<PAGE> 1
This information is furnished to you solely by Greenwich Capital Markets, Inc.
and not by the Issuer of the securities or any of its affiliates. Greenwich
Capital Markets, Inc. is acting as Underwriter and not acting as Agent for the
Issuer or its affiliates in connection with the proposed transaction.
This Preliminary Term Sheet is provided for information purposes only, and does
not constitute an offer to sell, nor a solicitation of an offer to buy, the
referenced securities. It does not purport to be all-inclusive or to contain all
of the information that a prospective investor may require to make a full
analysis of the transaction. All amounts are approximate and subject to change.
The information contained herein supersedes information contained in any prior
term sheet for this transaction. In addition, the information contained herein
will be superseded by information contained in term sheets circulated after the
date hereof and by information contained in the Prospectus and Prospectus
Supplement for this transaction. An offering may be made only through the
delivery of the Prospectus and Prospectus Supplement.
PRELIMINARY TERM SHEET DATE PREPARED: MAY 30, 2000
MELLON RESIDENTIAL FUNDING CORPORATION
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2000-TBC2
=====================================================
THE BOSTON COMPANY
=====================================================
$518,551,100 (APPROXIMATE, SUBJECT TO FINAL COLLATERAL)
PUBLICLY OFFERED CERTIFICATES
ONE MONTH LIBOR ARM RESIDENTIAL MORTGAGE LOANS
<TABLE>
<CAPTION>
==============================================================================================================================
WAL Payment Window
Principal (1) To Put/Mat To Put/Mat Initial Interest Expected Ratings
Class Amount (Years) (3) (Months) (3) Rate Type Tranche Type Moody's/S&P (7)
------ ------ ----------- ------------ --------- ------------ ---------------
(Approx.)
---------
<S> <C> <C> <C> <C> <C> <C>
A-1 $505,202,000 2.25/4.58 1 - 36/1 - 356 Floater (4) Senior Aaa/AAAr
X (2) N/A N/A IO (5) Senior/Interest Only Aaa/AAAr
A-R 100 N/A N/A WAC Senior/Residual NR/AAAr
B-1 6,544,000 3.00/15.61 36 - 36/121 - 356 WAC (6) Subordinate Aa2/AAr
B-2 3,926,000 3.00/15.61 36 - 36/121 - 356 WAC (6) Subordinate A2/NR
B-3 2,879,000 3.00/15.61 36 - 36/121 - 356 WAC (6) Subordinate Baa2/NR
-------------------------------------------------------------------------------------------------------------------------------
B-4 1,571,000 Privately WAC (6) Subordinate Ba2/NR
B-5 1,571,000 Placed WAC (6) Subordinate B2/NR
B-6 1,832,691 Certificates WAC (6) Subordinate NR/NR
===============================================================================================================================
TOTAL $523,525,791
</TABLE>
(1) The Certificates (as described herein) are collateralized by a pool of
adjustable rate residential mortgage loans. Class sizes are subject to
final collateral and rating agency approval.
(2) The Class X Certificates will have no principal balance and will bear
interest at the notional amount, which is equal to the aggregate principal
balance of the Mortgage Loans. The Class X Certificates will not be
entitled to receive any distributions of principal.
(3) As described further herein, the Class A-1 and the Subordinate Certificates
may be put to Mellon Bank under certain circumstances.
(4) The Class A-1 Certificates will initially have a coupon equal to One Month
LIBOR plus a margin, subject to the lesser of (i) the Net WAC of the
Mortgage Loans and (ii) [10.30%]. On each Distribution Date after the Put
Date (as described herein), the Certificate Interest Rate for the Class A-1
Certificates will equal One Month LIBOR plus double the initial margin
subject to the lesser of (i) the Net WAC of the Mortgage Loans and (ii)
[10.30%]. The Net WAC and the net weighted average maximum rate of the
Mortgage Loans will be approximately 6.981% and 10.366% respectively for
the first Distribution Date.
(5) The Class X Certificates will receive the positive difference between the
Net WAC of the Mortgage Loans and the weighted average of the Certificate
Interest Rates (adjusted for the different accrual periods).
(6) The Certificate Interest Rate for the Class B-1, Class B-2, Class B-3,
Class B-4, Class B-5 and Class B-6 Certificates will always be equal to the
Net WAC of the Mortgage Loans, (before and after the Put Date) subject to
the amount of available funds.
(7) In addition, dependent ratings of [A1] and A-1+ will be assigned by Moody's
and S&P, respectively, to each class of rated Certificates to address the
creditworthiness of Mellon Bank, N.A. to fulfill its obligations with
respect to the Put Option (as described herein).
GREENWICH CAPITAL
=========----------------------------------------------------------------------
MELLON FINANCIAL MARKETS, LLC
1
<PAGE> 2
This information is furnished to you solely by Greenwich Capital Markets, Inc.
and not by the Issuer of the securities or any of its affiliates. Greenwich
Capital Markets, Inc. is acting as Underwriter and not acting as Agent for the
Issuer or its affiliates in connection with the proposed transaction.
This Preliminary Term Sheet is provided for information purposes only, and does
not constitute an offer to sell, nor a solicitation of an offer to buy, the
referenced securities. It does not purport to be all-inclusive or to contain all
of the information that a prospective investor may require to make a full
analysis of the transaction. All amounts are approximate and subject to change.
The information contained herein supersedes information contained in any prior
term sheet for this transaction. In addition, the information contained herein
will be superseded by information contained in term sheets circulated after the
date hereof and by information contained in the Prospectus and Prospectus
Supplement for this transaction. An offering may be made only through the
delivery of the Prospectus and Prospectus Supplement.
Underwriters: Greenwich Capital Markets, Inc. and Mellon Financial
Markets, LLC.
Seller and
Master Servicer: Boston Safe Deposit and Trust("THE BOSTON COMPANY").
Trustee: Norwest Bank Minnesota, National Association.
Statistical Cut-off Date: May 1, 2000.
Cut-off Date: June 1, 2000.
Pricing Date: On or about June 1, 2000.
Closing Date: On or about June 15, 2000.
Certificates: The "SENIOR CERTIFICATES" will consist of (i) the
Class A-1 Certificates, the Class X Certificates and
the Class A-R Certificate. The "SUBORDINATE
CERTIFICATES" will consist of the Class B-1, Class
B-2, Class B-3, Class B-4, Class B-5 and Class B-6
Certificates. The Senior Certificates and the
Subordinate Certificates are collectively referred to
herein as the "CERTIFICATES". Only the Senior
Certificates and the Class B-1, Class B-2 and Class
B-3 Certificates (collectively, the "OFFERED
CERTIFICATES") are being offered publicly.
Accrued Interest: The Class A-1 Certificates will settle flat. The
price to be paid by investors for the Class X, Class
A-R, Class B-1, Class B-2 and Class B-3 Certificates
will include accrued interest from June 1, 2000 (the
"CUT-OFF DATE") up to, but not including, the Closing
Date (14 days).
Interest Accrual Period: The interest accrual period with respect to the Class
A-1 Certificates for a given Distribution Date will
be the period beginning with the previous
Distribution Date (or, in the case of the first
Distribution Date, the Closing Date) and ending on
the day prior to such Distribution Date (on an
Actual/360 basis). The interest accrual period for
the Class X, Class A-R, and the Subordinate
Certificates will be the calendar month preceding the
month in which such Distribution Date occurs (on a
30/360 basis). One Month LIBOR on the Class A-1
Certificates will be set two business days prior to
the first day of the related interest accrual period.
Distribution Dates: The 15th day of each month (or the next succeeding
business day), commencing on July 17, 2000.
Registration: The Offered Certificates (except for the Class A-R
Certificate) will be made available in book-entry
form through DTC.
Federal Tax Treatment: It is anticipated that the Certificates (except for
the Class A-R Certificate) will each be treated in
part as a REMIC regular interest and in part as
ownership of a put option for
GREENWICH CAPITAL
=========---------------------------------------------------------------------
MELLON FINANCIAL MARKETS, LLC
2
<PAGE> 3
This information is furnished to you solely by Greenwich Capital Markets, Inc.
and not by the Issuer of the securities or any of its affiliates. Greenwich
Capital Markets, Inc. is acting as Underwriter and not acting as Agent for the
Issuer or its affiliates in connection with the proposed transaction.
This Preliminary Term Sheet is provided for information purposes only, and does
not constitute an offer to sell, nor a solicitation of an offer to buy, the
referenced securities. It does not purport to be all-inclusive or to contain all
of the information that a prospective investor may require to make a full
analysis of the transaction. All amounts are approximate and subject to change.
The information contained herein supersedes information contained in any prior
term sheet for this transaction. In addition, the information contained herein
will be superseded by information contained in term sheets circulated after the
date hereof and by information contained in the Prospectus and Prospectus
Supplement for this transaction. An offering may be made only through the
delivery of the Prospectus and Prospectus Supplement.
tax purposes. The Class A-R Certificate will be
treated as a REMIC residual interest for tax
purposes.
ERISA Eligibility: The Senior Certificates (except for the Class A-R
Certificate) are expected to be ERISA eligible.
Prospective investors should review with their legal
advisors whether the purchase and holding of the
Offered Certificates could give rise to a transaction
prohibited or not otherwise permissible under ERISA,
the Code or other similar laws.
SMMEA Treatment: The Senior Certificates and the Class B-1
Certificates are expected to constitute "mortgage
related securities" for purposes of SMMEA.
Put Option: During the 5 business day period ending on the
Distribution Date in April 2003 each of the
certificateholders (with the exception of the holders
of the Class X Certificates or the Class A-R
Certificate) will have the option to require Mellon
Bank, N.A. ("Mellon Bank") to purchase such
certificateholder's certificates of the related class
on the Distribution Date in June 2003 (the "Put
Date"). For the Offered Certificates, the repurchase
price will be par (based on the outstanding
certificate balance).
Clean-Up Option: If the Put Option is exercised with respect to more
than 90% of the aggregate outstanding principal
balance of the putable certificates, Mellon Bank will
have the option to purchase all of the outstanding
putable certificates, including putable certificates
with respect to which the applicable
certificateholder has not exercised the Put Option.
Optional Termination: The terms of the transaction allow for a termination
of the Offered Certificates which may be exercised
once the current principal balance of the Mortgage
Loans is equal to 10% or less of the initial
principal balance of the Mortgage Loans as of the
Cut-off Date.
Pricing Prepayment
Speed: The Offered Certificates (other than the Class X
Certificates) will be priced to a prepayment speed of
18% CPR.
Rating Agencies: Moody's will rate all of the Offered Certificates
(except for the Class A-R Certificate). S&P will rate
the Class A-1, Class X, Class A-R and Class B-1
Certificates only.
Mortgage Loans: As of the Statistical Cut-off Date, the initial
aggregate principal balance of the Mortgage Loans
(the "POOL BALANCE") is approximately $523,525,791,
all of which are One Month LIBOR ARMs. From the
Statistical Cut-off Date to the Cut-off Date, the
principal balance of the Mortgage Loans may be
reduced by principal prepayments. The Mortgage Loans
are secured by first liens on one- to four-family
residential properties. The Mortgage Loans are all
modifiable and convertible. If a borrower exercises
his or her right to convert or modify a Mortgage
Loan's terms, the Seller will be obligated to
repurchase such Mortgage Loan. For further
information, please see the attached collateral
description of the Mortgage Loans.
GREENWICH CAPITAL
=========----------------------------------------------------------------------
MELLON FINANCIAL MARKETS, LLC
3
<PAGE> 4
This information is furnished to you solely by Greenwich Capital Markets, Inc.
and not by the Issuer of the securities or any of its affiliates. Greenwich
Capital Markets, Inc. is acting as Underwriter and not acting as Agent for the
Issuer or its affiliates in connection with the proposed transaction.
This Preliminary Term Sheet is provided for information purposes only, and does
not constitute an offer to sell, nor a solicitation of an offer to buy, the
referenced securities. It does not purport to be all-inclusive or to contain all
of the information that a prospective investor may require to make a full
analysis of the transaction. All amounts are approximate and subject to change.
The information contained herein supersedes information contained in any prior
term sheet for this transaction. In addition, the information contained herein
will be superseded by information contained in term sheets circulated after the
date hereof and by information contained in the Prospectus and Prospectus
Supplement for this transaction. An offering may be made only through the
delivery of the Prospectus and Prospectus Supplement.
