<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 19, 1996
GREEN TREE FINANCIAL CORPORATION
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 01-08916 41-1807858
- ---------------------------- ------------------------ -------------------
(State or other Jurisdiction (Commission File Number) (I.R.S. Employer
of incorporation) Identification No.)
1100 Landmark Towers, 345 St. Peter Street, Saint Paul, Minnesota 55102-1639
- -------------------------------------------------------------------------------
(Address of principal executive offices)
Registrant's telephone number, including area code: (612) 293-3400
--------------
Not Applicable
- -------------------------------------------------------------------------------
(Former name or former address, if changed since last report)
<PAGE>
ITEM 1. Changes in Control of Registrant.
- ------- --------------------------------
Not applicable.
ITEM 2. Acquisition or Disposition of Assets.
- ------- ------------------------------------
Not applicable
ITEM 3. Bankruptcy or Receivership.
- ------- --------------------------
Not applicable
ITEM 4. Changes in Registrant's Certifying Accounting.
- ------- ---------------------------------------------
Not applicable
ITEM 5. Other Events.
- ------- ------------
Not applicable.
ITEM 6. Resignations of Registrant's Directors.
- ------- --------------------------------------
Not applicable
ITEM 7. Financial Statements and Exhibits.
- ------- ---------------------------------
(a) Financial statements of businesses acquired.
Not applicable
(b) Pro forma financial information.
Not applicable
2
<PAGE>
(c) Exhibits.
The following is filed herewith. The exhibit numbers correspond
with Item 601(b) of Regulation S-K.
Exhibit No. Description
----------- -----------
99 External Computational and Descriptive
Information distributed in connection with
Floating Rate Asset-Backed Notes and Asset-
Backed Certificates to be issued by Green
Tree Recreational, Equipment & Consumer
Trust 1996-B.
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Date: June 19, 1996 GREEN TREE FINANCIAL CORPORATION
By: /s/ Robley D. Evans
_____________________________
Robley D. Evans
Vice President and Controller
3
<PAGE>
INDEX TO EXHIBITS
Exhibit
-------
Number Page
------ ----
99 External Computational and Descriptive 5
Information distributed in connection
with Floating Rate Asset-Backed Notes
and Asset-Backed Certificates to be
issued by Green Tree Recreational,
Equipment & Consumer Trust 1996-B.
4
<PAGE>
<TABLE>
<CAPTION>
Lehman Brothers Page 1
Tue, 18 Jun 1996, 09:57:56
GREEN TREE REC 1996-B
Settlement: 6/21/96
----------------------------------------------------------------------------------------------------------------------
Class A-1 Class A-2
------------------------------------------------- ----------------------------------------------
Date Balance Principal Pmt % of Balance Balance Principal Pmt % of Balance
---- -------------- -------------- ------------- ------------- -------------- --------------
<S> <C> <C> <C> <C> <C> <C>
6/21/96 341,000,000.00 100 20,000,000.00 100
7/15/96 332,657,196.94 8,342,803.0551 98 19,510,686.04 489,313.9622 98
8/15/96 324,435,396.53 8,221,800.4129 95 19,028,469.00 482,217.0330 95
9/15/96 316,331,621.90 8,103,774.6307 93 18,553,174.31 475,294.6997 93
10/15/96 308,343,060.84 7,988,561.0575 90 18,084,637.00 468,537.3054 90
11/15/96 300,467,062.89 7,875,997.9533 88 17,622,701.64 461,935.3638 88
12/15/96 292,701,136.26 7,765,926.6305 86 17,167,222.07 455,479.5678 86
1/15/97 285,042,944.66 7,658,191.5989 84 16,718,061.27 449,160.7976 84
2/15/97 277,490,303.95 7,552,640.7103 81 16,275,091.14 442,970.1296 81
3/15/97 270,041,178.65 7,449,125.3036 79 15,838,192.30 436,898.8448 79
4/15/97 262,693,678.30 7,347,500.3496 77 15,407,253.86 430,938.4369 77
5/15/97 255,446,053.70 7,247,624.5937 75 14,982,173.24 425,080.6213 75
6/15/97 248,296,693.01 7,149,360.6959 73 14,562,855.89 419,317.3429 73
7/15/97 241,244,117.64 7,052,575.3682 71 14,149,215.11 413,640.7841 71
8/15/97 234,286,978.13 6,957,139.5068 69 13,741,171.74 408,043.3728 69
9/15/97 227,424,049.81 6,862,928.3202 67 13,338,653.95 402,517.7900 67
10/15/97 220,654,228.36 6,769,821.4504 65 12,941,596.97 397,056.9766 65
11/15/97 213,976,525.27 6,677,703.0881 63 12,549,942.83 391,654.1401 63
12/15/97 207,390,063.19 6,586,462.0798 61 12,163,640.07 386,302.7613 61
1/15/98 200,894,071.17 6,495,992.0271 59 11,782,643.47 380,996.5998 59
2/15/98 194,487,879.79 6,406,191.3765 57 11,406,913.77 375,729.6995 57
3/15/98 188,170,916.29 6,316,963.4999 55 11,036,417.38 370,496.3930 55
4/15/98 181,942,699.53 6,228,216.7641 53 10,671,126.07 365,291.3058 53
5/15/98 175,802,834.94 6,139,864.5901 52 10,311,016.71 360,109.3601 52
6/15/98 169,751,009.44 6,051,825.5006 50 9,956,070.93 354,945.7772 50
7/15/98 163,786,986.28 5,964,023.1546 48 9,606,274.86 349,796.0794 48
8/15/98 157,910,599.91 5,876,386.3710 46 9,261,618.76 344,656.0921 46
9/15/98 152,121,750.77 5,788,849.1383 45 8,922,096.82 339,521.9436 45
10/15/98 146,420,400.16 5,701,350.6114 43 8,587,706.75 334,390.0652 43
11/15/98 140,837,830.02 5,582,570.1423 41 8,260,283.29 327,423.4688 41
12/15/98 135,372,103.75 5,465,726.2713 40 7,939,712.83 320,570.4558 40
1/15/99 130,021,342.64 5,350,761.1087 38 7,625,885.20 313,827.6310 38
2/15/99 124,783,724.63 5,237,618.0051 37 7,318,693.53 307,191.6719 37
3/15/99 119,657,483.11 5,126,241.5186 35 7,018,034.20 300,659.3266 35
4/15/99 114,640,905.73 5,016,577.3820 34 6,723,806.79 294,227.4124 34
5/15/99 109,732,333.26 4,908,572.4717 32 6,435,913.97 287,892.8136 32
6/15/99 104,930,158.48 4,802,174.7767 31 6,154,261.49 281,652.4796 31
7/15/99 100,232,825.12 4,697,333.3691 29 5,878,758.07 275,503.4234 29
8/15/99 95,638,826.74 4,593,998.3745 28 5,609,315.35 269,442.7199 28
9/15/99 91,146,705.80 4,492,120.9437 27 5,345,847.85 263,467.5040 27
10/15/99 86,755,052.57 4,391,653.2249 25 5,088,272.88 257,574.9692 25
11/15/99 82,462,504.24 4,292,548.3367 24 4,836,510.51 251,762.3658 24
12/15/99 78,267,743.89 4,194,760.3414 23 4,590,483.51 246,026.9995 23
