--------------------------------------------------------------------------------
Securitized Products Group Xxxxxx Xxxxxxx December 5, 2002
--------------------------------------------------------------------------------
CMBS New Issue
Collateral Term Sheet
----------------------------------------------
$834,596,000
(Approximate)
Xxxxxx Xxxxxxx Xxxx Xxxxxx Capital I Inc.
as Depositor
Xxxxxx Xxxxxxx Xxxx Xxxxxx Mortgage Capital Inc.
The Union Central Life Insurance Company
Prudential Mortgage Capital Funding, LLC
National Consumer Cooperative Bank
NCB, FSB
Principal Commercial Funding, LLC
Teachers Insurance and Annuity Association of America
Nationwide Life Insurance Company
as Mortgage Loan Sellers
-----------------------------
Commercial Mortgage Pass-Through Certificates
Series 2002-IQ3
-----------------------------
XXXXXX XXXXXXX
Sole Lead Bookrunning Manager
XXXXXXX XXXXX & CO. XXXXXX BROTHERS
Co-Manager Co-Manager
--------------------------------------------------------------------------------
This information is being delivered to a specific number of prospective
sophisticated investors in order to assist them in determining whether they have
an interest in the type of security described herein. It has been prepared
solely for information purposes and is not an offer to buy or sell or a
solicitation of an offer to buy or sell any security or instrument or to
participate in any trading strategy. No representation or warranty can be given
with respect to the accuracy or completeness of the information, or with respect
to the terms of any future offer of securities conforming to the terms hereof.
Any such offer of securities would be made pursuant to a definitive Prospectus
or Private Placement Memorandum, as the case may be, prepared by the issuer
which could contain material information not contained herein and to which the
prospective purchasers are referred. In the event of any such offering, this
information shall be deemed superseded, amended and supplemented in its entirety
by such Prospectus or Private Placement Memorandum. Such Prospectus or Private
Placement Memorandum will contain all material information in respect of any
securities offered thereby and any decision to invest in such securities should
be made solely in reliance upon such Prospectus or Private Placement Memorandum.
Certain assumptions may have been made in this analysis which have resulted in
any returns detailed herein. No representation is made that any returns
indicated will be achieved. Changes to the assumptions may have a material
impact on any returns detailed. Xxxxxx Xxxxxxx & Co. Incorporated, Xxxxxxx Xxxxx
& Co. and [ ] (the "Underwriters") disclaim any and all liability relating to
this information, including without limitation any express or implied
representations and warranties for, statements contained in, and omissions from,
this information. Additional information is available upon request. The
Underwriters and others associated with them may have positions in, and may
effect transactions in, securities and instruments of issuers mentioned herein
and may also perform or seek to perform investment banking services for the
issuers of such securities and instruments. Past performance is not necessarily
indicative of future results. Price and availability are subject to change
without notice. This material may be filed with the Securities and Exchange
Commission (the "SEC") and incorporated by reference into an effective
registration statement previously filed with the SEC under Rule 415 of the
Securities Act of 1933, including in cases where the material does not pertain
to securities that are ultimately offered for sale pursuant to such registration
statement. To Xxxxxx Xxxxxxx'x readers worldwide: In addition, please note that
this publication has been issued by Xxxxxx Xxxxxxx & Co. Incorporated, approved
by Xxxxxx Xxxxxxx International Limited, a member of The Securities and Futures
Authority, and by Xxxxxx Xxxxxxx Japan Ltd. Xxxxxx Xxxxxxx recommends that such
readers obtain the advice of their Xxxxxx Xxxxxxx & Co. Incorporated, Xxxxxx
Xxxxxxx International or Xxxxxx Xxxxxxx Japan Ltd. representative about the
investments concerned.
NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND
FUTURES AUTHORITY
--------------------------------------------------------------------------------
$834,596,000 (Approximate)
Xxxxxx Xxxxxxx Xxxx Xxxxxx Capital I Inc.
Commercial Mortgage Pass-Through Certificates
Series 2002-IQ3
Transaction Features
--------------------
> Sellers:
---------------------------------------------------------------------------------------------------------------
No. of No. of Cut-off Date % of
Sellers Loans Props. Balance ($) Pool
---------------------------------------------------------------------------------------------------------------
Xxxxxx Xxxxxxx Xxxx Xxxxxx Mortgage Capital Inc. 6 6 200,199,554 22.0
The Union Central Life Insurance Company 131 140 186,684,405 20.5
Prudential Mortgage Capital Funding, LLC 19 19 172,290,800 18.9
National Consumer Cooperative Bank and NCB, FSB 50 50 128,192,102 14.1
Principal Commercial Funding, LLC 19 19 117,390,546 12.9
Teachers Insurance and Annuity Association of America 6 6 59,204,339 6.5
Nationwide Life Insurance Company 8 8 45,680,532 5.0
---------------------------------------------------------------------------------------------------------------
Total: 239 248 $909,642,278 100.0%
---------------------------------------------------------------------------------------------------------------
> Loan Pool:
o Average Cut-off Date Balance: $3,806,035
o Largest Mortgage Loan by Cut-off Date Balance: $67,000,000
o Five largest and ten largest loans: 24.6% and 34.7% of pool,
respectively
> Credit Statistics:
o Weighted average debt service coverage ratio of 2.37x (1)
o Weighted average current loan-to-value ratio of 59.8%; weighted
average balloon loan-to-value ratio of 41.4% (1)
> Property Types:
[GRAPHIC OMITTED]
Property Types:
Industrial 18.8%
Retail 23.7%
Office 34.2%
Self Storage 0.6%
Mixed Use 0.7%
Hotel 0.9%
Residential Cooperative 9.7%
Multifamily 11.4%
> Call Protection: Please refer to the prepayment table on page T-19 and
Appendix II of the Prospectus Supplement
> Collateral Information Updates: Updated loan information is expected to be
part of the monthly certificateholder reports available from the Trustee
in addition to detailed payment and delinquency information. Information
provided by the Trustee is expected to be available at xxx.xxxxxxxx.xxx.
Updated annual property operating and occupancy information, to the extent
delivered by borrowers, is expected to be available to Certificateholders
from the Master Servicer
> Bond Information: Cash flows are expected to be modeled by XXXXX, CONQUEST
and INTEX and are expected to be available on BLOOMBERG
Note:(1) For all mortgage loans excluding the residential cooperative loans, the
weighted average debt service coverage ratio is 1.50x, the weighted
average current loan-to-value ratio is 65.0% and the weighted average
balloon loan-to-value ratio is 44.8%.
--------------------------------------------------------------------------------
This information is being delivered to a specific number of prospective
sophisticated investors in order to assist them in determining whether they have
an interest in the type of security described herein. It has been prepared
solely for information purposes and is not an offer to buy or sell or a
solicitation of an offer to buy or sell any security or instrument or to
participate in any trading strategy. No representation or warranty can be given
with respect to the accuracy or completeness of the information, or with respect
to the terms of any future offer of securities conforming to the terms hereof.
Any such offer of securities would be made pursuant to a definitive Prospectus
or Private Placement Memorandum, as the case may be, prepared by the issuer
which could contain material information not contained herein and to which the
prospective purchasers are referred. In the event of any such offering, this
information shall be deemed superseded, amended and supplemented in its entirety
by such Prospectus or Private Placement Memorandum. Such Prospectus or Private
Placement Memorandum will contain all material information in respect of any
securities offered thereby and any decision to invest in such securities should
be made solely in reliance upon such Prospectus or Private Placement Memorandum.
Certain assumptions may have been made in this analysis which have resulted in
any returns detailed herein. No representation is made that any returns
indicated will be achieved. Changes to the assumptions may have a material
impact on any returns detailed. Xxxxxx Xxxxxxx & Co. Incorporated, Xxxxxxx Xxxxx
& Co. and [ ] (the "Underwriters") disclaim any and all liability relating to
this information, including without limitation any express or implied
representations and warranties for, statements contained in, and omissions from,
this information. Additional information is available upon request. The
Underwriters and others associated with them may have positions in, and may
effect transactions in, securities and instruments of issuers mentioned herein
and may also perform or seek to perform investment banking services for the
issuers of such securities and instruments. Past performance is not necessarily
indicative of future results. Price and availability are subject to change
without notice. This material may be filed with the Securities and Exchange
Commission (the "SEC") and incorporated by reference into an effective
registration statement previously filed with the SEC under Rule 415 of the
Securities Act of 1933, including in cases where the material does not pertain
to securities that are ultimately offered for sale pursuant to such registration
statement. To Xxxxxx Xxxxxxx'x readers worldwide: In addition, please note that
this publication has been issued by Xxxxxx Xxxxxxx & Co. Incorporated, approved
by Xxxxxx Xxxxxxx International Limited, a member of The Securities and Futures
Authority, and by Xxxxxx Xxxxxxx Japan Ltd. Xxxxxx Xxxxxxx recommends that such
readers obtain the advice of their Xxxxxx Xxxxxxx & Co. Incorporated, Xxxxxx
Xxxxxxx International or Xxxxxx Xxxxxxx Japan Ltd. representative about the
investments concerned.
NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND
FUTURES AUTHORITY
--------------------------------------------------------------------------------
T-2
$834,596,000 (Approximate)
Xxxxxx Xxxxxxx Xxxx Xxxxxx Capital I Inc.
Commercial Mortgage Pass-Through Certificates
Series 2002-IQ3
Offered Certificates
--------------------
Certificate
Initial Expected Final Initial Principal
Certificate Subordination Ratings Average Principal Distribution Pass-Through to Value
Class Balance(1) Levels (Xxxxx'x/S&P) Life(2)(3) Window(2)(4) Date(2) Rate(5) Ratio(6)
----------------------------------------------------------------------------------------------------------------------------------
A-1 $81,000,000 14.375% Aaa / AAA 3.41 1 - 73 01/15/2009 3.48% 51.2%
A-2 $125,000,000 14.375% Aaa / AAA 5.70 1 - 110 02/15/2012 4.39% 51.2%
A-3 $90,019,000 14.375% Aaa / AAA 7.76 73 - 110 02/15/2012 4.80% 51.2%
A-4 $482,862,000 14.375% Aaa / AAA 9.65 110 - 120 12/15/2012 5.08% 51.2%
B $26,152,000 11.500% Aa2 / AA 9.99 120 - 120 12/15/2012 5.24% 52.9%
C $27,289,000 8.500% A2 / A 10.17 120 - 128 08/15/2013 5.41% 54.7%
D $2,274,000 8.250% A3 / A- 10.73 128 - 129 09/15/2013 5.55% 54.9%
Private Certificates (7)
------------------------
Initial Certificate
Certificate Expected Final Initial Principal
Balance or Subordination Ratings Average Principal Distribution Pass-Through to Value
Class Notional Amount(1) Levels (Xxxxx'x/S&P) Life(2)(3) Window(2)(4) Date(2) Rate(5) Ratio(6)
------------------------------------------------------------------------------------------------------------------------------------
X-1(8) $909,642,278 ---- Aaa / AAA ---- ---- ---- Variable Rate ----
X-2(8) $824,775,000 ---- Aaa / AAA ---- ---- ---- Variable Rate ----
X-Y(8) $87,981,643 ---- Aaa / AAA ---- ---- ---- Variable Rate ----
E $13,645,000 6.750% Baa1 / BBB+ 10.87 129 - 135 03/15/2014 5.98% 55.8%
F $10,233,000 5.625% Baa2 / BBB 11.63 135 - 142 10/15/2014 NWAC - 0.63% 56.4%
G $6,823,000 4.875% Baa3 / BBB- 12.14 142 - 150 06/15/2015 NWAC - 0.20% 56.9%
H - O $44,345,278 ---- ---- ---- ---- ---- 6.00% ----
Notes: (1) As of December 2002. In the case of each such Class, subject to
a permitted variance of plus or minus 5%.
(2) Based on the Structuring Assumptions, assuming 0% CPR, described
in the Prospectus Supplement.
(3) Average life is expressed in terms of years.
(4) Principal window is the period (expressed in terms of months and
commencing with the month of January 2003 during which
distributions of principal are expected to be made to the holders
of each designated Class.
(5) The Class A-1, A-2, A-3, A-4, B, C, D and E will accrue interest
at a fixed rate. The Class F and G Certificates will each accrue
interest at a rate equal to the weighted average net mortgage rate
less the specified percentage. The Class X-1, X-2 and X-Y
Certificates will accrue interest at a variable rate. The Class
X-1, X-2 and X-Y Certificates will be collectively known as the
"Class X Certificates."
(6) Certificate Principal to Value Ratio is calculated by dividing
each Class' Certificate Balance and all Classes (if any) that are
senior to such Class by the quotient of the aggregate pool balance
and the weighted average pool loan to value ratio. The Class A-1,
A-2, A-3 and A-4 Certificate Principal to Value Ratio is
calculated based upon the aggregate of the Class A-1, A-2, A-3 and
A-4 Certificate Balances.
(7) Certificates to be offered privately pursuant to Rule 144A.
(8) The Class X-1, Class X-2 and Class X-Y Notional Amounts are
defined herein and in the Prospectus Supplement.
--------------------------------------------------------------------------------
This information is being delivered to a specific number of prospective
sophisticated investors in order to assist them in determining whether they have
an interest in the type of security described herein. It has been prepared
solely for information purposes and is not an offer to buy or sell or a
solicitation of an offer to buy or sell any security or instrument or to
participate in any trading strategy. No representation or warranty can be given
with respect to the accuracy or completeness of the information, or with respect
to the terms of any future offer of securities conforming to the terms hereof.
Any such offer of securities would be made pursuant to a definitive Prospectus
or Private Placement Memorandum, as the case may be, prepared by the issuer
which could contain material information not contained herein and to which the
prospective purchasers are referred. In the event of any such offering, this
information shall be deemed superseded, amended and supplemented in its entirety
by such Prospectus or Private Placement Memorandum. Such Prospectus or Private
Placement Memorandum will contain all material information in respect of any
securities offered thereby and any decision to invest in such securities should
be made solely in reliance upon such Prospectus or Private Placement Memorandum.
