<PAGE>
- --------------------------------------------------------------------------------
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 (Date of earliest event reported) June 28, 1999
Prudential Securities Secured Financing Corporation
- -------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 333-52021 13-3526694
- ---------------------------- ------------------------ ------------------
(State or Other Jurisdiction (Commission File Number) (I.R.S. Employer
of Incorporation) Identification No.)
One New York Plaza
New York, New York 10292
- --------------------------------------- ----------
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code (212) 778-1000
--------------
No Change
- -------------------------------------------------------------------------------
(Former name or former address, if changed since last report)
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<PAGE>
Item 5. Other Events
In connection with the offering of ABFS Equipment Contract
Trust 1999-A, Equipment Contract Notes, Series 1999-A described in a Prospectus
Supplement dated June 23, 1999, certain "Computational Materials" within the
meanings of the May 20, 1994 Kidder, Peabody No-Action Letter and the February
17, 1995 Public Securities Association No-Action Letter were furnished to
certain prospective investors (the "Related Computational Materials").
Item 7. Financial Statements, Pro Forma Financial Information and
Exhibits.
(a) Not applicable
(b) Not applicable
(c) Exhibit 99.1. Related Computational Materials (as defined in
Item 5 above).
2
<PAGE>
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the
Securities Exchange Act of 1934, the registrant has duly caused this Report to
be signed on its behalf by the undersigned thereunto duly authorized.
PRUDENTIAL SECURITIES SECURED FINANCING
CORPORATION
---------------------------------------
as Depositor and on behalf of ABFS
Equipment Contract Trust 1999-A as
Registrant
By: /s/ Evan Mitnick
-------------------------------
Name: Evan Mitnick
Title: Vice President
Dated: June 28, 1999
<PAGE>
EXHIBIT INDEX
EXHIBIT NO. DESCRIPTION
99.1 Related Computational Materials (as defined
in Item 5 above).
<PAGE>
Preliminary Background Information for
American Business Financial Services
ABFS Equipment Contract Trust 1999-A
$[72,160,000] [TBD]% Class A-1 Contract-Backed Notes
$[ ] [TBD]% Class A-2 Contract-Backed Notes
$[ 5,986,000] [TBD]% Class B Contract-Backed Notes
The information provided herein is provided solely to you by Prudential
Securities Incorporated ("PSI") as underwriter for the ABFS Equipment Contract
Trust 1999-A transaction, and not by, or as agent for, American Business
Financial Services, Inc. ("ABFS" or the "Company") or any of its affiliates. The
analysis in this report is accurate to the best of PSI's knowledge and is based
on information provided by the Company. PSI makes no representations as to the
accuracy of such information provided to it by the Company. All assumptions and
information in this report reflect PSI's judgment as of this date and are
subject to change. All analyses are based on certain assumptions noted herein
and different assumptions could yield substantially different results. You are
cautioned that there is no universally accepted method for analyzing financial
instruments. You should review the assumptions; there may be differences between
these assumptions and your actual business practices. Further, PSI does not
guarantee any results and there is no guarantee as to the liquidity of the
instruments involved in this analysis. The decision to adopt any strategy
remains your responsibility. PSI (or any of its affiliates) or its officers,
directors, analysts or employees may have positions in securities, commodities
or derivative instruments thereon referred to herein, and may, as principal or
agent, buy or sell such securities, commodities or derivative instruments. In
addition, PSI may make a market in the securities referred to herein. Neither
the information nor the assumptions reflected herein shall be construed to be,
or constitute, an offer to sell or buy or a solicitation of an offer to sell or
buy any securities, commodities or derivative instruments mentioned herein. No
sale of any securities, commodities or derivative instruments should be
consumated without the purchaser first having received a prospectus and, if
required, prospectus supplement. The Notes are offered by PSI when, as and if
issued, subject to delivery by the Depositor and acceptance by PSI, to prior
sale and to withdrawal, cancellation or modification of the offer without
notice. Finally, PSI has not addressed the legal, accounting and tax
implications of the analysis with respect to you, and PSI strongly urges you to
seek advice from your counsel, accountant and tax advisor.
<PAGE>
Preliminary Background Information for
ABFS Equipment Contract Trust 1999-A
Transaction Summary:
The transaction consists of two AAA-rated classes (the "Class A Notes"), one
BBB-rated class (the "Class B Notes", together with the Class A Notes, the
"Notes"), and one class of Residual Interests which are not offered (the
"Residual Interests" together with the Notes, the "Securities"). The Class A
Notes are insured by FSA and are enhanced by the subordination of the Class B
Notes and Residual Interests. The Class B Notes are enhanced by the
subordination of the Residual Interests. The Residual Interests are retained by
the Transferors.
The Securities are collateralized by the Trust Assets, consisting primarily of
two notes which are secured by small-ticket equipment leases and loans (the
"Contracts"), all monies received from the Contracts after the Cut-Off Date, a
security interest in the Equipment underlying the Contracts and any residual
payments received in exchange for the Contracts' underlying Equipment up to the
Booked Residual Value associated with each Contract.
This transaction is the second equipment lease securitization for American
Business Financial Services, Inc., a Delaware corporation ("ABFS", or the
"Company"). The Company originates equipment contracts through American Business
Leasing, Inc. ABFS has also completed 11 mortgage securitizations since 1995, 8
public and 3 private.
American Business Leasing, Inc., a Pennsylvania Corporation ("ABL"), the
Servicer and Originator, is a wholly-owned subsidiary of American Business
Credit, Inc. ("ABC"), a Pennsylvania corporation. ABC is a wholly-owned direct
subsidiary of ABFS. ABFS was incorporated in Delaware in 1985. ABFS is a
publicly traded company and its common stock is listed on the NASDAQ National
Market System under the symbol "ABFI". The principal executive offices of ABFS
and its operating entities are located in Bala Cynwyd, PA.
ABFS is a financial services company operating primarily in the Eastern region
of the United States. ABFS through ABC, originates, sells and services loans to
businesses secured by residential real estate and certain business assets, and
through two other wholly-owned subsidiaries, originates, sells and services
non-conforming mortgage loans, typically to credit impaired borrowers, secured
by mortgages on single-family residences.
ABFS through ABL, originates, sells and services small-ticket equipment leases
and loans. ABL currently originates contracts in 49 states and has 5 offices
nationwide. All of the credit decisions, lease administration and computerized
information are centralized in the Bala Cynwyd office.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
<PAGE>
Preliminary Background Information for
ABFS Equipment Contract Trust 1999-A
PRICING INFORMATION
Class: A B
Ratings: [AAA/Aaa] [BBB]
S&P/ Moody's Duff only
Approximate
Face Amount: $72,160,000 $5,986,000
Coupon:
Price: [TBD] [TBD]
Yield: [TBD] [TBD]
Spread: [TBD] [TBD]
Exp. Avg Life to
Call: [1.76 yrs] [2.04 yrs]
Exp. Avg Life to
Maturity: [1.79 yrs] [2.18 yrs]
1st Prin Payment: 7/15/99 7/15/99
Exp Mat to Call: [1/15/03] [1/15/03]
Exp Mat: [9/15/03] [10/15/03]
Stated Mat: [TBD] [TBD]
Pricing Spd: [5% CPR] [5% CPR]
Pricing Date: [TBD] [TBD]
Expected
Settle Date: 6/28/99 6/28/99
Cut-Off Date
(Close of Business): 5/31/99 5/31/99
Pmt Delay: 0 days 0 days
Dated Date: 6/15/99 6/15/99
Int Pmt: 30/360 30/360
Pmt Terms: Monthly Monthly
1st Pmt Date: 7/15/99 7/15/99
Distribution: Public Public
Settlement: DTC only DTC only
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
<PAGE>
Preliminary Background Information for
ABFS Equipment Contract Trust 1999-A
Title of Securities: ABFS Equipment Contract Trust 1999-A
Class A-1, Class A-2 (collectively, the "Class A
Notes"), Class B Notes, (collectively, the "Notes"),
and Residual Interests (the "Residual Interests"
together with the Notes, the "Securities").
