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Previous: IKON RECEIVABLES LLC, 8-K, 2000-05-30 |
Next: IKON RECEIVABLES LLC, 8-K, EX-99.2, 2000-05-30 |
<PAGE>
EXHIBIT 99.1
<PAGE>
[LOGO OF CHASE GOES HERE]
Computational Materials
$498,510,000
(approximate)
IKON RECEIVABLES, LLC
Lease-Backed Notes, Series 2000-1
______________________________
This series term sheet contains structural and collateral information about
the Notes; however, this series term sheet does not contain complete information
about the Notes. The information in this series term sheet is preliminary and
will be superseded by the information contained in the final prospectus
supplement and the prospectus. You should read both the preliminary prospectus
supplement and the prospectus. These materials are not intended as an offer or
solicitation with respect to the purchase or sale of any security. The attached
information also contains certain tables and other statistical analyses (the
"Computational Materials"). 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
prepayment 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. 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 Chase Securities 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.
Additional information is available upon request. These materials do not
constitute an offer to buy or sell or a solicitation of an offer to buy or sell
any security or instrument or to participate in any particular trading strategy.
ANY SUCH OFFER TO BUY OR SELL ANY SECURITY WOULD BE MADE PURSUANT TO A
DEFINITIVE PROSPECTUS AND PROSPECTUS SUPPLEMENT PREPARED BY THE ISSUER WHICH
WOULD CONTAIN MATERIAL INFORMATION NOT CONTAINED IN THESE MATERIALS. SUCH
PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL CONTAIN ALL MATERIAL INFORMATION IN
RESPECT OF ANY SUCH SECURITY OFFERED THEREBY AND ANY DECISION TO INVEST IN SUCH
SECURITIES SHOULD BE MADE SOLELY IN RELIANCE UPON SUCH PROSPECTUS AND PROSPECTUS
SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT NOT DEFINED HEREIN ARE TO BE READ IN
CONJUNCTION WITH SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. In the event of any
such offering, these materials, including any description of the Notes contained
herein, shall be deemed superseded, amended and supplemented in their entirety
by such Prospectus and Prospectus Supplement.
<PAGE>
IKON Receivables, LLC
Lease-Backed Notes, 2000-1
IOS Capital, Inc.
$498,510,000 (Approximate)
ORIGINATOR/SERVICER: IOS Capital, Inc. ("IOS Capital").
TRUSTEE: Bank One, N.A.
INSURER: Ambac Assurance Corporation.
UNDERWRITERS: Chase Securities Inc. is Lead Manager, Co-Managers are
Banc of America Securities LLC, Deutsche Banc Alex.
Brown, Lehman Brothers, and PNC Capital Markets, Inc.
The following table uses the Modeling Assumptions:
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------------
Securities Approx. Ratings Expected WAL Principal Window Final Maturity ERISA
Size (S&P/Moody's) (Maturity/10% Call) (Maturity/10% (Expected/Legal) Eligible
@ 0.0% CPR/(1)/ Call)
----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Class A-1/(2)/ $130,000,000 A-1+/P-1 0.41 yrs./0.41 yrs 1-11/1-11 Apr 2001/Jun 2001 Yes
Class A-2 $ 54,000,000 AAA/Aaa 1.05 yrs./1.05 yrs 11-16/11-16 Sep 2001/Mar 2002 Yes
Class A-3 $230,000,000 AAA/Aaa 2.17 yrs./2.17 yrs 16-40/16-40 Sep 2003/Mar 2004 Yes
Class A-4 $ 84,510,000 AAA/Aaa 3.82 yrs./3.61 yrs 40-54/40-45 Nov 2004/Sep 2006 Yes
============================================================================================================================
</TABLE>
____________________________
(1) The Securities will be priced to Maturity at 0.0% CPR.
(2) The Class A-1 Notes will be 2a-7 Money Market Eligible.
The information set forth herein is based upon the timely receipt of scheduled
Lease Payments, assumes the Closing Date is June 2, 2000, the first Payment Date
is June 15, 2000, distributions on the Notes are made on the fifteenth day of
each month (regardless of the day on which the Payment Date actually occurs), no
delinquencies or defaults in the payment of principal and interest on the Leases
are experienced, no Lease is repurchased for breach of representation or
warranty or otherwise, payments on the Leases are received on the last day of
each Collection Period, the Servicing Fee is 0.75%, the "Initial Statistical
Principal Amount" of the Class A-1 Notes, Class A-2 Notes, Class A-3 Notes, and
Class A-4 Notes is $130,000,000, $54,000,000, $230,000,000 and $84,510,000,
respectively, the "Statistical Class Percentage" for the Class A Notes is equal
to 86.93273%, the Asset Pool consists of a single Lease with an aggregate
discounted present value of $498,510,000.00 on which interest is accrued at a
discount rate equal to 8.750%, and the Issuer does not exercise its option to
redeem the Notes.
FOR INFORMATION CONCERNING CERTAIN RISK FACTORS THAT SHOULD BE CONSIDERED BY
PROSPECTIVE INVESTORS, SEE "RISK FACTORS" IN THE PROSPECTUS SUPPLEMENT AND
PROSPECTUS. CAPITALIZED TERMS USED HEREIN AND NOT OTHERWISE DEFINED HAVE THE
MEANINGS SET FORTH IN THE PROSPECTUS AND PROSPECTUS SUPPLEMENT.
2
<PAGE>
CUT-OFF DATE: The opening of business on May 1, 2000.
STATED MATURITY DATE: Class A-1: Payment Date occurring in June 2001.
Class A-2: Payment Date occurring in March 2002.
Class A-3: Payment Date occurring in March 2004.
Class A-4: Payment Date occurring in September 2006.
EXP. PRICING: Week of May 22, 2000.
EXP. SETTLEMENT: June 2, 2000. Settles flat.
PAYMENT DATE: The 15th day of each month (or if such date is not a
business day, the immediately succeeding business day),
commencing June 15, 2000.
ERISA: Subject to the conditions set forth in the Prospectus
Supplement, the Notes are ERISA eligible.
TAX TREATMENT: For federal income tax purposes, the Notes will be
characterized as debt and the issuer will not be
treated as an association (or a publicly traded
partnership) taxable as a corporation.
OPTIONAL REDEMPTION: The Issuer may redeem the Notes when the Discounted
Present Value of the Leases is less than or equal to
10% of the Discounted Present Value of the Leases as of
June 2, 2000.