Certain assumptions may have been made in this analysis which have resulted in
any returns detailed herein. No representation is made that any returns
indicated will be achieved. Changes to the assumptions may have a material
impact on any returns detailed. Xxxxxx Xxxxxxx & Co. Incorporated, Xxxxxxx Xxxxx
& Co. and [ ] (the "Underwriters") disclaim any and all liability relating to
this information, including without limitation any express or implied
representations and warranties for, statements contained in, and omissions from,
this information. Additional information is available upon request. The
Underwriters and others associated with them may have positions in, and may
effect transactions in, securities and instruments of issuers mentioned herein
and may also perform or seek to perform investment banking services for the
issuers of such securities and instruments. Past performance is not necessarily
indicative of future results. Price and availability are subject to change
without notice. This material may be filed with the Securities and Exchange
Commission (the "SEC") and incorporated by reference into an effective
registration statement previously filed with the SEC under Rule 415 of the
Securities Act of 1933, including in cases where the material does not pertain
to securities that are ultimately offered for sale pursuant to such registration
statement. To Xxxxxx Xxxxxxx'x readers worldwide: In addition, please note that
this publication has been issued by Xxxxxx Xxxxxxx & Co. Incorporated, approved
by Xxxxxx Xxxxxxx International Limited, a member of The Securities and Futures
Authority, and by Xxxxxx Xxxxxxx Japan Ltd. Xxxxxx Xxxxxxx recommends that such
readers obtain the advice of their Xxxxxx Xxxxxxx & Co. Incorporated, Xxxxxx
Xxxxxxx International or Xxxxxx Xxxxxxx Japan Ltd. representative about the
investments concerned.
NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND
FUTURES AUTHORITY
--------------------------------------------------------------------------------
T-3
$834,596,000 (Approximate)
Xxxxxx Xxxxxxx Xxxx Xxxxxx Capital I Inc.
Commercial Mortgage Pass-Through Certificates
Series 2002-IQ3
I. Issue Characteristics
---------------------
Issue Type: Public: Classes A-1, A-2, A-3, A-4, B, C and D (the
"Offered Certificates")
Private (Rule 144A): Classes X-1, X-2, X-Y, E, F, G,
H, J, K, L, M, N and O
Securities Offered: $834,596,000 monthly pay, multi-class, sequential pay
commercial mortgage REMIC Pass-Through Certificates,
including seven fixed-rate principal and interest
classes (Classes A-1, A-2, A-3, A-4, B, C and D)
Sellers: Xxxxxx Xxxxxxx Xxxx Xxxxxx Mortgage Capital Inc., Union
Central Life Insurance Company, Prudential Mortgage
Capital Funding, LLC, Principal Commercial Funding,
LLC, National Consumer Cooperative Bank, NCB, FSB,
Teachers Insurance and Annuity Association of America
and Nationwide Life Insurance Company
Lead Bookrunning
Manager: Xxxxxx Xxxxxxx & Co. Incorporated
Co-Managers: Xxxxxxx Xxxxx and Co, Inc. and Xxxxxx Brothers Inc.
Master Servicers: GMAC Commercial Mortgage Corporation. NCB, FSB will act
as master servicer with respect the mortgage loans
contributed by it and its affiliate, National Consumer
Cooperative Bank.
Primary Servicers: Summit Investment Partners, Inc. with respect to those
mortgage loans sold to the trust by The Union Central
Life Insurance Company, Prudential Asset Resources,
Inc. with respect to those mortgage loans sold to the
trust by Prudential Mortgage Capital Funding, LLC,
Principal Global Investors, LLC, formerly known as
Principal Capital Management, LLC with respect to those
mortgage loans sold to the trust by Principal
Commercial Funding, LLC and Nationwide Life Insurance
Company with respect to those mortgage loans sold to
the trust by Nationwide Life Insurance Company.
Special Servicer: GMAC Commercial Mortgage Corporation. National Consumer
Cooperative Bank will act as special servicer with
respect to the residential cooperative mortgage loans
contributed by it and its affiliate NCB, FSB.
Trustee, Paying Agent
and Registrar : LaSalle Bank National Association
Cut-Off Date: December 1, 2002. For purposes of the information
contained in this term sheet, scheduled payments due in
December 2002 with respect to mortgage loans not having
payment dates on the first of each month have been
deemed received on December 1, 2002, not the actual day
on which such scheduled payments were due.
Pricing Date: December 4, 2002
--------------------------------------------------------------------------------
This information is being delivered to a specific number of prospective
sophisticated investors in order to assist them in determining whether they have
an interest in the type of security described herein. It has been prepared
solely for information purposes and is not an offer to buy or sell or a
solicitation of an offer to buy or sell any security or instrument or to
participate in any trading strategy. No representation or warranty can be given
with respect to the accuracy or completeness of the information, or with respect
to the terms of any future offer of securities conforming to the terms hereof.
Any such offer of securities would be made pursuant to a definitive Prospectus
or Private Placement Memorandum, as the case may be, prepared by the issuer
which could contain material information not contained herein and to which the
prospective purchasers are referred. In the event of any such offering, this
information shall be deemed superseded, amended and supplemented in its entirety
by such Prospectus or Private Placement Memorandum. Such Prospectus or Private
Placement Memorandum will contain all material information in respect of any
securities offered thereby and any decision to invest in such securities should
be made solely in reliance upon such Prospectus or Private Placement Memorandum.
Certain assumptions may have been made in this analysis which have resulted in
any returns detailed herein. No representation is made that any returns
indicated will be achieved. Changes to the assumptions may have a material
impact on any returns detailed. Xxxxxx Xxxxxxx & Co. Incorporated, Xxxxxxx Xxxxx
& Co. and [ ] (the "Underwriters") disclaim any and all liability relating to
this information, including without limitation any express or implied
representations and warranties for, statements contained in, and omissions from,
this information. Additional information is available upon request. The
Underwriters and others associated with them may have positions in, and may
effect transactions in, securities and instruments of issuers mentioned herein
and may also perform or seek to perform investment banking services for the
issuers of such securities and instruments. Past performance is not necessarily
indicative of future results. Price and availability are subject to change
without notice. This material may be filed with the Securities and Exchange
Commission (the "SEC") and incorporated by reference into an effective
registration statement previously filed with the SEC under Rule 415 of the
Securities Act of 1933, including in cases where the material does not pertain
to securities that are ultimately offered for sale pursuant to such registration
statement. To Xxxxxx Xxxxxxx'x readers worldwide: In addition, please note that
this publication has been issued by Xxxxxx Xxxxxxx & Co. Incorporated, approved
by Xxxxxx Xxxxxxx International Limited, a member of The Securities and Futures
Authority, and by Xxxxxx Xxxxxxx Japan Ltd. Xxxxxx Xxxxxxx recommends that such
readers obtain the advice of their Xxxxxx Xxxxxxx & Co. Incorporated, Xxxxxx
Xxxxxxx International or Xxxxxx Xxxxxxx Japan Ltd. representative about the
investments concerned.
NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND
FUTURES AUTHORITY
--------------------------------------------------------------------------------
T-4
$834,596,000 (Approximate)
Xxxxxx Xxxxxxx Xxxx Xxxxxx Capital I Inc.
Commercial Mortgage Pass-Through Certificates
Series 2002-IQ3
Expected Closing Date: December 17, 2002
Distribution Dates: The 15th of each month, commencing in January 2003 (or
if the 15th is not a business day, the next succeeding
business day)
Minimum Denominations: $25,000 for the Class A Certificates and $100,000 for
all other Offered Certificates and in multiples of $1
thereafter
Settlement Terms: DTC, Euroclear and Clearstream, same day funds, with
accrued interest
Legal/Regulatory Classes A-1, A-2, A-3, A-4, B, C and D will upon
Status: issuance be eligible for exemptive relief under ERISA.
No Class of Certificates is SMMEA eligible.
Risk Factors: THE CERTIFICATES INVOLVE CERTAIN RISKS AND MAY NOT BE
SUITABLE FOR ALL INVESTORS. SEE THE "RISK FACTORS"
SECTION OF THE PROSPECTUS SUPPLEMENT AND THE "RISK
FACTORS" SECTION OF THE PROSPECTUS
--------------------------------------------------------------------------------
This information is being delivered to a specific number of prospective
sophisticated investors in order to assist them in determining whether they have
an interest in the type of security described herein. It has been prepared
solely for information purposes and is not an offer to buy or sell or a
solicitation of an offer to buy or sell any security or instrument or to
participate in any trading strategy. No representation or warranty can be given
with respect to the accuracy or completeness of the information, or with respect
to the terms of any future offer of securities conforming to the terms hereof.
Any such offer of securities would be made pursuant to a definitive Prospectus
or Private Placement Memorandum, as the case may be, prepared by the issuer
which could contain material information not contained herein and to which the
prospective purchasers are referred. In the event of any such offering, this
information shall be deemed superseded, amended and supplemented in its entirety
by such Prospectus or Private Placement Memorandum. Such Prospectus or Private
Placement Memorandum will contain all material information in respect of any
securities offered thereby and any decision to invest in such securities should
be made solely in reliance upon such Prospectus or Private Placement Memorandum.
Certain assumptions may have been made in this analysis which have resulted in
any returns detailed herein. No representation is made that any returns
indicated will be achieved. Changes to the assumptions may have a material
impact on any returns detailed. Xxxxxx Xxxxxxx & Co. Incorporated, Xxxxxxx Xxxxx
& Co. and [ ] (the "Underwriters") disclaim any and all liability relating to
this information, including without limitation any express or implied
representations and warranties for, statements contained in, and omissions from,
this information. Additional information is available upon request. The
Underwriters and others associated with them may have positions in, and may
effect transactions in, securities and instruments of issuers mentioned herein
and may also perform or seek to perform investment banking services for the
issuers of such securities and instruments. Past performance is not necessarily
indicative of future results. Price and availability are subject to change
without notice. This material may be filed with the Securities and Exchange
Commission (the "SEC") and incorporated by reference into an effective
registration statement previously filed with the SEC under Rule 415 of the
Securities Act of 1933, including in cases where the material does not pertain
to securities that are ultimately offered for sale pursuant to such registration
statement. To Xxxxxx Xxxxxxx'x readers worldwide: In addition, please note that
this publication has been issued by Xxxxxx Xxxxxxx & Co. Incorporated, approved
by Xxxxxx Xxxxxxx International Limited, a member of The Securities and Futures
Authority, and by Xxxxxx Xxxxxxx Japan Ltd. Xxxxxx Xxxxxxx recommends that such
readers obtain the advice of their Xxxxxx Xxxxxxx & Co. Incorporated, Xxxxxx
Xxxxxxx International or Xxxxxx Xxxxxxx Japan Ltd. representative about the
investments concerned.
NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND
FUTURES AUTHORITY
--------------------------------------------------------------------------------
T-5
$834,596,000 (Approximate)
Xxxxxx Xxxxxxx Xxxx Xxxxxx Capital I Inc.
Commercial Mortgage Pass-Through Certificates
Series 2002-IQ3
II. Structure Characteristics
-------------------------
The Class A-1, A-2, A-3, A-4, B, C, D and E Certificates are fixed-rate, monthly
pay, multi-class, sequential pay REMIC Pass-Through Certificates. The Class F
and G Certificates will each accrue interest at a rate equal to the Weighted
Average Net Mortgage Rate less the specified percentage. The Class X-1, X-2 and
X-Y Certificates will accrue interest at a variable rate. All Classes of
Certificates derive their cash flows from the entire pool of Mortgage Loans. The
depiction below assumes a net rate of 5.55% on the residential cooperative loans
due to their contribution to the Class X-Y.
IO Structure
[GRAPHIC OMITTED]
MONTHS 0 24 36 48
Class A-1 AAA/Aaa 3.45% X-1+ x-2 IO Strip X-1 Notional X-1 Notional X-1 Notional X-1 Notional
Class A-2 AAA/Aaa 4.39% X-1+ x-2 IO Strip X-2 Notional X-2 Notional X-1 Notional X-1 Notional
Class A-3 AAA/Aaa 4.80% X-1+ x-2 IO Strip X-1 Notional X-1 Notional X-2 Notional X-2 Notional
Class A-4 AAA/Aaa 5.08% X-1+ x-2 IO Strip X-2 Notional X-2 Notional X-2 Notional X-1 Notional
Class B AAA/Aaa 5.24% X-1+ x-2 IO Strip X-2 Notional X-2 Notional X-2 Notional X-2 Notional
Class C AAA/Aaa 5.41% X-1+ x-2 IO Strip X-2 Notional X-2 Notional X-2 Notional X-2 Notional
Class D AAA/Aaa 5.55% X-1+ x-2 IO Strip X-2 Notional X-2 Notional X-2 Notional X-2 Notional
Class E BBB+/Baa1 5.98% X-1+ x-2 IO Strip X-2 Notional X-2 Notional X-2 Notional X-2 Notional
Class F BBB/Baa2 NWAC-0.63% X-1+ x-2 IO Strip X-2 Notional X-2 Notional X-1 Notional X-1 Notional
Class G BBB-/Baa3 NWAC-0.20% X-1+ x-2 IO Strip X-2 Notional X-2 Notional X-1 Notional X-1 Notional
Class H BB+/Ba1 6.00% X-1+ x-2 IO Strip X-2 Notional X-2 Notional X-1 Notional X-1 Notional
Class J BB/Ba2 6.00% X-1+ x-2 IO Strip X-2 Notional X-1 Notional X-1 Notional X-1 Notional
Class K BB-/Ba3 6.00% X-1+ x-2 IO Strip X-2 Notional X-1 Notional X-1 Notional X-1 Notional
Class L-0 B+/B1 to NR 6.00% X-1+ x-2 IO Strip X-1 Notional X-1 Notional X-1 Notional X-1 Notional
(Table Continued)
60 72 84 96 Maturity
Class A-1 AAA/Aaa 3.45% X-1 Notional X-1 Notional X-1 Notional X-1 Notional $81.0MM
Class A-2 AAA/Aaa 4.39% X-1 Notional X-1 Notional X-1 Notional X-1 Notional $125.0MM
Class A-3 AAA/Aaa 4.80% X-2 Notional X-1 Notional X-2 Notional X-1 Notional $90.0MM
Class A-4 AAA/Aaa 5.08% X-1 Notional X-2 Notional X-1 Notional X-1 Notional $482.9MM
Class B AAA/Aaa 5.24% X-2 Notional X-2 Notional X-2 Notional X-1 Notional $26.2MM
Class C AAA/Aaa 5.41% X-1 Notional X-2 Notional X-1 Notional X-1 Notional $27.3MM
Class D AAA/Aaa 5.55% X-1 Notional X-1 Notional X-1 Notional X-1 Notional $2.3MM
Class E BBB+/Baa1 5.98% X-1 Notional X-1 Notional X-1 Notional X-1 Notional $13.6MM
Class F BBB/Baa2 NWAC-0.63% X-1 Notional X-1 Notional X-1 Notional X-1 Notional $10.2MM
Class G BBB-/Baa3 NWAC-0.20% X-1 Notional X-1 Notional X-1 Notional X-1 Notional $6.8MM
Class H BB+/Ba1 6.00% X-1 Notional X-1 Notional X-1 Notional X-1 Notional $10.2MM
Class J BB/Ba2 6.00% X-1 Notional X-1 Notional X-1 Notional X-1 Notional $9.1MM
Class K BB-/Ba3 6.00% X-1 Notional X-1 Notional X-1 Notional X-1 Notional $4.5MM
Class L-0 B+/B1 to NR 6.00% X-1 Notional X-1 Notional X-1 Notional X-1 Notional $20.5MM
--------------------------------------------------------------------------------
This information is being delivered to a specific number of prospective
sophisticated investors in order to assist them in determining whether they have
an interest in the type of security described herein. It has been prepared
solely for information purposes and is not an offer to buy or sell or a
solicitation of an offer to buy or sell any security or instrument or to
participate in any trading strategy. No representation or warranty can be given
with respect to the accuracy or completeness of the information, or with respect
to the terms of any future offer of securities conforming to the terms hereof.