Securities Offered: [$72,160,000] [TBD]% Class A-1 Notes equal to [ ]%
of the initial Aggregate Collateral Balance
(the "ACB").
[ ] [TBD]% Class A-2 Notes, equal to [ ]%
of the ACB.
[$5,986,000] [TBD]% Class B Notes, equal to [7.3]% of
the ACB.
The contract payments are discounted at [ ]% which was
calculated using the sum of (a) the Class B Note
Rate, (b) the Servicing Fee, (c) the Back-up Servicing
Fee, and (d) the Indenture Trustee Fee.
Aggregate Note Balance: [$78,146,000] equal to [95.3%] of the initial ACB.
Aggregate Collateral
Balance: The sum of (a) the Aggregate Discounted Contract
Principal Balance of the contracts securing the two
notes comprising the Trust Assets (the "ADCPB"), and
(b) the cash amount held in the pre-funding account
divided by 95.3%. The initial ACB is approximately
$[82,000,000], based on the initial ADCPB expected to
be approximately $[67,000,000]. The collateral
information presented herein is based on an assumed
discount rate of [7.25]% and the collateral pool as of
[5/6/99]. Additional collateral will be accumulated
before the Settlement Date to reach the initial ADCPB.
The characteristics of such additional collateral are
not expected to be materially different from the
collateral information presented herein.
Discounted Contract
Principal Balance: With respect to any Contract, on any Payment Date, the
sum of the present value of all remaining Scheduled
Payments and Final Scheduled Payments becoming due
under such Contract after the end the of prior
Collection Period, discounted monthly at the Discount
Rate.
Scheduled Payment, with respect to a Payment Date and
a Contract, is the periodic payment (exclusive of any
amounts in respect of residual payments, insurance,
warranty extensions, service contracts or taxes, and
reflecting any adjustment for partial Prepayments, and
further reflecting the effect of any permitted
modification to such Contract) set forth in such
Contract due from the Obligor in the related
Collection Period.
Defaulted Contracts will be considered to have a
Discounted Contract Principal Balance equal to zero.
Trust: ABFS Equipment Contract Trust 1999-A
Trust Assets: The Trust Assets consist primarily of two pledged
notes which are secured by small-ticket equipment
leases and loans (the "Contracts"), all monies
received from the Contracts after the Cut-Off Date, a
security interest in the equipment underlying the
Contracts and any residual payments received in
exchange for the Contracts' underlying Equipment up to
the Booked Residual Value associated with each
Contract.
Transferors: ABFS Finance LLC 1999-A and ABFS Residual LLC 1999-A
(the "Transferors"). Each of the Transferors is a
bankruptcy-remote, special purpose corporation
wholly-owned by American Business Leasing, Inc.
Servicer: American Business Leasing, Inc.
Originator: American Business Leasing, Inc.
Indenture Trustee and:
Back-up Servicer: The Chase Manhattan Bank
Owner Trustee: First Union Trust Company, National Association
Rating: Class A-1 Notes -- A-1+/P-1 by S&P/Moody's
Class A-2 Notes -- AAA/Aaa by S&P/Moody's
Class B Notes -- BBB by Duff & Phelps
Note Insurer: Financial Security Assurance Inc. ("FSA")
Servicing Fee: [50] bps
Form of Notes: Book-entry form, same-day funds through DTC
Optional Termination
By Servicer: The Servicer, with the consent of the Note Insurer,
may call the Notes at par plus accrued after the
outstanding aggregate Note Balance is less than 10% of
the initial aggregate Note Balance. Upon such
termination, amounts owed to the Note Insurer must be
paid.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
<PAGE>
Preliminary Background Information for
ABFS Equipment Contract Trust 1999-A
Cashflow Priority: On each Payment Date, distributions will be made by
the Trustee according to the following priority:
1. Any unreimbursed Servicer Advances;
2. Servicing Fee;
3. Servicing Charges (as additional servicing
compensation for the Collection Period);
4. Back-up Servicing Fee;
5. Note Insurer Premium;
6. Indenture Trustee Fee;
7. Indenture Trustee expenses (up to $30,000);
8. Class A-1 Interest (current an doverdue) (1);
9. Class A-2 Interest (current and overdue) (1);
10. As long as no Cummulative Loss Event has
occurred, Class B Priority Interest (current and
overdue) (to the extent that the payment will not
result in (a) amounts outstanding being payable
under the Note Insurance Policy, or (b) any
unpaid Reimbursement Amount exists or would
occur) (1), (6);
11. To pay the Class A Note Balance, Class A
Principal Distribution Amount and any Overdue
Principal (applied first to Class A-1 Note
Balance until reduced to zero and then to Class
A-2 Note Blance) (2), (3), (5);
12. Unpaid reimbursement amounts to the Note
Insurer;
13. If a Cummulative Loss Event has occurred, Class B
Priority Interest (current and overdue)(1),(6);
14. Class B Junior Interest (current and overdue)(1);
15. To pay the Class B Note Balance (applied first to
the Class B Collateralized Note Balance and
second to the Class B Uncollateralized Note
Balance), Class B Principal Distribution Amount
and any Overdue Principal (2), (4), (5);
16. Any Indenture Trustee expenses, not covered under
clause 7 above (up to $45,000);
17. Other amounts due to Servicer;
18. Any remaining funds will be paid to the Residual
Interests (2), (5).
(1) Overdue interest accrues interest at the applicable Note Rate
plus 1%
(2) If a Restricting Event exists on any Payment Date, then any
payments that would otherwise be paid to the Residual
Interests and any principal payments that would otherwise be
paid to the Class A Notes and the Class B Notes shall be
distributed in the following order of priorities:
(i) first to Class A (applied first to Class A-1 Note
Balance until reduced to zero and then to Class A-2
Note Balance) until the Class A principal balance
is reduced to zero;
(ii) then, to Class B until the Class B principal
balance is reduced to zero;
(iii) then to the Residual Interests, the remaining funds.
(3) Class A Principal Distribution Amount is equal to the sum of
(i) 88% of the Base Principal Distribution Amount,
(ii) 92.34% of any prepayments from the Pre-funding Account and
(iii) Class A Additional Principal Distribution Amount.
(4) Class B Principal Distribution Amount is equal to the sum of
(i) 7.3% of the Base Principal Distribution Amount,
(ii) 7.66% of any prepayments from the Pre-funding Account, and
(iii) Class B Additional Principal Distribution Amount.
(5) If on any Payment Date, any additional payments would make
the Residual Interests equal to less than [4%] of the initial
ACB, then any remaining amounts that would otherwise be paid
to the Residual Interests will be paid to the Class A Notes, until
Class A principal balance is reduced to zero, and then to the
Class B Notes, until Class B principal balance is reduced to
zero.