CREDIT ENHANCEMENT: Initially 11.0% in aggregate consisting of (i)
subordination of the Overcollateralization Balance
(approximately 10.0%) and (ii) the Reserve Account
(1.0%). The Issuer will obtain a noncancellable
insurance policy from Ambac Assurance Corporation with
respect to the Notes, which will unconditionally and
irrevocably guarantee timely payment of interest and
ultimate payment of principal, but subject to specific
terms and conditions set forth in the Prospectus
Supplement.
RESERVE ACCOUNT: The Trustee will establish and maintain the Reserve
Account as an Eligible Account. On the Issuance Date,
the Issuer will make an initial deposit to the Reserve
Account in an amount equal to 1.0% of the Discounted
Present Value of the Leases as of the Cut-Off Date. The
Reserve Account Required Amount will be the lesser of
1.0% of the Discounted Present Value of the Lease as of
the Cut-Off Date and the outstanding Principal Amount
of the Notes.
THE ASSET POOL: The Statistical Discounted Present Value of the Leases
as of the Cut-off Date is $555,615,022.22 using the
Statistical Discount Rate of 8.57% per annum.
SUBSTITUTIONS: The aggregate Discounted Present Value of the Non-
Performing Leases for which IOS Capital may substitute
Substitute Leases is limited to an amount not in excess
of 10% of the aggregate Discounted Present Value of the
Leases as of the Cut-Off Date. The aggregate Discounted
Present Value of Adjusted Leases and Warranty Leases
for which IOS Capital may substitute Substitute Leases
is limited to an amount not in excess of 10% of the
aggregate Discounted Present Value of the Leases as of
the Cut-Off Date.
PAYMENT PRIORITY: Available Funds will be used to make payments in the
following priority: (i) Insurance Policy Premium, (ii)
amounts due to Swap Counterparty pursuant to the Swap
Agreement, (iii) Servicing Fee, (iv) unreimbursed
Servicer Advances, (v) Class A Interest, (vi)
reimbursements to the Insurer, (vii) the Class A
3
<PAGE>
Principal Payment to (1) the Class A-1 Noteholders
only, until the Outstanding Principal Amount on the
Class A-1 Notes is reduced to zero, then (2) to the
Class A-2 Noteholders only, until the Outstanding
Principal Amount on the Class A-2 Notes is reduced to
zero, then (3) to the Class A-3 Noteholders, until the
Outstanding Principal Amount on the Class A-3 Notes is
reduced to zero, and finally (4) to the Class A-4
Noteholders, until the Outstanding Principal Amount on
the Class A-4 Notes is reduced to zero, (viii)
Additional Principal, if any, (ix) Reserve Account, if
necessary, and (x) excess to the Issuer.
ACCELERATION EVENT: An "Acceleration Event" will occur if (i) a Servicer
Event of Default has occurred and is continuing, (ii)
with respect to any Payment Date, the
Overcollateralization Balance is less than or equal to
the Overcollateralization Floor, (iii) for any three
consecutive Due Periods, the average of the Annualized
Default Rates for those Due Periods is greater than
6.25%; or (iv) for any three consecutive Due Periods,
the average of the Delinquency Rates for those Due
Periods is greater than 8.00%.
If an Acceleration Event has occurred, Additional
Principal will be distributed as an additional
principal payment, to (1) the Class A-1 Noteholders
only, until the Outstanding Principal Amount on the
Class A-1 Notes is reduced to zero, then (2) to the
Class A-2 Noteholders only, until the Outstanding
Principal Amount on the Class A-2 Notes is reduced to
zero, then (3) to the Class A-3 Noteholders only, until
the Outstanding Principal Amount on the Class A-3 Notes
is reduced to zero, and finally (4) to the Class A-4
Noteholders, until the Outstanding Principal Amount on
the Class A-4 Notes is reduced to zero.
OVERCOLLATERALIZATION
FLOOR: The "Overcollateralization Floor" for each Payment Date
means (a) 2.5% of the Discounted Present Value of the
Leases as of the Cut-Off Date, plus (b) the Cumulative
Loss Amount with respect to that Payment Date, minus
(c) the amount on deposit in the Reserve Account after
giving effect to withdrawals to be made on account of
that Payment Date.
CUMULATIVE LOSS
AMOUNT: The "Cumulative Loss Amount" with respect to each
Payment Date is an amount equal to the excess, if any,
of (a) the total of (i) the Outstanding Principal
Amount of the Notes as of the immediately preceding
Payment Date after giving effect to all principal
payments made on that day, plus (ii) the
Overcollateralization Balance as of the immediately
preceding Payment Date, minus (iii) the lesser of (A)
the Discounted Present Value of the Performing Leases
as of the Determination Date relating to the
immediately preceding Payment Date minus the Discounted
Present Value of the Performing Leases as of the
related Determination Date and (B) Available Funds
remaining after the payment of the Policy premium,
amounts owing the Servicer and in respect of interest
on the Notes on that Payment Date, over (b) the
Discounted Present Value of the Performing Leases as of
the related Determination Date.
INTEREST ON THE
CLASS A-1, A-3 and
A-4 NOTES: The Class A-1 Notes will bear interest at a fixed rate
and the Class A-3 Notes and Class A-4 Notes will be
variable rate notes. Interest on the Class A-1 Notes,
Class A-3 Notes and Class A-4 Notes will be calculated
on the basis of a year of 360 days and the actual
number of days in the interest accrual period. The
Class A-1, Class A-3 and Class A-4 Monthly Interest,
with respect to each Payment Date, will accrue from and
including the prior Payment Date to but excluding
4
<PAGE>
such Payment Date, and with respect to the initial
Payment Date, will accrue from and including the
Closing Date to but excluding such Payment Date.
INTEREST ON THE CLASS
A-2 NOTES: The Class A-2 Notes will accrue interest at a fixed
rate per annum, calculated on a twelve month year of
thirty days in each month, except for the first Payment
Date, for which interest will accrue from the Closing
Date to but excluding such Payment Date.
5
<PAGE>
CHARACTERISTICS OF THE LEASES
-----------------------------
The following tables summarize certain information with respect to the Leases
and the Lessees as of the opening of business on May 1, 2000 (the "Cut-Off
Date"). The Issuer is not aware of any trends or changes relating to the data
in the following tables that would be expected to impact the future performance
of the pool of leases. As used in such tables, the "Statistical Discounted
Present Value of the Leases" means an amount equal to the future remaining
scheduled Lease Payments from the Leases as of the Cut-Off Date, using the
Statistical Discount Rate equal to 8.57%. The aggregate Statistical Discounted
Present Value of the Leases as of the Cut-Off Date is $555,615,022.22. Certain
leases may be removed from the Asset Pool prior to the Issuance Date in an
amount no more than 5% of the Asset Pool. This removal would result in a
decrease in the Initial Principal Amount of the Notes issued on the Issuance
Date. However, this removal would not materially affect the distribution of the
Leases detailed below. Also, figures may not sum to the stated totals due to
rounding.