Any such offer of securities would be made pursuant to a definitive Prospectus
or Private Placement Memorandum, as the case may be, prepared by the issuer
which could contain material information not contained herein and to which the
prospective purchasers are referred. In the event of any such offering, this
information shall be deemed superseded, amended and supplemented in its entirety
by such Prospectus or Private Placement Memorandum. Such Prospectus or Private
Placement Memorandum will contain all material information in respect of any
securities offered thereby and any decision to invest in such securities should
be made solely in reliance upon such Prospectus or Private Placement Memorandum.
Certain assumptions may have been made in this analysis which have resulted in
any returns detailed herein. No representation is made that any returns
indicated will be achieved. Changes to the assumptions may have a material
impact on any returns detailed. Xxxxxx Xxxxxxx & Co. Incorporated, Xxxxxxx Xxxxx
& Co. and [ ] (the "Underwriters") disclaim any and all liability relating to
this information, including without limitation any express or implied
representations and warranties for, statements contained in, and omissions from,
this information. Additional information is available upon request. The
Underwriters and others associated with them may have positions in, and may
effect transactions in, securities and instruments of issuers mentioned herein
and may also perform or seek to perform investment banking services for the
issuers of such securities and instruments. Past performance is not necessarily
indicative of future results. Price and availability are subject to change
without notice. This material may be filed with the Securities and Exchange
Commission (the "SEC") and incorporated by reference into an effective
registration statement previously filed with the SEC under Rule 415 of the
Securities Act of 1933, including in cases where the material does not pertain
to securities that are ultimately offered for sale pursuant to such registration
statement. To Xxxxxx Xxxxxxx'x readers worldwide: In addition, please note that
this publication has been issued by Xxxxxx Xxxxxxx & Co. Incorporated, approved
by Xxxxxx Xxxxxxx International Limited, a member of The Securities and Futures
Authority, and by Xxxxxx Xxxxxxx Japan Ltd. Xxxxxx Xxxxxxx recommends that such
readers obtain the advice of their Xxxxxx Xxxxxxx & Co. Incorporated, Xxxxxx
Xxxxxxx International or Xxxxxx Xxxxxxx Japan Ltd. representative about the
investments concerned.
NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND
FUTURES AUTHORITY
--------------------------------------------------------------------------------
T-6
$834,596,000 (Approximate)
Xxxxxx Xxxxxxx Xxxx Xxxxxx Capital I Inc.
Commercial Mortgage Pass-Through Certificates
Series 2002-IQ3
Class X-1 and X-2 The notional amount of the Class X-2 Certificates will
Notional Balances: equal:
o during the period from the Closing Date through and
including the distribution date occurring in December
2004, the sum of (a) the lesser of $43,800,000 and the
certificate balance of the Class A-1 Certificates
outstanding from time to time (b) the lesser of
$97,800,000 and the certificate balance of the Class
A-2 Certificates outstanding from time to time and (c)
the aggregate of the certificate balances of the Class
A-2, Class A-3, Class A-4, Class B, Class C, Class D,
Class E, Class F, Class G, Class H, Class J and Class K
Certificates outstanding from time to time;
o during the period following the distribution date
occurring in December 2004 through and including the
distribution date occurring in December 2005, the sum
of (a) the lesser of $14,600,000 and the certificate
balance of the Class A-1 Certificates outstanding from
time to time, (b) the lesser of $76,500,000 and the
certificate balance of the Class A-2 Certificates
outstanding from time to time, (c) the aggregate of the
certificate balances of the Class A-2, , Class A-3,
Class A-4, Class B, Class C, Class D, Class E, Class F
and Class G Certificates outstanding from time to time
and (d) the lesser of $9,350,000 and the certificate
balance of the Class H Certificates outstanding from
time to time;
o during the period following the distribution date
occurring in December 2005 through and including the
distribution date occurring in December 2006, the sum
of (a) the lesser of $56,700,000 and the certificate
balance of the Class A-2 Certificates outstanding from
time to time, (b) the lesser of $77,600,000 and the
certificate balance of the Class A-3 Certificates
outstanding from time to time and (c) the aggregate of
the certificate balances of the Class A-4, Class B,
Class C, Class D, Class E and Class F Certificates
outstanding from time to time;
--------------------------------------------------------------------------------
This information is being delivered to a specific number of prospective
sophisticated investors in order to assist them in determining whether they have
an interest in the type of security described herein. It has been prepared
solely for information purposes and is not an offer to buy or sell or a
solicitation of an offer to buy or sell any security or instrument or to
participate in any trading strategy. No representation or warranty can be given
with respect to the accuracy or completeness of the information, or with respect
to the terms of any future offer of securities conforming to the terms hereof.
Any such offer of securities would be made pursuant to a definitive Prospectus
or Private Placement Memorandum, as the case may be, prepared by the issuer
which could contain material information not contained herein and to which the
prospective purchasers are referred. In the event of any such offering, this
information shall be deemed superseded, amended and supplemented in its entirety
by such Prospectus or Private Placement Memorandum. Such Prospectus or Private
Placement Memorandum will contain all material information in respect of any
securities offered thereby and any decision to invest in such securities should
be made solely in reliance upon such Prospectus or Private Placement Memorandum.
Certain assumptions may have been made in this analysis which have resulted in
any returns detailed herein. No representation is made that any returns
indicated will be achieved. Changes to the assumptions may have a material
impact on any returns detailed. Xxxxxx Xxxxxxx & Co. Incorporated, Xxxxxxx Xxxxx
& Co. and [ ] (the "Underwriters") disclaim any and all liability relating to
this information, including without limitation any express or implied
representations and warranties for, statements contained in, and omissions from,
this information. Additional information is available upon request. The
Underwriters and others associated with them may have positions in, and may
effect transactions in, securities and instruments of issuers mentioned herein
and may also perform or seek to perform investment banking services for the
issuers of such securities and instruments. Past performance is not necessarily
indicative of future results. Price and availability are subject to change
without notice. This material may be filed with the Securities and Exchange
Commission (the "SEC") and incorporated by reference into an effective
registration statement previously filed with the SEC under Rule 415 of the
Securities Act of 1933, including in cases where the material does not pertain
to securities that are ultimately offered for sale pursuant to such registration
statement. To Xxxxxx Xxxxxxx'x readers worldwide: In addition, please note that
this publication has been issued by Xxxxxx Xxxxxxx & Co. Incorporated, approved
by Xxxxxx Xxxxxxx International Limited, a member of The Securities and Futures
Authority, and by Xxxxxx Xxxxxxx Japan Ltd. Xxxxxx Xxxxxxx recommends that such
readers obtain the advice of their Xxxxxx Xxxxxxx & Co. Incorporated, Xxxxxx
Xxxxxxx International or Xxxxxx Xxxxxxx Japan Ltd. representative about the
investments concerned.
NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND
FUTURES AUTHORITY
--------------------------------------------------------------------------------
T-7
$834,596,000 (Approximate)
Xxxxxx Xxxxxxx Xxxx Xxxxxx Capital I Inc.
Commercial Mortgage Pass-Through Certificates
Series 2002-IQ3
o during the period following the distribution date
occurring in December 2006 through and including the
distribution date occurring in December 2007, the sum
of (a) the lesser of $32,550,000 and the certificate
balance of the Class A-2 Certificates outstanding from
time to time, (b) the lesser of $44,500,000 and the
certificate balance of the Class A-3 Certificates
outstanding from time to time, (c) the aggregate of the
certificate balances of the Class A-4, Class B, Class C
and Class D Certificates outstanding from time to time
and (d) the lesser of $9,150,000 and the certificate
balance of the Class E Certificates outstanding from
time to time;
o during the period following the distribution date
occurring in December 2007 through and including the
distribution date occurring in December 2008, the sum
of (a) the lesser of $14,750,000 and the certificate
balance of the Class A-2 Certificates outstanding from
time to time, (b) the lesser of $20,200,000 and the
certificate balance of the Class A-3 Certificates
outstanding from time to time, (c) the certificate
balance of the Class A-4 and Class B Certificates
outstanding from time to time and (d) the lesser of
$25,500,000 and the certificate balance of the Class C
Certificates outstanding from time to time;
o during the period following the distribution date
occurring in December 2008 through and including the
distribution date occurring in December 2009, the sum
of (a) the lesser of $458,300,000 and the certificate
balance of the Class A-4 Certificates outstanding from
time to time, (b) the certificate balance of the Class
B Certificates outstanding from time to time and (c)
the lesser of $13,500,000 and the certificate balance
of the Class C Certificates outstanding from time to
time;
o during the period following the distribution date
occurring in December 2009 through and including the
distribution date occurring in December 2010, the sum
of (a) the lesser of $414,000,000 and the certificate
balance of the Class A-4 Certificates outstanding from
time to time, (b) the certificate balance of the Class
B Certificates outstanding from time to time and (c)
the lesser of $2,900,000 and the certificate balance of
the Class C Certificates outstanding from time to time;
and
o following the distribution date occurring in
December 2010, $0.
--------------------------------------------------------------------------------
This information is being delivered to a specific number of prospective
sophisticated investors in order to assist them in determining whether they have
an interest in the type of security described herein. It has been prepared
solely for information purposes and is not an offer to buy or sell or a
solicitation of an offer to buy or sell any security or instrument or to
participate in any trading strategy. No representation or warranty can be given
with respect to the accuracy or completeness of the information, or with respect
to the terms of any future offer of securities conforming to the terms hereof.
Any such offer of securities would be made pursuant to a definitive Prospectus
or Private Placement Memorandum, as the case may be, prepared by the issuer
which could contain material information not contained herein and to which the
prospective purchasers are referred. In the event of any such offering, this
information shall be deemed superseded, amended and supplemented in its entirety
by such Prospectus or Private Placement Memorandum. Such Prospectus or Private
Placement Memorandum will contain all material information in respect of any
securities offered thereby and any decision to invest in such securities should
be made solely in reliance upon such Prospectus or Private Placement Memorandum.
Certain assumptions may have been made in this analysis which have resulted in
any returns detailed herein. No representation is made that any returns
indicated will be achieved. Changes to the assumptions may have a material
impact on any returns detailed. Xxxxxx Xxxxxxx & Co. Incorporated, Xxxxxxx Xxxxx
& Co. and [ ] (the "Underwriters") disclaim any and all liability relating to
this information, including without limitation any express or implied
representations and warranties for, statements contained in, and omissions from,
this information. Additional information is available upon request. The
Underwriters and others associated with them may have positions in, and may
effect transactions in, securities and instruments of issuers mentioned herein
and may also perform or seek to perform investment banking services for the
issuers of such securities and instruments. Past performance is not necessarily
indicative of future results. Price and availability are subject to change
without notice. This material may be filed with the Securities and Exchange
Commission (the "SEC") and incorporated by reference into an effective
registration statement previously filed with the SEC under Rule 415 of the
Securities Act of 1933, including in cases where the material does not pertain
to securities that are ultimately offered for sale pursuant to such registration
statement. To Xxxxxx Xxxxxxx'x readers worldwide: In addition, please note that
this publication has been issued by Xxxxxx Xxxxxxx & Co. Incorporated, approved
by Xxxxxx Xxxxxxx International Limited, a member of The Securities and Futures
Authority, and by Xxxxxx Xxxxxxx Japan Ltd. Xxxxxx Xxxxxxx recommends that such
readers obtain the advice of their Xxxxxx Xxxxxxx & Co. Incorporated, Xxxxxx
Xxxxxxx International or Xxxxxx Xxxxxxx Japan Ltd. representative about the
investments concerned.
NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND
FUTURES AUTHORITY
--------------------------------------------------------------------------------
T-8
$834,596,000 (Approximate)
Xxxxxx Xxxxxxx Xxxx Xxxxxx Capital I Inc.
Commercial Mortgage Pass-Through Certificates
Series 2002-IQ3
Accordingly, the Notional Amount of the Class X-1
Certificates will be reduced on each Distribution Date
by any distributions of principal actually made on, and
any Realized Losses and Expense Losses of principal
actually allocated to any class of Principal Balance
Certificates. The Notional Amount of the Class X-2
Certificates will be reduced on each Distribution Date
by any distributions of principal actually made on, and
any Realized Losses and Expense Losses of principal
actually allocated to any component included in the
calculation of the Notional Amount for the Class X-2
Certificates on such Distribution Date, as described
above. It is anticipated that holders of the Class X-2
Certificates will not be entitled to distributions of
interest at any time following the Distribution Date
occurring in December 2010. Accordingly, upon initial
issuance, the aggregate Notional Amount of the Class
X-1 Certificates and Class X-2 Certificates will be
$909,642,278 and $824,775,000, respectively, subject in
each case to a permitted variance of plus or minus 5%.
The Notional Amount of each Class X Certificate is used
solely for the purpose of determining the amount of
interest to be distributed on such Certificate and does
not represent the right to receive any distributions of
principal.