1/15/00 74,169,499.67 4,098,244.2196 22 4,350,117.28 240,366.2299 22
2/15/00 70,166,543.83 4,002,955.8446 21 4,115,339.81 234,777.4689 21
3/15/00 66,257,691.87 3,908,851.9583 19 3,886,081.63 229,258.1794 19
4/15/00 62,441,801.72 3,815,890.1471 18 3,662,275.76 223,805.8737 18
AVG LIFE:
2.296 2.296
</TABLE>
This information does not constitute either an offer to sell or a solicitation
of an offer to buy any of the securities referred to herein. Offers to sell and
solicitations of offers to buy the securities are made only by, and this
information must be read in conjunction with, the final Prospectus Supplement
and the related Prospectus or, if not registered under the securities laws, the
final Offering Memorandum (the "Offering Document"). Information contained
herein does not purport to be complete and is subject to the same qualifications
and assumptions, and should be considered by investors only in the light of the
same warnings, lack of assurances and representations and other precautionary
matters, as disclosed in the Offering Document. Information regarding the
underlying assets has been provided by the issuer of the securities or an
affiliate thereof and has not been independently verified by Lehman Brothers
Inc. or any affiliate. The analyses contained herein have been prepared on the
basis of certain assumptions (including, in certain cases, assumptions specified
by the recipient thereof) regarding payments, interest rates, losses and other
matters, including, but not limited to, the assumptions described in the
Offering Document. Lehman Brothers Inc., and any of its affiliates, make no
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. This
information supersedes any prior versions hereof and will be deemed to be
superseded by any subsequent versions (including, with respect to any
description of the securities or underlying assets, the information contained in
the Offering Document).
<PAGE>
Lehman Brothers Page 2
Tue, 18 Jun 1996, 09:57:56 EDT
GREEN TREE REC 1996-B
Settlement: 6/21/96
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------
Class A-1 Class A-2
-------------------------------------------- ------------------------------------------
Date Balance Principal Pmt % of Balance Balance Principal Pmt % of Balance
---- ------------- --------------- ------------ ------------- ------------- ------------
<S> <C> <C> <C> <C> <C> <C>
5/15/00 58,717,772.91 3,724,028.8184 17 3,443,857.65 218,418.1125 17
6/15/00 55,084,545.73 3,633,227.1780 16 3,230,765.15 213,092.5031 16
7/15/00 51,541,100.52 3,543,445.2077 15 3,022,938.45 207,826.6984 15
8/15/00 48,086,456.88 3,454,643.6437 14 2,820,320.05 202,618.3955 14
9/15/00 44,719,672.92 3,366,783.9555 13 2,622,854.72 197,465.3346 13
10/15/00 41,439,844.60 3,279,828.3251 12 2,430,489.42 192,365.2977 12
11/15/00 39,091,320.20 2,348,524.3985 11 2,292,746.05 137,743.3665 11
12/15/00 36,798,369.62 2,292,950.5762 11 2,158,262.15 134,483.9048 11
1/15/01 34,822,131.22 1,976,238.4053 10 2,042,353.74 115,908.4109 10
2/15/01 32,893,751.46 1,928,379.7601 10 1,929,252.28 113,101.4522 10
3/15/01 31,012,118.11 1,881,633.3504 9 1,818,892.56 110,359.7273 9
4/15/01 29,176,145.11 1,835,972.9957 9 1,711,210.86 107,681.7006 9
5/15/01 27,734,667.37 1,441,477.7360 8 1,626,666.71 84,544.1487 8
6/15/01 26,321,853.58 1,412,813.7947 8 1,543,803.73 82,862.9792 8
7/15/01 24,937,179.79 1,384,673.7926 7 1,462,591.19 81,212.5392 7
8/15/01 23,580,131.31 1,357,048.4735 7 1,382,998.90 79,592.2858 7
9/15/01 22,250,202.57 1,329,928.7420 7 1,304,997.22 78,001.6857 7
10/15/01 20,946,896.91 1,303,305.6613 6 1,228,557.00 76,440.2147 6
11/15/01 19,669,726.46 1,277,170.4504 6 1,153,649.65 74,907.3578 6
12/15/01 18,418,211.98 1,251,514.4810 5 1,080,247.04 73,402.6089 5
1/15/02 17,191,882.70 1,226,329.2750 5 1,008,321.57 71,925.4707 5
2/15/02 15,990,276.20 1,201,606.5023 5 937,846.11 70,475.4547 5
3/15/02 14,812,938.22 1,177,337.9777 4 868,794.03 69,052.0808 4
4/15/02 13,659,422.56 1,153,515.6587 4 801,139.15 67,654.8773 4
5/15/02 12,529,290.92 1,130,131.6429 4 734,855.77 66,283.3808 4
6/15/02 11,422,112.76 1,107,178.1657 3 669,918.64 64,937.1358 3
7/15/02 10,388,085.88 1,034,026.8719 3 609,271.90 60,646.7374 3
8/15/02 0.00 10,388,085.8841 0 0.00 609,271.8994 0
==================================================================================================
TOTALS: 341,000,000.00 20,000,000.00
AVG LIFE: 2.296 2.296
</TABLE>
- -------------------------------------------------------------------------------
This information does not constitute either an offer to sell or a solicitation
of an offer to buy any of the securities referred to herein. Offers to sell and
solicitations of offers to buy the securities are made only by, and this
information must be read in conjunction with, the final Prospectus Supplement
and the related Prospectus or, if not registered under the securities laws, the
final Offering Memorandum (the "Offering Document"). Information contained
herein does not purport to be complete and is subject to the same qualifications
and assumptions, and should be considered by investors only in the light of the
same warnings, lack of assurances and representations and other precautionary
matters, as disclosed in the Offering Document. Information regarding the
underlying assets has been provided by the issuer of the securities or an
affiliate thereof and has not been independently verified by Lehman Brothers
Inc. or any affiliate. The analyses contained herein have been prepared on the
basis of certain assumptions (including, in certain cases, assumptions specified
by the recipient thereof) regarding payments, interest rates, losses and other
matters, including, but not limited to, the assumptions described in the
Offering Document. Lehman Brothers Inc., and any of its affiliates, make no
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. This
information supersedes any prior versions hereof and will be deemed to be
superseded by any subsequent versions (including, with respect to any
description of the securities or underlying assets, the information contained in
the Offering Document).