<TABLE>
<CAPTION>
Summary of the Leases
<S> <C>
Aggregate Statistical Discounted Present Value: $555,615,022.22
Number of Leases: 39,068
Average Statistical Discounted Present Value: $14,221.74
Approximate Number of Lessees: 27,274
Weighted Average Original Term: 51.6 months
Weighted Average Seasoning: 7.9 months
Weighted Average Remaining Term: 43.7 months
</TABLE>
Top Equipment Types
-------------------
<TABLE>
<CAPTION>
%*
-------
<S> <C>
Digital/Multi-purpose Copier 50.91%
Analog Copier 25.89%
Color Copier 12.64%
Printer 5.97%
Other 4.59%
-------
100.00%
Lessee State concentrations over 5% of the pool:
-----------------------------------------------
%*
-------
California 12.27%
Georgia 6.22%
Massachusetts 5.54%
Florida 5.13%
Other 70.83%
-------
100.00%
</TABLE>
_____________________________________________
* Percentages above are based on the Statistical Discounted Present Value
of the Leases as of the Cut-Off Date.
6
<PAGE>
Distribution of Leases by State(1)
<TABLE>
<CAPTION>
Percentage of
Percentage Statistical Statistical
of Discounted Discounted
Number of Number of Present Present Value
State Leases Leases Value of Leases of Leases
----- --------- --------------------------------------------------------
<S> <C> <C> <C> <C>
Alabama 583 1.49% $ 8,248,671.29 1.48%
Alaska 69 0.18 1,765,342.76 0.32
Arizona 1,090 2.79 19,507,757.58 3.51
Arkansas 226 0.58 3,282,672.12 0.59
California 3,112 7.97 68,198,936.15 12.27
Colorado 612 1.57 11,926,016.18 2.15
Connecticut 1,435 3.67 20,536,164.09 3.70
Delaware 33 0.08 339,168.70 0.06
District of Columbia 172 0.44 3,685,168.89 0.66
Florida 2,511 6.43 28,521,481.84 5.13
Georgia 2,229 5.71 34,544,906.27 6.22
Hawaii 57 0.15 929,146.54 0.17
Idaho 204 0.52 2,867,869.08 0.52
Illinois 1,164 2.98 17,910,532.10 3.22
Indiana 916 2.34 15,795,707.89 2.84
Iowa 654 1.67 6,066,405.88 1.09
Kansas 502 1.28 4,678,225.89 0.84
Kentucky 601 1.54 6,115,391.17 1.10
Louisiana 7 0.02 19,206.44 0.00
Maine 259 0.66 4,379,340.91 0.79
Maryland 457 1.17 7,459,380.03 1.34
Massachusetts 1,593 4.08 30,807,671.96 5.54
Michigan 1,875 4.80 22,810,134.05 4.11
Minnesota 1,790 4.58 20,124,964.28 3.62
Mississippi 527 1.35 4,506,528.40 0.81
Missouri 1,613 4.13 20,409,356.61 3.67
Montana 55 0.14 548,805.67 0.10
Nebraska 281 0.72 4,047,434.19 0.73
Nevada 622 1.59 7,242,258.39 1.30
New Hampshire 274 0.70 5,049,228.47 0.91
New Jersey 499 1.28 10,151,153.89 1.83
New Mexico 379 0.97 4,702,120.48 0.85
New York 1,759 4.50 26,690,884.69 4.80
North Carolina 1,626 4.16 20,181,541.57 3.63
North Dakota 5 0.01 46,274.10 0.01
Ohio 1,288 3.30 19,239,959.89 3.46
Oklahoma 328 0.84 4,499,836.35 0.81
Oregon 1,999 5.12 15,696,216.93 2.83
Pennsylvania 110 0.28 1,891,784.09 0.34
Rhode Island 259 0.66 4,012,722.15 0.72
South Carolina 606 1.55 11,612,862.81 2.09
South Dakota 45 0.12 383,606.05 0.07
Tennessee 404 1.03 5,954,644.53 1.07
Texas 151 0.39 1,859,831.19 0.33
Utah 313 0.80 4,334,288.91 0.78
Vermont 208 0.53 2,178,964.57 0.39
Virginia 1,093 2.80 14,978,313.68 2.70
Washington 1,892 4.84 16,519,921.33 2.97
West Virginia 40 0.10 763,297.48 0.14
Wisconsin 449 1.15 5,029,801.27 0.91
Wyoming 92 0.24 2,563,122.44 0.46
=============================================================================================================
Total: 39,068 100.00% $555,615,022.22 100.00%
=============================================================================================================
</TABLE>
(1) Based on the location of the lessees.