(6) A "Cummulative Loss Event" will occur should Defaulted Contract
Amounts less any recoveries on the underlying collateral reach
or exceed, on a cumulative basis since the closing date, an
amount equal to 5.25% of the initial ACB.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
<PAGE>
Preliminary Background Information for
ABFS Equipment Contract Trust 1999-A
Class A-1 Interest: Class A-1 Interest, with respect to any Payment Date,
is equal to the product of (i) 1-Month LIBOR + [ ]% (the
Class A-1 Note Rate) and (ii) the Class A-1 Note Balance
as of such Payment Date, calculated based on the actual
number of days that have elapsed during the related
accrual period on a 360-day year basis.
Class A-2 Interest: Class A-2 Interest, with respect to any Payment Date,
is equal to the product of (i) one twelfth, (ii) [ ]%
(the Class A-2 Note Rate) and (iii) the Class A-2 Note
Balance as of such Payment Date.
Class A-1 Note Balance: Class A-1 Note Balance is equal to (i) (a) with respect
to the first Payment Date, the initial Class A-1 Note
Balance or (b) with respect to any other Payment Date,
the Class A-1 Note Balance as of the last Payment Date
(after taking into account any distributions on such
Payment Date), minus (ii) any principal payments made to
the Class A-1 Notes on the last Payment Date.
Class A-2 Note Balance: Class A-2 Note Balance is equal to (i) (a) with respect
to the first Payment Date, the initial Class A-2 Note
Balance or (b) with respect to any other Payment Date,
the Class A-2 Note Balance as of the last Payment Date
(after taking into account any distributions on such
Payment Date), minus (ii) any principal payments made to
the Class A-2 Notes on the last Payment Date.
Class B Note Balance: Class B Note Balance is equal to (i) (a) with respect to
the first Payment Date, the intial Class B Note Balance
or (b) with respect to any other Payment Date, the Class
B Note Balance as of the last Payment Date (after taking
into account any distributions on such Payment Date),
minus (ii) any principal payments made to the Class B
Notes on the last Payment Date.
Class B Priority
Interest: Class B Priority Interest, with respect to any
Payment Date, is equal to the product of (i) one
twelfth, (ii) [ ]% (the Class B Note Rate), and (iii)
the Class B Collateralized Balance as of such Payment
Date.
Class B Junior
Interest: Class B Junior Interest (with respect to any
Payment Date) is equal to the product of (i) one
twelfth, (ii) the Class B Note Rate, and (iii) the Class
B Uncollateralized Balance as of such Payment Date.
Class B
Collateralized Bal: Class B Collateralized Balance is equal to the excess
of (i) the Class B Note Balance, over (ii) the Class B
Uncollateralized Balance.
Class B
Uncollateralized Bal: Class B Uncollateralized Balance is equal to the excess
of (i) the sum of (a) the Class A Note Balance and (b)
the Class B Note Balance, over (ii) the ACB.
Base Principal
Distribution Amount: With respect to any Payment Date, the excess of the (x)
the sum of (i) the Aggregate Discounted Contract
Principal Balance of the Contracts as of the end of the
second preceding Collection Period and (ii) amounts in
the Pre-Funding Account divided by 95.3% over (y) the
sum of (i) the Aggregate Discounted Contract Principal
Balance of the Contracts as of the end of the
immediately preceding Collection Period and (ii) amounts
in the Pre-Funding Account divided by 95.3%, (iii) the
aggregate Prepayment Amounts for the immediately
preceding Collection Period, (iv) the aggregate
Defaulted Contract Amounts for the immediately preceding
Collection Period and (v) the amount of any funds
released from the Pre-Funding Account as a prepayment of
principal on the offered notes divided by 95.3%.
Class A Additional
Principal Distribution
Amount: Until the Class A Note Balance is reduced to zero, the
sum of (i) residual payments up to the Booked Residual
Value, (ii) Prepayment Amounts and (iii) Defaulted
Contract Amounts.
Class B Additional
Principal Distribution
Amount: Once the Class A Note Balance has been reduced to zero,
the sum of (i) residual payments up to the Booked
Residual Value, (ii) Prepayment Amounts and
(iii) Defaulted Contract Amounts.
Restricting Event: Any one of the following:
(i) Servicer Event of Default;
(ii) An Insured Payment is made by the Note Insurer;
(iii) Delinquency Trigger Event, which has not been
cured by a Delinquency Trigger Event Cure;
(iv) Net Charge-Off Event, which has not been
cured by a Net Charge Off Event Cure;
(v) Cumulative Loss Event (as described in "Cashflow
Priority");
(vi) Subordination Deficiency Event.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
<PAGE>
Preliminary Background Information for
ABFS Equipment Contract Trust 1999-A
Delinquency Trigger
Event: The condition which exists on and as of any Payment
Date on which the mathematical average of the
Delinquency Trigger Ratios for such Payment Date and the
two immediately preceding Payment Dates exceeds 3.0%.
Delinquency Trigger
Ratio: On any Payment Date, the quotient, expressed as a
percentage, of (A) the sum of the Aggregate Discounted
Contract Principal Balance of all Contracts with respect
to which any Scheduled Payment was delinquent for more
than 60 days as of the end of the immediately preceding
Collection Period divided by (B) the Aggregated
Discounted Contract Principal Balance as of the end of
the immediately preceding Collection Period including
any contracts which were repossessed or substituted.
Delinquency Trigger
Event Cure: On any Payment Date after the Delinquency Trigger Event
occured, if such Payment Date is the third consecutive
Payment Date for which the three month average of the
Delinquency Trigger Ratio for each such Payment Date
is below 3.0%.
Net Charge Off
Event: The condition which exists on and as of any Payment
Date on which the mathematical average of the Net Charge
Off Ratio for such Payment Date and the two immediately
preceding Payment Dates exceeds 2.5%.
Net Charge Off
Ratio: On any Payment Date, 12 times the quotient, expressed
as a percentage, of (A) the sum of the Discounted
Contract Principal Balance of all Contracts that became
Defaulted Contracts during the immediately preceding
Collection Period (regardless of wheather a substitute
contract was provided) less all recoveries received
during the immediately preceding Collection Period
including but not limited to liquidation proceeds and
residual proceeds divided by (B) the Aggregate
Discounted Contract Principal Balance as of the end of
the immediately preceding Collection Period. Defaulted
Contracts shall include any Contract (a) in which all or
part of a Scheduled Payment is 120 days delinquent; (b)
for which the Servicer elected not to make a Servicer
Advance or for which the Servicer has determined that a
prior Servicer Advance is not recoverable; (c) in which
the Servicer determined that such Contract is not
collectible; (d) in which a bankruptcy proceeding that
has been instituted by or against the obligor, and the
obligor has failed to make a Scheduled Payment. For
purposes of this calculation, Defaulted Contracts shall
be considered as having the Discounted Contract
Principal Balance attributed to them before becoming a
Defaulted Contract.
