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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report: July 20, 1998
(Date of earliest event reported)
Commission File No. 333-40113
Bombardier Capital Mortgage Securitization Corporation
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(Exact name of registrant as specified in its charter)
Vermont 03-0355080
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(State of Incorporation) (I.R.S. Employer
Identification No.)
1600 Mountain View Drive, Colchester, VT 05446
- ---------------------------------------- --------
Address of principal executive offices (Zip Code)
(802) 654-7200
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Registrant's Telephone Number, including area code
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(Former name, former address and former fiscal year, if changed since last
report)
Page 1 of --
Index to Exhibits is on Page 4
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ITEM 5. Other Events
Filing of Computational Materials
Exhibit 99.1 which attaches Computational Materials,
Structural Terms Sheet and Collateral Terms Sheet (as defined in the no-action
letter dated May 27, 1994 issued by the Securities and Exchange Commission to
the Public Securities Association) prepared by Credit Suisse First Boston in
connection with the offering of Bombardier Capital Mortgage Securitization
Corporation Senior/Subordinated Pass-Through Certificates, Series 1998-B is
attached hereto.
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Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
BOMBARDIER CAPITAL MORTGAGE
SECURITIZATION CORPORATION
July 20, 1998
By:/s/ Blaine H. Filthaut
---------------------------------
Name: Blaine H. Filthaut
Title: Vice President & Treasurer
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INDEX TO EXHIBITS
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<CAPTION>
Exhibit No. Description Page
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<S> <C> <C>
99.1 Computational Materials, Structural Terms 5
Sheet and Collateral Terms Sheet
</TABLE>
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SUBJECT TO REVISION
SERIES TERM SHEET DATED JULY 10, 1998
$282,585,000
Bombardier Capital Mortgage
[BOMBARDIER LOGO] Securitization Corporation,
Depositor
Bombardier Capital Inc.,
Servicer
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES, SERIES 1998-B
Attached is a preliminary Series Term Sheet describing the structure, collateral
pool and certain aspects of the Bombardier Capital Mortgage Securitization
Corporation Senior/Subordinated Pass-Through Certificates, Series 1998-B
transaction. The Series Term Sheet has been prepared by Bombardier Capital
Mortgage Securitization Corporation for informational purposes only and is
subject to modification or change. The information and assumptions contained
therein are preliminary and will be superseded by a prospectus supplement and by
any other additional information subsequently filed with the Securities and
Exchange Commission or incorporated by reference in the Registration Statement.
Neither Credit Suisse First Boston Corporation, First Chicago Capital Markets,
Inc. nor any of their respective affiliates makes any representation as to the
accuracy or completeness of any of the information set forth in the attached
Series Term Sheet. This cover sheet is not part of the Series Term Sheet.
A REGISTRATION STATEMENT (INCLUDING A BASE PROSPECTUS) RELATING TO THE
PASS-THROUGH CERTIFICATES, INCLUDING THE BOMBARDIER CAPITAL MORTGAGE
SECURITIZATION CORPORATION SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES, SERIES
1998-B, HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION AND HAS BEEN
DECLARED EFFECTIVE. THE FINAL PROSPECTUS SUPPLEMENT RELATING TO THE SECURITIES
WILL BE FILED AFTER THE SECURITIES HAVE BEEN PRICED AND ALL OF THE TERMS AND
INFORMATION ARE FINALIZED. THIS COMMUNICATION IS NOT AN OFFER TO SELL OR THE
SOLICITATION OF AN OFFER TO BUY NOR SHALL THERE BE ANY SALE OF THE SECURITIES IN
ANY STATE IN WHICH SUCH OFFER, SOLICITATION OR SALE WOULD BE UNLAWFUL PRIOR TO
REGISTRATION OR QUALIFICATION UNDER THE SECURITIES LAWS OF ANY SUCH STATE.
INTERESTED PERSONS ARE REFERRED TO THE FINAL PROSPECTUS AND PROSPECTUS
SUPPLEMENT TO WHICH THE SECURITIES RELATE. ANY INVESTMENT DECISION SHOULD BE
BASED ONLY UPON THE INFORMATION IN THE FINAL PROSPECTUS AND PROSPECTUS
SUPPLEMENT AS OF THEIR PUBLICATION DATES.
Credit Suisse First Boston First Chicago Capital Markets, Inc.
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This Series Term Sheet will be superseded in its entirety by the
information appearing in the Prospectus Supplement, the Prospectus and the
Series 1998-B Pooling and Servicing Agreement (the "Agreement") to be dated as
of July 1, 1998, among Bombardier Capital Mortgage Securitization Corporation,
as Depositor, Bombardier Capital Inc., as Servicer, and Harris Trust and Savings
Bank, as Trustee.
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Class Designations
Class A Certificates...................Class A Certificates.
Class M Certificates...................Class M-1 and Class M-2 Certificates.
Class B Certificates...................Class B-1 and Class B-2 Certificates.
Subordinated Certificates..............Class M, Class B, Class X and Class R Certificates.
Offered Certificates...................Class A, Class M and Class B-1 Certificates.
Offered Subordinated Certificates......Class M and Class B-1 Certificates.
The Offered Certificates...................The Offered Certificates will be issued in the amounts and
will bear the pass-through rates set forth below:
</TABLE>
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<CAPTION>
Initial Pass-Through
Title of Class Principal Amount(1) Rate
-------------- ------------------- ------------
<S> <C> <C>
Class A Certificates..... $226,969,000 .%(2)
Class M-1 Certificates... $24,050,000 .%(2)
Class M-2 Certificates... $15,031,000 .%(2)
Class B-1 Certificates... $16,535,000 .%(2)
</TABLE>
(1) The initial principal amount of
the Certificates may be increased
or decreased by up to 5%. Any
such increase or decrease may be
allocated disproportionately
among the Classes of
Certificates. Accordingly, any
investor's commitments with
respect to the Certificates may
be increased or decreased
correspondingly.
(2) The lesser of (i) the specified
rate per annum, computed on the
basis of a 360-day year of twelve
30-day months, or (ii) the
Weighted Average Net Asset Rate
for the related Distribution
Date.
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Other Certificates......................... The Class B-2, Class X and Class R Certificates are not being
offered hereby. The Class B-2, Class X and Class R
Certificates are expected to be held initially by Bombardier
Capital Mortgage Securitization Corporation (the "Company") or
an affiliate of the Company, which may offer such Certificates
in the future in one or more privately negotiated
transactions. The Class B-2 Certificates will have an initial
Certificate Principal Balance of approximately $12,025,000.