<PAGE>
<TABLE>
<CAPTION>
Lehman Brothers
Page 3
Tue, 18 Jun 1996, 09:57:56 EDT
GREEN TREE REC 1996-B
Settlement: 6/21/96
---------------------------------------------------------------------------------------------------
Class A-3 Class A-4
------------------------------------------------ ------------------------------------------------
Date Balance Principal Pmt % of Balance Balance Principal Pmt % of Balance
---- -------------- -------------- -------------- -------------- -------------- --------------
<S> <C> <C> <C> <C> <C> <C>
6/21/96 15,800,000.00 100 13,700,000.00 100
7/15/96 15,413,441.97 386,558.0301 98 13,364,819.94 335,180.0641 98
8/15/96 15,032,490.51 380,951.4561 95 13,034,501.27 330,318.6676 95
9/15/96 14,657,007.70 375,482.8128 93 12,708,924.40 325,576.8693 93
10/15/96 14,286,863.23 370,144.4713 90 12,387,976.34 320,948.0542 90
11/15/96 13,921,934.29 364,928.9374 88 12,071,550.62 316,425.7242 88
12/15/96 13,562,105.43 359,828.8585 86 11,759,547.12 312,003.5039 86
1/15/97 13,207,268.40 354,837.0301 84 11,451,871.97 307,675.1463 84
2/15/97 12,857,322.00 349,946.4024 81 11,148,437.43 303,434.5388 81
3/15/97 12,512,171.91 345,150.0874 79 10,849,161.72 299,275.7087 79
4/15/97 12,171,730.55 340,441.3652 77 10,553,968.89 295,192.8293 77
5/15/97 11,835,916.86 335,813.6909 75 10,262,788.67 291,180.2256 75
6/15/97 11,504,656.16 331,260.7009 73 9,975,556.29 287,232.3799 73
7/15/97 11,177,879.94 326,776.2194 71 9,692,212.35 283,343.9371 71
8/15/97 10,855,525.67 322,354.2645 69 9,412,702.64 279,509.7104 69
9/15/97 10,537,536.62 317,989.0541 67 9,136,977.95 275,724.6862 67
10/15/97 10,223,861.61 313,675.0115 65 8,864,993.93 271,984.0289 65
11/15/97 9,914,454.84 309,406.7707 63 8,596,710.84 268,283.0859 63
12/15/97 9,609,275.66 305,179.1814 61 8,332,093.45 264,617.3915 61
1/15/98 9,308,288.34 300,987.3139 59 8,071,110.78 260,982.6709 59
2/15/98 9,011,461.88 296,826.4626 57 7,813,735.93 257,374.8442 57
3/15/98 8,718,769.73 292,692.1504 55 7,559,945.90 253,790.0292 55
4/15/98 8,430,189.60 288,580.1316 53 7,309,721.36 250,224.5445 53
5/15/98 8,145,703.20 284,486.3945 52 7,063,046.45 246,674.9117 52
6/15/98 7,865,296.04 280,407.1640 50 6,819,908.59 243,137.8574 50
7/15/98 7,588,957.14 276,338.9028 48 6,580,298.28 239,610.3144 48
8/15/98 7,316,678.82 272,278.3128 46 6,344,208.85 236,089.4231 46
9/15/98 7,048,456.49 268,222.3354 45 6,111,636.32 232,572.5314 45
10/15/98 6,784,288.34 264,168.1515 43 5,882,579.13 229,057.1947 43
11/15/98 6,525,623.80 258,664.5403 41 5,658,294.05 224,205.0761 41
12/15/98 6,272,373.14 253,250.6601 40 5,438,703.29 219,590.7622 40
1/15/99 6,024,449.31 247,923.8285 38 5,223,731.36 214,971.9272 38
2/15/99 5,781,767.89 242,681.4208 37 5,013,305.07 210,426.2952 37
3/15/99 5,544,247.02 237,520.8680 35 4,807,353.43 205,951.6387 35
4/15/99 5,311,807.36 232,439.6558 34 4,605,807.65 201,545.7775 34
5/15/99 5,084,372.04 227,435.3227 32 4,408,601.07 197,206.5773 32
6/15/99 4,861,866.58 222,505.4589 31 4,215,669.12 192,931.9485 31
7/15/99 4,644,218.88 217,647.7045 29 4,026,949.28 188,719.8450 29
8/15/99 4,431,359.13 212,859.7487 28 3,842,381.02 184,568.2631 28
9/15/99 4,223,219.80 208,139.3282 27 3,661,905.78 180,475.2403 27
10/15/99 4,019,735.57 203,484.2257 25 3,485,466.92 176,438.8539 25
11/15/99 3,820,843.30 198,892.2690 24 3,313,009.70 172,457.2206 24
12/15/99 3,626,481.98 194,361.3296 23 3,144,481.21 168,528.4947 23
1/15/00 3,436,592.65 189,889.3216 22 2,979,830.34 164,650.8675 22
2/15/00 3,251,118.45 185,474.2004 21 2,819,007.77 160,822.5662 21
3/15/00 3,070,004.49 181,113.9617 19 2,661,965.92 157,041.8529 19
4/15/00 2,893,197.85 176,806.6402 18 2,508,658.90 153,307.0235 18
AVG LIFE:
2.296 2.296
</TABLE>
This information does not constitute either an offer to sell or a solicitation
of an offer to buy any of the securities referred to herein. Offers to sell and
solicitations of offers to buy the securities are made only by, and this
information must be read in conjunction with, the final Prospectus Supplement
and the related Prospectus or, if not registered under the securities laws, the
final Offering Memorandum (the "Offering Document"). Information contained
herein does not purport to be complete and is subject to the same qualifications
and assumptions, and should be considered by investors only in the light of the
same warnings, lack of assurances and representations and other precautionary
matters, as disclosed in the Offering Document. Information regarding the
underlying assets has been provided by the issuer of the securities or an
affiliate thereof and has not been independently verified by Lehman Brothers
Inc. or any affiliate. The analyses contained herein have been prepared on the
basis of certain assumptions (including, in certain cases, assumptions specified
by the recipient thereof) regarding payments, interest rates, losses and other
matters, including, but not limited to, the assumptions described in the
Offering Document. Lehman Brothers Inc., and any of its affiliates, make no
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. This
information supersedes any prior versions hereof and will be deemed to be
superseded by any subsequent versions (including, with respect to any
description of the securities or underlying assets, the information contained in
the Offering Document).