7
<PAGE>
Distribution of Leases by Lease Balance
<TABLE>
<CAPTION>
Percentage of
Percentage of Statistical Statistical
Statistical Discounted Number of Number of Discounted Present Discounted
Present Value of the Leases Leases Leases Value of Leases Present Value of
--------------------------- ---------- ------------ ------------------ ----------------
<S> <C> <C> <C> <C>
0.01 - 5,000.00 15,556 39.82% $ 34,372,989.55 6.19%
5,000.01 - 10,000.00 9,145 23.41 66,819,998.11 12.03
10,000.01 - 15,000.00 4,861 12.44 59,665,313.27 10.74
15,000.01 - 20,000.00 2,721 6.96 46,940,155.55 8.45
20,000.01 - 25,000.00 1,595 4.08 35,542,986.06 6.40
25,000.01 - 30,000.00 1,074 2.75 29,363,911.48 5.28
30,000.01 - 40,000.00 1,324 3.39 45,715,377.06 8.23
40,000.01 - 50,000.00 841 2.15 37,564,713.54 6.76
50,000.01 - 60,000.00 494 1.26 27,077,135.59 4.87
60,000.01 - 70,000.00 339 0.87 21,909,083.53 3.94
70,000.01 - 80,000.00 260 0.67 19,455,096.28 3.50
80,000.01 - 90,000.00 170 0.44 14,460,366.38 2.60
90,000.01 - 100,000.00 124 0.32 11,755,375.85 2.12
100,000.01 - 150,000.00 322 0.82 38,161,374.77 6.87
150,000.01 - 200,000.00 109 0.28 18,721,660.14 3.37
200,000.01 - 300,000.00 77 0.20 18,410,938.02 3.31
300,000.01 - 400,000.00 24 0.06 8,153,627.18 1.47
400,000.01 - 500,000.00 14 0.04 6,198,988.66 1.12
500,000.01 - 600,000.00 5 0.01 2,749,886.13 0.49
600,000.01 - 700,000.00 4 0.01 2,574,487.45 0.46
700,000.01 - 800,000.00 2 0.01 1,534,175.02 0.28
800,000.01 - 900,000.00 2 0.01 1,734,359.90 0.31
900,000.01 - 1,000,000.00 1 0.00 948,866.76 0.17
1,000,000.01 - 1,500,000.00 3 0.01 3,910,434.01 0.70
1,500,000.01 - 2,000,000.00 1 0.00 1,873,721.93 0.34
======================================================================================================================
Total: 39,068 100.00% $555,615,022.22 100.00%
======================================================================================================================
</TABLE>
Distribution of Leases by Remaining Term to Maturity
<TABLE>
<CAPTION>
Percentage of
Statistical
Percentage of Statistical Discounted
Number of Number of Discounted Present Present Value of
Remaining Term (months) Leases Leases Value of Leases Leases
--------------------------- --------- -------------- ------------------- -----------------
<S> <C> <C> <C> <C>
1 - 12 3,948 10.11% $ 8,073,203.67 1.45%
13 - 24 4,482 11.47 23,263,329.03 4.19
25 - 36 13,084 33.49 144,522,765.38 26.01
37 - 48 6,137 15.71 99,981,038.84 17.99
49 - 60 11,400 29.18 279,019,864.39 50.22
61 - 72 17 0.04 754,820.91 0.14
=========================================================================================================================
Total: 39,068 100.00% $555,615,022.22 100.00%
=========================================================================================================================
</TABLE>
8
<PAGE>
Distribution of Leases by Original Term to Maturity
<TABLE>
<CAPTION>
Percentage of
Statistical
Percentage of Statistical Discounted
Number of Number of Discounted Present Present Value
Original Term (months) Leases Leases Value of Leases of Leases
------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
1 - 12 738 1.89% $ 1,905,827.14 0.34%
13 - 24 1,813 4.64 8,519,538.39 1.53
25 - 36 13,607 34.83 114,227,995.36 20.56
37 - 48 7,865 20.13 104,885,501.50 18.88
49 - 60 14,745 37.74 316,535,013.22 56.97
61 - 72 265 0.68 9,069,685.89 1.63
73 - 84 22 0.06 381,124.28 0.07
85 - 96 10 0.03 63,718.01 0.01
97 - 108 2 0.01 26,551.10 0.00
109 - 120 1 0.00 67.33 0.00
========================================================================================================================
Total: 39,068 100.00% $555,615,022.22 100.00%
========================================================================================================================
</TABLE>
Distribution of Leases by Purchase Option
<TABLE>
<CAPTION>
Percentage of
Statistical
Discounted
Number of Percentage of Statistical Discounted Present Value
Purchase Option Leases Number of Leases Present Value of Leases of Leases
--------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Fair Market Value 36,589 93.65% $535,011,404.97 96.29%
Nominal Buyout 2,479 6.35 20,603,617.25 3.71
==========================================================================================================================
Total: 39,068 100.00% $555,615,022.22 100.00%
==========================================================================================================================
</TABLE>
Distribution of Leases by Delinquencies
<TABLE>
<CAPTION>
Percentage of
Statistical
Percentage of Statistical Discounted
Number of Number of Discounted Present Present Value
Days Delinquent Leases Leases Value of Leases of Leases
--------------- --------- ------------- ------------------ -------------
<S> <C> <C> <C> <C>
0 - 30 35,657 91.27% $500,889,600.11 90.15%
31 - 60 3,411 8.73 54,725,422.11 9.85
==========================================================================================================================
Total: 39,068 100.00% $555,615,022.22 100.00%
==========================================================================================================================
</TABLE>
Distribution of Leases by Equipment Type
<TABLE>
<CAPTION>
Percentage of
Statistical
Percentage of Statistical Discounted
Number of Number of Discounted Present Present Value
Equipment Type Leases Leases Value of Leases of Leases
-------------- --------- ------------- ------------------ --------------
<S> <C> <C> <C> <C>
Digital/Multi-purpose Copier 15,815 40.48% $282,845,370.56 50.91%
Analog Copier 14,463 37.02 143,836,980.68 25.89
Color Copier 1,902 4.87 70,219,313.10 12.64
Printer 706 1.81 33,197,368.30 5.97
Fax Machine 4,901 12.54 20,045,914.72 3.61
Miscellaneous 1,281 3.28 5,470,074.86 0.98
============================================================================================================================
Total: 39,068 100.00% $555,615,022.22 100.00%
============================================================================================================================
</TABLE>
9
<PAGE>
The charts on the following pages set forth the percentage of the
Initial Principal Amount of the Class A-1 Notes, Class A-2 Notes, Class A-3
Notes and Class A-4 Notes which would be outstanding on the Payment Dates set
forth below assuming a Conditional Prepayment Rate ("CPR") of 0%, 7%, 10% and
12%, respectively, which in each case was calculated using a discount rate of
8.75%. The Initial Statistical Principal Amounts of the Class A-1 Notes, Class
A-2 Notes, Class A-3 Notes and Class A-4 Notes are $130,000,000, $54,000,000,
$230,000,000 and $84,510,000, respectively. The "Statistical Class A
Percentage" for the Class A Notes is equal to 86.93273%. This information is
hypothetical and is set forth for illustrative purposes only. The CPR assumes
that a fraction of the outstanding Leases in the Asset Pool is prepaid on each
Distribution Date, which implies that each Lease in the Asset Pool is equally
likely to prepay. This fraction, expressed as a percentage, is annualized to
arrive at the Conditional Payment Rate for the Leases in the Asset Pool. The
CPR measures prepayments based on the outstanding discounted present value of
the Leases discounted at 8.75%, after the payment of all scheduled payments on
the Leases during the related Due Period. The CPR further assumes that all
Leases are the same size and amortize at the same rate and that each Lease will
be either paid as scheduled or prepaid in full. The amounts set forth below are
based upon the timely receipt of scheduled monthly Lease Payments as of the Cut-
Off Date, assume that the Issuer does not exercise its option to redeem the
Notes (except as indicated), assume that no Acceleration Event has occurred,
assume that the amount on deposit in the Reserve Account on each Payment Date is
equal to the Required Reserve Amount, assume that payments on the Notes are made
on each Payment Date (and each such date is assumed to be the fifteenth day of
each applicable month) and assume the Issuance Date is June 2, 2000 and the
first Payment Date is June 15, 2000 (collectively the "Modeling Assumptions").
