ---
------- 9%/LOANS ----------
LS C.LOSS% YIELD WAL LOSS%
- ------------------- ----------------------------
def_shilo 0 0.00 6.67 6.6 ---
40 3.77 6.68 6.8 ---
Investors should read the Underwriter's Statement which accompanies these
Computational Materials. If the Statement is not attached please contact your
account representative. Do not use or rely on this information if you have not
received and reviewed the Statement.
These Computational Materials have been based upon the assumptions described
above. These assumptions will most likely not represent the actual experience of
the Mortgage Pool in the future. The Computational Materials are intended to
illustrate variations in yield on the Offered Certificates under such
assumptions. No representation is made herein as to the actual rate or timing of
principal payments or prepayments on any of the underlying Mortgage Loans in the
Mortgage Pool or the actual performance characteristics of the Offered
Certificates.
<PAGE>
Dec 15 10:43 1997 Page 3
MERRILL LYNCH & CO
Deal Name: ml97xl1_red_gr
MORTGAGE BALANCE.....: $848,482,929
CLASS BALANCE........: $220,490,334
CREDIT SUPPORT(%)....: 32.0%
CREDIT SUPPORT($)....: $271,514,537
MONTH DEFAULTS BEGIN: 1
MONTH DEFAULTS END...: 360
MONTHS TO RECOVERY...: 0
SERVICER ADVANCES....: P & I
LOSS MODE............: P only
SETTLEMENT DATE......: 12/30/1997
CLASS A3 - PRICE = 100-13+
def_tower = Tower loan defaults in 3yrs; def_farb = Farb loan defaults in 3yrs
def_towerfarb = Tower/Farb loan, defaults in 3yrs; def_shilo = Shilo loan
defaults in 3yrs
-------- PREPAYMENTS -------
O CPR
------- 0%/LOANS ----------
LS C.LOSS% YIELD WAL LOSS%
- ------------------- ----------------------------
0 CDR 0 0.00 6.75 9.5 ---
40 0.00 6.75 9.5 ---
------- 12%/LOANS ---------
LS C.LOSS% YIELD WAL LOSS%
- ------------------- ----------------------------
def_tower 0 0.00 6.75 9.5 ---
40 4.98 6.75 9.6 ---
------- 7%/LOANS ----------
LS C.LOSS% YIELD WAL LOSS%
- ------------------- ----------------------------
def_farb 0 0.00 6.74 9.1 ---
40 2.96 6.74 9.4 ---
------- 20%/LOANS ---------
LS C.LOSS% YIELD WAL LOSS%
- ------------------- ----------------------------
def_towerfarb 0 0.00 6.74 9.1 ---
40 7.93 6.75 9.6 ---
------- 9%/LOANS ----------
LS C.LOSS% YIELD WAL LOSS%
- ------------------- ----------------------------
def_shilo 0 0.00 6.74 9.0 ---
40 3.77 6.74 9.4 ---
Investors should read the Underwriter's Statement which accompanies these
Computational Materials. If the Statement is not attached please contact your
account representative. Do not use or rely on this information if you have not
received and reviewed the Statement.
These Computational Materials have been based upon the assumptions described
above. These assumptions will most likely not represent the actual experience of
the Mortgage Pool in the future. The Computational Materials are intended to
illustrate variations in yield on the Offered Certificates under such
assumptions. No representation is made herein as to the actual rate or timing of
principal payments or prepayments on any of the underlying Mortgage Loans in the
Mortgage Pool or the actual performance characteristics of the Offered
Certificates.
<PAGE>
Dec 15 10:43 1997 Page 4
MERRILL LYNCH & CO
Deal Name: ml97xl1_red_gr
MORTGAGE BALANCE.....: $848,482,929
CLASS BALANCE........: $96,908,666
CREDIT SUPPORT(%)....: 32.0%
CREDIT SUPPORT($)....: $271,514,537
MONTH DEFAULTS BEGIN: 1
MONTH DEFAULTS END...: 360
MONTHS TO RECOVERY...: 0
SERVICER ADVANCES....: P & I
LOSS MODE............: P only
SETTLEMENT DATE......: 12/30/1997
CLASS A1 - PRICE = 100-12
def_tower = Tower loan defaults in 3yrs; def_farb = Farb loan defaults in 3yrs
def_towerfarb = Tower/Farb loan, defaults in 3yrs; def_shilo = Shilo loan
defaults in 3yrs
-------- PREPAYMENTS -------
O CPR
------- 0%/LOANS ----------
LS C.LOSS% YIELD WAL LOSS%
- ------------------- ----------------------------
0 CDR 0 0.00 6.73 8.5 ---
40 0.00 6.73 8.5 ---
------- 12%/LOANS ---------
LS C.LOSS% YIELD WAL LOSS%
- ------------------- ----------------------------
def_tower 0 0.00 6.73 8.5 ---
40 4.98 6.73 8.5 ---
------- 7%/LOANS ----------
LS C.LOSS% YIELD WAL LOSS%
- ------------------- ----------------------------
def_farb 0 0.00 6.73 8.5 ---
40 2.96 6.73 8.5 ---
------- 20%/LOANS ---------
LS C.LOSS% YIELD WAL LOSS%
- ------------------- ----------------------------
def_towerfarb 0 0.00 6.73 8.5 ---
40 7.93 6.73 8.5 ---
------- 9%/LOANS ----------
LS C.LOSS% YIELD WAL LOSS%
- ------------------- ----------------------------
def_shilo 0 0.00 6.73 8.5 ---
40 3.77 6.73 8.5 ---
Investors should read the Underwriter's Statement which accompanies these
Computational Materials. If the Statement is not attached please contact your
account representative. Do not use or rely on this information if you have not
received and reviewed the Statement.
These Computational Materials have been based upon the assumptions described
above. These assumptions will most likely not represent the actual experience of
the Mortgage Pool in the future. The Computational Materials are intended to
illustrate variations in yield on the Offered Certificates under such
assumptions. No representation is made herein as to the actual rate or timing of
principal payments or prepayments on any of the underlying Mortgage Loans in the
Mortgage Pool or the actual performance characteristics of the Offered
Certificates.
<PAGE>
Dec 15 10:59 1997 Page 1
MERRILL LYNCH & CO
Deal Name: ml97xl1_red_gr
MORTGAGE BALANCE.....: $848,482,929
CLASS BALANCE........: $142,191,000
CREDIT SUPPORT(%)....: 32.0%
CREDIT SUPPORT($)....: $271,514,537
MONTH DEFAULTS BEGIN: 1
MONTH DEFAULTS END...: 360
MONTHS TO RECOVERY...: 0
SERVICER ADVANCES....: P & I
LOSS MODE............: P only
SETTLEMENT DATE......: 12/30/1997
CLASS A1 - PRICE = 100-27+
def_hotels = hotels 4 Seasons Santa Barbara, Austin, Ritz Carlton St. Louis
default in 3yrs
def_group = Tower, Dain Bosworth/Gaviidae, Farb, Shilo, hotels and AACI default
in 3yrs
-------- PREPAYMENTS -------
O CPR
------- 0%/LOANS ----------
LS C.LOSS% YIELD WAL LOSS%
- ------------------- ----------------------------
0 CDR 0 0.00 6.57 5.0 ---
40 0.00 6.57 5.0 ---
------- 17%/LOANS ---------
LS C.LOSS% YIELD WAL LOSS%
- ------------------- ----------------------------
def_hotels 0 0.00 6.38 2.7 ---
40 6.73 6.43 3.1 ---
------- 58%/LOANS ---------
LS C.LOSS% YIELD WAL LOSS%
- ------------------- ----------------------------
def_group 0 0.00 6.38 2.7 ---
40 23.17 6.38 2.7 ---
Investors should read the Underwriter's Statement which accompanies these
Computational Materials. If the Statement is not attached please contact your
account representative. Do not use or rely on this information if you have not
received and reviewed the Statement.
These Computational Materials have been based upon the assumptions described
above. These assumptions will most likely not represent the actual experience of
the Mortgage Pool in the future. The Computational Materials are intended to
illustrate variations in yield on the Offered Certificates under such
assumptions. No representation is made herein as to the actual rate or timing of
principal payments or prepayments on any of the underlying Mortgage Loans in the
Mortgage Pool or the actual performance characteristics of the Offered
Certificates.
<PAGE>
Dec 15 10:59 1997 Page 2
MERRILL LYNCH & CO
Deal Name: ml97xl1_red_gr
MORTGAGE BALANCE.....: $848,482,929
CLASS BALANCE........: $117,378,000
CREDIT SUPPORT(%)....: 32.0%
CREDIT SUPPORT($)....: $271,514,537
MONTH DEFAULTS BEGIN: 1
MONTH DEFAULTS END...: 360
MONTHS TO RECOVERY...: 0
SERVICER ADVANCES....: P & I
LOSS MODE............: P only
SETTLEMENT DATE......: 12/30/1997
CLASS A2 - PRICE = 100-20
def_hotels = hotels 4 Seasons Santa Barbara, Austin, Ritz Carlton St. Louis
default in 3yrs
def_group = Tower, Dain Bosworth/Gaviidae, Farb, Shilo, hotels and AACI default
in 3yrs
-------- PREPAYMENTS -------
O CPR
------- 0%/LOANS ----------
LS C.LOSS% YIELD WAL LOSS%
- ------------------- ----------------------------
0 CDR 0 0.00 6.69 7.5 ---
40 0.00 6.69 7.5 ---
------- 17%/LOANS ---------
LS C.LOSS% YIELD WAL LOSS%
- ------------------- ----------------------------
def_hotels 0 0.00 6.63 5.2 ---
40 6.73 6.67 6.6 ---
------- 58%/LOANS ---------
LS C.LOSS% YIELD WAL LOSS%
- ------------------- ----------------------------
def_group 0 0.00 6.51 3.0 ---
40 23.17 6.52 3.1 ---
Investors should read the Underwriter's Statement which accompanies these
Computational Materials. If the Statement is not attached please contact your
account representative. Do not use or rely on this information if you have not
received and reviewed the Statement.
These Computational Materials have been based upon the assumptions described
above. These assumptions will most likely not represent the actual experience of
the Mortgage Pool in the future. The Computational Materials are intended to
illustrate variations in yield on the Offered Certificates under such
assumptions. No representation is made herein as to the actual rate or timing of
principal payments or prepayments on any of the underlying Mortgage Loans in the
Mortgage Pool or the actual performance characteristics of the Offered
Certificates.
<PAGE>
Dec 15 10:59 1997 Page 3
MERRILL LYNCH & CO
Deal Name: ml97xl1_red_gr
MORTGAGE BALANCE.....: $848,482,929
CLASS BALANCE........: $220,490,334
CREDIT SUPPORT(%)....: 32.0%
CREDIT SUPPORT($)....: $271,514,537
MONTH DEFAULTS BEGIN: 1
MONTH DEFAULTS END...: 360
MONTHS TO RECOVERY...: 0
SERVICER ADVANCES....: P & I
LOSS MODE............: P only
SETTLEMENT DATE......: 12/30/1997
CLASS A3 - PRICE = 100-13+
def_hotels = hotels 4 Seasons Santa Barbara, Austin, Ritz Carlton St. Louis
default in 3yrs
def_group = Tower, Dain Bosworth/Gaviidae, Farb, Shilo, hotels and AACI default
in 3yrs
-------- PREPAYMENTS -------
O CPR
------- 0%/LOANS ----------
LS C.LOSS% YIELD WAL LOSS%
- ------------------- ----------------------------
0 CDR 0 0.00 6.75 9.5 ---
40 0.00 6.75 9.5 ---
------- 17%/LOANS ---------
LS C.LOSS% YIELD WAL LOSS%
- ------------------- ----------------------------
def_hotels 0 0.00 6.73 8.3 ---
40 6.73 6.74 9.0 ---
------- 58%/LOANS ---------
LS C.LOSS% YIELD WAL LOSS%
- ------------------- ----------------------------
def_group 0 0.00 6.59 3.1 ---
40 23.17 6.72 7.4 ---
Investors should read the Underwriter's Statement which accompanies these
Computational Materials. If the Statement is not attached please contact your
account representative. Do not use or rely on this information if you have not
received and reviewed the Statement.
