<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 17, 1996
UCFC Acceptance Corporation
(Exact name of registrant as specified in its charter)
Louisiana 33-77966 72-123-5336
(State or other jurisdiction of (Commission (IRS Employer
incorporation) File Number) ID Number)
4041 Essen Lane, Baton Rouge, Louisiana 70809
(Address of principal executive offices) (Zip Code)
Registrant's Telephone Number,
including area code: (504) 924-6007
N/A
(Former name or former address, if changed since last report)
<PAGE>
Item 5. Other Events
Filing of Computational Materials, Certificate Insurer Financial
Statements and Consent of Independent Accountants.*
Pursuant to Rule 424(b) under the Securities Act of 1933, UCFC
Acceptance Corporation (the "Depositor") is filing a prospectus and prospectus
supplement with the Securities and Exchange Commission relating to its Home
Equity Loan Pass-Through Certificates, Series 1996-B1 and 1996-B2.
In connection with the offering of the Home Equity Loan Pass-Through
Certificates, Series 1996-B1 and 1996-B2, Prudential Securities Incorporated, CS
First Boston Corporation and Salomon Brothers Inc, the underwriters of the
Offered Certificates (the "Underwriters"), have prepared certain materials (the
"Computational Materials") for distribution to their potential investors.
Although the Depositor provided the Underwriters with certain information
regarding the characteristics of the Home Equity Loans in the related portfolio,
it did not participate in the preparation of the Computational Materials. The
Computational Materials are attached hereto as Exhibit 99.3.
Exhibits 99.1 and 99.2 are the audited and unaudited financial
statements of Financial Guaranty Insurance Company, insurer of the Offered
Certificates (the "Certificate Insurer").
Also included for filing as Exhibit 23.1 attached hereto is the Consent
of KPMG Peat Marwick, L.L.P., independent certified public accountants for
the Certificate Insurer.
- - --------
* Capitalized terms used and not otherwise defined herein shall have the
meanings assigned to them in the Prospectus dated June 17, 1996, and
Prospectus Supplement dated June 17, 1996, of UCFC Acceptance
Corporation, relating to its Home Equity Loan Pass-Through
Certificates, Series 1996-B1
and 1996-B2.
-2-
<PAGE>
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(a) Not applicable.
(b) Not applicable.
(c) Exhibits:
23.1. Consent of KPMG Peat Marwick LLP with respect to
the inclusion of the financial statements of
Financial Guaranty Insurance Company as of
December 31, 1995 and 1994 and for each of the
years in the three-year period ended
December 31, 1995.
99.1 Financial Guaranty Insurance Company
December 31, 1995 and 1994 financial statements.
99.2 Financial Guaranty Insurance Company
March 31, 1996 and 1995 financial statements.
99.3 Computational Materials.
-3-
<PAGE>
SIGNATURES
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 thereunto duly authorized.
UCFC ACCEPTANCE CORPORATION
By: /s/ H.C. McCall, III
---------------------------
Name: H. C. McCall, III
Title: President
Dated: March 19, 1996
-4-
<PAGE>
EXHIBIT INDEX
Exhibit Page
- - ------- ----
23.1. Consent of KPMG Peat Marwick LLP with respect to the
inclusion of the financial statements of Financial
Guaranty Insurance Company, as of December 31, 1995
and 1994 and for each of the years in the three-year
period ended December 31, 1995.
99.1 Financial Guaranty Insurance Company
December 31, 1995 and 1994 financial
statements.
99.2 Financial Guaranty Insurance Company
March 31, 1996 and 1995 financial
statements.
99.3 Computational Materials.
-5-
<PAGE>
CONSENT OF INDEPENDENT AUDITORS
The Board of Directors
Financial Guaranty Insurance Company:
We consent to the use of our report dated January 19, 1996 on the financial
statements of Financial Guaranty Insurance Company as of December 31, 1995 and
1994, and for each of the years in the three-year period ended December 31, 1995
included in the Form 8-K of UCFC Acceptance Corporation, and to the reference to
our firm under the heading "Report of Experts" in the Prospectus Supplement.
Our report refers to changes in 1993, in accounting methods for multiple-year
retrospectively rated reinsurance contracts and for the adoption of the
provisions of the Financial Accounting Standards Board's Statement of Financial
Accounting Standards No. 115, Accounting for Certain Investments in Debt and
Equity Securities.
KPMG Peat Marwick LLP
New York, New York
June 18, 1996
<PAGE>
APPENDIX A
AUDITED FINANCIAL STATEMENTS OF THE CERTIFICATE INSURER
<PAGE>
FINANCIAL GUARANTY INSURANCE COMPANY
FINANCIAL STATEMENTS
DECEMBER 31, 1995 AND 1994
(WITH INDEPENDENT AUDITORS' REPORT THEREON)
A-1
<PAGE>
FINANCIAL GUARANTY INSURANCE COMPANY
AUDITED FINANCIAL STATEMENTS
DECEMBER 31, 1995
<TABLE>
<S> <C>
Report of Independent Auditors.................................................................... A-3
Balance Sheets.................................................................................... A-4
Statements of Income.............................................................................. A-5
Statements of Stockholder's Equity................................................................ A-6
Statements of Cash Flows.......................................................................... A-7
Notes to Financial Statements..................................................................... A-8
</TABLE>
A-2
<PAGE>
REPORT OF INDEPENDENT AUDITORS
The Board of Directors and Stockholder
Financial Guaranty Insurance Company:
We have audited the accompanying balance sheets of Financial Guaranty
Insurance Company as of December 31, 1995 and 1994, and the related statements
of income, stockholder's equity, and cash flows for each of the years in the
three year period then ended. These financial statements are the responsibility
of the Company's management. Our responsibility is the express an opinion on
these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Financial Guaranty Insurance
Company as of December 31, 1995 and 1994 and the results of its operations and
its cash flows for each of the years in the three year period then ended in
conformity with generally accepted accounting principles.
As described in notes 6 and 2, respectively, in 1993, the Company changed
its methods of accounting for multiple-year retrospectively rated reinsurance
contracts and for the adoption of the provisions of the Financing Accounting
Standards Board's Statement of Financial Accounting Standards No. 115,
Accounting for Certain Investments in Debt and Equity Securities.
KPMG PEAT MARWICK LLP
January 19, 1996
A-3
<PAGE>
FINANCIAL GUARANTY INSURANCE COMPANY
BALANCE SHEETS
($ IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
<TABLE>
<CAPTION>
DECEMBER 31, DECEMBER 31,
1995 1994
------------ ------------
<S> <C> <C>
ASSETS
Fixed maturity securities available-for-sale
(amortized cost of $2,043,453 in 1995 and $1,954,177 in 1994)................... $2,141,584 $1,889,910
Short-term investments, at cost, which approximates market........................ 91,032 75,674
Cash.............................................................................. 199 1,766
Accrued investment income......................................................... 37,347 40,637
Reinsurance recoverable........................................................... 7,672 14,472
Prepaid reinsurance premiums...................................................... 162,087 164,668
Deferred policy acquisition costs................................................. 94,868 90,928
Property and equipment, net of accumulated depreciation
($12,861 in 1995 and $10,512 in 1994)........................................... 6,314 7,912
Receivable for securities sold.................................................... 26,572 --
Prepaid expenses and other assets................................................. 12,627 12,243
------------ ------------
Total assets...................................................................... $2,580,302 $2,298,210
------------ ------------
------------ ------------
LIABILITIES AND STOCKHOLDER'S EQUITY
Liabilities:
Unearned premiums................................................................. $ 727,535 $ 757,425
Loss and loss adjustment expenses................................................. 77,808 98,746
Ceded reinsurance balances payable................................................ 1,942 2,258
Accounts payable and accrued expenses............................................. 32,811 28,489
Payable to Parent................................................................. 1,647 18,600
Current federal income taxes payable.............................................. 51,296 82,123
Deferred federal income taxes..................................................... 99,171 22,640
Payable for securities purchased.................................................. 40,211 8,206
------------ ------------
Total liabilities................................................................. 1,032,421 1,018,487
------------ ------------
------------ ------------
STOCKHOLDER'S EQUITY:
Common stock, par value $1,500 per share;
10,000 shares authorized, issued and outstanding.................................. 15,000 15,000
Additional paid-in capital........................................................ 334,011 334,011
Net unrealized gains (losses) on fixed maturity securities
available-for-sale, net of tax.................................................. 63,785 (41,773)
Foreign currency translation adjustment........................................... (1,499) (1,221)
Retained earnings................................................................. 1,136,584 973,706
------------ ------------
Total stockholder's equity........................................................ 1,547,881 1,279,723
------------ ------------
Total liabilities and stockholder's equity........................................ $2,580,302 $2,298,210
------------ ------------
------------ ------------
</TABLE>
See accompanying notes to financial statements.
A-4
<PAGE>
FINANCIAL GUARANTY INSURANCE COMPANY
STATEMENTS OF INCOME
($ IN THOUSANDS)
<TABLE>
<CAPTION>
FOR THE YEAR ENDED DECEMBER 31,
--------------------------------
<S> <C> <C> <C>
1995 1994 1993
-------- -------- --------
REVENUES:
Gross premiums written....................................................... $ 97,288 $161,940 $291,052
Ceded premiums............................................................... (19,319) (46,477) (49,914)
-------- -------- --------
Net premiums written....................................................... 77,969 115,463 241,138
Decrease (increase) in net unearned premiums................................. 27,309 53,364 (74,902)
-------- -------- --------
Net premiums earned........................................................ 105,278 168,827 166,236
Net investment income........................................................ 120,398 109,828 99,920
Net realized gains........................................................... 30,762 5,898 35,439
-------- -------- --------
Total revenues............................................................. 256,438 284,553 301,595
-------- -------- --------
EXPENSES:
Loss and loss adjustment expenses............................................ (8,426) 3,646 42,894
Policy acquisition costs..................................................... 13,072 15,060 19,592
(Increase) decrease in deferred policy acquisition costs..................... (3,940) 3,709 2,658
Other underwriting expenses.................................................. 19,100 21,182 21,878
-------- -------- --------
Total expenses............................................................. 19,806 43,597 87,022
-------- -------- --------
Income before provision for Federal income taxes............................. 236,632 240,956 214,573
-------- -------- --------
Federal income tax expense (benefit):
Current.................................................................... 28,913 43,484 59,505
Deferred................................................................... 19,841 7,741 (7,284)
-------- -------- --------
Total Federal income tax expense........................................... 48,754 51,225 52,221
-------- -------- --------
Net income before cumulative effect of change in accounting principle........ 187,878 189,731 162,352
-------- -------- --------
Net cumulative effect of change in accounting principle...................... -- -- 3,008
-------- -------- --------
Net income................................................................... $187,878 $189,731 $165,360
-------- -------- --------
-------- -------- --------
</TABLE>
See accompanying notes to financial statements.
A-5
<PAGE>
FINANCIAL GUARANTY INSURANCE COMPANY
STATEMENTS OF STOCKHOLDER'S EQUITY
($ IN THOUSANDS)
<TABLE>
<CAPTION>
NET UNREALIZED
GAINS (LOSSES) ON
FIXED MATURITY
ADDITIONAL SECURITIES FOREIGN
COMMON PAID-IN AVAILABLE- CURRENCY RETAINED
STOCK CAPITAL FOR-SALE, NET OF TAX ADJUSTMENT EARNINGS
------- ---------- -------------------- ---------- ----------
<S> <C> <C> <C> <C> <C>
Balance, January 1, 1993................... $ 2,500 $ 324,639 $ 7,267 $ (1,597) $ 618,615
Net income................................. -- -- -- -- 165,360
Capital contribution....................... -- 21,872 -- -- --
Adjustment to common stock par value....... 12,500 (12,500) -- -- --
Unrealized gains on fixed maturity
securities previously held at market, net
of tax of ($713)......................... -- -- (1,325) -- --
Implementation of change in accounting for
adoption of SFAS 115, net of tax of
$45,643.................................. -- -- 84,766 -- --
Foreign currency translation
adjustment............................... -- -- -- (668) --
------- ---------- ----------- ---------- ----------
Balance, December 31, 1993................. 15,000 334,011 90,708 (2,265) 783,975
Net income................................. -- -- -- -- 189,731
Unrealized losses on fixed maturity
securities available-for-sale, net of tax
of ($71,336)............................. -- -- (132,481) -- --
Foreign currency translation
adjustment............................... -- -- -- 1,044 --
------- ---------- ----------- ---------- ----------
Balance, December 31, 1994................. 15,000 334,011 (41,773) (1,221) 973,706
Net income................................. -- -- -- -- 187,878
Dividend paid.............................. -- -- -- -- (25,000)
Unrealized gains on fixed maturity
securities available for sale, net of tax
of $56,839............................... -- -- 105,558 -- --
Foreign currency translation
adjustment............................... -- -- -- (278) --
------- ---------- ----------- ---------- ----------
Balance, December 31, 1995................. $15,000 $ 334,011 $ 63,785 $ (1,499) $1,136,584
------- ---------- ----------- ---------- ----------
------- ---------- ----------- ---------- ----------
</TABLE>
See accompanying notes to financial statements.
A-6
<PAGE>
FINANCIAL GUARANTY INSURANCE COMPANY
STATEMENTS OF CASH FLOWS
($ IN THOUSANDS)
<TABLE>
<CAPTION>
FOR THE YEAR ENDED DECEMBER 31,
----------------------------------
<S> <C> <C> <C>
1995 1994 1993
-------- -------- ----------
OPERATING ACTIVITIES:
Net income............................................................... $187,878 $189,731 $ 165,360
Adjustments to reconcile net income to net cash provided by operating
activities:
Cumulative effect of change in accounting principle, net of tax....... -- -- (3,008)
Change in unearned premiums........................................... (29,890) (45,927) 90,429
Change in loss and loss adjustment expense reserves................... (20,938) 2,648 51,264
Depreciation of property and equipment................................ 2,348 2,689 2,012
Change in reinsurance receivable...................................... 6,800 (304) (9,040)
Change in prepaid reinsurance premiums................................ 2,581 (7,437) (15,527)
Change in foreign currency translation adjustment..................... (427) 1,607 (1,029)
Policy acquisition costs deferred..................................... (16,219) (18,306) (19,592)
Amortization of deferred policy acquisition costs..................... 12,279 22,015 22,250
Change in accrued investment income, and prepaid expenses and other
assets.............................................................. 2,906 (5,150) (9,048)
Change in other liabilities........................................... (12,946) 2,577 7,035
Change in deferred income taxes....................................... 19,841 7,741 (7,284)
Amortization of fixed maturity securities............................. 1,922 5,112 8,976
Change in current income taxes payable................................ (30,827) 33,391 30,089
Net realized gains on investments..................................... (30,762) (5,898) (35,439)
-------- -------- ----------
Net cash provided by operating activities.................................. 94,546 184,489 277,448
-------- -------- ----------
INVESTING ACTIVITIES:
Sales and maturities of fixed maturity securities.......................... 836,103 550,534 789,036
Purchases of fixed maturity securities..................................... (891,108) (721,908) (1,090,550)
Purchases, sales and maturities of short-term investments, net............. (15,358) (11,486) 4,164
Purchases of property and equipment, net................................... (750) (1,290) (985)
-------- -------- ----------
Net cash used in investing activities...................................... (71,113) (184,150) (298,335)
-------- -------- ----------
FINANCING ACTIVITIES:
Dividends paid............................................................. (25,000) -- --
Capital contribution....................................................... -- -- 21,872
-------- -------- ----------
Net cash provided by financing activities.................................. (25,000) -- 21,872
-------- -------- ----------
(Decrease) Increase in cash................................................ (1,567) 339 985
Cash at beginning of year.................................................. 1,766 1,427 442
-------- -------- ----------
Cash at end of year........................................................ $ 199 $ 1,766 $ 1,427
-------- -------- ----------
</TABLE>
See accompanying notes to financial statements.
A-7
<PAGE>
FINANCIAL GUARANTY INSURANCE COMPANY
NOTES TO FINANCIAL STATEMENTS
1. BUSINESS
Financial Guaranty Insurance Company (the 'Company'), a wholly-owned
insurance subsidiary of FGIC Corporation (the 'Parent'), provides financial
guaranty insurance on newly issued municipal bonds and municipal bonds trading
in the secondary market, the latter including bonds held by unit investment
trusts and mutual funds. The Company also insures structured debt issues outside
the municipal market. Approximately 88% of the business written since inception
by the Company has been municipal bond insurance.
The Company insures only those securities that, in its judgment, are of
investment grade quality. Municipal bond insurance written by the Company
insures the full and timely payment of principal and interest when due on
scheduled maturity, sinking fund or other mandatory redemption and interest
payment dates to the holders of municipal securities. The Company's insurance
policies do not provide for accelerated payment of the principal of, or interest
on, the bond insured in the case of a payment default. If the issuer of a
Company-insured bond defaults on its obligation to pay debt service, the Company
will make scheduled interest and principal payments as due and is subrogated to
the rights of bondholders to the extent of payments made by it.
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates and
assumptions that effect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of revenues and expenses during the
reporting period. Actual results could differ from those estimates.
2. SIGNIFICANT ACCOUNTING POLICIES
The accompanying financial statements have been prepared on the basis of
generally accepted accounting principles ('GAAP') which differ in certain
respects from the accounting practices prescribed or permitted by regulatory
authorities (see Note 3). The prior years financial statements have been
reclassified to conform to the 1995 presentation. Significant accounting
policies are as follows:
Investments
As of December 31, 1993, the Company adopted Statement of Financial
Accounting Standards No. 115 ('SFAS 115'), 'Accounting for Certain Investments
in Debt and Equity Securities.' The Statement defines three categories for
classification of debt securities and the related accounting treatment for each
respective category. The Company has determined that its fixed maturity
securities portfolio should be classified as available-for-sale. Under SFAS 115,
securities held as available-for-sale are recorded at fair value and unrealized
holding gains/losses are recorded as a separate component of stockholder's
equity, net of applicable income taxes.
Short-term investments are carried at cost, which approximates fair value.
Bond discounts and premiums are amortized over the remaining terms of the
securities. Realized gains or losses on the sale of investments are determined
on the basis of specific identification.
Premium Revenue Recognition
Premiums are earned over the period at risk in proportion to the amount of
coverage provided which, for financial guaranty insurance policies, generally
declines according to predetermined schedules.
When unscheduled refundings of municipal bonds occur, the related unearned
premiums, net of premium credits allowed against the premiums charged for
insurance of refunding issues and applicable acquisition costs, are earned
immediately. Unearned premiums represent the portion of premiums written related
to coverage yet to be provided on policies in force.
A-8
<PAGE>
FINANCIAL GUARANTY INSURANCE COMPANY
NOTES TO FINANCIAL STATEMENTS--(CONTINUED)
2. SIGNIFICANT ACCOUNTING POLICIES--(CONTINUED)
Policy Acquisition Costs
Policy acquisition costs include only those expenses that relate directly
to premium production. Such costs include compensation of employees involved in
underwriting, marketing and policy issuance functions, rating agency fees, state
premium taxes and certain other underwriting expenses, offset by ceding
commission income on premiums ceded to reinsurers (see Note 6). Net acquisition
costs are deferred and amortized over the period in which the related premiums
are earned. Anticipated loss and loss adjustment expenses are considered in
determining the recoverability of acquisition costs.
Loss and Loss Adjustment Expenses
Provision for loss and loss adjustment expenses is made in an amount equal
to the present value of unpaid principal and interest and other payments due
under insured risks at the balance sheet date for which, in management's
judgment, the likelihood of default is probable. Such reserves amounted to $77.8
million and $98.7 million at December 31, 1995 and 1994, respectively. As of
December 31, 1995 and 1994, such reserves included $28.8 million and $71.0
million, respectively, established based on an evaluation of the insured
portfolio in light of current economic conditions and other relevant factors.
Loss and loss adjustment expenses include amounts discounted at an interest rate
of 5.5% in 1995 and 7.8% in 1994. The reserve for loss and loss adjustment
expenses is necessarily based upon estimates, however, in management's opinion
the reserves for loss and loss adjustment expenses is adequate. However, actual
results will likely differ from those estimates.
Income Taxes
Deferred tax assets and liabilities are recognized for the future tax
consequences attributable to differences between the financial statement
carrying amounts of existing assets and liabilities and their respective tax
bases. These temporary differences relate principally to unrealized gains
(losses) on fixed maturity securities available-for-sale, premium revenue
recognition, deferred acquisition costs and deferred compensation. Deferred tax
assets and liabilities are measured using enacted tax rates expected to apply to
taxable income in the years in which those temporary differences are expected to
be recovered or settled. The effect on deferred tax assets and liabilities of a
change in tax rates is recognized in income in the period that includes the
enactment date.
Financial guaranty insurance companies are permitted to deduct from taxable
income, subject to certain limitations, amounts added to statutory contingency
reserves (see Note 3). The amounts deducted must be included in taxable income
upon their release from the reserves or upon earlier release of such amounts
from such reserves to cover excess losses as permitted by insurance regulators.
The amounts deducted are allowed as deductions from taxable income only to the
extent that U.S. government non-interest bearing tax and loss bonds are
purchased and held in an amount equal to the tax benefit attributable to such
deductions.