The Pass-Through Rate for the Class B-2 Certificates on any
Distribution Date will be equal to the lesser of (i) [ ]% per
annum and (ii) the Weighted Average Net Asset Rate for such
Distribution Date.
Denominations.............................. The Offered Certificates will be Book-Entry Certificates only,
and will be issued in minimum denominations of $1,000 and
integral multiples of $1 in excess thereof in the case of the
Class A Certificates and $25,000 and integral multiples of $1
in excess thereof in the case of the Class M and Class B-1
Certificates.
Cut-off Date............................... July 1, 1998.
Distribution Dates......................... The fifteenth day of each month, (or if such fifteenth day is
not a business day, the next succeeding business day)
commencing in August 1998.
Record Date................................ With respect to each Distribution Date the close of business
on the last business day of the month preceding the month in
which such Distribution Date occurs. (each, a "Record Date").
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Interest Accrual Period.................... With respect to each Distribution Date, the calendar month
preceding the month in which the Distribution Date occurs
(each, an "Interest Accrual Period"). Interest on the Offered
Certificates and the Class B-2 Certificates will be calculated
on the basis of a 360-day year consisting of twelve 30-day
months.
Distributions.............................. Distributions to Certificateholders generally will be applied
first to the payment of interest, second to the payment of any
unpaid principal and third, if any principal is then due, to
the payment of principal of the related Class of Certificates.
The principal amounts generally will be distributed to the
extent of the Available Distribution Amount after payment of
interest and interest shortfalls on the Certificates, first to
the Class A Certificateholders and then to each Class of
Subordinate Certificateholders based on their respective
priorities (i.e., first to the Class M-1 Certificateholders,
then to the Class M-2 Certificateholders, then to the Class
B-1 Certificateholders and then to the Class B-2
Certificateholders). Prior to the Cross-over Date or on any
Distribution Date as of which the Principal Distribution Tests
are not met, principal will be allocated solely to the Class A
Certificates; otherwise principal will be allocated pro rata
among the Class A, the Class M-1, the Class M-2, the Class B-1
and the Class B-2 Certificates.
[GRAPHIC OMITTED]
Available Distribution Amount.............. The "Available Distribution Amount" for a Distribution Date
generally will include (1)(a) Monthly Payments of principal
and interest due on the Assets during the related Collection
Period, to the extent such payments were actually collected
from the Obligors or advanced by the Servicer and (b)
unscheduled payments received with respect to the Assets
during the related Prepayment Period, including Principal
Prepayments, proceeds of repurchases, Net Liquidation
Proceeds and Net Insurance Proceeds, less (2)(a)
Servicing Fees for the related Collection Period, (b)
amounts required to reimburse the Servicer for previously
unreimbursed Advances in accordance with the Agreement,
(c) amounts required to reimburse the Company or the Servicer
for certain reimbursable expenses in accordance with the
Agreement and (d) amounts required to reimburse any party for
an overpayment of a Repurchase Price for an Asset in
accordance with the Agreement.
Overcollateralization..................... Excess interest collections will be applied, to the extent
available, to make accelerated payments of principal on the
Certificates. The "Target Overcollateralization Amount"
generally shall mean, (i) for any Distribution Date prior to
the Cross-over Date, 4.50% of the Pool Scheduled Principal
Balance as of the Cut-off Date and (ii) for any other
Distribution Date, the lesser of (x) 4.50% of the Pool
Scheduled Principal Balance as of the Cut-off Date and (y)
7.88% of the then-outstanding Pool Scheduled Principal
Balance; provided, however, that in no event shall the Target
Overcollateralization
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Amount be less than 1.25% of the Pool Scheduled Principal
Balance as of the Cut-off Date. On the Closing Date, the
initial overcollateralization amount shall equal 2.00% of the
Pool Scheduled Principal Balance as of the Cut-off Date.
Certificate Structure Considerations....... The primary credit support for the Class A Certificates is the
subordination of the Subordinated Certificates; for the Class
M-1 Certificates is the subordination of the Class M-2, Class
B, Class X and the Class R Certificates; for the Class M-2
Certificates is the subordination of the Class B, Class X, and
Class R Certificates; for the Class B-1 Certificates is the
subordination of the Class B-2, Class X and the Class R
Certificates.
Subordination of the Offered Subordinated
Certificates............................. The rights of the Class M-1 Certificateholders to receive
distributions of principal will be subordinated to such rights
of the Class A Certificateholders to receive distributions of
principal and interest. Interest and interest shortfalls on
the Class M-1 Certificates will not be subordinated to
principal payments on the Class A Certificates.
The rights of the Class M-2 Certificateholders to receive
distributions of principal will be subordinated to such rights
of the Class A and Class M-1 Certificateholders to receive
distributions of principal and interest. Interest and interest
shortfalls on the Class M-2 Certificates will not be
subordinated to principal payments on the Class A and the
Class M-1 Certificates.
The rights of the Class B-1 Certificateholders to receive
distributions of principal similarly will be subordinated to
the rights of the Class A and Class M Certificateholders to
receive distributions of principal and interest. Interest and
interest shortfalls on the Class B-1 Certificates will not be
subordinated to principal payments on the Class A and Class M
Certificates.
Cross-over Date........................... The later to occur of (a) the Distribution Date occurring in
August 2003 or (b) the first Distribution Date on which the
then-current credit enhancement for the Class A Certificates
is equal to or exceeds 1.93 times the initial credit
enhancement for the Class A Certificates.
Principal Distribution Tests.............. The Principal Distribution Tests will be met in respect of a
Distribution Date if (i) the Average Sixty-Day Delinquency
Ratio does not exceed 5.00%; (ii) the Average Thirty-Day
Delinquency Ratio does not exceed 7.00%; (iii) the Cumulative
Realized Losses do not exceed a certain specified percentage
of the Cut-off Date Pool Balance, depending on the year in
which such Distribution Date occurs (set forth in the
Agreement); and (iv) the Current Realized Loss Ratio does not
exceed 2.75%.