10
<PAGE>
PREPAYMENT SENSITIVITIES*
To Maturity (WAL/Principal Window)
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------------------------
Class 0% CPR** 7% CPR 10% CPR 12% CPR
-------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Class A-1 Notes 0.41 yrs./1-11 mos. 0.34 Yrs./1-9 mos. 0.31 yrs./1-8 mos. 0.29rs./1-8 mos.
-------------------------------------------------------------------------------------------------------------------------------
Class A-2 Notes 1.05 yrs./11-16 mos. 0.88 yrs./9-13 mos. 0.81 yrs./8-12 mos. 0.78 yrs./8-12 mos.
-------------------------------------------------------------------------------------------------------------------------------
Class A-3 Notes 2.17yrs./16-40 mos. 1.94 yrs./13-37 mos. 1.85yrs./12-35 mos. 1.78 yrs./12-35 mos.
-------------------------------------------------------------------------------------------------------------------------------
Class A-4 Notes 3.82 yrs./40-54 mos. 3.64 yrs./37-53 mos. 3.56 yrs./35-53 mos. 3.50 yrs./35-52 mos.
-------------------------------------------------------------------------------------------------------------------------------
</TABLE>
To 10% Call (WAL/Principal Window)
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------------------------
Class 0% CPR** 7% CPR 10% CPR 12% CPR
-------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Class A-1 Notes 0.41 yrs./1-11 mos. 0.34 Yrs./1-9 mos. 0.31 yrs./1-8 mos. 0.29 yrs./1-8 mos.
-------------------------------------------------------------------------------------------------------------------------------
Class A-2 Notes 1.05 yrs./11-16 mos. 0.88 yrs./9-13 mos. 0.81 yrs./8-12 mos. 0.78 yrs./8-12 mos.
-------------------------------------------------------------------------------------------------------------------------------
Class A-3 Notes 2.17yrs./16-40 mos. 1.94 yrs./13-37 mos. 1.85yrs./12-35 mos. 1.78 yrs./12-35 mos.
-------------------------------------------------------------------------------------------------------------------------------
Class A-4 Notes 3.61 yrs./40-45 mos. 3.42 yrs./37-43 mos. 3.33 yrs./35-42 mos. 3.25 yrs./35-41 mos.
-------------------------------------------------------------------------------------------------------------------------------
</TABLE>
* Prepayment sensitivities derived using the Modeling Assumptions.
** Pricing Speed is 0% CPR.
11
<PAGE>
PRICE YIELD TABLE*
------------------
IKON Receivables, LLC Lease-Backed Notes, Series 2000-1
Class A-1 Notes
Assumed Coupon = 6.9530 %
<TABLE>
<CAPTION>
% CPR
0.00% 7.00% 10.00% 12.00%
PRICE Monthly Yield (%) Monthly Yield (%) Monthly Yield (%) Monthly Yield (%)
----------------- ----------------- ----------------- -----------------
<S> <C> <C> <C> <C>
98.000 11.906 13.013 13.538 13.887
98.125 11.592 12.629 13.120 13.446
98.250 11.278 12.245 12.702 13.007
98.375 10.965 11.862 12.286 12.569
98.500 10.653 11.479 11.871 12.131
98.625 10.341 11.098 11.456 11.695
98.750 10.030 10.717 11.043 11.259
98.875 9.720 10.337 10.630 10.825
99.000 9.410 9.958 10.218 10.391
99.125 9.101 9.580 9.807 9.958
99.250 8.792 9.202 9.397 9.526
99.375 8.484 8.826 8.987 9.095
99.500 8.177 8.450 8.579 8.665
99.625 7.870 8.074 8.171 8.235
99.750 7.564 7.700 7.764 7.807
99.875 7.258 7.326 7.358 7.380
100.000 6.953 6.953 6.953 6.953
100.125 6.649 6.581 6.549 6.527
100.250 6.345 6.209 6.145 6.102
100.375 6.042 5.839 5.742 5.678
100.500 5.739 5.469 5.340 5.255
100.625 5.437 5.099 4.939 4.833
100.750 5.135 4.731 4.539 4.412
100.875 4.835 4.363 4.140 3.991
101.000 4.534 3.996 3.741 3.572
101.125 4.235 3.630 3.343 3.153
101.250 3.935 3.264 2.946 2.735
101.375 3.637 2.899 2.550 2.318
101.500 3.339 2.535 2.154 1.901
101.625 3.042 2.172 1.760 1.486
101.750 2.745 1.809 1.366 1.072
101.875 2.448 1.447 0.973 0.658
102.000 2.153 1.086 0.581 0.245
102.125 1.858 0.725 0.189 -0.167
Weighted Average Life 0.41 0.34 0.31 0.29
(years)
Modified Duration 0.40 0.33 0.30 0.28
(years) at 100.000
</TABLE>
* Price Yield Table derived using the Modeling Assumptions.
12
<PAGE>
PRICE YIELD TABLE*
------------------
IKON Receivables, LLC Lease-Backed Notes, Series 2000-1
Class A-2 Notes
Assumed Coupon = 7.5100 %
<TABLE>
<CAPTION>
% CPR
0.00% 7.00% 10.00% 12.00%
----- ----- ------ ------
PRICE CBE Yield (%) CBE Yield (%) CBE Yield (%) CBE Yield (%)
-------------- ------------- ------------- -----------
<S> <C> <C> <C> <C>
98.000 9.720 10.113 10.299 10.425
98.125 9.587 9.956 10.130 10.248
98.250 9.455 9.798 9.960 10.070
98.375 9.323 9.641 9.792 9.894
98.500 9.191 9.485 9.623 9.717
98.625 9.059 9.328 9.455 9.541
98.750 8.928 9.172 9.287 9.365
98.875 8.797 9.016 9.120 9.190
99.000 8.666 8.861 8.953 9.015
99.125 8.536 8.706 8.786 8.841
99.250 8.405 8.551 8.620 8.666
99.375 8.275 8.397 8.454 8.493
99.500 8.146 8.243 8.288 8.319
99.625 8.016 8.089 8.123 8.146
99.750 7.887 7.935 7.958 7.973
99.875 7.758 7.782 7.793 7.801
100.000 7.629 7.629 7.629 7.629
100.125 7.500 7.476 7.465 7.458
100.250 7.372 7.324 7.302 7.286
100.375 7.244 7.172 7.138 7.115
100.500 7.116 7.021 6.975 6.945
100.625 6.989 6.869 6.813 6.775
100.750 6.861 6.718 6.651 6.605
100.875 6.734 6.567 6.489 6.435
101.000 6.608 6.417 6.327 6.266
101.125 6.481 6.267 6.166 6.098
101.250 6.355 6.117 6.005 5.929
101.375 6.228 5.967 5.844 5.761
101.500 6.103 5.818 5.684 5.594
101.625 5.977 5.669 5.524 5.426
101.750 5.852 5.521 5.365 5.259
101.875 5.726 5.372 5.205 5.093
102.000 5.601 5.224 5.047 4.926
102.125 5.477 5.076 4.888 4.760
Weighted Average Life 1.05 0.88 0.81 0.78
(years)
Modified Duration 0.97 0.82 0.76 0.73
(years) at 99.999
</TABLE>
* Price Yield Table derived using the Modeling Assumptions.