Property and Equipment
Property and equipment consists of furniture, fixtures, equipment and
leasehold improvements which are recorded at cost and are charged to income over
their estimated service lives. Office furniture and equipment are depreciated
straight-line over five years. Leasehold improvements are amortized over their
estimated service life or over the life of the lease, whichever is shorter.
Computer equipment and software are depreciated over three years. Maintenance
and repairs are charged to expense as incurred.
Foreign Currency Translation
The Company has established foreign branches in France and the United
Kingdom and determined that the functional currencies of these branches are
local currencies. Accordingly, the assets and liabilities of these foreign
branches are translated into U.S. dollars at the rates of exchange existing at
December 31, 1995 and 1994 and revenues and expenses are translated at average
monthly exchange rates. The cumulative translation loss at
A-9
<PAGE>
FINANCIAL GUARANTY INSURANCE COMPANY
NOTES TO FINANCIAL STATEMENTS--(CONTINUED)
2. SIGNIFICANT ACCOUNTING POLICIES--(CONTINUED)
December 31, 1995 and 1994 was $1.5 million and $1.2 million, respectively, net
of tax, and is reported as a separate component of stockholder's equity.
3. STATUTORY ACCOUNTING PRACTICES
The financial statements are prepared on the basis of GAAP, which differs
in certain respects from accounting practices prescribed or permitted by state
insurance regulatory authorities. The following are the significant ways in
which statutory-basis accounting practices differ from GAAP:
(a) premiums are earned in proportion to the reduction of the related
risk rather than in proportion to the coverage provided;
(b) policy acquisition costs are charged to current operations as
incurred rather than as related premiums are earned;
(c) a contingency reserve is computed on the basis of statutory
requirements for the security of all policyholders, regardless of whether
loss contingencies actually exist, whereas under GAAP, a reserve is
established based on an ultimate estimate of exposure;
(d) certain assets designated as non-admitted assets are charged
directly against surplus but are reflected as assets under GAAP, if
recoverable;
(e) federal income taxes are only provided with respect to taxable
income for which income taxes are currently payable, while under GAAP taxes
are also provided for differences between the financial reporting and the
tax bases of assets and liabilities;
(f) purchases of tax and loss bonds are reflected as admitted assets,
while under GAAP they are recorded as federal income tax payments; and
(g) all fixed income investments are carried at amortized cost rather
than at fair value for securities classified as available-for-sale under
GAAP.
The following is a reconciliation of net income and stockholder's equity
presented on a GAAP basis to the corresponding amounts reported on a
statutory-basis for the periods indicated below (in thousands):
<TABLE>
<CAPTION>
YEARS ENDED DECEMBER 31,
-----------------------------------------------------------------------------------
1995 1994 1993
------------------------- ------------------------- -------------------------
NET STOCKHOLDER'S NET STOCKHOLDER'S NET STOCKHOLDER'S
INCOME EQUITY INCOME EQUITY INCOME EQUITY
-------- ------------- -------- ------------- -------- -------------
<S> <C> <C> <C> <C> <C> <C>
GAAP basis amount.................. $187,878 $ 1,547,881 $189,731 $ 1,279,723 $165,360 $ 1,221,429
Premium revenue recognition........ (22,555) (166,927) (4,970) (144,372) (16,054) (139,401)
Deferral of acquisition costs...... (3,940) (94,868) 3,709 (90,928) 2,658 (94,637)
Contingency reserve................ -- (386,564) -- (328,073) -- (252,542)
Non-admitted assets................ -- (5,731) -- (7,566) -- (8,951)
Case basis loss reserves........... 4,048 (52) (3,340) (4,100) 1,626 (759)
Portfolio loss reserves............ (22,100) 24,000 (11,050) 46,100 43,650 57,150
Deferral of income taxes
(benefits)....................... 19,842 64,825 7,741 45,134 (7,284) 35,209
Unrealized gains (losses) on fixed
maturity securities held at fair
value, net of tax................ -- (63,785) -- 41,773 -- (90,708)
Recognition of profit commission... 3,096 (5,744) (2,410) (8,840) (4,811) (4,811)
Provision for unauthorized
reinsurance...................... -- -- -- (266) -- --
Contingency reserve tax deduction
(see Note 2)..................... -- 78,196 -- 55,496 -- 45,402
Allocation of tax benefits due to
Parent's net operating loss to
the Company (see Note 5)......... 637 10,290 (63) 9,653 -- 9,716
-------- ------------- -------- ------------- -------- -------------
Statutory-basis amount............. $166,906 $ 1,001,521 $179,348 $ 893,734 $185,145 $ 777,097
-------- ------------- -------- ------------- -------- -------------
-------- ------------- -------- ------------- -------- -------------
</TABLE>
A-10
<PAGE>
FINANCIAL GUARANTY INSURANCE COMPANY
NOTES TO FINANCIAL STATEMENTS--(CONTINUED)
4. INVESTMENTS
Investments in fixed maturity securities carried at fair value of $3.2
million and $3.0 million as of December 31, 1995 and 1994, respectively, were on
deposit with various regulatory authorities as required by law.
The amortized cost and fair values of short-term investments and of
investments in fixed maturity securities classified as available-for-sale are as
follows (in thousands):
<TABLE>
<CAPTION>
GROSS GROSS
UNREALIZED UNREALIZED
AMORTIZED HOLDING HOLDING
1995 COST GAINS LOSSES FAIR VALUE
- - ------------------------------------------------------ ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
U.S. Treasury securities and obligations of U.S.
government corporations and agencies................ $ 71,182 $ 1,696 -- $ 72,878
Obligations of states and political subdivisions...... 1,942,001 98,458 $1,625 2,038,834
Debt securities issued by foreign governments......... 30,270 152 550 29,872
---------- ---------- ---------- ----------
Investments available-for-sale........................ 2,043,453 100,306 2,175 2,141,584
Short-term investments................................ 91,032 -- -- 91,032
---------- ---------- ---------- ----------
Total................................................. $2,134,485 $ 100,306 $2,175 $2,232,616
---------- ---------- ---------- ----------
---------- ---------- ---------- ----------
</TABLE>
The amortized cost and fair values of short-term investments and of
investments in fixed maturity securities available-for-sale at December 31,
1995, by contractual maturity date, are shown below. Expected maturities may
differ from contractual maturities because borrowers may have the right to call
or prepay obligations with or without call or prepayment penalties.
<TABLE>
<CAPTION>
AMORTIZED
1995 COST FAIR VALUE
- - ------------------------------------------------------------------ ---------- ----------
<S> <C> <C>
Due in one year or less........................................... $ 99,894 $ 99,984
Due after one year through five years............................. 137,977 141,235
Due after five years through ten years............................ 287,441 300,560
Due after ten years through twenty years.......................... 1,406,219 1,476,261
Due after twenty years............................................ 202,954 214,576
---------- ----------
Total............................................................. $2,134,485 $2,232,616
---------- ----------
---------- ----------
</TABLE>
<TABLE>
<CAPTION>
GROSS GROSS
UNREALIZED UNREALIZED
AMORTIZED HOLDING HOLDING
1994 COST GAINS LOSSES FAIR VALUE
- - ------------------------------------------------------ ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
U.S. Treasury securities and obligations of U.S.
government corporations and agencies................ $ 10,945 $ 8 $ (519) $ 10,434
Obligations of states and political subdivisions...... 1,839,566 25,809 (85,200) 1,780,175
Debt securities issued by foreign governments......... 103,666 400 (4,765) 99,301
---------- ---------- ---------- ----------
Investments available-for-sale........................ 1,954,177 26,217 (90,484) 1,889,910
Short-term investments................................ 75,674 -- -- 75,674
---------- ---------- ---------- ----------
Total................................................. $2,029,851 $ 26,217 $(90,484) $1,965,584
---------- ---------- ---------- ----------
---------- ---------- ---------- ----------
</TABLE>
In 1995, 1994 and 1993, proceeds from sales of investments in fixed
maturity securities available-for-sale carried at fair value were $836.1
million, $550.5 million, and $789.0 million, respectively. For 1995, 1994 and
1993 gross gains of $36.3 million, $18.2 million and $36.1 million respectively,
and gross losses of $5.5 million, $12.3 million and $1.0 million respectively,
were realized on such sales.
A-11
<PAGE>
FINANCIAL GUARANTY INSURANCE COMPANY
NOTES TO FINANCIAL STATEMENTS--(CONTINUED)
4. INVESTMENTS--(CONTINUED)
Net investment income of the Company is derived from the following sources
(in thousands):
<TABLE>
<CAPTION>
YEAR ENDED DECEMBER 31,
-------------------------------
1995 1994 1993
-------- -------- -------
<S> <C> <C> <C>
Income from fixed maturity securities................................ $112,684 $108,519 $97,121
Income from short-term investments................................... 8,450 2,479 3,914
-------- -------- -------
Total investment income.............................................. 121,134 110,998 101,035
Investment expenses.................................................. 736 1,170 1,115
-------- -------- -------
Net investment income................................................ $120,398 $109,828 $99,920
-------- -------- -------
</TABLE>
As of December 31, 1995, the Company did not have more than 10% of its
investment portfolio concentrated in a single issuer or industry.
5. INCOME TAXES
The Company files a federal tax return as part of the consolidated return
of General Electric Capital Corporation ('GE Capital'). Under a tax sharing
agreement with GE Capital, taxes are allocated to the Company and the Parent
based upon their respective contributions to consolidated net income. The
Company's effective federal corporate tax rate (20.6 percent in 1995, 21.3
percent in 1994 and 24.3 percent in 1993) is less than the corporate tax rate on
ordinary income of 35 percent in 1995, 1994 and 1993.
Federal income tax expense (benefit) relating to operations of the Company
for 1995, 1994 and 1993 is comprised of the following (in thousands):
<TABLE>
<CAPTION>
YEAR ENDED DECEMBER 31,
-----------------------------
1995 1994 1993
------- ------- -------
<S> <C> <C> <C>
Current tax expense.................................................... $28,913 $43,484 $59,505
Deferred tax expense................................................... 19,841 7,741 (7,284)
------- ------- -------
Federal income tax expense............................................. $48,754 $51,225 $52,221
------- ------- -------
------- ------- -------
</TABLE>
The following is a reconciliation of federal income taxes computed at the
statutory rate and the provision for federal income taxes (in thousands):
<TABLE>
<CAPTION>
YEAR ENDED DECEMBER 31,
-----------------------------
1995 1994 1993
------- ------- -------
<S> <C> <C> <C>
Income taxes computed on income before provision for federal income
taxes, at the statutory rate......................................... $82,821 $84,334 $75,101
Tax effect of:
Tax-exempt interest.................................................. (30,630) (30,089) (27,185)
Other, net........................................................... (3,437) (3,020) 4,305
------- ------- -------
Provision for income taxes............................................. $48,754 $51,225 $52,221
------- ------- -------
------- ------- -------
</TABLE>
A-12
<PAGE>
FINANCIAL GUARANTY INSURANCE COMPANY
NOTES TO FINANCIAL STATEMENTS--(CONTINUED)
5. INCOME TAXES--(CONTINUED)
The tax effects of temporary differences that give rise to significant
portions of the deferred tax liabilities at December 31, 1995 and 1994 are
presented below (in thousands):
<TABLE>
<CAPTION>
1995 1994
-------- -------
<S> <C> <C>
Deferred tax assets:
Unrealized losses on fixed maturity securities, available-for-sale............. -- $22,493
Loss reserves.................................................................. $ 8,382 16,136
Deferred compensation.......................................................... 5,735 9,685
Tax over book capital gains.................................................... 1,069 365
Other.......................................................................... 3,248 3,760
-------- -------
Total gross deferred tax assets.................................................. 18,434 52,439
-------- -------
Deferred tax liabilities:
Unrealized gains on fixed maturity securities, available-for-sale.............. 34,346 --
Deferred acquisition costs..................................................... 33,204 31,825
Premium revenue recognition.................................................... 32,791 24,674
Rate differential on tax and loss bonds........................................ 9,454 9,454
Other.......................................................................... 7,810 9,126
-------- -------
Total gross deferred tax liabilities............................................. 117,605 75,079
-------- -------
Net deferred tax liability....................................................... $ 99,171 $22,640
-------- -------
-------- -------
</TABLE>
Based upon the level of historical taxable income, projections of future
taxable income over the periods in which the deferred tax assets are deductible
and the estimated reversal of future taxable temporary differences, the Company
believes it is more likely than not that it will realize the benefits of these
deductible differences and has not established a valuation allowance at December
31, 1995 and 1994. The company anticipates that the related deferred tax asset
will be realized.
Total federal income tax payments during 1995, 1994 and 1993 were $59.8
million, $10.1 million, and $29.4 million, respectively.
6. REINSURANCE
The Company reinsures portions of its risk with other insurance companies
through quota share reinsurance treaties and, where warranted, on a facultative
basis. This process serves to limit the Company's exposure on risks
underwritten. In the event that any or all of the reinsuring companies were
unable to meet their obligations, the Company would be liable for such defaulted
amounts. The Company evaluates the financial condition of its reinsurers and
monitors concentrations of credit risk arising from activities or economic
characteristics of the reinsurers to minimize its exposure to significant losses
from reinsurer insolvencies. The Company holds collateral under reinsurance
agreements in the form of letters of credit and trust agreements in various
amounts with various reinsurers totaling $33.7 million that can be drawn on in
the event of default.
Effective January 1, 1993, the Company adopted the Emerging Issues Task
Force Issue 93-6, 'Accounting for Multiple-Year Retrospectively-Rated Contracts
by Ceding and Assuming Enterprises' ('EITF 93-6'). EITF 93-6 requires that an
asset be recognized by a ceding company to the extent a payment would be
received from the reinsurer based on the contract's experience to date,
regardless of the outcome of future events. To reflect the adoption of EITF 93-6
in the accompanying financial statements, an initial adjustment of $4.6 million,
before applicable income taxes, has been reflected in the 1993 income statement.
Net premiums earned are presented net of ceded earned premiums of $21.9
million, $39.0 million and $34.4 million for the years ended December 31, 1995,
1994 and 1993, respectively. Loss and loss adjustment expenses incurred are
presented net of ceded losses of $1.1 million, $0.3 million and $9.1 million for
the years ended December 31, 1995, 1994 and 1993, respectively.
A-13
<PAGE>
FINANCIAL GUARANTY INSURANCE COMPANY
NOTES TO FINANCIAL STATEMENTS--(CONTINUED)
7. LOSS AND LOSS ADJUSTMENT EXPENSES
Activity in the reserve for loss and loss adjustment expenses is summarized
as follows (in thousands):
<TABLE>
<CAPTION>
YEAR ENDED DECEMBER 31,
-----------------------------
1995 1994 1993
------- ------- -------
<S> <C> <C> <C>
Balance at January 1................................................... $98,746 $96,098 $44,834
Less reinsurance recoverable......................................... 14,472 14,168 5,128
------- ------- -------
Net balance at January 1............................................... 84,274 81,930 39,706
Incurred related to:
Current year........................................................... 26,681 15,133 --
Prior years............................................................ (1,207) (437) (756)
Portfolio reserves..................................................... (33,900) (11,050) 43,650
------- ------- -------
Total Incurred......................................................... (8,426) 3,646 42,894
------- ------- -------
Paid related to:
Current year........................................................... (197) (382) --
Prior years............................................................ (5,515) (920) (670)
------- ------- -------
Total Paid............................................................. (5,712) (1,302) (670)
------- ------- -------
Net balance at December 31............................................. 70,136 84,274 81,930
Plus reinsurance recoverable......................................... 7,672 14,472 14,168
------- ------- -------
Balance at December 31................................................. $77,808 $98,746 $96,098
------- ------- -------
------- ------- -------
</TABLE>
The changes in incurred portfolio reserves principally relate to business
written in prior years. The changes are based upon an evaluation of the insured
portfolio in light of current economic conditions and other relevant factors.
8. RELATED PARTY TRANSACTIONS
The Company has various agreements with subsidiaries of General Electric
Company ('GE') and GE Capital. These business transactions include appraisal
fees and due diligence costs associated with underwriting structured finance
mortgage-backed security business; payroll and office expenses incurred by the
Company's international branch offices but processed by a GE subsidiary;
investment fees pertaining to the management of the Company's investment
portfolio; and telecommunication service charges. Approximately $3.2 million,
$3.2 million and $1.0 million in expenses were incurred in 1995, 1994 and 1993,
respectively, related to such transactions.
The Company also insured certain non-municipal issues with GE Capital
involvement as sponsor of the insured securitization and/or servicer of the
underlying assets. For some of these issues, GE Capital also provides first loss
protection in the event of default. Gross premiums written on these issues
amounted to $1.3 million in 1995, $2.5 million in 1994, and $3.3 million in
1993.
The Company insures bond issues and securities in trusts that were
sponsored by affiliates of GE (approximately 1 percent of gross premiums written
in 1995 and 1994 and 2 percent in 1993).
9. COMPENSATION PLANS
Officers and other key employees of the Company participate in the Parent's
incentive compensation, deferred compensation and profit sharing plans. Expenses
incurred by the Company under compensation plans and bonuses amounted to $7.5
million, $12.2 million and $16.7 million in 1995, 1994 and 1993, respectively,
before deduction for related tax benefits.
10. DIVIDENDS
Under New York insurance law, the Company may pay a dividend only from
earned surplus subject to the following limitations: (a) statutory surplus after
such dividend may not be less than the minimum required paid-in
A-14
<PAGE>
FINANCIAL GUARANTY INSURANCE COMPANY
NOTES TO FINANCIAL STATEMENTS--(CONTINUED)
10. DIVIDENDS--(CONTINUED)
capital, which was $2.1 million in 1995 and 1994, and (b) dividends may not
exceed the lesser of 10 percent of its surplus or 100 percent of adjusted net
investment income, as defined by New York insurance law, for the 12 month period
ending on the preceding December 31, without the prior approval of the
Superintendent of the New York State Insurance Department. At December 31, 1995
and 1994, the amount of the Company's surplus available for dividends was
approximately $100.2 million and $89.3 million, respectively.
During 1995, the company paid dividends of $25 million. No dividends were
paid during 1994 or 1993.
11. FINANCIAL INSTRUMENTS
Fair Value of Financial Instruments
The following methods and assumptions were used by the Company in
estimating fair values of financial instruments:
Fixed Maturity Securities: Fair values for fixed maturity securities are
based on quoted market prices, if available. If a quoted market price is not
available, fair values is estimated using quoted market prices for similar
securities. Fair value disclosure for fixed maturity securities is included in
the balance sheets and in Note 4.
Short-Term Investments: Short-term investments are carried at cost, which
approximates fair value.
Cash, Receivable for Securities Sold, and Payable for Securities
Purchased: The carrying amounts of these items approximate their fair values.
The estimated fair values of the Company's financial instruments at
December 31, 1995 and 1994 are as follows (in thousands):
<TABLE>
<CAPTION>
1995 1994
----------------------- -----------------------
CARRYING CARRYING
AMOUNT FAIR VALUE AMOUNT FAIR VALUE
---------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
Financial Assets
Cash
On hand and in demand accounts.............. $ 199 $ 199 $ 1,766 $ 1,766
Short-term investments......................... 91,032 91,032 75,674 75,674
Fixed maturity securities...................... 2,141,584 2,141,584 1,889,910 1,889,910
</TABLE>
Financial Guaranties: The carrying value of the Company's financial
guaranties is represented by the unearned premium reserve, net of deferred
acquisition costs, and loss and loss adjustment expense reserves. Estimated fair
values of these guaranties are based on amounts currently charged to enter into
similar agreements (net of applicable ceding commissions), discounted cash flows
considering contractual revenues to be received adjusted for expected
prepayments, the present value of future obligations and estimated losses, and
current interest rates. The estimated fair values of such financial guaranties
range between $412.8 million and $456.2 million compared to a carrying value of
$540.6 million as of December 31, 1995 and between $518.1 million and $565.9
million compared to a carrying value of $585.1 million as of December 31, 1994.
Concentrations of Credit Risk
The Company considers its role in providing insurance to be credit
enhancement rather than credit substitution. The Company insures only those
securities that, in its judgment, are of investment grade quality. The Company
has established and maintains its own underwriting standards that are based on
those aspects of credit that the Company deems important for the particular
category of obligations considered for insurance. Credit criteria include
economic and social trends, debt management, financial management and legal and
administrative factors, the adequacy of anticipated cash flows, including the
historical and expected performance of assets pledged for payment of securities
under varying economic scenarios and underlying levels of protection such as
insurance or overcollateralization.
In connection with underwriting new issues, the Company sometimes requires,
as a condition to insuring an issue, that collateral be pledged or, in some
instances, that a third-party guarantee be provided for a term of the obligation
insured by a party of acceptable credit quality obligated to make payment prior
to any payment by the
A-15
<PAGE>
FINANCIAL GUARANTY INSURANCE COMPANY
NOTES TO FINANCIAL STATEMENTS--(CONTINUED)
11. FINANCIAL INSTRUMENTS--(CONTINUED)
Company. The types and extent of collateral pledged varies, but may include
residential and commercial mortgages, corporate debt, government debt and
consumer receivables.
As of December 31, 1995, the Company's total insured principal exposure to
credit loss in the event of default by bond issuers was $98.7 billion, net of
reinsurance of $20.7 billion. The Company's insured portfolio as of December 31,
1995 was broadly diversified by geography and bond market sector with no single
debt issuer representing more than 1% of the Company's principal exposure
outstanding, net of reinsurance.