These Computational Materials have been based upon the assumptions described
above. These assumptions will most likely not represent the actual experience of
the Mortgage Pool in the future. The Computational Materials are intended to
illustrate variations in yield on the Offered Certificates under such
assumptions. No representation is made herein as to the actual rate or timing of
principal payments or prepayments on any of the underlying Mortgage Loans in the
Mortgage Pool or the actual performance characteristics of the Offered
Certificates.
<PAGE>
Dec 15 10:59 1997 Page 4
MERRILL LYNCH & CO
Deal Name: ml97xl1_red_gr
MORTGAGE BALANCE.....: $848,482,929
CLASS BALANCE........: $96,908,666
CREDIT SUPPORT(%)....: 32.0%
CREDIT SUPPORT($)....: $271,514,537
MONTH DEFAULTS BEGIN: 1
MONTH DEFAULTS END...: 360
MONTHS TO RECOVERY...: 0
SERVICER ADVANCES....: P & I
LOSS MODE............: P only
SETTLEMENT DATE......: 12/30/1997
CLASS A4 - PRICE = 100-12
def_hotels = hotels 4 Seasons Santa Barbara, Austin, Ritz Carlton St. Louis
default in 3yrs
def_group = Tower, Dain Bosworth/Gaviidae, Farb, Shilo, hotels and AACI default
in 3yrs
-------- PREPAYMENTS -------
O CPR
------- 0%/LOANS ----------
LS C.LOSS% YIELD WAL LOSS%
- ------------------- ----------------------------
0 CDR 0 0.00 6.73 8.5 ---
40 0.00 6.73 8.5 ---
------- 17%/LOANS ---------
LS C.LOSS% YIELD WAL LOSS%
- ------------------- ----------------------------
def_hotels 0 0.00 6.73 8.4 ---
40 6.73 6.73 8.5 ---
------- 58%/LOANS ---------
LS C.LOSS% YIELD WAL LOSS%
- ------------------- ----------------------------
def_group 0 0.00 6.68 5.3 ---
40 23.17 6.73 8.5 ---
Investors should read the Underwriter's Statement which accompanies these
Computational Materials. If the Statement is not attached please contact your
account representative. Do not use or rely on this information if you have not
received and reviewed the Statement.
These Computational Materials have been based upon the assumptions described
above. These assumptions will most likely not represent the actual experience of
the Mortgage Pool in the future. The Computational Materials are intended to
illustrate variations in yield on the Offered Certificates under such
assumptions. No representation is made herein as to the actual rate or timing of
principal payments or prepayments on any of the underlying Mortgage Loans in the
Mortgage Pool or the actual performance characteristics of the Offered
Certificates.
<PAGE>
<TABLE>
<CAPTION>
Dec 12 12:14 1997 Page 1
December 12, 1997 12:14PM Cashflow Report for ML97XL1_RED_GR Class A1 Merrill Lynch Capital Markets
Settlement: December 01, 1997 HyperStruct
- ------------------------------------------------------------------------------------------------------------------------------------
Scen. Name:pricing, 0.00 CPR, 0.00 % SDA (PSA1 method), 0.00 % prin losses, 12 mtr, no advances
- ------------------------------------------------------------------------------------------------------------------------------------
Net Principal Principal
Notional Coupon Short Shortfall Principal
per date Balance Balance Rate Principal Interest Cashflow Fall Delta Writedown
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
0 12/01/1997 142191000.00 0.00 0.00 0.00 0.00
1 01/15/1998 141582364.37 0.00 6.750000 608635.63 799824.38 1408460.01 0.00 0.00 -0.00
2 02/15/1998 140969763.47 0.00 6.750000 612600.90 796400.80 1409001.70 0.00 0.00 -0.00
3 03/15/1998 140207753.19 0.00 6.750000 762010.28 792954.92 1554965.20 0.00 0.00 0.00
4 04/15/1998 139586229.03 0.00 6.750000 621524.15 788668.61 1410192.76 0.00 0.00 -0.00
5 05/15/1998 138912300.64 0.00 6.750000 673928.39 785172.54 1459100.93 0.00 0.00 0.00
6 06/15/1998 138282347.35 0.00 6.750000 629953.29 781381.69 1411334.98 0.00 0.00 -0.00
7 07/15/1998 137600034.23 0.00 6.750000 682313.12 777838.20 1460151.33 0.00 0.00 -0.00
8 08/15/1998 136961542.09 0.00 6.750000 638492.14 774000.19 1412492.33 0.00 0.00 -0.00
9 09/15/1998 136318890.02 0.00 6.750000 642652.07 770408.67 1413060.74 0.00 0.00 -0.00
10 10/15/1998 135623941.74 0.00 6.750000 696948.28 766793.76 1461742.04 0.00 0.00 0.00
11 11/15/1998 134972585.45 0.00 6.750000 651356.30 762884.67 1414240.97 0.00 0.00 0.00
12 12/15/1998 134268978.58 0.00 6.750000 703606.87 759220.79 1462827.66 0.00 0.00 -0.00
13 01/15/1999 133608804.75 0.00 6.750000 660173.83 755263.00 1415436.83 0.00 0.00 -0.00
14 02/15/1999 132944329.51 0.00 6.750000 664475.24 751549.53 1416024.77 0.00 0.00 0.00
15 03/15/1999 132131958.14 0.00 6.750000 812371.37 747811.85 1560183.22 0.00 0.00 0.00
16 04/15/1999 131457892.32 0.00 6.750000 674065.82 743242.26 1417308.08 0.00 0.00 0.00
17 05/15/1999 130731704.12 0.00 6.750000 726188.20 739450.64 1465638.84 0.00 0.00 0.00
18 06/15/1999 130048525.41 0.00 6.750000 683178.72 735365.84 1418544.55 0.00 0.00 -0.00
19 07/15/1999 129313271.96 0.00 6.750000 735253.45 731522.96 1466776.40 0.00 0.00 -0.00
20 08/15/1999 128620861.71 0.00 6.750000 692410.25 727387.16 1419797.41 0.00 0.00 -0.00
21 09/15/1999 127923939.81 0.00 6.750000 696921.90 723492.35 1420414.25 0.00 0.00 -0.00
22 10/15/1999 127175011.78 0.00 6.750000 748928.03 719572.16 1468500.19 0.00 0.00 -0.00
23 11/15/1999 126468679.33 0.00 6.750000 706332.45 715359.44 1421691.89 0.00 0.00 0.00
24 12/15/1999 125603913.92 0.00 6.750000 864765.41 711386.32 1576151.73 0.00 0.00 0.00
25 01/15/2000 124780967.68 0.00 6.750000 822946.24 706522.02 1529468.26 0.00 0.00 0.00
26 02/15/2000 123952748.36 0.00 6.750000 828219.32 701892.94 1530112.26 0.00 0.00 -0.00
27 03/15/2000 123024839.45 0.00 6.750000 927908.91 697234.21 1625143.12 0.00 0.00 0.00
28 04/15/2000 122185378.10 0.00 6.750000 839461.35 692014.72 1531476.08 0.00 0.00 -0.00
29 05/15/2000 121293469.59 0.00 6.750000 891908.51 687292.75 1579201.26 0.00 0.00 -0.00
30 06/15/2000 120442918.91 0.00 6.750000 850550.67 682275.77 1532826.44 0.00 0.00 0.00
31 07/15/2000 119539965.05 0.00 6.750000 902953.86 677491.42 1580445.28 0.00 0.00 -0.00
32 08/15/2000 118678182.68 0.00 6.750000 861782.38 672412.30 1534194.68 0.00 0.00 0.00
33 09/15/2000 117810877.46 0.00 6.750000 867305.21 667564.78 1534869.99 0.00 0.00 0.00
34 10/15/2000 116891232.12 0.00 6.750000 919645.34 662686.19 1582331.53 0.00 0.00 -0.00
35 11/15/2000 116012480.01 0.00 6.750000 878752.11 657513.18 1536265.30 0.00 0.00 0.00
36 12/15/2000 115081432.96 0.00 6.750000 931047.05 652570.20 1583617.25 0.00 0.00 0.00
37 01/15/2001 114191086.95 0.00 6.750000 890346.01 647333.06 1537679.07 0.00 0.00 -0.00
38 02/15/2001 113295034.34 0.00 6.750000 896052.61 642324.86 1538377.47 0.00 0.00 -0.00
39 03/15/2001 112253778.41 0.00 6.750000 1041255.93 637284.57 1678540.50 0.00 0.00 0.00
40 04/15/2001 111345324.62 0.00 6.750000 908453.79 631427.50 1539881.29 0.00 0.00 0.00
41 05/15/2001 110384702.60 0.00 6.750000 960622.02 626317.45 1586939.47 0.00 0.00 -0.00
42 06/15/2001 109464273.64 0.00 6.750000 920428.96 620913.95 1541342.91 0.00 0.00 -0.00
43 07/15/2001 108491723.63 0.00 6.750000 972550.01 615736.54 1588286.55 0.00 0.00 0.00
44 08/15/2001 107559165.69 0.00 6.750000 932557.94 610265.95 1542823.89 0.00 0.00 -0.00
45 09/15/2001 106620629.64 0.00 6.750000 938536.05 605020.31 1543556.36 0.00 0.00 0.00
46 10/15/2001 105630040.53 0.00 6.750000 990589.11 599741.04 1590330.15 0.00 0.00 -0.00
47 11/15/2001 104679142.85 0.00 6.750000 950897.67 594168.98 1545066.65 0.00 0.00 0.00
48 12/15/2001 103676240.61 0.00 6.750000 1002902.24 588820.18 1591722.42 0.00 0.00 -0.00
49 01/15/2002 102712822.52 0.00 6.750000 963418.09 583178.85 1546596.95 0.00 0.00 -0.00
50 02/15/2002 101743227.72 0.00 6.750000 969594.80 577759.63 1547354.42 0.00 0.00 0.00
51 03/15/2002 100630262.22 0.00 6.750000 1112965.50 572305.66 1685271.16 0.00 0.00 -0.00
<CAPTION>
Interest Interest
Short Shortfall
Fall Delta
<S> <C>
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
</TABLE>
Investors should read the Underwriter's Statement which accompanies these
Computational Materials. If the Statement is not attached please contact your
account representative. Do not use or rely on this information if you have not
received and reviewed the Statement.
These Computational Materials have been based upon the assumptions described
above. These assumptions will most likely not represent the actual experience of
the Mortgage Pool in the future. The Computational Materials are intended to
illustrate variations in yield on the Offered Certificates under such
assumptions. No representation is made herein as to the actual rate or timing of
principal payments or prepayments on any of the underlying Mortgage Loans in the
Mortgage Pool or the actual performance characteristics of the Offered
Certificates.
