<PAGE>
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES AND EXCHANGE ACT OF 1934
Date of Report: May 14, 1999
- ---------------------------------
(Date of earliest event reported)
PAINEWEBBER MORTGAGE ACCEPTANCE CORPORATION V
--------------------------------------------------------
(Exact name of registrant as specified in its charter)
DELAWARE 333-64551 13-3748219
(State or Other Jurisdiction (Commission File Number) (I.R.S. Employer
of Incorporation) Identification No.)
1285 Avenue of the Americas, New York, NY 10019
-----------------------------------------------
(Address of principal executive offices)
Registrant's telephone number, including area code: (212) 713-7900
ITEM 5. OTHER EVENTS
Attached as Exhibit 99 to this Current Report are certain
materials (Collateral and Structural Term Sheets and Computational Materials)
furnished to PaineWebber Mortgage Acceptance Corporation V (the "Registrant") by
the underwriters in connection with the Registrant's proposed offering of its
Commercial Mortgage Pass-Through Certificates, Series 1999-C1 Class A-1, Class
A-2, Class B, Class C, Class D and Class X (the "Certificates"). The
Certificates will be offered pursuant to a Prospectus and related Prospectus
Supplement (together, the "Prospectus") which will be filed with the Commission
pursuant to Rule 424 under the Securities Act of 1933, as amended (the "Act").
The offering of the Certificates will be registered pursuant to the Act under
the Registrant's Registration Statement on Form S-3 (No. 333-64551) (the
"Registration Statement"). These Collateral and Structural Term Sheets and
Computational Materials will be incorporated by reference in the Registration
Statement.
The Collateral and Structural Term Sheets and Computational
Materials were prepared solely by the underwriters, and the Registrant did not
prepare or participate in the preparation thereof.
Any statement or information contained in the Collateral and
Structural Term Sheets and Computational Materials may be modified or superseded
by subsequent similar materials or, for purposes of the Prospectus and the
Registration Statement, by statements or information contained in the
Prospectus.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
(a) Not applicable.
(b) Not applicable.
(c) Exhibits
Exhibit 99 Collateral and Structural Term Sheets and Computational Materials.
<PAGE>
Pursuant to the requirements of the Securities Exchange Act of
1934, the Registrant has duly caused this report to be signed on behalf of the
Registrant by the undersigned duly authorized officer.
PAINEWEBBER MORTGAGE ACCEPTANCE
CORPORATION V
By: /s/ Steven J. Plust
--------------------------------------
Name: Steven J. Plust
Title: Managing Director
Date: May 14, 1999
<PAGE>
EXHIBIT INDEX
Item 601(a) of Regulation S-K
Exhibit No. Description Page
- ----------- ----------- ----
99 Collateral and Structural Term Sheets and Computational Materials
<PAGE>
- --------------------------------------------------------------------------------
STRUCTURAL AND COLLATERAL TERM SHEETS AND COMPUTATIONAL MATERIALS
PAINEWEBBER MORTGAGE ACCEPTANCE CORPORATION V (DEPOSITOR)
Commercial Mortgage Pass-Through Certificates, Series 1999-C1
- --------------------------------------------------------------------------------
Legend
Prospective investors are advised to read carefully, and should rely
solely on, the information contained in the final prospectus supplement to the
prospectus dated March 25, 1999 relating to certain classes of certificates
referred to above (the "Certificates") in making their investment decision.
The information contained in this Exhibit 99 should be reviewed only in
conjunction with a careful review of such prospectus supplement and prospectus.
Such information does not include any information relating to the structure of
the Certificates and does not include all relevant information relating to the
underlying Mortgage Loans. Particular attention should be paid to the risks and
special considerations associated with an investment in the Certificates
described in such prospectus supplement and prospectus. The information
contained in this Exhibit 99 should not be viewed as projections, forecasts,
predictions or opinions with respect to value.
Any information contained in this Exhibit 99 is subject to completion or
amendment. Furthermore, any information contained in this Exhibit 99 will be
more fully described in the final prospectus supplement and prospectus, and such
information contained herein will be fully superseded thereby. Prior to making
any investment decision, a prospective investor should receive and carefully
review such prospectus supplement and prospectus.
NOTHING IN THIS EXHIBIT 99 SHOULD BE CONSIDERED AN OFFER TO SELL OR A
SOLICITATION OF AN OFFER TO BUY THE CERTIFICATES.
<PAGE>
- --------------------------------------------------------------------------------
PAINEWEBBER MORTGAGE ACCEPTANCE CORPORATION V, 1999-C1
$616.67 million Publicly Offered Certificates
STRUCTURAL AND COLLATERAL TERM SHEET
- --------------------------------------------------------------------------------
SEQUENTIAL PAY REMIC CLASSES
================================================================================
<TABLE>
<CAPTION>
INITIAL
AGGREGATE
CERTIFICATE APPRX. APPRX.
BALANCE OR APPRX. APPRX. WEIGHTED PRINCIPAL EXPECTED
RATINGS NOTIONAL DOLLAR PASS-THROUGH AVERAGE WINDOW FINAL PRICE TALK
CLASS MOODY'S/FITCH AMOUNT PRICE RATE LIFE (1) (YRS.) (1) MATURITY(1) (BPS) (3)
----- ------------- ------ ----- ---- -------- ---------- ----------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 Aaa/AAA $153,627,000 100-16 5.32 0.11 - 8.52 12/15/07
A-2 Aaa/AAA $357,327,000 101-16 9.27 8.52 - 9.86 4/15/09
X Aaa/AAA $704,764,603 - (2) 9.24 0.11 -24.36 10/15/23
B Aa2/AA $35,238,000 101-16 9.86 9.86 - 9.94 5/15/09
C A2/A $37,000,000 101-16 9.94 9.94 -10.02 6/15/09
D Baa2/BBB $33,476,000 100-00 10.14 10.02 -10.52 12/15/09
- -----------------------------------------------------------------------------------------------------------------------
E Baa3/BBB- $8,809,000
F Ba2/NR $35,238,000
G B2/NR $24,666,000 Not Offered
H B3/NR $7,400,000
I NR/NR $11,983,603
- -----------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) Assuming no prepayments (other than on the Anticipated Repayment Date, if
any), modifications, losses, extensions, clean-up calls and that all loans
balloon at maturity or Anticipated Repayment Date. Class X represents a
notional principal amount.
(2) The Pass-Through Rate on the Class X is equal to the excess, if any, of (i)
the weighted average of the Net Mortgage Rates on the Mortgage Loans over
(ii) the weighted average of the Pass-Through Rates of the other Classes
(other than the residual class).
(3) Will be priced off of the interpolated weighted average life Treasury Curve.
SETTLEMENT DATE On or about June 7, 1999.
COLLATERAL 177 Loans; approximately 31.65% Multifamily, 13.29%
Retail, 12.98% Office, 11.44% Hotel, 10.04%
Industrial, 7.04% CTL, 4.66% Nursing Home.
LOAN SELLERS PaineWebber Real Estate Securities Inc. (66.35%),
Merrill Lynch Mortgage Capital Inc. (33.65%).
PORTFOLIO DSCR / LTV 1.46x / 71.03% at the Cut-off Date (56.62% at
Maturity).
CALL PROTECTION 100% of the mortgages are protected by Lockout and/or
Defeasance, Yield Maintenance, and/or Prepayment
Premiums to the extent described herein.
SERVICER Banc One Mortgage Capital Markets, LLC
SPECIAL SERVICER Banc One Mortgage Capital Markets, LLC
UNDERWRITERS PaineWebber Incorporated and Merrill Lynch & Co.
PAINEWEBBER INCORPORATED MERRILL LYNCH & CO.
RENNY MENDEZ RICHARD SIGG
JOHN OTIS GLEN REISS
(212) 713-4002 (212) 449-3860
================================================================================
The Underwriters make no representations as to the accuracy or completeness of
the information contained herein. The information contained herein is qualified
in its entirety by the information in the Prospectus and Prospectus Supplement
for this transaction. The information contained herein is preliminary as of the
date hereof and will be superceded by the applicable final Prospectus and
Prospectus Supplement and any other information subsequently filed with the
Securities and Exchange Commission. These materials are subject to change,
completion, or amendment from time to time without notice, and the Underwriters
are under no obligation to keep you advised of such changes. These materials are
not intended as an offer or solicitation with respect to the purchase or sale of
any security. Any investment decision with respect to the securities should be
made by you based upon the information contained in the final Prospectus
Supplement and Prospectus relating to the securities. You should consult your
own counsel, accountant, and other advisors as to the legal, tax, business,
financial and related aspects of a purchase of these securities.
<PAGE>
PAINEWEBBER MORTGAGE ACCEPTANCE CORPORATION V, 1999-C1
- --------------------------------------------------------------------------------
SUBORDINATION LEVELS
The following chart summarizes the protection afforded to each Class of
Certificates by the initial principal amount of other Classes that are
subordinated thereto.
<TABLE>
<CAPTION>
=====================================================================================================================
RATINGS
APPROXIMATE PRINCIPAL ----------------------- CLASS SIZE AS A
INITIAL AND INITIAL PERCENTAGE OF
CREDIT INTEREST-ONLY INTEREST CERTIFICATE INITIAL POOL
SUPPORT CERTIFICATES CERTIFICATES BALANCE MOODY'S FITCH IBCA BALANCE (1)
------- ------------ ------------ ------- ------- ---------- -----------
<S> <C> <C> <C> <C> <C> <C>
27.50% Class A-1 $153,627,000 Aaa AAA 21.80%
27.50% Class A-2 $357,327,000 Aaa AAA 50.70%
22.50% Class B $ 35,238,000 Aa2 AA 5.00%
17.25% Class X Class C $ 37,000,000 A2 A 5.25%
12.50% (Aaa/AAA) Class D $ 33,476,000 Baa2 BBB 4.75%
11.25% Class E $ 8,809,000 Baa3 BBB- 1.25%
6.25% Class F $ 35,238,000 Ba2 NR(2) 5.00%
2.75% Class G $ 24,666,000 B2 NR(2) 3.50%
1.70% Class H $ 7,400,000 B3 NR(2) 1.05%
Class I $ 11,983,603 NR (2) NR(2) 1.70%
=====================================================================================================================
</TABLE>
(1) Initial Pool Balance means the aggregate of the Stated Principal Balances
of the Mortgage Loans on the Cut-off Date.
(2) NR=Not Rated.
- --------------------------------------------------------------------------------
The Underwriters make no representations as to the accuracy or completeness of
the information contained herein. The information contained herein is qualified
in its entirety by the information in the Prospectus and Prospectus Supplement
for this transaction. The information contained herein is preliminary as of the
date hereof and will be superceded by the applicable final Prospectus and
Prospectus Supplement and any other information subsequently filed with the
Securities and Exchange Commission. These materials are subject to change,
completion, or amendment from time to time without notice, and the Underwriters
are under no obligation to keep you advised of such changes. These materials are
not intended as an offer or solicitation with respect to the purchase or sale of
any security. Any investment decision with respect to the securities should be
made by you based upon the information contained in the final Prospectus
Supplement and Prospectus relating to the securities. You should consult your
own counsel, accountant, and other advisors as to the legal, tax, business,
financial and related aspects of a purchase of these securities.
<PAGE>
PAINEWEBBER MORTGAGE ACCEPTANCE CORPORATION V, 1999-C1
- --------------------------------------------------------------------------------
TRANSACTION SUMMARY
DEPOSITOR PaineWebber Mortgage Acceptance Corporation V.
