-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, DLT/IVrS7EkNTCWWA7uC4Mm64LNMCmji1HcTVnbU6qAgGLdWtJSr1zDmsWxvJV5t 6F1ibE2mZXWAhPVAEeahaQ== 0000950123-99-005707.txt : 19990617 0000950123-99-005707.hdr.sgml : 19990617 ACCESSION NUMBER: 0000950123-99-005707 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19990614 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19990616 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BANC ONE ABS CORP CENTRAL INDEX KEY: 0001013866 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] IRS NUMBER: 311467431 STATE OF INCORPORATION: OH FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 333-03457 FILM NUMBER: 99647316 BUSINESS ADDRESS: STREET 1: 201 NORTH CENTRAL AVE STREET 2: C/O BANK ONE ARIZONA N A CITY: PHOENIX STATE: AZ ZIP: 85004 BUSINESS PHONE: 6142486347 MAIL ADDRESS: STREET 1: 100 EAST BROAD ST CITY: COLUMBUS STATE: OH ZIP: 43271-0158 8-K 1 FORM 8-K 1 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): June 14, 1999 Banc One ABS Corporation - -------------------------------------------------------------------------------- (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER) DELAWARE 333-59845 31-1467431 - -------------------------------------------------------------------------------- (STATE OR OTHER JURISDICTION (COMMISSION) (I.R.S. EMPLOYER OF INCORPORATION) FILE NUMBER) IDENTIFICATION NO.) 100 East Broad Street, Columbus, Ohio 43271-1038 - -------------------------------------------------------------------------------- (ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (ZIP CODE) Registrant's telephone number, including area code (614) 248-5800 Not Applicable - -------------------------------------------------------------------------------- (FORMER NAME OR FORMER ADDRESS, IF CHANGED SINCE LAST REPORT) Exhibit Index Located on Page 5 2 ITEM 5. OTHER EVENTS. In June 1999, the Registrant will cause the issuance and sale of approximately $500,000,000 initial principal amount of a single class of HELOC Asset-Backed Certificates, Series 1999-1 (the "Certificates"), pursuant to a Pooling and Servicing Agreement to be dated as of May 31, 1999, among the Registrant, Bank One, N.A., as Servicer, and The Bank of New York, as Trustee. In connection with the sale of the Certificates, the Registrant has been advised by Banc One Capital Markets, Inc., Morgan Stanley & Co. Incorporated and Bear, Stearns & Co. Inc. (together, the "Underwriters"), that the Underwriters have furnished to prospective investors certain written descriptions of the securities to be offered that set forth the name of the issuer, the size of the potential offering, the structure of the potential offering (e.g. interest rate) and miscellaneous similar items (the "Structural Term Sheets") with respect to the Certificates following the effective date of Registration Statement No. 333-59845, but prior to the availability of a final Prospectus relating to the Certificates. In connection with the sale of the Certificates, the Registrant also has been informed by the Underwriters that the Underwriters have furnished to prospective investors certain descriptive information regarding the mortgage loans (the "Mortgage Loans") underlying the Certificates that set forth the number of Mortgage Loans, the principal balance of the Mortgage Loans, information regarding the mortgage rates thereon and miscellaneous similar items (the "Collateral Term Sheets") following the effective date of Registration Statement No. 333-59845 but prior to the availability of a final Prospectus relating to the Certificates. The Structural Term Sheets and Collateral Term Sheets are being filed as an exhibit to this report. The Structural Term Sheets and Collateral Term Sheets attached hereto have been provided by the Underwriters. The information in the Structural Term Sheets and Collateral Term Sheets is preliminary and may be superseded by the Prospectus Supplement relating to the Certificates and by any other information subsequently filed with the Securities and Exchange Commission. 2 3 ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS. List below the financial statements, pro forma financial information and exhibits, if any, filed as part of this report. (a) Financial Statements of Businesses Acquired. Not applicable (b) Pro Forma Financial Information. Not applicable (c) Exhibits. 99.1 Structural Term Sheets and Collateral Term Sheets prepared by the Underwriters in connection with the sale of the Certificates of the Registrant. 3 4 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. BANC ONE ABS CORPORATION, Registrant By: /s/ Daniel A. Long, Jr. ------------------------- Name: Daniel A. Long, Jr. Title: Vice President Dated: June 16, 1999 4 5 INDEX OF EXHIBITS
Exhibit Description ------- ----------- 99.1 Structural Term Sheets and Collateral Term Sheets prepared by the Underwriters in connection with the sale of the Certificates of the Registrant.
5 EX-99.1 2 STRUCTURAL TERM SHEETS 1 Exhibit 99.1 TERMSHEET DATED JUNE 14, 1999 [BANC ONE LOGO] $500,000,000 BANC ONE HELOC TRUST 1999-1 HELOC ASSET-BACKED CERTIFICATES, SERIES 1999-1 HOME EQUITY LINE OF CREDIT ASSET-BACKED CERTIFICATES BANC ONE CAPITAL MARKETS, INC. MORGAN STANLEY DEAN WITTER BEAR, STEARNS & CO. INC. This information has been prepared in connection with the issuance of securities representing interests in the above trust and based in part on information provided by Banc One ABS Corporation or BANK ONE Consumer Lending with respect to the expected characteristics of the pool of home equity revolving credit line loans in which the related securities will represent undivided beneficial interests. The actual characteristics and performance of the home equity revolving credit line loans will differ from the assumptions used in preparing these materials, which are hypothetical in nature. Changes in the assumptions may have a material impact on the information set forth in these materials. No representation is made that any performance or return indicated herein will be achieved. For example, it is very unlikely that the loans will prepay at a constant rate or follow a predictable pattern. The information may not be used or otherwise disseminated in connection with the offer or sale of these or any other securities, except in connection with the initial offer or sale of these securities to you to the extent set forth below. NO REPRESENTATION IS MADE AS TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information is available upon request. These materials do not constitute 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 particular trading strategy. ANY SUCH OFFER TO BUY OR SELL ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE PROSPECTUS AND PROSPECTUS SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD CONTAIN MATERIAL INFORMATION NOT CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY AND ANY DECISION TO INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE UPON SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT NOT DEFINED HEREIN ARE TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials, including any description of the loans contained herein, shall be deemed superseded, amended and supplemented in their entirety by such Prospectus and Prospectus Supplement. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND FUTURES AUTHORITY. 2 $500,000,000 Banc One HELOC Trust 1999-1 HELOC Asset-Backed Certificates, Series 1999-1 Bank One, N.A. - Servicer Banc One ABS Corporation - Depositor Transaction Highlights ----------------------
WTD. AVG. PAYMENT WINDOW EXPECTED RATINGS INITIAL LIFE TO TO CALL/MTY. DESCRIPTION (S&P/MOODY'S) BALANCE COUPON(1) CALL/MTY. (2)(3) (2)(3) -------------------------------------------------------------------------------------------------------- One month LIBOR Floating Rate Certificates AAA/Aaa $500,000,000 + ___% 2.66 / 2.68 yrs. 78 / 85 mos.