Net Charge off
Event Cure: On any Payment Date after the Net Charge Off Event
occured, if such Payment Date is the fourth consecutive
Payment Date for which the three month average of the
Net Charge Off Ratio for each such Payment Date is below
2.5%
Subordination
Deficiency Event: The condition which exists on and as of any Payment
Date on which (i) the excess of the ACB as of the end of
the immediately preceding Collection Period over the
Class A Note Balance on such Payment Date (after taking
into account distributions which would have been made on
such Payment Date according to the "Flow of Funds"), is
less than (ii) 3% of the initial ACB.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
<PAGE>
Preliminary Background Information for
ABFS Equipment Contract Trust 1999-A
Credit Enhancement
Subordination: Class A: The Class B Notes [7.3%] and the Residual
Interests [4.7%] are subordinate to the Class
A Notes.
Class B: The Residual Interests [4.7%] are subordinate
to the Class B Notes.
Residual Interest
Lockout: The Residual Interests are subject to a floor of 4% of
the initial ACB. If any payments would result in the
Residual Interests Principal Balance being less than 4%
of the initial ACB, then such amounts shall not be paid
to the Residual Interests but shall instead be paid (i)
to the Class A Notes until reduced to zero, and then
(ii) to the Class B Notes until reduced to zero.
Note Insurance
Policy: For the benefit of the Class A Noteholders, FSA will
insure the payment of timely interest and ultimate
principal. FSA's claims paying ability is rated "AAA" by
Standard & Poors and "Aaa" by Moody's Investors Service.
Pre-Funding
Account: On the Settlement Date, an aggregate cash amount ("the
Pre-funding Amount"), which will equal approximately
[$15,000,000] will be deposited in a Pre-funding
Account. During the period ("the Funding Period") from
the Settlement Date until the earlier of: (i) the date
on which the amount in the Pre-funding Account is less
than $100,000, (ii) the date on which an Event of
Default or a Restricting Event occurs, or (iii)
September 30, 1999, the Pre-funding Amount will remain
in the Pre-funding Account. The Pre-funded Account will
be reduced during the Funding Period by amounts used to
purchase subsequent contracts. Any Pre-funding Amount
remaining at the end of the Funding Period will be
distributed to the Class A Noteholders on the October
15, 1999 Payment Date as a partial prepayment of
principal of such Notes.
Tax Status: [The Class A Notes and the Class B Notes will be
characterized as debt for federal income tax purposes.
Please see the Prospectus for a full description of the
tax characterization of the Notes].
ERISA
Considerations: [The Class A Notes and the Class B Notes may be
purchased by Benefit Plans that are subject to ERISA or
entities using assets of such Benefit Plans. Any Benefit
Plan should consult its tax and/or legal advisors in
determining whether all required conditions have been
satisfied].
Prospectus: The Notes are being offered pursuant to a Prospectus
which includes a Prospectus Supplement (together, the
"Prospectus"). Complete information with respect to the
Notes and the Equipment Contracts is contained in the
Prospectus. The foregoing is qualified in its entirety
by the information appearing in the Prospectus. To the
extent that the foregoing information regarding the
Notes is inconsistent with the Prospectus, the
Prospectus shall govern in all respects. Sales of the
Notes may not be consumated unless the purchaser has
received the Prospectus.
Further information: Trading: Greg Richter or Rob Karr at (212) 778-2741
Banking: Evan Mitnick (212) 778-7469, Shelby Carvalho
at (212) 778-4127 or Kenny Rosenberg at
(212) 778-2440
FSG: John Mawe at (212) 778-1166, Matt DeAngelis at
(212) 778-2458 or Jeff Park at (212) 778-2108
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
<PAGE>
Deal ID/CUSIP ABFL99A Coupon N/A
Class A WRAP AAA Accr 0.23418 1st Pmt 07/15/99
Collateral EQUIPMENT LEASES (Real) Factor on / /
N/GWAC (Orig) /
WAM (Orig) Mat N/A Settle 06/28/99
CenterPrice 100-00 Inc 0.500 Table Yield Roll@
***** TO MATURITY *****
CPR 0.00 CPR 2.00 CPR 4.00 CPR 5.00 CPR 6.00 CPR 8.00 CPR 10.00
Price
----- --------- --------- --------- --------- --------- --------- ---------
99-22+ 6.744 6.749 6.755 6.758 6.761 6.767 6.774
99-23 6.735 6.740 6.745 6.748 6.751 6.757 6.763
99-23+ 6.726 6.731 6.736 6.739 6.741 6.747 6.753
99-24 6.717 6.721 6.726 6.729 6.731 6.737 6.742
99-24+ 6.708 6.712 6.717 6.719 6.721 6.726 6.732
99-25 6.699 6.703 6.707 6.709 6.712 6.716 6.721
99-25+ 6.690 6.693 6.697 6.699 6.702 6.706 6.710
99-26 6.681 6.684 6.688 6.690 6.692 6.696 6.700
99-26+ 6.672 6.675 6.678 6.680 6.682 6.685 6.689
99-27 6.663 6.666 6.669 6.670 6.672 6.675 6.679
99-27+ 6.654 6.656 6.659 6.661 6.662 6.665 6.668
99-28 6.645 6.647 6.650 6.651 6.652 6.655 6.657
99-28+ 6.636 6.638 6.640 6.641 6.642 6.645 6.647
99-29 6.627 6.629 6.630 6.631 6.632 6.634 6.636
99-29+ 6.618 6.619 6.621 6.622 6.622 6.624 6.626
99-30 6.609 6.610 6.611 6.612 6.613 6.614 6.615
99-30+ 6.600 6.601 6.602 6.602 6.603 6.604 6.605
99-31 6.591 6.592 6.592 6.592 6.593 6.593 6.594
99-31+ 6.582 6.582 6.583 6.583 6.583 6.583 6.584
100-00 6.573 6.573 6.573 6.573 6.573 6.573 6.573
100-00+ 6.564 6.564 6.563 6.563 6.563 6.563 6.562
100-01 6.555 6.555 6.554 6.554 6.553 6.553 6.552
100-01+ 6.546 6.545 6.544 6.544 6.543 6.542 6.541
100-02 6.537 6.536 6.535 6.534 6.534 6.532 6.531
100-02+ 6.528 6.527 6.525 6.525 6.524 6.522 6.520
100-03 6.519 6.518 6.516 6.515 6.514 6.512 6.510
100-03+ 6.510 6.508 6.506 6.505 6.504 6.502 6.499
100-04 6.502 6.499 6.497 6.495 6.494 6.491 6.489
100-04+ 6.493 6.490 6.487 6.486 6.484 6.481 6.478
100-05 6.484 6.481 6.478 6.476 6.474 6.471 6.468