OFFERED CERTIFICATES Class A-1 and Class A-2 (together the "Class A
Certificates"), Class X, Class B, Class C, Class D.
LOAN SELLERS Paine Webber Real Estate Securities Inc. (66.35%) and
Merrill Lynch Mortgage Capital Inc. (33.65%).
RATING AGENCIES Moody's Investors Service ("Moody's"), Fitch IBCA,
Inc. ("Fitch")
LEGAL STRUCTURE Sequential pay REMIC classes rated AAA through BBB
offered.
CUT-OFF DATE June 1, 1999 (or with respect to 1 Mortgage Loan, June
5, 1999).
SETTLEMENT DATE On or about June 7, 1999.
DISTRIBUTION DATE Monthly on the 15th day of the month or the next
business day. The first Distribution Date will occur
in July 1999.
DELAY DAYS 14
MASTER SERVICER Banc One Mortgage Capital Markets, LLC.
SPECIAL SERVICER Banc One Mortgage Capital Markets, LLC.
TRUSTEE LaSalle Bank, National Association.
FISCAL AGENT ABN Amro Bank NV
ERISA Classes A-1, A-2, and X are expected to be ERISA
eligible, subject to certain limitations.
SMMEA ELIGIBILITY The Certificates are not SMMEA eligible.
OPTIONAL TERMINATION 1% Clean-Up Call.
CERTIFICATE REGISTRATION Each Class of Offered Certificates will be represented
by one or more global Certificates registered in the
name of Cede & Co., as nominee of the DTC for each
principal paying class.
PRICING SPEED 0% CPR (assuming each Anticipated Repayment Date
("ARD") Loan prepays on its Anticipated Repayment
Date) for each principal paying class. 100% CPR after
Lockout and/or Yield Maintenance penalties expire for
Class X.
UNDERWRITERS PaineWebber Incorporated and Merrill Lynch & Co.
- --------------------------------------------------------------------------------
The Underwriters make no representations as to the accuracy or completeness of
the information contained herein. The information contained herein is qualified
in its entirety by the information in the Prospectus and Prospectus Supplement
for this transaction. The information contained herein is preliminary as of the
date hereof and will be superceded by the applicable final Prospectus and
Prospectus Supplement and any other information subsequently filed with the
Securities and Exchange Commission. These materials are subject to change,
completion, or amendment from time to time without notice, and the Underwriters
are under no obligation to keep you advised of such changes. These materials are
not intended as an offer or solicitation with respect to the purchase or sale of
any security. Any investment decision with respect to the securities should be
made by you based upon the information contained in the final Prospectus
Supplement and Prospectus relating to the securities. You should consult your
own counsel, accountant, and other advisors as to the legal, tax, business,
financial and related aspects of a purchase of these securities.
<PAGE>
PAINEWEBBER MORTGAGE ACCEPTANCE CORPORATION V, 1999-C1
- --------------------------------------------------------------------------------
CERTIFICATE STRUCTURE SUMMARY
DISTRIBUTION OF PRINCIPAL On each Distribution Date each Class is generally
AND INTEREST: entitled, subject to the priority of payments, to
receive interest accrued on its certificate balance or
notional amount at the applicable Pass-Through Rate
during the month preceding the month in which that
Distribution Date occurs. There are circumstances
relating to the timing of prepayments in which your
interest entitlement for a Distribution Date could be
less than one full month's interest at the
Pass-Through Rate on your certificate's principal
balance or notional amount. We call this type of
shortfall a "Prepayment Interest Shortfall."
The amount of principal required to be distributed to
the Classes entitled to principal on a particular
Distribution Date also can be found on p. S-81 of the
preliminary Prospectus Supplement.
On each Distribution Date, the Available Distribution
Amount from the Mortgage Loans, will be distributed in
the following amounts and order of priority:
Step 1/Class A and Class X: To interest on Classes A-1
and A-2 and Class X, pro rata, in accordance with
their interest entitlements.
Step 2/Class A: To the extent of funds available for
principal, to principal on Classes A-1 and A-2, in
that order, until reduced to zero. If each Class of
certificates other than Class A has been reduced to
zero, funds available for principal will be
distributed to Classes A-1 and A-2, pro rata, rather
than sequentially.
Step 3/Class A: To reimburse Classes A-1 and A-2, pro
rata, for any previously unreimbursed losses on the
Mortgage Loans allocable to principal that were
previously borne by those classes.
Step 4/Class B: To Class B in this order: (a) to
interest on Class B in the amount of its interest
entitlement; (b) to the extent of funds available for
principal, to principal on Class B until reduced to
zero; and (c) to reimburse Class B for any previously
unreimbursed losses on the mortgage loans allocable to
principal that were previously borne by that Class,
together with interest.
Step 5/Class C: To Class C in a manner analogous to
the Class B allocations of Step 4.
Step 6/Class D: To Class D in a manner analogous to
the Class B allocations of Step 4.
Step 7/Private Certificates: To each Class of Private
Certificates (other than the Residual Certificates),
in the amounts and order of priority described in the
preliminary Prospectus Supplement, in each case in a
manner analogous to the Class B allocations of Step 4,
and then to the Residual Certificates.
See p. S-81 of the preliminary Prospectus Supplement.
- --------------------------------------------------------------------------------
The Underwriters make no representations as to the accuracy or completeness of
the information contained herein. The information contained herein is qualified
in its entirety by the information in the Prospectus and Prospectus Supplement
for this transaction. The information contained herein is preliminary as of the
date hereof and will be superceded by the applicable final Prospectus and
Prospectus Supplement and any other information subsequently filed with the
Securities and Exchange Commission. These materials are subject to change,
completion, or amendment from time to time without notice, and the Underwriters
are under no obligation to keep you advised of such changes. These materials are
not intended as an offer or solicitation with respect to the purchase or sale of
any security. Any investment decision with respect to the securities should be
made by you based upon the information contained in the final Prospectus
Supplement and Prospectus relating to the securities. You should consult your
own counsel, accountant, and other advisors as to the legal, tax, business,
financial and related aspects of a purchase of these securities.
<PAGE>
PAINEWEBBER MORTGAGE ACCEPTANCE CORPORATION V, 1999-C1
- --------------------------------------------------------------------------------
CERTIFICATE STRUCTURE SUMMARY
SUBORDINATION / Losses from any Mortgage Loan will generally be
ALLOCATION OF LOSSES allocated in reverse alphabetical order to the
Certificates with Certificate Principal Balances The
chart below describes the manner in which the rights
of various Classes will be senior to the rights of
other Classes. Entitlement to receive principal and
interest on any distribution date is depicted in
descending order. The manner in which Mortgage Loan
losses are allocated is depicted in ascending order.
Class A-1, Class A-2, Class X
Class B
Class C
Class D
Class E
Class F
Class G
Class H
Class I
See page S-87 of the preliminary Prospectus
Supplement.
- --------------------------------------------------------------------------------
The Underwriters make no representations as to the accuracy or completeness of
the information contained herein. The information contained herein is qualified
in its entirety by the information in the Prospectus and Prospectus Supplement
for this transaction. The information contained herein is preliminary as of the
date hereof and will be superceded by the applicable final Prospectus and
Prospectus Supplement and any other information subsequently filed with the
Securities and Exchange Commission. These materials are subject to change,
completion, or amendment from time to time without notice, and the Underwriters
are under no obligation to keep you advised of such changes. These materials are
not intended as an offer or solicitation with respect to the purchase or sale of
any security. Any investment decision with respect to the securities should be
made by you based upon the information contained in the final Prospectus
Supplement and Prospectus relating to the securities. You should consult your
own counsel, accountant, and other advisors as to the legal, tax, business,
financial and related aspects of a purchase of these securities.
<PAGE>
PAINEWEBBER MORTGAGE ACCEPTANCE CORPORATION V, 1999-C1
- --------------------------------------------------------------------------------
CERTIFICATE STRUCTURE SUMMARY
PREPAYMENT PROVISIONS prepayment during their terms. 54.39% are locked out
until their respective maturity dates (or, with
respect to ARD Loans, Anticipated Repayment Date),
1.39% require the payment of Yield Maintenance Charges
until maturity (or, with respect to ARD Loans,
Anticipated Repayment Date). The remaining 44.22% have
varying periods of Lockout, Yield Maintenance and/or
Prepayment Premiums until a specified period of time
(generally between three and nine months) immediately
prior to their respective maturity dates (or, with
respect to ARD Loans, Anticipated Repayment Date)
during which there are no restrictions on voluntary
prepayment.
See pages S-43-44 of the preliminary Prospectus
Supplement.
DEFEASANCE The terms of 90.91% of the Mortgage Loans grant the
related borrower the option at any time after at least
two years from the Closing Date to obtain the release
of the lien of the Mortgage on the related Mortgaged
Property by substituting for such Mortgaged Property,
as collateral for the related Mortgage Note, U.S.
Treasury securities which provide for payments on or
prior to each Due Date and the maturity date or
Anticipated Repayment Date, as the case may be, of
amounts at least equal to the amounts which would have
been payable on each such date under the terms of the
related Mortgage Loan. No Yield Maintenance Charge or
Prepayment Premium will be payable in connection with
the release of a Mortgaged Property as described
above.
See page S-49 of the preliminary Prospectus
Supplement.
REPORTS TO The Trustee will furnish each Certificateholder,
CERTIFICATEHOLDERS Bloomberg, L.P., and Charter Research Corporation with
certain information including: (i) distributions of
principal, interest, yield maintenance charges and
prepayment premiums on each Class of Certificates;
(ii) the amount of P & I Advances, (iii) outstanding
Mortgage Loan and Certificate Balances; (iv)
delinquency and prepayment data; (v) and the amount of
any Appraisal Reductions.
The Trustee will provide to Certificateholders, on
request, to the extent described in the preliminary
Prospectus Supplement, certain information with
respect to the Mortgaged Properties, including current
and original net operating income, debt service
coverage ratios based upon borrowers' annual operating
statements and occupancy rates, to the extent the
Servicer has received such information from the
borrowers pursuant to the related Mortgage Loan
documents.
See page S-91 of the preliminary Prospectus
Supplement.
- --------------------------------------------------------------------------------
The Underwriters make no representations as to the accuracy or completeness of
the information contained herein. The information contained herein is qualified
in its entirety by the information in the Prospectus and Prospectus Supplement
for this transaction. The information contained herein is preliminary as of the
date hereof and will be superceded by the applicable final Prospectus and
Prospectus Supplement and any other information subsequently filed with the
Securities and Exchange Commission. These materials are subject to change,
completion, or amendment from time to time without notice, and the Underwriters
are under no obligation to keep you advised of such changes. These materials are
not intended as an offer or solicitation with respect to the purchase or sale of
any security. Any investment decision with respect to the securities should be
made by you based upon the information contained in the final Prospectus
Supplement and Prospectus relating to the securities. You should consult your
own counsel, accountant, and other advisors as to the legal, tax, business,
financial and related aspects of a purchase of these securities.
<PAGE>
PAINEWEBBER MORTGAGE ACCEPTANCE CORPORATION V, 1999-C1
- --------------------------------------------------------------------------------
CERTIFICATE STRUCTURE SUMMARY
REPRESENTATIONS Each Mortgage Loan Seller will make certain
AND WARRANTIES representations and warranties with respect to each
Mortgage Loan.
See page S-71 of the preliminary Prospectus
Supplement.
SERVICER ADVANCING The Servicer will be required to make (i) P & I
Advances (excluding principal Balloon Payments and any
excess interest from ARD Loans) and (ii) Servicing
Advances through liquidation of a Mortgage Loan,
unless such Advances are determined by the Servicer to
be Nonrecoverable Advances, and, in the case of P & I
Advances, subject to the effect of any Appraisal
Reductions that may occur.