Realized Losses on Liquidated Assets....... The Principal Distribution Amount for any Distribution Date is
intended to include the Scheduled Principal Balance of each
Asset that became a Liquidated Asset during the preceding
calendar month. A Realized Loss will be incurred on a
Liquidated Asset in the amount, if any, by which the Net
Liquidation Proceeds from such Liquidated Asset are less than
the Unpaid Principal Balance of such Liquidated Asset, plus
accrued and unpaid interest thereon (to the extent not covered
by Servicing Advances, if any, with respect to such Liquidated
Asset), plus amounts reimbursable to the Servicer for
previously unreimbursed Servicing Advances. The amount of the
Realized Loss, if any, in excess of the sum of (1) the
</TABLE>
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amount of interest collected on the nondefaulted Assets in
excess of certain Interest Distribution Amounts and Carryover
Interest Distribution Amounts required to be distributed on
the Class A, Class M and Class B Certificates and any portion
of such interest required to be paid to the as servicing
compensation ("Excess Interest") and (2) the Current
Overcollateralization Amount will be allocated to the
Subordinated Certificates as a Writedown Amount in reduction
of their respective Certificate Principal Balances as
described below.
Allocation of Writedown Amounts............ The "Writedown Amount" for any Distribution Date will be the
amount, if any, by which the aggregate Certificate Principal
Balance of all Certificates, after all distributions have been
made on the Certificates on such Distribution Date, exceeds
the Pool Scheduled Principal Balance of the Assets for the
next Distribution Date. The Writedown Amount will be allocated
among the Classes of Subordinated Certificates in the
following order of priority:
(1) first, to the Class B-2 Certificates, to be applied in
reduction of the Adjusted Certificate Principal Balance
of such Class until it has been reduced to zero;
(2) second, to the Class B-1 Certificates, to be applied in
reduction of the Adjusted Certificate Principal Balance
of such Class until it has been reduced to zero;
(3) third, to the Class M-2 Certificates, to be applied in
reduction of the Adjusted Certificate Principal Balance
of such Class until it has been reduced to zero; and
(4) fourth, to the Class M-1 Certificates, to be applied in
reduction of the Adjusted Certificate Principal Balance
of such Class until it has been reduced to zero.
Advances................................... For each Distribution Date, the Servicer will be obligated to
make an advance (a "P&I Advance") in respect of any delinquent
Monthly Payment that will, in the Servicer's judgment, be
recoverable from late payments on or Liquidation Proceeds from
such Asset. The Servicer will also be obligated to make
Advances ("Servicing Advances" and, together with P&I
Advances, "Advances") in respect of Liquidation Expenses and
certain taxes and insurance premiums not paid by an Obligor on
a timely basis, to the extent the Servicer deems such
Servicing Advances recoverable out of Liquidation Proceeds or
from collections on the related Asset. P&I Advances and
Servicing Advances are reimbursable to the Servicer under
certain circumstances.
Final Scheduled Distribution Date.......... The Final Scheduled Distribution Date for each Class of the
Offered Certificates will be the October 2028 Distribution
Date. The Final Scheduled Distribution Date has been
determined by adding three months to the maturity date of the
Asset with the latest stated maturity.
Optional Termination....................... Either the Servicer or the holders of a majority in interest
of the Class R Certificates (the "Residual Majority"), at
their respective options and subject to the limitations
imposed by the Agreement, will have the option to purchase
from the Trust Estate all Assets then outstanding and all
other property in the Trust Estate on any Distribution Date
occurring on or after the
</TABLE>
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<S> <C>
Distribution Date on which the sum of the Certificate
Principal Balance of the Certificates is less than 10% of the
sum of the original Certificate Principal Balance of the
Certificates.
Auction Sale............................... If neither the Servicer nor the Residual Majority exercises
its optional termination right within 90 days after it first
becomes eligible to do so, the Trustee shall solicit bids for
the purchase of all Assets then outstanding and all other
property in the Trust Estate. In the event that satisfactory
bids are received, the sale proceeds will be distributed to
Certificateholders.
The Assets................................. The Trust will consist of (1) manufactured housing installment
sales contracts (collectively, the "Contracts") secured by
security interests in manufactured homes, and with respect to
certain of the Contracts ("Land Secured Contracts"), secured
by liens on the real estate on which the related Manufactured
Homes are located and (2) mortgage loans secured by first
liens on the real estate on which the related Manufactured
Homes are deemed permanently affixed (the "Mortgage Loans" and
collectively with the Contracts, the "Assets"). The Asset Pool
consists of 8,979 Contracts having an aggregate Scheduled
Principal Balance as of the Cut-off Date of approximately
$300,623,237.84. Approximately 0.47% of the Asset Pool is
comprised of Assets that are either Land Secured Contracts or
Mortgage Loans.
As of the Cut-off Date, the Assets were secured by
Manufactured Homes located in 30 states, and approximately
21.38%, 16.67%, 9.91%, 9.86%, 8.22% and 8.09% of the Assets
were secured by Manufactured Homes located in South Carolina,
Texas, North Carolina, Georgia, Alabama, and Mississippi,
respectively (based on property addresses of the Obligors on
the Assets as of the Cut-off Date). Monthly Payments of
principal and interest on the Assets will be due on various
days throughout each Collection Period (each a "Due Date").
The annual percentage rates on the Assets ranged from 7.00% to
13.75%, with weighted average of approximately 10.22%, as of
the Cut-off Date. The Assets had a remaining term to stated
maturity as of the Cut-off Date of at least 58 months but not
more than 360 months and original terms to stated maturity of
at least 60 months but not more than 360 months. As of the
Cut-off Date, the Assets had a weighted average original term
to stated maturity of approximately 313 months, and a weighted
average remaining terms to stated maturity of approximately
311 months. As of the Cut-off Date, no fewer than 92.78% of
the Assets were secured by Manufactured Homes which were new
at the time the related Assets were originated. As of the
Cut-off Date, no more than 7.22% of the Assets were secured by
Manufactured Homes which were used at the time the related
Assets were originated.
Certain Federal Income Tax
Consequences............................. For federal income tax purposes, the Trust Estate will be
treated as one or more real estate mortgage investment
conduits ("REMIC"). The Class A, Class M, Class B and Class X
Certificates will constitute "regular interests" in a REMIC
for federal income tax purposes. The Class R Certificates will
be treated as the sole class of "residual interests" in a
REMIC for federal income tax purposes.