<PAGE>
Lehman Brothers Page 4
Tue, 18 Jun 1996, 09:57:56 EDT
GREEN TREE REC 1996-B
Settlement: 6/21/96
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------
Class A-3 Class A-4
--------------------------------------------- ---------------------------------------------
Date Balance Principal Pmt % of Balance Balance Principal Pmt % of Balance
- -------- ------------ ------------- ------------ ------------ ------------- ------------
<S> <C> <C> <C> <C> <C> <C>
5/15/00 2,720,647.54 172,550.3089 17 2,359,042.49 149,616.4071 17
6/15/00 2,552,304.46 168,343.0775 16 2,213,074.12 145,968.3646 16
7/15/00 2,388,121.37 164,183.0917 15 2,070,712.84 142,361.2884 15
8/15/00 2,228,052.84 160,068.5325 14 1,931,919.24 138,793.6009 14
9/15/00 2,072,055.23 155,997.6144 13 1,796,655.48 135,263.7542 13
10/15/00 1,920,086.64 151,968.5852 12 1,664,885.25 131,770.2289 12
11/15/00 1,811,269.38 108,817.2595 11 1,570,531.05 94,354.2060 11
12/15/00 1,705,027.10 106,242.2848 11 1,478,409.57 92,121.4748 11
1/15/01 1,613,459.45 91,567.6446 10 1,399,012.31 79,397.2614 10
2/15/01 1,524,109.30 89,350.1472 10 1,321,537.82 77,474.4948 10
3/15/01 1,436,925.12 87,184.1846 9 1,245,941.40 75,596.4132 9
4/15/01 1,351,856.58 85,068.5435 9 1,172,179.44 73,761.9649 9
5/15/01 1,285,066.70 66,789.8775 8 1,114,266.70 57,912.7419 8
6/15/01 1,219,604.95 65,461.7535 8 1,057,505.55 56,761.1407 8
7/15/01 1,155,447.04 64,157.9059 7 1,001,874.97 55,630.5893 7
8/15/01 1,092,569.13 62,877.9058 7 947,354.25 54,520.7158 7
9/15/01 1,030,947.80 61,621.3317 7 893,923.09 53,431.1547 7
10/15/01 970,560.03 60,387.7696 6 841,561.55 52,361.5471 6
11/15/01 911,383.22 59,176.8127 6 790,250.01 51,311.5401 6
12/15/01 853,395.16 57,988.0610 5 739,969.22 50,280.7871 5
1/15/02 796,574.04 56,821.1218 5 690,700.27 49,268.9474 5
2/15/02 740,898.43 55,675.6092 5 642,424.59 48,275.6865 5
3/15/02 686,347.28 54,551.1438 4 595,123.91 47,300.6754 4
4/15/02 632,899.93 53,447.3531 4 548,780.32 46,343.5910 4
5/15/02 580,536.06 52,363.8708 4 503,376.20 45,404.1159 4
6/15/02 529,235.72 51,300.3373 3 458,894.27 44,481.9380 3
7/15/02 481,324.80 47,910.9225 3 417,351.25 41,543.0151 3
8/15/02 0.00 481,324.8005 0 0.00 417,351.2511 0
==========================================================================================================
TOTALS: 15,800,000.00 13,700,000.00
AVG LIFE: 2.296 2.296
</TABLE>
This information does not constitute either an offer to sell or a solicitation
of an offer to buy any of the securities referred to herein. Offers to sell and
solicitations of offers to buy the securities are made only by, and this
information must be read in conjunction with, the final Prospectus Supplement
and the related Prospectus or, if not registered under the securities laws, the
final Offering Memorandum (the "Offering Document"). Information contained
herein does not purport to be complete and is subject to the same qualifications
and assumptions, and should be considered by investors only in the light of the
same warnings, lack of assurances and representations and other precautionary
matters, as disclosed in the Offering Document. Information regarding the
underlying assets has been provided by the issuer of the securities or an
affiliate thereof and has not been independently verified by Lehman Brothers
Inc. or any affiliate. The analyses contained herein have been prepared on the
basis of certain assumptions (including, in certain cases, assumptions specified
by the recipient thereof) regarding payments, interest rates, losses and other
matters, including, but not limited to, the assumptions described in the
Offering Document. Lehman Brothers Inc., and any of its affiliates, make no
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. This
information supersedes any prior versions hereof and will be deemed to be
superseded by any subsequent versions (including, with respect to any
description of the securities or underlying assets, the information contained in
the Offering Document).