See page S-89 of the preliminary Prospectus
Supplement.
SPECIAL SERVICER When a Mortgage Loan is more than 60 days delinquent,
RESPONSIBILITIES or upon the occurrence of certain other events, the
Servicer will transfer its servicing responsibilities
to the Special Servicer. Material loan extensions and
modifications will be carried out by the Special
Servicer. The Special Servicer has the flexibility to
modify Loans, subject to the Servicing Standards set
forth in the Pooling and Servicing Agreement and
subject to certain other limitations described
therein.
See page S-105 of the preliminary Prospectus
Supplement.
CONTROLLING CLASS: The most subordinate Class of Certificates with a
remaining Certificate Principal Balance at least equal
to the lesser of (a) 1% of the Initial Pool Balance
and (b) 25% of such Class' initial Certificate
Principal Balance (initially expected to be the Class
I Certificates) will be the "Controlling Class". The
holder of the majority of the Controlling Class will
have certain rights with respect to the direction of
actions of the Special Servicer.
See page S-107 of the preliminary Prospectus
Supplement.
APPRAISAL REDUCTIONS An appraisal will be obtained by the Special Servicer
if a Mortgage Loan becomes 90 days delinquent, or upon
the occurrence of certain other events. An Appraisal
Reduction may result, which would have the effect of
reducing the amount of P & I Advances made by the
Servicer and the voting rights of the most subordinate
Class of Certificates then outstanding.
See page S-90 of the preliminary Prospectus
Supplement.
- --------------------------------------------------------------------------------
The Underwriters make no representations as to the accuracy or completeness of
the information contained herein. The information contained herein is qualified
in its entirety by the information in the Prospectus and Prospectus Supplement
for this transaction. The information contained herein is preliminary as of the
date hereof and will be superceded by the applicable final Prospectus and
Prospectus Supplement and any other information subsequently filed with the
Securities and Exchange Commission. These materials are subject to change,
completion, or amendment from time to time without notice, and the Underwriters
are under no obligation to keep you advised of such changes. These materials are
not intended as an offer or solicitation with respect to the purchase or sale of
any security. Any investment decision with respect to the securities should be
made by you based upon the information contained in the final Prospectus
Supplement and Prospectus relating to the securities. You should consult your
own counsel, accountant, and other advisors as to the legal, tax, business,
financial and related aspects of a purchase of these securities.
<PAGE>
PAINEWEBBER MORTGAGE ACCEPTANCE CORPORATION V, 1999-C1
- --------------------------------------------------------------------------------
MORTGAGE LOAN / COLLATERAL SUMMARY
MORTGAGE POOL The Mortgage Pool will consist of 177 fixed rate
Mortgage Loans on 124 commercial, 62 multifamily and 7
mobile-home community properties, with an Initial Pool
Balance of approximately $704,764,603. See pages 9
through 11 for more information on the Mortgage Loans.
All statistics presented below and on the following
pages are approximate and are based on the assumed
composition of the Mortgage Pool.
-------------------------------------------------------------------------------
Cut-off Balance $704,764,603
Average Loan Size $3,981,721
WA Coupon 7.40%
WA DSC 1.46x.
WA LTV at Cut-off 71.03%
WA LTV at Maturity 56.62%
WA Loan Maturity Approximately 127 months.
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------
NUMBER CUT-OFF CUT-OFF WTD. AVE. WTD. AVE.
OF BALANCE BALANCE MORTGAGE REMAINING WTD. AVE. WTD. AVE.
PROPERTY TYPE PROPERTIES ($) (%) RATE (%) TERMS (MOS) DSCR(X)(1) LTV (%)(1)
------------- ---------- --- --- -------- ----------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
Multifamily 62 $223,046,636 31.65% 7.356% 114 1.32x 75.31%
Retail 30 93,658,976 13.29% 7.536% 132 1.40x 70.18%
Office 21 91,477,215 12.98% 7.065% 113 1.48x 69.42%
Hospitality 35 80,645,513 11.44% 7.683% 144 1.71x 66.50%
Industrial 18 70,735,180 10.04% 7.416% 110 1.35x 71.52%
Credit Tenant Lease (CTL) 7 49,650,540 7.04% 7.094% 221 NAP NAP
Nursing Home 2 32,840,000 4.66% 8.375% 120 1.66x 66.47%
Mixed Use 3 22,567,400 3.20% 6.842% 108 1.46x 70.88%
Mobile Home Park 7 12,605,248 1.79% 7.099% 123 1.90x 55.79%
Senior Housing 3 9,967,957 1.41% 6.951% 114 1.60x 67.21%
Other 2 7,522,698 1.07% 7.436% 112 1.52x 67.51%
Healthcare 1 7,438,152 1.06% 8.500% 115 2.27x 71.52%
Self Storage 2 2,609,089 0.37% 7.760% 115 1.44x 74.02%
--- ------------ ------ ----- --- ----- -----
TOTALS/WEIGHTED AVERAGE 193 $704,764,603 100.00% 7.402% 127 1.46X 71.03%
=== ============ ====== ===== === ===== =====
- ------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) CTL Loans are excluded from these calculations.
PROPERTY LOCATIONS Properties are located in 33 states, the District of
Columbia and Puerto Rico, with the largest
concentrations in Texas (12.89%), Maryland (11.85%),
Florida (7.81%), New Jersey (7.52%), California
(7.31%) and New York (6.86%).
LARGEST LOANS The largest Mortgage Loan represents approximately
4.71% of the Initial Pool Balance; the three largest
Mortgage Loans represent 9.76%; the ten largest
Mortgage Loans represent 23.19%.
- --------------------------------------------------------------------------------
The Underwriters make no representations as to the accuracy or completeness of
the information contained herein. The information contained herein is qualified
in its entirety by the information in the Prospectus and Prospectus Supplement
for this transaction. The information contained herein is preliminary as of the
date hereof and will be superceded by the applicable final Prospectus and
Prospectus Supplement and any other information subsequently filed with the
Securities and Exchange Commission. These materials are subject to change,
completion, or amendment from time to time without notice, and the Underwriters
are under no obligation to keep you advised of such changes. These materials are
not intended as an offer or solicitation with respect to the purchase or sale of
any security. Any investment decision with respect to the securities should be
made by you based upon the information contained in the final Prospectus
Supplement and Prospectus relating to the securities. You should consult your
own counsel, accountant, and other advisors as to the legal, tax, business,
financial and related aspects of a purchase of these securities.
<PAGE>
PAINEWEBBER MORTGAGE ACCEPTANCE CORPORATION V, 1999-C1
- --------------------------------------------------------------------------------
MORTGAGE LOAN / COLLATERAL SUMMARY
SPONSOR CONCENTRATIONS There are no sponsor concentrations in excess of 10%
of the Initial Pool Balance.
REMAINING TERMS TO Approximately 19.97% of the Mortgage Loans have
MATURITY remaining terms to maturity/ARD varying between 50-108
months, 60.64% of the Mortgage Loans have remaining
terms to maturity/ARD varying between 109-120 months,
11.95% of the mortgage Loans have remaining terms to
maturity/ARD varying between 121-228 months, and the
remaining 7.43% of the Mortgage Loans have remaining
terms to maturity/ARD varying between 229-292 months.
BALLOON PAYMENTS Approximately 74.94% of the Mortgage Loans require
balloon payments at maturity; the remaining 25.06% of
the Mortgage Loans are fully or hyper amortizing.
INTEREST ACCRUAL PERIOD Approximately 5.01% of the Mortgage Loans accrue
interest on a 30/360 basis; 94.99% of the Mortgage
Loans accrue interest on an Actual/360 basis.
- --------------------------------------------------------------------------------
The Underwriters make no representations as to the accuracy or completeness of
the information contained herein. The information contained herein is qualified
in its entirety by the information in the Prospectus and Prospectus Supplement
for this transaction. The information contained herein is preliminary as of the
date hereof and will be superceded by the applicable final Prospectus and
Prospectus Supplement and any other information subsequently filed with the
Securities and Exchange Commission. These materials are subject to change,
completion, or amendment from time to time without notice, and the Underwriters
are under no obligation to keep you advised of such changes. These materials are
not intended as an offer or solicitation with respect to the purchase or sale of
any security. Any investment decision with respect to the securities should be
made by you based upon the information contained in the final Prospectus
Supplement and Prospectus relating to the securities. You should consult your
own counsel, accountant, and other advisors as to the legal, tax, business,
financial and related aspects of a purchase of these securities.
<PAGE>
PAINEWEBBER MORTGAGE ACCEPTANCE CORPORATION V, 1999-C1
- --------------------------------------------------------------------------------
MORTGAGE LOAN / COLLATERAL SUMMARY
MORTGAGE LOANS BY STATE
- --------------------------------------------------------------------------------
NUMBER OF AGGREGATE CUT-OFF PERCENTAGE OF
STATE PROPERTIES DATE BALANCE INITIAL POOL BALANCE
----- ---------- ------------ --------------------
Texas 19 $ 90,817,375 12.89%
Maryland 6 83,501,308 11.85%
Florida 23 55,038,335 7.81%
New Jersey 14 52,966,816 7.52%
California 13 51,491,340 7.31%
New York 14 48,366,192 6.86%
Arizona 7 28,086,100 3.99%
Minnesota 6 27,887,748 3.96%
Michigan 5 27,460,974 3.90%
North Carolina 8 24,173,118 3.43%
Other 78 214,975,297 30.48%
--- ------------ ------
193 $704,764,603 100.00%
=== ============ ======
- --------------------------------------------------------------------------------
RANGE OF MORTGAGE RATES AS OF THE CUT-OFF DATE
- ---------------------------- ---------------------------------------------------
RANGE OF NUMBER OF AGGREGATE CUT-OFF PERCENTAGE OF
MORTGAGE RATES LOANS DATE BALANCE INITIAL POOL BALANCE
- -------------- ----- ------------ --------------------
6.260 - 6.999 26 $ 149,262,158 21.18%
7.000 - 7.124 22 67,695,557 9.61%
7.125 - 7.249 14 61,700,696 8.75%
7.250 - 7.374 19 77,216,986 10.96%
7.375 - 7.499 17 60,088,429 8.53%
7.500 - 7.624 23 78,620,238 11.16%
7.625 - 7.749 11 28,739,009 4.08%
7.750 - 7.874 16 75,800,966 10.76%
7.875 - 7.999 4 11,602,986 1.65%
8.000 - 8.124 6 17,317,632 2.46%
8.125 - 8.249 5 11,384,420 1.62%
8.250 - 8.374 5 7,406,210 1.05%
8.375 - 8.499 4 40,583,067 5.76%
8.500 - 8.624 2 8,162,895 1.16%
8.750 - 8.874 1 1,896,954 0.27%
9.125 - 9.249 1 3,819,352 0.54%
9.500 - 9.590 1 3,467,048 0.49%
--- ------------- ------
TOTAL / WTD. AVG. 177 $ 704,764,603 100.00%
=== ============= ======
- --------------------------------------------------------------------------------
The Underwriters make no representations as to the accuracy or completeness of
the information contained herein. The information contained herein is qualified
in its entirety by the information in the Prospectus and Prospectus Supplement
for this transaction. The information contained herein is preliminary as of the
date hereof and will be superceded by the applicable final Prospectus and
Prospectus Supplement and any other information subsequently filed with the
Securities and Exchange Commission. These materials are subject to change,
completion, or amendment from time to time without notice, and the Underwriters
are under no obligation to keep you advised of such changes. These materials are
not intended as an offer or solicitation with respect to the purchase or sale of
any security. Any investment decision with respect to the securities should be
made by you based upon the information contained in the final Prospectus
Supplement and Prospectus relating to the securities. You should consult your
own counsel, accountant, and other advisors as to the legal, tax, business,
financial and related aspects of a purchase of these securities.