5
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</TABLE>
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ERISA Considerations....................... Fiduciaries of employee benefit plans and certain other
retirement plans and arrangements, including individual
retirement accounts and annuities, Keogh plans, and collective
investment funds in which such plans, accounts, annuities or
arrangements are invested, that are subject to the Employee
Retirement Income Security Act of 1974, as amended ("ERISA"),
or corresponding provisions of the Code (any of the foregoing,
a "Plan"), persons acting on behalf of a Plan, or persons
using the assets of a Plan ("Plan Investors") should consult
with their own counsel to determine whether the purchase or
holding of the Offered Certificates could give rise to a
transaction that is prohibited either under ERISA or the Code.
BECAUSE THE OFFERED SUBORDINATED CERTIFICATES ARE SUBORDINATED
SECURITIES, THEY WILL NOT SATISFY THE REQUIREMENTS OF CERTAIN
PROHIBITED TRANSACTION EXEMPTIONS AND THEREFORE MAY BE
PURCHASED ONLY BY PERSONS WHO EITHER ARE NOT PLAN INVESTORS OR
CERTAIN INSURANCE COMPANIES USING THE ASSETS OF THEIR GENERAL
ACCOUNT.
Legal Investment Considerations............ The Class A and Class M-1 Certificates will constitute
"mortgage related securities" for purposes of the Secondary
Mortgage Market Enhancement Act of 1984 ("SMMEA").
THE CLASS M-2 AND CLASS B CERTIFICATES ARE NOT "MORTGAGE
RELATED SECURITIES" FOR PURPOSES OF SMMEA BECAUSE SUCH
CERTIFICATES ARE NOT RATED IN ONE OF THE TWO HIGHEST RATING
CATEGORIES BY A NATIONALLY RECOGNIZED RATING AGENCY.
Ratings.................................... It is a condition to the issuance of the Certificates that (i)
the Class A Certificates be rated "AAA" by Fitch IBCA, Inc.
("Fitch") and "Aaa" by Moody's Investors Service, Inc.
("Moody's" and, together with Fitch, the "Rating Agencies"),
(ii) the Class M-1 Certificates be rated at least "AA" by
Fitch and "Aa3" by Moody's, (iii) the Class M-2 Certificates
be rated at least "A" by Fitch and "A2" by Moody's, and (iv)
the Class B-1 Certificates be rated at least "BBB" by Fitch
and "Baa2" by Moody's. A security rating is not a
recommendation to buy, sell or hold securities and may be
subject to revision or withdrawal at any time by the assigning
rating organization.
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Whenever reference is made herein to a percentage of the Asset Pool by
Scheduled Principal Balance, the percentage is calculated based on the Scheduled
Principal Balances ("SPB") of the Assets as of the Cut-off Date. In addition,
numbers in any columns in the tables below may not sum exactly to the total
number at the bottom of the column due to rounding.
GEOGRAPHICAL DISTRIBUTION OF MANUFACTURED HOMES(1)
</TABLE>
<TABLE>
<CAPTION>
NUMBER OF PERCENTAGE OF
GEOGRAPHIC LOCATION ASSETS AGGREGATE SPB ASSET POOL BY SPB
- ------------------- ------ ------------- -----------------
<S> <C> <C> <C>
Alabama................... 760 $ 24,715,497 8.22%
Arizona................... 95 3,119,959 1.04
Arkansas.................. 418 12,654,984 4.21
California................ 1 26,943 0.01
Colorado.................. 2 63,227 0.02
Connecticut............... 1 26,627 0.01
Florida................... 484 18,757,334 6.24
Georgia................... 840 29,656,430 9.86
Illinois.................. 13 397,517 0.13
Iowa...................... 4 101,289 0.03
Kentucky.................. 47 1,337,530 0.44
Louisiana................. 422 13,356,142 4.44
Maine..................... 1 30,436 0.01
Michigan.................. 30 998,074 0.33
Minnesota................. 1 34,462 0.01
Mississippi............... 731 24,323,200 8.09
Missouri.................. 156 4,763,047 1.58
New Mexico................ 159 5,217,883 1.74
New York.................. 2 53,575 0.02
North Carolina............ 928 29,779,494 9.91
Oklahoma.................. 32 1,051,000 0.35
Pennsylvania.............. 2 69,816 0.02
South Carolina............ 1,844 64,266,610 21.38
Tennessee................. 473 13,879,953 4.62
Texas..................... 1,470 50,127,653 16.67
Utah...................... 2 58,448 0.02
Virginia.................. 47 1,329,168 0.44
West Virginia............. 11 346,261 0.12
Wisconsin................. 2 38,845 0.01
Wyoming................... 1 41,834 0.01
----- ------------ ------
Total.................. 8,979 $300,623,238 100.00%
===== ============ ======
</TABLE>
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(1) Based on the mailing address of the Obligor on the related Asset as of the
Cut-off Date.
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YEAR OF ORIGINATION OF ASSETS(1)
<TABLE>
<CAPTION>
NUMBER OF PERCENTAGE OF
YEAR OF ORIGINATION ASSETS AGGREGATE SPB ASSET POOL BY SPB
- ------------------- ------ ------------- -----------------
<S> <C> <C> <C>
1997.................. 672 $ 22,463,018 7.47%
1998.................. 8,307 278,160,220 92.53
----- ------------- -------
Total............ 8,979 $300,623,238 100.00%
===== ============ ======
</TABLE>
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(1) The weighted average seasoning of the Assets was approximately 2 month as of
the Cut-off Date.
DISTRIBUTION OF ORIGINAL ASSET AMOUNTS(1)
<TABLE>
<CAPTION>
ORIGINAL ASSET AMOUNT NUMBER OF PERCENTAGE OF
- --------------------- ASSETS AGGREGATE SPB ASSET POOL BY SPB
------ ------------- -----------------
<S> <C> <C> <C>
$ 10,000 - $ 14,999....... 335 $ 4,121,669 1.37%
$ 15,000 - $ 19,999....... 451 7,964,273 2.65
$ 20,000 - $ 24,999....... 1,108 25,195,403 8.38
$ 25,000 - $ 29,999....... 1,811 49,770,610 16.56
$ 30,000 - $ 34,999....... 1,793 58,044,086 19.31
$ 35,000 - $ 39,999....... 1,188 44,214,603 14.71
$ 40,000 - $ 44,999....... 966 41,033,104 13.65
$ 45,000 - $ 49,999....... 605 28,435,315 9.46
$ 50,000 - $ 54,999....... 316 16,501,709 5.49
$ 55,000 - $ 59,999....... 178 10,154,348 3.38
$ 60,000 - $ 64,999....... 124 7,714,279 2.57
$ 65,000 - $ 69,999....... 50 3,351,799 1.11
$ 70,000 - $ 74,999....... 25 1,799,938 0.60
$ 75,000 - $ 79,999....... 18 1,384,676 0.46
$ 80,000 - $ 84,999....... 6 491,045 0.16
$ 85,000 - $ 89,999....... 4 347,769 0.12
$ 95,000 - $ 99,999....... 1 98,612 0.03
----- ------------ ------
Total.................. 8,979 $300,623,238 100.00%
===== ============ ======
</TABLE>
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(1) The highest original Asset amount was $98,612, which represents 0.03% of the
aggregate principal balance of the Assets at origination. The average
original principal amount of the Assets was approximately $33,562 as of the
Cut-off Date.