The class X-Y certificates will have a total notional
amount that is, as of any date of determination, equal
to the then total principal balance of those
residential cooperative mortgage loans in the trust
fund that have, in each case, a mortgage interest rate
(reduced by the sum of the annual rates at which the
related master servicing fee, including the primary
servicing fee, and the trustee fee are calculated) in
excess of 5.55% per annum (with such total principal
balance to be calculated from the perspective of the
series 2002-IQ3 certificateholders, based on
collections and advances of principal on those mortgage
loans previously distributed, and losses on those
mortgage loans previously allocated, to the series
2002-IQ3 certificateholders).
--------------------------------------------------------------------------------
This information is being delivered to a specific number of prospective
sophisticated investors in order to assist them in determining whether they have
an interest in the type of security described herein. It has been prepared
solely for information purposes and is not an offer to buy or sell or a
solicitation of an offer to buy or sell any security or instrument or to
participate in any trading strategy. No representation or warranty can be given
with respect to the accuracy or completeness of the information, or with respect
to the terms of any future offer of securities conforming to the terms hereof.
Any such offer of securities would be made pursuant to a definitive Prospectus
or Private Placement Memorandum, as the case may be, prepared by the issuer
which could contain material information not contained herein and to which the
prospective purchasers are referred. In the event of any such offering, this
information shall be deemed superseded, amended and supplemented in its entirety
by such Prospectus or Private Placement Memorandum. Such Prospectus or Private
Placement Memorandum will contain all material information in respect of any
securities offered thereby and any decision to invest in such securities should
be made solely in reliance upon such Prospectus or Private Placement Memorandum.
Certain assumptions may have been made in this analysis which have resulted in
any returns detailed herein. No representation is made that any returns
indicated will be achieved. Changes to the assumptions may have a material
impact on any returns detailed. Xxxxxx Xxxxxxx & Co. Incorporated, Xxxxxxx Xxxxx
& Co. and [ ] (the "Underwriters") disclaim any and all liability relating to
this information, including without limitation any express or implied
representations and warranties for, statements contained in, and omissions from,
this information. Additional information is available upon request. The
Underwriters and others associated with them may have positions in, and may
effect transactions in, securities and instruments of issuers mentioned herein
and may also perform or seek to perform investment banking services for the
issuers of such securities and instruments. Past performance is not necessarily
indicative of future results. Price and availability are subject to change
without notice. This material may be filed with the Securities and Exchange
Commission (the "SEC") and incorporated by reference into an effective
registration statement previously filed with the SEC under Rule 415 of the
Securities Act of 1933, including in cases where the material does not pertain
to securities that are ultimately offered for sale pursuant to such registration
statement. To Xxxxxx Xxxxxxx'x readers worldwide: In addition, please note that
this publication has been issued by Xxxxxx Xxxxxxx & Co. Incorporated, approved
by Xxxxxx Xxxxxxx International Limited, a member of The Securities and Futures
Authority, and by Xxxxxx Xxxxxxx Japan Ltd. Xxxxxx Xxxxxxx recommends that such
readers obtain the advice of their Xxxxxx Xxxxxxx & Co. Incorporated, Xxxxxx
Xxxxxxx International or Xxxxxx Xxxxxxx Japan Ltd. representative about the
investments concerned.
NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND
FUTURES AUTHORITY
--------------------------------------------------------------------------------
T-9
$834,596,000 (Approximate)
Xxxxxx Xxxxxxx Xxxx Xxxxxx Capital I Inc.
Commercial Mortgage Pass-Through Certificates
Series 2002-IQ3
Class X-1 and X-2 The Pass-Through Rate applicable to the Class X-1
Pass-Through Rates: Certificates for the initial Distribution Date will
equal approximately 0.24% per annum. The Pass-Through
Rate applicable to the Class X-1 Certificates for each
Distribution Date subsequent to the initial
Distribution Date will equal the weighted average of
the respective strip rates (the "Class X-1 Strip
Rates") at which interest accrues from time to time on
the respective components of the total Notional Amount
of the Class X-1 Certificates outstanding immediately
prior to the related Distribution Date (weighted on
the basis of the respective balances of such
components outstanding immediately prior to such
Distribution Date). Each of those components will be
comprised of all or a designated portion of the
Certificate Balance of one of the classes of the
Principal Balance Certificates. In general, the
Certificate Balance of each class of Principal Balance
Certificates will constitute a separate component of
the total Notional Amount of the Class X-1
Certificates; provided that, if a portion, but not
all, of the Certificate Balance of any particular
class of Principal Balance Certificates is identified
under "--Certificate Balance" in the Prospectus
Supplement as being part of the total Notional Amount
of the Class X-2 Certificates immediately prior to any
Distribution Date, then that identified portion of
such Certificate Balance will also represent a
separate component of the total Notional Amount of the
Class X-1 Certificates for purposes of calculating the
accrual of interest for the related Distribution Date,
and the remaining portion of such Certificate Balance
will represent another separate component of the Class
X-1 Certificates for purposes of calculating the
accrual of interest for the related Distribution Date.
For any Distribution Date occurring on or before
December 2010, on any particular component of the
total Notional Amount of the Class X-1 Certificates
immediately prior to the related Distribution Date,
the applicable Class X-1 Strip Rate will be calculated
as follows:
o if such particular component consists of the
entire Certificate Balance of any class of
Principal Balance Certificates, and if such
Certificate Balance also constitutes, in its
entirety, a component of the total Notional
Amount of the Class X-2 Certificates
immediately prior to the related Distribution
Date, then the applicable Class X-1 Strip Rate
will equal the excess, if any, of (a) the
Weighted Average Net Mortgage Rate for such
Distribution Date, over (b) the greater of (i)
the rate per annum corresponding to such
Distribution Date as set forth on Schedule A in
the Prospectus Supplement and (ii) the
Pass-Through Rate for such Distribution Date
for such class of Principal Balance
Certificates;
--------------------------------------------------------------------------------
This information is being delivered to a specific number of prospective
sophisticated investors in order to assist them in determining whether they have
an interest in the type of security described herein. It has been prepared
solely for information purposes and is not an offer to buy or sell or a
solicitation of an offer to buy or sell any security or instrument or to
participate in any trading strategy. No representation or warranty can be given
with respect to the accuracy or completeness of the information, or with respect
to the terms of any future offer of securities conforming to the terms hereof.
Any such offer of securities would be made pursuant to a definitive Prospectus
or Private Placement Memorandum, as the case may be, prepared by the issuer
which could contain material information not contained herein and to which the
prospective purchasers are referred. In the event of any such offering, this
information shall be deemed superseded, amended and supplemented in its entirety
by such Prospectus or Private Placement Memorandum. Such Prospectus or Private
Placement Memorandum will contain all material information in respect of any
securities offered thereby and any decision to invest in such securities should
be made solely in reliance upon such Prospectus or Private Placement Memorandum.
Certain assumptions may have been made in this analysis which have resulted in
any returns detailed herein. No representation is made that any returns
indicated will be achieved. Changes to the assumptions may have a material
impact on any returns detailed. Xxxxxx Xxxxxxx & Co. Incorporated, Xxxxxxx Xxxxx
& Co. and [ ] (the "Underwriters") disclaim any and all liability relating to
this information, including without limitation any express or implied
representations and warranties for, statements contained in, and omissions from,
this information. Additional information is available upon request. The
Underwriters and others associated with them may have positions in, and may
effect transactions in, securities and instruments of issuers mentioned herein
and may also perform or seek to perform investment banking services for the
issuers of such securities and instruments. Past performance is not necessarily
indicative of future results. Price and availability are subject to change
without notice. This material may be filed with the Securities and Exchange
Commission (the "SEC") and incorporated by reference into an effective
registration statement previously filed with the SEC under Rule 415 of the
Securities Act of 1933, including in cases where the material does not pertain
to securities that are ultimately offered for sale pursuant to such registration
statement. To Xxxxxx Xxxxxxx'x readers worldwide: In addition, please note that
this publication has been issued by Xxxxxx Xxxxxxx & Co. Incorporated, approved
by Xxxxxx Xxxxxxx International Limited, a member of The Securities and Futures
Authority, and by Xxxxxx Xxxxxxx Japan Ltd. Xxxxxx Xxxxxxx recommends that such
readers obtain the advice of their Xxxxxx Xxxxxxx & Co. Incorporated, Xxxxxx
Xxxxxxx International or Xxxxxx Xxxxxxx Japan Ltd. representative about the
investments concerned.
NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND
FUTURES AUTHORITY
--------------------------------------------------------------------------------
T-10
$834,596,000 (Approximate)
Xxxxxx Xxxxxxx Xxxx Xxxxxx Capital I Inc.
Commercial Mortgage Pass-Through Certificates
Series 2002-IQ3
o if such particular component consists of a
designated portion (but not all) of the
Certificate Balance of any class of Principal
Balance Certificates, and if such designated
portion of such Certificate Balance also
constitutes a component of the total Notional
Amount of the Class X-2 Certificates
immediately prior to the related Distribution
Date, then the applicable Class X-1 Strip Rate
will equal the excess, if any, of (a) the
Weighted Average Net Mortgage Rate for such
Distribution Date, over (b) the greater of (i)
the rate per annum corresponding to such
Distribution Date as set forth on Schedule A in
the Prospectus Supplement and (ii) the
Pass-Through Rate for such Distribution Date
for such class of Principal Balance
Certificates;
o if such particular component consists of the
entire Certificate Balance of any class of
Principal Balance Certificates, and if such
Certificate Balance does not, in whole or in
part, also constitute a component of the total
Notional Amount of the Class X-2 Certificates
immediately prior to the related Distribution
Date, then the applicable Class X-1 Strip Rate
will equal the excess, if any, of (a) the
Weighted Average Net Mortgage Rate for such
Distribution Date, over (b) the Pass-Through
Rate for such Distribution Date for such class
of Principal Balance Certificates; and
o if such particular component consists of a
designated portion (but not all) of the
Certificate Balance of any class of Principal
Balance Certificates, and if such designated
portion of such Certificate Balance does not
also constitute a component of the total
Notional Amount of the Class X-2 Certificates
immediately prior to the related Distribution
Date, then the applicable Class X-1 Strip Rate
will equal the excess, if any, of (a) the
Weighted Average Net Mortgage Rate for such
Distribution Date, over (b) the Pass-Through
Rate for such Distribution Date for such class
of Principal Balance Certificates.
Notwithstanding the foregoing, for any Distribution
Date occurring after December 2010, the Certificate
Balance of each class of Principal Balance
Certificates will constitute a single separate
component of the total Notional Amount of the Class
X-1 Certificates, and the applicable Class X-1 Strip
Rate with respect to each such component for each such
Distribution Date will equal the excess, if any, of
(a) the Weighted Average Net Mortgage Rate for such
Distribution Date, over (b) the Pass-Through Rate for
such Distribution Date for such class of Principal
Balance Certificates. Under no circumstances will the
Class X-1 Strip Rate be less than zero.
--------------------------------------------------------------------------------
This information is being delivered to a specific number of prospective
sophisticated investors in order to assist them in determining whether they have
an interest in the type of security described herein. It has been prepared
solely for information purposes and is not an offer to buy or sell or a
solicitation of an offer to buy or sell any security or instrument or to
participate in any trading strategy. No representation or warranty can be given
with respect to the accuracy or completeness of the information, or with respect
to the terms of any future offer of securities conforming to the terms hereof.
Any such offer of securities would be made pursuant to a definitive Prospectus
or Private Placement Memorandum, as the case may be, prepared by the issuer
which could contain material information not contained herein and to which the
prospective purchasers are referred. In the event of any such offering, this
information shall be deemed superseded, amended and supplemented in its entirety
by such Prospectus or Private Placement Memorandum. Such Prospectus or Private
Placement Memorandum will contain all material information in respect of any
securities offered thereby and any decision to invest in such securities should
be made solely in reliance upon such Prospectus or Private Placement Memorandum.
Certain assumptions may have been made in this analysis which have resulted in
any returns detailed herein. No representation is made that any returns
indicated will be achieved. Changes to the assumptions may have a material
impact on any returns detailed. Xxxxxx Xxxxxxx & Co. Incorporated, Xxxxxxx Xxxxx
& Co. and [ ] (the "Underwriters") disclaim any and all liability relating to
this information, including without limitation any express or implied
representations and warranties for, statements contained in, and omissions from,
this information. Additional information is available upon request. The
Underwriters and others associated with them may have positions in, and may
effect transactions in, securities and instruments of issuers mentioned herein
and may also perform or seek to perform investment banking services for the
issuers of such securities and instruments. Past performance is not necessarily
indicative of future results. Price and availability are subject to change
without notice. This material may be filed with the Securities and Exchange
Commission (the "SEC") and incorporated by reference into an effective
registration statement previously filed with the SEC under Rule 415 of the
Securities Act of 1933, including in cases where the material does not pertain
to securities that are ultimately offered for sale pursuant to such registration
statement. To Xxxxxx Xxxxxxx'x readers worldwide: In addition, please note that
this publication has been issued by Xxxxxx Xxxxxxx & Co. Incorporated, approved
by Xxxxxx Xxxxxxx International Limited, a member of The Securities and Futures
Authority, and by Xxxxxx Xxxxxxx Japan Ltd. Xxxxxx Xxxxxxx recommends that such
readers obtain the advice of their Xxxxxx Xxxxxxx & Co. Incorporated, Xxxxxx
Xxxxxxx International or Xxxxxx Xxxxxxx Japan Ltd. representative about the
investments concerned.
NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND
FUTURES AUTHORITY
--------------------------------------------------------------------------------
T-11
$834,596,000 (Approximate)
Xxxxxx Xxxxxxx Xxxx Xxxxxx Capital I Inc.
Commercial Mortgage Pass-Through Certificates
Series 2002-IQ3
The Pass-Through Rate applicable to the Class X-2
Certificates for the initial Distribution Date will
equal approximately 1.71% per annum. The Pass-Through
Rate applicable to the Class X-2 Certificates for each
Distribution Date subsequent to the initial
Distribution Date and on or before the Distribution
Date in December 2010 will equal the weighted average
of the respective strip rates (the "Class X-2 Strip
Rates") at which interest accrues from time to time on
the respective components of the total Notional Amount
of the Class X-2 Certificates outstanding immediately
prior to the related Distribution Date (weighted on
the basis of the respective balances of such
components outstanding immediately prior to such
Distribution Date). Each of those components will be
comprised of all or a designated portion of the
Certificate Balance of a specified class of Principal
Balance Certificates. If all or a designated portion
of the Certificate Balance of any class of Principal
Balance Certificates is identified under
"--Certificate Balance" in the Prospectus Supplement
as being part of the total Notional Amount of the
Class X-2 certificates immediately prior to any
Distribution Date, then that Certificate Balance (or
designated portion thereof) will represent a separate
component of the total Notional Amount of the Class
X-2 Certificates for purposes of calculating the
accrual of interest for the related Distribution Date.