<PAGE>
PAINEWEBBER MORTGAGE ACCEPTANCE CORPORATION V, 1999-C1
- --------------------------------------------------------------------------------
MORTGAGE LOAN / COLLATERAL SUMMARY
RANGE OF CUT-OFF DATE BALANCES
- --------------------------------------------------------------------------------
PERCENTAGE OF
RANGE OF CUT-OFF NUMBER OF AGGREGATE CUT-OFF INITIAL
DATE BALANCES LOANS DATE BALANCE POOL BALANCE
------------- ----- ------------ ------------
$724,743 - $999,999 7 $ 6,017,310 0.85%
$1,000,000 - $1,999,999 59 85,625,753 12.15%
$2,000,000 - $2,999,999 44 109,637,566 15.56%
$3,000,000 - $3,999,999 14 49,076,658 6.96%
$4,000,000 - $4,999,999 12 54,918,113 7.79%
$5,000,000 - $5,999,999 6 33,519,039 4.76%
$6,000,000 - $6,999,999 7 45,012,827 6.39%
$7,000,000 - $7,999,999 6 45,790,222 6.50%
$8,000,000 - $8,999,999 5 42,227,187 5.99%
$9,000,000 - $9,999,999 5 47,815,723 6.78%
$10,000,000 - $14,999,999 7 84,291,816 11.96%
$15,000,000 - $19,999,999 4 67,655,657 9.60%
$30,000,000 - $33,176,730 1 33,176,730 4.71%
--- ------------- ------
TOTAL / WTD. AVG. 177 $ 704,764,603 100.00%
=== ============= ======
- --------------------------------------------------------------------------------
RANGE OF DEBT SERVICE COVERAGE RATIOS AS OF THE CUT-OFF DATE
- --------------------------------------------------------------------------------
RANGE OF NUMBER OF AGGREGATE CUT-OFF PERCENTAGE OF
DSCRS LOANS DATE BALANCE INITIAL POOL BALANCE
----- ----- ------------ --------------------
CTL Loans 7 $ 49,650,540 7.04%
1.20 - 1.29 48 248,306,677 35.23%
1.30 - 1.39 32 101,484,496 14.40%
1.40- 1.49 24 77,535,692 11.00%
1.50 - 1.59 21 48,988,739 6.95%
1.60 - 1.69 20 94,028,863 13.34%
1.70 - 1.79 7 38,248,556 5.43%
1.80 - 1.89 5 10,999,640 1.56%
1.90 - 1.99 3 9,750,137 1.38%
2.00 - 2.49 5 15,122,557 2.15%
2.50 - 2.99 3 7,993,386 1.13%
3.00 - 3.49 1 1,683,670 0.24%
4.00 - 4.01 1 971,649 0.14%
--- ------------- ------
TOTAL / WTD. AVG. 177 $ 704,764,603 100.00%
=== ============= ======
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
The Underwriters make no representations as to the accuracy or completeness of
the information contained herein. The information contained herein is qualified
in its entirety by the information in the Prospectus and Prospectus Supplement
for this transaction. The information contained herein is preliminary as of the
date hereof and will be superceded by the applicable final Prospectus and
Prospectus Supplement and any other information subsequently filed with the
Securities and Exchange Commission. These materials are subject to change,
completion, or amendment from time to time without notice, and the Underwriters
are under no obligation to keep you advised of such changes. These materials are
not intended as an offer or solicitation with respect to the purchase or sale of
any security. Any investment decision with respect to the securities should be
made by you based upon the information contained in the final Prospectus
Supplement and Prospectus relating to the securities. You should consult your
own counsel, accountant, and other advisors as to the legal, tax, business,
financial and related aspects of a purchase of these securities.
<PAGE>
PAINEWEBBER MORTGAGE ACCEPTANCE CORPORATION V, 1999-C1
- --------------------------------------------------------------------------------
MORTGAGE LOAN / COLLATERAL SUMMARY
RANGE OF LTV RATIOS AS OF THE CUT-OFF DATE
- --------------------------------------------------------------------------------
RANGE OF NUMBER OF AGGREGATE CUT-OFF PERCENTAGE OF
LTV RATIOS LOANS DATE BALANCE INITIAL POOL BALANCE
CTL Loans 7 $ 49,650,540 7.04%
17.67 - 50.00 13 23,268,528 3.30%
50.01 - 60.00 13 50,243,801 7.13%
60.01 - 70.00 38 112,969,622 16.03%
70.01 - 80.00 105 467,370,592 66.32%
80.01 - 80.10 1 1,261,519 0.18%
--- ------------- ------
TOTAL / WTD. AVG. 177 $ 704,764,603 100.00%
=== ============= ======
- --------------------------------------------------------------------------------
RANGE OF LTV RATIOS AS OF THE MORTGAGE LOAN MATURITY DATES/ANTICIPATED
REPAYMENT DATES
- --------------------------------------------------------------------------------
RANGE OF MATURITY NUMBER OF AGGREGATE CUT-OFF PERCENTAGE OF
LTV RATIOS LOANS DATE BALANCE INITIAL POOL BALANCE
CTL Loans 7 $ 49,650,540 7.04%
Fully Amortizing 23 50,735,134 7.20%
0.01 - 50.00 26 73,005,481 10.36%
50.01 - 60.00 39 132,031,475 18.73%
60.01 - 70.00 69 343,874,964 48.79%
70.01 - 80.00 13 55,467,009 7.87%
--- ------------ ------
TOTAL / WTD. AVG. 177 $704,764,603 100.00%
=== ============ ======
- --------------------------------------------------------------------------------
RANGE OF REMAINING TERM IN MONTHS
- --------------------------------------------------------------------------------
RANGE OF REMAINING NUMBER OF AGGREGATE CUT-OFF PERCENTAGE OF
TERMS (MOS.) LOANS DATE BALANCE INITIAL POOL BALANCE
50 - 72 4 $ 17,697,511 2.51%
73 - 84 5 12,324,330 1.75%
85 - 96 3 19,128,130 2.71%
97 - 108 15 91,589,801 13.00%
109 - 120 115 427,382,865 60.64%
121 - 228 19 84,232,140 11.95%
229 - 240 12 36,959,570 5.24%
241 - 292 4 15,450,256 2.19%
--- ------------- ------
TOTAL / WTD. AVG. 177 $ 704,764,603 100.00%
=== ============= ======
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
The Underwriters make no representations as to the accuracy or completeness of
the information contained herein. The information contained herein is qualified
in its entirety by the information in the Prospectus and Prospectus Supplement
for this transaction. The information contained herein is preliminary as of the
date hereof and will be superceded by the applicable final Prospectus and
Prospectus Supplement and any other information subsequently filed with the
Securities and Exchange Commission. These materials are subject to change,
completion, or amendment from time to time without notice, and the Underwriters
are under no obligation to keep you advised of such changes. These materials are
not intended as an offer or solicitation with respect to the purchase or sale of
any security. Any investment decision with respect to the securities should be
made by you based upon the information contained in the final Prospectus
Supplement and Prospectus relating to the securities. You should consult your
own counsel, accountant, and other advisors as to the legal, tax, business,
financial and related aspects of a purchase of these securities.
<PAGE>
PAINEWEBBER MORTGAGE ACCEPTANCE CORPORATION V, 1999-C1
- --------------------------------------------------------------------------------
TEN LARGEST MORTGAGE LOANS
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------
WEIGHTED AVERAGES
AGGREGATE -------------------------------------------------------
CUT-OFF PERCENTAGE STATED CUT-OFF LTV RATIO
DATE OF INITIAL MORTGAGE REMAINING DATE AT
PROPERTY NAME BALANCE POOL BALANCE RATE TERM(MOS.) DSCR LTV RATIO MATURITY
--------------- --------- ------------ -------- ---------- ---- --------- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
Hunt Valley Executive Plaza 33,176,730 4.71% 6.590 112 1.65 71.0 61.7
The Galleria 18,478,392 2.62% 6.690 112 1.45 73.9 64.5
Castle Hill Health Care Center 17,100,000 2.43% 8.375 120 1.60 72.8 55.2
Forest Village 16,337,265 2.32% 6.977 108 1.21 79.3 69.9
Brookville Healthcare Center 15,740,000 2.23% 8.375 120 1.73 59.6 45.2
Beckman-Coulter Buildings (etc.) 14,875,024 2.11% 7.260 228 N/A N/A N/A
Bay Plaza Expansion 12,774,267 1.81% 7.750 126 1.25 71.0 61.1
Timonium Corporate Park 12,517,620 1.78% 6.690 112 1.32 74.7 65.2
Kelsey Hayes 11,474,466 1.63% 7.800 118 1.23 71.8 64.2
Renaissance Office Park 10,993,724 1.56% 7.750 119 1.25 67.9 59.5
- ------------------------------- ------------------------------------------------------------------------------------
</TABLE>
DESCRIPTION
HUNT VALLEY EXECUTIVE PLAZA (APPROX. $33,176,730).
This Mortgage Loan is evidenced by a note made by the borrower and a guaranty by
the parent of the borrower, which guaranty is secured by an indemnity deed of
trust encumbering four office buildings totaling 517,724 net rentable square
feet. It was constructed between 1967 and 1977 and was renovated in 1998. The
property is located in Hunt Valley, Maryland. As of December 3, 1998, the office
complex was 95.8% leased. Major tenants include PDP Group (82,716 net rentable
square feet) and Eastern Savings Bank (20,830 net rentable square feet). Other
tenants include Blue Cross/Blue Shield and Reynolds and Reynolds. As of May 8,
1998 the appraised value was $46,750,000, indicating a Cut-off Date LTV of 71%.
The Underwritten Net Cash Flow is $4,211,009, indicating a DSCR of 1.65x.
THE GALLERIA (APPROX. $18,478,392).
This Mortgage Loan is evidenced by a note made by the borrower and a guaranty by
the parent of the borrower, which guaranty is secured by an indemnity deed of
trust encumbering three mixed use, office and retail buildings totaling 204,665
net rentable square feet. The buildings were constructed in 1982. The property
is located in Lutherville, Maryland. As of December 3, 1998, the office complex
was 97.8% leased. Major tenants include Kaiser Permanente (28,888 net rentable
square feet) and Essel Enterprises (23,534 net rentable square feet). Other
tenants include P.S.A. Financial and CIGNA. As of May 8, 1998 the appraised
value was $25,000,000, indicating a Cut-off Date LTV of 74%. The Underwritten
Net Cash Flow was $2,084,063, indicating a DSCR of 1.45x.
CASTLE HILL HEALTH CARE CENTER (APPROX. $17,100,000).