As of December 31, 1995, the composition of principal exposure by type of
issue, net of reinsurance, was as follows (in millions):
<TABLE>
<CAPTION>
NET
PRINCIPAL
OUTSTANDING
-----------
<S> <C>
Municipal:
General obligation......................................... $43,308.2
Special revenue............................................ 38,137.9
Industrial revenue......................................... 2,480.0
Non-municipal.............................................. 14,734.2
-----------
Total........................................................ $98,660.3
-----------
-----------
</TABLE>
The Company is authorized to do business in 50 states, the District of
Columbia, and in the United Kingdom and France. Principal exposure outstanding
at December 31, 1995 by state, net of reinsurance, was as follows (in millions):
<TABLE>
<CAPTION>
NET
PRINCIPAL
OUTSTANDING
-----------
<S> <C>
California................................................... $10,440.2
Florida...................................................... 8,869.3
Pennsylvania................................................. 8,653.4
New York..................................................... 7,706.7
Illinois..................................................... 5,697.5
Texas........................................................ 5,478.7
New Jersey................................................... 4,181.9
Michigan..................................................... 3,385.9
Arizona...................................................... 2,776.9
Ohio......................................................... 2,327.7
-----------
Sub-total.................................................... 59,518.2
Other states and International............................... 39,142.1
-----------
Total........................................................ $98,660.3
-----------
-----------
</TABLE>
12. COMMITMENTS
Total rent expense was $2.2 million, $2.6 million and $2.4 million in 1995,
1994 and 1993, respectively. For each of the next five years and in the
aggregate as of December 31, 1995, the minimum future rental payments under
noncancellable operating leases having remaining terms in excess of one year
approximate (in thousands):
<TABLE>
<CAPTION>
YEAR AMOUNT
- - --------------------------------------------------------------- -------
<S> <C>
1996........................................................... $ 2,297
1997........................................................... 2,909
1998........................................................... 2,909
1999........................................................... 2,909
2000........................................................... 2,909
Subsequent to 2000............................................. 2,911
-------
Total minimum future rental payments........................... $16,844
-------
-------
</TABLE>
A-16
<PAGE>
APPENDIX B
UNAUDITED FINANCIAL STATEMENTS OF THE CERTIFICATE INSURER
<PAGE>
FINANCIAL GUARANTY INSURANCE COMPANY
UNAUDITED INTERIM FINANCIAL STATEMENTS
MARCH 31, 1996
<TABLE>
<S> <C>
Balance Sheets.................................................................................... B-2
Statements of Income.............................................................................. B-3
Statements of Cash Flows.......................................................................... B-4
Notes to Unaudited Interim Financial Statements................................................... B-5
</TABLE>
B-1
<PAGE>
FINANCIAL GUARANTY INSURANCE COMPANY
BALANCE SHEETS
($ IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
<TABLE>
<CAPTION>
MARCH 31, DECEMBER 31,
1996 1995
---------- ------------
(UNAUDITED)
<S> <C> <C>
ASSETS
Fixed maturity securities, available for sale, at fair value (amortized cost of
$2,087,432 in 1996 and $2,043,453 in 1995)......................................... $2,121,620 $2,141,584
Short-term investments, at cost, which approximates market........................... 101,133 91,032
Cash................................................................................. 820 199
Accrued investment income............................................................ 32,934 37,347
Reinsurance receivable............................................................... 7,548 7,672
Deferred policy acquisition costs.................................................... 92,336 94,868
Property, plant and equipment net of accumulated depreciation of $13,473 in 1996 and
$12,861 in 1995.................................................................... 6,083 6,314
Prepaid reinsurance premiums......................................................... 160,690 162,088
Prepaid expenses and other assets.................................................... 28,484 39,198
---------- ------------
Total assets......................................................................... $2,551,648 $2,580,302
---------- ------------
---------- ------------
LIABILITIES AND STOCKHOLDER'S EQUITY
Liabilities:
Unearned premiums.................................................................. $ 709,119 $ 727,535
Losses and loss adjustment expenses................................................ 74,803 77,808
Ceded reinsurance payable.......................................................... 2,008 1,942
Accounts payable and accrued expenses.............................................. 34,305 32,811
Due to parent...................................................................... -- 1,647
Current federal income taxes payable............................................... 63,725 51,296
Deferred federal income taxes payable.............................................. 77,281 99,171
Payable for securities purchased................................................... 36,927 40,211
---------- ------------
Total liabilities.................................................................... 998,168 1,032,421
---------- ------------
STOCKHOLDER'S EQUITY:
Common stock, par value $1,500 per share at March 31, 1996 and at December 31,
1995: 10,000 shares authorized, issued and outstanding.......................... 15,000 15,000
Additional paid-in capital......................................................... 334,011 334,011
Net unrealized gains (losses) on fixed maturity securities available for sale, net
of tax.......................................................................... 22,222 63,785
Foreign currency translation adjustment............................................ (2,291) (1,499)
Retained earnings.................................................................. 1,184,538 1,136,584
---------- ------------
Total stockholder's equity........................................................... 1,553,480 1,547,881
---------- ------------
Total liabilities and stockholder's equity........................................... $2,551,648 $2,580,302
---------- ------------
---------- ------------
</TABLE>
See accompanying notes to interim financial statements
B-2
<PAGE>
FINANCIAL GUARANTY INSURANCE COMPANY
STATEMENTS OF INCOME
($ IN THOUSANDS)
<TABLE>
<CAPTION>
THREE MONTHS ENDED MARCH
31,
--------------------------
1996 1995
---------- ------------
(UNAUDITED)
<S> <C> <C>
REVENUES:
Gross premiums written............................................................. $ 21,277 $ 15,214
Ceded premiums..................................................................... (3,300) (1,853)
---------- ------------
Net premiums written............................................................... 17,977 13,361
Decrease in net unearned premiums.................................................. 17,018 13,789
---------- ------------
Net premiums earned................................................................ 34,995 27,150
Net investment income.............................................................. 31,063 28,168
Net realized gains................................................................. 5,074 15,937
---------- ------------
Total revenues.................................................................. 71,132 71,255
EXPENSES:
Losses and loss adjustment expenses................................................ (1,165) 1,540
Policy acquisition costs........................................................... 6,790 2,647
Other underwriting expenses........................................................ 4,207 4,600
---------- ------------
Total expenses.................................................................. 9,832 8,787
---------- ------------
Income before provision for federal income taxes..................................... 61,300 62,468
Provision for federal income taxes................................................... 13,346 14,579
---------- ------------
Net income........................................................................... $ 47,954 $ 47,889
---------- ------------
---------- ------------
</TABLE>
See accompanying notes to interim financial statements
B-3
<PAGE>
FINANCIAL GUARANTY INSURANCE COMPANY
STATEMENTS OF CASH FLOWS
($ IN THOUSANDS)
<TABLE>
<CAPTION>
THREE MONTHS ENDED
MARCH 31,
--------------------
1996 1995
-------- --------
(UNAUDITED)
<S> <C> <C> <C>
OPERATING ACTIVITIES:
Net income............................................................... $ 47,954 $ 47,889
Adjustments to reconcile net income to net cash provided by operating
activities:
Provision for deferred income taxes................................... 917 5,758
Amortization of fixed maturity securities............................. 41 701
Policy acquisition costs deferred..................................... (4,258) (5,486)
Amortization of deferred policy acquisition costs..................... 6,790 2,843
Depreciation of fixed assets.......................................... 612 578
Change in reinsurance receivable...................................... 124 (145)
Change in prepaid reinsurance premiums................................ 1,398 3,310
Foreign currency translation adjustment............................... (1,218) 798
Change in accrued investment income, prepaid expenses and other
assets.............................................................. 15,127 10,492
Change in unearned premiums........................................... (18,416) (17,099)
Change in losses and loss adjustment expense reserves................. (3,005) 1,499
Change in other liabilities........................................... (552) (10,193)
Change in current income taxes payable................................ 12,429 (13,879)
Net realized gains on investments..................................... (5,074) (15,937)
-------- --------
Net cash provided by operating activities.................................. 52,869 11,129
-------- --------
INVESTING ACTIVITIES:
Sales or maturities of fixed maturity securities......................... 199,015 352,152
Purchases of fixed maturity securities................................... (240,781) (157,921)
Sales or maturities (purchases) of short-term investments, net........... (10,101) (206,680)
Purchases of property and equipment, net................................. (381) (78)
-------- --------
Net cash used for investing activities..................................... (52,248) (12,527)
-------- --------
Increase (decrease) in cash................................................ 621 (1,398)
Cash at beginning of period................................................ 199 1,766
-------- --------
Cash at end of period...................................................... $ 820 $ 368
-------- --------
-------- --------
</TABLE>
See accompanying notes to interim financial statements
B-4
<PAGE>
FINANCIAL GUARANTY INSURANCE COMPANY
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 1996 AND 1995
(UNAUDITED)
1. BASIS OF PRESENTATION
The interim financial statements of Financial Guaranty Insurance Company
(the Company) in this report reflect all adjustments necessary, in the opinion
of management, for a fair statement of (a) results of operations for the three
months ended March 31, 1996 and 1995, (b) the financial position at March 31,
1996 and December 31, 1995, and (c) cash flows for the three months ended March
31, 1996 and 1995.
These interim financial statements should be read in conjunction with the
financial statements and related notes included in the 1995 audited financial
statements. The 1995 financial statements have been reclassified to conform to
the 1996 presentation.
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates and
assumptions that effect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of revenues and expenses during the
reporting period. Actual results could differ from those estimates.
2. STATUTORY ACCOUNTING PRACTICES
The financial statements are prepared on the basis of GAAP, which differs
in certain respects from accounting practices prescribed or permitted by state
insurance regulatory authorities. The following are the significant ways in
which statutory basis accounting practices differ from GAAP:
(a) premiums are earned in proportion to the reduction of the related
risk rather than in proportion to the coverage provided;
(b) policy acquisition costs are charged to current operations as
incurred rather than as related premiums are earned;
(c) a contingency reserve is computed on the basis of statutory
requirements for the security of all policyholders, regardless of whether
loss contingencies actually exist, whereas under GAAP, a reserve is
established based on an ultimate estimate of exposure;
(d) certain assets designated as 'non-admitted assets' are charged
directly against surplus but are reflected as assets under GAAP, if
recoverable;
(e) federal income taxes are only provided with respect to taxable
income for which income taxes are currently payable, while under GAAP taxes
are also provided for differences between the financial reporting and tax
bases of assets and liabilities;
(f) purchases of tax and loss bonds are reflected as admitted assets,
while under GAAP they are recorded as federal income tax payments; and
(g) all fixed income investments are carried at amortized cost, rather
than at fair value for securities classified as 'Available for Sale' under
GAAP.
B-5
<PAGE>
FINANCIAL GUARANTY INSURANCE COMPANY
NOTES TO FINANCIAL STATEMENTS--(CONTINUED)
MARCH 31, 1996 AND 1995
(UNAUDITED)
2. STATUTORY ACCOUNTING PRACTICES--(CONTINUED)
The following is a reconciliation of the net income and stockholder's
equity of Financial Guaranty prepared on a GAAP basis to the corresponding
amounts reported on a statutory basis for the periods indicated below:
<TABLE>
<CAPTION>
THREE MONTHS ENDED MARCH 31,
---------------------------------------------------
1996 1995
------------------------ ------------------------
NET STOCKHOLDER'S NET STOCKHOLDER'S
INCOME EQUITY INCOME EQUITY
-------- ------------- -------- -------------
<S> <C> <C> <C> <C>
GAAP basis amount............................................. $ 47,954 $ 1,553,480 $ 47,889 $ 1,377,005
Premium revenue recognition................................... (1,933) (168,861) (6,189) (150,561)
Deferral of acquisition costs................................. 2,532 (92,336) (2,643) (93,571)
Contingency reserve........................................... -- (403,087) -- (334,950)
Non-admitted assets........................................... -- (5,283) -- (6,970)
Case-basis losses incurred and salvage recoverable............ (1,750) (1,798) 1,096 (3,004)
Portfolio loss reserves....................................... -- 24,000 -- 46,100
Deferral of income tax........................................ 917 65,315 5,758 51,170
Unrealized gains on fixed maturity securities held at fair
value, net of taxes......................................... -- (22,222) -- (7,101)
Profit commission............................................. 782 (4,965) 5,756 (3,084)
Contingency reserve tax deduction............................. -- 78,196 -- 78,196
Provision for unauthorized reinsurance........................ -- -- -- (266)
Allocation of tax benefits due to Parent's net operating loss
to the Company.............................................. (55) 10,236 130 9,784
-------- ------------- -------- -------------
Statutory basis amount........................................ $ 48,447 $ 1,032,675 $ 51,797 $ 962,748
-------- ------------- -------- -------------
-------- ------------- -------- -------------
</TABLE>
3. DIVIDENDS
Under New York Insurance Law, the Company may pay a dividend only from
earned surplus subject to the following limitations:
o Statutory surplus after dividends may not be less than the minimum
required paid-in capital, which was $2,100,000 in 1996.
o Dividends may not exceed the lesser of 10 percent of its surplus or 100
percent of adjusted net investment income, as defined therein, for the
twelve month period ending on the preceding December 31, without the
prior approval of the Superintendent of the New York State Insurance
Department.
The amount of the Company's surplus available for dividends during 1996 is
approximately $100.2 million.
4. INCOME TAXES
The Company's effective Federal corporate tax rate (21.8 percent and 23.3
percent for the three months ended March 31, 1996 and 1995, respectively) is
less than the statutory corporate tax rate (35 percent in 1996 and 1995) on
ordinary income due to permanent differences between financial and taxable
income, principally tax-exempt interest.
5. REINSURANCE
In accordance with Statement of Financial Accounting Standards No. 113
('SFAS 113'), 'Accounting and Reporting for Reinsurance of Short-Duration and
Long-Duration Contracts', adopted in 1993, the Company reports assets and
liabilities relating to reinsured contracts gross of the effects of reinsurance.
Net premiums earned are shown net of premiums ceded of $7.3 million and $4.9
million, respectively, for the three months ended March 31, 1996 and 1995.
B-6
<PAGE>
PRELIMINARY
BACKGROUND INFORMATION
UCFC LOAN TRUST 1996-B
APPROXIMATE CLASS SIZES
[$125,700,000] Class A-1 FLOATING-RATE CERTIFICATES
(non-SMMEA-eligible)
[$77,899,000] Class A-2 FIXED-RATE CERTIFICATES
(non-SMMEA-eligible)
[$47,752,000] Class A-3 FIXED-RATE CERTIFICATES
(non-SMMEA-eligible)
[$44,427,000] Class A-4 FIXED-RATE CERTIFICATES
(non-SMMEA-eligible)
[$39,714,000] Class A-5 FIXED-RATE CERTIFICATES
(non-SMMEA-eligible)
[$34,090,000] Class A-6 FIXED-RATE CERTIFICATES
(non-SMMEA-eligible)
[$30,418,000] Class A-7 FIXED-RATE CERTIFICATES
(non-SMMEA-eligible)
[$250,000,000] Class A-8 FLOATING-RATE CERTIFICATES
(SMMEA-eligible)
HOME EQUITY LOAN PASS-THROUGH CERTIFICATES, SERIES 1996-B
The information included herein is provided solely by Prudential Securities
Incorporated ("PSI") as underwriter for the UCFC 1996-B transaction, and not by
or as agent for UCFC Acceptance or any of its affiliates (collectively, the
"Depositor"). The Depositor has not prepared, reviewed or participated in the
preparation hereof, is not responsible for the accuracy hereof and has not
authorized the dissemination hereof. The analysis in this report is accurate to
the best of PSI's knowledge and is based on information provided by the
Depositor. PSI makes no representations as to the accuracy of such information
provided by the Depositor. All opinions and conclusions 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 their 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 opinions expressed 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. 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>
UCFC Loan Trust 1996-B - Home Equity Loan Pass-Through Certificates
PRICING INFORMATION
-------------------------------
GROUP I FIXED-RATE COLLATERAL
<TABLE>
<CAPTION>
Class: A-1 A-2 A-3 A-4 A-5
<S> <C> <C> <C> <C> <C>
Approximate
Face Amount:[125,700,000] [77,899,000] [47,752,000] [44,427,000] [39,714,000]
Coupon:1M LIBOR + TBD* TBD TBD TBD TBD
Price: TBD TBD TBD TBD TBD
Yield: TBD TBD TBD TBD TBD
Spread: TBD TBD TBD TBD TBD
Avg Life to
Maturity/Call: [0.90] yrs [2.10] yrs [3.10] yrs [4.10] yrs [5.39] yrs
1st Prin Payment: [07/15/96] [01/15/98] [02/15/99] [01/15/00] [03/15/01]
Exp Mat: [01/15/98] [02/15/99] [01/15/00] [03/15/01] [09/15/02]
Stated Mat: [01/15/07] [02/15/10] [12/15/13] [11/15/17] [05/15/20]
Expected
Rating: AAA/Aaa AAA/Aaa AAA/Aaa AAA/Aaa AAA/Aaa
Pricing Spd: 25% HEP 25% HEP 25% HEP 25% HEP 25% HEP
Pricing Date: TBD TBD TBD TBD TBD
Investor
Settle Date: 06/21/96 06/21/96 06/21/96 06/21/96 06/21/96
Pymt Delay: 0 days 14 days 14 days 14 days 14 days
Cut-off Date: 06/01/96 06/01/96 06/01/96 06/01/96 06/01/96
Dated Date: 06/20/96 06/01/96 06/01/96 06/01/96 06/01/96
Int Pymt: actual/360 30/360 30/360 30/360 30/360
Pymt Terms: Monthly Monthly Monthly Monthly Monthly
1st Pymt Date: 07/15/96 07/15/96 07/15/96 07/15/96 07/15/96
Collateral Type: Fixed-Rate Fixed-Rate Fixed-Rate Fixed-Rate Fixed-Rate
SMMEA
Eligibility: non-SMMEA non-SMMEA non-SMMEA non-SMMEA non-SMMEA
</TABLE>
* The Coupon on the Class A-1 Certificates will equal the lesser of:
1) One Month LIBOR +TBD bps
2) Group I Net Funds Cap
Group I Net Funds Cap: A rate equal to the weighted average net coupon rate
(i.e., the weighted average coupon rate less [0.62875]%
for servicing fees, trustee fees and certificate insurer
premiums) for the Group I fixed-rate collateral for such
Distribution Date.
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL TERMSHEETS, AND
WILL BE SUPERSEDED BY THE COLLATERAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
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>
UCFC Loan Trust 1996-B - Home Equity Loan Pass-Through Certificates
PRICING INFORMATION
-------------------------------------
GROUP I FIXED RATE COLLATERAL (Cont.)
Class: A-6 A-7
Approximate
Face Amount: [34,090,000] [30,418,000]
Coupon: TBD TBD
Price: TBD TBD
Yield: TBD TBD
Spread: TBD TBD
Avg Life (to Maturity): [7.20] yrs [11.21] yrs
1st Prin Payment: [09/15/02] [12/15/04]
Expected Maturity (to 10% Call): [02/15/04] [02/15/04]
Stated Mat: [02/15/22] [11/15/27]
Expected
Rating: AAA/Aaa AAA/Aaa
Pricing Spd: 25% HEP 25% HEP
Pricing Date: TBD TBD
Investor
Settle Date: 06/21/96 06/21/96
Pymt Delay: 14 days 14 days
Cut-off Date: 06/01/96 06/01/96
Dated Date: 06/01/96 06/01/96
Int Pymt: 30/360 30/360
Pymt Terms: Monthly Monthly
1st Pymt Date: 07/15/96 07/15/96
Collateral Type: Fixed-Rate Fixed-Rate
SMMEA
Eligibility: non-SMMEA non-SMMEA
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL TERMSHEETS, AND
WILL BE SUPERSEDED BY THE COLLATERAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
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>
UCFC Loan Trust 1996-B - Home Equity Loan Pass-Through Certificates
PRICING INFORMATION (CONT.)
---------------------------------------
GROUP II FLOATING RATE COLLATERAL*
Class: A-8
Approximate
Face Amount: [250,000,000]
Coupon: The least of:
1) 1M LIBOR + [TBD] bps
2) Group II Net Funds Cap
(described below)
After the Cleanup Call, the least of:
1) 1M LIBOR + 2x[TBD] bps
2) Group II Net Funds Cap
Price: 100-00
Yield: Variable
Spread: [TBD] bps
Index: 1 Month LIBOR
Disc. Margin: [TBA]%
Life Cap: [15.128]%
Avg Life to Call: [3.37] yrs
Avg Life to Maturity: [3.69] yrs
1st Prin Payment: [07/15/96]
Exp Mat to Call: [08/15/04]
Exp Mat: [06/15/26]
Stated Mat: [11/15/27]
Expected
Rating: AAA/Aaa
Pricing Spd: 25% HEP
Pricing Date: TBD
Investor
Settle Date: 06/21/96
Pymt Delay: 0 days
Cut-off Date: 06/01/96
Dated Date: 06/20/96
Int Pymt: actual/360
Pymt Terms: Monthly
1st Pymt Date: 07/15/96
Collateral Type: FLoating-Rate*
Elibibility: SMMEA Eligible
* Approx. [52.25]% of the initial Group II collateral pool consists of loans
that bear interest at a fixed rate of interest for a period of two years
after origination and thereafter have semiannual interest rate and payment
adjustments at frequencies and in the same manner as the regular Six-Month
LIBOR loans, subject to a 1.50% periodic rate adjustment cap. These loans
are referred to herein as the "2/28 LIBOR ARMs." It is not anticipated that
any "2/28 LIBOR ARMs" will be included in the Group II prefunding loans.