<PAGE>
Lehman Brothers Page 5
Tue, 18 Jun 1996, 09:57:56 EDT
GREEN TREE REC 1996-B
Settlement: 6/21/96
<TABLE>
<CAPTION>
--------------------------------------------------------------------
Class B
-----------------------------------------------
Date Balance Principal Pmt % of Balance
---- ------------- ------------- ------------
<S> <C> <C> <C>
6/21/96 30,531,344.00 100
7/15/96 30,531,344.00 0.0000 100
8/15/96 30,531,344.00 0.0000 100
9/15/96 30,531,344.00 0.0000 100
10/15/96 30,531,344.00 0.0000 100
11/15/96 30,531,344.00 0.0000 100
12/15/96 30,531,344.00 0.0000 100
1/15/97 30,531,344.00 0.0000 100
2/15/97 30,531,344.00 0.0000 100
3/15/97 30,531,344.00 0.0000 100
4/15/97 30,531,344.00 0.0000 100
5/15/97 30,531,344.00 0.0000 100
6/15/97 30,531,344.00 0.0000 100
7/15/97 30,531,344.00 0.0000 100
8/15/97 30,531,344.00 0.0000 100
9/15/97 30,531,344.00 0.0000 100
10/15/97 30,531,344.00 0.0000 100
11/15/97 30,531,344.00 0.0000 100
12/15/97 30,531,344.00 0.0000 100
1/15/98 30,531,344.00 0.0000 100
2/15/98 30,531,344.00 0.0000 100
3/15/98 30,531,344.00 0.0000 100
4/15/98 30,531,344.00 0.0000 100
5/15/98 30,531,344.00 0.0000 100
6/15/98 30,531,344.00 0.0000 100
7/15/98 30,531,344.00 0.0000 100
8/15/98 30,531,344.00 0.0000 100
9/15/98 30,531,344.00 0.0000 100
10/15/98 30,531,344.00 0.0000 100
11/15/98 30,531,344.00 0.0000 100
12/15/98 30,531,344.00 0.0000 100
1/15/99 30,531,344.00 0.0000 100
2/15/99 30,531,344.00 0.0000 100
3/15/99 30,531,344.00 0.0000 100
4/15/99 30,531,344.00 0.0000 100
5/15/99 30,531,344.00 0.0000 100
6/15/99 30,531,344.00 0.0000 100
7/15/99 30,531,344.00 0.0000 100
8/15/99 30,531,344.00 0.0000 100
9/15/99 30,531,344.00 0.0000 100
10/15/99 30,531,344.00 0.0000 100
11/15/99 30,531,344.00 0.0000 100
12/15/99 30,531,344.00 0.0000 100
1/15/00 30,531,344.00 0.0000 100
2/15/00 30,531,344.00 0.0000 100
3/15/00 30,531,344.00 0.0000 100
4/15/00 30,531,344.00 0.0000 100
AVG LIFE: 6.150
</TABLE>
- -------------------------------------------------------------------------------
This information does not constitute either an offer to sell or a solicitation
of an offer to buy any of the securities referred to herein. Offers to sell and
solicitations of offers to buy the securities are made only by, and this
information must be read in conjunction with, the final Prospectus Supplement
and the related Prospectus or, if not registered under the securities laws, the
final Offering Memorandum (the "Offering Document"). Information contained
herein does not purport to be complete and is subject to the same qualifications
and assumptions, and should be considered by investors only in the light of the
same warnings, lack of assurances and representations and other precautionary
matters, as disclosed in the Offering Document. Information regarding the
underlying assets has been provided by the issuer of the securities or an
affiliate thereof and has not been independently verified by Lehman Brothers
Inc. or any affiliate. The analyses contained herein have been prepared on the
basis of certain assumptions (including, in certain cases, assumptions specified
by the recipient thereof) regarding payments, interest rates, losses and other
matters, including, but not limited to, the assumptions described in the
Offering Document. Lehman Brothers Inc., and any of its affiliates, make no
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. This
information supersedes any prior versions hereof and will be deemed to be
superseded by any subsequent versions (including, with respect to any
description of the securities or underlying assets, the information contained in
the Offering Document).
<PAGE>
Lehman Brothers Page 6
Tue, 18 Jun 1996, 09:57:56 EDT
GREEN TREE REC 1996-B
Settlement: 6/21/96
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Class B
------------------------------------------------
Date Balance Principal Pmt % of Balance
---- -------------- --------------- --------------
<S> <C> <C> <C>
5/15/00 30,531,344.00 0.0000 100
6/15/00 30,531,344.00 0.0000 100
7/15/00 30,531,344.00 0.0000 100
8/15/00 30,531,344.00 0.0000 100
9/15/00 30,531,344.00 0.0000 100
10/15/00 30,531,344.00 0.0000 100
11/15/00 30,531,344.00 0.0000 100
12/15/00 30,531,344.00 0.0000 100
1/15/01 30,531,344.00 0.0000 100
2/15/01 30,531,344.00 0.0000 100
3/15/01 30,531,344.00 0.0000 100
4/15/01 30,531,344.00 0.0000 100
5/15/01 30,531,344.00 0.0000 100
6/15/01 30,531,344.00 0.0000 100
7/15/01 30,531,344.00 0.0000 100
8/15/01 30,531,344.00 0.0000 100
9/15/01 30,531,344.00 0.0000 100
10/15/01 30,531,344.00 0.0000 100
11/15/01 30,531,344.00 0.0000 100
12/15/01 30,531,344.00 0.0000 100
1/15/02 30,531,344.00 0.0000 100
2/15/02 30,531,344.00 0.0000 100
3/15/02 30,531,344.00 0.0000 100
4/15/02 30,531,344.00 0.0000 100
5/15/02 30,531,344.00 0.0000 100
6/15/02 30,531,344.00 0.0000 100
7/15/02 30,531,344.00 0.0000 100
8/15/02 0.00 30,531,344.0000 0
============================================================
TOTALS: 30,531,344.00
AVG LIFE: 6.150
</TABLE>
This information does not constitute either an offer to sell or a solicitation
of an offer to buy any of the securities referred to herein. Offers to sell and
solicitations of offers to buy the securities are made only by, and this
information must be read in conjunction with, the final Prospectus Supplement
and the related Prospectus or, if not registered under the securities laws, the
final Offering Memorandum (the "Offering Document"). Information contained
herein does not purport to be complete and is subject to the same qualifications
and assumptions, and should be considered by investors only in the light of the
same warnings, lack of assurances and representations and other precautionary
matters, as disclosed in the Offering Document. Information regarding the
underlying assets has been provided by the issuer of the securities or an
affiliate thereof and has not been independently verified by Lehman Brothers
Inc. or any affiliate. The analyses contained herein have been prepared on the
basis of certain assumptions (including, in certain cases, assumptions specified
by the recipient thereof) regarding payments, interest rates, losses and other
matters, including, but not limited to, the assumptions described in the
Offering Document. Lehman Brothers Inc., and any of its affiliates, make no
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. This
information supersedes any prior versions hereof and will be deemed to be
superseded by any subsequent versions (including, with respect to any
description of the securities or underlying assets, the information contained in
the Offering Document).