The Mortgaged Property is located at 615 Twenty-third Street, Union City (Hudson
County), New Jersey. The Mortgaged Property is improved by a six-story, 180-bed
skilled nursing home facility, with 79,841 net rentable square feet and was
built in 1992. Three area hospitals (Christ Hospital, Palisades General, and
Jersey City Medical Center) are all located in the vicinity of the Mortgaged
Property and refer their patients to the facility. The Mortgaged Property is
served by public
- --------------------------------------------------------------------------------
The Underwriters make no representations as to the accuracy or completeness of
the information contained herein. The information contained herein is qualified
in its entirety by the information in the Prospectus and Prospectus Supplement
for this transaction. The information contained herein is preliminary as of the
date hereof and will be superceded by the applicable final Prospectus and
Prospectus Supplement and any other information subsequently filed with the
Securities and Exchange Commission. These materials are subject to change,
completion, or amendment from time to time without notice, and the Underwriters
are under no obligation to keep you advised of such changes. These materials are
not intended as an offer or solicitation with respect to the purchase or sale of
any security. Any investment decision with respect to the securities should be
made by you based upon the information contained in the final Prospectus
Supplement and Prospectus relating to the securities. You should consult your
own counsel, accountant, and other advisors as to the legal, tax, business,
financial and related aspects of a purchase of these securities.
<PAGE>
PAINEWEBBER MORTGAGE ACCEPTANCE CORPORATION V, 1999-C1
- --------------------------------------------------------------------------------
TEN LARGEST MORTGAGE LOANS
transportation and has easy access from the New Jersey Turnpike, the Holland
Tunnel and Route 1. Additionally, there are numerous local roads in the
subject's immediate area. As of March 1, 1999, the appraised value was
$23,500,000, indicating a Cut-off Date LTV of 73%. The Underwritten Net Cash
Flow was $2,758,102, indicating a DSCR of 1.60x. Historical occupancy for the
subject is 99%, 99%, 98% and 98% for 1995, 1996, 1997 and 1998, respectively.
The borrowing entity is Castle Hill Holding, LLC., affiliates of which also own
Brookville Health Care Center, and as of the date of origination, five other
long-term and residential care healthcare facilities in New Jersey and several
retail and residential properties in New York and Florida.
FOREST VILLAGE (APPROX. $16,337,265).
The Mortgaged Property is located at 4400 Rena Road in the city of Suitland,
Prince Georges County, Maryland. The Mortgaged Property is a 31.72 acre site,
improved by a 410-unit garden apartment complex of three and four-story garden
style apartment buildings. Additional improvements include 620 parking spaces,
which provide a parking ratio of 1.5 spaces per unit. The Mortgaged Property was
constructed in 1961. Individual unit amenities include frost-free refrigerators,
disposals, picture windows and a patio/balcony. Approximately 12.5 acres of the
site consists of recreational park area. Project amenities include an outdoor
swimming pool, two tennis courts, children's playground, a wooden picnic shelter
and a gazebo. As of December 31, 1998, the property was 95% leased. Prior to
origination, the appraised value was $20,600,000, indicating a Cut-off Date LTV
of 79%. The Underwritten Net Cash Flow was $1,588,354, indicating a DSCR of
1.21x.
BROOKVILLE HEALTH CARE CENTER (APPROX. $15,740,000).
The Mortgaged Property is located at 155 Fortieth Street, Irvington (Essex
County), New Jersey. The Mortgaged Property is improved by a 180-bed nursing
home facility totaling 89,070 net rentable square feet. Five area hospitals
(Irvington General, Newark Beth Israel, E. Orange General, St. Barnabas and St.
James) are all located in the vicinity of the Mortgaged Property and refer
patients to the facility. The improvements were originally built in 1980 as a
single story building, and was gut renovated and converted to a nursing home in
1992. Public transportation and access to and from the facility is provided by
an excellent network of NJ Transit buses as well as Interstate 78, the Garden
State Parkway and Route 124. Additionally, there are numerous local roads in the
subject's immediate area. As of March 1, 1999, the appraised value was
$26,400,000, indicating a Cut-off Date LTV of 60%. The Underwritten Net Cash
Flow was $2,741,226, indicating a DSCR of 1.73x. As of April 21, 1999, the
property was 93% occupied. The borrowing entity, Brookville Holding, LLC, the
principal affiliates of which as of the date of origination also owns Castle
Hill Health Care Center and five other residential health care facilities.
BECKMAN-COULTER BUILDINGS (APPROX. $14,875,024).
This Credit Tenant Loan is secured by three single-tenant office/R&D buildings
totaling approximately 163,156 net rentable square feet and built in 1972, 1982
and 1989, respectively. The property is located in Chaska, Minnesota. The
property is leased to Beckman-Coulter, Inc. ("Beckman") under a bond-type lease
that expires on June 30, 2018. As of May 1, 1999, Beckman had
- --------------------------------------------------------------------------------
The Underwriters make no representations as to the accuracy or completeness of
the information contained herein. The information contained herein is qualified
in its entirety by the information in the Prospectus and Prospectus Supplement
for this transaction. The information contained herein is preliminary as of the
date hereof and will be superceded by the applicable final Prospectus and
Prospectus Supplement and any other information subsequently filed with the
Securities and Exchange Commission. These materials are subject to change,
completion, or amendment from time to time without notice, and the Underwriters
are under no obligation to keep you advised of such changes. These materials are
not intended as an offer or solicitation with respect to the purchase or sale of
any security. Any investment decision with respect to the securities should be
made by you based upon the information contained in the final Prospectus
Supplement and Prospectus relating to the securities. You should consult your
own counsel, accountant, and other advisors as to the legal, tax, business,
financial and related aspects of a purchase of these securities.
<PAGE>
PAINEWEBBER MORTGAGE ACCEPTANCE CORPORATION V, 1999-C1
- --------------------------------------------------------------------------------
TEN LARGEST MORTGAGE LOANS
a long-term rating of "BB+" (stable) from Standard & Poor's, "Ba1" (negative
watch) from Moody's and "BBB-" (stable) from Duff & Phelps Credit Rating Co.
Beckman is engaged in the design, manufacture, distribution and servicing of
analytical systems used in the diagnostic and bio-research markets.
Pursuant to a lease modification agreement between Beckman and the borrower
under this Credit Tenant Loan, Beckman is permitted to pay rent in Japanese yen
for so long as the related borrower is party to one or more currency exchange
swap agreements obligating one or more counterparties that satisfy certain net
worth and rating requirements to pay to the lender the dollar-denominated
Monthly rental payment on each day on which it is due under the lease. First
National Bank of Chicago and Citibank, N.A. are the counterparties on the
currency exchange agreement. At any time that a qualifying currency exchange
agreement is not then in effect, a notice of termination of any such agreement
has been given or any condition precedent to the payment by a swap financial
institution has not been satisfied or waived, the basic rent automatically
re-converts to dollar-denominated rent and the agreement to permit Beckman to
pay rent in yen becomes null and void. Beckman has agreed to indemnify the
related borrower and the lender for all losses, damages and liabilities that it
may incur under any currency swap relating to the obligations under the lease.
BAY PLAZA EXPANSION (APPROX. $12,774,267).
This Mortgage Loan is secured by a shopping center that consists of two
one-story buildings, with a total of 56,200 net rentable square feet. The center
was constructed in 1988 and is located in New York, New York. Anchor tenants are
Staples (24,000 net rentable square feet) and Old Navy (22,200 net rentable
square feet). As of July 1, 1998, the property was 100% leased. As of July 1,
1998, the appraised value was $18,000,000, indicating a Cut-off Date LTV of 71%.
The Underwritten Net Cash Flow is $1,391,919, indicating a DSCR of 1.25x. The
Bay Plaza Expansion is an expansion parcel for a larger shopping center (not
part of the collateral) that is comprised of a total of 53 stores located on 71
acres and is anchored by Big K, Pathmark and J.C. Penney. The complex is located
in the Co-op City section of the Bronx, New York City, an area bounded by
Interstate 95 and the Hutchinson River Parkway.
TIMONIUM CORPORATE PARK (APPROX. $12,517,620).
This Mortgage Loan is evidenced by a note made by the borrower and a guaranty by
the parent of the borrower, which guaranty is secured by an indemnity deed of
trust encumbering a ten-story elevator served office building located in
Timonium, Maryland. The property was constructed in 1986 and has a total of
134,226 net rentable square feet. As of December 3, 1998, the office complex was
95.6% leased. Major tenants include Medex Associates Brooks-Shettle Matterhorne
(23,059 net rentable square feet) and Clifton, Gunderson LLC (20,179 net
rentable square feet). Other tenants include GBMC Agency Inc. and Metropolitan
Insurance Company. As of May 8, 1998, the appraised value was $16,750,000,
indicating a Cut-off Date LTV of 75%. The Underwritten Net Cash Flow is
$1,284,796, indicating a DSCR of 1.32x.
- --------------------------------------------------------------------------------
The Underwriters make no representations as to the accuracy or completeness of
the information contained herein. The information contained herein is qualified
in its entirety by the information in the Prospectus and Prospectus Supplement
for this transaction. The information contained herein is preliminary as of the
date hereof and will be superceded by the applicable final Prospectus and
Prospectus Supplement and any other information subsequently filed with the
Securities and Exchange Commission. These materials are subject to change,
completion, or amendment from time to time without notice, and the Underwriters
are under no obligation to keep you advised of such changes. These materials are
not intended as an offer or solicitation with respect to the purchase or sale of
any security. Any investment decision with respect to the securities should be
made by you based upon the information contained in the final Prospectus
Supplement and Prospectus relating to the securities. You should consult your
own counsel, accountant, and other advisors as to the legal, tax, business,
financial and related aspects of a purchase of these securities.
<PAGE>
PAINEWEBBER MORTGAGE ACCEPTANCE CORPORATION V, 1999-C1
- --------------------------------------------------------------------------------
TEN LARGEST MORTGAGE LOANS
KELSEY HAYES (APPROX. $11,474,466).
This Mortgage Loan is secured by two industrial/office buildings located in
Livonia, Michigan. The property was constructed in 1989 and has a total of
180,514 net rentable square feet. As of March 12, 1999 the property was 100%
leased to Kelsey Hayes Company. As of March 25, 1999 the appraised value was
$15,980,000, indicating a Cut-off Date LTV of 72%. The Underwritten Net Cash
Flow is $1,216,481, indicating a DSCR of 1.23x.
RENAISSANCE OFFICE PARK (APPROX. $10,993,724).
The Mortgaged Property is located at the intersection of Eastern and Tropicana
Avenues in the city of Las Vegas, Nevada. This Mortgaged Property, between
Interstate 15 and U.S. Highway 95, is in an area located directly between the
Las Vegas International Airport and The Strip, in an area known for medical
services.
The 15.4-acre site is improved with 21 separate single-story buildings totaling
139,651 square feet. The borrower developed the subject in two phases, with
improvements completed in 1980 and 1985 respectively. The property includes 52
tenant spaces ranging from 500 to 1,800 square feet. Amenities include two
artistic water fountains, outdoor courtyards and sitting areas, delivery and
post office drop boxes, and desert-style landscaping throughout the site. Major
tenants include the First Security Bank (17,947 net rentable square feet) and
Executive Suites (10,463 net rentable square feet). As of March, 1999 the office
complex was at least 90% leased. As of March 1999, the appraised value was
approximately $16,200,000, including a Cut-off Date LTV of 67.9%. The
Underwritten Net Cash Flow is $1,198,867, indicating a DSCR of 1.25x.
- --------------------------------------------------------------------------------
The Underwriters make no representations as to the accuracy or completeness of
the information contained herein. The information contained herein is qualified
in its entirety by the information in the Prospectus and Prospectus Supplement
for this transaction. The information contained herein is preliminary as of the
date hereof and will be superceded by the applicable final Prospectus and
Prospectus Supplement and any other information subsequently filed with the
Securities and Exchange Commission. These materials are subject to change,
completion, or amendment from time to time without notice, and the Underwriters
are under no obligation to keep you advised of such changes. These materials are
not intended as an offer or solicitation with respect to the purchase or sale of
any security. Any investment decision with respect to the securities should be
made by you based upon the information contained in the final Prospectus
Supplement and Prospectus relating to the securities. You should consult your
own counsel, accountant, and other advisors as to the legal, tax, business,
financial and related aspects of a purchase of these securities.