13
<PAGE>
PRICE YIELD TABLE*
------------------
IKON Receivables, LLC Lease-Backed Notes, Series 2000-1
Class A-3 Notes
Assumed Coupon = 6.7475 %
<TABLE>
<CAPTION>
% CPR
0.00% 7.00% 10.00% 12.00%
----- ----- ------ ------
PRICE Discounted Margin (%) Discounted Margin (%) Discounted Margin (%) Discounted Margin (%)
--------------------- --------------------- --------------------- ---------------------
<S> <C> <C> <C> <C>
98.000 1.138 1.248 1.300 1.337
98.125 1.075 1.178 1.227 1.261
98.250 1.012 1.108 1.154 1.186
98.375 0.949 1.038 1.081 1.111
98.500 0.886 0.968 1.008 1.035
98.625 0.823 0.899 0.935 0.960
98.750 0.761 0.829 0.862 0.885
98.875 0.698 0.760 0.789 0.810
99.000 0.636 0.691 0.717 0.735
99.125 0.574 0.621 0.644 0.660
99.250 0.511 0.552 0.572 0.586
99.375 0.449 0.483 0.500 0.511
99.500 0.387 0.415 0.427 0.437
99.625 0.325 0.346 0.355 0.362
99.750 0.263 0.277 0.284 0.288
99.875 0.202 0.208 0.212 0.214
100.000 0.140 0.140 0.140 0.140
100.125 0.078 0.072 0.068 0.066
100.250 0.017 0.003 -0.003 -0.008
100.375 -0.044 -0.065 -0.075 -0.081
100.500 -0.106 -0.133 -0.146 -0.155
100.625 -0.167 -0.201 -0.217 -0.228
100.750 -0.228 -0.269 -0.288 -0.302
100.875 -0.289 -0.337 -0.359 -0.375
101.000 -0.350 -0.404 -0.430 -0.448
101.125 -0.411 -0.472 -0.501 -0.521
101.250 -0.472 -0.539 -0.571 -0.594
101.375 -0.533 -0.607 -0.642 -0.667
101.500 -0.593 -0.674 -0.712 -0.740
101.625 -0.654 -0.741 -0.783 -0.812
101.750 -0.714 -0.808 -0.853 -0.885
101.875 -0.775 -0.875 -0.923 -0.957
102.000 -0.835 -0.942 -0.993 -1.029
102.125 -0.895 -1.009 -1.063 -1.102
Weighted Average Life 2.17 1.94 1.85 1.78
(years)
Modified Duration 1.97 1.78 1.70 1.64
(years) at 100.000
</TABLE>
* Price Yield Table derived using the Modeling Assumptions.
14
<PAGE>
PRICE YIELD TABLE*
------------------
<TABLE>
<CAPTION>
IKON Receivables, LLC Lease-Backed Notes, Series 2000-1
Class A-4 Notes
Assumed Coupon = 6.8375 %
% CPR
0.00% 7.00% 10.00% 12.00%
----- ----- ------ ------
PRICE Discounted Margin (%) Discounted Margin (%) Discounted Margin (%) Discounted Margin (%)
--------------------- --------------------- --------------------- ---------------------
<S> <C> <C> <C> <C>
98.000 0.827 0.852 0.865 0.875
98.125 0.789 0.813 0.825 0.834
98.250 0.751 0.774 0.785 0.793
98.375 0.714 0.735 0.745 0.753
98.500 0.676 0.696 0.705 0.712
98.625 0.639 0.656 0.665 0.672
98.750 0.601 0.617 0.625 0.631
98.875 0.564 0.578 0.586 0.591
99.000 0.527 0.539 0.546 0.551
99.125 0.489 0.501 0.506 0.510
99.250 0.452 0.462 0.467 0.470
99.375 0.415 0.423 0.427 0.430
99.500 0.378 0.384 0.388 0.390
99.625 0.341 0.346 0.348 0.350
99.750 0.304 0.307 0.309 0.310
99.875 0.267 0.268 0.269 0.270
100.000 0.230 0.230 0.230 0.230
100.125 0.193 0.192 0.191 0.190
100.250 0.156 0.153 0.152 0.150
100.375 0.120 0.115 0.112 0.111
100.500 0.083 0.077 0.073 0.071
100.625 0.046 0.038 0.034 0.031
100.750 0.010 0.000 -0.005 -0.008
100.875 -0.027 -0.038 -0.044 -0.048
101.000 -0.063 -0.076 -0.082 -0.087
101.125 -0.100 -0.114 -0.121 -0.126
101.250 -0.136 -0.152 -0.160 -0.166
101.375 -0.173 -0.190 -0.199 -0.205
101.500 -0.209 -0.228 -0.237 -0.244
101.625 -0.245 -0.266 -0.276 -0.283
101.750 -0.281 -0.303 -0.314 -0.323
101.875 -0.317 -0.341 -0.353 -0.362
102.000 -0.353 -0.379 -0.391 -0.401
102.125 -0.390 -0.416 -0.430 -0.440
Weighted Average Life 3.82 3.64 3.56 3.50
(years)
Modified Duration 3.30 3.16 3.09 3.05
(years) at 100.000
</TABLE>
* Price Yield Table derived using the Modeling Assumptions.