For any Distribution Date occurring on or before
December 2010, on any particular component of the
total Notional Amount of the Class X-2 Certificates
immediately prior to the related Distribution Date,
the applicable Class X-2 Strip Rate will equal the
excess, if any, of:
o the lesser of (a) the rate per annum
corresponding to such Distribution Date as set
forth on Schedule A in the Prospectus Supplement
and (b) the Weighted Average Net Mortgage Rate
for such Distribution Date, overo
o the Pass-Through Rate for such Distribution Date
for the class of Principal Balance Certificates
whose Certificate Balance, or a designated
portion thereof, comprises such component.
Under no circumstances will the Class X-2 Strip Rate
be less than zero.
--------------------------------------------------------------------------------
This information is being delivered to a specific number of prospective
sophisticated investors in order to assist them in determining whether they have
an interest in the type of security described herein. It has been prepared
solely for information purposes and is not an offer to buy or sell or a
solicitation of an offer to buy or sell any security or instrument or to
participate in any trading strategy. No representation or warranty can be given
with respect to the accuracy or completeness of the information, or with respect
to the terms of any future offer of securities conforming to the terms hereof.
Any such offer of securities would be made pursuant to a definitive Prospectus
or Private Placement Memorandum, as the case may be, prepared by the issuer
which could contain material information not contained herein and to which the
prospective purchasers are referred. In the event of any such offering, this
information shall be deemed superseded, amended and supplemented in its entirety
by such Prospectus or Private Placement Memorandum. Such Prospectus or Private
Placement Memorandum will contain all material information in respect of any
securities offered thereby and any decision to invest in such securities should
be made solely in reliance upon such Prospectus or Private Placement Memorandum.
Certain assumptions may have been made in this analysis which have resulted in
any returns detailed herein. No representation is made that any returns
indicated will be achieved. Changes to the assumptions may have a material
impact on any returns detailed. Xxxxxx Xxxxxxx & Co. Incorporated, Xxxxxxx Xxxxx
& Co. and [ ] (the "Underwriters") disclaim any and all liability relating to
this information, including without limitation any express or implied
representations and warranties for, statements contained in, and omissions from,
this information. Additional information is available upon request. The
Underwriters and others associated with them may have positions in, and may
effect transactions in, securities and instruments of issuers mentioned herein
and may also perform or seek to perform investment banking services for the
issuers of such securities and instruments. Past performance is not necessarily
indicative of future results. Price and availability are subject to change
without notice. This material may be filed with the Securities and Exchange
Commission (the "SEC") and incorporated by reference into an effective
registration statement previously filed with the SEC under Rule 415 of the
Securities Act of 1933, including in cases where the material does not pertain
to securities that are ultimately offered for sale pursuant to such registration
statement. To Xxxxxx Xxxxxxx'x readers worldwide: In addition, please note that
this publication has been issued by Xxxxxx Xxxxxxx & Co. Incorporated, approved
by Xxxxxx Xxxxxxx International Limited, a member of The Securities and Futures
Authority, and by Xxxxxx Xxxxxxx Japan Ltd. Xxxxxx Xxxxxxx recommends that such
readers obtain the advice of their Xxxxxx Xxxxxxx & Co. Incorporated, Xxxxxx
Xxxxxxx International or Xxxxxx Xxxxxxx Japan Ltd. representative about the
investments concerned.
NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND
FUTURES AUTHORITY
--------------------------------------------------------------------------------
T-12
$834,596,000 (Approximate)
Xxxxxx Xxxxxxx Xxxx Xxxxxx Capital I Inc.
Commercial Mortgage Pass-Through Certificates
Series 2002-IQ3
The Pass-Through Rate applicable to the Class X-Y
Certificates for the initial Distribution Date will
equal approximately 1.07% per annum. The pass-through
rate for the class X-Y certificates will be a variable
rate equal to the weighted average from time to time
of the various Class X-Y Strip Rates attributable to
each of the residential cooperative mortgage loans in
the trust fund for which the rate described in clause
1. of the following sentence is greater than the rate
described in clause 2. of the following sentence.
The class X-Y strip rate for each of those residential
cooperative mortgage loans will equal the difference
of:
1. the mortgage interest rate in effect for that
mortgage loan as of the date of initial issuance of
the offered certificates, net of the sum of the annual
rates at which the related master servicing fee,
including the primary servicing fee, and the trustee
fee are calculated, minus 2. 5.55% per annum; provided
that, if the subject mortgage loan accrues interest on
the basis of the actual number of days elapsed during
each one-month interest accrual period in a year
assumed to consist of 360 days, then the foregoing
differential, will be multiplied by a fraction,
expressed as a percentage, the numerator of which is
the number of days in the subject interest accrual
period, and the denominator of which is 30.
--------------------------------------------------------------------------------
This information is being delivered to a specific number of prospective
sophisticated investors in order to assist them in determining whether they have
an interest in the type of security described herein. It has been prepared
solely for information purposes and is not an offer to buy or sell or a
solicitation of an offer to buy or sell any security or instrument or to
participate in any trading strategy. No representation or warranty can be given
with respect to the accuracy or completeness of the information, or with respect
to the terms of any future offer of securities conforming to the terms hereof.
Any such offer of securities would be made pursuant to a definitive Prospectus
or Private Placement Memorandum, as the case may be, prepared by the issuer
which could contain material information not contained herein and to which the
prospective purchasers are referred. In the event of any such offering, this
information shall be deemed superseded, amended and supplemented in its entirety
by such Prospectus or Private Placement Memorandum. Such Prospectus or Private
Placement Memorandum will contain all material information in respect of any
securities offered thereby and any decision to invest in such securities should
be made solely in reliance upon such Prospectus or Private Placement Memorandum.
Certain assumptions may have been made in this analysis which have resulted in
any returns detailed herein. No representation is made that any returns
indicated will be achieved. Changes to the assumptions may have a material
impact on any returns detailed. Xxxxxx Xxxxxxx & Co. Incorporated, Xxxxxxx Xxxxx
& Co. and [ ] (the "Underwriters") disclaim any and all liability relating to
this information, including without limitation any express or implied
representations and warranties for, statements contained in, and omissions from,
this information. Additional information is available upon request. The
Underwriters and others associated with them may have positions in, and may
effect transactions in, securities and instruments of issuers mentioned herein
and may also perform or seek to perform investment banking services for the
issuers of such securities and instruments. Past performance is not necessarily
indicative of future results. Price and availability are subject to change
without notice. This material may be filed with the Securities and Exchange
Commission (the "SEC") and incorporated by reference into an effective
registration statement previously filed with the SEC under Rule 415 of the
Securities Act of 1933, including in cases where the material does not pertain
to securities that are ultimately offered for sale pursuant to such registration
statement. To Xxxxxx Xxxxxxx'x readers worldwide: In addition, please note that
this publication has been issued by Xxxxxx Xxxxxxx & Co. Incorporated, approved
by Xxxxxx Xxxxxxx International Limited, a member of The Securities and Futures
Authority, and by Xxxxxx Xxxxxxx Japan Ltd. Xxxxxx Xxxxxxx recommends that such
readers obtain the advice of their Xxxxxx Xxxxxxx & Co. Incorporated, Xxxxxx
Xxxxxxx International or Xxxxxx Xxxxxxx Japan Ltd. representative about the
investments concerned.
NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND
FUTURES AUTHORITY
--------------------------------------------------------------------------------
T-13
$834,596,000 (Approximate)
Xxxxxx Xxxxxxx Xxxx Xxxxxx Capital I Inc.
Commercial Mortgage Pass-Through Certificates
Series 2002-IQ3
Yield Any Prepayment Premiums/Yield Maintenance Charges
Maintenance/Prepayment collected with respect to a Mortgage Loan during any
Premium Allocation: particular Collection Period will be distributed to
the holders of each Class of Principal Balance
Certificates (other than an excluded class as defined
below) then entitled to distributions of principal on
such Distribution Date in an amount equal to the
lesser of (i) such Prepayment Premium/Yield
Maintenance Charge and (ii) the Prepayment
Premium/Yield Maintenance Charge multiplied by the
product of (a) a fraction, the numerator of which is
equal to the amount of principal distributed to the
holders of that Class on the Distribution Date, and
the denominator of which is the total principal
distributed on that Distribution Date, and (b) a
fraction not greater than one, the numerator of which
is equal to the excess, if any, of the Pass-Through
Rate applicable to that Class, over the relevant
Discount Rate (as defined in the Prospectus
Supplement), and the denominator of which is equal to
the excess, if any, of the Mortgage Rate of the
Mortgage Loan that prepaid, over the relevant
Discount Rate.
The portion, if any, of the Prepayment Premium/Yield
Maintenance Charge remaining after such payments to
the holders of the Principal Balance Certificates
will be distributed to the holders of the Class X-1
Certificates and Class X-2 Certificates based on an [
] ratio through and including the Distribution Date
in December 2006. After the Distribution Date in
December 2006 all Prepayment Premium/Yield
Maintenance charges remaining after such payments to
the holders of the Principal Balance Certificates
will be distributed to the Class X-1 Certificates.
For the purposes of the foregoing, the Class H
Certificates and below are the excluded classes.
Notwithstanding the previous two paragraphs,
regarding the prepayment of loans contributing to the
notional balance of the class X-Y Certificates, the
Class X-Y Certificates will receive the portion of
Yield Maintenance attributable to the specific Class
X-Y Strip rate applicable to the prepaid loan. In
addition, the Class X-Y Certificates will receive 50%
of all Prepayment Premiums (i.e. Penalty Points)
collected with respect to the aforementioned loans.
--------------------------------------------------------------------------------
This information is being delivered to a specific number of prospective
sophisticated investors in order to assist them in determining whether they have
an interest in the type of security described herein. It has been prepared
solely for information purposes and is not an offer to buy or sell or a
solicitation of an offer to buy or sell any security or instrument or to
participate in any trading strategy. No representation or warranty can be given
with respect to the accuracy or completeness of the information, or with respect
to the terms of any future offer of securities conforming to the terms hereof.
Any such offer of securities would be made pursuant to a definitive Prospectus
or Private Placement Memorandum, as the case may be, prepared by the issuer
which could contain material information not contained herein and to which the
prospective purchasers are referred. In the event of any such offering, this
information shall be deemed superseded, amended and supplemented in its entirety
by such Prospectus or Private Placement Memorandum. Such Prospectus or Private
Placement Memorandum will contain all material information in respect of any
securities offered thereby and any decision to invest in such securities should
be made solely in reliance upon such Prospectus or Private Placement Memorandum.
Certain assumptions may have been made in this analysis which have resulted in
any returns detailed herein. No representation is made that any returns
indicated will be achieved. Changes to the assumptions may have a material
impact on any returns detailed. Xxxxxx Xxxxxxx & Co. Incorporated, Xxxxxxx Xxxxx
& Co. and [ ] (the "Underwriters") disclaim any and all liability relating to
this information, including without limitation any express or implied
representations and warranties for, statements contained in, and omissions from,
this information. Additional information is available upon request. The
Underwriters and others associated with them may have positions in, and may
effect transactions in, securities and instruments of issuers mentioned herein
and may also perform or seek to perform investment banking services for the
issuers of such securities and instruments. Past performance is not necessarily
indicative of future results. Price and availability are subject to change
without notice. This material may be filed with the Securities and Exchange
Commission (the "SEC") and incorporated by reference into an effective
registration statement previously filed with the SEC under Rule 415 of the
Securities Act of 1933, including in cases where the material does not pertain
to securities that are ultimately offered for sale pursuant to such registration
statement. To Xxxxxx Xxxxxxx'x readers worldwide: In addition, please note that
this publication has been issued by Xxxxxx Xxxxxxx & Co. Incorporated, approved
by Xxxxxx Xxxxxxx International Limited, a member of The Securities and Futures
Authority, and by Xxxxxx Xxxxxxx Japan Ltd. Xxxxxx Xxxxxxx recommends that such
readers obtain the advice of their Xxxxxx Xxxxxxx & Co. Incorporated, Xxxxxx
Xxxxxxx International or Xxxxxx Xxxxxxx Japan Ltd. representative about the
investments concerned.
NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND
FUTURES AUTHORITY
--------------------------------------------------------------------------------
T-14
$834,596,000 (Approximate)
Xxxxxx Xxxxxxx Xxxx Xxxxxx Capital I Inc.
Commercial Mortgage Pass-Through Certificates
Series 2002-IQ3
The following is an example of the Prepayment Premium
Allocation under (b) above based on the information
contained herein and the following assumptions:
Two Classes of Certificates: Class A-1 and X
The characteristics of the Mortgage Loan being
prepaid are as follows:
- Loan Balance: $10,000,000
- Mortgage Rate: 6.00%
- Maturity Date: 5 years (December 1, 2007)
The Discount Rate is equal to 3.18%
The Class A-1 Pass-Through Rate is equal to 3.48% and
Class A-2 Pass-Through Rate is equal to 4.39% Class A
Certificates
CLASS A CERTIFICATES
------------------------------------------------------------------------------------------------------------------
YIELD
MAINTENANCE
METHOD FRACTION ALLOCATION
------------------------------------------------------------ ------------------------------ -----------------
CLASS A-1 CLASS A-1
------------------------------ -----------------
(Class A-1 Pass Through Rate - Discount Rate) (3.48%-3.18%)
[58%] X -------------------------------------------------- [58%] X --------------------- 6.17%
(Mortgage Rate - Discount Rate) (6.00%-3.18%)
CLASS A-2 CLASS A-2
------------------------------ -----------------
(Class A-2 Pass Through Rate - Discount Rate) (4.39%-3.18%)
[42%] X ------------------------------------------------- [42%] X --------------------- 18.02%
(Mortgage Rate - Discount Rate) (6.00%-3.18%)
CLASS X CERTIFICATES
------------------------------------------------------------------------------------------------------------------
YIELD
MAINTENANCE
METHOD FRACTION ALLOCATION
-------------------------------------------------------------- ------------------------------ -----------------
[1] - [Class A-1 YM Allocation + Class A-2 YM Allocation] [1-(6.17% + 18.02%)] 75.81%
--------------------------------------------------------------------------------
This information is being delivered to a specific number of prospective
sophisticated investors in order to assist them in determining whether they have
an interest in the type of security described herein. It has been prepared
solely for information purposes and is not an offer to buy or sell or a
solicitation of an offer to buy or sell any security or instrument or to
participate in any trading strategy. No representation or warranty can be given
with respect to the accuracy or completeness of the information, or with respect
to the terms of any future offer of securities conforming to the terms hereof.