<PAGE>
PAINEWEBBER MORTGAGE ACCEPTANCE CORPORATION V, 1999-C1
- --------------------------------------------------------------------------------
PREPAYMENT PREMIUMS AND YIELD MAINTENANCE CHARGES
RESTRICTIONS
100% of the Mortgage Loans generally have protection against voluntary
prepayment during their terms. 54.39% are locked out until their respective
maturity dates (or, with respect to ARD Loans, Anticipated Repayment Date),
1.39% require the payment of Yield Maintenance Charges until maturity .(or, with
respect to ARD Loans, Anticipated Repayment Date). The remaining 44.22% have
varying periods of Lockout, Yield Maintenance and/or Prepayment Premiums until a
specified period of time (generally between three and nine months) immediately
prior to their respective maturity dates during which there are no restrictions
on voluntary prepayment (or, with respect to ARD Loans, Anticipated Repayment
Date).
More generally, 163 loans or 90.91% of the initial pool balance is either locked
out or protected by defeasance, 11 loans or 6.14% pool balance is protected by
lockout followed by a yield maintenance period, and 3 loans or 2.94% of the
initial pool balance is protected by lockout followed by a period of fixed
prepayment premiums.
ALLOCATION OF PREMIUMS AND CHARGES
PREPAYMENT PREMIUMS. 25% of Prepayment Premiums will be allocated on any
distribution date, to the Class A, B, C, D and E Certificate holders based on
principal distributed to such Class on such distribution date. Only Classes A,
B, C, D and E will receive this distribution. All remaining amounts of
Prepayment Premiums will be distributed to Class X. Please see page S-86 of the
Prospectus Supplement for a description of the allocation of Prepayment
Premiums.
YIELD MAINTENANCE CHARGES. Substantially all Yield Maintenance Charges are
calculated flat to Treasuries. The fraction of Yield Maintenance Charges
distributed to each eligible principal paying bond class (Classes A, B, C, D and
E) is defined by:
(a) The principal distributed to each such class divided by the total principal
distributed to all classes of Certificates
multiplied by
(b) (Bond Coupon - Treasury Rate) / (Mortgage Rate-Treasury Rate),
where (b) is not to exceed 1.0, or be less than zero, and where the Treasury
Rate is the appropriate Treasury yield used to calculate the Yield Maintenance
Charge.
This fraction is multiplied by the Yield Maintenance Charge, to determine the
amount allocated among Classes A, B, C, D, and E, whichever are currently
receiving principal on the distribution date. Class X will receive the remainder
of any Yield Maintenance Charges.
Please see page S-86 of the Prospectus Supplement for a description of the
allocation of Yield Maintenance Charges.
- --------------------------------------------------------------------------------
The Underwriters make no representations as to the accuracy or completeness of
the information contained herein. The information contained herein is qualified
in its entirety by the information in the Prospectus and Prospectus Supplement
for this transaction. The information contained herein is preliminary as of the
date hereof and will be superceded by the applicable final Prospectus and
Prospectus Supplement and any other information subsequently filed with the
Securities and Exchange Commission. These materials are subject to change,
completion, or amendment from time to time without notice, and the Underwriters
are under no obligation to keep you advised of such changes. These materials are
not intended as an offer or solicitation with respect to the purchase or sale of
any security. Any investment decision with respect to the securities should be
made by you based upon the information contained in the final Prospectus
Supplement and Prospectus relating to the securities. You should consult your
own counsel, accountant, and other advisors as to the legal, tax, business,
financial and related aspects of a purchase of these securities.
<PAGE>
PAINEWEBBER MORTGAGE ACCEPTANCE CORPORATION V, 1999-C1
- --------------------------------------------------------------------------------
PREPAYMENT PREMIUMS AND YIELD MAINTENANCE CHARGES
The following table summarizes the amounts and percentages of the Pool Balance
which are subject to a Lockout Period, Yield Maintenance Charge or Prepayment
Premium on an annual basis over the life of the Trust (assuming no loan
prepayments, modifications, defaults or extensions).
PREPAYMENT LOCK-OUT/PREMIUM ANALYSIS
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
12 24 36 48 60 72 84 96 108 120 132 144
CURRENT MO. MO. MO. MO. MO. MO. MO. MO. MO. MO. MO. MO.
JUNE JUNE JUNE JUNE JUNE JUNE JUNE JUNE JUNE JUNE JUNE JUNE JUNE
PREPAYMENT RESTRICTION 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
- ---------------------- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Locked Out 99.7% 97.4% 97.4% 96.8% 92.1% 92.1% 93.8% 92.4% 92.1% 89.1% 88.6% 100.0% 100.0%
Yield Maintenance 0.3 0.8 0.8 1.4 6.1 6.1 6.2 6.3 6.6 1.6 0.0 0.0 0.0
Percentage Premium
5.00% and greater 0.0 1.8 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
4.00 to 4.99% 0.0 0.0 1.8 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
3.00 to 3.99% 0.0 0.0 0.0 1.8 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
2.00 to 2.99% 0.0 0.0 0.0 0.0 1.8 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
1.00 to 1.99% 0.0 0.0 0.0 0.0 0.0 1.8 0.0 1.3 1.3 0.0 0.0 0.0 0.0
Open 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9.3 11.4 0.0 0.0
TOTALS 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
Mortgage Pool Balance
($ millions) $704.8 $695.4 $685.1 $674.0 $662.0 $644.3 $618.7 $592.3 $559.4 $465.4 $97.4 $80.8 $58.8
% of Initial Pool Balance 100.0% 98.7% 97.2% 95.6% 93.9% 91.4% 87.8% 84.0% 79.4% 66.0% 13.8% 11.5% 8.3%
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
- ------------------------------------------------------
156 168 180
MO. MO. MO.
JUNE JUNE JUNE
PREPAYMENT RESTRICTION 2012 2013 2014
- ---------------------- ---- ---- ----
Locked Out 100.0% 89.1% 97.9%
Yield Maintenance 0.0 0.0 0.0
Percentage Premium
5.00% and greater 0.0 0.0 0.0
4.00 to 4.99% 0.0 0.0 0.0
3.00 to 3.99% 0.0 0.0 0.0
2.00 to 2.99% 0.0 0.0 0.0
1.00 to 1.99% 0.0 0.0 0.0
Open 0.0 10.9 2.1
TOTALS 100.0% 100.0% 100.0%
Mortgage Pool Balance
($ millions) $53.1 $46.8 $36.0
% of Initial Pool Balance 7.5% 6.6% 5.1%
- ------------------------------------------------------
MORTGAGE LOAN PREPAYMENT PROVISIONS
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------
WEIGHTED
AVERAGE #
WEIGHTED LOCKOUT/DEFEASANCE OF MONTHS
NUMBER % OF AVERAGE TERM (MO.)/% OF OPEN TO
OF AGGREGATE INITIAL STATED WEIGHTED AVERAGE PREPAYMENT
PREPAYMENT MORTGAGE CUT-OFF DATE POOL REMAINING STATED REMAINING PRIOR TO
RESTRICTION (A) LOANS BALANCE BALANCE TERM (MO.) TERM OF LOCKOUT MATURITY/ARD
--------------- ----- ------- ------- ---------- --------------- ------------
<S> <C> <C> <C> <C> <C> <C> <C>
LO, or LO then D 163 $640,734,144 90.91% 130 128 98.26% 2
LO, then P 3 20,728,314 2.94 85 39 45.86 5
LO, then YM 11 43,302,145 6.14 104 36 34.43 3
--- ------------ ------ --- --- ----- --
Total / Wtd. Avg. 177 $704,764,603 100.00% 127 120 94.03% 2
=== ============ ====== === === ===== ==
- -----------------------------------------------------------------------------------------------------------------
</TABLE>
(1) LO = Lockout; D = Defeasance; P = Fixed Prepayment Premiums; YM = Yield
Maintenance
- --------------------------------------------------------------------------------
The Underwriters make no representations as to the accuracy or completeness of
the information contained herein. The information contained herein is qualified
in its entirety by the information in the Prospectus and Prospectus Supplement
for this transaction. The information contained herein is preliminary as of the
date hereof and will be superceded by the applicable final Prospectus and
Prospectus Supplement and any other information subsequently filed with the
Securities and Exchange Commission. These materials are subject to change,
completion, or amendment from time to time without notice, and the Underwriters
are under no obligation to keep you advised of such changes. These materials are
not intended as an offer or solicitation with respect to the purchase or sale of
any security. Any investment decision with respect to the securities should be
made by you based upon the information contained in the final Prospectus
Supplement and Prospectus relating to the securities. You should consult your
own counsel, accountant, and other advisors as to the legal, tax, business,
financial and related aspects of a purchase of these securities.