Credit Enhancement: Senior/subordinate, shifting interest structure.
Credit enhancement for the Senior Certificates will
consist of the subordination of the Class B-1, Class
B-2, Class B-3, Class B-4, Class B-5 and Class B-6
Certificates (total subordination initially [3.50%]).
Credit enhancement for the Class B-1 Certificates
will consist of the subordination of the Class B-2,
Class B-3, Class B-4, Class B-5 and Class B-6
Certificates (total subordination initially [2.25%]).
Credit enhancement for the Class B-2 Certificates
will consist of the subordination of the Class B-3,
Class B-4, Class B-5 and Class B-6 Certificates
(total subordination initially [1.50%]).
Credit enhancement for the Class B-3 Certificates
will consist of the subordination of the Class B-4,
Class B-5 and Class B-6 Certificates (total
subordination initially [0.95%]).
Shifting Interest: Until the first Distribution Date occurring after
June 2010 the Subordinate Certificates will be locked
out from receipt of any principal (unless the Senior
Certificates are paid down to zero prior to such
date). After such time and subject to standard
collateral performance triggers, the Subordinate
Certificates will receive their pro-rata share of
scheduled principal and increasing portions of
unscheduled principal prepayments. The prepayment
percentages on the Subordinate Certificates are as
follows:
July 2000 - June 2010 0% Pro Rata Share
July 2010 - June 2011 30% Pro Rata Share
July 2011 - June 2012 40% Pro Rata Share
July 2012 - June 2013 60% Pro Rata Share
July 2013 - June 2014 80% Pro Rata Share
July 2014 and after 100% Pro Rata Share
Any principal not allocated to the Subordinate
Certificates will be allocated to the Senior
Certificates. In the event the current senior
percentage (aggregate current senior balance divided
by aggregate current pool balance) exceeds the
initial senior percentage (aggregate initial senior
balance divided by aggregate initial pool balance),
the Senior Certificates will receive all unscheduled
principal prepayments, regardless of any prepayment
percentages.
Allocation of
Realized Losses: Any realized losses, other than excess losses, on
the Mortgage Loans will be allocated as follows:
first, to the Subordinate Certificates in reverse
order of their numerical Class designations, in each
case until the respective Class Principal Balance
has been reduced to zero; thereafter, to the Senior
Certificates pro-rata in reduction of their
respective Class Principal Balances.
Excess losses (bankruptcy, special hazard and fraud
losses in excess of the amounts established by the
rating agencies) will be allocated to all classes of
certificates on a pro-rata basis.
GREENWICH CAPITAL
=========----------------------------------------------------------------------
MELLON FINANCIAL MARKETS, LLC
4
<PAGE> 5
This information is furnished to you solely by Greenwich Capital Markets, Inc.
and not by the Issuer of the securities or any of its affiliates. Greenwich
Capital Markets, Inc. is acting as Underwriter and not acting as Agent for the
Issuer or its affiliates in connection with the proposed transaction.
This Preliminary Term Sheet is provided for information purposes only, and does
not constitute an offer to sell, nor a solicitation of an offer to buy, the
referenced securities. It does not purport to be all-inclusive or to contain all
of the information that a prospective investor may require to make a full
analysis of the transaction. All amounts are approximate and subject to change.
The information contained herein supersedes information contained in any prior
term sheet for this transaction. In addition, the information contained herein
will be superseded by information contained in term sheets circulated after the
date hereof and by information contained in the Prospectus and Prospectus
Supplement for this transaction. An offering may be made only through the
delivery of the Prospectus and Prospectus Supplement.
Certificates
Priority of Distributions: Available funds from the Mortgage Loans will be
distributed in the following order of priority:
1) Senior Certificates, accrued and unpaid interest
at the related Certificate Interest Rate.
2) Class A-R Certificate, principal, until its
balance is reduced to zero.
3) Class A-1 Certificates, principal, until its
balance is reduced to zero.
4) Class B-1 Certificates, accrued and unpaid
interest at the Class B-1 Certificate Interest
Rate.
5) Class B-1 Certificates, principal.
6) Class B-2 Certificates, accrued and unpaid
interest at the Class B-2 Certificate Interest
Rate.
7) Class B-2 Certificates, principal.
8) Class B-3 Certificates, accrued and unpaid
interest at the Class B-3 Certificate Interest
Rate.
9) Class B-3 Certificates, principal.
10) Class B-4, Class B-5 and Class B-6 Certificates,
in sequential order, accrued and unpaid interest
at the respective Certificate Interest Rate and
the respective share of principal. 11) Class A-R
Certificates, any remaining amount.
UNDERWRITING STANDARDS
The Boston Company's underwriting process is intended to assess both the
prospective borrower's credit standing and ability to repay, and the value and
adequacy of the mortgaged property as collateral. In underwriting a Mortgage
Loan, The Boston Company relies primarily on the borrower's ability to repay the
loan, determined by analyzing the borrower's cash flow, liquidity and overall
financial condition and the value of the mortgaged property as a measure of the
extent of its recovery in the event of a default. In determining the adequacy of
the property as collateral for a loan, appraisals are obtained from qualified
outside appraisers approved by The Boston Company.
THE MASTER SERVICER
The Mortgage Loans will be master serviced by The Boston Company. The Boston
Company has a subservicing agreement in place with Dovenmuehle Mortgage, Inc.
which provides subservicing of the Mortgage Loans.
GREENWICH CAPITAL
=========----------------------------------------------------------------------
MELLON FINANCIAL MARKETS, LLC
5
<PAGE> 6
COMPUTATIONAL MATERIALS DISCLAIMER
The attached tables and other statistical analyses (the "Computational
Materials") are privileged and intended for use by the addressee only. These
Computational Materials have been prepared by Greenwich Capital Markets, Inc. in
reliance upon information furnished by the issuer of the securities and its
affiliates. These Computational Materials are furnished to you solely by
Greenwich Capital Markets, Inc. and not by the issuer of the securities. They
may not be provided to any third party other than the addressee's legal, tax,
financial and/or accounting advisors for the purposes of evaluating said
material.
Numerous assumptions were used in preparing the Computational Materials which
may or may not be reflected therein. As such, no assurance can be given as to
the Computational Materials' accuracy, appropriateness or completeness in any
particular context; nor as to whether the Computational Materials and/or the
assumptions upon which they are based reflect present market conditions or
future market performance. These Computational Materials should not be construed
as either projections or predictions or as legal, tax, financial or accounting
advice.
Any weighted average lives, yields and principal payment periods shown in the
Computational Materials are based on prepayments assumptions, and changes in
such prepayment assumptions may dramatically affect such weighted average lives,
yields and principal payment periods. In addition, it is possible that
prepayments on the underlying assets will occur at rates slower or faster than
the rates shown in the attached Computational Materials. Furthermore, unless
otherwise provided, the Computational Materials assume no losses on the
underlying assets and no interest shortfall. The specific characteristics of the
securities may differ from those shown in the Computational Materials due to
differences between the actual underlying assets and the hypothetical underlying
assets used in preparing the Computational Materials. The principal amount and
designation of any security described in the Computational Materials are subject
to change prior to issuance. Neither Greenwich Capital Markets, Inc. nor any of
its affiliates makes any representation or warranty as to the actual rate or
timing of payments on any of the underlying assets or the payments or yield on
the securities.
Although a registration statement (including the Prospectus) relating to the
securities discussed in this communication has been filed with the Securities
and Exchange Commission and is effective, the final prospectus supplement
relating to the securities discussed in this communication has not been filed
with Securities and Exchange Commission. This communication shall not constitute
an offer to sell or the solicitation of an offer to buy nor shall there be any
sale of the securities discussed in this communication in any state in which
such offer, solicitation or sale would be unlawful prior to registration or
qualification of such securities under the securities laws of any such state.
Prospective purchasers are referred to the final prospectus supplement relating
to the securities discussed in this communication for definitive Computational
Materials and any matter discussed in this communication. Once available, a
final prospectus and prospectus supplement may be obtained by contacting the
Greenwich Capital Markets, Inc. Trading Desk at (203) 625-6160.
Please be advised that the securities described herein may not be appropriate
for all investors. Potential investors must be willing to assume, among other
things, market price volatility, prepayment, yield curve and interest rate
risks. Investors should make every effort to consider the risks of these
securities.
If you have received this communication in error, please notify the sending
party immediately by telephone and return the original to such party by mail.
6
<PAGE> 7
PRICE DISCOUNT MARGIN TABLES (%)
<TABLE>
<CAPTION>
CLASS A-1 (TO PUT)
--------------------------------------------------------------------------------------------------------------------------------
PASS-THRU MARGIN 0.220%
--------------------------------------------------------------------------------------------------------------------------------
FLAT
PRICE 12% CPR 15% CPR 18% CPR 25% CPR 30% CPR 35% CPR 40% CPR
================================================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C>
100-00 0.220 0.220 0.220 0.220 0.220 0.220 0.220
=======================----------------------------------------------------------------------------------------------------------
WAL (YR) 2.49 2.37 2.25 2.00 1.83 1.67 1.52
MDUR (YR) 2.19 2.09 1.99 1.78 1.63 1.49 1.36
FIRST PRIN PAY 07/15/00 07/15/00 07/15/00 07/15/00 07/15/00 07/15/00 07/15/00
LAST PRIN PAY 06/15/03 06/15/03 06/15/03 06/15/03 06/15/03 06/15/03 06/15/03
---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
CLASS A-1 (TO MATURITY)
---------------------------------------------------------------------------------------------------------------------------------
PASS-THRU MARGIN 0.220%
---------------------------------------------------------------------------------------------------------------------------------
FLAT
PRICE 12% CPR 15% CPR 18% CPR 25% CPR 30% CPR 35% CPR 40% CPR
=================================================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C>
100-00 0.336 0.324 0.312 0.285 0.270 0.257 0.246
========================---------------------------------------------------------------------------------------------------------
WAL (YR) 6.91 5.57 4.58 3.10 2.50 2.08 1.76
MDUR (YR) 4.64 3.96 3.42 2.52 2.11 1.79 1.54
FIRST PRIN PAY 07/15/00 07/15/00 07/15/00 07/15/00 07/15/00 07/15/00 07/15/00
LAST PRIN PAY 02/15/30 02/15/30 02/15/30 04/15/13 11/15/09 04/15/08 01/15/07
---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
CLASS B-1 (TO PUT)
---------------------------------------------------------------------------------------------------------------------------------
COUPON 6.9806%
---------------------------------------------------------------------------------------------------------------------------------
FLAT
PRICE 12% CPR 15% CPR 18% CPR 25% CPR 30% CPR 35% CPR 40% CPR
=================================================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C>
100-16 0.452 0.452 0.452 0.452 0.452 0.452 0.452
=======================----------------------------------------------------------------------------------------------------------
WAL (YR) 3.00 3.00 3.00 3.00 3.00 3.00 3.00
MDUR (YR) 2.61 2.61 2.61 2.61 2.61 2.61 2.61
FIRST PRIN PAY 06/15/03 06/15/03 06/15/03 06/15/03 06/15/03 06/15/03 06/15/03
LAST PRIN PAY 06/15/03 06/15/03 06/15/03 06/15/03 06/15/03 06/15/03 06/15/03
---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
CLASS B-1 (TO MATURITY)
---------------------------------------------------------------------------------------------------------------------------------
COUPON 6.9806%
---------------------------------------------------------------------------------------------------------------------------------
FLAT
PRICE 12% CPR 15% CPR 18% CPR 25% CPR 30% CPR 35% CPR 40% CPR
=================================================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C>
100-16 0.666 0.664 0.662 0.659 0.649 0.636 0.623
=======================----------------------------------------------------------------------------------------------------------
WAL (YR) 16.95 16.21 15.61 14.41 12.05 10.08 8.54
MDUR (YR) 9.19 9.00 8.84 8.50 7.66 6.83 6.08
FIRST PRIN PAY 07/15/10 07/15/10 07/15/10 07/15/10 11/15/09 04/15/08 01/15/07
LAST PRIN PAY 02/15/30 02/15/30 02/15/30 02/15/30 02/15/30 02/15/30 02/15/30
---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
"Full Price" = "Flat Price" + Accrued Interest.
Duration and related sensitivities are calculated at midpoint price.