100-05+ 6.475 6.471 6.468 6.466 6.465 6.461 6.457
100-06 6.466 6.462 6.459 6.457 6.455 6.451 6.447
100-06+ 6.457 6.453 6.449 6.447 6.445 6.441 6.436
100-07 6.448 6.444 6.440 6.437 6.435 6.430 6.426
100-07+ 6.439 6.435 6.430 6.428 6.425 6.420 6.415
100-08 6.430 6.425 6.421 6.418 6.415 6.410 6.405
100-08+ 6.421 6.416 6.411 6.408 6.406 6.400 6.394
100-09 6.412 6.407 6.401 6.399 6.396 6.390 6.384
100-09+ 6.403 6.398 6.392 6.389 6.386 6.380 6.373
Avg. Life 1.956 1.890 1.825 1.794 1.763 1.702 1.643
Mod. Dur. 1.742 1.686 1.632 1.605 1.579 1.528 1.478
1st Pmt. 0.047 0.047 0.047 0.047 0.047 0.047 0.047
Last Pmt. 4.381 4.297 4.297 4.214 4.214 4.131 4.047
<PAGE>
Deal ID/CUSIP ABFL99A Coupon N/A
Class B BBB DUFF Accr 0.24465 1st Pmt 07/15/99
Collateral EQUIPMENT LEASES (Real) Factor on / /
N/GWAC (Orig) /
WAM (Orig) Mat N/A Settle 06/28/99
CenterPrice 100-00 Inc 0.500 Table Yield Roll@
***** TO MATURITY *****
CPR 0.00 CPR 2.00 CPR 4.00 CPR 5.00 CPR 6.00 CPR 8.00 CPR 10.00
Price
----- --------- --------- --------- --------- --------- --------- ---------
99-22+ 7.036 7.032 7.028 7.027 7.025 7.023 7.020
99-23 7.027 7.023 7.020 7.019 7.017 7.015 7.013
99-23+ 7.018 7.015 7.012 7.010 7.009 7.007 7.005
99-24 7.010 7.006 7.003 7.002 7.001 6.999 6.997
99-24+ 7.001 6.998 6.995 6.994 6.993 6.991 6.989
99-25 6.992 6.989 6.987 6.986 6.985 6.983 6.981
99-25+ 6.984 6.981 6.979 6.978 6.977 6.975 6.973
99-26 6.975 6.972 6.970 6.969 6.968 6.967 6.965
99-26+ 6.966 6.964 6.962 6.961 6.960 6.959 6.958
99-27 6.958 6.956 6.954 6.953 6.952 6.951 6.950
99-27+ 6.949 6.947 6.946 6.945 6.944 6.943 6.942
99-28 6.940 6.939 6.937 6.937 6.936 6.935 6.934
99-28+ 6.932 6.930 6.929 6.928 6.928 6.927 6.926
99-29 6.923 6.922 6.921 6.920 6.920 6.919 6.918
99-29+ 6.914 6.913 6.912 6.912 6.912 6.911 6.910
99-30 6.906 6.905 6.904 6.904 6.904 6.903 6.903
99-30+ 6.897 6.896 6.896 6.896 6.895 6.895 6.895
99-31 6.888 6.888 6.888 6.887 6.887 6.887 6.887
99-31+ 6.880 6.880 6.879 6.879 6.879 6.879 6.879
100-00 6.871 6.871 6.871 6.871 6.871 6.871 6.871
100-00+ 6.862 6.863 6.863 6.863 6.863 6.863 6.863
100-01 6.854 6.854 6.855 6.855 6.855 6.855 6.855
100-01+ 6.845 6.846 6.846 6.847 6.847 6.847 6.848
100-02 6.837 6.837 6.838 6.838 6.839 6.839 6.840
100-02+ 6.828 6.829 6.830 6.830 6.831 6.831 6.832
100-03 6.819 6.821 6.822 6.822 6.823 6.823 6.824
100-03+ 6.811 6.812 6.813 6.814 6.815 6.815 6.816
100-04 6.802 6.804 6.805 6.806 6.806 6.808 6.808
100-04+ 6.793 6.795 6.797 6.798 6.798 6.800 6.801
100-05 6.785 6.787 6.789 6.790 6.790 6.792 6.793
100-05+ 6.776 6.779 6.781 6.781 6.782 6.784 6.785
100-06 6.768 6.770 6.772 6.773 6.774 6.776 6.777
100-06+ 6.759 6.762 6.764 6.765 6.766 6.768 6.769
100-07 6.750 6.753 6.756 6.757 6.758 6.760 6.762
100-07+ 6.742 6.745 6.748 6.749 6.750 6.752 6.754
100-08 6.733 6.737 6.739 6.741 6.742 6.744 6.746
100-08+ 6.725 6.728 6.731 6.732 6.734 6.736 6.738
100-09 6.716 6.720 6.723 6.724 6.726 6.728 6.730
100-09+ 6.707 6.711 6.715 6.716 6.718 6.720 6.723
Avg. Life 2.047 2.104 2.155 2.177 2.201 2.242 2.279
Mod. Dur. 1.805 1.849 1.889 1.907 1.925 1.958 1.988
1st Pmt. 0.047 0.047 0.047 0.047 0.047 0.047 0.047
Last Pmt. 4.464 4.381 4.381 4.297 4.297 4.297 4.214
<PAGE>
Deal ID/CUSIP ABFL99A Coupon N/A
Class A WRAP AAA Accr 0.23418 1st Pmt 07/15/99
Collateral EQUIPMENT LEASES (Real) Factor on / /
N/GWAC (Orig) /
WAM (Orig) Mat N/A Settle 06/28/99
CenterPrice 100-00 Inc 0.500 Table Yield Roll@
***** TO 10% CALL *****
CPR 0.00 CPR 2.00 CPR 4.00 CPR 5.00 CPR 6.00 CPR 8.00 CPR 10.00
Price
----- --------- --------- --------- --------- --------- --------- ---------
99-22+ 6.746 6.751 6.757 6.761 6.764 6.770 6.777
99-23 6.737 6.742 6.748 6.751 6.754 6.760 6.766
99-23+ 6.728 6.732 6.738 6.741 6.744 6.749 6.755
99-24 6.719 6.723 6.728 6.731 6.733 6.739 6.745
99-24+ 6.709 6.714 6.718 6.721 6.723 6.729 6.734
99-25 6.700 6.704 6.709 6.711 6.713 6.718 6.723
99-25+ 6.691 6.695 6.699 6.701 6.703 6.708 6.712
99-26 6.682 6.685 6.689 6.691 6.693 6.697 6.702
99-26+ 6.673 6.676 6.680 6.682 6.683 6.687 6.691
99-27 6.664 6.667 6.670 6.672 6.673 6.677 6.680
99-27+ 6.655 6.657 6.660 6.662 6.663 6.666 6.669
99-28 6.646 6.648 6.651 6.652 6.653 6.656 6.659
99-28+ 6.637 6.639 6.641 6.642 6.643 6.646 6.648
99-29 6.628 6.629 6.631 6.632 6.633 6.635 6.637
99-29+ 6.618 6.620 6.621 6.622 6.623 6.625 6.627
99-30 6.609 6.610 6.612 6.612 6.613 6.614 6.616
99-30+ 6.600 6.601 6.602 6.603 6.603 6.604 6.605
99-31 6.591 6.592 6.592 6.593 6.593 6.594 6.594
99-31+ 6.582 6.582 6.583 6.583 6.583 6.583 6.584
100-00 6.573 6.573 6.573 6.573 6.573 6.573 6.573
100-00+ 6.564 6.564 6.563 6.563 6.563 6.563 6.562
100-01 6.555 6.554 6.554 6.553 6.553 6.552 6.552
100-01+ 6.546 6.545 6.544 6.543 6.543 6.542 6.541
100-02 6.537 6.536 6.534 6.534 6.533 6.532 6.530
100-02+ 6.528 6.526 6.525 6.524 6.523 6.521 6.520
100-03 6.519 6.517 6.515 6.514 6.513 6.511 6.509
100-03+ 6.510 6.508 6.505 6.504 6.503 6.501 6.498
100-04 6.500 6.498 6.496 6.494 6.493 6.490 6.487
100-04+ 6.491 6.489 6.486 6.484 6.483 6.480 6.477
100-05 6.482 6.480 6.476 6.475 6.473 6.470 6.466
100-05+ 6.473 6.470 6.467 6.465 6.463 6.459 6.455
100-06 6.464 6.461 6.457 6.455 6.453 6.449 6.445
100-06+ 6.455 6.452 6.447 6.445 6.443 6.439 6.434
100-07 6.446 6.442 6.438 6.435 6.433 6.428 6.423
100-07+ 6.437 6.433 6.428 6.425 6.423 6.418 6.413
100-08 6.428 6.424 6.419 6.416 6.413 6.408 6.402
100-08+ 6.419 6.414 6.409 6.406 6.403 6.398 6.391
100-09 6.410 6.405 6.399 6.396 6.393 6.387 6.381
100-09+ 6.401 6.396 6.390 6.386 6.383 6.377 6.370
Avg. Life 1.923 1.864 1.798 1.762 1.735 1.674 1.615
Mod. Dur. 1.717 1.666 1.611 1.582 1.558 1.506 1.457
1st Pmt. 0.047 0.047 0.047 0.047 0.047 0.047 0.047
Last Pmt. 03/15/03 03/15/03 02/15/03 01/15/03 01/15/03 12/15/02 11/15/02
<PAGE>
Deal ID/CUSIP ABFL99A Coupon N/A