<PAGE>
<TABLE>
<CAPTION>
Dec 12 12:14 1997 Page 2
December 12, 1997 12:14PM Cashflow Report for ML97XL1_RED_GR Class A1 Merrill Lynch Capital Markets
Settlement: December 01, 1997 HyperStruct
- ------------------------------------------------------------------------------------------------------------------------------------
Scen. Name:pricing, 0.00 CPR, 0.00 % SDA (PSA1 method), 0.00 % prin losses, 12 mtr, no advances
- ------------------------------------------------------------------------------------------------------------------------------------
Net Principal Principal
Notional Coupon Short Shortfall Principal
per date Balance Balance Rate Principal Interest Cashflow Fall Delta Writedown
<C> <S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
52 04/15/2002 99647331.33 0.00 6.750000 982930.89 566045.22 1548976.12 0.00 0.00 -0.00
53 05/15/2002 98612530.79 0.00 6.750000 1034800.54 560516.24 1595316.78 0.00 0.00 0.00
54 06/15/2002 97616668.12 0.00 6.750000 995862.67 554695.49 1550558.15 0.00 0.00 0.00
55 07/15/2002 96568986.40 0.00 6.750000 1047681.72 549093.76 1596775.47 0.00 0.00 -0.00
56 08/15/2002 95560025.81 0.00 6.750000 1008960.59 543200.55 1552161.14 0.00 0.00 -0.00
57 09/15/2002 94544595.47 0.00 6.750000 1015430.33 537525.15 1552955.48 0.00 0.00 0.00
58 10/15/2002 93477419.36 0.00 6.750000 1067176.11 531813.35 1598989.46 0.00 0.00 -0.00
59 11/15/2002 92448639.61 0.00 6.750000 1028779.75 525810.48 1554590.23 0.00 0.00 0.00
60 12/15/2002 91368166.11 0.00 6.750000 1080473.51 520023.60 1600497.10 0.00 0.00 0.00
61 01/15/2003 90325865.40 0.00 6.750000 1042300.70 513945.93 1556246.64 0.00 0.00 0.00
62 02/15/2003 89276880.34 0.00 6.750000 1048985.06 508082.99 1557068.05 0.00 0.00 0.00
63 03/15/2003 88086495.17 0.00 6.750000 1190385.18 502182.45 1692567.63 0.00 0.00 -0.00
64 04/15/2003 87023164.36 0.00 6.750000 1063330.80 495486.54 1558817.34 0.00 0.00 -0.00
65 05/15/2003 85908283.50 0.00 6.750000 1114880.86 489505.30 1604386.16 0.00 0.00 0.00
66 06/15/2003 84830987.89 0.00 6.750000 1077295.61 483234.09 1560529.71 0.00 0.00 -0.00
67 07/15/2003 83702196.49 0.00 6.750000 1128791.40 477174.31 1605965.71 0.00 0.00 -0.00
68 08/15/2003 82610756.59 0.00 6.750000 1091439.90 470824.86 1562264.76 0.00 0.00 0.00
69 09/15/2003 81512316.04 0.00 6.750000 1098440.55 464685.51 1563126.05 0.00 0.00 -0.00
70 10/15/2003 80362458.62 0.00 6.750000 1149857.42 458506.78 1608364.20 0.00 0.00 -0.00
71 11/15/2003 79249601.93 0.00 6.750000 1112856.68 452038.83 1564895.51 0.00 0.00 0.00
72 12/15/2003 78085384.16 0.00 6.750000 1164217.77 445779.01 1609996.79 0.00 0.00 -0.00
73 01/15/2004 37430496.54 0.00 6.750000 40654887.62 439230.29 41094117.91 0.00 0.00 0.00
74 02/15/2004 36380422.46 0.00 6.750000 1050074.08 210546.54 1260620.62 0.00 0.00 -0.00
75 03/15/2004 35235614.36 0.00 6.750000 1144808.10 204639.88 1349447.98 0.00 0.00 -0.00
76 04/15/2004 34171477.62 0.00 6.750000 1064136.74 198200.33 1262337.07 0.00 0.00 0.00
77 05/15/2004 33056679.20 0.00 6.750000 1114798.42 192214.56 1307012.98 0.00 0.00 0.00
78 06/15/2004 31978576.20 0.00 6.750000 1078103.00 185943.82 1264046.82 0.00 0.00 -0.00
79 07/15/2004 30849876.79 0.00 6.750000 1128699.41 179879.49 1308578.90 0.00 0.00 0.00
80 08/15/2004 29757628.08 0.00 6.750000 1092248.71 173530.56 1265779.27 0.00 0.00 0.00
81 09/15/2004 28658375.18 0.00 6.750000 1099252.90 167386.66 1266639.55 0.00 0.00 0.00
82 10/15/2004 27508621.61 0.00 6.750000 1149753.57 161203.36 1310956.93 0.00 0.00 0.00
83 11/15/2004 0.00 0.00 6.750000 27508621.61 154736.00 27663357.61 0.00 0.00 0.00
<CAPTION>
Interest Interest
Short Shortfall
Fall Delta
<S> <C>
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
</TABLE>
Investors should read the Underwriter's Statement which accompanies these
Computational Materials. If the Statement is not attached please contact your
account representative. Do not use or rely on this information if you have not
received and reviewed the Statement.
<PAGE>
These Computational Materials have been based upon the assumptions described
above. These assumptions will most likely not represent the actual experience of
the Mortgage Pool in the future. The Computational Materials are intended to
illustrate variations in yield on the Offered Certificates under such
assumptions. No representation is made herein as to the actual rate or timing of
principal payments or prepayments on any of the underlying Mortgage Loans in the
Mortgage Pool or the actual performance characteristics of the Offered
Certificates.
<PAGE>
<TABLE>
<CAPTION>
Dec 12 12:14 1997 Page 1
December 12, 1997 12:14PM Cashflow Report for ML97XL1_RED_GR Class A2 Merrill Lynch Capital Markets
Settlement: December 01, 1997 HyperStruct
- ------------------------------------------------------------------------------------------------------------------------------------
Scen. Name:pricing, 0.00 CPR, 0.00 % SDA (PSA1 method), 0.00 % prin losses, 12 mtr, no advances
- ------------------------------------------------------------------------------------------------------------------------------------
Net Principal Principal
Notional Coupon Short Shortfall Principal
per date Balance Balance Rate Principal Interest Cashflow Fall Delta Writedown
<C> <S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
0 12/01/1997 117378000.00 0.00 0.00 0.00 0.00
1 01/15/1998 117378000.00 0.00 6.750000 0.00 660251.25 660251.25 0.00 0.00 0.00
2 02/15/1998 117378000.00 0.00 6.750000 0.00 660251.25 660251.25 0.00 0.00 0.00
3 03/15/1998 117378000.00 0.00 6.750000 0.00 660251.25 660251.25 0.00 0.00 0.00
4 04/15/1998 117378000.00 0.00 6.750000 0.00 660251.25 660251.25 0.00 0.00 0.00
5 05/15/1998 117378000.00 0.00 6.750000 0.00 660251.25 660251.25 0.00 0.00 0.00
6 06/15/1998 117378000.00 0.00 6.750000 0.00 660251.25 660251.25 0.00 0.00 0.00
7 07/15/1998 117378000.00 0.00 6.750000 0.00 660251.25 660251.25 0.00 0.00 0.00
8 08/15/1998 117378000.00 0.00 6.750000 0.00 660251.25 660251.25 0.00 0.00 0.00
9 09/15/1998 117378000.00 0.00 6.750000 0.00 660251.25 660251.25 0.00 0.00 0.00
10 10/15/1998 117378000.00 0.00 6.750000 0.00 660251.25 660251.25 0.00 0.00 0.00
11 11/15/1998 117378000.00 0.00 6.750000 0.00 660251.25 660251.25 0.00 0.00 0.00
12 12/15/1998 117378000.00 0.00 6.750000 0.00 660251.25 660251.25 0.00 0.00 0.00
13 01/15/1999 117378000.00 0.00 6.750000 0.00 660251.25 660251.25 0.00 0.00 0.00
14 02/15/1999 117378000.00 0.00 6.750000 0.00 660251.25 660251.25 0.00 0.00 0.00
15 03/15/1999 117378000.00 0.00 6.750000 0.00 660251.25 660251.25 0.00 0.00 0.00
16 04/15/1999 117378000.00 0.00 6.750000 0.00 660251.25 660251.25 0.00 0.00 0.00
17 05/15/1999 117378000.00 0.00 6.750000 0.00 660251.25 660251.25 0.00 0.00 0.00
18 06/15/1999 117378000.00 0.00 6.750000 0.00 660251.25 660251.25 0.00 0.00 0.00
19 07/15/1999 117378000.00 0.00 6.750000 0.00 660251.25 660251.25 0.00 0.00 0.00
20 08/15/1999 117378000.00 0.00 6.750000 0.00 660251.25 660251.25 0.00 0.00 0.00
21 09/15/1999 117378000.00 0.00 6.750000 0.00 660251.25 660251.25 0.00 0.00 0.00
22 10/15/1999 117378000.00 0.00 6.750000 0.00 660251.25 660251.25 0.00 0.00 0.00
23 11/15/1999 117378000.00 0.00 6.750000 0.00 660251.25 660251.25 0.00 0.00 0.00
24 12/15/1999 117378000.00 0.00 6.750000 0.00 660251.25 660251.25 0.00 0.00 0.00
25 01/15/2000 117378000.00 0.00 6.750000 0.00 660251.25 660251.25 0.00 0.00 0.00
26 02/15/2000 117378000.00 0.00 6.750000 0.00 660251.25 660251.25 0.00 0.00 0.00
27 03/15/2000 117378000.00 0.00 6.750000 0.00 660251.25 660251.25 0.00 0.00 0.00
28 04/15/2000 117378000.00 0.00 6.750000 0.00 660251.25 660251.25 0.00 0.00 0.00
29 05/15/2000 117378000.00 0.00 6.750000 0.00 660251.25 660251.25 0.00 0.00 0.00
30 06/15/2000 117378000.00 0.00 6.750000 0.00 660251.25 660251.25 0.00 0.00 0.00
31 07/15/2000 117378000.00 0.00 6.750000 0.00 660251.25 660251.25 0.00 0.00 0.00
32 08/15/2000 117378000.00 0.00 6.750000 0.00 660251.25 660251.25 0.00 0.00 0.00
33 09/15/2000 117378000.00 0.00 6.750000 0.00 660251.25 660251.25 0.00 0.00 0.00
34 10/15/2000 117378000.00 0.00 6.750000 0.00 660251.25 660251.25 0.00 0.00 0.00
35 11/15/2000 117378000.00 0.00 6.750000 0.00 660251.25 660251.25 0.00 0.00 0.00
36 12/15/2000 117378000.00 0.00 6.750000 0.00 660251.25 660251.25 0.00 0.00 0.00
37 01/15/2001 117378000.00 0.00 6.750000 0.00 660251.25 660251.25 0.00 0.00 0.00
38 02/15/2001 117378000.00 0.00 6.750000 0.00 660251.25 660251.25 0.00 0.00 0.00
39 03/15/2001 117378000.00 0.00 6.750000 0.00 660251.25 660251.25 0.00 0.00 0.00
40 04/15/2001 117378000.00 0.00 6.750000 0.00 660251.25 660251.25 0.00 0.00 0.00
41 05/15/2001 117378000.00 0.00 6.750000 0.00 660251.25 660251.25 0.00 0.00 0.00
42 06/15/2001 117378000.00 0.00 6.750000 0.00 660251.25 660251.25 0.00 0.00 0.00
43 07/15/2001 117378000.00 0.00 6.750000 0.00 660251.25 660251.25 0.00 0.00 0.00
44 08/15/2001 117378000.00 0.00 6.750000 0.00 660251.25 660251.25 0.00 0.00 0.00
45 09/15/2001 117378000.00 0.00 6.750000 0.00 660251.25 660251.25 0.00 0.00 0.00
46 10/15/2001 117378000.00 0.00 6.750000 0.00 660251.25 660251.25 0.00 0.00 0.00
47 11/15/2001 117378000.00 0.00 6.750000 0.00 660251.25 660251.25 0.00 0.00 0.00
48 12/15/2001 117378000.00 0.00 6.750000 0.00 660251.25 660251.25 0.00 0.00 0.00
49 01/15/2002 117378000.00 0.00 6.750000 0.00 660251.25 660251.25 0.00 0.00 0.00
50 02/15/2002 117378000.00 0.00 6.750000 0.00 660251.25 660251.25 0.00 0.00 0.00
51 03/15/2002 117378000.00 0.00 6.750000 0.00 660251.25 660251.25 0.00 0.00 0.00
<CAPTION>
Interest Interest
Short Shortfall
Fall Delta
<S> <C>
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
</TABLE>
Investors should read the Underwriter's Statement which accompanies these
Computational Materials. If the Statement is not attached please contact your
account representative. Do not use or rely on this information if you have not
received and reviewed the Statement.
These Computational Materials have been based upon the assumptions described
above. These assumptions will most likely not represent the actual experience of
the Mortgage Pool in the future. The Computational Materials are intended to
illustrate variations in yield on the Offered Certificates under such
assumptions. No representation is made herein as to the actual rate or timing of
principal payments or prepayments on any of the underlying Mortgage Loans in the
Mortgage Pool or the actual performance characteristics of the Offered
Certificates.