Notes: (1) Subject to the Net Funds Cap Rate. See details below. (2) Certificates are priced to the 5% optional clean-up call. (3) Based on the Pricing Speeds. See details below.
DEPOSITOR: Banc One ABS Corporation SERVICER: Bank One, N.A. TRUSTEE: The Bank of New York UNDERWRITERS: BANC ONE CAPITAL MARKETS, INC. (BOOKRUNNER), Morgan Stanley Dean Witter (co-lead manager), and Bear, Stearns & Co. Inc. (co-manager). EXPECTED PRICING DATE: June [15], 1999. EXPECTED SETTLEMENT DATE: June [22], 1999 through DTC, Euroclear, and Cedelbank. Settles flat. DISTRIBUTION DATES: The 20th of each month, beginning July 20, 1999. MORTGAGE LOANS: The Trust will consist of adjustable rate home equity revolving credit line loans secured by first or second mortgages or deeds of trust on one- to four-family residential properties. PRICING SPEEDS: 45% CPR and 25% CDR. CREDIT ENHANCEMENT: The certificates will be credit enhanced by a 100% MBIA financial guaranty insurance policy, excess interest, overcollateralization and proceeds from a spread account. INTEREST RATE: The certificates will bear interest at one-month LIBOR plus ___% per annum, subject to the Net Funds Cap Rate. NET FUNDS CAP RATE: The certificates will be subject to a net funds cap rate equal to the weighted average of the loan rates on the mortgage loans, less 0.65% per annum. OPTIONAL CLEAN-UP CALL: 5% of original pool balance. MANAGED AMORTIZATION PERIOD: 5 years. LEGAL FINAL MATURITY: [April 20, 2020]. TRANSFEROR INTEREST: 2% minimum. TAX STATUS: The certificates are treated as debt. ERISA ELIGIBILITY: The certificates are expected to be ERISA eligible. SMMEA ELIGIBILITY: None of the certificates will be SMMEA eligible.
This information has been prepared in connection with the issuance of securities representing interests in the above trust and based in part on information provided by Banc One ABS Corporation or BANK ONE Consumer Lending with respect to the expected characteristics of the pool of home equity revolving credit line loans in which the related securities will represent undivided beneficial interests. The actual characteristics and performance of the home equity revolving credit line loans will differ from the assumptions used in preparing these materials, which are hypothetical in nature. Changes in the assumptions may have a material impact on the information set forth in these materials. No representation is made that any performance or return indicated herein will be achieved. For example, it is very unlikely that the loans will prepay at a constant rate or follow a predictable pattern. The information may not be used or otherwise disseminated in connection with the offer or sale of these or any other securities, except in connection with the initial offer or sale of these securities to you to the extent set forth below. NO REPRESENTATION IS MADE AS TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information is available upon request. These materials do not constitute 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 particular trading strategy. ANY SUCH OFFER TO BUY OR SELL ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE PROSPECTUS AND PROSPECTUS SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD CONTAIN MATERIAL INFORMATION NOT CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY AND ANY DECISION TO INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE UPON SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT NOT DEFINED HEREIN ARE TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials, including any description of the loans contained herein, shall be deemed superseded, amended and supplemented in their entirety by such Prospectus and Prospectus Supplement. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND FUTURES AUTHORITY. 3 THE BANK ONE HELOC PROGRAM BANK ONE CORPORATION ("BANK ONE") is the corporation resulting from the merger, effective October 2, 1998, of BANC ONE CORPORATION and First Chicago NBD Corporation ("FCN"). BANK ONE, through its affiliated banks, has originated adjustable rate home equity revolving lines of credit ("HELOCs") since the early 1980's. During the past several years, BANK ONE has undertaken a transition from managing its business activities at the affiliate (legal entity) level to centralized management of such business activities by nationally focused lines of business. As part of this transition, all traditional home equity lending originated directly with consumers was centralized in early 1997 and became managed by the BANK ONE Retail Group's Consumer Lending Division. On March 5, 1999, BANK ONE consolidated its home equity lending businesses with its other consumer lending activities into the BANK ONE Consumer Lending group ("Consumer Lending"). Reporting through BANK ONE's First USA credit card division, this new national organization unites BANK ONE's traditional direct home-equity products with its non-prime and broker home-equity businesses, while also including other consumer related products such as conventional mortgages, education loans and tax related products. DELINQUENCY AND LOSS EXPERIENCE The following table summarizes the delinquency and loss experience of HELOCs owned by BANK ONE and its affiliates and serviced by affiliates of BANK ONE. The statistical information in such table does not include (i) HELOCs serviced by affiliates of BANK ONE for entities other than BANK ONE and its affiliates or (ii) FCN Loans (none of which are included in the pool of Mortgage Loans to be transferred to the Trust). The table below presents home equity revolving credit line delinquency and loss experience applicable to substantially all of the United States operations of BANK ONE and its affiliates, including loans managed in states which are not represented in the mortgage pool consisting of the Mortgage Loans and real estate acquired through foreclosure. In early 1997, BANK ONE centralized the management, including loan servicing, of all HELOCs (including the Mortgage Loans) originated directly with consumers. Accordingly, the delinquency and loss figures presented below for the years ending December 31, 1997 and December 31, 1998, and the three-month period ending March 31, 1999 represent information for HELOCs directly originated and serviced by BANK ONE and its affiliates under Consumer Lending's management only. The delinquency and loss information for the three years prior to 1997 represent information with respect to all corporate-owned HELOCs, including those indirectly originated by BANK ONE and its affiliates and purchased from correspondent banks and brokers, servicing of substantially all of which is currently managed by Consumer Lending. This information has been prepared in connection with the issuance of securities representing interests in the above trust and based in part on information provided by Banc One ABS Corporation or BANK ONE Consumer Lending with respect to the expected characteristics of the pool of home equity revolving credit line loans in which the related securities will represent undivided beneficial interests. The actual characteristics and performance of the home equity revolving credit line loans will differ from the assumptions used in preparing these materials, which are hypothetical in nature. Changes in the assumptions may have a material impact on the information set forth in these materials. No representation is made that any performance or return indicated herein will be achieved. For example, it is very unlikely that the loans will prepay at a constant rate or follow a predictable pattern. The information may not be used or otherwise disseminated in connection with the offer or sale of these or any other securities, except in connection with the initial offer or sale of these securities to you to the extent set forth below. NO REPRESENTATION IS MADE AS TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information is available upon request. These materials do not constitute 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 particular trading strategy. ANY SUCH OFFER TO BUY OR SELL ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE PROSPECTUS AND PROSPECTUS SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD CONTAIN MATERIAL INFORMATION NOT CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY AND ANY DECISION TO INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE UPON SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT NOT DEFINED HEREIN ARE TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials, including any description of the loans contained herein, shall be deemed superseded, amended and supplemented in their entirety by such Prospectus and Prospectus Supplement. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND FUTURES AUTHORITY. 4 4 DELINQUENCY AND FORECLOSURE EXPERIENCE