ASSET RATES(1)
<TABLE>
<CAPTION>
NUMBER PERCENTAGE OF
ASSET RATE OF ASSETS AGGREGATE SPB ASSET POOL BY SPB
---------- --------- ------------- -----------------
<S> <C> <C> <C>
7.000% - 7.999%......... 102 $4,980,364 1.66%
8.000% - 8.999%......... 1,053 45,438,486 15.11
9.000% - 9.999%......... 662 26,419,547 8.79
10.000% - 10.999%......... 4,409 148,432,947 49.38
11.000% - 11.999%......... 1,585 48,055,196 15.99
12.000% - 12.999%......... 978 23,634,514 7.86
13.000% - 13.999%......... 190 3,662,184 1.22
----- ------------ ------
Total................ 8,979 $300,623,238 100.00%
===== ============ ======
</TABLE>
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(1) The weighted average Asset Rate was approximately 10.22% as of the Cut-off
Date.
8
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REMAINING TERMS TO MATURITY OF ASSETS (IN MONTHS)(1)
<TABLE>
<CAPTION>
REMAINING TO TERM NUMBER PERCENTAGE OF
TO MATURITY OF ASSETS AGGREGATE SPB ASSET POOL BY SPB
----------- --------- ------------- -----------------
<S> <C> <C> <C>
1 - 120 months.......... 287 $ 4,047,079 1.35%
121 - 156 months.......... 69 1,346,244 0.45
157 - 180 months.......... 698 14,947,499 4.97
181 - 240 months.......... 2,400 70,722,343 23.53
241 - 300 months.......... 939 27,477,479 9.14
301 - 360 months.......... 4,586 182,082,593 60.57
----- ------------ ------
Total................... 8,979 $300,623,238 100.00%
===== ============ ======
</TABLE>
- ----------
(1) The weighted average remaining term to maturity of the Assets was
approximately 311 months as of the Cut-off Date.
ORIGINAL TERMS TO MATURITY ASSETS (IN MONTHS)(1)
<TABLE>
<CAPTION>
ORIGINAL TERM NUMBER PERCENTAGE OF
TO MATURITY OF ASSETS AGGREGATE SPB ASSET POOL BY SPB
----------- --------- ------------- ----------------
<S> <C> <C> <C>
1 - 120 months.......... 287 $ 4,047,079 1.35%
121 - 156 months.......... 69 1,346,244 0.45
157 - 180 months.......... 698 14,947,499 4.97
181 - 216 months.......... 7 173,437 0.06
217 - 240 months.......... 2,393 70,548,906 23.47
241 - 300 months.......... 939 27,477,479 9.14
301 - 360 months.......... 4,586 182,082,593 60.57
----- ------------ ------
Total................... 8,979 $300,623,238 100.00%
===== ============ ======
</TABLE>
- -----------
(1) The weighted average original term to maturity of the Assets was
approximately 313 months as of Cut-off Date.
DISTRIBUTION OF ORIGINAL LOAN-TO-VALUE RATIOS OF ASSETS(1)
<TABLE>
<CAPTION>
NUMBER PERCENTAGE OF
LOAN-TO VALUE RATIO(2) OF ASSETS AGGREGATE SPB ASSET POOL BY SPB
- --------------------- --------- ------------- -----------------
<S> <C> <C> <C>
50% or less................ 7 $ 120,879 0.04%
51% - 55%.................... 6 94,457 0.03
56% - 60%.................... 11 232,513 0.08
61% - 65%.................... 17 413,632 0.14
66% - 70%.................... 37 946,777 0.31
71% - 75%.................... 80 2,387,997 0.79
76% - 80%.................... 446 13,559,509 4.51
81% - 85%.................... 1,334 42,456,465 14.12
86% - 90%.................... 5,483 182,070,158 60.56
91% - 95%.................... 1,557 58,310,057 19.40
96% - 100%................... 1 30,794 0.01
----- ------------ ------
Total................... 8,979 $300,623,238 100.00%
===== ============ ======
</TABLE>
- --------
(1) The weighted average original Loan-to-Value Ratio of the Assets was
approximately 88.70% as of the Cut-off Date.
(2) Rounded to nearest 1%.
9
<PAGE>
<PAGE>
BOMBARDIER MANUFACTURED HOUSING CONTRACT PASS-THROUGH CERTIFICATES,
SERIES 1998-B
COMPUTATIONAL MATERIALS
<TABLE>
<CAPTION>
BOND PROFILE SUMMARY
-----------------------------------------------------------------------------
Class Original Coupon Avg. CBE 1st Last Mod.
Name & Type Par % Life Yield Price Pay Pay Dur.
-----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
TO CALL:
A1 SENIOR 226,969,000 6.5300 5.93 6.564 99-31+ 8/98 6/15 4.27
M1 AA MEZZ 24,050,000 6.7900 11.29 6.855 99-31 11/03 6/15 7.41
M2 A MEZZ 15,031,000 7.1800 11.29 7.254 99-31 11/03 6/15 7.25
B1 BBB SUB 16,535,000 7.7200 11.29 7.805 99-31+ 11/03 6/15 7.04
B2 BB SUB 12,025,000 ------ 11.29 ----- ------ 11/03 6/15 ----
-----------------------------------------------------------------------------
TO MATURITY:
A1 SENIOR 226,969,000 6.5300 6.19 6.565 99-31+ 8/98 8/23 4.34
M1 AA MEZZ 24,050,000 6.7900 11.90 6.856 99-31 11/03 1/22 7.58
M2 A MEZZ 15,031,000 7.1800 11.83 7.255 99-31 11/03 10/20 7.39
B1 BBB SUB 16,535,000 7.7200 11.60 7.805 99-31+ 11/03 3/19 7.12
B2 BB SUB 12,025,000 ------ 12.95 ----- ------ 11/03 2/25 ----
-----------------------------------------------------------------------------
</TABLE>
(1) Data assumes a prepayment speed of 160% MHP.