<PAGE>
<TABLE>
<CAPTION>
Dec 12 12:14 1997 Page 2
December 12, 1997 12:14PM Cashflow Report for ML97XL1_RED_GR Class A2 Merrill Lynch Capital Markets
Settlement: December 01, 1997 HyperStruct
- ------------------------------------------------------------------------------------------------------------------------------------
Scen. Name:pricing, 0.00 CPR, 0.00 % SDA (PSA1 method), 0.00 % prin losses, 12 mtr, no advances
- ------------------------------------------------------------------------------------------------------------------------------------
Net Principal Principal
Notional Coupon Short Shortfall Principal
per date Balance Balance Rate Principal Interest Cashflow Fall Delta Writedown
<C> <S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
52 04/15/2002 117378000.00 0.00 6.750000 0.00 660251.25 660251.25 0.00 0.00 0.00
53 05/15/2002 117378000.00 0.00 6.750000 0.00 660251.25 660251.25 0.00 0.00 0.00
54 06/15/2002 117378000.00 0.00 6.750000 0.00 660251.25 660251.25 0.00 0.00 0.00
55 07/15/2002 117378000.00 0.00 6.750000 0.00 660251.25 660251.25 0.00 0.00 0.00
56 08/15/2002 117378000.00 0.00 6.750000 0.00 660251.25 660251.25 0.00 0.00 0.00
57 09/15/2002 117378000.00 0.00 6.750000 0.00 660251.25 660251.25 0.00 0.00 0.00
58 10/15/2002 117378000.00 0.00 6.750000 0.00 660251.25 660251.25 0.00 0.00 0.00
59 11/15/2002 117378000.00 0.00 6.750000 0.00 660251.25 660251.25 0.00 0.00 0.00
60 12/15/2002 117378000.00 0.00 6.750000 0.00 660251.25 660251.25 0.00 0.00 0.00
61 01/15/2003 117378000.00 0.00 6.750000 0.00 660251.25 660251.25 0.00 0.00 0.00
62 02/15/2003 117378000.00 0.00 6.750000 0.00 660251.25 660251.25 0.00 0.00 0.00
63 03/15/2003 117378000.00 0.00 6.750000 0.00 660251.25 660251.25 0.00 0.00 0.00
64 04/15/2003 117378000.00 0.00 6.750000 0.00 660251.25 660251.25 0.00 0.00 0.00
65 05/15/2003 117378000.00 0.00 6.750000 0.00 660251.25 660251.25 0.00 0.00 0.00
66 06/15/2003 117378000.00 0.00 6.750000 0.00 660251.25 660251.25 0.00 0.00 0.00
67 07/15/2003 117378000.00 0.00 6.750000 0.00 660251.25 660251.25 0.00 0.00 0.00
68 08/15/2003 117378000.00 0.00 6.750000 0.00 660251.25 660251.25 0.00 0.00 0.00
69 09/15/2003 117378000.00 0.00 6.750000 0.00 660251.25 660251.25 0.00 0.00 0.00
70 10/15/2003 117378000.00 0.00 6.750000 0.00 660251.25 660251.25 0.00 0.00 0.00
71 11/15/2003 117378000.00 0.00 6.750000 0.00 660251.25 660251.25 0.00 0.00 0.00
72 12/15/2003 117378000.00 0.00 6.750000 0.00 660251.25 660251.25 0.00 0.00 0.00
73 01/15/2004 117378000.00 0.00 6.750000 0.00 660251.25 660251.25 0.00 0.00 0.00
74 02/15/2004 117378000.00 0.00 6.750000 0.00 660251.25 660251.25 0.00 0.00 0.00
75 03/15/2004 117378000.00 0.00 6.750000 0.00 660251.25 660251.25 0.00 0.00 0.00
76 04/15/2004 117378000.00 0.00 6.750000 0.00 660251.25 660251.25 0.00 0.00 0.00
77 05/15/2004 117378000.00 0.00 6.750000 0.00 660251.25 660251.25 0.00 0.00 0.00
78 06/15/2004 117378000.00 0.00 6.750000 0.00 660251.25 660251.25 0.00 0.00 0.00
79 07/15/2004 117378000.00 0.00 6.750000 0.00 660251.25 660251.25 0.00 0.00 0.00
80 08/15/2004 117378000.00 0.00 6.750000 0.00 660251.25 660251.25 0.00 0.00 0.00
81 09/15/2004 117378000.00 0.00 6.750000 0.00 660251.25 660251.25 0.00 0.00 0.00
82 10/15/2004 117378000.00 0.00 6.750000 0.00 660251.25 660251.25 0.00 0.00 0.00
83 11/15/2004 44359943.51 0.00 6.750000 73018056.49 660251.25 73678307.74 0.00 0.00 0.00
84 12/15/2004 43345418.30 0.00 6.750000 1014525.21 249524.68 1264049.89 0.00 0.00 0.00
85 01/15/2005 42367573.60 0.00 6.750000 977844.70 243817.98 1221662.68 0.00 0.00 -0.00
86 02/15/2005 41383347.32 0.00 6.750000 984226.28 238317.60 1222543.88 0.00 0.00 -0.00
87 03/15/2005 40263541.32 0.00 6.750000 1119806.00 232781.33 1352587.33 0.00 0.00 -0.00
88 04/15/2005 39265613.25 0.00 6.750000 997928.06 226482.42 1224410.48 0.00 0.00 -0.00
89 05/15/2005 38218302.74 0.00 6.750000 1047310.51 220869.07 1268179.59 0.00 0.00 0.00
90 06/15/2005 37207036.54 0.00 6.750000 1011266.20 214977.95 1226244.15 0.00 0.00 0.00
91 07/15/2005 36146467.82 0.00 6.750000 1060568.72 209289.58 1269858.30 0.00 0.00 -0.00
92 08/15/2005 35121689.50 0.00 6.750000 1024778.32 203323.88 1228102.20 0.00 0.00 -0.00
93 09/15/2005 34090222.77 0.00 6.750000 1031466.73 197559.50 1229026.24 0.00 0.00 0.00
94 10/15/2005 33009571.65 0.00 6.750000 1080651.13 191757.50 1272408.63 0.00 0.00 0.00
95 11/15/2005 31964329.20 0.00 6.750000 1045242.45 185678.84 1230921.29 0.00 0.00 -0.00
96 12/15/2005 30869984.57 0.00 6.750000 1094344.63 179799.35 1274143.98 0.00 0.00 0.00
97 01/15/2006 29810786.68 0.00 6.750000 1059197.88 173643.66 1232841.54 0.00 0.00 0.00
98 02/15/2006 28744675.23 0.00 6.750000 1066111.45 167685.68 1233797.13 0.00 0.00 -0.00
99 03/15/2006 27545539.80 0.00 6.750000 1199135.43 161688.80 1360824.22 0.00 0.00 -0.00
100 04/15/2006 26464671.42 0.00 6.750000 1080868.39 154943.66 1235812.05 0.00 0.00 0.00
101 05/15/2006 25334920.90 0.00 6.750000 1129750.32 148863.78 1278614.30 0.00 0.00 0.00
102 06/15/2006 24239632.52 0.00 6.750000 1095288.38 142508.93 1237797.31 0.00 0.00 0.00
103 07/15/2006 23095547.71 0.00 6.750000 1144084.81 136347.93 1280432.74 0.00 0.00 0.00
<CAPTION>
Interest Interest
Short Shortfall
Fall Delta
<S> <C>
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
</TABLE>
Investors should read the Underwriter's Statement which accompanies these
Computational Materials. If the Statement is not attached please contact your
account representative. Do not use or rely on this information if you have not
received and reviewed the Statement.
These Computational Materials have been based upon the assumptions described
above. These assumptions will most likely not represent the actual experience of
the Mortgage Pool in the future. The Computational Materials are intended to
illustrate variations in yield on the Offered Certificates under such
assumptions. No representation is made herein as to the actual rate or timing of
principal payments or prepayments on any of the underlying Mortgage Loans in the
Mortgage Pool or the actual performance characteristics of the Offered
Certificates.
<PAGE>
<TABLE>
<CAPTION>
Dec 12 12:54 1997 Page 3
December 12, 1997 02:54PM Cashflow Report for ML97XL1_RED_GR Class A2 Merrill Lynch Capital Markets
Settlement: December 01, 1997 HyperStruct
- ------------------------------------------------------------------------------------------------------------------------------------
Scen. Name:pricing, 0.00 CPR, 0.00 % SDA (PSA1 method), 0.00 % prin losses, 12 mtr, no advances
- ------------------------------------------------------------------------------------------------------------------------------------
Net Principal Principal
Notional Coupon Short Shortfall Principal
per date Balance Balance Rate Principal Interest Cashflow Fall Delta Writedown
<C> <S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
104 08/15/2006 21985651.19 0.00 6.750000 1109896.52 129912.46 1239808.98 0.00 0.00 0.00
105 09/15/2006 20868509.55 0.00 6.750000 1117141.64 123669.29 1240810.93 0.00 0.00 -0.00
106 10/15/2006 19702698.50 0.00 6.750000 1165811.05 117385.37 1283196.41 0.00 0.00 0.00
107 11/15/2006 18570663.48 0.00 6.750000 1132035.01 110827.68 1242862.69 0.00 0.00 0.00
108 12/15/2006 17390047.23 0.00 6.750000 1180616.25 104459.98 1285076.24 0.00 0.00 0.00
109 01/15/2007 16242924.50 0.00 6.750000 1147122.73 97819.02 1244941.75 0.00 0.00 -0.00
110 02/15/2007 15088313.08 0.00 6.750000 1154611.42 91366.45 1245977.87 0.00 0.00 0.00
111 03/15/2007 13803425.73 0.00 6.750000 1284887.35 84871.76 1369759.11 0.00 0.00 0.00
112 04/15/2007 12632916.63 0.00 6.750000 1170509.10 77644.27 1248153.37 0.00 0.00 0.00
113 05/15/2007 11414061.24 0.00 6.750000 1218855.39 71060.16 1289915.55 0.00 0.00 0.00
114 06/15/2007 0.00 0.00 6.750000 11414061.24 64204.09 11478265.33 0.00 0.00 0.00
<CAPTION>
Interest Interest
Short Shortfall
Fall Delta
<S> <C>
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
</TABLE>
Investors should read the Underwriter's Statement which accompanies these
Computational Materials. If the Statement is not attached please contact your
account representative. Do not use or rely on this information if you have not
received and reviewed the Statement.
These Computational Materials have been based upon the assumptions described
above. These assumptions will most likely not represent the actual experience of
the Mortgage Pool in the future. The Computational Materials are intended to
illustrate variations in yield on the Offered Certificates under such
assumptions. No representation is made herein as to the actual rate or timing of
principal payments or prepayments on any of the underlying Mortgage Loans in the
Mortgage Pool or the actual performance characteristics of the Offered
Certificates.