Therefore, it is expected that the "2/28 LIBOR ARMs" will comprise approx.
[46.73]% of the final Group II collateral pool.
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL TERMSHEETS, AND
WILL BE SUPERSEDED BY THE COLLATERAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
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>
UCFC Loan Trust 1996-B - Home Equity Loan Pass-Through Certificates
Group II Net Funds Cap:
Group II Adjusted Net Coupon:
Net Coupon - fees ([12.875] bps)
The Group II Net Funds Cap on each Distribution Date will be the lesser of:
1) Weighted Average Gross Life Cap: [15.757]%
Less Servicing [0.50]%
Less Fees [0.12875]%
----------
[15.12825]%
2) Weighted Average Adjusted Net Coupon on the Group II loans
for such Distribution Date.
Monthly Group II Net Funds Cap Summary:
(calculated on 30/360 basis)
Date: 7/96 1/97 7/97 1/98 7/98
Adjusted Net Coupon: [8.57] [9.06] [9.41] [9.53] [10.22]
Margin*: [2.76] [3.25] [3.60] [3.72] [4.41]
*(Assuming 1M LIBOR as of closing of [5.48%] and a spread of [0.33%], 1M LIBOR
would have to rise by the corresponding Margin to fully adjust to the Net
Funds Cap under this scenario).
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL TERMSHEETS, AND
WILL BE SUPERSEDED BY THE COLLATERAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
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>
UCFC Loan Trust 1996-B - Home Equity Loan Pass-Through Certificates
SUMMARY OF TERMS
--------------------------
Title of Securities: UCFC Loan Trust 1996-B1, Home Equity Loan Pass-Through
Certificates, Series 1996-B1, Class A-1, A-2, A-3, A-4,
A-5, A-6 and A-7 (the "Group I Certificates")
UCFC Loan Trust 1996-B2, Home Equity Loan Pass-Through
Certificates, Series 1996-B2, Class A-8 (the "Group II
Certificates").
Depositor: UCFC Acceptance Corporation.
Servicer: United Companies Lending Corporation.
Originators:
The Home Equity Loans were, and any Subsequent Loans
will be, originated, either directly or through
correspondents or mortgage brokers, or purchased and
re-underwritten, by United Companies and certain
subsidiaries and affiliates thereof.
Trustee: Bankers Trust.
Aggregate
Certificate Balance: Group I Fixed-Rate (non-SMMEA) $ [400,000,000]
Group II Floating-Rate (SMMEA) $ [250,000,000]
Securities Offered: 100% FGIC-guaranteed, pass-through certificates.
Offering: Public shelf offering -- a prospectus and prospectus
supplement will be distributed after pricing.
Pricing Date: TBD
Investor
Settlement Date: 06/21/96
Form of Certificates: Book-Entry form, same-day funds through DTC,
Euroclear and CEDEL
Pass-Through Rate: 1-Month LIBOR + [TBD] bps on Class A-1 Certificates *
TBD % on Class A-2 Certificates
TBD % on Class A-3 Certificates
TBD % on Class A-4 Certificates
TBD % on Class A-5 Certificates
TBD % on Class A-6 Certificates
TBD % on Class A-7 Certificates
1-Month LIBOR + [TBD] bps on Class A-8 Certificates *
* Subject to the Net Funds Cap for their respective
Loan Group
Prepayment
Assumption: For Class A-1 through A-8, 25% HEP (2.5% CPR in month
1 with monthly incremental increases of 2.5% CPR
until the speed reaches 25% CPR in month 10 based on
loan seasoning.) This means that seasoned loans will
start further up on the prepayment curve.
Principal Paydown: All Group I principal pays Group I bonds sequentially.
All Group II principal is passed through to Class A-8.
Payment Date: The 15th day of each month (or, if any such date is
not a business day, the first business day thereafter)
commencing on July 15, 1996. The payment delay will
be 0 days for the Class A-1 and Class A-8 Certificates
and 14 days for the Class A-2, A-3, A-4, A-5, A-6 and
A-7 Certificates.
Interest Accural
Period: Interest on the Class A-1 and Class A-8 Certificates
will accrue during the period commencing on the 15th
day of the preceding month until the 14th day of the
current month.
Interest on the Class A-2 through A-7 Certificates
will accrue from the first day of the preceeding
month until the 30th day of the preceeding month.
Optional Cleanup Call:
The Servicer may call the Certificates in a particular
Loan Group on any Remittance Date when the
then-outstanding collateral balance in that Loan Group
is less than or equal to 10% of their original
collateral balance.
Group II
Coupon Step-Up: If the Servicer does not exercise its option to call
the Group II Certificates at the 10% Cleanup Call
date, then the coupon on the Class A-8 Certificates
shall be raised to LIBOR + 2x[TBD] bps subject to the
Group II Net Funds Cap.
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL TERMSHEETS, AND
WILL BE SUPERSEDED BY THE COLLATERAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
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>
UCFC Loan Trust 1996-B - Home Equity Loan Pass-Through Certificates
Pre-Funding Account: On the closing date, approximately [$125,642,148] and
[$26,402,736] will be deposited in pre-funding
accounts for the purchase of additional fixed- and
floating-rate mortgage loans, respectively. From the
closing date until September 1996, the Trust intends
to purchase mortgage loans up to the entire
pre-funding amounts. Funds remaining in either of the
pre-funding accounts that total less than $100,000
after this period will be distributed to investors in
the related Class A-1 and Class A-8 Certificates as
prepayments on September 15, 1996. If the funds
remaining in either of the pre-funding accounts total
greater than $100,000 after this period, the funds
will be distributed on a pro-rata basis to the
investors in the related Class A-1 through A-7
Certificates in the case of the fixed-rate prefunding
account and to the investors in the Class A-8
Certificates in the case of the floating-rate
prefunding account as a prepayment on September 15,
1996. The additional mortgage loans will be subject
to certain aggregate group characteristics that will
be more fully described in the Prospectus Supplement.
Certificate Insurer: Financial Guaranty Insurance Company ("FGIC"). FGIC's
claims-paying ability is rated "AAA" by Standard &
Poor's, "Aaa" by Moody's Investors Service and "AAA"
by Fitch Investors Service, Inc.
Certificate Insurance
Policy: The Certificate Insurance Policy will provide 100%
coverage of timely interest and ultimate principal
payments due on the Certificates.
Reserve Account: A Reserve account will be available to cover losses
prior to any draw on the Certificate Insurance
Policy. The initial deposit and maintenance levels of
the spread account will be sized by the surety
provider.
Servicing Fee: 50 basis points per annum.
ERISA Considerations: The Certificates will be ERISA eligible after the
pre-funding period. However, investors should consult
with their counsel with respect to the consequences
under ERISA and the Internal Revenue Code of the
Plan's acquisition and ownership of such Certificates.
Taxation: REMIC.
Legal Investment: Only the Class A-8 Certificates will be SMMEA-eligible.
Certificates Ratings: "AAA" by S&P, "Aaa" by Moody's, and "AAA" by Fitch for
the Class A-1, A-2, A-3, A-4, A-5, A-6, A-7 and A-8
Certificates.
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL TERMSHEETS, AND
WILL BE SUPERSEDED BY THE COLLATERAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
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.
Financial Strategies 06/11/96 07:13:50 pm Prudential Securities
Group IMPACT CMO/ABS Analytics - Digest Information Incorporated
Deal ID/CUSIP UCFC6B Not Priced Yet Deal Date 06/12/96
Series 1996-B Delivery Date 06/21/96
Underwriter PSI Dated Date / /
Issuer UNITED COMPANIES FINANCIAL CORPORAT Credit Support 100% FGIC
Collateral 100%WL (Real) Deal Type HEL REMIC
N/GWAC (Orig) / (11.013/11.513) Pricing Speed HEP 25.00
WAM (Orig) (21.340) Rating AAA/Aaa
Size 650,000,000 Coupon Range
Trustee BANKERS TRUST COMPANY, NA Modeled Y
View Summary On Page 1 of 4
Class Coupon Mat Amt 000 AvLf Sprd Price Yield Description
- - ------ ------- ----- ------- ---- ---- ------- ------- -------------------------
A1 * N/A 125,700 0.9 N/A N/A N/A FLT,LIBOR-1M+TBA
A2 N/A N/A 77,899 2.1 N/A N/A N/A SEQ
A3 N/A N/A 47,752 3.1 N/A N/A N/A SEQ
A4 N/A N/A 44,427 4.1 N/A N/A N/A SEQ
A5 N/A N/A 39,714 5.4 N/A N/A N/A SEQ
A6 N/A N/A 34,090 7.2 N/A N/A N/A SEQ
A7 N/A N/A 30,418 11.2 N/A N/A N/A SEQ
A8 * N/A 250,000 3.4 N/A N/A N/A FLT,LIBOR-1M+TBA
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL TERMSHEETS, AND
WILL BE SUPERSEDED BY THE COLLATERAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
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>
Financial Strategies 06/11/96 07:12:41 pm Prudential Securities
Group IMPACT CMO/ABS Analytics - Price / DMrg Act/360 Incorporated
Deal ID/CUSIP UCFC6B Coupon * Cap Flr 0.00
Class A1 FLT,LIBOR-1M+TBA Accr 0.01554 1st Pmt 07/15/96
Collateral 100%WL (Real) Factor on / /
N/GWAC (Orig) / (11.013/11.513) LIBOR-1M 5.48438
WAM (Orig) (21.340) Mat N/A Settle 06/21/96
CenterPrice 100-00 Inc 0.5 Table DMrg Act/360 Roll@
HEP 15.00 HEP 18.00 HEP 21.00 HEP 25.00 HEP 28.00 HEP 31.00 HEP 34.00
Price
----- --------- --------- --------- --------- --------- --------- ---------
99-22+ 34.717 37.886 40.875 44.628 47.302 49.823 52.248
99-23 33.466 36.468 39.299 42.855 45.388 47.775 50.072
99-23+ 32.215 35.050 37.724 41.081 43.474 45.728 47.897
99-24 30.965 33.633 36.149 39.309 41.560 43.682 45.723
99-24+ 29.715 32.216 34.575 37.536 39.647 41.635 43.549
99-25 28.465 30.799 33.000 35.764 37.734 39.590 41.375
99-25+ 27.216 29.383 31.426 33.993 35.821 37.544 39.202
99-26 25.966 27.966 29.853 32.221 33.909 35.499 37.030
99-26+ 24.717 26.550 28.279 30.450 31.997 33.455 34.857
99-27 23.469 25.135 26.706 28.680 30.086 31.411 32.686
99-27+ 22.220 23.719 25.134 26.909 28.175 29.367 30.514
99-28 20.972 22.304 23.561 25.140 26.264 27.324 28.343
99-28+ 19.724 20.890 21.989 23.370 24.354 25.281 26.173
99-29 18.476 19.475 20.418 21.601 22.444 23.238 24.003
99-29+ 17.229 18.061 18.846 19.832 20.534 21.196 21.833
99-30 15.982 16.647 17.275 18.064 18.625 19.155 19.664
99-30+ 14.735 15.234 15.704 16.296 16.717 17.114 17.495
99-31 13.488 13.820 14.134 14.528 14.808 15.073 15.327
99-31+ 12.242 12.407 12.564 12.760 12.900 13.032 13.159
100-00 10.995 10.995 10.994 10.993 10.993 10.992 10.992
100-00+ 9.749 9.582 9.425 9.227 9.086 8.953 8.825
100-01 8.504 8.170 7.856 7.461 7.179 6.914 6.659
100-01+ 7.258 6.758 6.287 5.695 5.273 4.875 4.493
100-02 6.013 5.347 4.718 3.929 3.367 2.837 2.327
100-02+ 4.768 3.936 3.150 2.164 1.461 0.799 0.162
100-03 3.524 2.525 1.582 0.399 -0.444 -1.238 -2.003
100-03+ 2.279 1.114 0.015 -1.365 -2.349 -3.276 -4.167
100-04 1.035 -0.296 -1.552 -3.129 -4.253 -5.312 -6.331
100-04+ -0.208 -1.706 -3.119 -4.893 -6.157 -7.348 -8.494
100-05 -1.452 -3.116 -4.686 -6.657 -8.061 -9.384 -10.657
100-05+ -2.695 -4.526 -6.252 -8.420 -9.964 -11.420 -12.820
100-06 -3.938 -5.935 -7.818 -10.182 -11.867 -13.454 -14.982
100-06+ -5.181 -7.344 -9.384 -11.945 -13.769 -15.489 -17.144
100-07 -6.424 -8.752 -10.949 -13.707 -15.671 -17.523 -19.305
100-07+ -7.666 -10.161 -12.514 -15.468 -17.573 -19.557 -21.465
100-08 -8.908 -11.569 -14.078 -17.229 -19.474 -21.590 -23.626
100-08+ -10.150 -12.977 -15.643 -18.990 -21.375 -23.623 -25.786
100-09 -11.392 -14.384 -17.207 -20.751 -23.276 -25.656 -27.945
100-09+ -12.633 -15.791 -18.770 -22.511 -25.176 -27.688 -30.104
Avg. Life 1.295 1.136 1.018 0.900 0.832 0.776 0.729
Mod. Dur. 1.207 1.064 0.958 0.851 0.788 0.737 0.693
Mac. Dur. 1.241 1.095 0.985 0.875 0.811 0.758 0.713
1st Pmt. 0.067 0.067 0.067 0.067 0.067 0.067 0.067
Last Pmt. 2.400 2.067 1.817 1.567 1.483 1.317 1.233
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL TERMSHEETS, AND
WILL BE SUPERSEDED BY THE COLLATERAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
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>
Financial Strategies 06/11/96 07:12:59 pm Prudential Securities
Group IMPACT CMO/ABS Analytics - Price / Yield Tables Incorporated
Deal ID/CUSIP UCFC6B Coupon N/A
Class A2 SEQ Accr 0.39167 1st Pmt 07/15/96
Collateral 100%WL (Real) Factor on / /
N/GWAC (Orig) / (11.013/11.513) LIBOR-1M 5.48438
WAM (Orig) (21.340) Mat N/A Settle 06/21/96
CenterPrice 100-00 Inc 0.5 Table Yield Roll@
HEP 15.00 HEP 18.00 HEP 21.00 HEP 25.00 HEP 28.00 HEP 31.00 HEP 34.00
Price
----- --------- --------- --------- --------- --------- --------- ---------
99-22+ 7.162 7.164 7.165 7.166 7.167 7.169 7.170
99-23 7.157 7.157 7.157 7.158 7.158 7.159 7.159
99-23+ 7.151 7.151 7.150 7.150 7.149 7.149 7.148
99-24 7.146 7.144 7.143 7.141 7.140 7.139 7.138
99-24+ 7.140 7.138 7.136 7.133 7.131 7.129 7.127
99-25 7.135 7.132 7.129 7.125 7.122 7.119 7.116
99-25+ 7.129 7.125 7.122 7.117 7.113 7.109 7.106
99-26 7.124 7.119 7.114 7.108 7.104 7.099 7.095
99-26+ 7.118 7.113 7.107 7.100 7.095 7.089 7.084
99-27 7.112 7.106 7.100 7.092 7.086 7.080 7.074
99-27+ 7.107 7.100 7.093 7.084 7.077 7.070 7.063
99-28 7.101 7.094 7.086 7.075 7.068 7.060 7.052
99-28+ 7.096 7.087 7.079 7.067 7.059 7.050 7.042
99-29 7.090 7.081 7.071 7.059 7.049 7.040 7.031
99-29+ 7.085 7.074 7.064 7.050 7.040 7.030 7.020
99-30 7.079 7.068 7.057 7.042 7.031 7.020 7.010
99-30+ 7.074 7.062 7.050 7.034 7.022 7.011 6.999
99-31 7.068 7.055 7.043 7.026 7.013 7.001 6.988
99-31+ 7.063 7.049 7.035 7.017 7.004 6.991 6.978
100-00 7.057 7.043 7.028 7.009 6.995 6.981 6.967
100-00+ 7.052 7.036 7.021 7.001 6.986 6.971 6.956
100-01 7.046 7.030 7.014 6.993 6.977 6.961 6.946
100-01+ 7.041 7.024 7.007 6.984 6.968 6.951 6.935
100-02 7.035 7.017 7.000 6.976 6.959 6.942 6.925
100-02+ 7.030 7.011 6.993 6.968 6.950 6.932 6.914
100-03 7.024 7.005 6.985 6.960 6.941 6.922 6.903
100-03+ 7.019 6.998 6.978 6.952 6.932 6.912 6.893
100-04 7.013 6.992 6.971 6.943 6.923 6.902 6.882
100-04+ 7.008 6.986 6.964 6.935 6.914 6.892 6.871
100-05 7.002 6.979 6.957 6.927 6.905 6.883 6.861
100-05+ 6.997 6.973 6.950 6.919 6.896 6.873 6.850
100-06 6.991 6.967 6.942 6.910 6.887 6.863 6.840
100-06+ 6.986 6.960 6.935 6.902 6.878 6.853 6.829
100-07 6.980 6.954 6.928 6.894 6.869 6.843 6.818
100-07+ 6.975 6.948 6.921 6.886 6.860 6.833 6.808
100-08 6.969 6.941 6.914 6.877 6.851 6.824 6.797
100-08+ 6.964 6.935 6.907 6.869 6.842 6.814 6.787
100-09 6.958 6.929 6.900 6.861 6.833 6.804 6.776
100-09+ 6.952 6.922 6.892 6.853 6.824 6.794 6.765
Avg. Life 3.268 2.798 2.448 2.100 1.900 1.735 1.599
Mod. Dur. 2.819 2.453 2.173 1.887 1.720 1.580 1.463
Mac. Dur. 2.918 2.540 2.249 1.953 1.780 1.635 1.514
1st Pmt. 2.400 2.067 1.817 1.567 1.483 1.317 1.233
Last Pmt. 4.233 3.567 3.150 2.650 2.400 2.150 1.983
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL TERMSHEETS, AND
WILL BE SUPERSEDED BY THE COLLATERAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
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>
Financial Strategies 06/11/96 07:13:08 pm Prudential Securities
Group IMPACT CMO/ABS Analytics - Price / Yield Tables Incorporated
Deal ID/CUSIP UCFC6B Coupon N/A
Class A3 SEQ Accr 0.40556 1st Pmt 07/15/96
Collateral 100%WL (Real) Factor on / /
N/GWAC (Orig) / (11.013/11.513) LIBOR-1M 5.48438
WAM (Orig) (21.340) Mat N/A Settle 06/21/96
CenterPrice 100-00 Inc 0.5 Table Yield Roll@
HEP 15.00 HEP 18.00 HEP 21.00 HEP 25.00 HEP 28.00 HEP 31.00 HEP 34.00
Price
----- --------- --------- --------- --------- --------- --------- ---------
99-22+ 7.415 7.416 7.416 7.417 7.417 7.418 7.418
99-23 7.411 7.411 7.411 7.411 7.411 7.411 7.410
99-23+ 7.407 7.407 7.406 7.405 7.404 7.404 7.403
99-24 7.403 7.402 7.401 7.399 7.398 7.397 7.395
99-24+ 7.399 7.398 7.396 7.393 7.391 7.390 7.388
99-25 7.396 7.393 7.391 7.388 7.385 7.383 7.380
99-25+ 7.392 7.389 7.386 7.382 7.379 7.376 7.373
99-26 7.388 7.384 7.381 7.376 7.372 7.369 7.365
99-26+ 7.384 7.380 7.376 7.370 7.366 7.362 7.357
99-27 7.380 7.375 7.371 7.364 7.359 7.355 7.350
99-27+ 7.376 7.371 7.366 7.358 7.353 7.348 7.342
99-28 7.372 7.366 7.361 7.353 7.347 7.341 7.335
99-28+ 7.368 7.362 7.355 7.347 7.340 7.334 7.327
99-29 7.364 7.357 7.350 7.341 7.334 7.327 7.319
99-29+ 7.360 7.353 7.345 7.335 7.327 7.320 7.312
99-30 7.356 7.348 7.340 7.329 7.321 7.313 7.304
99-30+ 7.352 7.344 7.335 7.324 7.315 7.306 7.297
99-31 7.349 7.339 7.330 7.318 7.308 7.299 7.289
99-31+ 7.345 7.335 7.325 7.312 7.302 7.292 7.281