Maturity and Last Principal Pay Dates may be distorted by the use of collateral
pool WAMs.
This information is furnished to you solely by Greenwich Capital Markets, Inc.
("GCM") and not by the Issuer of the securities or any of its affiliates. GCM is
acting as underwriter and not as Agent for the issuer or its affiliates in
connection with the proposed transaction.
7
<PAGE> 8
PRICE DISCOUNT MARGIN TABLES (%)
<TABLE>
<CAPTION>
CLASS B-2 (TO PUT)
---------------------------------------------------------------------------------------------------------------------------------
COUPON 6.9806%
---------------------------------------------------------------------------------------------------------------------------------
FLAT
PRICE 12% CPR 15% CPR 18% CPR 25% CPR 30% CPR 35% CPR 40% CPR
=================================================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C>
99-18 0.800 0.800 0.800 0.800 0.800 0.800 0.800
=======================----------------------------------------------------------------------------------------------------------
WAL (YR) 3.00 3.00 3.00 3.00 3.00 3.00 3.00
MDUR (YR) 2.60 2.60 2.60 2.60 2.60 2.60 2.60
FIRST PRIN PAY 06/15/03 06/15/03 06/15/03 06/15/03 06/15/03 06/15/03 06/15/03
LAST PRIN PAY 06/15/03 06/15/03 06/15/03 06/15/03 06/15/03 06/15/03 06/15/03
---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
CLASS B-2 (TO MATURITY)
---------------------------------------------------------------------------------------------------------------------------------
COUPON 6.9806%
---------------------------------------------------------------------------------------------------------------------------------
FLAT
PRICE 12% CPR 15% CPR 18% CPR 25% CPR 30% CPR 35% CPR 40% CPR
=================================================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C>
99-18 0.765 0.765 0.765 0.766 0.767 0.769 0.772
=======================----------------------------------------------------------------------------------------------------------
WAL (YR) 16.95 16.21 15.61 14.41 12.05 10.08 8.54
MDUR (YR) 9.15 8.96 8.81 8.47 7.64 6.80 6.06
FIRST PRIN PAY 07/15/10 07/15/10 07/15/10 07/15/10 11/15/09 04/15/08 01/15/07
LAST PRIN PAY 02/15/30 02/15/30 02/15/30 02/15/30 02/15/30 02/15/30 02/15/30
---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
CLASS B-3 (TO PUT)
---------------------------------------------------------------------------------------------------------------------------------
COUPON 6.9806%
---------------------------------------------------------------------------------------------------------------------------------
FLAT
PRICE 12% CPR 15% CPR 18% CPR 25% CPR 30% CPR 35% CPR 40% CPR
=================================================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C>
96-29+ 1.800 1.800 1.800 1.800 1.800 1.800 1.800
=======================----------------------------------------------------------------------------------------------------------
WAL (YR) 3.00 3.00 3.00 3.00 3.00 3.00 3.00
MDUR (YR) 2.58 2.58 2.58 2.58 2.58 2.58 2.58
FIRST PRIN PAY 06/15/03 06/15/03 06/15/03 06/15/03 06/15/03 06/15/03 06/15/03
LAST PRIN PAY 06/15/03 06/15/03 06/15/03 06/15/03 06/15/03 06/15/03 06/15/03
---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
CLASS B-3 (TO MATURITY)
---------------------------------------------------------------------------------------------------------------------------------
COUPON 6.9806%
---------------------------------------------------------------------------------------------------------------------------------
FLAT
PRICE 12% CPR 15% CPR 18% CPR 25% CPR 30% CPR 35% CPR 40% CPR
=================================================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C>
96-29+ 1.050 1.057 1.062 1.074 1.109 1.153 1.202
=======================----------------------------------------------------------------------------------------------------------
WAL (YR) 16.95 16.21 15.61 14.41 12.05 10.08 8.54
MDUR (YR) 9.03 8.85 8.70 8.37 7.56 6.74 6.01
FIRST PRIN PAY 07/15/10 07/15/10 07/15/10 07/15/10 11/15/09 04/15/08 01/15/07
LAST PRIN PAY 02/15/30 02/15/30 02/15/30 02/15/30 02/15/30 02/15/30 02/15/30
---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
"Full Price" = "Flat Price" + Accrued Interest.
Duration and related sensitivities are calculated at midpoint price.
Maturity and Last Principal Pay Dates may be distorted by the use of collateral
pool WAMs.
This information is furnished to you solely by Greenwich Capital Markets, Inc.
("GCM") and not by the Issuer of the securities or any of its affiliates. GCM is
acting as underwriter and not as Agent for the issuer or its affiliates in
connection with the proposed transaction.
8
<PAGE> 9
MELLON RESIDENTIAL FUNDING CORPORATION
MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2000-TBC2
SCHEDULED 05/01/00 BALANCES
PRODUCT: One Month Libor ARMs
TOTAL CURRENT BALANCE: 523,525,790.71
NUMBER OF LOANS: 746
<TABLE>
<CAPTION>
AVG/WAVG MIN MAX
-------- --- ---
<S> <C> <C> <C>
AVG CURRENT BALANCE: $701,777.20 $19,950.00 $3,200,000.00
AVG ORIGINAL BALANCE: $705,998.31 $19,950.00 $3,200,000.00
WAVG NOTE RATE: 7.365% 6.750% 8.875%
WAVG GROSS MARGIN: 1.135% 0.500% 2.625%
WAVG MAX INT RATE: 10.750% 10.750% 10.750%
WAVG PERIOD RATE CAP: 0.000% 0.000% 0.000%
WAVG HIGH FICO SCORE: 754 0 822
WAVG LOW FICO SCORE: 738 0 813
WAVG ORIGINAL LTV: 69.77% 8.33% 100.00%
WAVG ORIGINAL LTC: 66.15% 0.00% 90.00%
WAVG NEXT RATE RESET: 1.10 Months 1.00 2.00 Months
WAVG ORIGINAL TERM: 360.00 Months 360.00 360.00 Months
WAVG STATED REM TERM: 356.00 Months 347.00 360.00 Months
WAVG SEASONING: 4.00 Months 0.00 13.00 Months
TOP STATE CONC($): 24.31% California, 18.16% Massachusetts, 12.45% New York
MAXIMUM ZIP CODE CONC($): 2.12% 81611 (Aspen, CO)
NOTE DATE: Mar 22, 1999 - Apr 25, 2000
FIRST PAY DATE: May 01, 1999 - Jun 01, 2000
RATE CHANGE DATE: Jun 01, 2000 - Jul 01, 2000
MATURITY DATE: Apr 01, 2029 - May 01, 2030
</TABLE>
The information contained herein has been prepared solely for the use of
Greenwich Capital Markets, Inc. and has not been independently verified by
Greenwich Capital Markets, Inc. Accordingly, Greenwich Capital Markets, Inc.
makes no express or implied representations or warranties of any kind and
expressly disclaims all liability for any use or misuse of the contents hereof.
Greenwich Capital Markets, Inc. assumes no responsibility for the accuracy of
any material contained herein.
The information contained herein will be superseded by the description of the
mortgage loans contained in the prospectus supplement. Such information
supersedes the information in all prior collateral term sheets, if any.
9
<PAGE> 10
<TABLE>
<CAPTION>
CURRENT
INDEX: PRINCIPAL BAL($) PCT($) # OF LOANS PCT(#)
<S> <C> <C> <C> <C>
1 MO LIBOR 523,525,790.71 100.00 746 100.00
DELINQUENCY:
CURRENT 523,525,790.71 100.00 746 100.00
CURRENT BALANCE ($):
19,950.00 - 100,000.00 416,450.00 0.08 6 0.80
100,000.01 - 200,000.00 2,262,550.00 0.43 13 1.74
200,000.01 - 300,000.00 20,715,242.55 3.96 78 10.46
300,000.01 - 400,000.00 37,107,260.42 7.09 104 13.94
400,000.01 - 500,000.00 50,596,741.04 9.66 109 14.61
500,000.01 - 600,000.00 49,390,778.40 9.43 88 11.80
600,000.01 - 700,000.00 46,597,789.58 8.90 71 9.52
700,000.01 - 800,000.00 27,995,803.08 5.35 37 4.96
800,000.01 - 900,000.00 34,569,626.04 6.60 40 5.36
900,000.01 - 1,000,000.00 71,811,292.33 13.72 73 9.79
1,000,000.01 - 1,100,000.00 55,263,432.84 10.56 51 6.84
1,100,000.01 - 1,200,000.00 18,846,235.66 3.60 16 2.14
1,200,000.01 - 1,300,000.00 11,340,578.12 2.17 9 1.21
1,300,000.01 - 1,400,000.00 9,685,340.49 1.85 7 0.94
1,400,000.01 - 1,500,000.00 11,749,516.79 2.24 8 1.07
1,500,000.01 - 1,600,000.00 9,331,248.96 1.78 6 0.80
1,600,000.01 - 1,700,000.00 3,335,000.00 0.64 2 0.27
1,700,000.01 - 1,800,000.00 3,550,000.00 0.68 2 0.27
1,800,000.01 - 1,900,000.00 7,417,000.00 1.42 4 0.54
1,900,000.01 - 2,000,000.00 17,862,500.00 3.41 9 1.21
2,000,000.01 - 2,100,000.00 2,100,000.00 0.40 1 0.13
2,100,000.01 - 2,200,000.00 4,285,000.00 0.82 2 0.27
2,200,000.01 - 2,300,000.00 6,743,600.00 1.29 3 0.40
2,400,000.01 - 2,500,000.00 2,500,000.00 0.48 1 0.13
2,800,000.01 - 2,900,000.00 2,860,000.00 0.55 1 0.13
2,900,000.01 - 3,000,000.00 11,992,804.41 2.29 4 0.54
> 3,000,000.00 3,200,000.00 0.61 1 0.13
</TABLE>
The information contained herein has been prepared solely for the use of
Greenwich Capital Markets, Inc. and has not been independently verified by
Greenwich Capital Markets, Inc. Accordingly, Greenwich Capital Markets, Inc.
makes no express or implied representations or warranties of any kind and
expressly disclaims all liability for any use or misuse of the contents hereof.
Greenwich Capital Markets, Inc. assumes no responsibility for the accuracy of
any material contained herein.
The information contained herein will be superseded by the description of the
mortgage loans contained in the prospectus supplement. Such information
supersedes the information in all prior collateral term sheets, if any.
10
<PAGE> 11
<TABLE>
<CAPTION>
CURRENT
ORIGINAL BALANCE ($): PRINCIPAL BAL($) PCT($) # OF LOANS PCT(#)
<S> <C> <C> <C> <C>
19,950.00 - 100,000.00 416,450.00 0.08 6 0.80
100,000.01 - 200,000.00 2,262,550.00 0.43 13 1.74
200,000.01 - 300,000.00 20,206,001.85 3.86 76 10.19
300,000.01 - 400,000.00 36,199,331.93 6.91 102 13.67
400,000.01 - 500,000.00 51,290,845.48 9.80 111 14.88
500,000.01 - 600,000.00 48,340,937.70 9.23 87 11.66
600,000.01 - 700,000.00 48,370,695.03 9.24 74 9.92
700,000.01 - 800,000.00 27,995,803.08 5.35 37 4.96
800,000.01 - 900,000.00 33,727,626.04 6.44 39 5.23
900,000.01 - 1,000,000.00 70,653,292.33 13.50 72 9.65
1,000,000.01 - 1,100,000.00 54,088,509.84 10.33 50 6.70
1,100,000.01 - 1,200,000.00 19,926,235.66 3.81 17 2.28
1,200,000.01 - 1,300,000.00 11,340,578.12 2.17 9 1.21
1,300,000.01 - 1,400,000.00 8,302,500.00 1.59 6 0.80
1,400,000.01 - 1,500,000.00 12,844,439.79 2.45 9 1.21
1,500,000.01 - 1,600,000.00 8,801,248.96 1.68 6 0.80
1,600,000.01 - 1,700,000.00 4,865,000.00 0.93 3 0.40
1,700,000.01 - 1,800,000.00 4,932,840.49 0.94 3 0.40
1,800,000.01 - 1,900,000.00 7,417,000.00 1.42 4 0.54
1,900,000.01 - 2,000,000.00 17,862,500.00 3.41 9 1.21
2,000,000.01 - 2,100,000.00 2,100,000.00 0.40 1 0.13
2,100,000.01 - 2,200,000.00 4,285,000.00 0.82 2 0.27
2,200,000.01 - 2,300,000.00 6,743,600.00 1.29 3 0.40
2,400,000.01 - 2,500,000.00 2,500,000.00 0.48 1 0.13
2,800,000.01 - 2,900,000.00 2,860,000.00 0.55 1 0.13
2,900,000.01 - 3,000,000.00 11,992,804.41 2.29 4 0.54
> 3,000,000.00 3,200,000.00 0.61 1 0.13
</TABLE>
<TABLE>
<CAPTION>
CURRENT
NOTE RATE (%): PRINCIPAL BAL($) PCT($) # OF LOANS PCT(#)
<S> <C> <C> <C> <C>
6.750 - 6.750 2,139,600.00 0.41 6 0.80
6.751 - 7.000 20,518,693.96 3.92 29 3.89
7.001 - 7.250 246,198,895.39 47.03 331 44.37
7.251 - 7.500 223,302,894.09 42.65 341 45.71
7.501 - 7.750 25,796,957.27 4.93 32 4.29
7.751 - 8.000 4,568,750.00 0.87 6 0.80
8.751 - 8.875 1,000,000.00 0.19 1 0.13
</TABLE>
The information contained herein has been prepared solely for the use of
Greenwich Capital Markets, Inc. and has not been independently verified by
Greenwich Capital Markets, Inc. Accordingly, Greenwich Capital Markets, Inc.
makes no express or implied representations or warranties of any kind and
expressly disclaims all liability for any use or misuse of the contents hereof.