15
<PAGE>
Percentage of the Initial Principal Amounts at the Respective CPR
Set Forth Below
================================================================================
<TABLE>
<CAPTION>
0% CPR
------
Payment Date Class A-1 Class A-2 Class A-3 Class A-4
------------ --------- --------- --------- ---------
Issuance Date 100 % 100 % 100 % 100%
<S> <C> <C> <C> <C>
15-Jun-00 89 100 100 100
15-Jul-00 79 100 100 100
15-Aug-00 70 100 100 100
15-Sep-00 60 100 100 100
15-Oct-00 50 100 100 100
15-Nov-00 40 100 100 100
15-Dec-00 31 100 100 100
15-Jan-01 21 100 100 100
15-Feb-01 11 100 100 100
15-Mar-01 2 100 100 100
15-Apr-01 0 83 100 100
15-May-01 0 63 100 100
15-Jun-01 0 42 100 100
15-Jul-01 0 22 100 100
15-Aug-01 0 2 100 100
15-Sep-01 0 0 96 100
15-Oct-01 0 0 91 100
15-Nov-01 0 0 86 100
15-Dec-01 0 0 81 100
15-Jan-02 0 0 77 100
15-Feb-02 0 0 72 100
15-Mar-02 0 0 67 100
15-Apr-02 0 0 62 100
15-May-02 0 0 58 100
15-Jun-02 0 0 53 100
15-Jul-02 0 0 48 100
15-Aug-02 0 0 44 100
15-Sep-02 0 0 39 100
15-Oct-02 0 0 35 100
15-Nov-02 0 0 31 100
15-Dec-02 0 0 27 100
15-Jan-03 0 0 23 100
15-Feb-03 0 0 20 100
15-Mar-03 0 0 16 100
15-Apr-03 0 0 13 100
15-May-03 0 0 10 100
15-Jun-03 0 0 7 100
15-Jul-03 0 0 4 100
15-Aug-03 0 0 0 100
15-Sep-03 0 0 0 93
15-Oct-03 0 0 0 85
15-Nov-03 0 0 0 78
15-Dec-03 0 0 0 71
15-Jan-04 0 0 0 63
15-Feb-04 0 0 0 56
15-Mar-04 0 0 0 48
15-Apr-04 0 0 0 41
15-May-04 0 0 0 34
15-Jun-04 0 0 0 26
15-Jul-04 0 0 0 19
15-Aug-04 0 0 0 13
15-Sep-04 0 0 0 7
15-Oct-04 0 0 0 2
15-Nov-04 0 0 0 0
Weighted Average 0.41 1.05 2.17 3.82
Life (years)
First Principal Date June-00 Apr-01 Sep-01 Sep-03
Expected Final Apr-01 Sep-01 Sep-03 Nov-04
Maturity
Weighted Avg. Life 0.41 1.05 2.17 3.61
to Call (years)
Optional Clean-Up N/A N/A N/A Feb-04
Call Date
</TABLE>
(1) The weighted average life of a Class A-1 Note, Class A-2 Note, Class A-3
Note and Class A-4 Note is determined by (a) multiplying the amount of cash
distributions in reduction of the Outstanding Principal Amount of the
respective Note by the number of years from the Issuance Date to the
relevant Payment Date, (b) adding the results, and (c) dividing the sum by
the Initial Principal Amount of the applicable class. Percentage of the
Initial Principal Amounts at the Respective CPR Set Forth Below
16
<PAGE>
Percentage of the Initial Principal Amounts
at the Respective CPR Set Forth Below
================================================================================
<TABLE>
<CAPTION>
7% CPR
------
Payment Date Class A-1 Class A-2 Class A-3 Class A-4
------------ --------- --------- --------- ---------
<S> <C> <C> <C> <C>
Issuance Date 100 % 100 % 100 % 100 %
15-Jun-00 86 100 100 100
15-Jul-00 74 100 100 100
15-Aug-00 62 100 100 100
15-Sep-00 51 100 100 100
15-Oct-00 39 100 100
15-Nov-00 27 100 100 100
15-Dec-00 16 100 100 100
15-Jan-01 5 100 100 100
15-Feb-01 0 86 100 100
15-Mar-01 0 63 100 100
15-Apr-01 0 40 100 100
15-May-01 0 18 100 100
15-Jun-01 0 0 99 100
15-Jul-01 0 0 94 100
15-Aug-01 0 0 89 100
15-Sep-01 0 0 83 100
15-Oct-01 0 0 78 100
15-Nov-01 0 0 73 100
15-Dec-01 0 0 69 100
15-Jan-02 0 0 64 100
15-Feb-02 0 0 59 100
15-Mar-02 0 0 54 100
15-Apr-02 0 0 49 100
15-May-02 0 0 45 100
15-Jun-02 0 0 40 100
15-Jul-02 0 0 36 100
15-Aug-02 0 0 31 100
15-Sep-02 0 0 27 100
15-Oct-02 0 0 23 100
15-Nov-02 0 0 20 100
15-Dec-02 0 0 16 100
15-Jan-03 0 0 13 100
15-Feb-03 0 0 9 100
15-Mar-03 0 0 6 100
15-Apr-03 0 0 3 100
15-May-03 0 0 1 100
15-Jun-03 0 0 0 94
15-Jul-03 0 0 0 87
15-Aug-03 0 0 0 80
15-Sep-03 0 0 0 73
15-Oct-03 0 0 0 67
15-Nov-03 0 0 0 60
15-Dec-03 0 0 0 53
15-Jan-04 0 0 0 46
15-Feb-04 0 0 0 40
15-Mar-04 0 0 0 34
15-Apr-04 0 0 0 28
15-May-04 0 0 0 23
15-Jun-04 0 0 0 17
15-Jul-04 0 0 0 12
15-Aug-04 0 0 0 7
15-Sep-04 0 0 0 2
15-Oct-04 0 0 0 0
15-Nov-04 0 0 0 0
Weighted Average 0.34 0.88 1.94 3.64
Life (years)
First Principal Date Jun-00 Feb-01 Jun-01 Jun-03
Expected Final Feb-01 Jun-01 Jun-03 Oct-04
Maturity
Weighted Avg. Life 0.34 0.88 1.94 3.42
to Call (years)
Optional Clean-Up N/A N/A N/A Dec-03
Call Date
</TABLE>
(1) The weighted average life of a Class A-1 Note, Class A-2 Note, Class A-3
Note and Class A-4 Note is determined by (a) multiplying the amount of cash
distributions in reduction of the Outstanding Principal Amount of the
respective Note by the number of years from the Issuance Date to the
relevant Payment Date, (b) adding the results, and (c) dividing the sum by
the Initial Principal Amount of the applicable class.