<PAGE>
<TABLE>
<CAPTION>
GREEN TREE REC 1996-B
------ Discount Margin Table ------ Page 1
Lehman Brothers Sun, 16 Jun 1996, 19:14:35
Bond Class A-1 5.746 Initial Coupon
Current Balance $341,000,000.00
1.00 * 1MLIB + 0.25, 100.00 Cap, 0.00 Floor
Index Type: 1MLIB Initial Value: 5.496
----------------- ----------------- ----------------- -----------------
1MLIB: 0.00000 1MLIB: 0.00000 1MLIB: 0.00000 1MLIB: 0.00000
------------------ ------------------ ------------------ ------------------
PRICE Disc Marg Dur Disc Marg Dur Disc Marg Dur Disc Marg Dur
- ----------- --------- ----- --------- ----- --------- ----- --------- -----
<S> <C> <C> <C> <C> <C> <C> <C> <C>
99-23+ 0.365 2.27 0.376 2.05 0.389 1.87 0.401 1.71
99-24 0.358 0.369 0.380 0.392
99-24+ 0.351 0.361 0.372 0.383
99-25 0.344 0.354 0.364 0.375
99-25+ 0.338 0.347 0.356 0.366
99-26 0.331 2.27 0.339 2.06 0.348 1.87 0.357 1.72
99-26+ 0.324 0.332 0.340 0.348
99-27 0.317 0.324 0.331 0.339
99-27+ 0.311 0.317 0.323 0.330
99-28 0.304 0.309 0.315 0.321
99-28+ 0.297 2.27 0.302 2.06 0.307 1.87 0.312 1.72
99-29 0.291 0.295 0.299 0.303
99-29+ 0.284 0.287 0.291 0.294
99-30 0.277 0.280 0.283 0.286
99-30+ 0.270 0.272 0.274 0.277
99-31 0.264 2.27 0.265 2.06 0.266 1.88 0.268 1.72
99-31+ 0.257 0.257 0.258 0.259
100-00 0.250 0.250 0.250 0.250
100-00+ 0.244 0.243 0.242 0.241
100-01 0.237 0.235 0.234 0.232
100-01+ 0.230 2.28 0.228 2.06 0.226 1.88 0.223 1.72
100-02 0.224 0.220 0.218 0.215
100-02+ 0.217 0.213 0.209 0.206
100-03 0.210 0.206 0.201 0.197
100-03+ 0.203 0.198 0.193 0.188
100-04 0.197 2.28 0.191 2.06 0.185 1.88 0.179 1.72
100-04+ 0.190 0.183 0.177 0.170
100-05 0.183 0.176 0.169 0.161
100-05+ 0.177 0.169 0.161 0.152
100-06 0.170 0.161 0.153 0.144
100-06+ 0.163 2.28 0.154 2.06 0.144 1.88 0.135 1.72
100-07 0.157 0.146 0.136 0.126
100-07+ 0.150 0.139 0.128 0.117
100-08 0.143 0.132 0.120 0.108
100-08+ 0.137 0.124 0.112 0.099
Average Life : 2.56 2.30 2.07 1.88
First Pay : 0.07 0.07 0.07 0.07
Last Pay : 6.98 6.15 5.48 4.90
Notes: All yields and durations are based on MONTHLY payments of interest with an interest free delay of 0 days.
Duration, First Pay, Average Life, and Maturity are stated in years reflecting a 6/21/96 settlement date.
</TABLE>
This information does not constitute either an offer to sell or a solicitation
of an offer to buy any of the securities referred to herein. Offers to sell and
solicitations of offers to buy the securities are made only by, and this
information must be read in conjunction with, the final Prospectus Supplement
and the related Prospectus or, if not registered under the securities laws, the
final Offering Memorandum (the "Offering Document"). Information contained
herein does not purport to be complete and is subject to the same qualifications
and assumptions, and should be considered by investors only in the light of the
same warnings, lack of assurances and representations and other precautionary
matters, as disclosed in the Offering Document. Information regarding the
underlying assets has been provided by the issuer of the securities or an
affiliate thereof and has not been independently verified by Lehman Brothers
Inc. or any affiliate. The analyses contained herein have been prepared on the
basis of certain assumptions (including, in certain cases, assumptions specified
by the recipient thereof) regarding payments, interest rates, losses and other
matters, including, but not limited to, the assumptions described in the
Offering Document. Lehman Brothers Inc., and any of its affiliates, make no
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. This
information supersedes any prior versions hereof and will be deemed to be
superseded by any subsequent versions (including, with respect to any
description of the securities or underlying assets, the information contained in
the Offering Document).