<PAGE>
<TABLE>
<CAPTION>
Dec 12 12:17 1997 Page 1
December 12, 1997 12:14PM Cashflow Report for ML97XL1_RED_GR Class A3 Merrill Lynch Capital Markets
Settlement: December 01, 1997 HyperStruct
- ------------------------------------------------------------------------------------------------------------------------------------
Scen. Name:pricing, 0.00 CPR, 0.00 % SDA (PSA1 method), 0.00 % prin losses, 12 mtr, no advances
- ------------------------------------------------------------------------------------------------------------------------------------
Net Principal Principal
Notional Coupon Short Shortfall Principal
per date Balance Balance Rate Principal Interest Cashflow Fall Delta Writedown
<C> <S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
0 12/01/1997 220490334.00 0.00 0.00 0.00 0.00
1 01/15/1998 220490334.00 0.00 6.750000 0.00 1240258.13 1240258.13 0.00 0.00 0.00
2 02/15/1998 220490334.00 0.00 6.750000 0.00 1240258.13 1240258.13 0.00 0.00 0.00
3 03/15/1998 220490334.00 0.00 6.750000 0.00 1240258.13 1240258.13 0.00 0.00 0.00
4 04/15/1998 220490334.00 0.00 6.750000 0.00 1240258.13 1240258.13 0.00 0.00 0.00
5 05/15/1998 220490334.00 0.00 6.750000 0.00 1240258.13 1240258.13 0.00 0.00 0.00
6 06/15/1998 220490334.00 0.00 6.750000 0.00 1240258.13 1240258.13 0.00 0.00 0.00
7 07/15/1998 220490334.00 0.00 6.750000 0.00 1240258.13 1240258.13 0.00 0.00 0.00
8 08/15/1998 220490334.00 0.00 6.750000 0.00 1240258.13 1240258.13 0.00 0.00 0.00
9 09/15/1998 220490334.00 0.00 6.750000 0.00 1240258.13 1240258.13 0.00 0.00 0.00
10 10/15/1998 220490334.00 0.00 6.750000 0.00 1240258.13 1240258.13 0.00 0.00 0.00
11 11/15/1998 220490334.00 0.00 6.750000 0.00 1240258.13 1240258.13 0.00 0.00 0.00
12 12/15/1998 220490334.00 0.00 6.750000 0.00 1240258.13 1240258.13 0.00 0.00 0.00
13 01/15/1999 220490334.00 0.00 6.750000 0.00 1240258.13 1240258.13 0.00 0.00 0.00
14 02/15/1999 220490334.00 0.00 6.750000 0.00 1240258.13 1240258.13 0.00 0.00 0.00
15 03/15/1999 220490334.00 0.00 6.750000 0.00 1240258.13 1240258.13 0.00 0.00 0.00
16 04/15/1999 220490334.00 0.00 6.750000 0.00 1240258.13 1240258.13 0.00 0.00 0.00
17 05/15/1999 220490334.00 0.00 6.750000 0.00 1240258.13 1240258.13 0.00 0.00 0.00
18 06/15/1999 220490334.00 0.00 6.750000 0.00 1240258.13 1240258.13 0.00 0.00 0.00
19 07/15/1999 220490334.00 0.00 6.750000 0.00 1240258.13 1240258.13 0.00 0.00 0.00
20 08/15/1999 220490334.00 0.00 6.750000 0.00 1240258.13 1240258.13 0.00 0.00 0.00
21 09/15/1999 220490334.00 0.00 6.750000 0.00 1240258.13 1240258.13 0.00 0.00 0.00
22 10/15/1999 220490334.00 0.00 6.750000 0.00 1240258.13 1240258.13 0.00 0.00 0.00
23 11/15/1999 220490334.00 0.00 6.750000 0.00 1240258.13 1240258.13 0.00 0.00 0.00
24 12/15/1999 220490334.00 0.00 6.750000 0.00 1240258.13 1240258.13 0.00 0.00 0.00
25 01/15/2000 220490334.00 0.00 6.750000 0.00 1240258.13 1240258.13 0.00 0.00 0.00
26 02/15/2000 220490334.00 0.00 6.750000 0.00 1240258.13 1240258.13 0.00 0.00 0.00
27 03/15/2000 220490334.00 0.00 6.750000 0.00 1240258.13 1240258.13 0.00 0.00 0.00
28 04/15/2000 220490334.00 0.00 6.750000 0.00 1240258.13 1240258.13 0.00 0.00 0.00
29 05/15/2000 220490334.00 0.00 6.750000 0.00 1240258.13 1240258.13 0.00 0.00 0.00
30 06/15/2000 220490334.00 0.00 6.750000 0.00 1240258.13 1240258.13 0.00 0.00 0.00
31 07/15/2000 220490334.00 0.00 6.750000 0.00 1240258.13 1240258.13 0.00 0.00 0.00
32 08/15/2000 220490334.00 0.00 6.750000 0.00 1240258.13 1240258.13 0.00 0.00 0.00
33 09/15/2000 220490334.00 0.00 6.750000 0.00 1240258.13 1240258.13 0.00 0.00 0.00
34 10/15/2000 220490334.00 0.00 6.750000 0.00 1240258.13 1240258.13 0.00 0.00 0.00
35 11/15/2000 220490334.00 0.00 6.750000 0.00 1240258.13 1240258.13 0.00 0.00 0.00
36 12/15/2000 220490334.00 0.00 6.750000 0.00 1240258.13 1240258.13 0.00 0.00 0.00
37 01/15/2001 220490334.00 0.00 6.750000 0.00 1240258.13 1240258.13 0.00 0.00 0.00
38 02/15/2001 220490334.00 0.00 6.750000 0.00 1240258.13 1240258.13 0.00 0.00 0.00
39 03/15/2001 220490334.00 0.00 6.750000 0.00 1240258.13 1240258.13 0.00 0.00 0.00
40 04/15/2001 220490334.00 0.00 6.750000 0.00 1240258.13 1240258.13 0.00 0.00 0.00
41 05/15/2001 220490334.00 0.00 6.750000 0.00 1240258.13 1240258.13 0.00 0.00 0.00
42 06/15/2001 220490334.00 0.00 6.750000 0.00 1240258.13 1240258.13 0.00 0.00 0.00
43 07/15/2001 220490334.00 0.00 6.750000 0.00 1240258.13 1240258.13 0.00 0.00 0.00
44 08/15/2001 220490334.00 0.00 6.750000 0.00 1240258.13 1240258.13 0.00 0.00 0.00
45 09/15/2001 220490334.00 0.00 6.750000 0.00 1240258.13 1240258.13 0.00 0.00 0.00
46 10/15/2001 220490334.00 0.00 6.750000 0.00 1240258.13 1240258.13 0.00 0.00 0.00
47 11/15/2001 220490334.00 0.00 6.750000 0.00 1240258.13 1240258.13 0.00 0.00 0.00
48 12/15/2001 220490334.00 0.00 6.750000 0.00 1240258.13 1240258.13 0.00 0.00 0.00
49 01/15/2002 220490334.00 0.00 6.750000 0.00 1240258.13 1240258.13 0.00 0.00 0.00
50 02/15/2002 220490334.00 0.00 6.750000 0.00 1240258.13 1240258.13 0.00 0.00 0.00
51 03/15/2002 220490334.00 0.00 6.750000 0.00 1240258.13 1240258.13 0.00 0.00 0.00
<CAPTION>
Interest Interest
Short Shortfall
Fall Delta
<S> <C>
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
</TABLE>
Investors should read the Underwriter's Statement which accompanies these
Computational Materials. If the Statement is not attached please contact your
account representative. Do not use or rely on this information if you have not
received and reviewed the Statement.
These Computational Materials have been based upon the assumptions described
above. These assumptions will most likely not represent the actual experience of
the Mortgage Pool in the future. The Computational Materials are intended to
illustrate variations in yield on the Offered Certificates under such
assumptions. No representation is made herein as to the actual rate or timing of
principal payments or prepayments on any of the underlying Mortgage Loans in the
Mortgage Pool or the actual performance characteristics of the Offered
Certificates.
<PAGE>
<TABLE>
<CAPTION>
Dec 12 12:17 1997 Page 2
December 12, 1997 12:14PM Cashflow Report for ML97XL1_RED_GR Class A3 Merrill Lynch Capital Markets
Settlement: December 01, 1997 HyperStruct
- ------------------------------------------------------------------------------------------------------------------------------------
Scen. Name:pricing, 0.00 CPR, 0.00 % SDA (PSA1 method), 0.00 % prin losses, 12 mtr, no advances
- ------------------------------------------------------------------------------------------------------------------------------------
Net Principal Principal
Notional Coupon Short Shortfall Principal
per date Balance Balance Rate Principal Interest Cashflow Fall Delta Writedown
<C> <S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
52 04/15/2002 220490334.00 0.00 6.750000 0.00 1240258.13 1240258.13 0.00 0.00 0.00
53 05/15/2002 220490334.00 0.00 6.750000 0.00 1240258.13 1240258.13 0.00 0.00 0.00
54 06/15/2002 220490334.00 0.00 6.750000 0.00 1240258.13 1240258.13 0.00 0.00 0.00
55 07/15/2002 220490334.00 0.00 6.750000 0.00 1240258.13 1240258.13 0.00 0.00 0.00
56 08/15/2002 220490334.00 0.00 6.750000 0.00 1240258.13 1240258.13 0.00 0.00 0.00
57 09/15/2002 220490334.00 0.00 6.750000 0.00 1240258.13 1240258.13 0.00 0.00 0.00
58 10/15/2002 220490334.00 0.00 6.750000 0.00 1240258.13 1240258.13 0.00 0.00 0.00
59 11/15/2002 220490334.00 0.00 6.750000 0.00 1240258.13 1240258.13 0.00 0.00 0.00
60 12/15/2002 220490334.00 0.00 6.750000 0.00 1240258.13 1240258.13 0.00 0.00 0.00
61 01/15/2003 220490334.00 0.00 6.750000 0.00 1240258.13 1240258.13 0.00 0.00 0.00
62 02/15/2003 220490334.00 0.00 6.750000 0.00 1240258.13 1240258.13 0.00 0.00 0.00
63 03/15/2003 220490334.00 0.00 6.750000 0.00 1240258.13 1240258.13 0.00 0.00 0.00
64 04/15/2003 220490334.00 0.00 6.750000 0.00 1240258.13 1240258.13 0.00 0.00 0.00
65 05/15/2003 220490334.00 0.00 6.750000 0.00 1240258.13 1240258.13 0.00 0.00 0.00
66 06/15/2003 220490334.00 0.00 6.750000 0.00 1240258.13 1240258.13 0.00 0.00 0.00
67 07/15/2003 220490334.00 0.00 6.750000 0.00 1240258.13 1240258.13 0.00 0.00 0.00
68 08/15/2003 220490334.00 0.00 6.750000 0.00 1240258.13 1240258.13 0.00 0.00 0.00
69 09/15/2003 220490334.00 0.00 6.750000 0.00 1240258.13 1240258.13 0.00 0.00 0.00
70 10/15/2003 220490334.00 0.00 6.750000 0.00 1240258.13 1240258.13 0.00 0.00 0.00
71 11/15/2003 220490334.00 0.00 6.750000 0.00 1240258.13 1240258.13 0.00 0.00 0.00
72 12/15/2003 220490334.00 0.00 6.750000 0.00 1240258.13 1240258.13 0.00 0.00 0.00
73 01/15/2004 220490334.00 0.00 6.750000 0.00 1240258.13 1240258.13 0.00 0.00 0.00
74 02/15/2004 220490334.00 0.00 6.750000 0.00 1240258.13 1240258.13 0.00 0.00 0.00
75 03/15/2004 220490334.00 0.00 6.750000 0.00 1240258.13 1240258.13 0.00 0.00 0.00
76 04/15/2004 220490334.00 0.00 6.750000 0.00 1240258.13 1240258.13 0.00 0.00 0.00
77 05/15/2004 220490334.00 0.00 6.750000 0.00 1240258.13 1240258.13 0.00 0.00 0.00
78 06/15/2004 220490334.00 0.00 6.750000 0.00 1240258.13 1240258.13 0.00 0.00 0.00
79 07/15/2004 220490334.00 0.00 6.750000 0.00 1240258.13 1240258.13 0.00 0.00 0.00
80 08/15/2004 220490334.00 0.00 6.750000 0.00 1240258.13 1240258.13 0.00 0.00 0.00
81 09/15/2004 220490334.00 0.00 6.750000 0.00 1240258.13 1240258.13 0.00 0.00 0.00
82 10/15/2004 220490334.00 0.00 6.750000 0.00 1240258.13 1240258.13 0.00 0.00 0.00
83 11/15/2004 220490334.00 0.00 6.750000 0.00 1240258.13 1240258.13 0.00 0.00 0.00
84 12/15/2004 220490334.00 0.00 6.750000 0.00 1240258.13 1240258.13 0.00 0.00 0.00
85 01/15/2005 220490334.00 0.00 6.750000 0.00 1240258.13 1240258.13 0.00 0.00 0.00
86 02/15/2005 220490334.00 0.00 6.750000 0.00 1240258.13 1240258.13 0.00 0.00 0.00
87 03/15/2005 220490334.00 0.00 6.750000 0.00 1240258.13 1240258.13 0.00 0.00 0.00
88 04/15/2005 220490334.00 0.00 6.750000 0.00 1240258.13 1240258.13 0.00 0.00 0.00
89 05/15/2005 220490334.00 0.00 6.750000 0.00 1240258.13 1240258.13 0.00 0.00 0.00
90 06/15/2005 220490334.00 0.00 6.750000 0.00 1240258.13 1240258.13 0.00 0.00 0.00
91 07/15/2005 220490334.00 0.00 6.750000 0.00 1240258.13 1240258.13 0.00 0.00 0.00
92 08/15/2005 220490334.00 0.00 6.750000 0.00 1240258.13 1240258.13 0.00 0.00 0.00
93 09/15/2005 220490334.00 0.00 6.750000 0.00 1240258.13 1240258.13 0.00 0.00 0.00
94 10/15/2005 220490334.00 0.00 6.750000 0.00 1240258.13 1240258.13 0.00 0.00 0.00
95 11/15/2005 220490334.00 0.00 6.750000 0.00 1240258.13 1240258.13 0.00 0.00 0.00
96 12/15/2005 220490334.00 0.00 6.750000 0.00 1240258.13 1240258.13 0.00 0.00 0.00
97 01/15/2006 220490334.00 0.00 6.750000 0.00 1240258.13 1240258.13 0.00 0.00 0.00
98 02/15/2006 220490334.00 0.00 6.750000 0.00 1240258.13 1240258.13 0.00 0.00 0.00
99 03/15/2006 220490334.00 0.00 6.750000 0.00 1240258.13 1240258.13 0.00 0.00 0.00
100 04/15/2006 220490334.00 0.00 6.750000 0.00 1240258.13 1240258.13 0.00 0.00 0.00
101 05/15/2006 220490334.00 0.00 6.750000 0.00 1240258.13 1240258.13 0.00 0.00 0.00
102 06/15/2006 220490334.00 0.00 6.750000 0.00 1240258.13 1240258.13 0.00 0.00 0.00
103 07/15/2006 220490334.00 0.00 6.750000 0.00 1240258.13 1240258.13 0.00 0.00 0.00
<CAPTION>
Interest Interest
Short Shortfall
Fall Delta
<S> <C>
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
</TABLE>
Investors should read the Underwriter's Statement which accompanies these
Computational Materials. If the Statement is not attached please contact your
account representative. Do not use or rely on this information if you have not
received and reviewed the Statement.