17
<PAGE>
Percentage of the Initial Principal Amounts
at the Respective CPR Set Forth Below
=======================================================================
<TABLE>
<CAPTION>
10% CPR
Payment Date Class A-1 Class A-2 Class A-3 Class A-4
<S> <C> <C> <C> <C>
Issuance Date 100 % 100 % 100 % 100 %
15-Jun-00 85 100 100 100
15-Jul-00 72 100 100 100
15-Aug-00 59 100 100 100
15-Sep-00 47 100 100 100
15-Oct-00 34 100 100 100
15-Nov-00 22 100 100 100
15-Dec-00 9 100 100 100
15-Jan-01 0 95 100 100
15-Feb-01 0 70 100 100
15-Mar-01 0 46 100 100
15-Apr-01 0 22 100 100
15-May-01 0 0 100 100
15-Jun-01 0 0 94 100
15-Jul-01 0 0 89 100
15-Aug-01 0 0 83 100
15-Sep-01 0 0 78 100
15-Oct-01 0 0 73 100
15-Nov-01 0 0 68 100
15-Dec-01 0 0 63 100
15-Jan-02 0 0 58 100
15-Feb-02 0 0 54 100
15-Mar-02 0 0 49 100
15-Apr-02 0 0 44 100
15-May-02 0 0 40 100
15-Jun-02 0 0 35 100
15-Jul-02 0 0 31 100
15-Aug-02 0 0 27 100
15-Sep-02 0 0 23 100
15-Oct-02 0 0 19 100
15-Nov-02 0 0 15 100
15-Dec-02 0 0 12 100
15-Jan-03 0 0 8 100
15-Feb-03 0 0 5 100
15-Mar-03 0 0 2 100
15-Apr-03 0 0 0 99
15-May-03 0 0 0 92
15-Jun-03 0 0 0 85
15-Jul-03 0 0 0 78
15-Aug-03 0 0 0 72
15-Sep-03 0 0 0 66
15-Oct-03 0 0 0 59
15-Nov-03 0 0 0 52
15-Dec-03 0 0 0 46
15-Jan-04 0 0 0 40
15-Feb-04 0 0 0 34
15-Mar-04 0 0 0 29
15-Apr-04 0 0 0 24
15-May-04 0 0 0 19
15-Jun-04 0 0 0 14
15-Jul-04 0 0 0 9
15-Aug-04 0 0 0 5
15-Sep-04 0 0 0 1
15-Oct-04 0 0 0 0
15-Nov-04 0 0 0 0
Weighted Average 0.31 0.81 1.85 3.56
Life (years)
First Principal Date Jun-00 Jan-01 May-01 Apr-03
Expected Final Jan-01 May-01 Apr-03 Oct-04
Maturity
Weighted Avg. Life 0.31 0.81 1.85 3.33
to Call (years)
Optional Clean-Up N/A N/A N/A Nov-03
Call Date
</TABLE>
(1) The weighted average life of a Class A-1 Note, Class A-2 Note, Class A-3
Note and Class A-4 Note is determined by (a) multiplying the amount of cash
distributions in reduction of the Outstanding Principal Amount of the
respective Note by the number of years from the Issuance Date to the
relevant Payment Date, (b) adding the results, and (c) dividing the sum by
the Initial Principal Amount of the applicable class.
18
<PAGE>
Percentage of the Initial Principal Amounts
at the Respective CPR Set Forth Below
=======================================================================
<TABLE>
<CAPTION>
12% CPR
-------
Payment Date Class A-1 Class A-2 Class A-3 Class A-4
------------ --------- --------- --------- ---------
<S> <C> <C> <C> <C>
Issuance Date 100 % 100 % 100 % 100 %
15-Jun-00 84 100 100 100
15-Jul-00 71 100 100 100
15-Aug-00 57 100 100 100
15-Sep-00 44 100 100 100
15-Oct-00 31 100 100 100
15-Nov-00 18 100 100 100
15-Dec-00 5 100 100 100
15-Jan-01 0 85 100 100
15-Feb-01 0 59 100 100
15-Mar-01 0 34 100 100
15-Apr-01 0 9 100 100
15-May-01 0 0 97 100
15-Jun-01 0 0 91 100
15-Jul-01 0 0 86 100
15-Aug-01 0 0 80 100
15-Sep-01 0 0 75 100
15-Oct-01 0 0 70 100
15-Nov-01 0 0 65 100
15-Dec-01 0 0 60 100
15-Jan-02 0 0 55 100
15-Feb-02 0 0 50 100
15-Mar-02 0 0 45 100
15-Apr-02 0 0 41 100
15-May-02 0 0 36 100
15-Jun-02 0 0 32 100
15-Jul-02 0 0 28 100
15-Aug-02 0 0 24 100
15-Sep-02 0 0 20 100
15-Oct-02 0 0 16 100
15-Nov-02 0 0 12 100
15-Dec-02 0 0 9 100
15-Jan-03 0 0 6 100
15-Feb-03 0 0 3 100
15-Mar-03 0 0 0 100
15-Apr-03 0 0 0 93
15-May-03 0 0 0 86
15-Jun-03 0 0 0 80
15-Jul-03 0 0 0 73
15-Aug-03 0 0 0 67
15-Sep-03 0 0 0 60
15-Oct-03 0 0 0 54
15-Nov-03 0 0 0 48
15-Dec-03 0 0 0 42
15-Jan-04 0 0 0 36
15-Feb-04 0 0 0 31
15-Mar-04 0 0 0 26
15-Apr-04 0 0 0 21
15-May-04 0 0 0 16
15-Jun-04 0 0 0 12
15-Jul-04 0 0 0 7
15-Aug-04 0 0 0 3
15-Sep-04 0 0 0 0
15-Oct-04 0 0 0 0
15-Nov-04 0 0 0 0
Weighted Average 0.29 0.78 1.78 3.50
Life (years)
First Principal Date Jun-00 Jan-01 May-01 Apr-03
Expected Final Jan-01 May-01 Apr-03 Sep-04
Maturity
Weighted Avg. Life 0.29 0.78 1.78 3.25
to Call (years)
Optional Clean-Up N/A N/A N/A Oct-03
Call Date
</TABLE>
(1) The weighted average life of a Class A-1 Note, Class A-2 Note, Class A-3
Note and Class A-4 Note is determined by (a) multiplying the amount of cash
distributions in reduction of the Outstanding Principal Amount of the
respective Note by the number of years from the Issuance Date to the
relevant Payment Date, (b) adding the results, and (c) dividing the sum by
the Initial Principal Amount of the applicable class.
19
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