THREE MONTHS ENDING YEAR ENDING DECEMBER 31, MARCH 31, ------------------------ 1999 1998 1997 1996 1995 1994 ---- ---- ---- ---- ---- ---- (DOLLARS IN MILLIONS) Principal Amount Outstanding $ 5,034 $ 5,184 $ 5,114 $ 4,828 $ 4,383 $ 3,528 Average Principal Amount Outstanding (yearend average) $ 5,109 $ 5,149 $ 4,971 $ 4,606 $ 3,956 $ 3,674 Gross Loss $ 5.8 $ 14.5 $ 9.1 $ 11.5 $ 6.8 $ 5.3 Recoveries $ 0.1 $ 0.9 $ 1.4 $ 1.8 $ 1.6 $ 1.6 --------- --------- --------- --------- --------- --------- Net Loss $ 5.7 $ 13.6 $ 7.7 $ 9.7 $ 5.2 $ 3.7 Net Loss as a Percent of Principal Outstanding 0.45%(1) 0.26% 0.15% 0.20% 0.12% 0.10% Net Loss as a Percent of Average Principal Outstanding 0.45%(1) 0.26% 0.15% 0.21% 0.13% 0.10% Delinquencies 30-89 days(2) $ 39.2 $ 45.6 $ 40.1 $ 57.8 $ 58.5 $ 28.1 Delinquencies 90+ days(2) $ 3.4 $ 5.5 $ 4.1 $ 11.2 $ 8.1 $ 7.4 --------- --------- --------- --------- --------- --------- 30+ Delinquency(2) $ 42.6 $ 51.1 $ 44.2 $ 69.0 $ 66.6 $ 35.5 Non-Accruals(3) $ 11.2 $ 11.2 $ 10.5 $ 7.0 $ 13.2 $ 8.2 --------- --------- --------- --------- --------- --------- Non-Performing(4) $ 53.8 $ 62.3 $ 54.7 $ 76.0 $ 79.8 $ 43.7 30+ Delinquency as Percentage of Principal Amount Outstanding(2) 0.85% 0.99% 0.86% 1.43% 1.52% 1.01% Non-Accrual as Percentage of Principal Amount Outstanding 0.22% 0.22% 0.21% 0.14% 0.30% 0.23% Total Non-Performing as Percentage of Principal Amount Outstanding 1.07% 1.20% 1.07% 1.57% 1.82% 1.24%
- ----------------------------- (1) Annualized. (2) Delinquency calculated at calendar month end. (3) Non-accruals include all accounts in process of foreclosure. (4) Non-performing includes 30+ delinquencies and non-accruals. This information has been prepared in connection with the issuance of securities representing interests in the above trust and based in part on information provided by Banc One ABS Corporation or BANK ONE Consumer Lending with respect to the expected characteristics of the pool of home equity revolving credit line loans in which the related securities will represent undivided beneficial interests. The actual characteristics and performance of the home equity revolving credit line loans will differ from the assumptions used in preparing these materials, which are hypothetical in nature. Changes in the assumptions may have a material impact on the information set forth in these materials. No representation is made that any performance or return indicated herein will be achieved. For example, it is very unlikely that the loans will prepay at a constant rate or follow a predictable pattern. The information may not be used or otherwise disseminated in connection with the offer or sale of these or any other securities, except in connection with the initial offer or sale of these securities to you to the extent set forth below. NO REPRESENTATION IS MADE AS TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information is available upon request. These materials do not constitute 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 particular trading strategy. ANY SUCH OFFER TO BUY OR SELL ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE PROSPECTUS AND PROSPECTUS SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD CONTAIN MATERIAL INFORMATION NOT CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY AND ANY DECISION TO INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE UPON SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT NOT DEFINED HEREIN ARE TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials, including any description of the loans contained herein, shall be deemed superseded, amended and supplemented in their entirety by such Prospectus and Prospectus Supplement. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND FUTURES AUTHORITY. 5 5 AVERAGE LIFE SENSITIVITY TO MATURITY CPR % 35 35 40 40 45 50 50 55 55 CDR % 30 25 30 25 25 30 25 30 25 Average Life 4.95 4.12 3.91 3.30 2.68 2.52 2.19 2.04 1.79 First Principal 07/99 07/99 07/99 07/99 07/99 07/99 07/99 07/99 07/99 Last Principal 01/07 03/07 10/06 11/06 07/06 03/06 03/06 11/05 09/05 Payment Window 91 93 88 89 85 81 81 77 75
AVERAGE LIFE SENSITIVITY TO CALL CPR % 35 35 40 40 45 50 50 55 55 CDR % 30 25 30 25 25 30 25 30 25 Average Life 4.95 4.11 3.91 3.30 2.66 2.51 2.17 2.02 1.77 First Principal 07/99 07/99 07/99 07/99 07/99 07/99 07/99 07/99 07/99 Last Principal 12/06 12/06 07/06 07/06 12/05 09/05 05/05 02/05 09/04 Payment Window 90 90 85 85 78 75 71 68 63
This information has been prepared in connection with the issuance of securities representing interests in the above trust and based in part on information provided by Banc One ABS Corporation or BANK ONE Consumer Lending with respect to the expected characteristics of the pool of home equity revolving credit line loans in which the related securities will represent undivided beneficial interests. The actual characteristics and performance of the home equity revolving credit line loans will differ from the assumptions used in preparing these materials, which are hypothetical in nature. Changes in the assumptions may have a material impact on the information set forth in these materials. No representation is made that any performance or return indicated herein will be achieved. For example, it is very unlikely that the loans will prepay at a constant rate or follow a predictable pattern. The information may not be used or otherwise disseminated in connection with the offer or sale of these or any other securities, except in connection with the initial offer or sale of these securities to you to the extent set forth below. NO REPRESENTATION IS MADE AS TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information is available upon request. These materials do not constitute 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 particular trading strategy. ANY SUCH OFFER TO BUY OR SELL ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE PROSPECTUS AND PROSPECTUS SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD CONTAIN MATERIAL INFORMATION NOT CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY AND ANY DECISION TO INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE UPON SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT NOT DEFINED HEREIN ARE TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials, including any description of the loans contained herein, shall be deemed superseded, amended and supplemented in their entirety by such Prospectus and Prospectus Supplement. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND FUTURES AUTHORITY. 6 6 COLLATERAL SUMMARY(1) CUT-OFF DATE POOL BALANCE (5/31/99): $510,204,617.60 NUMBER OF LOANS: 23,024 AVERAGE PRINCIPAL BALANCE: $22,159.69 LOAN RATE INDEX: The average weekly Bank Prime Loan Rate as published by the Board of Governors of the Federal Reserve System in statistical release H.15 for the week which includes the 15th day of the month. WEIGHTED AVERAGE GROSS MARGIN: 1.25% WEIGHTED AVERAGE LOAN RATE: 8.99% WEIGHTED AVERAGE MAXIMUM RATE: 23.08% AGGREGATE LOCKED BALANCES(2): $6,742,554.94 (1.32% of pool balance) WEIGHTED AVERAGE LOAN RATE ON LOCKED BALANCES: 8.22% WEIGHTED AVERAGE ORIGINAL TERM: 213 months WEIGHTED AVERAGE REMAINING TERM: 202 months WEIGHTED AVERAGE SEASONING: 11 months LIEN POSITION: 1st Liens - 26.66% 2nd Liens - 73.34% WEIGHTED AVERAGE 2ND LIEN RATIO: 36.32% WEIGHTED AVERAGE COMBINED LOAN TO VALUE RATIO: 79.29% WEIGHTED AVERAGE CREDIT LIMIT UTILIZATION RATE: 55.21% GEOGRAPHIC DISTRIBUTION > 5%: Arizona (28.21%) Ohio (25.35%) Indiana (11.25%) Colorado ( 7.92%) Wisconsin (7.75%) Kentucky (7.66%) Illinois (6.52%)