These Computational Materials have been based upon the assumptions described
above. These assumptions will most likely not represent the actual experience of
the Mortgage Pool in the future. The Computational Materials are intended to
illustrate variations in yield on the Offered Certificates under such
assumptions. No representation is made herein as to the actual rate or timing of
principal payments or prepayments on any of the underlying Mortgage Loans in the
Mortgage Pool or the actual performance characteristics of the Offered
Certificates.
<PAGE>
<TABLE>
<CAPTION>
Dec 12 12:17 1997 Page 3
December 12, 1997 12:14PM Cashflow Report for ML97XL1_RED_GR Class A3 Merrill Lynch Capital Markets
Settlement: December 01, 1997 HyperStruct
- ------------------------------------------------------------------------------------------------------------------------------------
Scen. Name:pricing, 0.00 CPR, 0.00 % SDA (PSA1 method), 0.00 % prin losses, 12 mtr, no advances
- ------------------------------------------------------------------------------------------------------------------------------------
Net Principal Principal
Notional Coupon Short Shortfall Principal
per date Balance Balance Rate Principal Interest Cashflow Fall Delta Writedown
<C> <S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
104 08/15/2006 220490334.00 0.00 6.750000 0.00 1240258.13 1240258.13 0.00 0.00 0.00
105 09/15/2006 220490334.00 0.00 6.750000 0.00 1240258.13 1240258.13 0.00 0.00 0.00
106 10/15/2006 220490334.00 0.00 6.750000 0.00 1240258.13 1240258.13 0.00 0.00 0.00
107 11/15/2006 220490334.00 0.00 6.750000 0.00 1240258.13 1240258.13 0.00 0.00 0.00
108 12/15/2006 220490334.00 0.00 6.750000 0.00 1240258.13 1240258.13 0.00 0.00 0.00
109 01/15/2007 220490334.00 0.00 6.750000 0.00 1240258.13 1240258.13 0.00 0.00 0.00
110 02/15/2007 220490334.00 0.00 6.750000 0.00 1240258.13 1240258.13 0.00 0.00 0.00
111 03/15/2007 220490334.00 0.00 6.750000 0.00 1240258.13 1240258.13 0.00 0.00 0.00
112 04/15/2007 220490334.00 0.00 6.750000 0.00 1240258.13 1240258.13 0.00 0.00 0.00
113 05/15/2007 220490334.00 0.00 6.750000 0.00 1240258.13 1240258.13 0.00 0.00 0.00
114 06/15/2007 63436795.35 0.00 6.750000 157053538.65 1240258.13 158293796.78 0.00 0.00 0.00
115 07/15/2007 62489352.58 0.00 6.750000 947442.76 356831.97 1304274.74 0.00 0.00 0.00
116 08/15/2007 44234481.80 0.00 6.750000 18254870.78 351502.61 18606373.39 0.00 0.00 0.00
117 09/15/2007 43347072.11 0.00 6.750000 887409.70 248818.96 1136228.66 0.00 0.00 0.00
118 10/15/2007 0.00 0.00 6.750000 43347072.11 243827.28 43590899.39 0.00 0.00 0.00
<CAPTION>
Interest Interest
Short Shortfall
Fall Delta
<S> <C>
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
</TABLE>
Investors should read the Underwriter's Statement which accompanies these
Computational Materials. If the Statement is not attached please contact your
account representative. Do not use or rely on this information if you have not
received and reviewed the Statement.
These Computational Materials have been based upon the assumptions described
above. These assumptions will most likely not represent the actual experience of
the Mortgage Pool in the future. The Computational Materials are intended to
illustrate variations in yield on the Offered Certificates under such
assumptions. No representation is made herein as to the actual rate or timing of
principal payments or prepayments on any of the underlying Mortgage Loans in the
Mortgage Pool or the actual performance characteristics of the Offered
Certificates.
<PAGE>
Dec 12 14:45 1997 Page 1
<TABLE>
<CAPTION>
December 12, 1997 02:55PM Cashflow Report for ML97XL1_RED_GR Class A4 Merrill Lynch Capital Markets
Settlement: December 01, 1997 HyperStruct
- ------------------------------------------------------------------------------------------------------------------------------------
Scen. Name:pricing, 0.00 CPR, 0.00 % SDA (PSA1 method), 0.00 % prin losses, 12 mtr, no advances
- ------------------------------------------------------------------------------------------------------------------------------------
Net Principal Principal
Notional Coupon Short Shortfall
per date Balance Balance Rate Principal Interest Cashflow Fall Delta
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
0 12/01/1997 96908666.00 0.00 0.00 0.00
1 01/15/1998 96758534.06 0.00 6.735000 150131.94 543899.89 694031.83 0.00 0.00
2 02/15/1998 96607571.30 0.00 6.735000 151062.76 543057.27 694120.03 0.00 0.00
3 03/15/1998 96455471.95 0.00 6.735000 151999.35 542209.43 694208.78 0.00 0.00
4 04/15/1998 96302530.21 0.00 6.735000 152941.74 541356.34 694298.08 0.00 0.00
5 05/15/1998 96148640.23 0.00 6.735000 153889.98 540497.95 694387.93 0.00 0.00
6 06/15/1998 95993796.13 0.00 6.735000 154844.10 539634.24 694478.34 0.00 0.00
7 07/15/1998 95837992.00 0.00 6.735000 155804.13 538765.18 694569.31 0.00 0.00
8 08/15/1998 95681221.88 0.00 6.735000 156770.12 537890.73 694660.85 0.00 0.00
9 09/15/1998 95523479.79 0.00 6.735000 157742.09 537010.86 694752.95 0.00 0.00
10 10/15/1998 95364759.69 0.00 6.735000 158720.10 536125.53 694845.63 0.00 0.00
11 11/15/1998 95205055.53 0.00 6.735000 159704.16 535234.71 694938.87 0.00 0.00
12 12/15/1998 95044361.20 0.00 6.735000 160694.33 534338.37 695032.70 0.00 0.00
13 01/15/1999 94882670.57 0.00 6.735000 161690.63 533436.48 695127.11 0.00 0.00
14 02/15/1999 94719977.46 0.00 6.735000 162693.11 532528.99 695222.10 0.00 0.00
15 03/15/1999 94556275.65 0.00 6.735000 163701.81 531615.87 695317.68 0.00 0.00
16 04/15/1999 94391558.89 0.00 6.735000 164716.76 530697.10 695413.86 0.00 0.00
17 05/15/1999 94225820.89 0.00 6.735000 165738.00 529772.62 695510.62 0.00 0.00
18 06/15/1999 94059055.31 0.00 6.735000 166765.58 528842.42 695608.00 0.00 0.00
19 07/15/1999 93891255.78 0.00 6.735000 167799.53 527906.45 695705.98 0.00 0.00
20 08/15/1999 93722415.90 0.00 6.735000 168839.88 526964.67 695804.55 0.00 0.00
21 09/15/1999 93552529.21 0.00 6.735000 169886.69 526017.06 695903.75 0.00 0.00
22 10/15/1999 93381589.22 0.00 6.735000 170939.99 525063.57 696003.56 0.00 0.00
23 11/15/1999 93209589.40 0.00 6.735000 171999.82 524104.17 696103.99 0.00 0.00
24 12/15/1999 93036523.18 0.00 6.735000 173066.22 523138.82 696205.04 0.00 0.00
25 01/15/2000 92862383.95 0.00 6.735000 174139.23 522167.49 696306.72 0.00 0.00
26 02/15/2000 92687165.06 0.00 6.735000 175218.89 521190.13 696409.02 0.00 0.00
27 03/15/2000 92510859.81 0.00 6.735000 176305.25 520206.71 696511.96 0.00 0.00
28 04/15/2000 92333461.47 0.00 6.735000 177398.34 519217.20 696615.54 0.00 0.00
29 05/15/2000 92154963.26 0.00 6.735000 178498.21 518221.55 696719.76 0.00 0.00
30 06/15/2000 91975358.36 0.00 6.735000 179604.90 517219.73 696824.63 0.00 0.00
31 07/15/2000 91794639.91 0.00 6.735000 180718.45 516211.70 696930.15 0.00 0.00
32 08/15/2000 91612801.01 0.00 6.735000 181838.90 515197.42 697036.32 0.00 0.00
33 09/15/2000 91429834.71 0.00 6.735000 182966.30 514176.85 697143.15 0.00 0.00
34 10/15/2000 91245734.02 0.00 6.735000 184100.69 513149.95 697250.64 0.00 0.00
35 11/15/2000 91060491.90 0.00 6.735000 185242.12 512116.68 697358.80 0.00 0.00
36 12/15/2000 90874101.28 0.00 6.735000 186390.62 511077.01 697467.63 0.00 0.00
37 01/15/2001 90686555.04 0.00 6.735000 187546.24 510030.89 697577.13 0.00 0.00
38 02/15/2001 90497846.01 0.00 6.735000 188709.03 508978.29 697687.32 0.00 0.00
39 03/15/2001 90307966.99 0.00 6.735000 189879.02 507919.16 697798.18 0.00 0.00
40 04/15/2001 90116910.72 0.00 6.735000 191056.27 506853.46 697909.73 0.00 0.00
41 05/15/2001 89924669.90 0.00 6.735000 192240.82 505781.16 698021.98 0.00 0.00
42 06/15/2001 89731237.18 0.00 6.735000 193432.72 504702.21 698134.93 0.00 0.00
43 07/15/2001 89536605.18 0.00 6.735000 194632.00 503616.57 698248.57 0.00 0.00
44 08/15/2001 89340766.46 0.00 6.735000 195838.72 502524.20 698362.92 0.00 0.00
45 09/15/2001 89143713.54 0.00 6.735000 197052.92 501425.05 698477.97 0.00 0.00
46 10/15/2001 88945438.89 0.00 6.735000 198274.65 500319.09 698593.74 0.00 0.00
47 11/15/2001 88745934.94 0.00 6.735000 199503.95 499206.28 698710.23 0.00 0.00
48 12/15/2001 88545194.07 0.00 6.735000 200740.87 498086.56 698827.43 0.00 0.00
49 01/15/2002 88343208.60 0.00 6.735000 201985.47 496959.90 698945.37 0.00 0.00
50 02/15/2002 88139970.82 0.00 6.735000 203237.78 495826.26 699064.04 0.00 0.00
51 03/15/2002 87935472.97 0.00 6.735000 204497.85 494685.59 699183.44 0.00 0.00
- -------------------------------------------------------------
- -------------------------------------------------------------
<CAPTION>
Interest Interest
Principal Short Shortfall
per Writedown Fall Delta
<S> <C> <C> <C>
0 0.00 0.00 0.00
1 -0.00 0.00 0.00
2 0.00 0.00 0.00
3 0.00 0.00 0.00
4 -0.00 0.00 0.00
5 0.00 0.00 0.00
6 0.00 0.00 0.00
7 0.00 0.00 0.00
8 0.00 0.00 0.00
9 -0.00 0.00 0.00
10 0.00 0.00 0.00
11 0.00 0.00 0.00
12 -0.00 0.00 0.00
13 -0.00 0.00 0.00
14 -0.00 0.00 0.00
15 0.00 0.00 0.00
16 0.00 0.00 0.00
17 -0.00 0.00 0.00
18 0.00 0.00 0.00
19 -0.00 0.00 0.00
20 -0.00 0.00 0.00
21 -0.00 0.00 0.00
22 0.00 0.00 0.00
23 -0.00 0.00 0.00
24 -0.00 0.00 0.00
25 -0.00 0.00 0.00
26 0.00 0.00 0.00
27 0.00 0.00 0.00
28 -0.00 0.00 0.00
29 -0.00 0.00 0.00
30 -0.00 0.00 0.00
31 -0.00 0.00 0.00
32 0.00 0.00 0.00
33 -0.00 0.00 0.00
34 0.00 0.00 0.00
35 -0.00 0.00 0.00
36 -0.00 0.00 0.00
37 0.00 0.00 0.00
38 -0.00 0.00 0.00
39 0.00 0.00 0.00
40 0.00 0.00 0.00
41 0.00 0.00 0.00
42 -0.00 0.00 0.00
43 -0.00 0.00 0.00
44 0.00 0.00 0.00
45 0.00 0.00 0.00
46 -0.00 0.00 0.00
47 -0.00 0.00 0.00
48 -0.00 0.00 0.00
49 0.00 0.00 0.00
50 0.00 0.00 0.00
51 0.00 0.00 0.00
</TABLE>
Investors should read the Underwriter's Statement which accompanies these
Computational Materials. If the Statement is not attached please contact your
account representative. Do not use or rely on this information if you have not
received and reviewed the Statement.