Class B BBB DUFF Accr 0.24465 1st Pmt 07/15/99
Collateral EQUIPMENT LEASES (Real) Factor on / /
N/GWAC (Orig) /
WAM (Orig) Mat N/A Settle 06/28/99
CenterPrice 100-00 Inc 0.500 Table Yield Roll@
***** TO 10% CALL *****
CPR 0.00 CPR 2.00 CPR 4.00 CPR 5.00 CPR 6.00 CPR 8.00 CPR 10.00
Price
----- --------- --------- --------- --------- --------- --------- ---------
99-22+ 7.040 7.037 7.035 7.035 7.034 7.033 7.033
99-23 7.031 7.028 7.027 7.027 7.026 7.025 7.024
99-23+ 7.022 7.019 7.018 7.018 7.017 7.016 7.016
99-24 7.013 7.011 7.009 7.009 7.008 7.008 7.007
99-24+ 7.004 7.002 7.001 7.001 7.000 6.999 6.999
99-25 6.995 6.993 6.992 6.992 6.991 6.991 6.990
99-25+ 6.986 6.985 6.983 6.983 6.983 6.982 6.982
99-26 6.978 6.976 6.975 6.975 6.974 6.973 6.973
99-26+ 6.969 6.967 6.966 6.966 6.965 6.965 6.965
99-27 6.960 6.958 6.957 6.957 6.957 6.956 6.956
99-27+ 6.951 6.950 6.949 6.949 6.948 6.948 6.948
99-28 6.942 6.941 6.940 6.940 6.940 6.939 6.939
99-28+ 6.933 6.932 6.932 6.932 6.931 6.931 6.931
99-29 6.924 6.923 6.923 6.923 6.923 6.922 6.922
99-29+ 6.915 6.915 6.914 6.914 6.914 6.914 6.914
99-30 6.907 6.906 6.906 6.906 6.905 6.905 6.905
99-30+ 6.898 6.897 6.897 6.897 6.897 6.897 6.897
99-31 6.889 6.889 6.888 6.888 6.888 6.888 6.888
99-31+ 6.880 6.880 6.880 6.880 6.880 6.880 6.880
100-00 6.871 6.871 6.871 6.871 6.871 6.871 6.871
100-00+ 6.862 6.862 6.863 6.863 6.863 6.863 6.863
100-01 6.853 6.854 6.854 6.854 6.854 6.854 6.854
100-01+ 6.845 6.845 6.845 6.845 6.845 6.846 6.846
100-02 6.836 6.836 6.837 6.837 6.837 6.837 6.837
100-02+ 6.827 6.828 6.828 6.828 6.828 6.829 6.829
100-03 6.818 6.819 6.819 6.819 6.820 6.820 6.820
100-03+ 6.809 6.810 6.811 6.811 6.811 6.812 6.812
100-04 6.800 6.802 6.802 6.802 6.803 6.803 6.803
100-04+ 6.792 6.793 6.794 6.794 6.794 6.795 6.795
100-05 6.783 6.784 6.785 6.785 6.786 6.786 6.786
100-05+ 6.774 6.775 6.776 6.776 6.777 6.778 6.778
100-06 6.765 6.767 6.768 6.768 6.769 6.769 6.769
100-06+ 6.756 6.758 6.759 6.759 6.760 6.761 6.761
100-07 6.747 6.749 6.751 6.751 6.752 6.752 6.752
100-07+ 6.739 6.741 6.742 6.742 6.743 6.744 6.744
100-08 6.730 6.732 6.733 6.733 6.734 6.735 6.736
100-08+ 6.721 6.723 6.725 6.725 6.726 6.727 6.727
100-09 6.712 6.715 6.716 6.716 6.717 6.718 6.719
100-09+ 6.703 6.706 6.708 6.708 6.709 6.710 6.710
Avg. Life 1.987 2.025 2.046 2.044 2.061 2.071 2.076
Mod. Dur. 1.760 1.790 1.808 1.808 1.821 1.830 1.836
1st Pmt. 0.047 0.047 0.047 0.047 0.047 0.047 0.047
Last Pmt. 03/15/03 03/15/03 02/15/03 01/15/03 01/15/03 12/15/02 11/15/02
<PAGE>
- --------------------------------------------------------------------------------
- ABFL 99-A
- Cut Off Date of Tape is 5/6/99
- Equipment Leases
- $61,261,895.43 (Discounted Balance)
- --------------------------------------------------------------------------------
Number of Leases: 2,744
Discount Rate: 7.25%
Aggregate Unpaid Discounted Balance: $61,261,895.43 (1)
Aggregate Original Equipment Cost: $64,882,849.39
Weighted Average Gross Implicit Rate: 11.267%
Gross Implicit Rate Range: 6.305% - 34.518%
- --------------------------------------------------------------------------------
Average Unpaid Discounted Balance: $22,325.76
Average Original Equipment Cost: $23,645.35
Maximum Unpaid Discounted Balance: $329,042.13
Minimum Unpaid Discounted Balance: $1,557.66
Maximum Original Equipment Cost: $297,544.80
Minimum Original Equipment Cost: $2,015.15
Weighted Avg. Rem. Term: 45.580 (2)
Rem Term Range: 12.000 - 83.000
Weighted Average Age (Original Term - Rem Term): 6.455
Age Range: 0.000 - 51.000
Weighted Average Original Term: 52.036
Original Term Range: 16.000 - 84.000
- --------------------------------------------------------------------------------
(1) Discounted balance calculated beginning with 6/99 payment
(2) Remaining number of payments beginning with 6/99 payment
* Top obligor as a percentage of aggregate discounted balance: 0.54%
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
<PAGE>
ORIGINAL EQUIPMENT COST
<TABLE>
<CAPTION>
Percentage of
Aggregate Cut-Off Date
Original Number of Unpaid Aggregate
Equipment Equipment Discounted Discounted
Cost Leases Balance Balance
<S> <C> <C> <C>
0 (less than) Balance (more than/equal to) 5,000 393 1,282,825.25 2.09
5,000 (less than) Balance (more than/equal to) 10,000 645 4,632,581.23 7.56
10,000 (less than) Balance (more than/equal to) 15,000 440 5,212,303.32 8.51
15,000 (less than) Balance (more than/equal to) 20,000 274 4,593,094.77 7.50
20,000 (less than) Balance (more than/equal to) 25,000 235 4,987,952.38 8.14
25,000 (less than) Balance (more than/equal to) 30,000 139 3,556,370.68 5.81
30,000 (less than) Balance (more than/equal to) 35,000 121 3,703,803.30 6.05
35,000 (less than) Balance (more than/equal to) 40,000 86 3,037,133.94 4.96
40,000 (less than) Balance (more than/equal to) 45,000 67 2,699,452.50 4.41
45,000 (less than) Balance (more than/equal to) 50,000 58 2,581,784.21 4.21
50,000 (less than) Balance (more than/equal to) 55,000 34 1,724,679.14 2.82
55,000 (less than) Balance (more than/equal to) 60,000 38 2,042,216.71 3.33
60,000 (less than) Balance (more than/equal to) 65,000 24 1,415,865.51 2.31
65,000 (less than) Balance (more than/equal to) 70,000 27 1,754,709.20 2.86
70,000 (less than) Balance (more than/equal to) 75,000 19 1,292,830.95 2.11
75,000 (less than) Balance (more than/equal to) 80,000 15 1,096,588.54 1.79
80,000 (less than) Balance (more than/equal to) 85,000 15 1,140,470.90 1.86
85,000 (less than) Balance (more than/equal to) 90,000 6 481,062.04 0.79
90,000 (less than) Balance (more than/equal to) 95,000 19 1,629,738.51 2.66
95,000 (less than) Balance (more than/equal to) 100,000 6 534,308.84 0.87
100,000 (less than) Balance (more than/equal to) 105,000 11 1,063,037.94 1.74
105,000 (less than) Balance (more than/equal to) 110,000 4 419,627.47 0.68