Any such offer of securities would be made pursuant to a definitive Prospectus
or Private Placement Memorandum, as the case may be, prepared by the issuer
which could contain material information not contained herein and to which the
prospective purchasers are referred. In the event of any such offering, this
information shall be deemed superseded, amended and supplemented in its entirety
by such Prospectus or Private Placement Memorandum. Such Prospectus or Private
Placement Memorandum will contain all material information in respect of any
securities offered thereby and any decision to invest in such securities should
be made solely in reliance upon such Prospectus or Private Placement Memorandum.
Certain assumptions may have been made in this analysis which have resulted in
any returns detailed herein. No representation is made that any returns
indicated will be achieved. Changes to the assumptions may have a material
impact on any returns detailed. Xxxxxx Xxxxxxx & Co. Incorporated, Xxxxxxx Xxxxx
& Co. and [ ] (the "Underwriters") disclaim any and all liability relating to
this information, including without limitation any express or implied
representations and warranties for, statements contained in, and omissions from,
this information. Additional information is available upon request. The
Underwriters and others associated with them may have positions in, and may
effect transactions in, securities and instruments of issuers mentioned herein
and may also perform or seek to perform investment banking services for the
issuers of such securities and instruments. Past performance is not necessarily
indicative of future results. Price and availability are subject to change
without notice. This material may be filed with the Securities and Exchange
Commission (the "SEC") and incorporated by reference into an effective
registration statement previously filed with the SEC under Rule 415 of the
Securities Act of 1933, including in cases where the material does not pertain
to securities that are ultimately offered for sale pursuant to such registration
statement. To Xxxxxx Xxxxxxx'x readers worldwide: In addition, please note that
this publication has been issued by Xxxxxx Xxxxxxx & Co. Incorporated, approved
by Xxxxxx Xxxxxxx International Limited, a member of The Securities and Futures
Authority, and by Xxxxxx Xxxxxxx Japan Ltd. Xxxxxx Xxxxxxx recommends that such
readers obtain the advice of their Xxxxxx Xxxxxxx & Co. Incorporated, Xxxxxx
Xxxxxxx International or Xxxxxx Xxxxxxx Japan Ltd. representative about the
investments concerned.
NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND
FUTURES AUTHORITY
--------------------------------------------------------------------------------
T-15
$834,596,000 (Approximate)
Xxxxxx Xxxxxxx Xxxx Xxxxxx Capital I Inc.
Commercial Mortgage Pass-Through Certificates
Series 2002-IQ3
III. Sellers Morgan Xxxxxxx Xxxx Xxxxxx Mortgage Capital Inc. ("MSDWMC")
------- -----------------------------------------------------------
The Mortgage Pool includes 6 Mortgage Loans, representing
22.0% of the Initial Pool Balance, that were originated by or
on behalf of MSDWMC or purchased from a third party.
MSDWMC is a subsidiary of Xxxxxx Xxxxxxx & Co. Incorporated
and was formed to originate and purchase mortgage loans
secured by commercial and multifamily real estate.
The Union Central Life Insurance Company ("UCL")
------------------------------------------------
The Mortgage Pool includes 131 Mortgage Loans, representing
20.5% of the Initial Pool Balance, that were originated by
UCL.
Founded in 1867 in Cincinnati, Ohio, The Union Central Life
Insurance Company ("UCL") was the first domestic life
insurance company licensed in the state of Ohio. UCL has
become one of the 15 largest mutual insurance companies in the
nation with over $5.5 billion in assets and licenses to
conduct business in all 50 states and the District of
Columbia. UCL wholly owns Summit Investment Partners, Inc.
("Summit"), the primary servicer for the UCL loans. The
prinicipal offices of UCL and Summit are located at 1876
Waycross Road, P.O. Box 40888, Cincinnati, Ohio 45240. The
phone number for UCL and Summit is (000) 000-0000.
Prudential Mortgage Capital Funding, LLC("Prudential")
------------------------------------------------------
The Mortgage Pool includes 19 Mortgage Loans, representing
18.9% of the Initial Pool Balance, that were originated by or
on behalf of Prudential or purchased from a third party.
Prudential Mortgage Capital Funding, LLC is a limited
liability company organized under the laws of the State of
Delaware. Prudential Mortgage Capital Funding, LLC is a wholly
owned, limited purpose, subsidiary of Prudential Mortgage
Capital Company, LLC. Prudential Mortgage Capital Company, LLC
is a real estate financial services company which originates
commercial and multifamily real estate loans throughout the
United States. Prudential Mortgage Capital Funding, LLC was
organized for the purpose of acquiring loans originated by
Prudential Mortgage Capital Company, LLC and holding them
pending securitization or other disposition. Prudential
Mortgage Capital Company, LLC has primary offices in Atlanta,
Chicago, San Francisco and Newark. The principal offices of
Prudential Mortgage Capital Company, LLC are located at 0
Xxxxxxx Xxxxxx, 0xx Xxxxx, 000 Xxxxxxxx Xxxxxx, Xxxxxx, Xxx
Xxxxxx 00000. The pooled mortgage loans for which Prudential
Mortgage Capital Funding, LLC is the applicable mortgage loan
seller were originated by Prudential Mortgage Capital Company,
LLC (or a wholly-owned subsidiary of Prudential Mortgage
Capital Company, LLC) or, in one case, acquired by Prudential
Mortgage Capital Funding, LLC from a third party.
National Consumer Cooperative Bank ("NCB")
------------------------------------------
The Mortgage Pool includes 50 Mortgage Loans, representing
14.1% of the Initial Pool Balance, that were originated by or
on behalf of NCB, NCB, FSB or purchased from a third party.
National Consumer Cooperative Bank was chartered by an act of
Congress in 1978 for the purpose of providing loans and other
financial services to cooperatively owned and organized
entities throughout the United States. By Congressional
amendments in 1981, NCB was converted to a private institution
owned by its member cooperative customers, including certain
of the borrowers. It is one of the special servicers and
wholly owns NCB, FSB, one of the master servicers and one of
the mortgage loan sellers. National Consumer Cooperative Bank
and its affiliates have originated over $3.5 billion in
commercial and multifamily loans and securitized over $2.0
billion of such originations.
--------------------------------------------------------------------------------
This information is being delivered to a specific number of prospective
sophisticated investors in order to assist them in determining whether they have
an interest in the type of security described herein. It has been prepared
solely for information purposes and is not an offer to buy or sell or a
solicitation of an offer to buy or sell any security or instrument or to
participate in any trading strategy. No representation or warranty can be given
with respect to the accuracy or completeness of the information, or with respect
to the terms of any future offer of securities conforming to the terms hereof.
Any such offer of securities would be made pursuant to a definitive Prospectus
or Private Placement Memorandum, as the case may be, prepared by the issuer
which could contain material information not contained herein and to which the
prospective purchasers are referred. In the event of any such offering, this
information shall be deemed superseded, amended and supplemented in its entirety
by such Prospectus or Private Placement Memorandum. Such Prospectus or Private
Placement Memorandum will contain all material information in respect of any
securities offered thereby and any decision to invest in such securities should
be made solely in reliance upon such Prospectus or Private Placement Memorandum.
Certain assumptions may have been made in this analysis which have resulted in
any returns detailed herein. No representation is made that any returns
indicated will be achieved. Changes to the assumptions may have a material
impact on any returns detailed. Xxxxxx Xxxxxxx & Co. Incorporated, Xxxxxxx Xxxxx
& Co. and [ ] (the "Underwriters") disclaim any and all liability relating to
this information, including without limitation any express or implied
representations and warranties for, statements contained in, and omissions from,
this information. Additional information is available upon request. The
Underwriters and others associated with them may have positions in, and may
effect transactions in, securities and instruments of issuers mentioned herein
and may also perform or seek to perform investment banking services for the
issuers of such securities and instruments. Past performance is not necessarily
indicative of future results. Price and availability are subject to change
without notice. This material may be filed with the Securities and Exchange
Commission (the "SEC") and incorporated by reference into an effective
registration statement previously filed with the SEC under Rule 415 of the
Securities Act of 1933, including in cases where the material does not pertain
to securities that are ultimately offered for sale pursuant to such registration
statement. To Xxxxxx Xxxxxxx'x readers worldwide: In addition, please note that
this publication has been issued by Xxxxxx Xxxxxxx & Co. Incorporated, approved
by Xxxxxx Xxxxxxx International Limited, a member of The Securities and Futures
Authority, and by Xxxxxx Xxxxxxx Japan Ltd. Xxxxxx Xxxxxxx recommends that such
readers obtain the advice of their Xxxxxx Xxxxxxx & Co. Incorporated, Xxxxxx
Xxxxxxx International or Xxxxxx Xxxxxxx Japan Ltd. representative about the
investments concerned.
NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND
FUTURES AUTHORITY
--------------------------------------------------------------------------------
T-16
$834,596,000 (Approximate)
Xxxxxx Xxxxxxx Xxxx Xxxxxx Capital I Inc.
Commercial Mortgage Pass-Through Certificates
Series 2002-IQ3
NCB, FSB
--------
NCB, FSB is a federal savings bank chartered by the Office of
Thrift Supervision of the U.S. Department of the Treasury. It
is one of the master servicers and is a wholly owned
subsidiary of National Consumer Cooperative Bank, one of the
special servicers and one of the mortgage loan sellers. NCB,
FSB maintains an office at 0000 Xxx Xxxxxx, X.X., Xxxxxxxxxx,
X.X. 00000.
Principal Commercial Funding, LLC ("Principal")
-----------------------------------------------
The Mortgage Pool includes 19 Mortgage Loans, representing
12.9% of the Initial Pool Balance, that were originated by or
on behalf of Principal.
Principal Commercial Funding, LLC is a wholly owned subsidiary
of Principal Global Investors, LLC, formerly known as
Principal Capital Management, LLC which is a wholly owned
subsidiary of Principal Life Insurance Company. Principal
Commercial Funding, LLC was formed as a Delaware limited
liability company to originate and acquire loans secured by
commercial and multifamily real estate. Each of the Principal
Commercial Funding, LLC loans was originated and underwritten
by Principal Commercial Funding, LLC and/or its affiliates.
The offices of Principal Commercial Funding, LLC are located
at 000 Xxxxx Xxxxxx, Xxx Xxxxxx, Xxxx 00000. Principal
Commercial Funding, LLC's phone number is (000) 000-0000.
Teachers Insurance and Annuity Association of America
("TIAA")
-----------------------------------------------------
The Mortgage Pool includes 6 Mortgage Loans, representing
6.5% of the Initial Pool Balance, that are being contributed
by TIAA.
TIAA is a non-profit legal reserve life insurance and annuity
company organized under the laws of the State of New York.
Based on assets under management as of December 31, 2002,
TIAA is the third largest life insurance company in the
United States on an individual basis, based on information
from A.M. Best Company. TIAA is the major provider of
retirement and insurance benefits for the employees of
non-profit educational and research organizations. The TIAA
mortgage loans in this transaction were acquired by TIAA from
Lend Lease Mortgage Capital, L.P. ("LLMC") pursuant to a
program under which LLMC originated loans after performing
underwriting and other services under predefined procedures
approved by TIAA. The mortgage loans were closed by LLMC and
simultaneously assigned to and purchased by TIAA. TIAA's
financial strength is rated "Aaa" by Xxxxx'x and "AAA" by
S&P, "AAA" by Fitch and "A++" by A.M. Best Company.
--------------------------------------------------------------------------------
This information is being delivered to a specific number of prospective
sophisticated investors in order to assist them in determining whether they have
an interest in the type of security described herein. It has been prepared
solely for information purposes and is not an offer to buy or sell or a
solicitation of an offer to buy or sell any security or instrument or to
participate in any trading strategy. No representation or warranty can be given
with respect to the accuracy or completeness of the information, or with respect
to the terms of any future offer of securities conforming to the terms hereof.
Any such offer of securities would be made pursuant to a definitive Prospectus
or Private Placement Memorandum, as the case may be, prepared by the issuer
which could contain material information not contained herein and to which the
prospective purchasers are referred. In the event of any such offering, this
information shall be deemed superseded, amended and supplemented in its entirety
by such Prospectus or Private Placement Memorandum. Such Prospectus or Private
Placement Memorandum will contain all material information in respect of any
securities offered thereby and any decision to invest in such securities should
be made solely in reliance upon such Prospectus or Private Placement Memorandum.
Certain assumptions may have been made in this analysis which have resulted in
any returns detailed herein. No representation is made that any returns
indicated will be achieved. Changes to the assumptions may have a material
impact on any returns detailed. Xxxxxx Xxxxxxx & Co. Incorporated, Xxxxxxx Xxxxx
& Co. and [ ] (the "Underwriters") disclaim any and all liability relating to
this information, including without limitation any express or implied
representations and warranties for, statements contained in, and omissions from,
this information. Additional information is available upon request. The
Underwriters and others associated with them may have positions in, and may
effect transactions in, securities and instruments of issuers mentioned herein
and may also perform or seek to perform investment banking services for the
issuers of such securities and instruments. Past performance is not necessarily
indicative of future results. Price and availability are subject to change
without notice. This material may be filed with the Securities and Exchange
Commission (the "SEC") and incorporated by reference into an effective
registration statement previously filed with the SEC under Rule 415 of the
Securities Act of 1933, including in cases where the material does not pertain
to securities that are ultimately offered for sale pursuant to such registration
statement. To Xxxxxx Xxxxxxx'x readers worldwide: In addition, please note that
this publication has been issued by Xxxxxx Xxxxxxx & Co. Incorporated, approved
by Xxxxxx Xxxxxxx International Limited, a member of The Securities and Futures
Authority, and by Xxxxxx Xxxxxxx Japan Ltd. Xxxxxx Xxxxxxx recommends that such
readers obtain the advice of their Xxxxxx Xxxxxxx & Co. Incorporated, Xxxxxx
Xxxxxxx International or Xxxxxx Xxxxxxx Japan Ltd. representative about the
investments concerned.
NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND
FUTURES AUTHORITY
--------------------------------------------------------------------------------
T-17
$834,596,000 (Approximate)
Xxxxxx Xxxxxxx Xxxx Xxxxxx Capital I Inc.
Commercial Mortgage Pass-Through Certificates
Series 2002-IQ3
Nationwide Life Insurance Company ("Nationwide")
------------------------------------------------
The Mortgage Pool includes 8 Mortgage Loans, representing
5.0% of the Initial Pool Balance, that were originated by or
on behalf of Nationwide.
Nationwide Life Insurance Company ("Nationwide Life") is a
wholly owned subsidiary of Nationwide Financial Services,
Inc., which is a majority owned member of the Nationwide
group of insurance and financial services companies
("Nationwide"). Together with its subsidiaries, including
Nationwide Life and Annuity Insurance Company, Nationwide
Life develops and sells a diverse range of products including
individual annuities, private and public sector pension plans
and life insurance. Nationwide is a Fortune 500 organization
with assets of approximately $116 billion (unaudited) as of
September 30, 2002. Nationwide Life has financial strength
ratings from A.M. Best "A+," Xxxxx'x "Aa3," and S&P "AA-."
The Real Estate Investment Department originated all of the
Nationwide Life mortgage loans in this transaction and
currently manages over $9.6 billion of mortgage loans for
Nationwide Life, its affiliates, and third party
participants.
Nationwide Life's headquarters are in Columbus, Ohio, where
the company was founded in 1929. Nationwide's main telephone
number is (000) 000-0000.
--------------------------------------------------------------------------------
This information is being delivered to a specific number of prospective
sophisticated investors in order to assist them in determining whether they have
an interest in the type of security described herein. It has been prepared
solely for information purposes and is not an offer to buy or sell or a
solicitation of an offer to buy or sell any security or instrument or to
participate in any trading strategy. No representation or warranty can be given
with respect to the accuracy or completeness of the information, or with respect
to the terms of any future offer of securities conforming to the terms hereof.
Any such offer of securities would be made pursuant to a definitive Prospectus
or Private Placement Memorandum, as the case may be, prepared by the issuer
which could contain material information not contained herein and to which the
prospective purchasers are referred. In the event of any such offering, this
information shall be deemed superseded, amended and supplemented in its entirety
by such Prospectus or Private Placement Memorandum. Such Prospectus or Private
Placement Memorandum will contain all material information in respect of any
securities offered thereby and any decision to invest in such securities should
be made solely in reliance upon such Prospectus or Private Placement Memorandum.
Certain assumptions may have been made in this analysis which have resulted in
any returns detailed herein. No representation is made that any returns
indicated will be achieved. Changes to the assumptions may have a material
impact on any returns detailed. Xxxxxx Xxxxxxx & Co. Incorporated, Xxxxxxx Xxxxx
& Co. and [ ] (the "Underwriters") disclaim any and all liability relating to
this information, including without limitation any express or implied
representations and warranties for, statements contained in, and omissions from,
this information. Additional information is available upon request. The
Underwriters and others associated with them may have positions in, and may
effect transactions in, securities and instruments of issuers mentioned herein
and may also perform or seek to perform investment banking services for the
issuers of such securities and instruments. Past performance is not necessarily
indicative of future results. Price and availability are subject to change
without notice. This material may be filed with the Securities and Exchange
Commission (the "SEC") and incorporated by reference into an effective
registration statement previously filed with the SEC under Rule 415 of the
Securities Act of 1933, including in cases where the material does not pertain
to securities that are ultimately offered for sale pursuant to such registration
statement. To Xxxxxx Xxxxxxx'x readers worldwide: In addition, please note that
this publication has been issued by Xxxxxx Xxxxxxx & Co. Incorporated, approved
by Xxxxxx Xxxxxxx International Limited, a member of The Securities and Futures
Authority, and by Xxxxxx Xxxxxxx Japan Ltd. Xxxxxx Xxxxxxx recommends that such
readers obtain the advice of their Xxxxxx Xxxxxxx & Co. Incorporated, Xxxxxx
Xxxxxxx International or Xxxxxx Xxxxxxx Japan Ltd. representative about the
investments concerned.
NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND
FUTURES AUTHORITY
--------------------------------------------------------------------------------
T-18
$834,596,000 (Approximate)
Xxxxxx Xxxxxxx Xxxx Xxxxxx Capital I Inc.
Commercial Mortgage Pass-Through Certificates
Series 2002-IQ3
IV. Collateral Description
----------------------
TEN LARGEST LOANS
-----------------
----------------------------------------------------------------------------------------------------------------------------------
Mortgage Loan Cut-off % of Pool
No. Seller Property Name City State Property Type Date Balance
----------------------------------------------------------------------------------------------------------------------------------
1 MSDWMC 00 X Xxxxxx Office Washington DC Office $67,000,000 7.4%
2 MSDWMC One Seaport Plaza New York NY Office $64,754,839 7.1%
3 Prudential The Xxxxxxxx Building Cambridge MA Office $32,944,519 3.6%
4 MSDWMC Tulsa Distribution Center Tulsa OK Industrial $29,905,326 3.3%
5 MSDWMC Northwestern Corporate Center Southfield MI Office $28,858,727 3.2%
0 Xxxxxxxxx 000 Xxxxxxxxx Xxxxxx Xxxxxxx XX Xxxxxxxxxx $19,910,528 2.2%
7 Principal 0000 Xxx Xxxxx Xxxxxxxxxx Xxxxx Xxxxx XX Office $19,367,932 2.1%
0 Xxxxxxxxxx Xxxxxxxxx Xxxxx Xxxxxx Xxxxxx XX Retail $18,281,747 2.0%
9 TIAA Plantation Villa Apartments Frisco TX Multifamily $17,325,000 1.9%
10 Prudential Riverland Xxxxx Apartments Charleston SC Multifamily $17,204,441 1.9%
Totals/Weighted Averages $315,553,060
TABLE (CONTINUED)
--------------------------------------------------------------------------------
Cut-off
Units/ Loan per Date Balloon
Mortgage Loan SF Unit/SF DSCR LTV LTV
No. Seller
--------------------------------------------------------------------------------
1 MSDWMC 341,701 $196 1.43x 69.8% 59.5%
2 MSDWMC 1,097,668 $172 1.65x 65.3% 58.1%
3 Prudential 126,065 $261 1.45x 74.5% 64.1%
4 MSDWMC 757,784 $39 1.84x 58.6% 52.0%
5 MSDWMC 250,322 $115 1.25x 75.9% 68.0%
6 Principal 361,120 $55 1.46x 74.3% 65.1%
7 Principal 125,000 $155 2.07x 51.0% 40.2%
8 Prudential 85,953 $213 1.50x 74.6% 63.4%
9 TIAA 347 $49,928 1.67x 73.7% 69.1%
10 Prudential 288 $59,738 1.37x 79.4% 68.3%
Totals/Weighted Averages 1.55x 69.0% 60.2%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
This information is being delivered to a specific number of prospective
sophisticated investors in order to assist them in determining whether they have
an interest in the type of security described herein. It has been prepared
solely for information purposes and is not an offer to buy or sell or a
solicitation of an offer to buy or sell any security or instrument or to
participate in any trading strategy. No representation or warranty can be given
with respect to the accuracy or completeness of the information, or with respect
to the terms of any future offer of securities conforming to the terms hereof.
Any such offer of securities would be made pursuant to a definitive Prospectus
or Private Placement Memorandum, as the case may be, prepared by the issuer
which could contain material information not contained herein and to which the
prospective purchasers are referred. In the event of any such offering, this
information shall be deemed superseded, amended and supplemented in its entirety
by such Prospectus or Private Placement Memorandum. Such Prospectus or Private
Placement Memorandum will contain all material information in respect of any
securities offered thereby and any decision to invest in such securities should
be made solely in reliance upon such Prospectus or Private Placement Memorandum.
Certain assumptions may have been made in this analysis which have resulted in
any returns detailed herein. No representation is made that any returns
indicated will be achieved. Changes to the assumptions may have a material
impact on any returns detailed. Xxxxxx Xxxxxxx & Co. Incorporated, Xxxxxxx Xxxxx
& Co. and [ ] (the "Underwriters") disclaim any and all liability relating to
this information, including without limitation any express or implied
representations and warranties for, statements contained in, and omissions from,
this information. Additional information is available upon request. The
Underwriters and others associated with them may have positions in, and may
effect transactions in, securities and instruments of issuers mentioned herein
and may also perform or seek to perform investment banking services for the
issuers of such securities and instruments. Past performance is not necessarily
indicative of future results. Price and availability are subject to change
without notice. This material may be filed with the Securities and Exchange
Commission (the "SEC") and incorporated by reference into an effective
registration statement previously filed with the SEC under Rule 415 of the
Securities Act of 1933, including in cases where the material does not pertain
to securities that are ultimately offered for sale pursuant to such registration
statement. To Xxxxxx Xxxxxxx'x readers worldwide: In addition, please note that
this publication has been issued by Xxxxxx Xxxxxxx & Co. Incorporated, approved
by Xxxxxx Xxxxxxx International Limited, a member of The Securities and Futures
Authority, and by Xxxxxx Xxxxxxx Japan Ltd. Xxxxxx Xxxxxxx recommends that such
readers obtain the advice of their Xxxxxx Xxxxxxx & Co. Incorporated, Xxxxxx
Xxxxxxx International or Xxxxxx Xxxxxxx Japan Ltd. representative about the
investments concerned.
NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND
FUTURES AUTHORITY
--------------------------------------------------------------------------------
T-19
$834,596,000 (Approximate)
Xxxxxx Xxxxxxx Xxxx Xxxxxx Capital I Inc.
Commercial Mortgage Pass-Through Certificates
Series 2002-IQ3
Cut-off Date Balance ($)
---------------------------------------------------------------------------
No. of Aggregate
Mortgage Cut-off Date % of
Loans Balance ($) Pool
---------------------------------------------------------------------------
1 - 2,500,000 162 207,447,132 22.8
2,500,001 - 5,000,000 32 107,083,854 11.8
5,000,001 - 7,500,000 17 102,116,652 11.2
7,500,001 - 10,000,000 13 114,036,387 12.5
10,000,001 - 12,500,000 2 22,096,690 2.4
12,500,001 - 15,000,000 2 26,123,895 2.9
15,000,001 - 17,500,000 3 49,714,047 5.5
17,500,001 - 20,000,000 3 57,560,208 6.3
20,000,001 - 30,000,000 2 58,764,054 6.5
30,000,001 - 40,000,000 1 32,944,519 3.6
60,000,001 - 70,000,000 2 131,754,839 14.5
---------------------------------------------------------------------------
Total: 239 $909,642,278 100.0%
---------------------------------------------------------------------------
Min: $123,335 Max: $67,000,000 Average: $3,806,035
---------------------------------------------------------------------------
Mortgage Rate (%)
------------------------------------------------------------------------
No. of Aggregate
Mortgage Cut-off Date % of
Loans Balance ($) Pool
------------------------------------------------------------------------
5.501 - 6.000 10 63,457,513 7.0
6.001 - 6.500 32 262,194,512 28.8
6.501 - 7.000 41 164,600,776 18.1
7.001 - 7.500 82 204,560,192 22.5
7.501 - 8.000 44 164,497,328 18.1
8.001 - 8.500 18 27,366,599 3.0
8.501 - 9.000 9 20,494,632 2.3
9.001 - 9.500 2 1,737,153 0.2
9.501 - 10.000 1 733,574 0.1
------------------------------------------------------------------------
Total: 239 $909,642,278 100.0%
------------------------------------------------------------------------
Min: 5.550% Max: 10.000% Wtd Avg: 6.953%
------------------------------------------------------------------------
Cut-off Date Loan-to-Value Ratio (%)
----------------------------------------------------------------
No. of Aggregate
Mortgage Cut-off Date % of
Loans Balance ($) Pool
----------------------------------------------------------------
0.1 - 10.0 22 33,926,072 3.7
10.1 - 20.0 19 49,380,573 5.4
20.1 - 30.0 12 19,634,062 2.2
30.1 - 40.0 19 38,115,986 4.2
40.1 - 50.0 23 29,266,964 3.2
50.1 - 55.0 22 75,065,832 8.3
55.1 - 60.0 23 78,025,914 8.6
60.1 - 65.0 29 57,106,004 6.3
65.1 - 70.0 29 190,266,458 20.9
70.1 - 75.0 29 227,025,824 25.0
75.1 - 80.0 10 97,081,068 10.7
80.1 - 85.0 2 14,747,520 1.6
----------------------------------------------------------------
Total: 239 $909,642,278 100.0%
----------------------------------------------------------------
Min: 0.7% Max: 81.9% Wtd Avg: 59.8%
----------------------------------------------------------------
State
--------------------------------------------------------------------------
No. of Aggregate
Mortgaged Cut-off Date % of
Properties Balance ($) Pool
--------------------------------------------------------------------------
New York 45 193,550,536 21.3
California 38 133,062,960 14.6
District of Columbia 4 70,176,777 7.7
Texas 22 57,093,964 6.3
Massachusetts 4 43,062,582 4.7
Michigan 11 38,228,364 4.2
Washington 5 33,541,283 3.7
Florida 12 29,983,697 3.3
Maryland 5 29,938,871 3.3
Oklahoma 1 29,905,326 3.3
Other 101 251,097,919 27.6
--------------------------------------------------------------------------
Total: 248 $909,642,278 100.0%
--------------------------------------------------------------------------
Original Term to Stated Maturity (mos)
------------------------------------------------------------------------
No. of Aggregate
Mortgage Cut-off Date % of
Loans Balance ($) Pool
------------------------------------------------------------------------
1 - 60 2 17,297,765 1.9
61 - 120 108 671,263,809 73.8
121 - 180 59 103,608,128 11.4
181 - 240 60 101,489,841 11.2
241 - 300 8 14,245,582 1.6
301 - 360 2 1,737,153 0.2
------------------------------------------------------------------------
Total: 239 $909,642,278 100.0%
------------------------------------------------------------------------
Min: 60 Max: 000 Xxx Xxx: 138
------------------------------------------------------------------------
Balloon Loan-to-Value Ratio (%)
----------------------------------------------------------------
No. of Aggregate
Mortgage Cut-off Date % of
Loans Balance ($) Pool
----------------------------------------------------------------
= 0 7 9,110,545 1.0
0.1 - 30.0 165 278,821,227 30.7
30.1 - 40.0 7 31,186,259 3.4
40.1 - 50.0 14 68,050,964 7.5
50.1 - 60.0 18 218,424,073 24.0
60.1 - 70.0 26 284,318,276 31.3
70.1 - 80.0 2 19,730,933 2.2
----------------------------------------------------------------
Total: 239 $909,642,278 100.0%
----------------------------------------------------------------
Min: 0.0% Max: 71.1% Wtd Avg: 41.4%
----------------------------------------------------------------
Property Type
--------------------------------------------------------------------------
No. of Aggregate
Mortgaged Cut-off Date % of
Properties Balance ($) Pool
--------------------------------------------------------------------------
Office 48 311,398,962 34.2
Retail 67 215,702,864 23.7
Industrial 57 170,635,427 18.8
Multifamily 30 103,973,620 11.4
Cooperative 41 87,981,643 9.7
Hotel 1 7,919,179 0.9
Mixed Use 3 6,688,337 0.7
Self Storage 1 5,342,244 0.6
--------------------------------------------------------------------------
Total: 248 $909,642,278 100.0%
--------------------------------------------------------------------------
Remaining Term to Stated Maturity (mos)
-------------------------------------------------------------------------
No. of Aggregate
Mortgage Cut-off Date % of
Loans Balance ($) Pool
-------------------------------------------------------------------------
1 - 60 4 19,392,646 2.1
61 - 120 118 695,803,093 76.5
121 - 180 66 104,839,201 11.5
181 - 240 51 89,607,338 9.9
-------------------------------------------------------------------------
Total: 239 $909,642,278 100.0%
-------------------------------------------------------------------------
Min: 32 Max: 238 Wtd Avg: 125
-------------------------------------------------------------------------
Debt Service Coverage Ratio (x)
---------------------------------------------------------------
No. of Aggregate
Mortgage Cut-off Date % of
Loans Balance ($) Pool
---------------------------------------------------------------
0.01 - 1.00 2 3,574,997 0.4
1.01 - 1.15 27 43,059,711 4.7
1.16 - 1.25 45 110,688,564 12.2
1.26 - 1.35 31 102,409,613 11.3
1.36 - 1.50 31 262,573,616 28.9
1.51 - 1.75 33 168,796,619 18.6
1.76 - 2.00 10 64,288,942 7.1
2.01 >= 60 154,250,216 17.0
---------------------------------------------------------------
Total: 239 $909,642,278 100.0%
---------------------------------------------------------------
Min: 1.00x Max: 136.00x Wtd Avg: 2.37x
---------------------------------------------------------------
Remaining Amortization Term (mos)
-------------------------------------------------------------------------
No. of Aggregate
Mortgage Cut-off Date % of
Loans Balance ($) Pool
-------------------------------------------------------------------------
IO 8 25,850,000 2.8
1 - 120 17 25,975,513 2.9
121 - 180 64 88,038,459 9.7
181 - 240 63 116,483,767 12.8
241 - 360 76 629,060,819 69.2
361 >= 11 24,233,720 2.7
-------------------------------------------------------------------------
Total: 239 $909,642,278 100.0%
-------------------------------------------------------------------------
Min: 32 Max: 000 Xxx Xxx: 307
-------------------------------------------------------------------------
Debt Service Coverage Ratio at 8% constant (x)
---------------------------------------------------------------
No. of Aggregate
Mortgage Cut-off Date % of
Loans Balance ($) Pool
---------------------------------------------------------------
1.01 - 1.15 1 7,959,685 0.9
1.26 - 1.35 15 250,584,277 27.5
1.36 - 1.50 31 159,660,421 17.6
1.51 - 1.75 55 205,623,735 22.6
1.76 - 2.00 35 79,794,168 8.8
2.01 >= 102 206,019,991 22.6
---------------------------------------------------------------
Total: 239 $909,642,278 100.0%
---------------------------------------------------------------
Min: 1.15x Max: 119.34x Wtd Avg: 2.43x
---------------------------------------------------------------
All numerical information concerning the Mortgage Loans is approximate. All
weighted average information regarding the Mortgage Loans reflects the weighting
of the Mortgage Loans based upon their outstanding principal balances as of the
Cut-off Date.