These Computational Materials have been based upon the assumptions described
above. These assumptions will most likely not represent the actual experience of
the Mortgage Pool in the future. The Computational Materials are intended to
illustrate variations in yield on the Offered Certificates under such
assumptions. No representation is made herein as to the actual rate or timing of
principal payments or prepayments on any of the underlying Mortgage Loans in the
Mortgage Pool or the actual performance characteristics of the Offered
Certificates.
<PAGE>
Dec 12 14:45 1997 Page 2
<TABLE>
<CAPTION>
December 12, 1997 02:55PM Cashflow Report for ML97XL1_RED_GR Class A4 Merrill Lynch Capital Markets
Settlement: December 01, 1997 HyperStruct
- ------------------------------------------------------------------------------------------------------------------------------------
Scen. Name:pricing, 0.00 CPR, 0.00 % SDA (PSA1 method), 0.00 % prin losses, 12 mtr, no advances
- ------------------------------------------------------------------------------------------------------------------------------------
Net Principal Principal
Notional Coupon Short Shortfall
per date Balance Balance Rate Principal Interest Cashflow Fall Delta
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
52 04/15/2002 87729707.23 0.00 6.735000 205765.74 493537.84 699303.58 0.00 0.00
53 05/15/2002 87522665.74 0.00 6.735000 207041.49 492382.98 699424.47 0.00 0.00
54 06/15/2002 87314340.60 0.00 6.735000 208325.14 491220.96 699546.10 0.00 0.00
55 07/15/2002 87104723.84 0.00 6.735000 209616.76 490051.74 699668.50 0.00 0.00
56 08/15/2002 86893807.46 0.00 6.735000 210916.38 488875.26 699791.64 0.00 0.00
57 09/15/2002 86681583.40 0.00 6.735000 212224.06 487691.49 699915.55 0.00 0.00
58 10/15/2002 86468043.55 0.00 6.735000 213539.85 486500.39 700040.24 0.00 0.00
59 11/15/2002 86253179.75 0.00 6.735000 214863.80 485301.89 700165.69 0.00 0.00
60 12/15/2002 86036983.79 0.00 6.735000 216195.96 484095.97 700291.93 0.00 0.00
61 01/15/2003 85819447.42 0.00 6.735000 217536.37 482882.57 700418.94 0.00 0.00
62 02/15/2003 85600562.32 0.00 6.735000 218885.10 481661.65 700546.75 0.00 0.00
63 03/15/2003 85380320.14 0.00 6.735000 220242.18 480433.16 700675.34 0.00 0.00
64 04/15/2003 85158712.45 0.00 6.735000 221607.69 479197.05 700804.74 0.00 0.00
65 05/15/2003 84935730.80 0.00 6.735000 222981.65 477953.27 700934.92 0.00 0.00
66 06/15/2003 84711366.66 0.00 6.735000 224364.14 476701.79 701065.93 0.00 0.00
67 07/15/2003 84485611.46 0.00 6.735000 225755.20 475442.55 701197.75 0.00 0.00
68 08/15/2003 84258456.58 0.00 6.735000 227154.88 474175.49 701330.37 0.00 0.00
69 09/15/2003 84029893.34 0.00 6.735000 228563.24 472900.59 701463.83 0.00 0.00
70 10/15/2003 83799913.01 0.00 6.735000 229980.33 471617.78 701598.11 0.00 0.00
71 11/15/2003 83568506.80 0.00 6.735000 231406.21 470327.01 701733.22 0.00 0.00
72 12/15/2003 83335665.87 0.00 6.735000 232840.93 469028.24 701869.17 0.00 0.00
73 01/15/2004 83101381.33 0.00 6.735000 234284.54 467721.42 702005.96 0.00 0.00
74 02/15/2004 82865644.22 0.00 6.735000 235737.11 466406.50 702143.61 0.00 0.00
75 03/15/2004 82628445.54 0.00 6.735000 237198.68 465083.43 702282.11 0.00 0.00
76 04/15/2004 82389776.23 0.00 6.735000 238669.31 463752.15 702421.46 0.00 0.00
77 05/15/2004 82149627.17 0.00 6.735000 240149.06 462412.62 702561.68 0.00 0.00
78 06/15/2004 81907989.19 0.00 6.735000 241637.98 461064.78 702702.76 0.00 0.00
79 07/15/2004 81664853.05 0.00 6.735000 243136.14 459708.59 702844.73 0.00 0.00
80 08/15/2004 81420209.47 0.00 6.735000 244643.58 458343.99 702987.57 0.00 0.00
81 09/15/2004 81174049.10 0.00 6.735000 246160.37 456970.93 703131.30 0.00 0.00
82 10/15/2004 80926362.53 0.00 6.735000 247686.57 455589.35 703275.92 0.00 0.00
83 11/15/2004 80677140.31 0.00 6.735000 249222.22 454199.21 703421.43 0.00 0.00
84 12/15/2004 80426372.91 0.00 6.735000 250767.40 452800.45 703567.85 0.00 0.00
85 01/15/2005 80174050.75 0.00 6.735000 252322.16 451393.02 703715.18 0.00 0.00
86 02/15/2005 79920164.19 0.00 6.735000 253886.56 449976.86 703863.42 0.00 0.00
87 03/15/2005 79664703.54 0.00 6.735000 255460.65 448551.92 704012.57 0.00 0.00
88 04/15/2005 79407659.03 0.00 6.735000 257044.51 447118.15 704162.66 0.00 0.00
89 05/15/2005 79149020.85 0.00 6.735000 258638.18 445675.49 704313.67 0.00 0.00
90 06/15/2005 78888779.11 0.00 6.735000 260241.74 444223.88 704465.62 0.00 0.00
91 07/15/2005 78626923.87 0.00 6.735000 261855.24 442763.27 704618.51 0.00 0.00
92 08/15/2005 78363445.13 0.00 6.735000 263478.74 441293.61 704772.35 0.00 0.00
93 09/15/2005 78098332.82 0.00 6.735000 265112.31 439814.84 704927.15 0.00 0.00
94 10/15/2005 77831576.81 0.00 6.735000 266756.01 438326.89 705082.90 0.00 0.00
95 11/15/2005 77563166.92 0.00 6.735000 268409.89 436829.72 705239.61 0.00 0.00
96 12/15/2005 77293092.89 0.00 6.735000 270074.03 435323.27 705397.30 0.00 0.00
97 01/15/2006 77021344.40 0.00 6.735000 271748.49 433807.48 705555.97 0.00 0.00
98 02/15/2006 76747911.07 0.00 6.735000 273433.33 432282.30 705715.63 0.00 0.00
99 03/15/2006 76472782.45 0.00 6.735000 275128.62 430747.65 705876.27 0.00 0.00
100 04/15/2006 76195948.03 0.00 6.735000 276834.42 429203.49 706037.91 0.00 0.00
101 05/15/2006 75917397.24 0.00 6.735000 278550.79 427649.76 706200.55 0.00 0.00
102 06/15/2006 75637119.43 0.00 6.735000 280277.81 426086.39 706364.20 0.00 0.00
103 07/15/2006 75355103.90 0.00 6.735000 282015.53 424513.33 706528.86 0.00 0.00
- -------------------------------------------------------------
- -------------------------------------------------------------
<CAPTION>
Interest Interest
Principal Short Shortfall
per Writedown Fall Delta
<S> <C> <C> <C>
52 0.00 0.00 0.00
53 -0.00 0.00 0.00
54 0.00 0.00 0.00
55 0.00 0.00 0.00
56 -0.00 0.00 0.00
57 0.00 0.00 0.00
58 -0.00 0.00 0.00
59 0.00 0.00 0.00
60 -0.00 0.00 0.00
61 -0.00 0.00 0.00
62 -0.00 0.00 0.00
63 -0.00 0.00 0.00
64 -0.00 0.00 0.00
65 -0.00 0.00 0.00
66 0.00 0.00 0.00
67 0.00 0.00 0.00
68 0.00 0.00 0.00
69 0.00 0.00 0.00
70 -0.00 0.00 0.00
71 -0.00 0.00 0.00
72 0.00 0.00 0.00
73 -0.00 0.00 0.00
74 -0.00 0.00 0.00
75 -0.00 0.00 0.00
76 -0.00 0.00 0.00
77 -0.00 0.00 0.00
78 -0.00 0.00 0.00
79 0.00 0.00 0.00
80 0.00 0.00 0.00
81 0.00 0.00 0.00
82 -0.00 0.00 0.00
83 -0.00 0.00 0.00
84 -0.00 0.00 0.00
85 0.00 0.00 0.00
86 -0.00 0.00 0.00
87 0.00 0.00 0.00
88 -0.00 0.00 0.00
89 -0.00 0.00 0.00
90 0.00 0.00 0.00
91 -0.00 0.00 0.00
92 0.00 0.00 0.00
93 -0.00 0.00 0.00
94 0.00 0.00 0.00
95 -0.00 0.00 0.00
96 0.00 0.00 0.00
97 0.00 0.00 0.00
98 -0.00 0.00 0.00
99 -0.00 0.00 0.00
100 0.00 0.00 0.00
101 -0.00 0.00 0.00
102 -0.00 0.00 0.00
103 0.00 0.00 0.00
</TABLE>
Investors should read the Underwriter's Statement which accompanies these
Computational Materials. If the Statement is not attached please contact your
account representative. Do not use or rely on this information if you have not
received and reviewed the Statement.
These Computational Materials have been based upon the assumptions described
above. These assumptions will most likely not represent the actual experience of
the Mortgage Pool in the future. The Computational Materials are intended to
illustrate variations in yield on the Offered Certificates under such
assumptions. No representation is made herein as to the actual rate or timing of
principal payments or prepayments on any of the underlying Mortgage Loans in the
Mortgage Pool or the actual performance characteristics of the Offered
Certificates.
<PAGE>
Dec 12 14:55 1997 Page 3
<TABLE>
<CAPTION>
December 12, 1997 02:55PM Cashflow Report for ML97XL1_RED_GR Class A4 Merrill Lynch Capital Markets
Settlement: December 01, 1997 HyperStruct
- ------------------------------------------------------------------------------------------------------------------------------------
Scen. Name:pricing, 0.00 CPR, 0.00 % SDA (PSA1 method), 0.00 % prin losses, 12 mtr, no advances
- ------------------------------------------------------------------------------------------------------------------------------------
Net Principal Principal
Notional Coupon Short Shortfall
per date Balance Balance Rate Principal Interest Cashflow Fall Delta
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
104 08/15/2006 75071339.87 0.00 6.735000 283764.03 422930.52 706694.55 0.00 0.00
105 09/15/2006 74785816.51 0.00 6.735000 285523.36 421337.90 706861.26 0.00 0.00
106 10/15/2006 74498522.90 0.00 6.735000 287293.61 419735.40 707029.01 0.00 0.00
107 11/15/2006 74209448.07 0.00 6.735000 289074.83 418122.96 707197.79 0.00 0.00
108 12/15/2006 73918580.98 0.00 6.735000 290867.09 416500.53 707367.62 0.00 0.00
109 01/15/2007 73625910.51 0.00 6.735000 292670.47 414868.04 707538.51 0.00 0.00
110 02/15/2007 73331425.49 0.00 6.735000 294485.02 413225.42 707710.44 0.00 0.00
111 03/15/2007 73035114.66 0.00 6.735000 296310.83 411572.63 707883.46 0.00 0.00
112 04/15/2007 72736966.70 0.00 6.735000 298147.96 409909.58 708057.54 0.00 0.00
113 05/15/2007 72436970.22 0.00 6.735000 299996.48 408236.23 708232.71 0.00 0.00
114 06/15/2007 72135113.77 0.00 6.735000 301856.45 406552.50 708408.95 0.00 0.00
115 07/15/2007 71831385.81 0.00 6.735000 303727.96 404858.33 708586.29 0.00 0.00
116 08/15/2007 0.00 0.00 6.735000 71831385.81 403153.65 72234539.46 0.00 0.00
- -------------------------------------------------------------
- -------------------------------------------------------------
<CAPTION>
Interest Interest
Principal Short Shortfall
per Writedown Fall Delta
<S> <C> <C> <C>
104 0.00 0.00 0.00
105 0.00 0.00 0.00
106 -0.00 0.00 0.00
107 0.00 0.00 0.00
108 -0.00 0.00 0.00
109 0.00 0.00 0.00
110 -0.00 0.00 0.00
111 0.00 0.00 0.00
112 0.00 0.00 0.00
113 -0.00 0.00 0.00
114 0.00 0.00 0.00
115 -0.00 0.00 0.00
116 0.00 0.00 0.00
</TABLE>
Investors should read the Underwriter's Statement which accompanies these
Computational Materials. If the Statement is not attached please contact your
account representative. Do not use or rely on this information if you have not
received and reviewed the Statement.