110,000 (less than) Balance (more than/equal to) 115,000 7 772,090.14 1.26
115,000 (less than) Balance (more than/equal to) 120,000 4 460,788.58 0.75
120,000 (less than) Balance (more than/equal to) 125,000 1 99,348.10 0.16
125,000 (less than) Balance (more than/equal to) 130,000 9 1,151,928.80 1.88
130,000 (less than) Balance (more than/equal to) 135,000 5 635,188.34 1.04
135,000 (less than) Balance (more than/equal to) 140,000 2 264,539.08 0.43
140,000 (less than) Balance (more than/equal to) 145,000 2 272,816.76 0.45
145,000 (less than) Balance (more than/equal to) 150,000 4 549,367.19 0.90
150,000 (less than) Balance (more than/equal to) 200,000 25 3,891,110.10 6.35
200,000 (less than) Balance (more than/equal to) 250,000 4 842,051.82 1.37
250,000 (less than) Balance (more than/equal to) 300,000 5 1,440,229.19 2.35
- --------------------------------------------------------------------------------------------------------
Total.................... 2744 $61,261,895.43 100.00%
========================================================================================================
</TABLE>
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
<PAGE>
CURRENT DISCOUNTED BALANCE
<TABLE>
<CAPTION>
Percentage of
Aggregate Cut-Off Date
Current Number of Unpaid Aggregate
Discounted Equipment Discounted Discounted
Balance Leases Balance Balance
<S> <C> <C> <C>
0 (less than) Balance (more than/equal to) 5,000 456 1,544,278.36 2.52
5,000 (less than) Balance (more than/equal to) 10,000 618 4,637,086.15 7.57
10,000 (less than) Balance (more than/equal to) 15,000 454 5,563,483.82 9.08
15,000 (less than) Balance (more than/equal to) 20,000 286 4,993,356.27 8.15
20,000 (less than) Balance (more than/equal to) 25,000 207 4,598,145.64 7.51
25,000 (less than) Balance (more than/equal to) 30,000 152 4,170,521.76 6.81
30,000 (less than) Balance (more than/equal to) 35,000 114 3,682,357.58 6.01
35,000 (less than) Balance (more than/equal to) 40,000 78 2,915,998.55 4.76
40,000 (less than) Balance (more than/equal to) 45,000 66 2,804,123.47 4.58
45,000 (less than) Balance (more than/equal to) 50,000 45 2,130,144.93 3.48
50,000 (less than) Balance (more than/equal to) 55,000 35 1,831,036.97 2.99
55,000 (less than) Balance (more than/equal to) 60,000 32 1,839,836.92 3.00
60,000 (less than) Balance (more than/equal to) 65,000 36 2,247,217.43 3.67
65,000 (less than) Balance (more than/equal to) 70,000 23 1,555,900.82 2.54
70,000 (less than) Balance (more than/equal to) 75,000 13 939,081.69 1.53
75,000 (less than) Balance (more than/equal to) 80,000 14 1,084,788.91 1.77
80,000 (less than) Balance (more than/equal to) 85,000 6 493,384.25 0.81
85,000 (less than) Balance (more than/equal to) 90,000 19 1,657,366.60 2.71
90,000 (less than) Balance (more than/equal to) 95,000 9 838,422.96 1.37
95,000 (less than) Balance (more than/equal to) 100,000 9 881,185.06 1.44
100,000 (less than) Balance (more than/equal to) 105,000 1 104,063.38 0.17
105,000 (less than) Balance (more than/equal to) 110,000 8 859,824.12 1.40
110,000 (less than) Balance (more than/equal to) 115,000 10 1,123,737.33 1.83
115,000 (less than) Balance (more than/equal to) 120,000 3 351,079.80 0.57
120,000 (less than) Balance (more than/equal to) 125,000 3 366,280.41 0.60
125,000 (less than) Balance (more than/equal to) 130,000 3 388,456.94 0.63
130,000 (less than) Balance (more than/equal to) 135,000 4 526,701.40 0.86
135,000 (less than) Balance (more than/equal to) 140,000 6 820,298.11 1.34
140,000 (less than) Balance (more than/equal to) 145,000 5 714,941.27 1.17
145,000 (less than) Balance (more than/equal to) 150,000 2 294,794.09 0.48
150,000 (less than) Balance (more than/equal to) 200,000 19 3,195,911.07 5.22
200,000 (less than) Balance (more than/equal to) 250,000 3 667,860.18 1.09
250,000 (less than) Balance (more than/equal to) 300,000 4 1,111,187.06 1.81
300,000 (less than) Balance (more than/equal to) 350,000 1 329,042.13 0.54
- -------------------------------------------------------------------------------------------------------
Total.................... 2744 $61,261,895.43 100.00%
=======================================================================================================
</TABLE>
ORIGINAL TERM
<TABLE>
<CAPTION>
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Equipment Discounted Discounted
Original Term Leases Balance Balance
<S> <C> <C> <C>
12 (less than) Orig. Term (more than/equal to) 24 218 2,321,696.47 3.79%
24 (less than) Orig. Term (more than/equal to) 36 1,068 16,089,988.28 26.26%
36 (less than) Orig. Term (more than/equal to) 48 266 4,897,209.75 7.99%
48 (less than) Orig. Term (more than/equal to) 60 1,098 31,176,149.49 50.89%
60 (less than) Orig. Term (more than/equal to) 72 73 4,665,524.88 7.62%
72 (less than) Orig. Term (more than/equal to) 84 21 2,111,326.56 3.45%
- --------------------------------------------------------------------------------------------------
Total............ 2,744 61,261,895.43 100.00%
==================================================================================================
</TABLE>
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DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
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<PAGE>
REMAINING MONTHS TO STATED MATURITY
<TABLE>
<CAPTION>
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Remaining Term Loans Balance Balance
<S> <C> <C> <C>
1 (more than) Rem Term (less than/equal to) 12 9 151,626.85 0.25%
12 (more than) Rem Term (less than/equal to) 24 260 2,938,127.61 4.80%
24 (more than) Rem Term (less than/equal to) 36 1,042 15,873,530.34 25.91%
36 (more than) Rem Term (less than/equal to) 48 284 5,464,891.31 8.92%
48 (more than) Rem Term (less than/equal to) 60 1,114 33,757,591.40 55.10%