- ---------- (1) Unless otherwise indicated, all statistical percentages described herein are weighted on the basis of the Cut-Off Date Pool Balance. The final pool may vary from the pool described herein, but the variances are not expected to be material. (2) All of the Mortgage Loans have a lock feature that permits the borrower to lock the loan rate with respect to all or a portion of the principal balance thereof to a fixed rate. This information has been prepared in connection with the issuance of securities representing interests in the above trust and based in part on information provided by Banc One ABS Corporation or BANK ONE Consumer Lending with respect to the expected characteristics of the pool of home equity revolving credit line loans in which the related securities will represent undivided beneficial interests. The actual characteristics and performance of the home equity revolving credit line loans will differ from the assumptions used in preparing these materials, which are hypothetical in nature. Changes in the assumptions may have a material impact on the information set forth in these materials. No representation is made that any performance or return indicated herein will be achieved. For example, it is very unlikely that the loans will prepay at a constant rate or follow a predictable pattern. The information may not be used or otherwise disseminated in connection with the offer or sale of these or any other securities, except in connection with the initial offer or sale of these securities to you to the extent set forth below. NO REPRESENTATION IS MADE AS TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information is available upon request. These materials do not constitute 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 particular trading strategy. ANY SUCH OFFER TO BUY OR SELL ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE PROSPECTUS AND PROSPECTUS SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD CONTAIN MATERIAL INFORMATION NOT CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY AND ANY DECISION TO INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE UPON SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT NOT DEFINED HEREIN ARE TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials, including any description of the loans contained herein, shall be deemed superseded, amended and supplemented in their entirety by such Prospectus and Prospectus Supplement. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND FUTURES AUTHORITY. 7 7 MORTGAGE LOAN DETAIL Set forth below is a description of certain characteristics of the Mortgage Loans. The sum of certain percentages set forth in the following tables may not equal exactly 100% due to differences in the rounding of percentages. COMBINED LOAN-TO-VALUE RATIOS(1)(2)
PERCENT OF NUMBER OF CUT-OFF DATE MORTGAGE POOL RANGE OF COMBINED MORTGAGE PRINCIPAL BY CUT-OFF DATE LOAN-TO-VALUE RATIOS LOANS BALANCE PRINCIPAL BALANCE - -------------------- ----- ------- ----------------- 60.00 and below......................................... 3,416 $73,382,083.91 14.38% 60.01 to 65.00......................................... 601 $16,746,242.90 3.28% 65.01 to 70.00......................................... 1,267 $32,968,636.92 6.46% 70.01 to 75.00......................................... 981 $23,300,086.20 4.57% 75.01 to 80.00......................................... 6,410 $147,223,791.87 28.86% 80.01 to 85.00......................................... 530 $11,768,486.58 2.31% 85.01 to 90.00......................................... 2,904 $64,171,892.28 12.58% 90.01 to 95.00......................................... 871 $19,275,234.11 3.78% 95.01 to 100.00......................................... 6,044 $121,368,162.83 23.79% ------ --------------- ------- Total................................... 23,024 $510,204,617.60 100.00% ====== =============== =======
- ---------- (1) The "Combined Loan-to-Value Ratio" or "CLTV" of each Mortgage Loan is the ratio, expressed as a percentage, of (a) the sum of (i) the credit limit of each Mortgage Loan and (ii) the principal balance of any senior mortgage loan as of the origination of such Mortgage Loan, over (b) the value (based on appraised value or other acceptable valuation method in accordance with the Sellers' underwriting guidelines) for the related Mortgaged Property determined at origination of such Mortgage Loan. (2) Weighted Average CLTV: 79.29% LIEN PRIORITY
PERCENT OF NUMBER OF CUT-OFF DATE MORTGAGE POOL MORTGAGE PRINCIPAL BY CUT-OFF DATE LIEN PRIORITY LOANS BALANCE PRINCIPAL BALANCE - ------------- ----- ------- ----------------- First Lien............................................. 4,958 $136,004,010.26 26.66% Second Lien............................................ 18,066 $374,200,607.34 73.34% ------ --------------- ------ Total...................................... 23,024 $510,204,617.60 100.00% ====== =============== =======
This information has been prepared in connection with the issuance of securities representing interests in the above trust and based in part on information provided by Banc One ABS Corporation or BANK ONE Consumer Lending with respect to the expected characteristics of the pool of home equity revolving credit line loans in which the related securities will represent undivided beneficial interests. The actual characteristics and performance of the home equity revolving credit line loans will differ from the assumptions used in preparing these materials, which are hypothetical in nature. Changes in the assumptions may have a material impact on the information set forth in these materials. No representation is made that any performance or return indicated herein will be achieved. For example, it is very unlikely that the loans will prepay at a constant rate or follow a predictable pattern. The information may not be used or otherwise disseminated in connection with the offer or sale of these or any other securities, except in connection with the initial offer or sale of these securities to you to the extent set forth below. NO REPRESENTATION IS MADE AS TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information is available upon request. These materials do not constitute 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 particular trading strategy. ANY SUCH OFFER TO BUY OR SELL ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE PROSPECTUS AND PROSPECTUS SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD CONTAIN MATERIAL INFORMATION NOT CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY AND ANY DECISION TO INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE UPON SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT NOT DEFINED HEREIN ARE TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials, including any description of the loans contained herein, shall be deemed superseded, amended and supplemented in their entirety by such Prospectus and Prospectus Supplement. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND FUTURES AUTHORITY. 8 8 PROPERTY TYPE
PERCENT OF MORTGAGE POOL NUMBER OF CUT-OFF DATE BY CUT-OFF MORTGAGE PRINCIPAL DATE PRINCIPAL PROPERTY TYPE LOANS BALANCE BALANCE - ------------- ----- ------- ------- Single Family.......................................... 22,996 $ 509,556,191.57 99.87% Other.................................................. 28 $ 648,426.03 0.13% ------ ----------------- ------ Total........................................ 23,024 $ 510,204,617.60 100.00% ====== ================= =======
OWNER OCCUPANCY STATUS