(2) Coupon and price are assumed for computational materials.
(3) B2 certificates are not offered.
The above analysis has not been prepared nor reviewed by the issuer and is not
intended to be a prospectus. Any investment decision with respect to the
security should be made by you based solely upon all of the information
contained in the final prospectus. Under no circumstances shall the information
presented constitute an offer to sell or the solicitation of an offer to buy nor
shall there be any sale of the securities in any jurisdiction in which such
offer, solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of such jurisdiction. The securities may
not be sold nor may an offer to buy be accepted prior to the delivery of a final
prospectus relating to the securities. The above preliminary description of the
underlying assets has not been independently verified by Credit Suisse First
Boston. All information described above is preliminary, limited in nature and
subject to completion or amendment. Credit Suisse First Boston makes no
representations that the above referenced security will actually perform as
described in any scenario presented.
[CREDIT SUISSE FIRST BOSTON LOGO]
1
<PAGE>
<PAGE>
BOMBARDIER MANUFACTURED HOUSING CONTRACT PASS-THROUGH CERTIFICATES,
SERIES 1998-B
COMPUTATIONAL MATERIALS
<TABLE>
<CAPTION>
BOND PROFILE SUMMARY
-----------------------------------------------------------------------------
Percent of MHP: 0 75 100 160 200 300
-----------------------------------------------------------------------------
A1 SENIOR
Price: 99-31+ Coupon: 6.5300 Original Par: 226,969,000
-----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
TO CALL:
Bond Yield: 6.59 6.58 6.57 6.56 6.55 6.53
Average Life: 15.51 9.25 8.00 5.93 4.84 3.04
Duration: 8.70 5.93 5.33 4.27 3.66 2.53
First Prin Pay: 8/98 8/98 8/98 8/98 8/98 8/98
Last Prin Pay: 6/26 11/21 9/19 6/15 2/13 1/09
---------------------------
TO MATURITY:
Bond Yield: 6.59 6.58 6.58 6.56 6.56 6.53
Average Life: 15.58 9.45 8.25 6.19 5.07 3.16
Duration: 8.71 5.97 5.39 4.34 3.73 2.58
First Prin Pay: 8/98 8/98 8/98 8/98 8/98 8/98
Last Prin Pay: 2/28 3/27 6/26 8/23 3/21 10/15
-----------------------------------------------------------------------------
<CAPTION>
M1 AA MEZZ
Price: 99-31 Coupon: 6.7900 Original Par: 24,050,000
-----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
TO CALL:
Bond Yield: 6.87 6.86 6.86 6.86 6.85 6.85
Average Life: 23.67 16.87 14.86 11.29 10.08 8.35
Duration: 11.36 9.52 8.83 7.41 6.91 6.12
First Prin Pay: 12/15 9/07 2/06 11/03 8/03 10/03
Last Prin Pay: 6/26 11/21 9/19 6/15 2/13 1/09
---------------------------
TO MATURITY:
Bond Yield: 6.87 6.86 6.86 6.86 6.85 6.85
Average Life: 23.83 17.36 15.45 11.90 10.75 9.18
Duration: 11.38 9.61 8.95 7.58 7.12 6.46
First Prin Pay: 12/15 9/07 2/06 11/03 8/03 10/03
Last Prin Pay: 12/27 7/26 7/25 1/22 9/19 4/15
-----------------------------------------------------------------------------
</TABLE>
The above analysis has not been prepared nor reviewed by the issuer and is not
intended to be a prospectus. Any investment decision with respect to the
security should be made by you based solely upon all of the information
contained in the final prospectus. Under no circumstances shall the information
presented constitute an offer to sell or the solicitation of an offer to buy nor
shall there be any sale of the securities in any jurisdiction in which such
offer, solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of such jurisdiction. The securities may
not be sold nor may an offer to buy be accepted prior to the delivery of a final
prospectus relating to the securities. The above preliminary description of the
underlying assets has not been independently verified by Credit Suisse First
Boston. All information described above is preliminary, limited in nature and
subject to completion or amendment. Credit Suisse First Boston makes no
representations that the above referenced security will actually perform as
described in any scenario presented.
[CREDIT SUISSE FIRST BOSTON LOGO]
2
<PAGE>
<PAGE>
BOMBARDIER MANUFACTURED HOUSING CONTRACT PASS-THROUGH CERTIFICATES,
SERIES 1998-B
COMPUTATIONAL MATERIALS
<TABLE>
<CAPTION>
BOND PROFILE SUMMARY
-----------------------------------------------------------------------------
Percent of MHP: 0 75 100 160 200 300
-----------------------------------------------------------------------------
M2 A MEZZ
Price: 99-31 Coupon: 7.1800 Original Par: 15,031,000
-----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
TO CALL:
Bond Yield: 7.27 7.26 7.26 7.25 7.25 7.25
Average Life: 23.67 16.87 14.86 11.29 10.08 8.35
Duration: 10.96 9.25 8.60 7.25 6.77 6.02
First Prin Pay: 12/15 9/07 2/06 11/03 8/03 10/03
Last Prin Pay: 6/26 11/21 9/19 6/15 2/13 1/09
---------------------------
TO MATURITY:
Bond Yield: 7.27 7.26 7.26 7.25 7.25 7.25
Average Life: 23.82 17.32 15.40 11.83 10.68 9.13
Duration: 10.98 9.33 8.71 7.39 6.95 6.33
First Prin Pay: 12/15 9/07 2/06 11/03 8/03 10/03
Last Prin Pay: 10/27 12/25 9/24 10/20 5/18 5/14
-----------------------------------------------------------------------------
<CAPTION>
B1 BBB SUB
Price: 99-31+ Coupon: 7.7200 Original Par: 16,535,000
-----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
TO CALL:
Bond Yield: 7.82 7.81 7.81 7.80 7.80 7.80
Average Life: 23.67 16.87 14.86 11.29 10.08 8.35
Duration: 10.45 8.90 8.30 7.04 6.59 5.88
First Prin Pay: 12/15 9/07 2/06 11/03 8/03 10/03
Last Prin Pay: 6/26 11/21 9/19 6/15 2/13 1/09
---------------------------
TO MATURITY:
Bond Yield: 7.82 7.81 7.81 7.81 7.80 7.80
Average Life: 23.77 17.15 15.19 11.60 10.49 8.97
Duration: 10.46 8.94 8.36 7.12 6.71 6.12
First Prin Pay: 12/15 9/07 2/06 11/03 8/03 10/03
Last Prin Pay: 7/27 1/25 6/23 3/19 2/17 5/13
-----------------------------------------------------------------------------
</TABLE>
The above analysis has not been prepared nor reviewed by the issuer and is not
intended to be a prospectus. Any investment decision with respect to the
security should be made by you based solely upon all of the information
contained in the final prospectus. Under no circumstances shall the information
presented constitute an offer to sell or the solicitation of an offer to buy nor
shall there be any sale of the securities in any jurisdiction in which such
offer, solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of such jurisdiction. The securities may
not be sold nor may an offer to buy be accepted prior to the delivery of a final
prospectus relating to the securities. The above preliminary description of the
underlying assets has not been independently verified by Credit Suisse First
Boston. All information described above is preliminary, limited in nature and
subject to completion or amendment. Credit Suisse First Boston makes no
representations that the above referenced security will actually perform as
described in any scenario presented.