Greenwich Capital Markets, Inc. assumes no responsibility for the accuracy of
any material contained herein.
The information contained herein will be superseded by the description of the
mortgage loans contained in the prospectus supplement. Such information
supersedes the information in all prior collateral term sheets, if any.
11
<PAGE> 12
<TABLE>
<CAPTION>
CURRENT
GROSS MARGIN(%): PRINCIPAL BAL($) PCT($) # OF LOANS PCT(#)
<S> <C> <C> <C> <C>
0.500 914,600.00 0.17 3 0.40
0.625 5,963,173.96 1.14 6 0.80
0.750 6,378,820.00 1.22 9 1.21
0.875 3,620,500.00 0.69 7 0.94
1.000 241,367,415.39 46.10 328 43.97
1.125 5,635,591.00 1.08 9 1.21
1.250 215,537,583.09 41.17 324 43.43
1.375 27,874,000.00 5.32 43 5.76
1.500 10,665,357.27 2.04 10 1.34
1.625 1,543,750.00 0.29 1 0.13
1.750 3,025,000.00 0.58 5 0.67
2.625 1,000,000.00 0.19 1 0.13
MAX INT RATE(%):
10.750 523,525,790.71 100.00 746 100.00
HIGH FICO SCORE:
<= 0 6,192,067.21 1.18 13 1.74
551 - 600 995,000.00 0.19 1 0.13
601 - 650 7,447,132.46 1.42 7 0.94
651 - 700 44,659,086.56 8.53 64 8.58
701 - 750 148,547,851.59 28.37 206 27.61
751 - 800 283,774,637.34 54.20 404 54.16
801 - 822 31,910,015.55 6.10 51 6.84
LOW FICO SCORE:
<= 0 6,192,067.21 1.18 13 1.74
501 - 550 995,000.00 0.19 1 0.13
551 - 600 1,538,000.00 0.29 2 0.27
601 - 650 14,397,950.48 2.75 19 2.55
651 - 700 77,394,649.56 14.78 107 14.34
701 - 750 185,952,625.59 35.52 264 35.39
751 - 800 233,054,997.87 44.52 332 44.50
801 - 813 4,000,500.00 0.76 8 1.07
</TABLE>
The information contained herein has been prepared solely for the use of
Greenwich Capital Markets, Inc. and has not been independently verified by
Greenwich Capital Markets, Inc. Accordingly, Greenwich Capital Markets, Inc.
makes no express or implied representations or warranties of any kind and
expressly disclaims all liability for any use or misuse of the contents hereof.
Greenwich Capital Markets, Inc. assumes no responsibility for the accuracy of
any material contained herein.
The information contained herein will be superseded by the description of the
mortgage loans contained in the prospectus supplement. Such information
supersedes the information in all prior collateral term sheets, if any.
12
<PAGE> 13
<TABLE>
<CAPTION>
CURRENT
ORIGINAL LTV(%): PRINCIPAL BAL($) PCT($) # OF LOANS PCT(#)
<S> <C> <C> <C> <C>
8.33 - 10.00 400,000.00 0.08 1 0.13
10.01 - 15.00 1,814,660.00 0.35 4 0.54
15.01 - 20.00 3,977,500.00 0.76 6 0.80
20.01 - 25.00 1,100,000.00 0.21 3 0.40
25.01 - 30.00 4,365,000.00 0.83 5 0.67
30.01 - 35.00 15,595,430.89 2.98 23 3.08
35.01 - 40.00 15,676,726.51 2.99 22 2.95
40.01 - 45.00 10,246,498.96 1.96 15 2.01
45.01 - 50.00 25,155,560.51 4.81 32 4.29
50.01 - 55.00 18,834,864.02 3.60 25 3.35
55.01 - 60.00 46,041,979.96 8.79 48 6.43
60.01 - 65.00 44,134,226.44 8.43 51 6.84
65.01 - 70.00 56,975,581.99 10.88 71 9.52
70.01 - 75.00 78,469,391.31 14.99 104 13.94
75.01 - 80.00 112,314,341.12 21.45 206 27.61
80.01 - 85.00 9,630,202.46 1.84 13 1.74
85.01 - 90.00 13,945,055.00 2.66 17 2.28
90.01 - 95.00 3,273,423.00 0.63 5 0.67
95.01 - 100.00 61,575,348.54 11.76 95 12.73
ORIGINAL LTC(%):
<= 0.00 1,388,000.00 0.27 3 0.40
5.01 - 10.00 400,000.00 0.08 1 0.13
10.01 - 15.00 1,814,660.00 0.35 4 0.54
15.01 - 20.00 3,977,500.00 0.76 6 0.80
20.01 - 25.00 3,100,000.00 0.59 4 0.54
25.01 - 30.00 4,365,000.00 0.83 5 0.67
30.01 - 35.00 15,245,430.89 2.91 22 2.95
35.01 - 40.00 15,676,726.51 2.99 22 2.95
40.01 - 45.00 12,246,498.96 2.34 16 2.14
45.01 - 50.00 23,065,560.51 4.41 31 4.16
50.01 - 55.00 18,834,864.02 3.60 25 3.35
55.01 - 60.00 47,094,979.96 9.00 49 6.57
60.01 - 65.00 48,111,132.69 9.19 55 7.37
65.01 - 70.00 71,901,981.99 13.73 90 12.06
70.01 - 75.00 95,199,004.31 18.18 124 16.62
75.01 - 80.00 146,778,718.41 28.04 272 36.46
80.01 - 85.00 6,368,332.46 1.22 7 0.94
85.01 - 90.00 7,957,400.00 1.52 10 1.34
</TABLE>
The information contained herein has been prepared solely for the use of
Greenwich Capital Markets, Inc. and has not been independently verified by
Greenwich Capital Markets, Inc. Accordingly, Greenwich Capital Markets, Inc.
makes no express or implied representations or warranties of any kind and
expressly disclaims all liability for any use or misuse of the contents hereof.
Greenwich Capital Markets, Inc. assumes no responsibility for the accuracy of
any material contained herein.
The information contained herein will be superseded by the description of the
mortgage loans contained in the prospectus supplement. Such information
supersedes the information in all prior collateral term sheets, if any.
13
<PAGE> 14
<TABLE>
<CAPTION>
CURRENT
REMAINING TERM(MTHS): PRINCIPAL BAL($) PCT($) # OF LOANS PCT(#)
<S> <C> <C> <C> <C>
347 - 348 1,500,000.00 0.29 2 0.27
349 - 350 9,585,501.02 1.83 5 0.67
351 - 352 13,923,540.21 2.66 12 1.61
353 - 354 137,161,056.89 26.20 184 24.66
355 - 356 133,187,199.38 25.44 201 26.94
357 - 358 93,450,397.21 17.85 138 18.50
359 - 360 134,718,096.00 25.73 204 27.35
RATE CHANGE DATE:
06/01/00 469,200,790.71 89.62 656 87.94
07/01/00 54,325,000.00 10.38 90 12.06
BLANKET FLAG:
NO 501,200,198.13 95.74 720 96.51
YES 22,325,592.58 4.26 26 3.49
PREPAY PENALTY:
NO PREPAYMENT PENALTY 6,067,569.90 1.16 9 1.21
PREPAYMENT PENALTY 517,458,220.81 98.84 737 98.79
IO FLAG:
INTEREST ONLY (10 YRS) 523,525,790.71 100.00 746 100.00
CONVERTIBLE FLAG:
CONVERTIBLE 523,525,790.71 100.00 746 100.00
MODIFIABLE FLAG:
MODIFIABLE 523,525,790.71 100.00 746 100.00
OCCUPANCY:
PRIMARY 406,821,534.94 77.71 583 78.15
SECOND HOME 116,704,255.77 22.29 163 21.85
DOCUMENTATION:
FULL 523,525,790.71 100.00 746 100.00
PROPERTY TYPE:
SINGLE FAMILY 319,299,422.84 60.99 438 58.71
PUD 96,778,643.37 18.49 131 17.56
CONDOMINIUM 60,156,770.47 11.49 102 13.67
COOPERATIVE 23,590,361.45 4.51 48 6.43
BLANKET 22,325,592.58 4.26 26 3.49
2-4 FAMILY 1,375,000.00 0.26 1 0.13
</TABLE>
The information contained herein has been prepared solely for the use of
Greenwich Capital Markets, Inc. and has not been independently verified by
Greenwich Capital Markets, Inc. Accordingly, Greenwich Capital Markets, Inc.
makes no express or implied representations or warranties of any kind and
expressly disclaims all liability for any use or misuse of the contents hereof.
Greenwich Capital Markets, Inc. assumes no responsibility for the accuracy of
any material contained herein.
The information contained herein will be superseded by the description of the
mortgage loans contained in the prospectus supplement. Such information
supersedes the information in all prior collateral term sheets, if any.
14
<PAGE> 15
<TABLE>
<CAPTION>
CURRENT
LOAN PURPOSE: PRINCIPAL BAL($) PCT($) # OF LOANS PCT (#)
<S> <C> <C> <C> <C>
CASH OUT REFINANCE 103,626,973.19 19.79 150 20.11
PURCHASE 372,203,362.09 71.10 536 71.85
RATE/TERM REFINANCE 47,695,455.43 9.11 60 8.04
STATE:
ARIZONA 17,625,907.67 3.37 30 4.02
CALIFORNIA 127,263,559.25 24.31 150 20.11
COLORADO 29,401,331.19 5.62 33 4.42
CONNECTICUT 19,748,062.10 3.77 27 3.62
DELAWARE 1,172,666.00 0.22 3 0.40
DISTRICT OF COLUMBIA 1,394,000.00 0.27 2 0.27
FLORIDA 20,271,974.00 3.87 37 4.96
GEORGIA 9,388,800.24 1.79 15 2.01
HAWAII 356,250.00 0.07 1 0.13
IDAHO 4,120,353.15 0.79 7 0.94
ILLINOIS 3,840,600.00 0.73 6 0.80
KANSAS 800,000.00 0.15 1 0.13
LOUISIANA 310,000.00 0.06 1 0.13
MAINE 2,058,000.00 0.39 3 0.40
MARYLAND 13,709,964.10 2.62 17 2.28
MASSACHUSETTS 95,065,266.94 18.16 139 18.63
MICHIGAN 5,143,249.67 0.98 6 0.80
MINNESOTA 445,000.00 0.09 1 0.13
MONTANA 500,000.00 0.10 1 0.13
NEVADA 622,486.00 0.12 1 0.13
NEW HAMPSHIRE 3,671,500.00 0.70 8 1.07
NEW JERSEY 18,990,056.47 3.63 24 3.22
NEW MEXICO 340,000.00 0.06 1 0.13
NEW YORK 65,160,514.30 12.45 94 12.60
NORTH CAROLINA 6,397,037.58 1.22 12 1.61
OHIO 697,819.71 0.13 1 0.13
OREGON 3,560,899.14 0.68 7 0.94
PENNSYLVANIA 32,127,712.96 6.14 59 7.91
RHODE ISLAND 2,344,178.12 0.45 3 0.40
SOUTH CAROLINA 3,091,000.00 0.59 3 0.40
TENNESSEE 860,000.00 0.16 1 0.13
TEXAS 9,280,973.62 1.77 15 2.01
UTAH 3,078,000.00 0.59 4 0.54
VERMONT 3,609,800.00 0.69 7 0.94
VIRGINIA 7,367,989.70 1.41 11 1.47
WASHINGTON 7,662,125.00 1.46 12 1.61
WISCONSIN 1,373,713.80 0.26 2 0.27
WYOMING 675,000.00 0.13 1 0.13
</TABLE>
The information contained herein has been prepared solely for the use of
Greenwich Capital Markets, Inc. and has not been independently verified by
Greenwich Capital Markets, Inc. Accordingly, Greenwich Capital Markets, Inc.
makes no express or implied representations or warranties of any kind and
expressly disclaims all liability for any use or misuse of the contents hereof.