<PAGE>
ASSET BACKED SECURITIES EXTERNAL COMPUTATIONAL MATERIALS
--------------------------------------------------------
GREEN TREE FINANCIAL CORPORATION (SELLER AND SERVICER)
$421,031,344(APPROXIMATE)
GREEN TREE RECREATIONAL, EQUIPMENT AND CONSUMER
TRUST SERIES 1996-B
<TABLE>
<CAPTION>
SECURITIES OFFERED:
- ----------------------------------------------------------------------------------------------------------------------------------
Expected Principal
WAL@100% Payment Expected
Size % of Credit Benchmark Prepayment Window Ratings
Class ($MM) Series Priority Index Cap Assumption (mos.) (S&P/Fitch)
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
TO 10% CALL
- ----------------------------------------------------------------------------------------------------------------------------------
A-1 $341.00 81.00% Senior LIBOR 10.75% 2.30 1-74 (74) AAA/AAA
A-2 20.00 4.75 Mezz LIBOR 10.75% 2.30 1-74 (74) AA/AA
A-3 15.80 3.75 Mezz LIBOR 10.75% 2.30 1-74 (74) A/A
A-4 13.70 3.25 Sub LIBOR 10.75% 2.30 1-74 (74) BBB/BBB
B 30.53 7.25 Sub 5 Yr Tsy N/A 6.15 74-74 (1) A-/A
- ----------------------------------------------------------------------------------------------------------------------------------
TO MATURITY
- ----------------------------------------------------------------------------------------------------------------------------------
A-1 $341.00 81.00% Senior LIBOR 10.75% 2.31 1-85 (85) AAA/AAA
A-2 20.00 4.75 Mezz LIBOR 10.75% 2.31 1-85 (85) AA/AA
A-3 15.80 3.75 Mezz LIBOR 10.75% 2.31 1-85 (85) A/A
A-4 13.70 3.25 Sub LIBOR 10.75% 2.31 1-85 (85) BBB/BBB
B 30.53 7.25 Sub 5 Yr Tsy N/A 9.01 85-240 (156) A-/A
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
This information does not constitute either an offer to sell or a solicitation
of an offer to buy any of the securities referred to herein. Offers to sell and
solicitations of offers to buy the securities are made only by, and this
information must be read in conjunction with, the final Prospectus Supplement
and the related Prospectus or, if not registered under the securities laws, the
final Offering Memorandum (the "Offering Document"). Information contained
herein does not purport to be complete and is subject to the same qualifications
and assumptions, and should be considered by investors only in the light of the
same warnings, lack of assurances and representations and other precautionary
matters, as disclosed in the Offering Document. Information regarding the
underlying assets has been provided by the issuer of the securities or an
affiliate thereof and has not been independently verified by Lehman Brothers
Inc. or any affiliate. The analyses contained herein have been prepared on the
basis of certain assumptions (including, in certain cases, assumptions specified
by the recipient thereof) regarding payments, interest rates, losses and other
matters, including, but not limited to, the assumptions described in the
Offering Document. Lehman Brothers Inc., and any of its affiliates, make no
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. This
information supersedes any prior versions hereof and will be deemed to be
superseded by any subsequent versions (including, with respect to any
description of the securities or underlying assets, the information contained in
the Offering Document).
<PAGE>
TRANSACTION SPECIFICS:
- ----------------------
Managers: LEHMAN BROTHERS (LEAD MANAGER), Morgan Stanley
Collateral: 28,575 recreational, consumer and equipment contracts.
ERISA: The Class A-1 is expected to be ERISA eligible.
The Class A-2 expected to be ERISA eligible.
The Class A-3 expected to be ERISA eligible.
The Class A-4 expected to be ERISA eligible.
The Class B is not expected to be ERISA eligible.
SMMEA: The bonds are Not SMMEA qualifying.
Distribution Date: The 15th of each month, beginning July 15, 1996
Legal Final: July 2018
Delay Days: No delay on bonds
Expected Pricing: Week of June 10, 1996
Settlement: 5 Business Days
Trustee: First Trust N.A.
Optional Redemption: 10% Cleanup Call
Tax Status: The 1996-B Series will elect to be treated as an owner
trust for federal tax purposes. Because of the
partnership characterization of the Class B
Certificates, no Class B Certificateholder should hold
more than 50% of the Class B.
This information does not constitute either an offer to sell or a solicitation
of an offer to buy any of the securities referred to herein. Offers to sell and
solicitations of offers to buy the securities are made only by, and this
information must be read in conjunction with, the final Prospectus Supplement
and the related Prospectus or, if not registered under the securities laws, the
final Offering Memorandum (the "Offering Document"). Information contained
herein does not purport to be complete and is subject to the same qualifications
and assumptions, and should be considered by investors only in the light of the
same warnings, lack of assurances and representations and other precautionary
matters, as disclosed in the Offering Document. Information regarding the
underlying assets has been provided by the issuer of the securities or an
affiliate thereof and has not been independently verified by Lehman Brothers
Inc. or any affiliate. The analyses contained herein have been prepared on the
basis of certain assumptions (including, in certain cases, assumptions specified
by the recipient thereof) regarding payments, interest rates, losses and other
matters, including, but not limited to, the assumptions described in the
Offering Document. Lehman Brothers Inc., and any of its affiliates, make no
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. This
information supersedes any prior versions hereof and will be deemed to be
superseded by any subsequent versions (including, with respect to any
description of the securities or underlying assets, the information contained in
the Offering Document).
<PAGE>
PREPAYMENT SENSITIVITY INFORMATION
- ----------------------------------
Projected Performance Under Varying Prepayment Assumptions (1)
<TABLE>
<CAPTION>
PREPAYMENT ASSUMPTION % 80% 90% **100%** 110% 120%
- ----------------------- --------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C>
TO CALL
- -------
Class A
Avg. Life (years) 2.57 2.43 2.30 2.18 2.08
Window (# of months) 84 79 74 69 66
Class B
Avg. Life/Duration (years) (2) 6.99/5.22 6.57/4.98 6.15/4.73 5.74/4.48 5.49/4.32
Window (# of months) 1 1 1 1 1
TO MATURITY
- -----------
Class A
Avg. Life (years) 2.58 2.44 2.31 2.19 2.09
Window (# of months) 95 90 85 80 76
Class B
Avg. Life/Duration (years) (2) 9.72/6.59 9.37/6.42 9.01/6.24 8.65/6.06 8.30/5.88
Window (# of months) 146 151 156 161 165
</TABLE>
(1) These assumptions may change and are subject to pricing.
(2) Modified Duration - assumes an example yield.