These Computational Materials have been based upon the assumptions described
above. These assumptions will most likely not represent the actual experience of
the Mortgage Pool in the future. The Computational Materials are intended to
illustrate variations in yield on the Offered Certificates under such
assumptions. No representation is made herein as to the actual rate or timing of
principal payments or prepayments on any of the underlying Mortgage Loans in the
Mortgage Pool or the actual performance characteristics of the Offered
Certificates.
<PAGE>
Dec 17 09:55 1997 Page 1 MERRILL LYNCH & CO
Deal Name: ml97xl1_pxg_1216 CLASS IO - PRICE = 6-00
MORTGAGE BALANCE....: $848,482,929
CLASS NOT. BALANCE..: $751,574,263
PROCEEDS............: $45,676,883
CREDIT SUPPORT(%)...: 0.0%
CREDIT SUPPORT($)...: $0
MONTH DEFAULTS BEGIN: 24
MONTH DEFAULTS END..: 360
MONTHS TO RECOVERY..: 12
SERVICER ADVANCES...: P & I
LOSS MODE...........: P only
SETTLEMENT DATE.....: 12/30/1997
<TABLE>
<CAPTION>
0% CPR for lockouts, yield maintenance then at indicated CPR
-----------------------------------------PREPAYMENTS---------------------------------------------
0 CPR loym_20 loym_100
----------0%/LOANS----------- ----------0%/LOANS----------- ----------0%/LOANS-----------
LS C.LOSS% YIELD WAL SPRD C.LOSS% YIELD WAL SPRD C.LOSS% YIELD WAL SPRD
- -------------- ----------------------------- ----------------------------- -----------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
0 CDR 0 0.00 8.16 9.4 239 0.00 8.09 9.4 232 0.00 7.61 9.2 184
35 0.00 8.16 9.4 239 0.00 8.09 9.4 232 0.00 7.61 9.2 184
----------12%/LOANS---------- ----------12%/LOANS---------- ----------12%/LOANS----------
LS C.LOSS% YIELD WAL SPRD C.LOSS% YIELD WAL SPRD C.LOSS% YIELD WAL SPRD
- -------------- ----------------------------- ----------------------------- -----------------------------
2 CDR 0 0.00 7.18 8.9 142 0.00 7.12 8.9 135 0.00 6.66 8.7 89
35 4.37 6.86 8.9 109 4.37 6.79 8.9 103 4.34 6.30 8.7 54
----------23%/LOANS---------- ----------23%/LOANS---------- ----------23%/LOANS----------
LS C.LOSS% YIELD WAL SPRD C.LOSS% YIELD WAL SPRD C.LOSS% YIELD WAL SPRD
- -------------- ----------------------------- ----------------------------- -----------------------------
4 CDR 0 0.00 6.13 8.5 37 0.00 6.06 8.4 30 0.00 5.62 8.3 (13)
35 8.16 5.51 8.5 (24) 8.16 5.44 8.4 (31) 8.11 4.94 8.3 (81)
</TABLE>
<TABLE>
<CAPTION>
Tsy Curve
Tsy 3m 6m 1yr 2yr 3yr 4yr 5yr 7yr 10yr 30yr
--- -- -- --- --- --- --- --- --- ---- ----
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Yield 5.20 5.40 5.46 5.67 5.69 5.71 5.74 5.75 5.77 5.96
</TABLE>
Investors should read the Underwriter's Statement which accompanies these
Computational Materials. If the Statement is not attached please contact your
account representative. Do not use or rely on this information if you have not
received and reviewed the Statement.
These Computational Materials have been based upon the assumptions described
above. These assumptions will most likely not represent the actual experience of
the Mortgage Pool in the future. The Computational Materials are intended to
illustrate variations in yield on the Offered Certificates under such
assumptions. No representation is made herein as to the actual rate or timing of
principal payments or prepayments on any of the underlying Mortgage Loans in the
Mortgage Pool or the actual performance characteristics of the Offered
Certificates.
<PAGE>
Dec 17 10:03 1997 Page 1 MERRILL LYNCH & CO
Deal Name: ml97xl1_pxg_1216 CLASS IO - PRICE = 6-00
MORTGAGE BALANCE....: $848,482,929
CLASS NOT. BALANCE..: $751,574,263
PROCEEDS............: $45,676,883
CREDIT SUPPORT(%)...: 0.0%
CREDIT SUPPORT($)...: $0
MONTH DEFAULTS BEGIN: 24
MONTH DEFAULTS END..: 360
MONTHS TO RECOVERY..: 12
SERVICER ADVANCES...: P & I
LOSS MODE...........: P only
SETTLEMENT DATE.....: 12/30/1997
<TABLE>
<CAPTION>
0% CPR for lockouts, then at indicated CPR
-----------------------------------------PREPAYMENTS---------------------------------------------
0 CPR 20 CPR 100 CPR
----------0%/LOANS----------- ----------0%/LOANS----------- ----------0%/LOANS-----------
LS C.LOSS% YIELD WAL SPRD C.LOSS% YIELD WAL SPRD C.LOSS% YIELD WAL SPRD
- -------------- ----------------------------- ----------------------------- -----------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
0 CDR 0 0.00 8.16 9.4 239 0.00 8.07 9.2 231 0.00 7.51 8.7 175
35 0.00 8.16 9.4 239 0.00 8.07 9.2 231 0.00 7.51 8.7 175
----------12%/LOANS---------- ----------11%/LOANS---------- ----------11%/LOANS----------
LS C.LOSS% YIELD WAL SPRD C.LOSS% YIELD WAL SPRD C.LOSS% YIELD WAL SPRD
- -------------- ----------------------------- ----------------------------- -----------------------------
2 CDR 0 0.00 7.18 8.9 142 0.00 7.09 8.7 133 0.00 6.58 8.3 82
35 4.37 6.86 8.9 109 3.98 6.82 8.7 106 3.68 6.24 8.3 48
----------23%/LOANS---------- ----------21%/LOANS---------- ----------20%/LOANS----------
LS C.LOSS% YIELD WAL SPRD C.LOSS% YIELD WAL SPRD C.LOSS% YIELD WAL SPRD
- -------------- ----------------------------- ----------------------------- -----------------------------
4 CDR 0 0.00 6.13 8.5 37 0.00 6.11 8.3 35 0.00 5.71 8.0 (4)
35 8.16 5.51 8.5 (24) 7.45 5.53 8.3 (22) 6.90 5.08 8.0 (67)
</TABLE>
<TABLE>
<CAPTION>
Tsy Curve
Tsy 3m 6m 1yr 2yr 3yr 4yr 5yr 7yr 10yr 30yr
--- -- -- --- --- --- --- --- --- ---- ----
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Yield 5.20 5.40 5.46 5.67 5.69 5.71 5.74 5.75 5.77 5.96
</TABLE>
Investors should read the Underwriter's Statement which accompanies these
Computational Materials. If the Statement is not attached please contact your
account representative. Do not use or rely on this information if you have not
received and reviewed the Statement.
These Computational Materials have been based upon the assumptions described
above. These assumptions will most likely not represent the actual experience of
the Mortgage Pool in the future. The Computational Materials are intended to
illustrate variations in yield on the Offered Certificates under such
assumptions. No representation is made herein as to the actual rate or timing of
principal payments or prepayments on any of the underlying Mortgage Loans in the
Mortgage Pool or the actual performance characteristics of the Offered
Certificates.
<PAGE>
Dec 17 10:09 1997 Page 1 MERRILL LYNCH & CO
Deal Name: ml97xl1_pxg_1216 CLASS IO - PRICE = 6-00
MORTGAGE BALANCE....: $848,482,929
CLASS NOT. BALANCE..: $751,574,263
PROCEEDS............: $45,676,883
CREDIT SUPPORT(%)...: 0.0%
CREDIT SUPPORT($)...: $0
MONTH DEFAULTS BEGIN: 24
MONTH DEFAULTS END..: 360
MONTHS TO RECOVERY..: 12
SERVICER ADVANCES...: P & I
LOSS MODE...........: P only
SETTLEMENT DATE.....: 12/30/1997
<TABLE>
<CAPTION>
0% CPR for lockouts, then at indicated CPR
*** TSY UP 300BPS
-----------------------------------------PREPAYMENTS---------------------------------------------
0 CPR 20 CPR 100 CPR
----------0%/LOANS----------- ----------0%/LOANS----------- ----------0%/LOANS-----------
LS C.LOSS% YIELD WAL SPRD C.LOSS% YIELD WAL SPRD C.LOSS% YIELD WAL SPRD
- -------------- ----------------------------- ----------------------------- -----------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
0 CDR 0 0.00 8.16 9.4 (60) 0.00 7.78 9.2 (98) 0.00 6.73 8.7 (203)
35 0.00 8.16 9.4 (60) 0.00 7.78 9.2 (98) 0.00 6.73 8.7 (203)
----------12%/LOANS---------- ----------11%/LOANS---------- ----------11%/LOANS----------
LS C.LOSS% YIELD WAL SPRD C.LOSS% YIELD WAL SPRD C.LOSS% YIELD WAL SPRD
- -------------- ----------------------------- ----------------------------- -----------------------------
2 CDR 0 0.00 7.18 8.9 (157) 0.00 6.76 8.7 (200) 0.00 5.69 8.3 (306)
35 4.37 6.86 8.9 (190) 3.98 6.57 8.7 (218) 3.68 5.66 8.3 (309)
----------23%/LOANS---------- ----------21%/LOANS---------- ----------20%/LOANS----------
LS C.LOSS% YIELD WAL SPRD C.LOSS% YIELD WAL SPRD C.LOSS% YIELD WAL SPRD
- -------------- ----------------------------- ----------------------------- -----------------------------
4 CDR 0 0.00 6.13 8.5 (262) 0.00 5.70 8.3 (305) 0.00 4.66 8.0 (409)
35 8.16 5.51 8.5 (324) 7.45 5.28 8.3 (347) 6.90 4.53 8.0 (422)
</TABLE>
<TABLE>
<CAPTION>
Tsy Curve
Tsy 3m 6m 1yr 2yr 3yr 4yr 5yr 7yr 10yr 30yr
--- -- -- --- --- --- --- --- --- ---- ----
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Yield 8.20 8.40 8.46 8.67 8.69 8.71 8.74 8.75 8.77 8.96
</TABLE>
Investors should read the Underwriter's Statement which accompanies these
Computational Materials. If the Statement is not attached please contact your
account representative. Do not use or rely on this information if you have not
received and reviewed the Statement.
These Computational Materials have been based upon the assumptions described
above. These assumptions will most likely not represent the actual experience of
the Mortgage Pool in the future. The Computational Materials are intended to
illustrate variations in yield on the Offered Certificates under such
assumptions. No representation is made herein as to the actual rate or timing of
principal payments or prepayments on any of the underlying Mortgage Loans in the
Mortgage Pool or the actual performance characteristics of the Offered
Certificates.