100-00 7.341 7.331 7.320 7.306 7.295 7.285 7.274
100-00+ 7.337 7.326 7.315 7.300 7.289 7.278 7.266
100-01 7.333 7.322 7.310 7.295 7.283 7.271 7.259
100-01+ 7.329 7.317 7.305 7.289 7.276 7.264 7.251
100-02 7.325 7.313 7.300 7.283 7.270 7.257 7.244
100-02+ 7.321 7.308 7.295 7.277 7.264 7.250 7.236
100-03 7.317 7.304 7.290 7.271 7.257 7.243 7.228
100-03+ 7.313 7.299 7.285 7.266 7.251 7.236 7.221
100-04 7.309 7.295 7.280 7.260 7.244 7.229 7.213
100-04+ 7.306 7.290 7.275 7.254 7.238 7.222 7.206
100-05 7.302 7.286 7.270 7.248 7.232 7.215 7.198
100-05+ 7.298 7.281 7.265 7.242 7.225 7.208 7.191
100-06 7.294 7.277 7.260 7.237 7.219 7.201 7.183
100-06+ 7.290 7.273 7.255 7.231 7.212 7.194 7.176
100-07 7.286 7.268 7.250 7.225 7.206 7.187 7.168
100-07+ 7.282 7.264 7.245 7.219 7.200 7.180 7.160
100-08 7.278 7.259 7.240 7.213 7.193 7.173 7.153
100-08+ 7.274 7.255 7.235 7.208 7.187 7.166 7.145
100-09 7.271 7.250 7.230 7.202 7.181 7.159 7.138
100-09+ 7.267 7.246 7.225 7.196 7.174 7.152 7.130
Avg. Life 4.903 4.186 3.643 3.100 2.784 2.527 2.310
Mod. Dur. 3.982 3.485 3.091 2.681 2.435 2.230 2.055
Mac. Dur. 4.128 3.613 3.204 2.779 2.524 2.311 2.129
1st Pmt. 4.233 3.567 3.150 2.650 2.400 2.150 1.983
Last Pmt. 5.650 4.817 4.233 3.567 3.233 2.900 2.650
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL TERMSHEETS, AND
WILL BE SUPERSEDED BY THE COLLATERAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
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>
Settlement 5.27 5.53 5.84 6.36 6.56 6.77 6.99 7.13 06/11/96
Financial Strategies 06/11/96 07:13:20 pm Prudential Securities
Group IMPACT CMO/ABS Analytics - Price / Yield Tables Incorporated
Deal ID/CUSIP UCFC6B Coupon N/A
Class A4 SEQ Accr 0.41667 1st Pmt 07/15/96
Collateral 100%WL (Real) Factor on / /
N/GWAC (Orig) / (11.013/11.513) LIBOR-1M 5.48438
WAM (Orig) (21.340) Mat N/A Settle 06/21/96
CenterPrice 99-30+ Inc 0.5 Table Yield Roll@
HEP 15.00 HEP 18.00 HEP 21.00 HEP 25.00 HEP 28.00 HEP 31.00 HEP 34.00
Price
----- --------- --------- --------- --------- --------- --------- ---------
99-21 7.629 7.630 7.631 7.633 7.635 7.636 7.638
99-21+ 7.625 7.626 7.627 7.629 7.630 7.631 7.632
99-22 7.622 7.623 7.623 7.624 7.625 7.625 7.626
99-22+ 7.619 7.619 7.619 7.620 7.620 7.620 7.620
99-23 7.616 7.616 7.615 7.615 7.615 7.614 7.614
99-23+ 7.613 7.612 7.611 7.610 7.610 7.609 7.608
99-24 7.610 7.609 7.607 7.606 7.605 7.603 7.602
99-24+ 7.607 7.605 7.603 7.601 7.600 7.598 7.596
99-25 7.603 7.601 7.599 7.597 7.595 7.592 7.590
99-25+ 7.600 7.598 7.595 7.592 7.590 7.587 7.584
99-26 7.597 7.594 7.592 7.588 7.585 7.581 7.578
99-26+ 7.594 7.591 7.588 7.583 7.579 7.576 7.572
99-27 7.591 7.587 7.584 7.578 7.574 7.570 7.566
99-27+ 7.588 7.584 7.580 7.574 7.569 7.565 7.560
99-28 7.585 7.580 7.576 7.569 7.564 7.559 7.554
99-28+ 7.581 7.577 7.572 7.565 7.559 7.554 7.548
99-29 7.578 7.573 7.568 7.560 7.554 7.548 7.542
99-29+ 7.575 7.569 7.564 7.556 7.549 7.543 7.536
99-30 7.572 7.566 7.560 7.551 7.544 7.537 7.531
99-30+ 7.569 7.562 7.556 7.546 7.539 7.532 7.525
99-31 7.566 7.559 7.552 7.542 7.534 7.526 7.519
99-31+ 7.563 7.555 7.548 7.537 7.529 7.521 7.513
100-00 7.559 7.552 7.544 7.533 7.524 7.516 7.507
100-00+ 7.556 7.548 7.540 7.528 7.519 7.510 7.501
100-01 7.553 7.545 7.536 7.524 7.514 7.505 7.495
100-01+ 7.550 7.541 7.532 7.519 7.509 7.499 7.489
100-02 7.547 7.538 7.528 7.514 7.504 7.494 7.483
100-02+ 7.544 7.534 7.524 7.510 7.499 7.488 7.477
100-03 7.541 7.530 7.520 7.505 7.494 7.483 7.471
100-03+ 7.538 7.527 7.516 7.501 7.489 7.477 7.465
100-04 7.534 7.523 7.512 7.496 7.484 7.472 7.459
100-04+ 7.531 7.520 7.508 7.492 7.479 7.466 7.453
100-05 7.528 7.516 7.504 7.487 7.474 7.461 7.447
100-05+ 7.525 7.513 7.500 7.483 7.469 7.455 7.441
100-06 7.522 7.509 7.496 7.478 7.464 7.450 7.435
100-06+ 7.519 7.506 7.492 7.473 7.459 7.444 7.429
100-07 7.516 7.502 7.488 7.469 7.454 7.439 7.423
100-07+ 7.513 7.499 7.484 7.464 7.449 7.433 7.417
100-08 7.509 7.495 7.480 7.460 7.444 7.428 7.412
Avg. Life 6.496 5.555 4.833 4.100 3.673 3.320 3.024
Mod. Dur. 4.963 4.385 3.913 3.407 3.100 2.837 2.612
Mac. Dur. 5.151 4.551 4.061 3.536 3.216 2.944 2.711
1st Pmt. 5.650 4.817 4.233 3.567 3.233 2.900 2.650
Last Pmt. 7.400 6.400 5.567 4.733 4.233 3.817 3.483
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL TERMSHEETS, AND
WILL BE SUPERSEDED BY THE COLLATERAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
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>
Financial Strategies 06/11/96 07:13:31 pm Prudential Securities
Group IMPACT CMO/ABS Analytics - Price / Yield Tables Incorporated
Deal ID/CUSIP UCFC6B Coupon N/A
Class A5 SEQ Accr 0.42722 1st Pmt 07/15/96
Collateral 100%WL (Real) Factor on / /
N/GWAC (Orig) / (11.013/11.513) LIBOR-1M 5.48438
WAM (Orig) (21.340) Mat N/A Settle 06/21/96
CenterPrice 99-31+ Inc 0.5 Table Yield Roll@
HEP 15.00 HEP 18.00 HEP 21.00 HEP 25.00 HEP 28.00 HEP 31.00 HEP 34.00
Price
----- --------- --------- --------- --------- --------- --------- ---------
99-22 7.816 7.817 7.817 7.817 7.818 7.818 7.818
99-22+ 7.814 7.814 7.814 7.814 7.814 7.814 7.813
99-23 7.811 7.811 7.811 7.810 7.810 7.809 7.809
99-23+ 7.809 7.808 7.807 7.806 7.806 7.805 7.804
99-24 7.806 7.805 7.804 7.803 7.802 7.800 7.799
99-24+ 7.803 7.802 7.801 7.799 7.798 7.796 7.795
99-25 7.801 7.799 7.798 7.795 7.794 7.792 7.790
99-25+ 7.798 7.796 7.794 7.792 7.790 7.787 7.785
99-26 7.796 7.793 7.791 7.788 7.786 7.783 7.780
99-26+ 7.793 7.791 7.788 7.784 7.781 7.779 7.776
99-27 7.790 7.788 7.785 7.781 7.777 7.774 7.771
99-27+ 7.788 7.785 7.782 7.777 7.773 7.770 7.766
99-28 7.785 7.782 7.778 7.773 7.769 7.765 7.761
99-28+ 7.783 7.779 7.775 7.770 7.765 7.761 7.757
99-29 7.780 7.776 7.772 7.766 7.761 7.757 7.752
99-29+ 7.777 7.773 7.769 7.762 7.757 7.752 7.747
99-30 7.775 7.770 7.765 7.759 7.753 7.748 7.742
99-30+ 7.772 7.767 7.762 7.755 7.749 7.744 7.738
99-31 7.770 7.765 7.759 7.751 7.745 7.739 7.733
99-31+ 7.767 7.762 7.756 7.748 7.741 7.735 7.728
100-00 7.765 7.759 7.753 7.744 7.737 7.731 7.723
100-00+ 7.762 7.756 7.749 7.740 7.733 7.726 7.719
100-01 7.759 7.753 7.746 7.737 7.729 7.722 7.714
100-01+ 7.757 7.750 7.743 7.733 7.725 7.717 7.709
100-02 7.754 7.747 7.740 7.729 7.721 7.713 7.705
100-02+ 7.752 7.744 7.737 7.726 7.717 7.709 7.700
100-03 7.749 7.741 7.733 7.722 7.713 7.704 7.695
100-03+ 7.746 7.739 7.730 7.719 7.709 7.700 7.690
100-04 7.744 7.736 7.727 7.715 7.705 7.696 7.686
100-04+ 7.741 7.733 7.724 7.711 7.701 7.691 7.681
100-05 7.739 7.730 7.721 7.708 7.697 7.687 7.676
100-05+ 7.736 7.727 7.717 7.704 7.693 7.683 7.671
100-06 7.733 7.724 7.714 7.700 7.689 7.678 7.667
100-06+ 7.731 7.721 7.711 7.697 7.685 7.674 7.662
100-07 7.728 7.718 7.708 7.693 7.681 7.670 7.657
100-07+ 7.726 7.715 7.705 7.689 7.677 7.665 7.653
100-08 7.723 7.713 7.701 7.686 7.673 7.661 7.648
100-08+ 7.721 7.710 7.698 7.682 7.669 7.656 7.643
100-09 7.718 7.707 7.695 7.678 7.665 7.652 7.638
Avg. Life 8.467 7.285 6.352 5.390 4.822 4.351 3.954
Mod. Dur. 6.003 5.380 4.847 4.256 3.886 3.567 3.289
Mac. Dur. 6.236 5.589 5.035 4.421 4.037 3.705 3.416
1st Pmt. 7.400 6.400 5.567 4.733 4.233 3.817 3.483
Last Pmt. 9.650 8.317 7.317 6.233 5.567 4.983 4.567
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL TERMSHEETS, AND
WILL BE SUPERSEDED BY THE COLLATERAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
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>
Financial Strategies 06/11/96 07:13:40 pm Prudential Securities
Group IMPACT CMO/ABS Analytics - Price / Yield Tables Incorporated
Deal ID/CUSIP UCFC6B Coupon N/A
Class A6 SEQ Accr 0.44306 1st Pmt 07/15/96
Collateral 100%WL (Real) Factor on / /
N/GWAC (Orig) / (11.013/11.513) LIBOR-1M 5.48438
WAM (Orig) (21.340) Mat N/A Settle 06/21/96
CenterPrice 99-31 Inc 0.5 Table Yield Roll@
HEP 15.00 HEP 18.00 HEP 21.00 HEP 25.00 HEP 28.00 HEP 31.00 HEP 34.00
Price
----- --------- --------- --------- --------- --------- --------- ---------
99-21+ 8.111 8.111 8.112 8.112 8.112 8.113 8.113
99-22 8.109 8.109 8.109 8.109 8.109 8.109 8.109
99-22+ 8.107 8.107 8.106 8.106 8.106 8.106 8.105
99-23 8.105 8.104 8.104 8.103 8.103 8.102 8.102
99-23+ 8.102 8.102 8.101 8.100 8.099 8.099 8.098
99-24 8.100 8.099 8.098 8.097 8.096 8.095 8.094
99-24+ 8.098 8.097 8.096 8.094 8.093 8.092 8.090
99-25 8.096 8.095 8.093 8.091 8.090 8.088 8.087
99-25+ 8.094 8.092 8.091 8.088 8.087 8.085 8.083
99-26 8.091 8.090 8.088 8.085 8.083 8.081 8.079
99-26+ 8.089 8.087 8.085 8.082 8.080 8.078 8.075
99-27 8.087 8.085 8.083 8.079 8.077 8.074 8.072
99-27+ 8.085 8.082 8.080 8.077 8.074 8.071 8.068
99-28 8.082 8.080 8.077 8.074 8.071 8.067 8.064
99-28+ 8.080 8.078 8.075 8.071 8.067 8.064 8.060
99-29 8.078 8.075 8.072 8.068 8.064 8.060 8.057
99-29+ 8.076 8.073 8.070 8.065 8.061 8.057 8.053
99-30 8.074 8.070 8.067 8.062 8.058 8.053 8.049
99-30+ 8.071 8.068 8.064 8.059 8.054 8.050 8.045
99-31 8.069 8.066 8.062 8.056 8.051 8.046 8.042
99-31+ 8.067 8.063 8.059 8.053 8.048 8.043 8.038
100-00 8.065 8.061 8.056 8.050 8.045 8.040 8.034
100-00+ 8.063 8.058 8.054 8.047 8.042 8.036 8.030
100-01 8.060 8.056 8.051 8.044 8.038 8.033 8.027
100-01+ 8.058 8.054 8.048 8.041 8.035 8.029 8.023
100-02 8.056 8.051 8.046 8.038 8.032 8.026 8.019
100-02+ 8.054 8.049 8.043 8.035 8.029 8.022 8.015
100-03 8.052 8.046 8.041 8.032 8.026 8.019 8.012
100-03+ 8.049 8.044 8.038 8.029 8.022 8.015 8.008
100-04 8.047 8.042 8.035 8.026 8.019 8.012 8.004
100-04+ 8.045 8.039 8.033 8.023 8.016 8.008 8.000
100-05 8.043 8.037 8.030 8.021 8.013 8.005 7.997
100-05+ 8.041 8.034 8.027 8.018 8.010 8.001 7.993
100-06 8.038 8.032 8.025 8.015 8.006 7.998 7.989
100-06+ 8.036 8.030 8.022 8.012 8.003 7.994 7.985
100-07 8.034 8.027 8.020 8.009 8.000 7.991 7.982
100-07+ 8.032 8.025 8.017 8.006 7.997 7.988 7.978
100-08 8.030 8.022 8.014 8.003 7.994 7.984 7.974
100-08+ 8.028 8.020 8.012 8.000 7.990 7.981 7.970
Avg. Life 11.027 9.622 8.450 7.200 6.446 5.813 5.278
Mod. Dur. 7.067 6.470 5.920 5.274 4.853 4.479 4.148
Mac. Dur. 7.352 6.731 6.159 5.487 5.048 4.660 4.315
1st Pmt. 9.650 8.317 7.317 6.233 5.567 4.983 4.567
Last Pmt. 12.650 11.150 9.900 8.483 7.567 6.817 6.233
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL TERMSHEETS, AND
WILL BE SUPERSEDED BY THE COLLATERAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
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>
Financial Strategies 06/11/96 08:40:08 pm Prudential Securities
Group IMPACT CMO/ABS Analytics - Price / Yield Tables Incorporated
Deal ID/CUSIP UCFC6B Coupon N/A
Class A7 SEQ Accr 0.45833 1st Pmt 07/15/96
Collateral 100%WL (Real) Factor on / /
N/GWAC (Orig) / (11.013/11.513) LIBOR-1M 5.48438
WAM (Orig) (21.340) Mat N/A Settle 06/21/96
CenterPrice 99-30 Inc 0.5 Table Yield Roll@
HEP 15.00 HEP 18.00 HEP 21.00 HEP 25.00 HEP 28.00 HEP 31.00 HEP 34.00
Price
----- --------- --------- --------- --------- --------- --------- ---------
99-20+ 8.398 8.398 8.398 8.399 8.399 8.399 8.400
99-21 8.396 8.396 8.396 8.396 8.397 8.397 8.397
99-21+ 8.394 8.394 8.394 8.394 8.394 8.394 8.394
99-22 8.392 8.392 8.392 8.392 8.392 8.392 8.392
99-22+ 8.390 8.390 8.390 8.390 8.389 8.389 8.389
99-23 8.388 8.388 8.388 8.387 8.387 8.387 8.386
99-23+ 8.387 8.386 8.386 8.385 8.385 8.384 8.383
99-24 8.385 8.384 8.384 8.383 8.382 8.381 8.381
99-24+ 8.383 8.382 8.382 8.381 8.380 8.379 8.378
99-25 8.381 8.380 8.380 8.378 8.377 8.376 8.375
99-25+ 8.379 8.378 8.378 8.376 8.375 8.374 8.373
99-26 8.377 8.377 8.375 8.374 8.373 8.371 8.370
99-26+ 8.376 8.375 8.373 8.372 8.370 8.369 8.367
99-27 8.374 8.373 8.371 8.369 8.368 8.366 8.364
99-27+ 8.372 8.371 8.369 8.367 8.365 8.364 8.362
99-28 8.370 8.369 8.367 8.365 8.363 8.361 8.359
99-28+ 8.368 8.367 8.365 8.363 8.361 8.359 8.356
99-29 8.367 8.365 8.363 8.360 8.358 8.356 8.354
99-29+ 8.365 8.363 8.361 8.358 8.356 8.353 8.351
99-30 8.363 8.361 8.359 8.356 8.354 8.351 8.348
99-30+ 8.361 8.359 8.357 8.354 8.351 8.348 8.345
99-31 8.359 8.357 8.355 8.351 8.349 8.346 8.343
99-31+ 8.357 8.355 8.353 8.349 8.346 8.343 8.340
100-00 8.356 8.353 8.351 8.347 8.344 8.341 8.337
100-00+ 8.354 8.351 8.349 8.345 8.342 8.338 8.335
100-01 8.352 8.349 8.347 8.343 8.339 8.336 8.332
100-01+ 8.350 8.348 8.345 8.340 8.337 8.333 8.329
100-02 8.348 8.346 8.343 8.338 8.334 8.331 8.326
100-02+ 8.347 8.344 8.340 8.336 8.332 8.328 8.324
100-03 8.345 8.342 8.338 8.334 8.330 8.325 8.321
100-03+ 8.343 8.340 8.336 8.331 8.327 8.323 8.318
100-04 8.341 8.338 8.334 8.329 8.325 8.320 8.316
100-04+ 8.339 8.336 8.332 8.327 8.323 8.318 8.313
100-05 8.337 8.334 8.330 8.325 8.320 8.315 8.310
100-05+ 8.336 8.332 8.328 8.322 8.318 8.313 8.308
100-06 8.334 8.330 8.326 8.320 8.315 8.310 8.305
100-06+ 8.332 8.328 8.324 8.318 8.313 8.308 8.302
100-07 8.330 8.326 8.322 8.316 8.311 8.305 8.299
100-07+ 8.328 8.324 8.320 8.314 8.308 8.303 8.297
Avg. Life 16.386 14.513 12.944 11.208 10.118 9.175 8.355
Mod. Dur. 8.556 8.049 7.565 6.953 6.522 6.118 5.740
Mac. Dur. 8.913 8.386 7.881 7.243 6.794 6.373 5.980
1st Pmt. 12.650 11.150 9.900 8.483 7.567 6.817 6.233
Last Pmt. 27.150 27.150 27.150 27.150 27.150 27.150 27.150
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL TERMSHEETS, AND
WILL BE SUPERSEDED BY THE COLLATERAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
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>
Financial Strategies 06/11/96 07:10:39 pm Prudential Securities
Group IMPACT CMO/ABS Analytics - Price / DMrg Act/360 Incorporated
Deal ID/CUSIP UCFC6BA Coupon * Cap Flr 0.00
Class A8 LIBOR-1M+TBA, FLT Accr 0.01615 1st Pmt 07/15/96
Collateral 100%WL (Real) Factor on / /
N/GWAC (Orig) / (8.702/9.202) LIBOR-1M 5.48438
WAM (Orig) (28.678) Mat N/A Settle 06/21/96
CenterPrice 100-00 Inc 0.5 Table DMrg Act/360 Roll@
***** TO 10% CALL ********
HEP 15.00 HEP 18.00 HEP 21.00 HEP 25.00 HEP 28.00 HEP 31.00 HEP 34.00
Price
----- --------- --------- --------- --------- --------- --------- ---------
99-22+ 39.718 40.704 41.721 43.092 44.163 45.229 46.295
99-23 39.363 40.297 41.261 42.560 43.574 44.584 45.594
99-23+ 39.009 39.891 40.801 42.027 42.985 43.939 44.893
99-24 38.655 39.484 40.341 41.495 42.396 43.294 44.191
99-24+ 38.300 39.078 39.881 40.963 41.808 42.649 43.490
99-25 37.946 38.672 39.422 40.431 41.219 42.005 42.790
99-25+ 37.592 38.266 38.962 39.899 40.631 41.360 42.089
99-26 37.238 37.860 38.502 39.367 40.043 40.716 41.389
99-26+ 36.885 37.455 38.043 38.836 39.455 40.072 40.688
99-27 36.531 37.049 37.584 38.304 38.867 39.428 39.988
99-27+ 36.177 36.643 37.125 37.773 38.280 38.784 39.288
99-28 35.824 36.238 36.666 37.242 37.692 38.140 38.589
99-28+ 35.470 35.833 36.207 36.711 37.105 37.497 37.889
99-29 35.117 35.427 35.748 36.180 36.518 36.854 37.190
99-29+ 34.763 35.022 35.290 35.649 35.931 36.211 36.491
99-30 34.410 34.617 34.831 35.119 35.344 35.568 35.792
99-30+ 34.057 34.212 34.373 34.588 34.757 34.925 35.093
99-31 33.704 33.808 33.914 34.058 34.170 34.282 34.394
99-31+ 33.351 33.403 33.456 33.528 33.584 33.640 33.696
100-00 32.999 32.998 32.998 32.998 32.998 32.997 32.997
100-00+ 32.646 32.594 32.540 32.468 32.412 32.355 32.299
100-01 32.293 32.190 32.082 31.938 31.826 31.713 31.601
100-01+ 31.941 31.785 31.625 31.409 31.240 31.071 30.903
100-02 31.588 31.381 31.167 30.879 30.654 30.430 30.206
100-02+ 31.236 30.977 30.710 30.350 30.068 29.788 29.508
100-03 30.884 30.573 30.252 29.820 29.483 29.147 28.811
100-03+ 30.532 30.169 29.795 29.291 28.898 28.506 28.114
100-04 30.180 29.766 29.338 28.762 28.313 27.865 27.417
100-04+ 29.828 29.362 28.881 28.234 27.728 27.224 26.720
100-05 29.476 28.959 28.424 27.705 27.143 26.583 26.023
100-05+ 29.124 28.555 27.968 27.176 26.558 25.943 25.327
100-06 28.772 28.152 27.511 26.648 25.974 25.302 24.631
100-06+ 28.421 27.749 27.055 26.120 25.389 24.662 23.935
100-07 28.069 27.346 26.598 25.592 24.805 24.022 23.239
100-07+ 27.718 26.943 26.142 25.063 24.221 23.382 22.543
100-08 27.367 26.540 25.686 24.536 23.637 22.742 21.848
100-08+ 27.016 26.137 25.230 24.008 23.054 22.103 21.152
100-09 26.664 25.734 24.774 23.480 22.470 21.463 20.457
100-09+ 26.313 25.332 24.318 22.953 21.886 20.824 19.762
Avg. Life 5.546 4.667 4.009 3.370 2.996 2.699 2.456
Mod. Dur. 4.259 3.714 3.281 2.835 2.563 2.339 2.152
Mac. Dur. 4.387 3.825 3.379 2.920 2.640 2.409 2.216
1st Pmt. 0.067 0.067 0.067 0.067 0.067 0.067 0.067