Greenwich Capital Markets, Inc. assumes no responsibility for the accuracy of
any material contained herein.
The information contained herein will be superseded by the description of the
mortgage loans contained in the prospectus supplement. Such information
supersedes the information in all prior collateral term sheets, if any.
15
<PAGE> 16
The information contained herein has been prepared solely for the use of
Greenwich Capital Markets, Inc. and has not been independently verified by
Greenwich Capital Markets, Inc. Accordingly, Greenwich Capital Markets, Inc.
makes no express or implied representations or warranties of any kind and
expressly disclaims all liability for any use or misuse of the contents hereof.
Greenwich Capital Markets, Inc. assumes no responsibility for the accuracy of
any material contained herein.
The information contained herein will be superseded by the description of the
mortgage loans contained in the prospectus supplement. Such information
supersedes the information in all prior collateral term sheets, if any.
16
<PAGE> 17
The information contained herein has been prepared on the basis of information
provided by the issuer or one or more of its affiliates to assist interested
parties in making a preliminary analysis of the proposed transaction and does
not purport to be all-inclusive or to contain all of the information that a
prospective investor may require to make a full analysis of the proposed
transaction. We have not verified any of the information contained herein and
assume no responsibility for the accuracy or completeness thereof. The
information contained herein does not constitute an offer to sell, nor a
solicitation of an offer to buy, any security or other financial instrument. Any
such offer or solicitation may only be made by means of the Private Placement
Memorandum, which will be made available by Greenwich Capital Markets, Inc., the
Initial Purchaser. The terms of this Preliminary Term Sheet are qualified in
their entirety by the information contained in the Private Placement Memorandum,
which will supersede, in its entirety, the terms hereof. This Preliminary Term
Sheet is submitted on a confidential basis to a limited number of institutional
investors and may not be reproduced in whole or in part, nor may it be
distributed or any of its contents disclosed to anyone other than the
prospective investor to whom it has been submitted by the Initial Purchaser.
Terms used but not defined herein shall have the meanings set forth in the
Private Placement Memorandum.
PRELIMINARY TERM SHEET DATE PREPARED: MAY 30, 2000
MELLON RESIDENTIAL FUNDING CORPORATION
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2000-TBC2
=====================================================
THE BOSTON COMPANY
=====================================================
$4,974,691 (APPROXIMATE, SUBJECT TO FINAL COLLATERAL)
PRIVATELY OFFERED CERTIFICATES
ONE MONTH LIBOR ARM RESIDENTIAL MORTGAGE LOANS
<TABLE>
<CAPTION>
=================================================================================================================================
WAL Payment Window
Principal (1) To Put/Mat To Put/Mat Initial Interest Expected Ratings
Class Amount (Approx.) (Years) (2) (Months) (2) Rate Type Tranche Type Moody's (4)
------ ---------------- ----------- ------------ -------------- ------------- -----------
<S> <C> <C> <C> <C> <C> <C>
B-4 $1,571,000 3.00/15.61 36-36/121-356 WAC (3) Subordinate Ba2
B-5 1,571,000 3.00/15.61 36-36/121-356 WAC (3) Subordinate B2
B-6 1,832,691 3.00/15.61 36-36/121-356 WAC (3) Subordinate NR
=================================================================================================================================
TOTAL $4,974,691
</TABLE>
(1) The Privately Offered Certificates (as described herein) are collateralized
by a pool of adjustable rate residential mortgage loans. Class sizes are
subject to final collateral and rating agency approval.
(2) As described further herein, the Privately Offered Certificates may be put
to Mellon Bank under certain circumstances.
(3) The Certificate Interest Rate for the Privately Offered Certificates will
always be equal to the Net WAC of the Mortgage Loans, (before and after the
Put Date) subject to the amount of available funds. The Net WAC and the net
weighted average maximum rate of the Mortgage Loans will be approximately
6.981% and 10.366% respectively for the first Distribution Date.
(4) In addition, dependent ratings of [A1] will be assigned by Moody's to each
class of rated Privately Offered Certificates to address the
creditworthiness of Mellon Bank, N.A. to fulfill its obligations with
respect to the Put Option (as described herein).
GREENWICH CAPITAL
=========--------------------------------------------------------------------
Mellon Financial Markets, LLC
1
<PAGE> 18
The information contained herein has been prepared on the basis of information
provided by the issuer or one or more of its affiliates to assist interested
parties in making a preliminary analysis of the proposed transaction and does
not purport to be all-inclusive or to contain all of the information that a
prospective investor may require to make a full analysis of the proposed
transaction. We have not verified any of the information contained herein and
assume no responsibility for the accuracy or completeness thereof. The
information contained herein does not constitute an offer to sell, nor a
solicitation of an offer to buy, any security or other financial instrument. Any
such offer or solicitation may only be made by means of the Private Placement
Memorandum, which will be made available by Greenwich Capital Markets, Inc., the
Initial Purchaser. The terms of this Preliminary Term Sheet are qualified in
their entirety by the information contained in the Private Placement Memorandum,
which will supersede, in its entirety, the terms hereof. This Preliminary Term
Sheet is submitted on a confidential basis to a limited number of institutional
investors and may not be reproduced in whole or in part, nor may it be
distributed or any of its contents disclosed to anyone other than the
prospective investor to whom it has been submitted by the Initial Purchaser.
Terms used but not defined herein shall have the meanings set forth in the
Private Placement Memorandum.
Initial Purchasers: Greenwich Capital Markets, Inc. and Mellon Financial
Markets, LLC.
Seller and
Master Servicer: Boston Safe Deposit and Trust ("THE BOSTON COMPANY").
Trustee: Norwest Bank Minnesota, National Association.
Statistical Cut-off Date: May 1, 2000.
Cut-off Date: June 1, 2000.
Pricing Date: On or about June 1, 2000.
Closing Date: On or about June 15, 2000.
Certificates: The "PRIVATELY OFFERED CERTIFICATES" will consist of
the Class B-4, Class B-5 and Class B-6 Certificates.
The "SENIOR CERTIFICATES" will consist of the Class
A-1 Certificates, the Class X Certificates and the
Class A-R Certificate. The "SUBORDINATE CERTIFICATES"
will consist of the Class B-1, Class B-2, Class B-3,
Class B-4, Class B-5 and Class B-6 Certificates.
Accrued Interest: The price to be paid by investors for the Privately
Offered Certificates will include accrued interest
from June 1, 2000 (the "CUT-OFF DATE") up to, but not
including, the Closing Date (14 days).
Interest Accrual Period: The interest accrual period for each class of
Privately Offered Certificates will be the calendar
month preceding the month in which such Distribution
Date occurs (on a 30/360 basis).
Distribution Date: The 15th day of each month (or the next succeeding
business day), commencing on July 17, 2000.
Registration: The Privately Offered Certificates will be made
available in definitive fully registered physical
form.
Federal Tax Treatment: It is anticipated that the Privately Offered
Certificates will each be treated in part as a REMIC
regular interest and in part as ownership of a put
option for tax purposes.
ERISA Eligibility: The Privately Offered Certificates are NOT EXPECTED to
be ERISA eligible. Prospective investors should review
with their legal advisors whether the purchase and
holding of the Privately Offered Certificates could
give rise to a transaction prohibited or not otherwise
permissible under ERISA, the Code or other similar
laws.
SMMEA Treatment: The Privately Offered Certificates are NOT EXPECTED to
constitute "mortgage related securities" for purposes
of SMMEA.
GREENWICH CAPITAL
=========--------------------------------------------------------------------
Mellon Financial Markets, LLC
2
<PAGE> 19
The information contained herein has been prepared on the basis of information
provided by the issuer or one or more of its affiliates to assist interested
parties in making a preliminary analysis of the proposed transaction and does
not purport to be all-inclusive or to contain all of the information that a
prospective investor may require to make a full analysis of the proposed
transaction. We have not verified any of the information contained herein and
assume no responsibility for the accuracy or completeness thereof. The
information contained herein does not constitute an offer to sell, nor a
solicitation of an offer to buy, any security or other financial instrument. Any
such offer or solicitation may only be made by means of the Private Placement
Memorandum, which will be made available by Greenwich Capital Markets, Inc., the
Initial Purchaser. The terms of this Preliminary Term Sheet are qualified in
their entirety by the information contained in the Private Placement Memorandum,
which will supersede, in its entirety, the terms hereof. This Preliminary Term
Sheet is submitted on a confidential basis to a limited number of institutional
investors and may not be reproduced in whole or in part, nor may it be
distributed or any of its contents disclosed to anyone other than the
prospective investor to whom it has been submitted by the Initial Purchaser.
Terms used but not defined herein shall have the meanings set forth in the
Private Placement Memorandum.
Eligible Investors: Investors will be required to deliver representation
letters that they are either qualified institutional
buyers under Rule 144A or institutional accredited
investors under Rule 501(a) of Regulation D. In
addition, investors will be required to deliver a
representation letter that their purchase will not be
a prohibited transaction under ERISA.
Put Option: During the 5 business day period ending on the
Distribution Date in April 2003 each of the
certificateholders (with the exception of the holders
of the Class X Certificates or the Class A-R
Certificate) will have the option to require Mellon
Bank, N.A. ("Mellon Bank") to purchase such
certificateholder's certificates of the related class
on the Distribution Date in June 2003 (the "Put
Date"). For the Class B-4 and Class B-5 Privately
Offered Certificates, the repurchase price will be 80%
(based on the outstanding certificate balance). For
the Class B-6 Privately Offered Certificates, the
repurchase price will be 20% (based on the outstanding
certificate balance).
Clean-Up Option: If the Put Option is exercised with respect to more
than 90% of the aggregate outstanding principal
balance of the putable certificates, Mellon Bank will
have the option to purchase all of the outstanding
putable certificates, including putable certificates
with respect to which the applicable certificateholder
has not exercised the Put Option.
Optional Termination: The terms of the transaction allow for a termination
of the Privately Offered Certificates which may be
exercised once the current principal balance of the
Mortgage Loans is equal to 10% or less of the initial
principal balance of the Mortgage Loans as of the
Cut-off Date.
Pricing Prepayment Speed: The Privately Offered Certificates will be priced to a
prepayment speed of 18% CPR.
Rating Agencies: Moody's will rate the Class B-4 and Class B-5
Certificates. No rating agency will rate the Class B-6
Certificates.
Mortgage Loans: As of the Statistical Cut-off Date, the initial
aggregate principal balance of the Mortgage Loans (the
"POOL BALANCE") will be approximately $523,525,791,
all of which are One Month LIBOR ARMs. From the
Statistical Cut-off Date to the Cut-off Date, the
principal balance of the Mortgage Loans may be reduced
by principal prepayments. The Mortgage Loans are
secured by first liens on one- to four-family
residential properties. The Mortgage Loans are all
modifiable and convertible. If a borrower exercises
his or her right to convert or modify a Mortgage
Loan's terms, the Seller will be obligated to
repurchase such Mortgage Loan. For further
information, please see the attached collateral
description of the Mortgage Loans.