PERCENT OF MORTGAGE POOL NUMBER OF CUT-OFF DATE BY CUT-OFF MORTGAGE PRINCIPAL DATE PRINCIPAL OWNER OCCUPANCY STATUS LOANS BALANCE BALANCE - ---------------------- ----- ------- ------- Owner Occupied......................................... 23,009 $ 509,829,145.82 99.93% Other.................................................. 15 $ 375,471.78 0.07% ------ ----------------- ------- Total........................................ 23,024 $ 510,204,617.60 100.00% ====== ================= =======
PRINCIPAL BALANCES(1)
PERCENT OF MORTGAGE POOL NUMBER OF CUT-OFF DATE BY CUT-OFF MORTGAGE PRINCIPAL DATE PRINCIPAL RANGE OF PRINCIPAL BALANCES LOANS BALANCE BALANCE - --------------------------- ----- ------- ------- 0.00.............................. 2,201 $ 0.00 0.00% 0.01 to 10,000.00.............................. 4,592 $ 27,440,851.67 5.38% 10,000.01 to 20,000.00.............................. 6,061 $ 91,476,438.83 17.93% 20,000.01 to 30,000.00.............................. 4,620 $ 114,268,613.21 22.40% 30,000.01 to 40,000.00.............................. 2,180 $ 75,678,832.39 14.83% 40,000.01 to 50,000.00.............................. 1,644 $ 74,596,865.12 14.62% 50,000.01 to 60,000.00.............................. 634 $ 34,662,392.22 6.79% 60,000.01 to 70,000.00.............................. 386 $ 25,010,621.17 4.90% 70,000.01 to 80,000.00.............................. 266 $ 19,854,170.42 3.89% 80,000.01 to 90,000.00.............................. 137 $ 11,650,440.93 2.28% 90,000.01 to 100,000.00.............................. 143 $ 13,654,031.20 2.68% 100,000.01 to 125,000.00............................... 78 $ 8,775,325.94 1.72% 125,000.01 to 150,000.00............................... 46 $ 6,389,393.42 1.25% 150,000.01 to 175,000.00............................... 14 $ 2,220,603.31 0.44% 175,000.01 to 200,000.00............................... 11 $ 2,046,055.98 0.40% 200,000.01 to 225,000.00............................... 6 $ 1,258,041.72 0.25% 225,000.01 to 250,000.00............................... 5 $ 1,221,940.08 0.24% ------ ----------------- ------- Total........................................ 23,024 $ 510,204,617.60 100.00% ====== ================= =======
- ---------- (1) Average Principal Balance: $22,159.69 This information has been prepared in connection with the issuance of securities representing interests in the above trust and based in part on information provided by Banc One ABS Corporation or BANK ONE Consumer Lending with respect to the expected characteristics of the pool of home equity revolving credit line loans in which the related securities will represent undivided beneficial interests. The actual characteristics and performance of the home equity revolving credit line loans will differ from the assumptions used in preparing these materials, which are hypothetical in nature. Changes in the assumptions may have a material impact on the information set forth in these materials. No representation is made that any performance or return indicated herein will be achieved. For example, it is very unlikely that the loans will prepay at a constant rate or follow a predictable pattern. The information may not be used or otherwise disseminated in connection with the offer or sale of these or any other securities, except in connection with the initial offer or sale of these securities to you to the extent set forth below. NO REPRESENTATION IS MADE AS TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information is available upon request. These materials do not constitute 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 particular trading strategy. ANY SUCH OFFER TO BUY OR SELL ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE PROSPECTUS AND PROSPECTUS SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD CONTAIN MATERIAL INFORMATION NOT CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY AND ANY DECISION TO INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE UPON SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT NOT DEFINED HEREIN ARE TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials, including any description of the loans contained herein, shall be deemed superseded, amended and supplemented in their entirety by such Prospectus and Prospectus Supplement. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND FUTURES AUTHORITY. 9 9 CREDIT LIMITS(1)
PERCENT OF MORTGAGE POOL NUMBER OF CUT-OFF DATE BY CUT-OFF DATE RANGE OF CREDIT LIMIT MORTGAGE LOANS PRINCIPAL BALANCE PRINCIPAL BALANCE - --------------------- -------------- ----------------- ----------------- 5,000.00 to 20,000.00............................... 5,829 $ 60,152,600.88 11.79% 20,000.01 to 40,000.00............................... 7,986 $ 158,568,257.80 31.08% 40,000.01 to 60,000.00............................... 5,524 $ 146,764,148.44 28.77% 60,000.01 to 80,000.00............................... 1,701 $ 58,026,899.32 11.37% 80,000.01 to 100,000.00............................... 1,499 $ 56,079,614.28 10.99% 100,000.01 to 120,000.00............................... 124 $ 5,723,903.65 1.12% 120,000.01 to 140,000.00............................... 103 $ 6,094,204.69 1.19% 140,000.01 to 160,000.00............................... 139 $ 9,060,041.82 1.78% 160,000.01 to 180,000.00............................... 31 $ 2,445,065.80 0.48% 180,000.01 to 200,000.00............................... 41 $ 2,926,784.04 0.57% 200,000.01 to 220,000.00............................... 18 $ 1,906,261.60 0.37% 220,000.01 to 240,000.00............................... 5 $ 230,090.87 0.05% 240,000.01 to 250,000.00............................... 24 $ 2,226,744.41 0.44% ------ ------------------ ------- Total........................................ 23,024 $ 510,204,617.60 100.00% ====== ================== =======
- ---------- (1) Average Credit Limit: $40,134.68 CREDIT LIMIT UTILIZATION RATES(1)
PERCENT OF MORTGAGE POOL NUMBER OF CUT-OFF DATE BY CUT-OFF DATE RANGE OF CREDIT LIMIT UTILIZATION MORTGAGE LOANS PRINCIPAL BALANCE PRINCIPAL BALANCE - --------------------------------- -------------- ----------------- ----------------- 0.00%.................................... 2,218 $ 20.71 0.00% 0.01% to 10.00%.................................... 1,010 $ 2,939,101.51 0.58% 10.01% to 20.00%.................................... 1,210 $ 9,881,968.58 1.94% 20.01% to 30.00%.................................... 1,161 $ 15,459,355.45 3.03% 30.01% to 40.00%.................................... 1,225 $ 20,157,170.87 3.95% 40.01% to 50.00%.................................... 1,138 $ 22,721,456.56 4.45% 50.01% to 60.00%.................................... 1,312 $ 30,744,230.43 6.03% 60.01% to 70.00%.................................... 1,429 $ 36,644,598.96 7.18% 70.01% to 80.00%.................................... 1,595 $ 43,553,401.83 8.54% 80.01% to 90.00%.................................... 2,169 $ 65,217,838.20 12.78% 90.01% to 100.00%.................................... 8,299 $ 256,403,598.53 50.26% 100.01% to 110.00%.................................... 257 $ 6,463,344.58 1.27% 110.01% to 120.00%.................................... 1 $ 18,531.39 0.00% ------ ----------------- ------- Total....................................... 23,024 $ 510,204,617.60 100.00% ====== ================= =======