Last Pmt. 12/15/09 11/15/07 03/15/06 08/15/04 08/15/03 11/15/02 04/15/02
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL TERMSHEETS, AND
WILL BE SUPERSEDED BY THE COLLATERAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
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>
________________________________________________________________________________
- UCFC6B
- Cut Off Date of Tape is 05/31/96
- $274,357,851.64
- Mortgage Summary Report
________________________________________________________________________________
<TABLE>
<S> <C> <C>
Number of Mortgage Loans: 5,838
Aggregate Unpaid Principal Balance: $274,357,851.64
Aggregate Original Principal Balance: $275,742,973.92
Average Unpaid Principal Balance: $46,995.18
Average Original Principal Balance: $47,232.44
Maximum Unpaid Principal Balance: $499,867.67
Minimum Unpaid Principal Balance: $5,022.57
Maximum Original Principal Balance: $500,000.00
Minimum Original Principal Balance: $5,200.00
Weighted Average Gross Coupon: 11.525%
Gross Coupon Range: 8.500% - 18.000%
Weighted Avg. Stated Rem. Term (LPD to
Mat Date): 249.388 * To Maturity/Balloon
Stated Rem Term Range: 44.000 - 360.000
Weighted Average Age (First Pay thru Last Pay): 2.117
Age Range: 0.000 - 194.000
Weighted Average Original Term: 251.506 * To Maturity/Balloon
Original Term Range: 48.000 - 360.000
Weighted Average Combined LTV: 78.839 * Given (if 1st Lien, original Ltv)
Combined LTV Range: 7.400% - 100.000%
</TABLE>
________________________________________________________________________________
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL TERMSHEETS, AND
WILL BE SUPERSEDED BY THE COLLATERAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
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>
GROSS COUPON
________________________________________________________________________________
Gross Max. Loan
Coupon # Loans % Pool WAM Amount
8.25% < Gross Coupon <= 8.50% 86 .79 172.33 $78,400
8.50% < Gross Coupon <= 8.75% 4 .04 188.80 $41,760
8.75% < Gross Coupon <= 9.00% 30 .49 246.07 $120,500
9.00% < Gross Coupon <= 9.25% 207 1.96 174.56 $119,700
9.25% < Gross Coupon <= 9.50% 65 1.24 277.20 $375,200
9.50% < Gross Coupon <= 9.75% 153 2.67 245.20 $350,000
9.75% < Gross Coupon <= 10.00% 176 3.62 244.82 $376,000
10.00% < Gross Coupon <= 10.25% 218 5.43 286.71 $487,485
10.25% < Gross Coupon <= 10.50% 310 6.39 246.26 $247,500
10.50% < Gross Coupon <= 10.75% 312 6.73 263.28 $484,000
10.75% < Gross Coupon <= 11.00% 421 9.07 269.94 $304,000
11.00% < Gross Coupon <= 11.25% 297 6.43 256.14 $280,000
11.25% < Gross Coupon <= 11.50% 510 9.79 247.02 $408,000
11.50% < Gross Coupon <= 11.75% 352 6.65 262.84 $450,000
11.75% < Gross Coupon <= 12.00% 536 9.59 254.08 $500,000
12.00% < Gross Coupon <= 12.25% 340 5.55 231.67 $320,000
12.25% < Gross Coupon <= 12.50% 295 4.64 246.96 $500,000
12.50% < Gross Coupon <= 12.75% 152 2.70 276.14 $425,000
12.75% < Gross Coupon <= 13.00% 210 2.92 245.35 $173,398
13.00% < Gross Coupon <= 13.25% 138 1.97 268.26 $152,300
13.25% < Gross Coupon <= 13.50% 239 2.76 225.99 $141,000
13.50% < Gross Coupon <= 13.75% 234 2.40 193.38 $133,500
13.75% < Gross Coupon <= 14.00% 175 1.88 207.40 $135,000
14.00% < Gross Coupon <= 14.25% 41 .50 213.82 $129,600
14.25% < Gross Coupon <= 14.50% 94 1.17 254.58 $71,300
14.50% < Gross Coupon <= 14.75% 85 1.04 232.69 $66,400
14.75% < Gross Coupon <= 15.00% 60 .72 220.46 $131,800
15.00% < Gross Coupon <= 15.25% 10 .12 209.26 $83,300
15.25% < Gross Coupon <= 15.50% 11 .08 128.96 $37,800
15.50% < Gross Coupon <= 15.75% 35 .28 168.91 $62,400
15.75% < Gross Coupon <= 16.00% 15 .13 159.98 $49,000
16.00% < Gross Coupon <= 16.25% 1 .01 143.00 $24,600
16.25% < Gross Coupon <= 16.50% 9 .08 153.12 $34,800
16.50% < Gross Coupon <= 16.75% 11 .10 144.00 $36,700
16.75% < Gross Coupon <= 17.00% 5 .04 144.00 $35,100
17.75% < Gross Coupon <= 18.00% 1 .01 62.00 $40,775
_________________________________________________________________________
Total..... 5,838 100.00% 249.39
================================================================================
PROPERTY TYPE
________________________________________________________________________________
<TABLE>
<CAPTION> Max. Loan
# Loans % Pool WAC WAM WALTV Amount
<S> <C> <C> <C> <C> <C> <C>
Deminimus PUD 3 .14 11.76 289.28 .00 $152,910
Duplex 258 4.10 11.73 242.56 .00 $246,500
Triplex 26 .42 12.00 251.51 .00 $148,000
Fourplex,4 units/Perm Own Land 22 .42 12.36 240.58 .00 $129,600
Manufactured Housing 480 6.39 12.21 204.95 .00 $450,000
PUD 18 .75 10.89 319.76 .00 $265,000
Townhouse 24 .37 11.77 235.85 .00 $96,700
Rowhouse 97 1.21 11.99 221.33 .00 $112,500
Condominiums 93 1.85 11.13 261.69 .00 $243,000
Single Family Detached 4,791 83.88 11.46 252.47 .00 $500,000
Semi-detached 13 .24 11.38 249.68 .00 $157,000
Mod/Manuf Home 12 .24 11.31 292.89 .00 $96,300
Other 1 .02 10.60 239.00 .00 $44,925
</TABLE>
________________________________________________________________________________
Total..... 5,838 100.00%
================================================================================
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL TERMSHEETS, AND
WILL BE SUPERSEDED BY THE COLLATERAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
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.
GEOGRAPHIC DISTRIBUTION
______________________________________________________________________________
Current
State # Loans % Pool WAC WAM WACLTV Balance
Alabama 133 1.61 10.32 216.44 80.71 $4,418,022
Arkansas 98 1.81 11.66 254.46 78.70 $4,963,589
Arizona 40 .74 11.40 256.94 75.67 $2,036,109
California 88 2.76 11.13 279.70 80.08 $7,567,038
Colorado 22 .49 11.28 234.91 79.20 $1,340,904
Connecticut 47 1.76 11.19 333.27 77.46 $4,820,413
Dist of Col 7 .32 11.25 328.90 78.91 $879,850
Delaware 7 .16 12.14 273.25 80.36 $451,142
Florida 475 8.45 11.30 247.68 79.48 $23,194,442
Georgia 259 4.30 11.69 244.33 82.45 $11,785,007
Iowa 43 .63 11.82 234.45 81.90 $1,723,251
Illinois 90 1.31 12.10 241.91 75.51 $3,582,639
Indiana 292 3.85 11.77 230.31 80.78 $10,554,085
Kansas 19 .35 10.77 307.86 79.43 $956,066
Kentucky 124 1.65 11.77 209.40 79.85 $4,539,804
Louisiana 685 9.51 11.68 226.44 78.82 $26,090,583
Massachsetts 27 .40 11.72 243.42 70.83 $1,105,013
Maryland 103 2.45 11.38 259.44 79.55 $6,731,182
Maine 24 .40 12.89 259.64 72.23 $1,100,875
Michigan 330 4.61 11.81 245.00 77.84 $12,643,451
Minnesota 3 .07 12.60 334.90 80.20 $191,479
Missouri 116 1.58 11.81 245.86 77.45 $4,329,792
Mississippi 243 3.41 11.83 225.20 79.08 $9,341,905
Montana 1 .03 9.95 360.00 70.00 $79,800
North Carolina 443 7.85 11.56 247.95 78.80 $21,538,385
Nebraska 8 .13 11.58 223.10 79.96 $359,200
New Hampshire 28 .44 12.57 242.30 71.94 $1,206,582
New Jersey 78 2.43 11.33 312.54 74.91 $6,656,142
New Mexico 43 1.01 11.39 254.82 75.53 $2,782,208
Nevada 9 .41 10.75 276.05 84.62 $1,137,346
New York 244 5.10 11.64 279.29 74.43 $13,999,785
Ohio 451 7.13 11.64 252.41 79.10 $19,558,038
Oklahoma 111 1.45 11.54 214.91 82.37 $3,983,915
Oregon 7 .28 10.49 179.60 86.51 $779,011
Pennsylvania 280 4.51 11.67 248.64 76.75 $12,369,323
Rhode Island 8 .16 12.27 314.19 84.37 $425,757
South Carolina 207 3.69 11.38 246.08 79.24 $10,123,657
Tennessee 339 6.04 11.32 243.65 80.61 $16,558,639
Texas 57 1.23 10.38 274.15 83.84 $3,361,226
Utah 28 .78 11.11 249.15 76.34 $2,142,967
Virginia 62 1.46 11.22 235.45 82.09 $3,995,956
Vermont 11 .31 10.83 296.17 63.88 $842,565
Washington 28 .94 11.16 253.26 80.32 $2,587,250
Wisconsin 57 .87 12.57 248.54 76.78 $2,394,561
West Virgina 62 1.10 11.55 252.03 78.65 $3,022,698
Wyoming 1 .04 11.90 360.00 90.00 $106,200
________________________________________________________________________________
Total..... 5,838 100.00% 11.52 249.39 78.84 $274,357,852
================================================================================
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL TERMSHEETS, AND
WILL BE SUPERSEDED BY THE COLLATERAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
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 TERM TO MATURITY * To Maturity/Balloon
________________________________________________________________________________
Total
Original Term # of % of Current
to Maturity Loans Pool WAC WAM WACLTV Balance
36 < Orig. Term <= 48 7 0.03 13.01 48.00 52.12 $82,600
48 < Orig. Term <= 60 75 0.37 12.01 59.47 57.11 $1,005,598
60 < Orig. Term <= 72 17 0.11 11.23 71.30 68.08 $309,882
72 < Orig. Term <= 84 45 0.25 12.20 82.79 68.56 $694,225
84 < Orig. Term <= 96 21 0.15 12.15 94.07 68.51 $401,226
96 < Orig. Term <= 108 3 0.02 9.44 89.26 79.55 $51,972
108 < Orig. Term <= 120 628 4.99 12.25 118.52 71.27 $13,691,514
120 < Orig. Term <= 132 5 0.04 10.94 117.91 66.62 $113,918
132 < Orig. Term <= 144 111 0.98 13.54 137.73 72.63 $2,693,649
144 < Orig. Term <= 156 2 0.01 11.51 93.76 48.88 $26,875
168 < Orig. Term <= 180 2,678 39.11 11.52 178.18 79.46 $107,306,754
180 < Orig. Term <= 196 3 0.02 13.34 138.29 73.88 $53,234
192 < Orig. Term <= 204 2 0.02 11.85 142.57 84.52 $50,587
228 < Orig. Term <= 240 941 17.11 11.38 234.93 79.25 $46,955,326
288 < Orig. Term <= 300 70 1.04 10.70 293.32 89.88 $2,858,202
348 < Orig. Term <= 360 1,230 35.74 11.45 359.19 79.28 $98,062,291
________________________________________________________________________________
Total... 5,838 100.00% 11.52 249.39 78.84 $274,357,852
================================================================================
LOAN PURPOSE
________________________________________________________________________________
Max. Loan
# Loans % Pool WAC WAM WALTV Amount
Purchase 566 13.88 11.34 288.43 .00 $440,000
Refinance 4,650 79.54 11.69 246.31 .00 $500,000
Other 622 6.58 9.97 203.68 .00 $138,700
________________________________________________________________________________
Total..... 5,838 100.00%
================================================================================
OCCUPANCY
________________________________________________________________________________
# % Max. Loan
Loans Pool WAC Amount
Owner Occupied, 1st Mtg 4,645 86.70 11.48 $500,000
Part-Owner Occupied, 1st Mtg 3 .02 10.96 $28,800
Non-Owner Occupied, 1st Mtg 679 8.44 11.77 $238,000
Second Home, 1st Mtg 19 .40 11.24 $243,750
Owner Occupied, 2nd Mtg 460 3.76 12.21 $116,700
Non-Owner Occupied, 2nd Mtg 1 .02 12.75 $49,000
Multiple Properties, 1st Mtgs 31 .66 10.40 $138,700
________________________________________________________________
Total..... 5,838 100.00%
================================================================
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL TERMSHEETS, AND
WILL BE SUPERSEDED BY THE COLLATERAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
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 BALANCE
________________________________________________________________________________
Original
Balance # Loans % Pool WAC WAM WACLTV
Balance <= 25,000 1,559 10.06 12.11 159.55 68.56
25,000 < Balance <= 50,000 2,438 31.99 11.74 213.41 78.63
50,000 < Balance <= 75,000 1,069 23.54 11.42 264.31 81.78
75,000 < Balance <= 100,000 369 11.61 11.27 287.11 81.08
100,000 < Balance <= 150,000 280 12.27 11.22 300.14 80.96
150,000 < Balance <= 200,000 59 3.70 11.24 297.89 79.61
200,000 < Balance <= 250,000 28 2.30 11.11 298.24 80.09
250,000 < Balance <= 300,000 15 1.47 11.21 298.51 82.07
300,000 < Balance <= 350,000 7 .83 11.16 290.44 73.83
350,000 < Balance <= 400,000 4 .55 10.68 359.51 71.19
400,000 < Balance <= 450,000 6 .95 11.31 359.66 74.09
450,000 < Balance <= 500,000 4 .72 11.29 359.49 66.40
________________________________________________________________________________
Total..... 5,838 100.00% 11.52 249.39 78.84
================================================================================
CURRENT BALANCES
________________________________________________________________________________
Current
Balance # Loans % Pool WAC WAM WACLTV
Balance <= 25,000 1,607 10.46 12.09 158.39 69.08
25,000 < Balance <= 50,000 2,395 31.67 11.74 214.32 78.60
50,000 < Balance <= 75,000 1,064 23.46 11.42 264.71 81.78
75,000 < Balance <= 100,000 369 11.61 11.27 287.11 81.08
100,000 < Balance <= 150,000 281 12.33 11.21 300.20 80.96
150,000 < Balance <= 200,000 58 3.64 11.24 297.65 79.61
200,000 < Balance <= 250,000 28 2.30 11.11 298.24 80.09
250,000 < Balance <= 300,000 15 1.47 11.21 298.51 82.07
300,000 < Balance <= 350,000 7 .83 11.16 290.44 73.83
350,000 < Balance <= 400,000 4 .55 10.68 359.51 71.19
400,000 < Balance <= 450,000 6 .95 11.31 359.66 74.09
450,000 < Balance <= 500,000 4 .72 11.29 359.49 66.40
________________________________________________________________________________
Total..... 5,838 100.00% 11.52 249.39 78.84
================================================================================
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL TERMSHEETS, AND
WILL BE SUPERSEDED BY THE COLLATERAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
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>
REMAINING TERM * To Maturity/Balloon
_____________________________________________________________________________
<TABLE>
<CAPTION>
Current
Remaining Term # Loans % Pool WAC WAM WACLTV Balance
<S> <C> <C> <C> <C> <C> <C> <C>
36 < Rem Term <= 48 10 .04 13.07 47.54 58.53 $106,991
48 < Rem Term <= 60 90 .43 12.12 58.77 59.23 $1,172,861
60 < Rem Term <= 72 25 .15 11.94 70.05 70.13 $416,450
72 < Rem Term <= 84 51 .28 12.18 82.88 69.84 $770,398
84 < Rem Term <= 96 39 .26 11.75 93.06 75.16 $699,921
96 < Rem Term <= 108 30 .17 10.45 102.91 79.82 $463,565
108 < Rem Term <= 120 601 4.93 12.34 119.56 71.30 $13,512,343
120 < Rem Term <= 132 32 .27 11.60 126.18 76.43 $737,721
132 < Rem Term <= 144 123 1.13 13.08 142.54 74.65 $3,104,845
144 < Rem Term <= 156 37 .37 10.30 152.68 83.12 $1,024,313
156 < Rem Term <= 168 76 .75 9.60 162.79 83.40 $2,050,488
168 < Rem Term <= 180 2,516 37.69 11.58 179.49 79.28 $103,409,620
180 < Rem Term <= 192 25 .32 11.76 186.89 85.72 $886,822
192 < Rem Term <= 204 22 .30 10.95 198.47 80.49 $817,987
204 < Rem Term <= 216 31 .46 9.71 210.92 89.59 $1,253,146
216 < Rem Term <= 228 25 .33 9.86 223.10 84.67 $913,967
228 < Rem Term <= 240 809 15.39 11.43 239.44 78.70 $42,234,373
264 < Rem Term <= 276 5 .07 9.56 274.33 86.45 $187,468
276 < Rem Term <= 288 14 .19 9.68 283.23 93.22 $521,878
288 < Rem Term <= 300 52 .81 11.06 297.94 88.81 $2,221,991
300 < Rem Term <= 312 1 .01 8.50 310.00 93.30 $20,240
312 < Rem Term <= 324 2 .11 10.90 316.46 85.81 $293,236
324 < Rem Term <= 336 1 .01 11.00 333.00 80.00 $39,565
336 < Rem Term <= 348 8 .16 9.99 344.36 80.01 $447,234
348 < Rem Term <= 360 1,213 35.37 11.46 359.64 79.25 $97,050,431
<CAPTION>
__________________________________________________________________________________
<S> <C> <C> <C> <C> <C> <C> <C>
Total..... 5,838 100.00% 11.52 249.39 78.84 $274,357,852
</TABLE>
===============================================================================
LOAN AGE IN MONTHS (FIRST PAY THRU LAST PAY)
_______________________________________________________________________________
<TABLE>
<CAPTION>
WA Max. Orig Total
# % Rem WA Loan Current
Age of Loan Loan Pool WAC Term Age Amount Balance
<S> <C> <C> <C> <C> <C> <C> <C>
0 < Age <= 12 5,435 95.87 11.566 252.21 .48 $500,000 $263,026,263.54
12 < Age <= 24 133 1.43 9.463 208.20 17.93 $88,100 $3,924,293.40
24 < Age <= 36 75 .80 9.804 185.21 29.67 $120,500 $2,196,147.51
36 < Age <= 48 64 .71 10.976 186.12 43.15 $152,000 $1,956,210.21
48 < Age <= 60 54 .51 11.929 157.02 54.23 $66,900 $1,409,553.86
60 < Age <= 72 29 .24 11.897 149.62 65.95 $64,800 $648,483.73
72 < Age <= 84 16 .17 12.089 160.08 79.10 $72,200 $460,442.83
84 < Age <= 96 15 .13 13.049 126.20 89.53 $47,500 $363,115.58
96 < Age <= 108 5 .03 12.998 110.21 99.71 $33,600 $85,630.00
108 < Age <= 120 6 .05 11.560 146.31 115.84 $44,400 $127,935.35
120 < Age <= 132 3 .03 12.412 138.69 126.21 $49,165 $86,040.05
156 < Age <= 168 1 .01 12.500 202.00 158.00 $43,600 $39,174.82
168 < Age <= 180 1 .01 18.000 62.00 178.00 $40,775 $25,240.22
192 < Age <= 204 1 .00 12.000 46.00 194.00 $22,900 $9,320.54
<CAPTION>
________________________________________________________________________________________________________
<S> <C> <C> <C> <C> <C> <C> <C>