[CREDIT SUISSE FIRST BOSTON LOGO]
3
<PAGE>
<PAGE>
BOMBARDIER MANUFACTURED HOUSING CONTRACT PASS-THROUGH CERTIFICATES,
SERIES 1998-B
COMPUTATIONAL MATERIALS
<TABLE>
<CAPTION>
Percent of Principal Outstanding of Class A
--------------------------------------------------------------------------------------------
Percent of MHP: 0 75 100 160 200 300
--------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Initial Percent 100 100 100 100 100 100
July 15, 1999 95 91 89 86 84 78
July 15, 2000 94 84 81 74 69 58
July 15, 2001 92 77 73 62 55 40
July 15, 2002 90 71 65 51 43 25
July 15, 2003 88 64 57 42 32 13
July 15, 2004 86 58 50 36 28 11
July 15, 2005 83 52 43 32 24 9
July 15, 2006 80 46 38 28 21 7
July 15, 2007 77 40 35 25 18 6
July 15, 2008 74 37 32 22 15 4
July 15, 2009 70 34 29 19 13 3
July 15, 2010 66 31 26 16 11 3
July 15, 2011 62 29 23 14 9 2
July 15, 2012 57 26 21 12 8 1
July 15, 2013 52 23 19 10 6 1
July 15, 2014 47 21 16 9 5 1
July 15, 2015 42 19 14 7 4 0
July 15, 2016 37 17 13 6 3 0
July 15, 2017 34 14 11 5 2 0
July 15, 2018 30 12 9 4 2 0
July 15, 2019 28 11 8 3 1 0
July 15, 2020 26 9 6 2 0 0
July 15, 2021 23 8 5 2 0 0
July 15, 2022 20 6 4 1 0 0
July 15, 2023 17 5 3 0 0 0
July 15, 2024 14 4 2 0 0 0
July 15, 2025 11 2 1 0 0 0
July 15, 2026 7 1 0 0 0 0
July 15, 2027 3 0 0 0 0 0
July 15, 2028 0 0 0 0 0 0
Avg Life In Years: 15.6 9.4 8.2 6.2 5.1 3.2
</TABLE>
The above analysis has not been prepared nor reviewed by the issuer and is not
intended to be a prospectus. Any investment decision with respect to the
security should be made by you based solely upon all of the information
contained in the final prospectus. Under no circumstances shall the information
presented constitute an offer to sell or the solicitation of an offer to buy nor
shall there be any sale of the securities in any jurisdiction in which such
offer, solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of such jurisdiction. The securities may
not be sold nor may an offer to buy be accepted prior to the delivery of a final
prospectus relating to the securities. The above preliminary description of the
underlying assets has not been independently verified by Credit Suisse First
Boston. All information described above is preliminary, limited in nature and
subject to completion or amendment. Credit Suisse First Boston makes no
representations that the above referenced security will actually perform as
described in any scenario presented.
[CREDIT SUISSE FIRST BOSTON LOGO]
4
<PAGE>
<PAGE>
BOMBARDIER MANUFACTURED HOUSING CONTRACT PASS-THROUGH CERTIFICATES,
SERIES 1998-B
COMPUTATIONAL MATERIALS
<TABLE>
<CAPTION>
Percent of Principal Outstanding of Class M-1
--------------------------------------------------------------------------------------------
Percent of MHP: 0 75 100 160 200 300
--------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Initial Percent 100 100 100 100 100 100
July 15, 1999 100 100 100 100 100 100
July 15, 2000 100 100 100 100 100 100
July 15, 2001 100 100 100 100 100 100
July 15, 2002 100 100 100 100 100 100
July 15, 2003 100 100 100 100 100 100
July 15, 2004 100 100 100 91 87 84
July 15, 2005 100 100 100 81 75 68
July 15, 2006 100 100 96 71 64 54
July 15, 2007 100 100 88 63 55 43
July 15, 2008 100 93 80 55 47 34
July 15, 2009 100 86 73 48 40 26
July 15, 2010 100 79 66 42 34 20
July 15, 2011 100 72 59 36 28 15
July 15, 2012 100 66 53 31 23 10
July 15, 2013 100 59 47 26 19 7
July 15, 2014 100 53 42 22 15 4
July 15, 2015 100 48 37 18 12 0
July 15, 2016 95 42 32 15 9 0
July 15, 2017 86 36 27 12 7 0
July 15, 2018 76 31 22 9 4 0
July 15, 2019 71 27 19 7 0 0
July 15, 2020 65 24 16 6 0 0
July 15, 2021 58 20 13 2 0 0
July 15, 2022 50 16 10 0 0 0
July 15, 2023 42 12 8 0 0 0
July 15, 2024 35 9 5 0 0 0
July 15, 2025 27 6 0 0 0 0
July 15, 2026 18 0 0 0 0 0
July 15, 2027 7 0 0 0 0 0
July 15, 2028 0 0 0 0 0 0
Avg Life In Years: 23.8 17.4 15.5 11.9 10.7 9.2
</TABLE>
The above analysis has not been prepared nor reviewed by the issuer and is not
intended to be a prospectus. Any investment decision with respect to the
security should be made by you based solely upon all of the information
contained in the final prospectus. Under no circumstances shall the information
presented constitute an offer to sell or the solicitation of an offer to buy nor
shall there be any sale of the securities in any jurisdiction in which such
offer, solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of such jurisdiction. The securities may
not be sold nor may an offer to buy be accepted prior to the delivery of a final
prospectus relating to the securities. The above preliminary description of the
underlying assets has not been independently verified by Credit Suisse First
Boston. All information described above is preliminary, limited in nature and
subject to completion or amendment. Credit Suisse First Boston makes no
representations that the above referenced security will actually perform as
described in any scenario presented.