<PAGE>
PAINEWEBBER INCORPORATED
PMAC 1999-C1
CLASS A-1
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------
PRICING SPEED: RUN SETTLES RULES FROM COLLATERAL TERM COUPON
- ----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
0.000 CPR at Issuance 6/7/99 Script 309.9 7.4023
- ----------------------------------------------------------------------------------------
</TABLE>
- -------------------------------------------------------------------------------
CLASS 3A1 ORIGINAL PAR TYPE COUPON PRICE
- -------------------------------------------------------------------------------
Tranche 1 $153,627,000 SEQ 6.4300 (FIXED) 100.51688
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------
PREPAYMENT RATE 0 CPR 25 CPR 50 CPR 75 CPR 100 CPR 0 CPR 0 CPR 0 CPR
DEFAULT RATE 0 PSA 0 PSA 0 PSA 0 PSA 0 PSA 0 PSA 0 PSA 0 PSA
PRICE IN 4/32NDS STEPS +0 BP +0 BP +0 BP +0 BP +0 BP +0 BP +0 BP +0 BP
- -----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
99-00 6.694 6.712 6.723 6.730 6.737 6.694 6.694 6.694
99-04 6.664 6.681 6.692 6.698 6.705 6.664 6.664 6.664
99-08 6.635 6.651 6.660 6.666 6.672 6.635 6.635 6.635
99-12 6.605 6.620 6.629 6.634 6.640 6.605 6.605 6.605
99-16 6.576 6.590 6.598 6.603 6.608 6.576 6.576 6.576
99-20 6.546 6.559 6.567 6.571 6.575 6.546 6.546 6.546
99-24 6.517 6.529 6.536 6.540 6.543 6.517 6.517 6.517
99-28 6.488 6.498 6.505 6.508 6.511 6.488 6.488 6.488
100-00 6.458 6.468 6.474 6.477 6.479 6.458 6.458 6.458
100-04 6.429 6.438 6.443 6.446 6.447 6.429 6.429 6.429
100-08 6.400 6.407 6.412 6.414 6.415 6.400 6.400 6.400
100-12 6.371 6.377 6.381 6.383 6.383 6.371 6.371 6.371
100-16(P ) 6.342 6.347 6.350 6.352 6.351 6.342 6.342 6.342
100-20 6.313 6.317 6.320 6.321 6.320 6.313 6.313 6.313
100-24 6.284 6.287 6.289 6.290 6.288 6.284 6.284 6.284
100-28 6.255 6.257 6.258 6.259 6.256 6.255 6.255 6.255
101-00 6.226 6.227 6.228 6.228 6.225 6.226 6.226 6.226
101-04 6.197 6.197 6.197 6.197 6.193 6.197 6.197 6.197
101-08 6.168 6.168 6.167 6.166 6.162 6.168 6.168 6.168
101-12 6.139 6.138 6.137 6.135 6.130 6.139 6.139 6.139
101-16 6.111 6.108 6.106 6.105 6.099 6.111 6.111 6.111
101-20 6.082 6.079 6.076 6.074 6.067 6.082 6.082 6.082
101-24 6.054 6.049 6.046 6.043 6.036 6.054 6.054 6.054
101-28 6.025 6.020 6.016 6.013 6.005 6.025 6.025 6.025
102-00 5.997 5.990 5.986 5.982 5.974 5.997 5.997 5.997
- -----------------------------------------------------------------------------------------------------
AVERAGE LIFE: 5.321 5.126 5.013 4.944 4.829 5.321 5.321 5.321
MOD DURATION: 4.276 4.130 4.045 3.991 3.906 4.276 4.276 4.276
EXP. 1ST PAY: 7/15/99 7/15/99 7/15/99 7/15/99 7/15/99 7/15/99 7/15/99 7/15/99
EXP. MATURITY: 12/15/07 10/15/07 9/15/07 8/15/07 7/15/07 12/15/07 12/15/07 12/15/07
AL TSY SPREAD: 0.85 0.86 0.87 0.88 0.88 0.85 0.85 0.85
- -----------------------------------------------------------------------------------------------------
<CAPTION>
TREASURY CURVE
- -----------------------------------------------------------------------------------------------------
TSY YIELD TSY YIELD
--- ----- --- -----
<S> <C> <C> <C>
1 YR 4.830
2 YR 5.260 10 YR 5.600
5 YR 5.480 30 YR 5.890
- -----------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
PAINEWEBBER INCORPORATED
PMAC 1999-C1
CLASS A-2
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------
PRICING SPEED: RUN SETTLES RULES FROM COLLATERAL TERM COUPON
- ----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
0.000 CPR at Issuance 6/7/99 Script 309.9 7.4023
- ----------------------------------------------------------------------------------------
</TABLE>
- -------------------------------------------------------------------------------
CLASS 3A2 ORIGINAL PAR TYPE COUPON PRICE
- -------------------------------------------------------------------------------
Tranche 2 $357,327,000 SEQ 6.8000 (FIXED) 101.52121
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------
PREPAYMENT RATE 0 CPR 25 CPR 50 CPR 75 CPR 100 CPR 0 CPR 0 CPR 0 CPR
DEFAULT RATE 0 PSA 0 PSA 0 PSA 0 PSA 0 PSA 0 PSA 0 PSA 0 PSA
PRICE IN 4/32NDS STEPS +0 BP +0 BP +0 BP +0 BP +0 BP +0 BP +0 BP +0 BP
- -----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
100-00 6.858 6.858 6.857 6.857 6.857 6.858 6.858 6.858
100-04 6.839 6.839 6.839 6.839 6.838 6.839 6.839 6.839
100-08 6.820 6.820 6.820 6.820 6.819 6.820 6.820 6.820
100-12 6.802 6.802 6.801 6.801 6.800 6.802 6.802 6.802
100-16 6.783 6.783 6.783 6.783 6.781 6.783 6.783 6.783
100-20 6.765 6.764 6.764 6.764 6.763 6.765 6.765 6.765
100-24 6.746 6.746 6.746 6.745 6.744 6.746 6.746 6.746
100-28 6.728 6.727 6.727 6.727 6.725 6.728 6.728 6.728
101-00 6.709 6.709 6.709 6.708 6.706 6.709 6.709 6.709
101-04 6.691 6.690 6.690 6.690 6.688 6.691 6.691 6.691
101-08 6.672 6.672 6.672 6.671 6.669 6.672 6.672 6.672
101-12 6.654 6.654 6.653 6.653 6.650 6.654 6.654 6.654
101-16(P) 6.636 6.635 6.635 6.634 6.632 6.636 6.636 6.636
101-20 6.617 6.617 6.616 6.616 6.613 6.617 6.617 6.617
101-24 6.599 6.599 6.598 6.598 6.595 6.599 6.599 6.599
101-28 6.581 6.580 6.580 6.579 6.576 6.581 6.581 6.581
102-00 6.562 6.562 6.562 6.561 6.558 6.562 6.562 6.562
102-04 6.544 6.544 6.543 6.543 6.539 6.544 6.544 6.544
102-08 6.526 6.526 6.525 6.524 6.521 6.526 6.526 6.526
102-12 6.508 6.507 6.507 6.506 6.502 6.508 6.508 6.508
102-16 6.490 6.489 6.489 6.488 6.484 6.490 6.490 6.490
102-20 6.472 6.471 6.471 6.470 6.465 6.472 6.472 6.472
102-24 6.454 6.453 6.452 6.452 6.447 6.454 6.454 6.454
102-28 6.436 6.435 6.434 6.433 6.429 6.436 6.436 6.436
103-00 6.418 6.417 6.416 6.415 6.411 6.418 6.418 6.418
- -----------------------------------------------------------------------------------------------------
AVERAGE LIFE: 9.268 9.252 9.234 9.209 9.085 9.268 9.268 9.268
MOD DURATION: 6.711 6.703 6.693 6.680 6.614 6.711 6.711 6.711
EXP. 1ST PAY: 12/15/07 10/15/07 9/15/07 8/15/07 7/15/07 12/15/07 12/15/07 12/15/07
EXP. MATURITY: 4/15/09 4/15/09 4/15/09 4/15/09 1/15/09 4/15/09 4/15/09 4/15/09
AL TSY SPREAD: 1.05 1.05 1.05 1.05 1.05 1.05 1.05 1.05
- -----------------------------------------------------------------------------------------------------
<CAPTION>
TREASURY CURVE
- -----------------------------------------------------------------------------------------------------
TSY YIELD TSY YIELD
--- ----- --- -----
<S> <C> <C> <C>
1 YR 4.830
2 YR 5.260 10 YR 5.600
5 YR 5.480 30 YR 5.890
- -----------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
PAINEWEBBER INCORPORATED
PMAC 1999-C1
CLASS B
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------
PRICING SPEED: RUN SETTLES RULES FROM COLLATERAL TERM COUPON
- ----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
0.000 CPR at Issuance 6/7/99 Script 309.9 7.4023
- ----------------------------------------------------------------------------------------
</TABLE>
- -------------------------------------------------------------------------------
CLASS AA ORIGINAL PAR TYPE COUPON PRICE
- -------------------------------------------------------------------------------
Tranche 3 $35,238,000 SEQ 6.9400 101.58402
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------
PREPAYMENT RATE 0 CPR 25 CPR 50 CPR 75 CPR 100 CPR 0 CPR 0 CPR 0 CPR
DEFAULT RATE 0 PSA 0 PSA 0 PSA 0 PSA 0 PSA 0 PSA 0 PSA 0 PSA
PRICE IN 4/32NDS STEPS +0 BP +0 BP +0 BP +0 BP +0 BP +0 BP +0 BP +0 BP
- -----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
100-00 7.002 7.002 7.002 7.002 7.002 7.002 7.002 7.002
100-04 6.984 6.984 6.984 6.984 6.984 6.984 6.984 6.984
100-08 6.966 6.966 6.966 6.966 6.966 6.966 6.966 6.966
100-12 6.948 6.948 6.948 6.948 6.948 6.948 6.948 6.948
100-16 6.931 6.931 6.931 6.931 6.930 6.931 6.931 6.931
100-20 6.913 6.913 6.913 6.913 6.912 6.913 6.913 6.913
100-24 6.895 6.895 6.895 6.895 6.894 6.895 6.895 6.895
100-28 6.877 6.877 6.877 6.877 6.876 6.877 6.877 6.877
101-00 6.859 6.859 6.859 6.859 6.858 6.859 6.859 6.859
101-04 6.841 6.841 6.841 6.841 6.840 6.841 6.841 6.841
101-08 6.824 6.824 6.824 6.824 6.823 6.824 6.824 6.824
101-12 6.806 6.806 6.806 6.806 6.805 6.806 6.806 6.806
101-16(P) 6.788 6.788 6.788 6.788 6.787 6.788 6.788 6.788
101-20 6.771 6.771 6.771 6.771 6.769 6.771 6.771 6.771
101-24 6.753 6.753 6.753 6.753 6.752 6.753 6.753 6.753
101-28 6.736 6.736 6.736 6.736 6.734 6.736 6.736 6.736
102-00 6.718 6.718 6.718 6.718 6.716 6.718 6.718 6.718
102-04 6.700 6.700 6.700 6.700 6.699 6.700 6.700 6.700
102-08 6.683 6.683 6.683 6.683 6.681 6.683 6.683 6.683
102-12 6.665 6.665 6.665 6.665 6.664 6.665 6.665 6.665
102-16 6.648 6.648 6.648 6.648 6.646 6.648 6.648 6.648
102-20 6.631 6.631 6.631 6.631 6.628 6.631 6.631 6.631
102-24 6.613 6.613 6.613 6.613 6.611 6.613 6.613 6.613
102-28 6.596 6.596 6.596 6.596 6.594 6.596 6.596 6.596
103-00 6.579 6.578 6.578 6.578 6.576 6.579 6.579 6.579
- -----------------------------------------------------------------------------------------------------
AVERAGE LIFE: 9.857 9.856 9.856 9.856 9.785 9.857 9.857 9.857
MOD DURATION: 6.968 6.967 6.967 6.967 6.932 6.968 6.968 6.968
EXP. 1ST PAY: 4/15/09 4/15/09 4/15/09 4/15/09 1/15/09 4/15/09 4/15/09 4/15/09
EXP. MATURITY: 5/15/09 4/15/09 4/15/09 4/15/09 4/15/09 5/15/09 5/15/09 5/15/09
AL TSY SPREAD: 1.19 1.19 1.19 1.19 1.19 1.19 1.19 1.19
- -----------------------------------------------------------------------------------------------------
<CAPTION>
TREASURY CURVE
- -----------------------------------------------------------------------------------------------------
TSY YIELD TSY YIELD
--- ----- --- -----
<S> <C> <C> <C>
1 YR 4.830
2 YR 5.260 10 YR 5.600
5 YR 5.480 30 YR 5.890
- -----------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
PAINEWEBBER INCORPORATED