Total..... 5,838 100.00% 11.525 249.35 2.12 $500,000 $274,357,851.64
</TABLE>
===============================================================================
BALLOON LOANS
_________________________________________________________________________
# of % of Current
1=BALLOON Loans Pool WAC WACLTV Balance
0 5,748 96.88 11.54 78.83 $265,804,847
1 90 3.12 11.04 79.23 $8,553,005
_________________________________________________________________________
Total... 5,838 100.00% 11.52 78.84 $274,357,852
=========================================================================
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL TERMSHEETS, AND
WILL BE SUPERSEDED BY THE COLLATERAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
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>
________________________________________________________________________________
- UCFC6B
- Cut Off Date of Tape is 05/31/96
- ARM HELS
- $223,597,263.88
________________________________________________________________________________
Number of Mortgage Loans: 2,345
Index: 6 Mo. LIBOR
Aggregate Unpaid Principal Balance: $223,597,263.88
Aggregate Original Principal Balance: $223,848,095.50
________________________________________________________________________________
Weighted Average Coupon (Gross): 9.164%
Gross Coupon Range: 6.750% - 13.500%
________________________________________________________________________________
Weighted Average Margin (Gross): 5.993%
Gross Margin Range: 0.114% - 8.250%
Weighted Average Life Cap (Gross): 15.784%
Gross Life Cap Range: 13.750% - 20.500%
Weighted Average Life Floor (Gross): 9.163%
Gross Life Floor Range: 6.750% - 13.500%
________________________________________________________________________________
Average Unpaid Principal Balance: $95,350.65
Average Original Principal Balance: $95,457.61
Maximum Unpaid Principal Balance: $499,740.79
Minimum Unpaid Principal Balance: $6,900.00
Maximum Original Principal Balance: $500,000.00
Minimum Original Principal Balance: $6,900.00
Weighted Avg. Stated Rem. Term (LPD to Mat Date): 345.099
Stated Rem Term Range: 60.000 - 360.000
Weighted Avg. Amortized Rem. Term: 345.088
Amortized Rem Term Range: 60.001 - 360.106
Weighted Average Age (First Pay thru Last Pay): 1.741 *some
discrepancies
Age Range: 0.000 - 169.000
Weighted Average Original Term: 346.840
Original Term Range: 60.000 - 360.000
Weighted Average Periodic Interest Cap: 1.324%
Periodic Interest Cap Range: 1.000% - 3.000%
Weighted Average Months to Interest Roll: 14.978
Months to Interest Roll Range: 1 - 25
Weighted Average Months to Payment Roll: 14.955
Months to Payment Roll Range: 1 - 25
Weighted Average Interest Roll Frequency: 6.000
Interest Frequency Range: 6 - 6
________________________________________________________________________________
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL TERMSHEETS, AND
WILL BE SUPERSEDED BY THE COLLATERAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
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>
GROSS COUPON
______________________________________________________________________________
Gross Current
Coupon # Loans % Pool WAM WACLTV Balance
6.50% < Gross Coupon <= 6.75% 1 .14 359.00 84.60 $302,739
6.75% < Gross Coupon <= 7.00% 7 .49 355.51 84.96 $1,101,166
7.00% < Gross Coupon <= 7.25% 22 1.54 358.00 78.34 $3,446,407
7.25% < Gross Coupon <= 7.50% 17 1.18 356.58 83.96 $2,640,609
7.50% < Gross Coupon <= 7.75% 222 13.38 357.26 80.84 $29,923,548
7.75% < Gross Coupon <= 8.00% 44 2.60 346.43 80.10 $5,819,426
8.00% < Gross Coupon <= 8.25% 73 4.47 352.40 79.93 $9,994,162
8.25% < Gross Coupon <= 8.50% 73 3.78 350.86 81.47 $8,444,632
8.50% < Gross Coupon <= 8.75% 91 5.02 349.71 83.22 $11,225,387
8.75% < Gross Coupon <= 9.00% 320 16.79 355.87 78.37 $37,544,518
9.00% < Gross Coupon <= 9.25% 105 5.34 333.13 81.02 $11,949,045
9.25% < Gross Coupon <= 9.50% 190 7.90 348.59 76.11 $17,658,796
9.50% < Gross Coupon <= 9.75% 172 6.18 322.67 77.09 $13,822,273
9.75% < Gross Coupon <= 10.00% 309 10.62 345.30 80.80 $23,742,996
10.00% < Gross Coupon <= 10.25% 183 4.98 286.98 76.64 $11,137,437
10.25% < Gross Coupon <= 10.50% 253 7.65 347.17 80.37 $17,107,877
10.50% < Gross Coupon <= 10.75% 89 2.75 329.82 75.72 $6,155,062
10.75% < Gross Coupon <= 11.00% 85 2.39 354.69 77.72 $5,340,469
11.00% < Gross Coupon <= 11.25% 22 .63 329.04 67.74 $1,403,390
11.25% < Gross Coupon <= 11.50% 28 .96 355.15 71.64 $2,143,972
11.50% < Gross Coupon <= 11.75% 12 .32 335.74 71.07 $720,597
11.75% < Gross Coupon <= 12.00% 11 .34 357.11 65.72 $753,852
12.00% < Gross Coupon <= 12.25% 3 .12 312.69 67.72 $273,548
12.25% < Gross Coupon <= 12.50% 4 .10 347.30 66.42 $225,209
12.50% < Gross Coupon <= 12.75% 3 .07 359.16 74.23 $164,201
12.75% < Gross Coupon <= 13.00% 5 .22 356.68 58.95 $498,581
13.25% < Gross Coupon <= 13.50% 1 .03 357.00 70.00 $57,364
_______________________________________________________________________________
Total..... 2,345 100.00% 345.10 79.13 $223,597,264
===============================================================================
GROSS MARGIN
________________________________________________________________________________
Gross # of % of Current
Margin Loans Pool WAM Balance
0.0 < Margin <= 1.0 1 0.16 354.00 346,923.75
2.0 < Margin <= 3.0 1 0.04 180.00 91,000.00
3.0 < Margin <= 4.0 3 0.10 312.03 228,500.00
4.0 < Margin <= 5.0 358 12.84 315.03 28,714,908.68
5.0 < Margin <= 6.0 955 34.79 339.99 77,797,296.23
6.0 < Margin <= 7.0 905 46.26 356.44 103,441,041.95
7.0 < Margin <= 8.0 120 5.69 353.45 12,716,587.65
8.0 < Margin <= 9.0 2 0.12 348.58 261,005.62
________________________________________________________________
Total... 2,345 100.00% $223,597,263.88
================================================================================
CURRENT BALANCES
________________________________________________________________________________
Current
Balance # Loans % Pool WAC WAM WACLTV
Balance <= 25,000 83 .75 10.21 243.02 64.22
25,000 < Balance <= 50,000 496 8.73 10.00 299.82 75.11
50,000 < Balance <= 75,000 582 16.14 9.67 335.10 79.24
75,000 < Balance <= 100,000 381 14.84 9.32 348.91 79.39
100,000 < Balance <= 150,000 468 25.62 8.97 352.19 80.43
150,000 < Balance <= 200,000 164 12.63 8.91 356.65 78.85
200,000 < Balance <= 250,000 78 7.74 8.77 355.19 80.68
250,000 < Balance <= 300,000 44 5.36 8.93 357.80 77.72
300,000 < Balance <= 350,000 21 3.08 8.20 357.68 82.20
350,000 < Balance <= 400,000 15 2.54 8.47 357.47 79.85
400,000 < Balance <= 450,000 7 1.30 8.46 358.01 76.50
450,000 < Balance <= 500,000 6 1.27 8.89 358.19 78.08
________________________________________________________________________________
Total..... 2,345 100.00% 9.16 345.10 79.13
================================================================================
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL TERMSHEETS, AND
WILL BE SUPERSEDED BY THE COLLATERAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
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>
Gross Life Floor
_______________________________________________________________________________
<TABLE>
<CAPTION>
WA Max. Orig Total
Gross # % Rem WA Loan Current
Life Floor Loan Pool WAC Term Age Amount Balance
<S> <C> <C> <C> <C> <C> <C> <C>
6.50% < Life Floor <= 6.75% 1 .14 6.750 359.00 1.00 $303,000 $302,739.13
6.75% < Life Floor <= 7.00% 7 .49 6.931 355.51 4.49 $272,425 $1,101,166.12
7.00% < Life Floor <= 7.25% 22 1.54 7.244 358.00 2.00 $404,000 $3,446,407.21
7.25% < Life Floor <= 7.50% 18 1.25 7.501 356.72 3.06 $357,000 $2,793,506.10
7.50% < Life Floor <= 7.75% 222 13.38 7.646 357.26 2.09 $405,000 $29,923,548.22
7.75% < Life Floor <= 8.00% 43 2.53 7.924 346.10 2.13 $461,000 $5,666,529.02
8.00% < Life Floor <= 8.25% 73 4.47 8.190 352.40 1.98 $425,000 $9,994,161.50
8.25% < Life Floor <= 8.50% 73 3.78 8.455 350.86 1.83 $366,650 $8,444,632.07
8.50% < Life Floor <= 8.75% 91 5.02 8.679 349.71 1.06 $466,191 $11,225,387.35
8.75% < Life Floor <= 9.00% 320 16.79 8.884 355.87 1.79 $421,900 $37,544,517.75
9.00% < Life Floor <= 9.25% 105 5.34 9.193 333.13 .94 $500,000 $11,949,045.20
9.25% < Life Floor <= 9.50% 190 7.90 9.430 348.59 1.56 $399,500 $17,658,796.49
9.50% < Life Floor <= 9.75% 172 6.18 9.675 322.67 1.18 $297,900 $13,822,272.71
9.75% < Life Floor <= 10.00% 309 10.62 9.929 345.30 .89 $420,000 $23,742,996.43
10.00% < Life Floor <= 10.25% 183 4.98 10.206 286.98 .70 $346,500 $11,137,436.88
10.25% < Life Floor <= 10.50% 253 7.65 10.448 347.17 .31 $476,850 $17,107,876.78
10.50% < Life Floor <= 10.75% 90 2.82 10.678 330.55 1.23 $390,000 $6,312,503.83
10.75% < Life Floor <= 11.00% 84 2.32 10.930 354.56 .39 $248,000 $5,183,026.74
11.00% < Life Floor <= 11.25% 22 .63 11.204 329.04 2.09 $220,000 $1,403,389.81
11.25% < Life Floor <= 11.50% 28 .96 11.458 355.15 .95 $276,500 $2,143,972.18
11.50% < Life Floor <= 11.75% 12 .32 11.692 335.74 1.83 $150,000 $720,596.73
11.75% < Life Floor <= 12.00% 11 .34 11.950 357.11 1.91 $157,000 $753,852.39
12.00% < Life Floor <= 12.25% 3 .12 12.231 312.69 .62 $107,250 $273,548.05
12.25% < Life Floor <= 12.50% 4 .10 12.392 347.30 1.49 $123,750 $225,209.23
12.50% < Life Floor <= 12.75% 3 .07 12.650 359.16 .84 $69,275 $164,200.97
12.75% < Life Floor <= 13.00% 5 .22 12.898 356.68 3.32 $210,000 $498,580.55
13.25% < Life Floor <= 13.50% 1 .03 13.500 357.00 3.00 $57,400 $57,364.44
<CAPTION>
_____________________________________________________________________________________________________
<S> <C> <C> <C> <C> <C> <C> <C>
Total..... 2,345 100.00% 9.164 345.10 1.43 $500,000 $223,597,263.88
==============================================================================================================
</TABLE>
Gross Life Cap
______________________________________________________________________________
<TABLE>
<CAPTION>
WA Max. Orig Total
Gross # % Rem WA Loan Current
Life Cap Loan Pool WAC Term Age Amount Balance
<S> <C> <C> <C> <C> <C> <C> <C>
13.50% < Gross Life Cap <= 13.75 1 .14 6.750 359.00 1.00 $303,000 $302,739.13
13.75% < Gross Life Cap <= 14.00 10 .64 7.166 314.99 3.55 $272,425 $1,430,716.32
14.00% < Gross Life Cap <= 14.25 44 2.86 7.684 351.79 1.17 $404,000 $6,391,441.95
14.25% < Gross Life Cap <= 14.50 31 2.07 7.877 350.44 1.97 $357,000 $4,638,731.65
14.50% < Gross Life Cap <= 14.75 285 16.94 7.864 355.17 1.69 $405,000 $37,868,377.27
14.75% < Gross Life Cap <= 15.00 54 3.17 8.165 350.83 1.71 $461,000 $7,080,878.61
15.00% < Gross Life Cap <= 15.25 121 6.07 8.671 336.73 1.45 $425,000 $13,582,291.79
15.25% < Gross Life Cap <= 15.50 146 5.99 8.960 344.65 1.24 $366,650 $13,384,596.09
15.50% < Gross Life Cap <= 15.75 142 5.03 9.386 314.88 1.07 $466,191 $11,252,753.36
15.75% < Gross Life Cap <= 16.00 548 23.46 9.217 351.73 1.33 $395,250 $52,445,309.97
16.00% < Gross Life Cap <= 16.25 192 6.44 9.822 301.99 .90 $500,000 $14,407,953.29
16.25% < Gross Life Cap <= 16.50 339 11.76 10.024 350.48 1.04 $476,850 $26,304,222.83
16.50% < Gross Life Cap <= 16.75 109 3.92 9.999 337.16 1.80 $263,500 $8,761,409.61
16.75% < Gross Life Cap <= 17.00 124 4.76 10.254 355.23 1.73 $420,000 $10,645,637.14
17.00% < Gross Life Cap <= 17.25 33 1.09 10.344 338.35 2.30 $346,500 $2,443,009.83
17.25% < Gross Life Cap <= 17.50 28 1.01 10.658 353.03 1.74 $165,750 $2,261,427.46
17.50% < Gross Life Cap <= 17.75 42 1.58 10.729 354.34 1.98 $390,000 $3,532,871.87
17.75% < Gross Life Cap <= 18.00 27 .74 11.009 358.66 1.23 $140,250 $1,662,772.52
18.00% < Gross Life Cap <= 18.25 16 .54 11.288 346.74 2.40 $220,000 $1,210,393.74
18.25% < Gross Life Cap <= 18.50 19 .72 11.457 358.80 1.20 $276,500 $1,607,705.59
18.50% < Gross Life Cap <= 18.75 10 .29 11.775 350.29 2.03 $150,000 $649,346.73
18.75% < Gross Life Cap <= 19.00 10 .30 11.946 356.90 2.01 $157,000 $678,873.89
19.00% < Gross Life Cap <= 19.25 2 .08 12.250 357.73 1.00 $107,250 $168,898.05
19.25% < Gross Life Cap <= 19.50 4 .10 12.392 347.30 1.49 $123,750 $225,209.23
19.50% < Gross Life Cap <= 19.75 2 .05 12.708 358.67 1.33 $69,275 $103,750.97
19.75% < Gross Life Cap <= 20.00 5 .22 12.898 356.68 3.32 $210,000 $498,580.55
20.25% < Gross Life Cap <= 20.50 1 .03 13.500 357.00 3.00 $57,400 $57,364.44
<CAPTION>
_____________________________________________________________________________________________________
<S> <C> <C> <C> <C> <C> <C> <C>
Total..... 2,345 100.00% 9.164 345.10 1.43 $500,000 $223,597,263.88
</TABLE>
===============================================================================
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL TERMSHEETS, AND
WILL BE SUPERSEDED BY THE COLLATERAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
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>
NEXT INTEREST ROLLDATE
______________________________________________________________________________
<TABLE>
<CAPTION>
WA Max. Orig Total
# % Rem WA Loan Current
Loan Pool WAC Term Age Amount Balance
<S> <C> <C> <C> <C> <C> <C> <C>
06/96 14 1.19 8.167 350.94 6.00 $466,191 $2,662,263.83
07/96 39 2.22 7.940 351.17 5.00 $272,425 $4,963,532.17
08/96 31 1.80 8.351 352.98 4.00 $412,250 $4,023,783.63
09/96 24 1.51 8.462 352.54 3.00 $382,500 $3,367,117.26
10/96 10 .43 8.727 340.40 2.00 $174,250 $955,507.22
11/96 91 4.41 8.736 342.68 1.06 $425,000 $9,855,296.42
12/96 484 16.29 9.690 325.80 .21 $297,900 $36,427,728.53
01/97 572 17.98 9.881 325.94 .01 $476,850 $40,201,060.00
02/97 49 1.93 9.529 334.70 .00 $253,500 $4,319,801.50
12/97 12 .51 10.019 353.45 6.00 $216,750 $1,139,249.17
01/98 34 1.64 10.005 354.60 5.00 $346,500 $3,664,218.80
02/98 81 4.28 9.592 354.73 4.00 $420,000 $9,565,411.67
03/98 148 8.34 8.713 356.52 3.00 $399,500 $18,643,100.61
04/98 346 17.34 8.601 357.34 2.00 $461,000 $38,778,107.85
05/98 321 15.89 8.741 358.56 1.00 $500,000 $35,519,245.22
06/98 89 4.25 9.850 360.00 .00 $318,000 $9,511,840.00
<CAPTION>
________________________________________________________________________________________________________
<S> <C> <C> <C> <C> <C> <C> <C>
Total..... 2,345 100.00% 9.164 345.10 1.43 $500,000 $223,597,263.88
</TABLE>
==============================================================================
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL TERMSHEETS, AND
WILL BE SUPERSEDED BY THE COLLATERAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
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>
GEOGRAPHIC DISTRIBUTION
_______________________________________________________________________________
Current
State # Loans % Pool WAC WAM WACLTV Balance
Arkansas 11 .55 9.15 344.56 76.40 $1,225,262
Arizona 72 3.26 8.95 354.78 80.89 $7,295,395
California 357 24.85 8.67 353.32 80.82 $55,563,234
Colorado 102 4.87 8.96 355.62 78.94 $10,897,155
Connecticut 14 .82 9.65 351.55 75.59 $1,824,733
Dist of Col 2 .19 7.91 357.25 80.32 $425,363
Delaware 5 .21 8.80 358.63 82.61 $461,040
Florida 46 1.72 9.31 351.21 74.52 $3,855,126
Georgia 18 .71 9.53 355.19 81.79 $1,591,103
Hawaii 45 4.25 8.45 357.46 73.22 $9,510,317
Iowa 33 .85 9.85 326.37 82.77 $1,907,535
Idaho 108 4.16 8.83 357.53 78.36 $9,294,993
Illinois 98 3.38 9.76 331.47 78.26 $7,550,760
Indiana 98 2.22 9.83 318.09 81.35 $4,959,412
Kansas 19 .59 9.35 318.75 84.90 $1,329,730
Kentucky 37 1.04 9.97 329.83 83.59 $2,328,343
Louisiana 59 1.90 9.79 326.70 76.43 $4,251,739
Massachsetts 22 .96 9.28 332.91 75.96 $2,141,283
Maryland 16 .84 8.95 352.81 82.37 $1,871,426
Maine 29 .88 9.95 344.43 78.82 $1,976,303
Michigan 118 3.40 9.69 331.01 81.29 $7,603,727
Minnesota 12 .55 9.40 357.21 71.82 $1,232,607
Missouri 53 1.32 9.61 336.92 82.01 $2,952,370
Mississippi 5 .16 8.96 299.49 80.87 $354,220
Montana 3 .20 9.43 359.12 76.70 $456,842
North Carolina 75 2.42 9.78 322.64 77.88 $5,402,542
North Dakota 1 .07 8.88 356.00 57.80 $158,620
Nebraska 10 .39 9.63 308.53 81.31 $874,078
New Hampshire 19 .56 10.09 319.46 75.12 $1,255,467
New Jersey 22 1.05 9.23 330.97 78.65 $2,354,420
New Mexico 22 1.13 8.98 349.49 78.76 $2,521,942
Nevada 5 .50 8.33 357.82 79.68 $1,116,341
New York 48 1.61 10.23 325.88 78.26 $3,595,878
Ohio 161 4.23 9.97 320.35 80.01 $9,463,808
Oklahoma 60 1.60 9.75 336.06 80.10 $3,582,199
Oregon 46 2.08 8.78 358.60 76.57 $4,648,143
Pennsylvania 87 2.80 9.29 334.48 79.39 $6,270,602