[CREDIT SUISSE FIRST BOSTON LOGO]
5
<PAGE>
<PAGE>
BOMBARDIER MANUFACTURED HOUSING CONTRACT PASS-THROUGH CERTIFICATES,
SERIES 1998-B
COMPUTATIONAL MATERIALS
<TABLE>
<CAPTION>
Percent of Principal Outstanding of Class M-2
--------------------------------------------------------------------------------------------
Percent of MHP: 0 75 100 160 200 300
--------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Initial Percent 100 100 100 100 100 100
July 15, 1999 100 100 100 100 100 100
July 15, 2000 100 100 100 100 100 100
July 15, 2001 100 100 100 100 100 100
July 15, 2002 100 100 100 100 100 100
July 15, 2003 100 100 100 100 100 100
July 15, 2004 100 100 100 91 87 84
July 15, 2005 100 100 100 81 75 68
July 15, 2006 100 100 96 71 64 54
July 15, 2007 100 100 88 63 55 43
July 15, 2008 100 93 80 55 47 34
July 15, 2009 100 86 73 48 40 26
July 15, 2010 100 79 66 42 34 20
July 15, 2011 100 72 59 36 28 15
July 15, 2012 100 66 53 31 23 10
July 15, 2013 100 59 47 26 19 6
July 15, 2014 100 53 42 22 15 0
July 15, 2015 100 48 37 18 12 0
July 15, 2016 95 42 32 15 9 0
July 15, 2017 86 36 27 12 5 0
July 15, 2018 76 31 22 9 0 0
July 15, 2019 71 27 19 6 0 0
July 15, 2020 65 24 16 1 0 0
July 15, 2021 58 20 13 0 0 0
July 15, 2022 50 16 10 0 0 0
July 15, 2023 42 12 7 0 0 0
July 15, 2024 35 9 1 0 0 0
July 15, 2025 27 3 0 0 0 0
July 15, 2026 18 0 0 0 0 0
July 15, 2027 6 0 0 0 0 0
July 15, 2028 0 0 0 0 0 0
Avg Life In Years: 23.8 17.3 15.4 11.8 10.7 9.1
</TABLE>
The above analysis has not been prepared nor reviewed by the issuer and is not
intended to be a prospectus. Any investment decision with respect to the
security should be made by you based solely upon all of the information
contained in the final prospectus. Under no circumstances shall the information
presented constitute an offer to sell or the solicitation of an offer to buy nor
shall there be any sale of the securities in any jurisdiction in which such
offer, solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of such jurisdiction. The securities may
not be sold nor may an offer to buy be accepted prior to the delivery of a final
prospectus relating to the securities. The above preliminary description of the
underlying assets has not been independently verified by Credit Suisse First
Boston. All information described above is preliminary, limited in nature and
subject to completion or amendment. Credit Suisse First Boston makes no
representations that the above referenced security will actually perform as
described in any scenario presented.
[CREDIT SUISSE FIRST BOSTON LOGO]
6
<PAGE>
<PAGE>
BOMBARDIER MANUFACTURED HOUSING CONTRACT PASS-THROUGH CERTIFICATES,
SERIES 1998-B
COMPUTATIONAL MATERIALS
<TABLE>
<CAPTION>
Percent of Principal Outstanding of Class B-1
--------------------------------------------------------------------------------------------
Percent of MHP: 0 75 100 160 200 300
--------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Initial Percent 100 100 100 100 100 100
July 15, 1999 100 100 100 100 100 100
July 15, 2000 100 100 100 100 100 100
July 15, 2001 100 100 100 100 100 100
July 15, 2002 100 100 100 100 100 100
July 15, 2003 100 100 100 100 100 100
July 15, 2004 100 100 100 91 87 84
July 15, 2005 100 100 100 81 75 68
July 15, 2006 100 100 96 71 64 54
July 15, 2007 100 100 88 63 55 43
July 15, 2008 100 93 80 55 47 34
July 15, 2009 100 86 73 48 40 26
July 15, 2010 100 79 66 42 34 20
July 15, 2011 100 72 59 36 28 11
July 15, 2012 100 66 53 31 23 4
July 15, 2013 100 59 47 26 19 0
July 15, 2014 100 53 42 22 13 0
July 15, 2015 100 48 37 18 7 0
July 15, 2016 95 42 32 12 2 0
July 15, 2017 86 36 27 7 0 0
July 15, 2018 76 31 22 2 0 0
July 15, 2019 71 27 19 0 0 0
July 15, 2020 65 24 14 0 0 0
July 15, 2021 58 20 9 0 0 0
July 15, 2022 50 14 4 0 0 0
July 15, 2023 42 8 0 0 0 0
July 15, 2024 35 3 0 0 0 0
July 15, 2025 27 0 0 0 0 0
July 15, 2026 17 0 0 0 0 0
July 15, 2027 0 0 0 0 0 0
July 15, 2028 0 0 0 0 0 0
Avg Life In Years: 23.8 17.2 15.2 11.6 10.5 9.0
</TABLE>
The above analysis has not been prepared nor reviewed by the issuer and is not
intended to be a prospectus. Any investment decision with respect to the
security should be made by you based solely upon all of the information
contained in the final prospectus. Under no circumstances shall the information
presented constitute an offer to sell or the solicitation of an offer to buy nor
shall there be any sale of the securities in any jurisdiction in which such
offer, solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of such jurisdiction. The securities may
not be sold nor may an offer to buy be accepted prior to the delivery of a final
prospectus relating to the securities. The above preliminary description of the
underlying assets has not been independently verified by Credit Suisse First
Boston. All information described above is preliminary, limited in nature and
subject to completion or amendment. Credit Suisse First Boston makes no
representations that the above referenced security will actually perform as
described in any scenario presented.
[CREDIT SUISSE FIRST BOSTON LOGO]
7