--------------------------------------------------------------------------------
This information is being delivered to a specific number of prospective
sophisticated investors in order to assist them in determining whether they have
an interest in the type of security described herein. It has been prepared
solely for information purposes and is not an offer to buy or sell or a
solicitation of an offer to buy or sell any security or instrument or to
participate in any trading strategy. No representation or warranty can be given
with respect to the accuracy or completeness of the information, or with respect
to the terms of any future offer of securities conforming to the terms hereof.
Any such offer of securities would be made pursuant to a definitive Prospectus
or Private Placement Memorandum, as the case may be, prepared by the issuer
which could contain material information not contained herein and to which the
prospective purchasers are referred. In the event of any such offering, this
information shall be deemed superseded, amended and supplemented in its entirety
by such Prospectus or Private Placement Memorandum. Such Prospectus or Private
Placement Memorandum will contain all material information in respect of any
securities offered thereby and any decision to invest in such securities should
be made solely in reliance upon such Prospectus or Private Placement Memorandum.
Certain assumptions may have been made in this analysis which have resulted in
any returns detailed herein. No representation is made that any returns
indicated will be achieved. Changes to the assumptions may have a material
impact on any returns detailed. Xxxxxx Xxxxxxx & Co. Incorporated, Xxxxxxx Xxxxx
& Co. and [ ] (the "Underwriters") disclaim any and all liability relating to
this information, including without limitation any express or implied
representations and warranties for, statements contained in, and omissions from,
this information. Additional information is available upon request. The
Underwriters and others associated with them may have positions in, and may
effect transactions in, securities and instruments of issuers mentioned herein
and may also perform or seek to perform investment banking services for the
issuers of such securities and instruments. Past performance is not necessarily
indicative of future results. Price and availability are subject to change
without notice. This material may be filed with the Securities and Exchange
Commission (the "SEC") and incorporated by reference into an effective
registration statement previously filed with the SEC under Rule 415 of the
Securities Act of 1933, including in cases where the material does not pertain
to securities that are ultimately offered for sale pursuant to such registration
statement. To Xxxxxx Xxxxxxx'x readers worldwide: In addition, please note that
this publication has been issued by Xxxxxx Xxxxxxx & Co. Incorporated, approved
by Xxxxxx Xxxxxxx International Limited, a member of The Securities and Futures
Authority, and by Xxxxxx Xxxxxxx Japan Ltd. Xxxxxx Xxxxxxx recommends that such
readers obtain the advice of their Xxxxxx Xxxxxxx & Co. Incorporated, Xxxxxx
Xxxxxxx International or Xxxxxx Xxxxxxx Japan Ltd. representative about the
investments concerned.
NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND
FUTURES AUTHORITY
--------------------------------------------------------------------------------
T-20
$834,596,000 (Approximate)
Xxxxxx Xxxxxxx Xxxx Xxxxxx Capital I Inc.
Commercial Mortgage Pass-Through Certificates
Series 2002-IQ3
PREPAYMENT RESTRICTION ANALYSIS
PERCENTAGE OF COLLATERAL BY PREPAYMENT RESTRICTION (%)(1) (2)
Prepayment Restrictions Dec-02 Dec-03 Dec-04 Dec-05 Dec-06 Dec-07
------------------------------------------------------------------------------------------------------------
Locked Out 76.97% 77.56% 73.53% 72.32% 71.16% 70.37%
Greater of YM and 1%: 22.90% 22.31% 26.34% 27.56% 28.73% 29.52%
Yield Maintenance 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Penalty Points:
8.00% and Greater 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
6.00% to 7.99% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
4.00% to 5.99% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
2.00% to 3.99% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
0.00% to 1.99% 0.14% 0.13% 0.13% 0.12% 0.12% 0.11%
Penalty Points Total 0.14% 0.13% 0.13% 0.12% 0.12% 0.11%
Open 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
TOTALS 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Pool Balance Outstanding $909,642,278 $892,671,550 $874,417,903 $853,637,512 $832,652,805 $794,187,344
% Initial Pool Balance 100.00% 98.13% 96.13% 93.84% 91.54% 87.31%
TABLE (CONTINUED)
Prepayment Restrictions Dec-08 Dec-09 Dec-10
-------------------------------------------------------------------
Locked Out 71.38% 72.86% 72.43%
Greater of YM and 1%: 28.51% 26.00% 24.54%
Yield Maintenance 0.00% 1.04% 1.05%
Penalty Points:
8.00% and Greater 0.00% 0.00% 0.00%
6.00% to 7.99% 0.00% 0.00% 0.00%
4.00% to 5.99% 0.00% 0.00% 0.26%
2.00% to 3.99% 0.00% 0.00% 0.67%
0.00% to 1.99% 0.11% 0.10% 0.58%
Penalty Points Total 0.11% 0.10% 1.51%
Open 0.00% 0.00% 0.47%
TOTALS 100.00% 100.00% 100.00%
Pool Balance Outstanding $769,676,596 $715,754,554 $684,429,107
% Initial Pool Balance 84.61% 78.69% 75.24%
PERCENTAGE OF COLLATERAL BY PREPAYMENT RESTRICTION (CONT'D) (%)(1) (2)
Prepayment Restrictions Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16
------------------------------------------------------------------------------------------------------
Locked Out 64.58% 16.00% 3.73% 4.21% 4.35% 4.45%
Greater of YM and 1%: 21.47% 78.46% 89.24% 87.20% 86.65% 85.30%
Yield Maintenance 1.10% 0.00% 0.00% 0.00% 0.00% 0.00%
Penalty Points:
8.00% and Greater 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
6.00% to 7.99% 0.59% 3.85% 4.85% 0.00% 0.00% 0.00%
4.00% to 5.99% 0.26% 1.69% 0.00% 5.68% 6.19% 6.89%
2.00% to 3.99% 1.19% 0.00% 2.14% 2.52% 2.78% 3.14%
0.00% to 1.99% 1.66% 0.46% 0.45% 0.32% 0.00% 0.00%
Penalty Points Total 3.70% 6.00% 7.44% 8.52% 8.97% 10.03%
Open 9.24% 0.00% 0.04% 0.39% 0.03% 0.22%
TOTALS 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Pool Balance Outstanding $634,747,693 $89,154,095 $64,278,250 $48,870,797 $38,833,459 $29,056,640
% Initial Pool Balance 69.78% 9.80% 7.07% 5.37% 4.27% 3.19%
TABLE (CONTINUED)
Prepayment Restrictions Dec-17 Dec-18 Dec-19
----------------------------------------------------------------
Locked Out 4.66% 6.02% 8.28%
Greater of YM and 1%: 84.43% 79.98% 79.11%
Yield Maintenance 0.00% 0.00% 0.00%
Penalty Points:
8.00% and Greater 0.00% 0.00% 0.00%
6.00% to 7.99% 0.00% 0.00% 0.00%
4.00% to 5.99% 7.44% 0.00% 0.00%
2.00% to 3.99% 0.00% 8.06% 7.48%
0.00% to 1.99% 3.47% 3.96% 4.22%
Penalty Points Total 10.91% 12.02% 11.69%
Open 0.00% 1.98% 0.92%
TOTALS 100.00% 100.00% 100.00%
Pool Balance Outstanding $21,057,362 $13,553,873 $7,735,190
% Initial Pool Balance 2.31% 1.49% 0.85%
Notes:
(1) The above analysis is based on the Structuring Assumptions and a 0% CPR
as discussed in the Prospectus Supplement.
(2) See Appendix II of the Prospectus Supplement for a description of the
Yield Maintenance
--------------------------------------------------------------------------------
This information is being delivered to a specific number of prospective
sophisticated investors in order to assist them in determining whether they have
an interest in the type of security described herein. It has been prepared
solely for information purposes and is not an offer to buy or sell or a
solicitation of an offer to buy or sell any security or instrument or to
participate in any trading strategy. No representation or warranty can be given
with respect to the accuracy or completeness of the information, or with respect
to the terms of any future offer of securities conforming to the terms hereof.
Any such offer of securities would be made pursuant to a definitive Prospectus
or Private Placement Memorandum, as the case may be, prepared by the issuer
which could contain material information not contained herein and to which the
prospective purchasers are referred. In the event of any such offering, this
information shall be deemed superseded, amended and supplemented in its entirety
by such Prospectus or Private Placement Memorandum. Such Prospectus or Private
Placement Memorandum will contain all material information in respect of any
securities offered thereby and any decision to invest in such securities should
be made solely in reliance upon such Prospectus or Private Placement Memorandum.
Certain assumptions may have been made in this analysis which have resulted in
any returns detailed herein. No representation is made that any returns
indicated will be achieved. Changes to the assumptions may have a material
impact on any returns detailed. Xxxxxx Xxxxxxx & Co. Incorporated, Xxxxxxx Xxxxx
& Co. and [ ] (the "Underwriters") disclaim any and all liability relating to
this information, including without limitation any express or implied
representations and warranties for, statements contained in, and omissions from,
this information. Additional information is available upon request. The
Underwriters and others associated with them may have positions in, and may
effect transactions in, securities and instruments of issuers mentioned herein
and may also perform or seek to perform investment banking services for the
issuers of such securities and instruments. Past performance is not necessarily
indicative of future results. Price and availability are subject to change
without notice. This material may be filed with the Securities and Exchange
Commission (the "SEC") and incorporated by reference into an effective
registration statement previously filed with the SEC under Rule 415 of the
Securities Act of 1933, including in cases where the material does not pertain
to securities that are ultimately offered for sale pursuant to such registration
statement. To Xxxxxx Xxxxxxx'x readers worldwide: In addition, please note that
this publication has been issued by Xxxxxx Xxxxxxx & Co. Incorporated, approved
by Xxxxxx Xxxxxxx International Limited, a member of The Securities and Futures
Authority, and by Xxxxxx Xxxxxxx Japan Ltd. Xxxxxx Xxxxxxx recommends that such
readers obtain the advice of their Xxxxxx Xxxxxxx & Co. Incorporated, Xxxxxx
Xxxxxxx International or Xxxxxx Xxxxxxx Japan Ltd. representative about the
investments concerned.
NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND
FUTURES AUTHORITY
--------------------------------------------------------------------------------
T-21