<TABLE>
<CAPTION>
ASSET TYPE % OF TRUST 100% PREPAYMENT ASSUMPTION
- --------------------------------------------------------------------------------
<S> <C> <C>
Trucks 20.5% 1.0% ABS
- --------------------------------------------------------------------------------
Motorcycles 20.0% 28% CPR
- --------------------------------------------------------------------------------
Marine 19.2% 325% PSA
- --------------------------------------------------------------------------------
RVs, Sport Vehicles, Horsetrailers,
Personal Aircraft, Pianos 40.3% 18% CPR
- --------------------------------------------------------------------------------
</TABLE>
The following prepayment speeds represent the underlying prepayment speed of a
given asset class for a specific percentage of the prepayment rate
assumption.
<TABLE>
<CAPTION>
ASSET TYPE PREPAYMENT TYPE 80% 90% **100%** 110% 120%
- -------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Trucks ABS 0.8% 0.9% 1.0% 1.1% 1.2%
- -------------------------------------------------------------------------------------------
Motorcycles CPR 22% 25% 28% 31% 34%
- -------------------------------------------------------------------------------------------
Marine PSA 260% 293% 325% 358% 390%
- -------------------------------------------------------------------------------------------
RVs, Sport Vehicles, Horsetrailers,
Personal Aircraft, Pianos CPR 14% 16% 18% 20% 22%
- -------------------------------------------------------------------------------------------
</TABLE>
This information does not constitute either an offer to sell or a solicitation
of an offer to buy any of the securities referred to herein. Offers to sell and
solicitations of offers to buy the securities are made only by, and this
information must be read in conjunction with, the final Prospectus Supplement
and the related Prospectus or, if not registered under the securities laws, the
final Offering Memorandum (the "Offering Document"). Information contained
herein does not purport to be complete and is subject to the same qualifications
and assumptions, and should be considered by investors only in the light of the
same warnings, lack of assurances and representations and other precautionary
matters, as disclosed in the Offering Document. Information regarding the
underlying assets has been provided by the issuer of the securities or an
affiliate thereof and has not been independently verified by Lehman Brothers
Inc. or any affiliate. The analyses contained herein have been prepared on the
basis of certain assumptions (including, in certain cases, assumptions specified
by the recipient thereof) regarding payments, interest rates, losses and other
matters, including, but not limited to, the assumptions described in the
Offering Document. Lehman Brothers Inc., and any of its affiliates, make no
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. This
information supersedes any prior versions hereof and will be deemed to be
superseded by any subsequent versions (including, with respect to any
description of the securities or underlying assets, the information contained in
the Offering Document).
<PAGE>
SUMMARY DESCRIPTION OF THE RECEIVABLES POOL:
- ---------------------------------------------
. As of the Cut-Off Date (6/1/96) the collateral pool had the following
characteristics:
. fully amortizing
. fixed contractual rate of interest
. level payments over the term of such loan
. interest computed on the simple interest method.
The contracts were originated or purchased and will be serviced by Green Tree.
. Each Contract has its last scheduled payment due no later than June, 2016.
. All Contracts have a contractual rate of interest of at least 6.90% per
annum and not more than 21.99%
. The Contracts have remaining maturities of at least 2 months but not more
than 240 months and original maturities of at least 7 months but not more
than 240 months
<TABLE>
<CAPTION>
. Geographic Distribution:
State % of Pool Balance
---------- -----------------
<S> <C>
California 18.48%
Texas 10.57
Florida 9.50
Arizona 5.26
The pool is comprised of Receivables from 48 states. No other state accounts for more than 5.00% of the aggregate original
receivables balance.
COLLATERAL SUMMARY STATISTICS
- ------------------------------
% of Weighted
Contract Pool Average Weighted Weighted
Number % of Scheduled Average Weighted Original Average Average
of Contract Scheduled Principal Principal Average Scheduled Remaining Loan-to-
Asset Type Contracts Pool Principal Balance Balance Balance APR Term Term Value Ratio
- ---------- --------- -------- ----------------- ------------- --------- -------- --------- --------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
HorseTrailers 1,510 5.28% 14,957,226 3.55% 9,905 11.420% 121 119 83%
Boats 5,190 18.16% 80,636,368 19.15% 15,537 10.400% 140 138 84%
Motorcycles 11,131 38.95% 84,412,549 20.05% 7,584 14.088% 61 58 81%
Trucks 1,301 4.55% 86,103,648 20.45% 86,183 11.443% 54 52 91%
Aircraft 552 1.93% 70,627,631 16.77% 127,949 10.239% 160 156 87%
ATVs 5,681 19.88% 28,755,766 6.83% 5,062 15.717% 56 54 83%
Pianos 1,015 3.55% 10,011,761 2.38% 9,864 11.640% 74 72 82%
RVs 2,195 7.68% 45,526,395 10.81% 20,741 9.962% 150 144 78%
- ---------- --------- -------- ----------------- ------------- --------- -------- --------- --------- -----------
Total 28,575 100.00% 421,031,344 100.00% 14,734 11.707% 103 100 85%
</TABLE>
This information does not constitute either an offer to sell or a solicitation
of an offer to buy any of the securities referred to herein. Offers to sell and
solicitations of offers to buy the securities are made only by, and this
information must be read in conjunction with, the final Prospectus Supplement
and the related Prospectus or, if not registered under the securities laws, the
final Offering Memorandum (the "Offering Document"). Information contained
herein does not purport to be complete and is subject to the same qualifications
and assumptions, and should be considered by investors only in the light of the
same warnings, lack of assurances and representations and other precautionary
matters, as disclosed in the Offering Document. Information regarding the
underlying assets has been provided by the issuer of the securities or an
affiliate thereof and has not been independently verified by Lehman Brothers
Inc. or any affiliate. The analyses contained herein have been prepared on the
basis of certain assumptions (including, in certain cases, assumptions specified
by the recipient thereof) regarding payments, interest rates, losses and other
matters, including, but not limited to, the assumptions described in the
Offering Document. Lehman Brothers Inc., and any of its affiliates, make no
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. This
information supersedes any prior versions hereof and will be deemed to be
superseded by any subsequent versions (including, with respect to any
description of the securities or underlying assets, the information contained in
the Offering Document).