Rhode Island 9 .35 9.85 359.60 83.44 $790,152
South Carolina 24 .74 9.83 315.78 82.14 $1,655,215
South Dakota 1 .03 9.38 358.00 84.90 $67,432
Tennessee 46 1.76 9.37 334.14 80.70 $3,942,662
Texas 47 1.77 9.61 352.31 78.33 $3,966,333
Utah 64 2.93 8.91 349.40 77.88 $6,557,305
Virginia 11 .83 9.44 350.77 74.87 $1,846,474
Vermont 12 .43 9.76 353.78 77.21 $965,113
Washington 99 5.79 8.91 357.40 77.54 $12,940,058
Wisconsin 87 2.81 9.49 345.72 78.57 $6,289,581
West Virgina 2 .05 10.32 266.84 97.19 $119,600
Wyoming 5 .16 9.83 358.70 57.56 $353,284
________________________________________________________________________________
Total..... 2,345 100.00% 9.16 345.10 79.13 $223,597,264
================================================================================
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL TERMSHEETS, AND
WILL BE SUPERSEDED BY THE COLLATERAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
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>
REMAINING TERM
______________________________________________________________________________
Current
Remaining Term # Loans % Pool WAC WAM WACLTV Balance
48 < Rem Term <= 60 2 .01 10.25 60.00 63.16 $20,900
60 < Rem Term <= 72 1 .01 10.25 71.00 40.90 $21,679
72 < Rem Term <= 84 2 .02 9.90 84.00 54.53 $39,900
84 < Rem Term <= 96 1 .01 10.25 95.00 34.60 $33,373
108 < Rem Term <= 120 16 .23 10.01 119.40 76.66 $518,187
132 < Rem Term <= 144 1 .01 8.00 143.00 70.00 $33,178
168 < Rem Term <= 180 257 5.44 9.79 179.74 78.32 $12,164,811
180 < Rem Term <= 192 1 .03 9.25 191.00 80.00 $68,913
228 < Rem Term <= 240 79 1.96 9.86 239.91 79.18 $4,384,897
288 < Rem Term <= 300 19 .55 10.03 299.68 80.81 $1,229,979
312 < Rem Term <= 324 2 .06 9.13 321.93 79.43 $128,252
324 < Rem Term <= 336 2 .08 9.31 332.51 85.0 $170,631
336 < Rem Term <= 348 12 .48 9.35 343.52 75.3 $1,072,284
348 < Rem Term <= 360 1,950 91.11 9.10 358.36 79. $203,710,282
_______________________________________________________________________________
Total..... 2,345 100.00% 9.16 345.10 79.13 $223,597,264
===============================================================================
ORIGINAL TERM TO MATURITY
________________________________________________________________________________
Total
Original Term # of % of Current
to Maturity Loans Pool WAC WAM WACLTV Balance
48 < Orig. Term <= 60 2 0.01 10.25 60.00 63.16 $20,900
60 < Orig. Term <= 72 1 0.01 10.25 71.00 40.90 $21,679
72 < Orig. Term <= 84 2 0.02 9.90 84.00 54.53 $39,900
84 < Orig. Term <= 96 1 0.01 10.25 95.00 34.60 $33,373
108 < Orig. Term <= 120 16 0.23 10.01 119.40 76.66 $518,187
168 < Orig. Term <= 180 258 5.46 9.78 179.64 78.30 $12,197,989
228 < Orig. Term <= 240 79 1.96 9.86 239.91 79.18 $4,384,897
288 < Orig. Term <= 300 17 0.48 10.04 299.95 81.68 $1,065,954
348 < Orig. Term <= 360 1,969 91.82 9.10 358.13 79.19 $205,314,386
________________________________________________________________________________
Total... 2,345 100.00% 9.16 345.10 79.13 $223,597,264
================================================================================
LOAN AGE IN MONTHS (FIRST PAY THRU LAST PAY)
_______________________________________________________________________________
<TABLE>
<CAPTION>
WA ax. Orig Total
# % Rem WA Loan Current
Age of Loan Loan Pool WAC Term Age Amount Balance
<C> <C> <C> <C> <C> <C> <C> <C>
0 < Age <= 12 2,326 99.32 9.161 345.24 1.53 $500,000 $222,066,993.17
12 < Age <= 24 11 .43 9.546 343.02 16.98 $163,000 $965,272.44
24 < Age <= 36 2 .08 9.311 332.51 27.49 $129,115 $170,630.77
36 < Age <= 48 3 .07 8.897 285.16 37.85 $117,300 $161,429.57
48 < Age <= 60 1 .05 9.750 300.00 60.00 $112,000 $107,947.75
60 < Age <= 72 1 .03 10.375 294.00 66.00 $58,200 $56,077.62
168 < Age <= 180 1 .03 9.250 191.00 169.00 $84,000 $68,912.56
<CAPTION>
_______________________________________________________________________________________________________
<C> <C> <C> <C> <C> <C> <C> <C>
Total..... 2,345 100.00% 9.164 345.10 1.74 $500,000 $223,597,263.88
</TABLE>
===============================================================================
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL TERMSHEETS, AND
WILL BE SUPERSEDED BY THE COLLATERAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
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>
OCCUPANCY
_______________________________________________________________________________
<TABLE>
<CAPTION>
WA Max. Orig Total
# % Rem WA Loan Current
Loan Pool WAC Term Age Amount Balance
<C> <C> <C> <C> <C> <C> <C> <C>
Owner Occupied, 1st Mtg 2,289 98.16 9.156 345.10 1.74 $500,000 $219,492,417.46
Non-Owner Occupied, 1st 56 1.84 9.564 345.31 1.62 $226,600 $4,104,846.42
<CAPTION>
_________________________________________________________________________________________________________
<C> <C> <C> <C> <C> <C> <C> <C>
Total..... 2,345 100.00% 9.164 345.10 1.74 $500,000 $223,597,263.88
</TABLE>
===============================================================================
PROPERTY-TYPE
_______________________________________________________________________________
<TABLE>
<CAPTION>
WA Max. Orig Total
# % Rem WA Loan Current
Loan Pool WAC Term Age Amount Balance
<S> <C> <C> <C> <C> <C> <C> <C>
Duplex 57 2.27 9.584 341.32 3.25 $420,000 $5,078,080.15
Triplex 7 .23 9.277 329.93 .47 $129,800 $507,167.48
Fourplex or Quadplex 2 .20 8.727 359.43 .57 $252,400 $440,145.52
PUD 97 6.21 8.645 357.26 2.74 $466,191 $13,892,676.74
Townhouse 3 .07 10.295 296.06 1.29 $71,400 $145,451.69
Row House 9 .17 10.162 280.43 .00 $74,000 $380,500.00
Condominiums 41 1.44 9.270 353.92 1.67 $165,000 $3,214,020.99
Single Family Detached 2,128 89.39 9.185 344.37 1.64 $500,000 $199,866,121.31
Mod/Manuf Home 1 .03 9.950 360.00 .00 $73,100 $73,100.00
<CAPTION>
________________________________________________________________________________________________________
<S> <C> <C> <C> <C> <C> <C> <C>
Total..... 2,345 100.00% 9.164 345.10 1.74 $500,000 $223,597,263.88
</TABLE>
===============================================================================
LOAN PURPOSE
________________________________________________________________________________
Max. Loan
# Loans % Pool WAC WAM WALTV Amount
Purchase 475 22.96 9.06 354.78 .00 $500,000
Refinance 1,870 77.04 9.20 342.21 .00 $476,850
________________________________________________________________________________
Total..... 2,345 100.00%
================================================================================
ARMS CHARACTERISTICS
_______________________________________________________________________________
Max. Orig Total
# % Loan Current
ARMs Characteristics Loan Pool WAC Amount Balance
2/28 LIBOR ARMs 1,031 52.25 8.902 $500,000 $116,821,173.32
Regular LIBOR ARMs 1,314 47.75 9.450 $476,850 $106,776,090.56
_______________________________________________________________________________
Total..... 2,345 100.00% 9.164 $500,000 $223,597,263.88
===============================================================================
THIS COLLATERAL TERMSHEET SUPERSEDES ANY PREVIOUS COLLATERAL TERMSHEETS, AND
WILL BE SUPERSEDED BY THE COLLATERAL INFORMATION IN THE PROSPECTUS SUPPLEMENT.
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>
Projected UCFC6B ARMs available Funds Cashflow
---------------------------------------------------
Svc Fee: 0.50000
Fee: 0.12875
Libor-1m: 5.48000
Spread: 0.33000
A8 Rate: 5.81000
(*) assuming 30/360 Day Count
Adjusted
Date Net Coupon Net Coupon Margin(*)
------------------------------------------
696
796 8.702 8.574 2.764
896 8.733 8.604 2.794
996 8.758 8.630 2.820
1096 8.779 8.650 2.840
1196 8.785 8.656 2.846
1296 8.838 8.709 2.899
197 9.186 9.057 3.247
297 9.326 9.197 3.387
397 9.350 9.222 3.412
497 9.371 9.242 3.432
597 9.376 9.247 3.437
697 9.427 9.299 3.489
797 9.541 9.412 3.602
897 9.612 9.484 3.674
997 9.622 9.493 3.683
1097 9.628 9.499 3.689
1197 9.629 9.501 3.691
1297 9.656 9.527 3.717
198 9.662 9.533 3.723
298 9.683 9.554 3.744
398 9.737 9.608 3.798
498 9.845 9.716 3.906
598 10.070 9.941 4.131
698 10.286 10.157 4.347
798 10.353 10.224 4.414
898 10.360 10.231 4.421
998 10.399 10.270 4.460
1098 10.507 10.378 4.568
1198 10.732 10.603 4.793
1298 10.945 10.817 5.007
199 10.980 10.851 5.041
299 10.980 10.851 5.041
399 10.980 10.851 5.041
499 11.018 10.889 5.079
599 11.118 10.990 5.180
699 11.198 11.070 5.260
799 11.198 11.070 5.260
899 11.199 11.070 5.260
999 11.199 11.070 5.260
1099 11.199 11.070 5.260
1199 11.199 11.070 5.260
1299 11.199 11.070 5.260
100 11.199 11.070 5.260
200 11.199 11.070 5.260
300 11.199 11.070 5.260
400 11.199 11.070 5.260
500 11.199 11.071 5.261
600 11.199 11.071 5.261
700 11.199 11.071 5.261
800 11.200 11.071 5.261
900 11.200 11.071 5.261
1000 11.200 11.071 5.261
1100 11.200 11.071 5.261
1200 11.200 11.071 5.261
101 11.200 11.071 5.261
201 11.200 11.071 5.261
301 11.200 11.071 5.261
401 11.200 11.071 5.261
501 11.200 11.072 5.262
601 11.200 11.072 5.262
701 11.200 11.072 5.262
801 11.201 11.072 5.262
901 11.201 11.072 5.262
1001 11.201 11.072 5.262
1101 11.201 11.072 5.262
<PAGE>
1201 11.201 11.072 5.262
102 11.201 11.072 5.262
202 11.201 11.072 5.262
302 11.201 11.073 5.263
402 11.201 11.073 5.263
502 11.201 11.073 5.263
602 11.202 11.073 5.263
702 11.202 11.073 5.263
802 11.202 11.073 5.263
902 11.202 11.073 5.263
1002 11.202 11.073 5.263
1102 11.202 11.073 5.263
1202 11.202 11.073 5.263
103 11.202 11.074 5.264
203 11.202 11.074 5.264
303 11.203 11.074 5.264
403 11.203 11.074 5.264
503 11.203 11.074 5.264
603 11.203 11.074 5.264
703 11.203 11.074 5.264
803 11.203 11.074 5.264
903 11.203 11.074 5.264
1003 11.203 11.075 5.265
1103 11.203 11.075 5.265
1203 11.204 11.075 5.265
104 11.204 11.075 5.265
204 11.204 11.075 5.265
304 11.204 11.075 5.265
404 11.204 11.075 5.265
504 11.204 11.075 5.265
604 11.204 11.076 5.266
704 11.204 11.076 5.266
804 11.205 11.076 5.266
904 11.205 11.076 5.266
1004 11.205 11.076 5.266
1104 11.205 11.076 5.266
1204 11.205 11.076 5.266
105 11.205 11.076 5.266
205 11.205 11.077 5.267
305 11.206 11.077 5.267
405 11.206 11.077 5.267
505 11.206 11.077 5.267
605 11.206 11.077 5.267
705 11.206 11.077 5.267
805 11.206 11.077 5.267
905 11.206 11.078 5.268
1005 11.207 11.078 5.268
1105 11.207 11.078 5.268
1205 11.207 11.078 5.268
106 11.207 11.078 5.268
206 11.207 11.078 5.268
306 11.207 11.079 5.269
406 11.207 11.079 5.269
506 11.208 11.079 5.269
606 11.208 11.079 5.269
706 11.208 11.079 5.269
806 11.208 11.079 5.269
906 11.208 11.079 5.269
1006 11.208 11.080 5.270
1106 11.209 11.080 5.270
1206 11.209 11.080 5.270
107 11.209 11.080 5.270
207 11.209 11.080 5.270
307 11.209 11.081 5.271
407 11.209 11.081 5.271
507 11.210 11.081 5.271
607 11.210 11.081 5.271
707 11.210 11.081 5.271
807 11.210 11.081 5.271
907 11.210 11.082 5.272
1007 11.211 11.082 5.272
1107 11.211 11.082 5.272
1207 11.211 11.082 5.272
108 11.211 11.082 5.272
208 11.211 11.083 5.273
308 11.212 11.083 5.273
408 11.212 11.083 5.273
508 11.212 11.083 5.273
608 11.212 11.083 5.273
<PAGE>
708 11.212 11.084 5.274
808 11.213 11.084 5.274
908 11.213 11.084 5.274
1008 11.213 11.084 5.274
1108 11.213 11.084 5.274
1208 11.213 11.085 5.275
109 11.214 11.085 5.275
209 11.214 11.085 5.275
309 11.214 11.085 5.275
409 11.214 11.086 5.276
509 11.215 11.086 5.276
609 11.215 11.086 5.276
709 11.215 11.086 5.276
809 11.215 11.086 5.276
909 11.215 11.087 5.277
1009 11.216 11.087 5.277
1109 11.216 11.087 5.277
1209 11.216 11.087 5.277
110 11.216 11.088 5.278
210 11.217 11.088 5.278
310 11.217 11.088 5.278
410 11.217 11.088 5.278
510 11.217 11.089 5.279
610 11.218 11.089 5.279
710 11.218 11.089 5.279
810 11.218 11.090 5.280
910 11.219 11.090 5.280
1010 11.219 11.090 5.280
1110 11.219 11.090 5.280
1210 11.219 11.091 5.281
111 11.220 11.091 5.281
211 11.220 11.091 5.281
311 11.220 11.092 5.282
411 11.221 11.092 5.282
511 11.221 11.092 5.282
611 11.221 11.092 5.282
711 11.222 11.093 5.283
811 11.222 11.093 5.283
911 11.222 11.093 5.283
1011 11.222 11.094 5.284
1111 11.223 11.094 5.284
1211 11.223 11.094 5.284
112 11.223 11.095 5.285
212 11.224 11.095 5.285
312 11.224 11.095 5.285
412 11.225 11.096 5.286
512 11.225 11.096 5.286
612 11.225 11.096 5.286
712 11.226 11.097 5.287
812 11.226 11.097 5.287
912 11.226 11.098 5.288
1012 11.227 11.098 5.288
1112 11.227 11.098 5.288
1212 11.228 11.099 5.289
113 11.228 11.099 5.289
213 11.228 11.100 5.290
313 11.229 11.100 5.290
413 11.229 11.100 5.290
513 11.230 11.101 5.291
613 11.230 11.101 5.291
713 11.230 11.102 5.292
813 11.231 11.102 5.292
913 11.231 11.103 5.293
1013 11.232 11.103 5.293
1113 11.232 11.103 5.293
1213 11.233 11.104 5.294
114 11.233 11.104 5.294
214 11.234 11.105 5.295
314 11.234 11.105 5.295
414 11.235 11.106 5.296
514 11.235 11.106 5.296
614 11.236 11.107 5.297
714 11.236 11.107 5.297
814 11.237 11.108 5.298
914 11.237 11.108 5.298
1014 11.238 11.109 5.299
1114 11.238 11.109 5.299
1214 11.239 11.110 5.300
115 11.239 11.111 5.301
<PAGE>
215 11.240 11.111 5.301
315 11.240 11.112 5.302
415 11.241 11.112 5.302
515 11.242 11.113 5.303
615 11.242 11.113 5.303
715 11.243 11.114 5.304
815 11.243 11.115 5.305
915 11.244 11.115 5.305
1015 11.245 11.116 5.306
1115 11.245 11.117 5.307
1215 11.246 11.117 5.307
116 11.247 11.118 5.308
216 11.248 11.119 5.309
316 11.248 11.119 5.309
416 11.249 11.120 5.310
516 11.250 11.121 5.311
616 11.250 11.122 5.312
716 11.251 11.122 5.312
816 11.252 11.123 5.313
916 11.253 11.124 5.314
1016 11.254 11.125 5.315
1116 11.254 11.126 5.316
1216 11.255 11.127 5.317
117 11.256 11.127 5.317
217 11.257 11.128 5.318
317 11.258 11.129 5.319
417 11.259 11.130 5.320
517 11.260 11.131 5.321
617 11.261 11.132 5.322
717 11.262 11.133 5.323
817 11.263 11.134 5.324
917 11.264 11.135 5.325
1017 11.265 11.136 5.326
1117 11.266 11.137 5.327
1217 11.267 11.138 5.328
118 11.268 11.139 5.329
218 11.269 11.140 5.330
318 11.270 11.142 5.332
418 11.272 11.143 5.333
518 11.273 11.144 5.334
618 11.274 11.145 5.335
718 11.275 11.147 5.337
818 11.277 11.148 5.338
918 11.278 11.149 5.339
1018 11.279 11.151 5.341
1118 11.281 11.152 5.342
1218 11.282 11.153 5.343
119 11.284 11.155 5.345
219 11.285 11.156 5.346
319 11.287 11.158 5.348
419 11.288 11.160 5.350
519 11.290 11.161 5.351
619 11.292 11.163 5.353
719 11.294 11.165 5.355
819 11.295 11.167 5.357
919 11.297 11.168 5.358
1019 11.299 11.170 5.360
1119 11.301 11.172 5.362
1219 11.303 11.174 5.364
120 11.305 11.177 5.367
220 11.307 11.179 5.369
320 11.310 11.181 5.371
420 11.312 11.183 5.373
520 11.314 11.186 5.376
620 11.317 11.188 5.378
720 11.319 11.191 5.381
820 11.322 11.193 5.383
920 11.325 11.196 5.386
1020 11.328 11.199 5.389
1120 11.331 11.202 5.392
1220 11.334 11.205 5.395
121 11.337 11.208 5.398
221 11.340 11.212 5.402
321 11.344 11.215 5.405
421 11.348 11.219 5.409
521 11.351 11.223 5.413
621 11.355 11.227 5.417
721 11.359 11.231 5.421
821 11.364 11.235 5.425
<PAGE>
921 11.368 11.240 5.430
1021 11.373 11.244 5.434
1121 11.378 11.249 5.439
1221 11.383 11.255 5.445
122 11.389 11.260 5.450
222 11.395 11.266 5.456
322 11.401 11.272 5.462
422 11.408 11.279 5.469
522 11.414 11.286 5.476
622 11.422 11.293 5.483
722 11.430 11.301 5.491
822 11.438 11.309 5.499
922 11.447 11.318 5.508
1022 11.456 11.327 5.517
1122 11.466 11.338 5.528
1222 11.477 11.349 5.539
123 11.489 11.360 5.550
223 11.502 11.373 5.563
323 11.516 11.387 5.577
423 11.531 11.402 5.592
523 11.547 11.419 5.609
623 11.565 11.437 5.627
723 11.585 11.457 5.647
823 11.608 11.479 5.669
923 11.632 11.503 5.693
1023 11.639 11.510 5.700
1123 11.646 11.517 5.707
1223 11.653 11.524 5.714
124 11.661 11.533 5.723
224 11.670 11.542 5.732
324 11.680 11.552 5.742
424 11.691 11.563 5.753
524 11.704 11.575 5.765
624 11.717 11.588 5.778
724 11.730 11.602 5.792
824 11.732 11.603 5.793
924 11.734 11.605 5.795
1024 11.736 11.607 5.797
1124 11.738 11.610 5.800
1224 11.741 11.612 5.802
125 11.743 11.615 5.805
225 11.745 11.617 5.807
325 11.748 11.619 5.809
425 11.750 11.622 5.812
525 11.754 11.625 5.815
625 11.758 11.629 5.819
725 11.762 11.634 5.824
825 11.768 11.639 5.829
925 11.776 11.647 5.837
1025 11.786 11.657 5.847
1125 11.792 11.663 5.853
1225 11.801 11.672 5.862
126 11.807 11.678 5.868
226 11.817 11.688 5.878
326 11.826 11.697 5.887
426 11.852 11.724 5.914
526 11.858 11.729 5.919
626 11.913 11.784 5.974