GREENWICH CAPITAL
=========--------------------------------------------------------------------
Mellon Financial Markets, LLC
3
<PAGE> 20
The information contained herein has been prepared on the basis of information
provided by the issuer or one or more of its affiliates to assist interested
parties in making a preliminary analysis of the proposed transaction and does
not purport to be all-inclusive or to contain all of the information that a
prospective investor may require to make a full analysis of the proposed
transaction. We have not verified any of the information contained herein and
assume no responsibility for the accuracy or completeness thereof. The
information contained herein does not constitute an offer to sell, nor a
solicitation of an offer to buy, any security or other financial instrument. Any
such offer or solicitation may only be made by means of the Private Placement
Memorandum, which will be made available by Greenwich Capital Markets, Inc., the
Initial Purchaser. The terms of this Preliminary Term Sheet are qualified in
their entirety by the information contained in the Private Placement Memorandum,
which will supersede, in its entirety, the terms hereof. This Preliminary Term
Sheet is submitted on a confidential basis to a limited number of institutional
investors and may not be reproduced in whole or in part, nor may it be
distributed or any of its contents disclosed to anyone other than the
prospective investor to whom it has been submitted by the Initial Purchaser.
Terms used but not defined herein shall have the meanings set forth in the
Private Placement Memorandum.
Credit Enhancement: Senior/subordinate, shifting interest structure.
Credit enhancement for the Class B-4 Certificates will
consist of the subordination of the Class B-5 and
Class B-6 Certificates (total subordination initially
[0.65%]).
Credit enhancement for the Class B-5 Certificates will
consist of the subordination of the Class B-6
Certificates (total subordination initially [0.35%]).
The Class B-6 Certificates will not have the benefit
of any credit enhancement.
Shifting Interest: Until the first Distribution Date occurring after June
2010 the Subordinate Certificates will be locked out
from receipt of any principal (unless the Senior
Certificates are paid down to zero prior to such
date). After such time and subject to standard
collateral performance triggers, the Subordinate
Certificates will receive their pro-rata share of
scheduled principal and increasing portions of
unscheduled principal prepayments. The prepayment
percentages on the Subordinate Certificates are as
follows:
July 2000 - June 2010 0% Pro Rata Share
July 2010 - June 2011 30% Pro Rata Share
July 2011 - June 2012 40% Pro Rata Share
July 2012 - June 2013 60% Pro Rata Share
July 2013 - June 2014 80% Pro Rata Share
July 2014 and after 100% Pro Rata Share
Any principal not allocated to the Subordinate
Certificates will be allocated to the Senior
Certificates. In the event the current senior
percentage (aggregate current senior balance divided
by aggregate current pool balance) exceeds the initial
senior percentage (aggregate initial senior balance
divided by aggregate initial pool balance), the Senior
Certificates will receive all unscheduled principal
prepayments, regardless of any prepayment percentages.
Allocation of
Realized Losses: Any realized losses, other than excess losses, on the
Mortgage Loans will be allocated as follows: first, to
the Subordinate Certificates in reverse order of their
numerical Class designations, in each case until the
respective Class Principal Balance has been reduced to
zero; thereafter, to the Senior Certificates pro-rata
in reduction of their respective Class Principal
Balances.
Excess losses (bankruptcy, special hazard and fraud
losses in excess of the amounts established by the
rating agencies) will be allocated to all classes of
certificates on a pro-rata basis.
GREENWICH CAPITAL
=========--------------------------------------------------------------------
Mellon Financial Markets, LLC
4
<PAGE> 21
The information contained herein has been prepared on the basis of information
provided by the issuer or one or more of its affiliates to assist interested
parties in making a preliminary analysis of the proposed transaction and does
not purport to be all-inclusive or to contain all of the information that a
prospective investor may require to make a full analysis of the proposed
transaction. We have not verified any of the information contained herein and
assume no responsibility for the accuracy or completeness thereof. The
information contained herein does not constitute an offer to sell, nor a
solicitation of an offer to buy, any security or other financial instrument. Any
such offer or solicitation may only be made by means of the Private Placement
Memorandum, which will be made available by Greenwich Capital Markets, Inc., the
Initial Purchaser. The terms of this Preliminary Term Sheet are qualified in
their entirety by the information contained in the Private Placement Memorandum,
which will supersede, in its entirety, the terms hereof. This Preliminary Term
Sheet is submitted on a confidential basis to a limited number of institutional
investors and may not be reproduced in whole or in part, nor may it be
distributed or any of its contents disclosed to anyone other than the
prospective investor to whom it has been submitted by the Initial Purchaser.
Terms used but not defined herein shall have the meanings set forth in the
Private Placement Memorandum.
Certificates
Priority of Distributions: Available funds from the Mortgage Loans will be
distributed in the following order of priority:
1) Senior Certificates, accrued and unpaid interest
at the related Certificate Interest Rate.
2) Class A-R Certificate, principal, until its
balance is reduced to zero.
3) Class A-1 Certificates, principal, until its
balance is reduced to zero.
4) Class B-1, Class B-2 and Class B-3 Certificates,
in sequential order, accrued and unpaid interest
at the respective Certificate Interest Rate and
the respective share of principal.
5) Class B-4 Certificates, accrued and unpaid
interest at the Class B-4 Certificate Interest
Rate.
6) Class B-4 Certificates, principal.
7) Class B-5 Certificates, accrued and unpaid
interest at the Class B-5 Certificate Interest
Rate.
8) Class B-5 Certificates, principal.
9) Class B-6 Certificates, accrued and unpaid
interest at the Class B-6 Certificate Interest
Rate.
10) Class B-6 Certificates, principal.
11) Class A-R Certificates, any remaining amount.
UNDERWRITING STANDARDS
The Boston Company's underwriting process is intended to assess both the
prospective borrower's credit standing and ability to repay, and the value and
adequacy of the mortgaged property as collateral. In underwriting a Mortgage
Loan, The Boston Company relies primarily on the borrower's ability to repay the
loan, determined by analyzing the borrower's cash flow, liquidity and overall
financial condition and the value of the mortgaged property as a measure of the
extent of its recovery in the event of a default. In determining the adequacy of
the property as collateral for a loan, appraisals are obtained from qualified
outside appraisers approved by The Boston Company.
THE MASTER SERVICER
The Mortgage Loans will be master serviced by The Boston Company. The Boston
Company has a subservicing agreement in place with Dovenmuehle Mortgage, Inc.
which provides subservicing of the Mortgage Loans.
GREENWICH CAPITAL
=========--------------------------------------------------------------------
Mellon Financial Markets, LLC
5
<PAGE> 22
COMPUTATIONAL MATERIALS DISCLAIMER
The attached tables and other statistical analyses (the "Computational
Materials") are privileged and intended for use by the addressee only. These
Computational Materials have been prepared by Greenwich Capital Markets, Inc.,
the placement agent, in reliance upon information furnished by the issuer of the
securities and its affiliates. These Computational Materials are furnished to
you solely by Greenwich Capital Markets, Inc. and not by the issuer of the
securities. They may not be provided to any third party other than the
addressee's legal, tax, financial and/or accounting advisors for the purposes of
evaluating said material.
Numerous assumptions were used in preparing the Computational Materials which
may or may not be reflected therein. As such, no assurance can be given as to
the Computational Material's accuracy, appropriateness or completeness in any
particular context; nor as to whether the Computational Materials and/or the
assumptions upon which they are based reflect present market conditions or
future market performance. These Computational Materials should not be construed
as either projections or predictions or as legal, tax, financial or accounting
advice.
Any weighted average lives, yields and principal payment periods shown in the
Computational Materials are based on prepayments assumptions, and changes in
such prepayment assumptions may dramatically affect such weighted average lives,
yields and principal payment periods. In addition, it is possible that
prepayments on the underlying assets will occur at rates slower or faster than
the rates shown in the attached Computational Materials. Furthermore, unless
otherwise provided, the Computational Materials assume no losses on the
underlying assets and no interest shortfall. The specific characteristics of the
securities may differ from those shown in the Computational Materials due to
differences between the actual underlying assets and the hypothetical underlying
assets used in preparing the Computational Materials. The principal amount and
designation of any security described in the Computational Materials are subject
to change prior to issuance. Neither Greenwich Capital Markets, Inc. nor any of
its affiliates makes any representation or warranty as to the actual rate of
timing of payments on any of the underlying assets or the payments or yield on
the securities.
This communication shall not constitute an offer to sell or the solicitation of
an offer to buy the securities discussed in this communication. Prospective
purchasers are referred to the final private placement memorandum relating to
the securities discussed in this communication for definitive Computational
Materials and any matter discussed in this communication. A final private
placement memorandum may be obtained by contacting GCM's Trading Desk at (203)
625-6160.
Please be advised that the securities described herein may not be appropriate
for all investors. Potential investors must be willing to assume, among other
things, market price volatility, prepayments, yield curve and interest rate
risks. Investors should make every effort to consider the risks of these
securities.
If you have received this communication in error, please notify the sending
party immediately by telephone and return the original to such party by mail.
6
<PAGE> 23
PRICE DISCOUNT MARGIN TABLES (%)
<TABLE>
<CAPTION>
CLASS B-4 (TO PUT)
---------------------------------------------------------------------------------------------------------------------------------
COUPON 6.9806%
---------------------------------------------------------------------------------------------------------------------------------
FLAT
PRICE 12% CPR 15% CPR 18% CPR 25% CPR 30% CPR 35% CPR 40% CPR
=================================================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C>
76-26+ 3.999 3.999 3.999 3.999 3.999 3.999 3.999
=================================================================================================================================
WAL (YR) 3.00 3.00 3.00 3.00 3.00 3.00 3.00
MDUR (YR) 2.49 2.49 2.49 2.49 2.49 2.49 2.49
FIRST PRIN PAY 06/15/03 06/15/03 06/15/03 06/15/03 06/15/03 06/15/03 06/15/03
LAST PRIN PAY 06/15/03 06/15/03 06/15/03 06/15/03 06/15/03 06/15/03 06/15/03
---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
CLASS B-4 (TO MATURITY)
---------------------------------------------------------------------------------------------------------------------------------
COUPON 6.9806%
---------------------------------------------------------------------------------------------------------------------------------
FLAT
PRICE 12% CPR 15% CPR 18% CPR 25% CPR 30% CPR 35% CPR 40% CPR
=================================================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C>
76-26+ 3.676 3.729 3.777 3.882 4.199 4.600 5.050
=========================--------------------------------------------------------------------------------------------------------
WAL (YR) 16.95 16.21 15.61 14.41 12.05 10.08 8.54
MDUR (YR) 7.98 7.86 7.75 7.52 6.87 6.18 5.55
FIRST PRIN PAY 07/15/10 07/15/10 07/15/10 07/15/10 11/15/09 04/15/08 01/15/07
LAST PRIN PAY 02/15/30 02/15/30 02/15/30 02/15/30 02/15/30 02/15/30 02/15/30
---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
CLASS B-5 (TO PUT)
----------------------------------------------------------------------------------------------------------------------------------
COUPON 6.9806%
----------------------------------------------------------------------------------------------------------------------------------
FLAT
PRICE 12% CPR 15% CPR 18% CPR 25% CPR 30% CPR 35% CPR 40% CPR
==================================================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C>
70-05 7.498 7.498 7.498 7.498 7.498 7.498 7.498
=========================---------------------------------------------------------------------------------------------------------
WAL (YR) 3.00 3.00 3.00 3.00 3.00 3.00 3.00
MDUR (YR) 2.43 2.43 2.43 2.43 2.43 2.43 2.43
FIRST PRIN PAY 06/15/03 06/15/03 06/15/03 06/15/03 06/15/03 06/15/03 06/15/03
LAST PRIN PAY 06/15/03 06/15/03 06/15/03 06/15/03 06/15/03 06/15/03 06/15/03
----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
CLASS B-5 (TO MATURITY)
-----------------------------------------------------------------------------------------------------------------------------------
COUPON 6.9806%
-----------------------------------------------------------------------------------------------------------------------------------
FLAT
PRICE 12% CPR 15% CPR 18% CPR 25% CPR 30% CPR 35% CPR 40% CPR
===================================================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C>
70-05 4.789 4.859 4.920 5.058 5.481 6.019 6.625
======================-------------------------------------------------------------------------------------------------------------
WAL (YR) 16.95 16.21 15.61 14.41 12.05 10.08 8.54
MDUR (YR) 7.57 7.46 7.37 7.18 6.59 5.96 5.36
FIRST PRIN PAY 07/15/10 07/15/10 07/15/10 07/15/10 11/15/09 04/15/08 01/15/07
LAST PRIN PAY 02/15/30 02/15/30 02/15/30 02/15/30 02/15/30 02/15/30 02/15/30
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
"Full Price" = "Flat Price" + Accrued Interest.