PMAC 1999-C1
CLASS C
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------
PRICING SPEED: RUN SETTLES RULES FROM COLLATERAL TERM COUPON
- ----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
0.000 CPR at Issuance 6/7/99 Script 309.9 7.4023
- ----------------------------------------------------------------------------------------
</TABLE>
- -------------------------------------------------------------------------------
CLASS A ORIGINAL PAR TYPE COUPON PRICE
- -------------------------------------------------------------------------------
Tranche 4 $37,000,000 SEQ 7.0900 101.59293
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------
PREPAYMENT RATE 0 CPR 25 CPR 50 CPR 75 CPR 100 CPR 0 CPR 0 CPR 0 CPR
DEFAULT RATE 0 PSA 0 PSA 0 PSA 0 PSA 0 PSA 0 PSA 0 PSA 0 PSA
PRICE IN 4/32NDS STEPS +0 BP +0 BP +0 BP +0 BP +0 BP +0 BP +0 BP +0 BP
- -----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
100-00 7.156 7.156 7.156 7.156 7.156 7.156 7.156 7.156
100-04 7.138 7.138 7.138 7.138 7.138 7.138 7.138 7.138
100-08 7.120 7.120 7.120 7.120 7.119 7.120 7.120 7.120
100-12 7.102 7.102 7.102 7.102 7.101 7.102 7.102 7.102
100-16 7.084 7.084 7.084 7.084 7.083 7.084 7.084 7.084
100-20 7.066 7.066 7.066 7.066 7.065 7.066 7.066 7.066
100-24 7.048 7.048 7.048 7.048 7.047 7.048 7.048 7.048
100-28 7.030 7.030 7.030 7.030 7.029 7.030 7.030 7.030
101-00 7.013 7.012 7.012 7.012 7.012 7.013 7.013 7.013
101-04 6.995 6.995 6.995 6.994 6.994 6.995 6.995 6.995
101-08 6.977 6.977 6.977 6.977 6.976 6.977 6.977 6.977
101-12 6.959 6.959 6.959 6.959 6.958 6.959 6.959 6.959
101-16(P) 6.942 6.942 6.941 6.941 6.940 6.942 6.942 6.942
101-20 6.924 6.924 6.924 6.923 6.923 6.924 6.924 6.924
101-24 6.906 6.906 6.906 6.906 6.905 6.906 6.906 6.906
101-28 6.889 6.889 6.888 6.888 6.887 6.889 6.889 6.889
102-00 6.871 6.871 6.871 6.870 6.869 6.871 6.871 6.871
102-04 6.854 6.853 6.853 6.853 6.852 6.854 6.854 6.854
102-08 6.836 6.836 6.836 6.835 6.834 6.836 6.836 6.836
102-12 6.819 6.818 6.818 6.818 6.817 6.819 6.819 6.819
102-16 6.801 6.801 6.801 6.800 6.799 6.801 6.801 6.801
102-20 6.784 6.783 6.783 6.783 6.781 6.784 6.784 6.784
102-24 6.766 6.766 6.766 6.765 6.764 6.766 6.766 6.766
102-28 6.749 6.749 6.748 6.748 6.746 6.749 6.749 6.749
103-00 6.732 6.731 6.731 6.731 6.729 6.732 6.732 6.732
- -----------------------------------------------------------------------------------------------------
AVERAGE LIFE: 9.942 9.932 9.923 9.909 9.862 9.942 9.942 9.942
MOD DURATION: 6.960 6.955 6.951 6.944 6.921 6.960 6.960 6.960
EXP. 1ST PAY: 5/15/09 4/15/09 4/15/09 4/15/09 4/15/09 4/15/09 4/15/09 4/15/09
EXP. MATURITY: 6/15/09 5/15/09 5/15/09 5/15/09 5/15/09 6/15/09 6/15/09 6/15/09
AL TSY SPREAD: 1.34 1.34 1.34 1.34 1.34 1.34 1.34 1.34
- -----------------------------------------------------------------------------------------------------
<CAPTION>
TREASURY CURVE
- -----------------------------------------------------------------------------------------------------
TSY YIELD TSY YIELD
--- ----- --- -----
<S> <C> <C> <C>
1 YR 4.830
2 YR 5.260 10 YR 5.600
5 YR 5.480 30 YR 5.890
- -----------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
PAINEWEBBER INCORPORATED
PMAC 1999-C1
CLASS D
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------
PRICING SPEED: RUN SETTLES RULES FROM COLLATERAL TERM COUPON
- ----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
0.000 CPR at Issuance 6/7/99 Script 309.9 7.4023
- ----------------------------------------------------------------------------------------
</TABLE>
- -------------------------------------------------------------------------------
CLASS BBB ORIGINAL PAR TYPE COUPON PRICE
- -------------------------------------------------------------------------------
Tranche 5 $33,476,000 SEQ 7.2700 98.88167
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------
PREPAYMENT RATE 0 CPR 25 CPR 50 CPR 75 CPR 100 CPR 0 CPR 0 CPR 0 CPR
DEFAULT RATE 0 PSA 0 PSA 0 PSA 0 PSA 0 PSA 0 PSA 0 PSA 0 PSA
PRICE IN 4/32NDS STEPS +0 BP +0 BP +0 BP +0 BP +0 BP +0 BP +0 BP +0 BP
- -----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
97-05 7.756 7.757 7.757 7.758 7.761 7.756 7.756 7.756
97-09 7.737 7.738 7.739 7.739 7.742 7.737 7.737 7.737
97-13 7.719 7.719 7.720 7.721 7.723 7.719 7.719 7.719
97-17 7.700 7.701 7.701 7.702 7.704 7.700 7.700 7.700
97-21 7.682 7.682 7.683 7.683 7.685 7.682 7.682 7.682
97-25 7.663 7.664 7.664 7.665 7.667 7.663 7.663 7.663
97-29 7.645 7.645 7.646 7.646 7.648 7.645 7.645 7.645
98-01 7.627 7.627 7.627 7.628 7.629 7.627 7.627 7.627
98-05 7.608 7.608 7.609 7.609 7.611 7.608 7.608 7.608
98-09 7.590 7.590 7.590 7.591 7.592 7.590 7.590 7.590
98-13 7.571 7.572 7.572 7.572 7.574 7.571 7.571 7.571
98-17 7.553 7.553 7.554 7.554 7.555 7.553 7.553 7.553
98-21(P) 7.535 7.535 7.535 7.536 7.537 7.535 7.535 7.535
98-25 7.517 7.517 7.517 7.517 7.518 7.517 7.517 7.517
98-29 7.498 7.499 7.499 7.499 7.500 7.498 7.498 7.498
99-01 7.480 7.480 7.481 7.481 7.481 7.480 7.480 7.480
99-05 7.462 7.462 7.462 7.463 7.463 7.462 7.462 7.462
99-09 7.444 7.444 7.444 7.444 7.445 7.444 7.444 7.444
99-13 7.426 7.426 7.426 7.426 7.427 7.426 7.426 7.426
99-17 7.408 7.408 7.408 7.408 7.408 7.408 7.408 7.408
99-21 7.390 7.390 7.390 7.390 7.390 7.390 7.390 7.390
99-25 7.372 7.372 7.372 7.372 7.372 7.372 7.372 7.372
99-29 7.354 7.354 7.354 7.354 7.354 7.354 7.354 7.354
100-01 7.336 7.336 7.336 7.336 7.335 7.336 7.336 7.336
100-05 7.318 7.318 7.318 7.318 7.317 7.318 7.318 7.318
- -----------------------------------------------------------------------------------------------------
AVERAGE LIFE: 10.143 10.125 10.099 10.063 9.963 10.143 10.143 10.143
MOD DURATION: 6.935 6.927 6.915 6.898 6.852 6.935 6.935 6.935
EXP. 1ST PAY: 6/15/09 5/15/09 5/15/09 5/15/09 5/15/09 6/15/09 6/15/09 6/15/09
EXP. MATURITY: 12/15/09 12/15/09 12/15/09 12/15/09 6/15/09 12/15/09 12/15/09 12/15/09
AL TSY SPREAD: 1.93 1.93 1.93 1.93 1.94 1.93 1.93 1.93
- -----------------------------------------------------------------------------------------------------
<CAPTION>
TREASURY CURVE
- -----------------------------------------------------------------------------------------------------
TSY YIELD TSY YIELD
--- ----- --- -----
<S> <C> <C> <C>
1 YR 4.830
2 YR 5.260 10 YR 5.600
5 YR 5.480 30 YR 5.890
- -----------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
PAINEWEBBER INCORPORATED
PMAC 1999-C1
CLASS X
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------
PRICING SPEED: RUN SETTLES RULES FROM COLLATERAL TERM COUPON
- ----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
100.000 CPR at Issuance 6/7/99 Script 309.9 7.4023
- ----------------------------------------------------------------------------------------
</TABLE>
- -------------------------------------------------------------------------------
CLASS X ORIGINAL PAR TYPE COUPON PRICE
- -------------------------------------------------------------------------------
Tranche 11 $704,764,602 SEQ 0.6163 4.26467
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------
PREPAYMENT RATE 0 CPR 25 CPR 50 CPR 75 CPR 100 CPR 0 CPR 0 CPR 0 CPR
DEFAULT RATE 0 PSA 0 PSA 0 PSA 0 PSA 0 PSA 0 PSA 0 PSA 0 PSA
PRICE IN 4/32NDS STEPS +0 BP +0 BP +0 BP +0 BP +0 BP +0 BP +0 BP +0 BP
- -----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
2-26 21.339 21.383 21.405 21.407 21.275 21.339 21.339 21.339
2-30 19.935 19.971 19.987 19.984 19.841 19.935 19.935 19.935
3-02 18.634 18.663 18.674 18.666 18.515 18.634 18.634 18.634
3-06 17.425 17.448 17.454 17.443 17.282 17.425 17.425 17.425
3-10 16.297 16.315 16.316 16.302 16.134 16.297 16.297 16.297
3-14 15.242 15.255 15.252 15.235 15.061 15.242 15.242 15.242
3-18 14.252 14.260 14.255 14.234 14.055 14.252 14.252 14.252
3-22 13.321 13.325 13.316 13.294 13.109 13.321 13.321 13.321
3-26 12.443 12.443 12.432 12.407 12.217 12.443 12.443 12.443
3-30 11.613 11.610 11.597 11.570 11.375 11.613 11.613 11.613
4-02 10.827 10.821 10.805 10.777 10.578 10.827 10.827 10.827
4-06 10.082 10.073 10.055 10.025 9.823 10.082 10.082 10.082
4-10(P) 9.373 9.362 9.342 9.310 9.105 9.373 9.373 9.373
4-14 8.698 8.684 8.663 8.630 8.422 8.698 8.698 8.698
4-18 8.054 8.039 8.016 7.981 7.770 8.054 8.054 8.054
4-22 7.440 7.422 7.397 7.362 7.149 7.440 7.440 7.440
4-26 6.851 6.832 6.806 6.770 6.554 6.851 6.851 6.851
4-30 6.288 6.267 6.240 6.203 5.985 6.288 6.288 6.288
5-02 5.748 5.725 5.698 5.659 5.440 5.748 5.748 5.748
5-06 5.230 5.205 5.177 5.137 4.916 5.230 5.230 5.230
5-10 4.731 4.706 4.676 4.636 4.413 4.731 4.731 4.731
5-14 4.252 4.225 4.194 4.154 3.930 4.252 4.252 4.252
5-18 3.790 3.762 3.730 3.689 3.464 3.790 3.790 3.790
5-22 3.344 3.315 3.283 3.241 3.015 3.344 3.344 3.344
5-26 2.915 2.885 2.852 2.809 2.582 2.915 2.915 2.915
- -----------------------------------------------------------------------------------------------------
AVERAGE LIFE: 9.208 9.153 9.116 9.084 8.976 9.208 9.208 9.208
MOD DURATION: 4.182 4.168 4.157 4.149 4.131 4.182 4.182 4.182
EXP. 1ST PAY: 7/15/99 7/15/99 7/15/99 7/15/99 7/15/99 7/15/99 7/15/99 7/15/99
EXP. MATURITY: 2/15/19 2/15/19 2/15/19 2/15/19 2/15/19 2/15/19 2/15/19 2/15/19
AL TSY SPREAD: 3.79 3.78 3.76 3.73 3.53 3.79 3.79 3.79
- -----------------------------------------------------------------------------------------------------
<CAPTION>
TREASURY CURVE
- -----------------------------------------------------------------------------------------------------
TSY YIELD TSY YIELD
--- ----- --- -----
<S> <C> <C> <C>
1 YR 4.830
2 YR 5.260 10 YR 5.600
5 YR 5.480 30 YR 5.890
- -----------------------------------------------------------------------------------------------------
</TABLE>