60 (more than) Rem Term (less than/equal to) 72 15 1,049,903.57 1.71%
72 (more than) Rem Term (less than/equal to) 84 20 2,026,224.35 3.31%
- ---------------------------------------------------------------------------------------------------
Total............ 2,744 61,261,895.43 100.00%
===================================================================================================
</TABLE>
AGE OF LOAN
<TABLE>
<CAPTION>
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Mortgage Principal Principal
Age Loans Balance Balance
<S> <C> <C> <C>
Age = 0 2 52,537.69 0.09%
0 (more than) Age (less than/equal to) 12 2,710 60,455,643.80 98.68%
12 (more than) Age (less than/equal to) 24 28 515,175.30 0.84%
24 (more than) Age (less than/equal to) 36 3 230,186.00 0.38%
48 (more than) Age (less than/equal to) 60 1 8,352.64 0.01%
- ---------------------------------------------------------------------------------------------------
Total............ 2,744 61,261,895.43 100.00%
===================================================================================================
</TABLE>
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DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
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<PAGE>
GEOGRAPHICAL DISTRIBUTION OF OBLIGORS
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Equipment Discounted Discounted
State Leases Balance Balance
Alabama 24 547,542.97 0.89
Alaska 4 87,455.53 0.14
Arizona 54 1,040,474.80 1.70
Arkansas 22 315,391.64 0.51
California 483 13,494,558.73 22.03
Colorado 38 955,410.07 1.56
Connecticut 44 1,286,088.40 2.10
Delaware 3 30,476.03 0.05
Dist of Col 14 408,410.92 0.67
Florida 366 6,626,406.75 10.82
Georgia 86 1,932,532.42 3.15
Hawaii 9 253,225.59 0.41
Idaho 9 154,286.46 0.25
Illinois 139 3,631,976.52 5.93
Indiana 23 407,728.19 0.67
Iowa 18 366,651.36 0.60
Kansas 11 212,376.98 0.35
Kentucky 11 195,801.20 0.32
Louisiana 17 286,639.66 0.47
Maine 15 166,168.25 0.27
Maryland 33 462,020.21 0.75
Massachusetts 87 1,741,920.55 2.84
Michigan 40 924,535.70 1.51
Minnesota 19 530,532.11 0.87
Mississippi 14 254,319.75 0.42
Missouri 25 599,838.29 0.98
Montana 4 25,275.31 0.04
Nebraska 16 362,888.99 0.59
Nevada 18 567,177.67 0.93
New Hampshire 18 363,435.29 0.59
New Jersey 148 3,018,281.87 4.93
New Mexico 5 82,135.62 0.13
New York 181 4,175,993.97 6.82
North Carolina 57 1,363,039.86 2.22
Ohio 51 1,702,304.90 2.78
Oklahoma 12 166,823.96 0.27
Oregon 30 1,033,048.50 1.69
Pennsylvania 177 2,999,262.96 4.90
Rhode Island 19 284,030.81 0.46
South Carolina 20 399,034.40 0.65
Tennessee 24 446,100.26 0.73
Texas 192 3,966,724.37 6.48
Utah 24 406,196.63 0.66
Vermont 2 21,761.05 0.04
Virginia 62 1,344,006.49 2.19
Washington 34 828,459.96 1.35
West Virgina 12 143,296.42 0.23
Wisconsin 27 631,204.66 1.03
Wyoming 3 18,642.40 0.03
- --------------------------------------------------------------------------
Total............... 2744 $61,261,895.43 100.00%
==========================================================================
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DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
ADVISOR IMMEDIATELY.
<PAGE>
EQUIPMENT TYPE
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Equipment Discounted Discounted
Leases Balance Balance
100% Software 135 2,367,714.00 3.86
Alarm/Security 84 1,383,089.63 2.26
Automotive Repair Equip 194 2,956,600.44 4.83
Cash Dispensing 133 1,275,527.95 2.08
Cash Registers 20 265,867.09 0.43
Cleaning/Janitorial Equip 89 2,426,111.02 3.96
Communications Equip 131 1,958,569.60 3.20
Construction Equip 11 198,606.45 0.32
Copiers 28 311,261.97 0.51
Dental Equipment 60 1,063,930.86 1.74
Display Booth 7 134,172.20 0.22
Dry Cleaning/Co 25 1,062,154.95 1.73
Fixtures 8 262,604.10 0.43
Furniture 49 898,597.93 1.47
General Computers 697 13,719,609.75 22.40
HVAC 2 6,165.81 0.01
Industrial Equip 291 8,478,319.21 13.84
Medical Equipment 386 13,245,553.34 21.62
Mini Computers 2 24,962.10 0.04
Office Automation Equip 109 2,114,896.55 3.45
Photo/Printing 131 5,233,545.88 8.54
Restaurant Equip 42 296,260.16 0.48
Server Computer 4 64,002.61 0.10
Sound Systems 3 22,902.36 0.04
Vending Equipment 99 1,404,650.24 2.29
Workstation Comupters 3 77,866.59 0.13
Other 1 8,352.64 0.01
- --------------------------------------------------------------------------
Total............... 2744 $61,261,895.43 100.00%
==========================================================================
TOP 10 INDUSTRIES
<TABLE>
<CAPTION>
Percentage of
Aggregate Cut-Off Date
Number of Unpaid Aggregate
Equipment Discounted Discounted
Leases Balance Balance
<S> <C> <C> <C>
Health services 483 15,112,908.93 24.67
Legal services 346 7,482,096.76 12.21
Printing and publishing 140 5,583,595.80 9.11
Personal services 111 3,495,132.87 5.71
Business services 149 3,118,341.50 5.09
Automotive dealers & service stations 165 2,503,922.12 4.09
Engineering & management services 109 2,337,037.44 3.81
Services, n.e.c. 181 2,334,418.46 3.81
Auto repair, services, and parking 146 1,959,659.68 3.20
Industrial machinery and equipment 31 1,677,508.44 2.74
- --------------------------------------------------------------------------------------
Total (Top 10 Industries) 1861 $ 45,604,622.00 74.44
- --------------------------------------------------------------------------------------
All Others 883 $ 15,657,273.43 25.56
- --------------------------------------------------------------------------------------
Total............... 2744 $ 61,261,895.43 100.00%
======================================================================================
</TABLE>
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DISCLAIMER, PLEASE CONTACT YOUR PRUDENTIAL SECURITIES INCORPORATED FINANCIAL
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