Duration and related sensitivities are calculated at midpoint price.
Maturity and Last Principal Pay Dates may be distorted by the use of collateral
pool WAMs.
This information is furnished to you solely by Greenwich Capital Markets, Inc.
("GCM") and not by the Issuer of the securities or any of its affiliates. GCM is
acting as the initial purchaser in connection with the proposed transaction.
7
<PAGE> 24
PRICE DISCOUNT MARGIN TABLES (%)
<TABLE>
<CAPTION>
CLASS B-6 (TO PUT)
-----------------------------------------------------------------------------------------------------------------------------------
COUPON 6.9806%
-----------------------------------------------------------------------------------------------------------------------------------
FLAT
PRICE 12% CPR 15% CPR 18% CPR 25% CPR 30% CPR 35% CPR 40% CPR
===================================================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C>
20-00 29.479 29.479 29.479 29.479 29.479 29.479 29.479
======================-------------------------------------------------------------------------------------------------------------
WAL (YR) 3.00 3.00 3.00 3.00 3.00 3.00 3.00
MDUR (YR) 1.56 1.56 1.56 1.56 1.56 1.56 1.56
FIRST PRIN PAY 06/15/03 06/15/03 06/15/03 06/15/03 06/15/03 06/15/03 06/15/03
LAST PRIN PAY 06/15/03 06/15/03 06/15/03 06/15/03 06/15/03 06/15/03 06/15/03
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
CLASS B-6 (TO MATURITY)
-------------------------------------------------------------------------------------------------------------------------------
COUPON 6.9806%
-------------------------------------------------------------------------------------------------------------------------------
FLAT
PRICE 12% CPR 15% CPR 18% CPR 25% CPR 30% CPR 35% CPR 40% CPR
===============================================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C>
20-00 30.516 30.608 30.692 30.894 31.892 33.596 35.815
=======================--------------------------------------------------------------------------------------------------------
WAL (YR) 16.95 16.21 15.61 14.41 12.05 10.08 8.54
MDUR (YR) 2.47 2.48 2.49 2.51 2.56 2.57 2.53
FIRST PRIN PAY 07/15/10 07/15/10 07/15/10 07/15/10 11/15/09 04/15/08 01/15/07
LAST PRIN PAY 02/15/30 02/15/30 02/15/30 02/15/30 02/15/30 02/15/30 02/15/30
-------------------------------------------------------------------------------------------------------------------------------
</TABLE>
"Full Price" = "Flat Price" + Accrued Interest.
Duration and related sensitivities are calculated at midpoint price.
Maturity and Last Principal Pay Dates may be distorted by the use of collateral
pool WAMs.
This information is furnished to you solely by Greenwich Capital Markets, Inc.
("GCM") and not by the Issuer of the securities or any of its affiliates. GCM is
acting as the initial purchaser in connection with the proposed transaction.
8
<PAGE> 25
MELLON RESIDENTIAL FUNDING CORPORATION
MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2000-TBC2
SCHEDULED 05/01/00 BALANCES
PRODUCT: One Month Libor ARMs
TOTAL CURRENT BALANCE: 523,525,790.71
NUMBER OF LOANS: 746
<TABLE>
<CAPTION>
AVG/WAVG MIN MAX
<S> <C> <C> <C>
AVG CURRENT BALANCE: $701,777.20 $19,950.00 $3,200,000.00
AVG ORIGINAL BALANCE: $705,998.31 $19,950.00 $3,200,000.00
WAVG NOTE RATE: 7.365% 6.750% 8.875%
WAVG GROSS MARGIN: 1.135% 0.500% 2.625%
WAVG MAX INT RATE: 10.750% 10.750% 10.750%
WAVG PERIOD RATE CAP: 0.000% 0.000% 0.000%
WAVG HIGH FICO SCORE 754 0 822
WAVG LOW FICO SCORE: 738 0 813
WAVG ORIGINAL LTV: 69.77% 8.33% 100.00%
WAVG ORIGINAL LTC: 66.15% 0.00% 90.00%
WAVG NEXT RATE RESET: 1.10 Months 1.00 2.00 Months
WAVG ORIGINAL TERM: 360.00 Months 360.00 360.00 Months
WAVG STATED REM TERM: 356.00 Months 347.00 360.00 Months
WAVG SEASONING: 4.00 Months 0.00 13.00 Months
TOP STATE CONC($): 24.31% California, 18.16% Massachusetts, 12.45% New York
MAXIMUM ZIP CODE CONC($): 2.12% 81611 (Aspen, CO)
NOTE DATE: Mar 22, 1999 - Apr 25, 2000
FIRST PAY DATE: May 01, 1999 - Jun 01, 2000
RATE CHANGE DATE: Jun 01, 2000 - Jul 01, 2000
MATURITY DATE: Apr 01, 2029 - May 01, 2030
</TABLE>
The information contained herein has been prepared solely for the use of
Greenwich Capital Markets, Inc. and has not been independently verified by
Greenwich Capital Markets, Inc. Accordingly, Greenwich Capital Markets, Inc.
makes no express or implied representations or warranties of any kind and
expressly disclaims all liability for any use or misuse of the contents hereof.
Greenwich Capital Markets, Inc. assumes no responsibility for the accuracy of
any material contained herein.
The information contained herein will be superseded by the description of the
mortgage loans contained in the private placement memorandum. Such information
supersedes the information in all prior collateral term sheets, if any.
9
<PAGE> 26
<TABLE>
<CAPTION>
CURRENT
INDEX: PRINCIPAL BAL($) PCT($) # OF LOANS PCT(#)
<S> <C> <C> <C> <C>
1 MO LIBOR 523,525,790.71 100.00 746 100.00
DELINQUENCY:
CURRENT 523,525,790.71 100.00 746 100.00
CURRENT BALANCE($):
19,950.00 - 100,000.00 416,450.00 0.08 6 0.80
100,000.01 - 200,000.00 2,262,550.00 0.43 13 1.74
200,000.01 - 300,000.00 20,715,242.55 3.96 78 10.46
300,000.01 - 400,000.00 37,107,260.42 7.09 104 13.94
400,000.01 - 500,000.00 50,596,741.04 9.66 109 14.61
500,000.01 - 600,000.00 49,390,778.40 9.43 88 11.80
600,000.01 - 700,000.00 46,597,789.58 8.90 71 9.52
700,000.01 - 800,000.00 27,995,803.08 5.35 37 4.96
800,000.01 - 900,000.00 34,569,626.04 6.60 40 5.36
900,000.01 - 1,000,000.00 71,811,292.33 13.72 73 9.79
1,000,000.01 - 1,100,000.00 55,263,432.84 10.56 51 6.84
1,100,000.01 - 1,200,000.00 18,846,235.66 3.60 16 2.14
1,200,000.01 - 1,300,000.00 11,340,578.12 2.17 9 1.21
1,300,000.01 - 1,400,000.00 9,685,340.49 1.85 7 0.94
1,400,000.01 - 1,500,000.00 11,749,516.79 2.24 8 1.07
1,500,000.01 - 1,600,000.00 9,331,248.96 1.78 6 0.80
1,600,000.01 - 1,700,000.00 3,335,000.00 0.64 2 0.27
1,700,000.01 - 1,800,000.00 3,550,000.00 0.68 2 0.27
1,800,000.01 - 1,900,000.00 7,417,000.00 1.42 4 0.54
1,900,000.01 - 2,000,000.00 17,862,500.00 3.41 9 1.21
2,000,000.01 - 2,100,000.00 2,100,000.00 0.40 1 0.13
2,100,000.01 - 2,200,000.00 4,285,000.00 0.82 2 0.27
2,200,000.01 - 2,300,000.00 6,743,600.00 1.29 3 0.40
2,400,000.01 - 2,500,000.00 2,500,000.00 0.48 1 0.13
2,800,000.01 - 2,900,000.00 2,860,000.00 0.55 1 0.13
2,900,000.01 - 3,000,000.00 11,992,804.41 2.29 4 0.54
> 3,000,000.00 3,200,000.00 0.61 1 0.13
</TABLE>
The information contained herein has been prepared solely for the use of
Greenwich Capital Markets, Inc. and has not been independently verified by
Greenwich Capital Markets, Inc. Accordingly, Greenwich Capital Markets, Inc.
makes no express or implied representations or warranties of any kind and
expressly disclaims all liability for any use or misuse of the contents hereof.
Greenwich Capital Markets, Inc. assumes no responsibility for the accuracy of
any material contained herein.
The information contained herein will be superseded by the description of the
mortgage loans contained in the private placement memorandum. Such information
supersedes the information in all prior collateral term sheets, if any.
10
<PAGE> 27
<TABLE>
<CAPTION>
CURRENT
ORIGINAL BALANCE($): PRINCIPAL BAL($) PCT($) # OF LOANS PCT(#)
<S> <C> <C> <C> <C>
19,950.00 - 100,000.00 416,450.00 0.08 6 0.80
100,000.01 - 200,000.00 2,262,550.00 0.43 13 1.74
200,000.01 - 300,000.00 20,206,001.85 3.86 76 10.19
300,000.01 - 400,000.00 36,199,331.93 6.91 102 13.67
400,000.01 - 500,000.00 51,290,845.48 9.80 111 14.88
500,000.01 - 600,000.00 48,340,937.70 9.23 87 11.66
600,000.01 - 700,000.00 48,370,695.03 9.24 74 9.92
700,000.01 - 800,000.00 27,995,803.08 5.35 37 4.96
800,000.01 - 900,000.00 33,727,626.04 6.44 39 5.23
900,000.01 - 1,000,000.00 70,653,292.33 13.50 72 9.65
1,000,000.01 - 1,100,000.00 54,088,509.84 10.33 50 6.70
1,100,000.01 - 1,200,000.00 19,926,235.66 3.81 17 2.28
1,200,000.01 - 1,300,000.00 11,340,578.12 2.17 9 1.21
1,300,000.01 - 1,400,000.00 8,302,500.00 1.59 6 0.80
1,400,000.01 - 1,500,000.00 12,844,439.79 2.45 9 1.21
1,500,000.01 - 1,600,000.00 8,801,248.96 1.68 6 0.80
1,600,000.01 - 1,700,000.00 4,865,000.00 0.93 3 0.40
1,700,000.01 - 1,800,000.00 4,932,840.49 0.94 3 0.40
1,800,000.01 - 1,900,000.00 7,417,000.00 1.42 4 0.54
1,900,000.01 - 2,000,000.00 17,862,500.00 3.41 9 1.21
2,000,000.01 - 2,100,000.00 2,100,000.00 0.40 1 0.13
2,100,000.01 - 2,200,000.00 4,285,000.00 0.82 2 0.27
2,200,000.01 - 2,300,000.00 6,743,600.00 1.29 3 0.40
2,400,000.01 - 2,500,000.00 2,500,000.00 0.48 1 0.13
2,800,000.01 - 2,900,000.00 2,860,000.00 0.55 1 0.13
2,900,000.01 - 3,000,000.00 11,992,804.41 2.29 4 0.54
> 3,000,000.00 3,200,000.00 0.61 1 0.13
</TABLE>
<TABLE>
<CAPTION>
CURRENT
ORIGINAL BALANCE($): PRINCIPAL BAL($) PCT($) # OF LOANS PCT(#)
<S> <C> <C> <C> <C>
6.750 - 6.750 2,139,600.00 0.41 6 0.80
6.751 - 7.000 20,518,693.96 3.92 29 3.89
7.001 - 7.250 246,198,895.39 47.03 331 44.37
7.251 - 7.500 223,302,894.09 42.65 341 45.71
7.501 - 7.750 25,796,957.27 4.93 32 4.29
7.751 - 8.000 4,568,750.00 0.87 6 0.80
8.751 - 8.875 1,000,000.00 0.19 1 0.13
</TABLE>
The information contained herein has been prepared solely for the use of
Greenwich Capital Markets, Inc. and has not been independently verified by
Greenwich Capital Markets, Inc. Accordingly, Greenwich Capital Markets, Inc.
makes no express or implied representations or warranties of any kind and
expressly disclaims all liability for any use or misuse of the contents hereof.