- ---------- (1) Weighted Average Credit Limit Utilization Rate: 55.21%. The Weighted Average Credit Limit Utilization Rate is the ratio, expressed as a percentage, of (a) the product of (i) the credit limit of each Mortgage Loan and (ii) the credit limit utilization rate of such Mortgage Loan, over (b) the total credit limit of all the Mortgage Loans. This information has been prepared in connection with the issuance of securities representing interests in the above trust and based in part on information provided by Banc One ABS Corporation or BANK ONE Consumer Lending with respect to the expected characteristics of the pool of home equity revolving credit line loans in which the related securities will represent undivided beneficial interests. The actual characteristics and performance of the home equity revolving credit line loans will differ from the assumptions used in preparing these materials, which are hypothetical in nature. Changes in the assumptions may have a material impact on the information set forth in these materials. No representation is made that any performance or return indicated herein will be achieved. For example, it is very unlikely that the loans will prepay at a constant rate or follow a predictable pattern. The information may not be used or otherwise disseminated in connection with the offer or sale of these or any other securities, except in connection with the initial offer or sale of these securities to you to the extent set forth below. NO REPRESENTATION IS MADE AS TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information is available upon request. These materials do not constitute 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 particular trading strategy. ANY SUCH OFFER TO BUY OR SELL ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE PROSPECTUS AND PROSPECTUS SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD CONTAIN MATERIAL INFORMATION NOT CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY AND ANY DECISION TO INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE UPON SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT NOT DEFINED HEREIN ARE TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials, including any description of the loans contained herein, shall be deemed superseded, amended and supplemented in their entirety by such Prospectus and Prospectus Supplement. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND FUTURES AUTHORITY. 10 10 MONTHS REMAINING TO SCHEDULED MATURITY(1)
PERCENT OF HELOC NUMBER OF BALANCES RANGE OF MONTHS REMAINING MORTGAGE CUT-OFF DATE BY CUT-OFF DATE TO SCHEDULED MATURITY LOANS PRINCIPAL BALANCE PRINCIPAL BALANCE - --------------------- ----- ----------------- ----------------- 47 to 168............................................ 4,937 $ 101,963,322.67 20.25% 169 to 180............................................ 5,322 $ 109,529,188.47 21.76% 193 to 204............................................ 1 $ 35,296.40 0.01% 205 to 228............................................ 6,275 $ 147,890,058.69 29.37% 229 to 240............................................ 6,488 $ 144,044,196.43 28.61% 241 to 251............................................ 1 $ 0.00 0.00% ------ ----------------- ------- Total....................................... 23,024 $ 503,462,062.66 100.00% ====== ================= =======
- ---------- (1) Balances do not include the Locked Balances, which as of the Cut-Off Date represent 1.32% of the Cut-Off Date Pool Balance. As of the Cut-Off Date, the weighted average months remaining to scheduled maturity for the Locked Balances is 84 months. The weighted average number of months remaining to scheduled maturity for the HELOC Balances is 204 months. The weighted average number of months remaining to scheduled maturity for all Mortgage Loans is 202 months. ORIGINATION MONTH/YEAR
PERCENT OF NUMBER OF MORTGAGE POOL MORTGAGE CUT-OFF DATE BY CUT-OFF DATE ORIGINATION MONTH/YEAR LOANS PRINCIPAL BALANCE PRINCIPAL BALANCE - ---------------------- ----- ----------------- ----------------- March 1998............................................ 4,072 $ 95,295,061.50 18.68% April 1998............................................ 3,656 $ 82,494,534.64 16.17% May 1998.............................................. 3,420 $ 73,616,293.79 14.43% June 1998............................................. 3,606 $ 75,590,606.87 14.82% July 1998............................................. 3,207 $ 71,426,286.98 14.00% August 1998........................................... 3,422 $ 76,203,980.53 14.94% September 1998........................................ 1,641 $ 35,577,853.29 6.97% ------ ---------------- ------- Total....................................... 23,024 $ 510,204,617.60 100.00% ====== ================ =======
This information has been prepared in connection with the issuance of securities representing interests in the above trust and based in part on information provided by Banc One ABS Corporation or BANK ONE Consumer Lending with respect to the expected characteristics of the pool of home equity revolving credit line loans in which the related securities will represent undivided beneficial interests. The actual characteristics and performance of the home equity revolving credit line loans will differ from the assumptions used in preparing these materials, which are hypothetical in nature. Changes in the assumptions may have a material impact on the information set forth in these materials. No representation is made that any performance or return indicated herein will be achieved. For example, it is very unlikely that the loans will prepay at a constant rate or follow a predictable pattern. The information may not be used or otherwise disseminated in connection with the offer or sale of these or any other securities, except in connection with the initial offer or sale of these securities to you to the extent set forth below. NO REPRESENTATION IS MADE AS TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information is available upon request. These materials do not constitute 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 particular trading strategy. ANY SUCH OFFER TO BUY OR SELL ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE PROSPECTUS AND PROSPECTUS SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD CONTAIN MATERIAL INFORMATION NOT CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY AND ANY DECISION TO INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE UPON SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT NOT DEFINED HEREIN ARE TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials, including any description of the loans contained herein, shall be deemed superseded, amended and supplemented in their entirety by such Prospectus and Prospectus Supplement. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND FUTURES AUTHORITY. 11 11 MONTHS SINCE ORIGINATION(1)
PERCENT OF HELOC BALANCES NUMBER OF CUT-OFF DATE BY CUT-OFF DATE MORTGAGE PRINCIPAL PRINCIPAL MONTHS LOANS BALANCE BALANCE - ------ ----- ------- ------- 8.................................................. 1,641 $ 35,147,565.39 6.98% 9.................................................. 3,422 $ 75,246,519.15 14.95% 10................................................. 3,207 $ 70,517,599.19 14.01% 11................................................. 3,606 $ 74,613,635.31 14.82% 12................................................. 3,420 $ 72,844,205.96 14.47% 13................................................. 3,656 $ 81,372,311.37 16.16% 14................................................. 4,072 $ 93,720,226.29 18.62% ------ ---------------- -------- Total.................................... 23,024 $503,462,062.66 100.00% ====== =============== =======
- ---------- (1) Balances do not include the Locked Balances, which as of the Cut-Off Date represent 1.32% of the Cut-Off Date Pool Balance. As of the Cut-Off Date, the weighted average months since origination for the Locked Balances is 4 months. The weighted average months since origination for the HELOC Balances is 11 months. The weighted average months since origination for all Mortgage Loans is 11 months. LOAN RATES(1)