Greenwich Capital Markets, Inc. assumes no responsibility for the accuracy of
any material contained herein.
The information contained herein will be superseded by the description of the
mortgage loans contained in the private placement memorandum. Such information
supersedes the information in all prior collateral term sheets, if any.
11
<PAGE> 28
<TABLE>
<CAPTION>
CURRENT
ORIGINAL BALANCE($): PRINCIPAL BAL($) PCT($) # OF LOANS PCT(#)
<S> <C> <C> <C> <C>
0.500 914,600.00 0.17 3 0.40
0.625 5,963,173.96 1.14 6 0.80
0.750 6,378,820.00 1.22 9 1.21
0.875 3,620,500.00 0.69 7 0.94
1.000 241,367,415.39 46.10 328 43.97
1.125 5,635,591.00 1.08 9 1.21
1.250 215,537,583.09 41.17 324 43.43
1.375 27,874,000.00 5.32 43 5.76
1.500 10,665,357.27 2.04 10 1.34
1.625 1,543,750.00 0.29 1 0.13
1.750 3,025,000.00 0.58 5 0.67
2.625 1,000,000.00 0.19 1 0.13
MAX INT RATE(%):
10.750 523,525,790.71 100.00 746 100.00
HIGH FICO SCORE:
<= 0 6,192,067.21 1.18 13 1.74
551 - 600 995,000.00 0.19 1 0.13
601 - 650 7,447,132.46 1.42 7 0.94
651 - 700 44,659,086.56 8.53 64 8.58
701 - 750 148,547,851.59 28.37 206 27.61
751 - 800 283,774,637.34 54.20 404 54.16
801 - 822 31,910,015.55 6.10 51 6.84
LOW FICO SCORE:
<= 0 6,192,067.21 1.18 13 1.74
501 - 550 995,000.00 0.19 1 0.13
551 - 600 1,538,000.00 0.29 2 0.27
601 - 650 14,397,950.48 2.75 19 2.55
651 - 700 77,394,649.56 14.78 107 14.34
701 - 750 185,952,625.59 35.52 264 35.39
751 - 800 233,054,997.87 44.52 332 44.50
801 - 813 4,000,500.00 0.76 8 1.07
</TABLE>
The information contained herein has been prepared solely for the use of
Greenwich Capital Markets, Inc. and has not been independently verified by
Greenwich Capital Markets, Inc. Accordingly, Greenwich Capital Markets, Inc.
makes no express or implied representations or warranties of any kind and
expressly disclaims all liability for any use or misuse of the contents hereof.
Greenwich Capital Markets, Inc. assumes no responsibility for the accuracy of
any material contained herein.
The information contained herein will be superseded by the description of the
mortgage loans contained in the private placement memorandum. Such information
supersedes the information in all prior collateral term sheets, if any.
12
<PAGE> 29
<TABLE>
<CAPTION>
CURRENT
ORIGINAL LTV(%): PRINCIPAL BAL($) PCT($) # OF LOANS PCT(#)
<S> <C> <C> <C> <C>
8.33 - 10.00 400,000.00 0.08 1 0.13
10.01 - 15.00 1,814,660.00 0.35 4 0.54
15.01 - 20.00 3,977,500.00 0.76 6 0.80
20.01 - 25.00 1,100,000.00 0.21 3 0.40
25.01 - 30.00 4,365,000.00 0.83 5 0.67
30.01 - 35.00 15,595,430.89 2.98 23 3.08
35.01 - 40.00 15,676,726.51 2.99 22 2.95
40.01 - 45.00 10,246,498.96 1.96 15 2.01
45.01 - 50.00 25,155,560.51 4.81 32 4.29
50.01 - 55.00 18,834,864.02 3.60 25 3.35
55.01 - 60.00 46,041,979.96 8.79 48 6.43
60.01 - 65.00 44,134,226.44 8.43 51 6.84
65.01 - 70.00 56,975,581.99 10.88 71 9.52
70.01 - 75.00 78,469,391.31 14.99 104 13.94
75.01 - 80.00 112,314,341.12 21.45 206 27.61
80.01 - 85.00 9,630,202.46 1.84 13 1.74
85.01 - 90.00 13,945,055.00 2.66 17 2.28
90.01 - 95.00 3,273,423.00 0.63 5 0.67
95.01 - 100.00 61,575,348.54 11.76 95 12.73
ORIGINAL LTC(%):
<= 0.00 1,388,000.00 0.27 3 0.40
5.01 - 10.00 400,000.00 0.08 1 0.13
10.01 - 15.00 1,814,660.00 0.35 4 0.54
15.01 - 20.00 3,977,500.00 0.76 6 0.80
20.01 - 25.00 3,100,000.00 0.59 4 0.54
25.01 - 30.00 4,365,000.00 0.83 5 0.67
30.01 - 35.00 15,245,430.89 2.91 22 2.95
35.01 - 40.00 15,676,726.51 2.99 22 2.95
40.01 - 45.00 12,246,498.96 2.34 16 2.14
45.01 - 50.00 23,065,560.51 4.41 31 4.16
50.01 - 55.00 18,834,864.02 3.60 25 3.35
55.01 - 60.00 47,094,979.96 9.00 49 6.57
60.01 - 65.00 48,111,132.69 9.19 55 7.37
65.01 - 70.00 71,901,981.99 13.73 90 12.06
70.01 - 75.00 95,199,004.31 18.18 124 16.62
75.01 - 80.00 146,778,718.41 28.04 272 36.46
80.01 - 85.00 6,368,332.46 1.22 7 0.94
85.01 - 90.00 7,957,400.00 1.52 10 1.34
</TABLE>
The information contained herein has been prepared solely for the use of
Greenwich Capital Markets, Inc. and has not been independently verified by
Greenwich Capital Markets, Inc. Accordingly, Greenwich Capital Markets, Inc.
makes no express or implied representations or warranties of any kind and
expressly disclaims all liability for any use or misuse of the contents hereof.
Greenwich Capital Markets, Inc. assumes no responsibility for the accuracy of
any material contained herein.
The information contained herein will be superseded by the description of the
mortgage loans contained in the private placement memorandum. Such information
supersedes the information in all prior collateral term sheets, if any.
13
<PAGE> 30
<TABLE>
<CAPTION>
CURRENT
REMAINING TERM(MTHS): PRINCIPAL BAL($) PCT($) # OF LOANS PCT(#)
<S> <C> <C> <C> <C>
347 - 348 1,500,000.00 0.29 2 0.27
349 - 350 9,585,501.02 1.83 5 0.67
351 - 352 13,923,540.21 2.66 12 1.61
353 - 354 137,161,056.89 26.20 184 24.66
355 - 356 133,187,199.38 25.44 201 26.94
357 - 358 93,450,397.21 17.85 138 18.50
359 - 360 134,718,096.00 25.73 204 27.35
RATE CHANGE DATE:
06/01/00 469,200,790.71 89.62 656 87.94
07/01/00 54,325,000.00 10.38 90 12.06
BLANKET FLAG:
NO 501,200,198.13 95.74 720 96.51
YES 22,325,592.58 4.26 26 3.49
PREPAY PENALTY:
NO PREPAYMENT PENALTY 6,067,569.90 1.16 9 1.21
PREPAYMENT PENALTY 517,458,220.81 98.84 737 98.79
IO FLAG:
INTEREST ONLY (10 YRS) 523,525,790.71 100.00 746 100.00
CONVERTIBLE FLAG:
CONVERTIBLE 523,525,790.71 100.00 746 100.00
MODIFIABLE FLAG:
MODIFIABLE 523,525,790.71 100.00 746 100.00
OCCUPANCY:
PRIMARY 406,821,534.94 77.71 583 78.15
SECOND HOME 116,704,255.77 22.29 163 21.85
DOCUMENTATION:
FULL 523,525,790.71 100.00 746 100.00
PROPERTY TYPE:
SINGLE FAMILY 319,299,422.84 60.99 438 58.71
PUD 96,778,643.37 18.49 131 17.56
CONDOMINIUM 60,156,770.47 11.49 102 13.67
COOPERATIVE 23,590,361.45 4.51 48 6.43
BLANKET 22,325,592.58 4.26 26 3.49
2-4 FAMILY 1,375,000.00 0.26 1 0.13
</TABLE>
The information contained herein has been prepared solely for the use of
Greenwich Capital Markets, Inc. and has not been independently verified by
Greenwich Capital Markets, Inc. Accordingly, Greenwich Capital Markets, Inc.
makes no express or implied representations or warranties of any kind and
expressly disclaims all liability for any use or misuse of the contents hereof.
Greenwich Capital Markets, Inc. assumes no responsibility for the accuracy of
any material contained herein.
The information contained herein will be superseded by the description of the
mortgage loans contained in the private placement memorandum. Such information
supersedes the information in all prior collateral term sheets, if any.
14
<PAGE> 31
<TABLE>
<CAPTION>
CURRENT
LOAN PURPOSE: PRINCIPAL BAL($) PCT($) # OF LOANS PCT (#)
<S> <C> <C> <C> <C>
CASH OUT REFINANCE 103,626,973.19 19.79 150 20.11
PURCHASE 372,203,362.09 71.10 536 71.85
RATE/TERM REFINANCE 47,695,455.43 9.11 60 8.04
STATE:
ARIZONA 17,625,907.67 3.37 30 4.02
CALIFORNIA 127,263,559.25 24.31 150 20.11
COLORADO 29,401,331.19 5.62 33 4.42
CONNECTICUT 19,748,062.10 3.77 27 3.62
DELAWARE 1,172,666.00 0.22 3 0.40
DISTRICT OF COLUMBIA 1,394,000.00 0.27 2 0.27
FLORIDA 20,271,974.00 3.87 37 4.96
GEORGIA 9,388,800.24 1.79 15 2.01
HAWAII 356,250.00 0.07 1 0.13
IDAHO 4,120,353.15 0.79 7 0.94
ILLINOIS 3,840,600.00 0.73 6 0.80
KANSAS 800,000.00 0.15 1 0.13
LOUISIANA 310,000.00 0.06 1 0.13
MAINE 2,058,000.00 0.39 3 0.40
MARYLAND 13,709,964.10 2.62 17 2.28
MASSACHUSETTS 95,065,266.94 18.16 139 18.63
MICHIGAN 5,143,249.67 0.98 6 0.80
MINNESOTA 445,000.00 0.09 1 0.13
MONTANA 500,000.00 0.10 1 0.13
NEVADA 622,486.00 0.12 1 0.13
NEW HAMPSHIRE 3,671,500.00 0.70 8 1.07
NEW JERSEY 18,990,056.47 3.63 24 3.22
NEW MEXICO 340,000.00 0.06 1 0.13
NEW YORK 65,160,514.30 12.45 94 12.60
NORTH CAROLINA 6,397,037.58 1.22 12 1.61
OHIO 697,819.71 0.13 1 0.13
OREGON 3,560,899.14 0.68 7 0.94
PENNSYLVANIA 32,127,712.96 6.14 59 7.91
RHODE ISLAND 2,344,178.12 0.45 3 0.40
SOUTH CAROLINA 3,091,000.00 0.59 3 0.40
TENNESSEE 860,000.00 0.16 1 0.13
TEXAS 9,280,973.62 1.77 15 2.01
UTAH 3,078,000.00 0.59 4 0.54
VERMONT 3,609,800.00 0.69 7 0.94
VIRGINIA 7,367,989.70 1.41 11 1.47
WASHINGTON 7,662,125.00 1.46 12 1.61
WISCONSIN 1,373,713.80 0.26 2 0.27
WYOMING 675,000.00 0.13 1 0.13
</TABLE>
The information contained herein has been prepared solely for the use of
Greenwich Capital Markets, Inc. and has not been independently verified by
Greenwich Capital Markets, Inc. Accordingly, Greenwich Capital Markets, Inc.
makes no express or implied representations or warranties of any kind and
expressly disclaims all liability for any use or misuse of the contents hereof.
Greenwich Capital Markets, Inc. assumes no responsibility for the accuracy of
any material contained herein.
The information contained herein will be superseded by the description of the
mortgage loans contained in the private placement memorandum. Such information
supersedes the information in all prior collateral term sheets, if any.
15