PERCENT OF HELOC BALANCES CUT-OFF BY CUT-OFF NUMBER OF DATE DATE MORTGAGE PRINCIPAL PRINCIPAL RANGE OF LOAN RATES LOANS BALANCE BALANCE - ------------------- ----- ------- ------- 5.500% to 6.000%.................................... 1 $ 13,991.51 0.00% 6.001% to 6.500%.................................... 2 $ 25,439.33 0.01% 6.501% to 7.000%.................................... 1 $ 4,910.23 0.00% 7.001% to 7.500%.................................... 1,125 $ 25,768,565.02 5.12% 7.501% to 8.000%.................................... 5,271 $ 141,788,884.03 28.16% 8.001% to 8.500%.................................... 3,245 $ 74,805,613.46 14.86% 8.501% to 9.000%.................................... 2,720 $ 61,525,144.76 12.22% 9.001% to 9.500%.................................... 2,418 $ 46,735,554.08 9.28% 9.501% to 10.000%.................................... 2,022 $ 44,149,148.16 8.77% 10.001% to 10.500%.................................... 2,182 $ 44,882,544.33 8.91% 10.501% to 11.000%.................................... 1,874 $ 31,139,673.64 6.19% 11.001% to 11.500%.................................... 1,385 $ 19,042,613.59 3.78% 11.501% to 12.000%.................................... 369 $ 7,253,032.12 1.44% 12.001% to 12.500%.................................... 265 $ 4,009,314.74 0.80% 12.501% to 13.000%.................................... 48 $ 869,742.29 0.17% 13.001% to 13.500%.................................... 47 $ 694,766.55 0.14% 13.501% to 14.000%.................................... 17 $ 252,875.59 0.05% 14.001% to 14.500%.................................... 27 $ 415,047.27 0.08% 14.501% to 15.000%.................................... 4 $ 55,206.73 0.01% 18.501% to 19.000%.................................... 1 $ 29,995.23 0.01% ------ ----------------- --------- Total.......................................... 23,024 $ 503,462,062.66 100.00% ====== ================= =======
- ---------- (1) Balances do not include the Locked Balances, which as of the Cut-Off Date represent 1.32% of the Cut-Off Date Pool Balance. As of the Cut-Off Date, the weighted average Loan Rate for the Locked Balances is 8.22%, the weighted average Loan Rate for the HELOC Balances is 9.00% and the weighted average Loan Rate for all Mortgage Loans is 8.99%. This information has been prepared in connection with the issuance of securities representing interests in the above trust and based in part on information provided by Banc One ABS Corporation or BANK ONE Consumer Lending with respect to the expected characteristics of the pool of home equity revolving credit line loans in which the related securities will represent undivided beneficial interests. The actual characteristics and performance of the home equity revolving credit line loans will differ from the assumptions used in preparing these materials, which are hypothetical in nature. Changes in the assumptions may have a material impact on the information set forth in these materials. No representation is made that any performance or return indicated herein will be achieved. For example, it is very unlikely that the loans will prepay at a constant rate or follow a predictable pattern. The information may not be used or otherwise disseminated in connection with the offer or sale of these or any other securities, except in connection with the initial offer or sale of these securities to you to the extent set forth below. NO REPRESENTATION IS MADE AS TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information is available upon request. These materials do not constitute 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 particular trading strategy. ANY SUCH OFFER TO BUY OR SELL ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE PROSPECTUS AND PROSPECTUS SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD CONTAIN MATERIAL INFORMATION NOT CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY AND ANY DECISION TO INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE UPON SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT NOT DEFINED HEREIN ARE TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials, including any description of the loans contained herein, shall be deemed superseded, amended and supplemented in their entirety by such Prospectus and Prospectus Supplement. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND FUTURES AUTHORITY. 12 12 GROSS MARGIN(1)(2)
PERCENT OF HELOC BALANCES CUT-OFF BY CUT-OFF NUMBER OF DATE DATE MORTGAGE PRINCIPAL PRINCIPAL GROSS MARGINS LOANS BALANCE BALANCE - ------------- ----- ------- ------- -1.00% to -0.51%.................................... 3 $ 40,971.15 0.01% -0.50% to -0.01%.................................... 1,126 $ 25,995,225.97 5.16% 0.00%.................................... 3,494 $ 92,327,763.96 18.34% 0.01% to 0.50%.................................... 3,495 $ 88,843,272.47 17.65% 0.51% to 1.00%.................................... 3,100 $ 66,660,743.06 13.24% 1.01% to 1.50%.................................... 2,756 $ 59,263,161.92 11.77% 1.51% to 2.00%.................................... 2,113 $ 44,547,217.39 8.85% 2.01% to 2.50%.................................... 1,897 $ 40,975,515.41 8.14% 2.51% to 3.00%.................................... 2,279 $ 42,213,074.82 8.38% 3.01% to 3.50%.................................... 1,316 $ 18,723,679.66 3.72% 3.51% to 4.00%.................................... 968 $ 16,301,114.55 3.24% 4.01% to 4.50%.................................... 308 $ 4,617,479.15 0.92% 4.51% to 5.00%.................................... 64 $ 1,338,374.57 0.27% 5.01% to 5.50%.................................... 37 $ 536,067.14 0.11% 5.51% to 6.00%.................................... 20 $ 332,441.33 0.07% 6.01% to 6.50%.................................... 40 $ 589,910.71 0.12% 6.51% to 7.00%.................................... 7 $ 126,054.17 0.03% 11.01% to 11.50%.................................... 1 $ 29,995.23 0.01% ------ ------------------- ------- Total....................................... 23,024 $ 503,462,062.66 100.00% ====== =================== =======
- ---------- (1) Weighted Average Gross Margin: 1.25% (2) Balances do not include the Locked Balances, which as of the Cut-Off Date represent 1.32% of the Cut-Off Date Pool Balance. MAXIMUM RATES(1)
PERCENT OF CUT-OFF DATE MORTGAGE POOL NUMBER OF PRINCIPAL BY CUT-OFF DATE MAXIMUM RATES MORTGAGE LOANS BALANCE PRINCIPAL BALANCE - ------------- -------------- ------- ----------------- 17.5% to 18.0%........................................ 3,580 $ 80,304,509.01 15.74% 19.5% to 20.0%........................................ 1,720 $ 33,360,516.95 6.54% 20.5% to 21.0%........................................ 2,421 $ 50,768,194.73 9.95% 23.5% to 24.0%........................................ 2,035 $ 42,795,771.86 8.39% 24.5% to 25.0%........................................ 13,268 $ 302,975,625.05 59.38% ------- ------------------ -------- Total....................................... 23,024 $ 510,204,617.60 100.00% ====== ================== =======
- ---------- (1) Weighted Average Maximum Rate: 23.08% This information has been prepared in connection with the issuance of securities representing interests in the above trust and based in part on information provided by Banc One ABS Corporation or BANK ONE Consumer Lending with respect to the expected characteristics of the pool of home equity revolving credit line loans in which the related securities will represent undivided beneficial interests. The actual characteristics and performance of the home equity revolving credit line loans will differ from the assumptions used in preparing these materials, which are hypothetical in nature. Changes in the assumptions may have a material impact on the information set forth in these materials. No representation is made that any performance or return indicated herein will be achieved. For example, it is very unlikely that the loans will prepay at a constant rate or follow a predictable pattern. The information may not be used or otherwise disseminated in connection with the offer or sale of these or any other securities, except in connection with the initial offer or sale of these securities to you to the extent set forth below. NO REPRESENTATION IS MADE AS TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information is available upon request. These materials do not constitute 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 particular trading strategy. ANY SUCH OFFER TO BUY OR SELL ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE PROSPECTUS AND PROSPECTUS SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD CONTAIN MATERIAL INFORMATION NOT CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY AND ANY DECISION TO INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE UPON SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT NOT DEFINED HEREIN ARE TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials, including any description of the loans contained herein, shall be deemed superseded, amended and supplemented in their entirety by such Prospectus and Prospectus Supplement. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND FUTURES AUTHORITY. 13 13 GEOGRAPHIC DISTRIBUTION(1)
PERCENT OF MORTGAGE POOL NUMBER OF CUT-OFF DATE BY CUT-OFF DATE STATE MORTGAGE LOANS PRINCIPAL BALANCE PRINCIPAL BALANCE - ----- -------------- ----------------- ----------------- Arizona............................................... 6,143 $ 143,949,042.95 28.21% Colorado.............................................. 1,517 $ 40,410,178.74 7.92% Illinois.............................................. 1,701 $ 33,273,801.64 6.52% Indiana............................................... 2,716 $ 57,413,782.56 11.25% Kentucky.............................................. 1,891 $ 39,102,210.14 7.66% Ohio.................................................. 6,013 $ 129,360,773.47 25.35% Wisconsin............................................. 2,052 $ 39,550,806.96 7.75% Other(2).............................................. 991 $ 27,144,021.14 5.32% ------ ------------------ --------- Total....................................... 23,024 $ 510,204,617.60 100.00% ====== ================== =======
- ---------- (1) Geographic location is determined by the address of the Mortgaged Property securing the related Mortgage Loan. (2) No other state represents more than 5% of the pool principal balance. LOAN DESIGNATION(1)
PERCENT OF CUT-OFF DATE MORTGAGE POOL NUMBER OF PRINCIPAL BY CUT-OFF DATE LOAN DESIGNATION MORTGAGE LOANS BALANCE PRINCIPAL BALANCE - ---------------- -------------- ------- ----------------- Option 1.............................................. 12,809 $ 297,358,371.62 58.28% Option 2.............................................. 10,215 $ 212,846,245.98 41.72% ------ ----------------- ------- Total....................................... 23,024 $ 510,204,617.60 100.00% ====== ================= =======
---------- (1) See "Loan Terms" table below. This information has been prepared in connection with the issuance of securities representing interests in the above trust and based in part on information provided by Banc One ABS Corporation or BANK ONE Consumer Lending with respect to the expected characteristics of the pool of home equity revolving credit line loans in which the related securities will represent undivided beneficial interests. The actual characteristics and performance of the home equity revolving credit line loans will differ from the assumptions used in preparing these materials, which are hypothetical in nature. Changes in the assumptions may have a material impact on the information set forth in these materials. No representation is made that any performance or return indicated herein will be achieved. For example, it is very unlikely that the loans will prepay at a constant rate or follow a predictable pattern. The information may not be used or otherwise disseminated in connection with the offer or sale of these or any other securities, except in connection with the initial offer or sale of these securities to you to the extent set forth below. NO REPRESENTATION IS MADE AS TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information is available upon request. These materials do not constitute 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 particular trading strategy. ANY SUCH OFFER TO BUY OR SELL ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE PROSPECTUS AND PROSPECTUS SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD CONTAIN MATERIAL INFORMATION NOT CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY AND ANY DECISION TO INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE UPON SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT NOT DEFINED HEREIN ARE TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials, including any description of the loans contained herein, shall be deemed superseded, amended and supplemented in their entirety by such Prospectus and Prospectus Supplement. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND FUTURES AUTHORITY. 14 LOAN TERMS The Mortgage Loans have various loan terms, draw periods, amortization periods and minimum monthly payment requirements as follows:
MINIMUM MONTHLY REPAYMENT PAYMENT REQUIREMENT LOAN DESIGNATION CLTV(1) LOAN TERM DRAW PERIOD PERIOD DURING DRAW PERIOD ---------------- ------- --------- ----------- ------ ------------------ Option 1 80% or less 20 years(2) 10 years 10 years The greatest of: (1) 1% of outstanding Principal Balance; (2) Interest accrued for the month plus Assessed Fees(3); and (3) Minimum of $100 or outstanding Principal Balance Option 2 81%-100% 15 years 5 years 10 years The greatest of: (1) 1% of outstanding Principal Balance; (2) Interest accrued for the month plus Assessed Fees(3); and (3) Minimum of $100 or outstanding Principal Balance
- ---------- (1) As of October 19, 1998, the CLTV percentage for Option 1 was changed to 85% or less and for Option 2 was changed to 86-100%. No Mortgage Loans in this pool were originated after September 1998. (2) The loan term on an Option 1 loan may be extended by a senior credit officer to a term in excess of 20 years. Only one Mortgage Loan has an original loan term in excess of 20 years. The original loan term for such Mortgage Loan is 22 years. (3) Assessed Fees include late charges, administrative charges and credit and insurance charges. This information has been prepared in connection with the issuance of securities representing interests in the above trust and based in part on information provided by Banc One ABS Corporation or BANK ONE Consumer Lending with respect to the expected characteristics of the pool of home equity revolving credit line loans in which the related securities will represent undivided beneficial interests. The actual characteristics and performance of the home equity revolving credit line loans will differ from the assumptions used in preparing these materials, which are hypothetical in nature. Changes in the assumptions may have a material impact on the information set forth in these materials. No representation is made that any performance or return indicated herein will be achieved. For example, it is very unlikely that the loans will prepay at a constant rate or follow a predictable pattern. The information may not be used or otherwise disseminated in connection with the offer or sale of these or any other securities, except in connection with the initial offer or sale of these securities to you to the extent set forth below. NO REPRESENTATION IS MADE AS TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE MATERIALS OR THE ASSUMPTIONS ON WHICH THEY ARE BASED. Additional information is available upon request. These materials do not constitute 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 particular trading strategy. ANY SUCH OFFER TO BUY OR SELL ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE PROSPECTUS AND PROSPECTUS SUPPLEMENT PREPARED BY THE ISSUER WHICH WOULD CONTAIN MATERIAL INFORMATION NOT CONTAINED IN THESE MATERIALS. SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT WILL CONTAIN ALL MATERIAL INFORMATION IN RESPECT OF ANY SUCH SECURITY OFFERED THEREBY AND ANY DECISION TO INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE UPON SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. ANY CAPITALIZED TERMS USED BUT NOT DEFINED HEREIN ARE TO BE READ IN CONJUNCTION WITH SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials, including any description of the loans contained herein, shall be deemed superseded, amended and supplemented in their entirety by such Prospectus and Prospectus Supplement. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND FUTURES AUTHORITY. -----END PRIVACY-ENHANCED MESSAGE-----