EX-99.1 3 file002.txt RELATED COMPUTATIONAL MATERIALS $250,000,000 (APPROXIMATE) LONG BEACH ACCEPTANCE AUTO RECEIVABLES TRUST 2003-B CLASS A-1, CLASS A-2, CLASS A-3 AND CLASS A-4 LONG BEACH ACCEPTANCE CORP. ORIGINATOR AND SERVICER LONG BEACH ACCEPTANCE RECEIVABLES CORP. TRANSFEROR JUNE 19, 2003 [RBS GREENWICH CAPITAL LOGO] This information is furnished to you solely by Greenwich Capital Markets, Inc. and not by the Issuer of the securities or any of its affiliates. Greenwich Capital Markets, Inc. is acting as Underwriter and not acting as Agent for the Issuer or its affiliates in connection with the proposed transaction. These Computational Materials are provided for information purposes only, and do not constitute an offer to sell, nor a solicitation of an offer to buy, the referenced securities. The Computational Materials do not purport to be all-inclusive or to contain all of the information that a prospective investor may require to make a full analysis of the transaction. All amounts are approximate and subject to change. The information contained herein supersedes information contained in any prior computational materials for this transaction. In addition, the information contained herein may be superseded by information contained in computational materials circulated after the date hereof and is qualified in its entirety by information contained in the Prospectus and Prospectus Supplement for this transaction. An offering may be made only through the delivery of the Prospectus and Prospectus Supplement, the Prospectus Supplement and the Prospectus are referred to herein as the "Prospectus". PRELIMINARY COMPUTATIONAL MATERIALS DATE PREPARED: JUNE 19, 2003 Long Beach Acceptance Auto Receivables Trust 2003-B $250,000,000 (APPROXIMATE) $250,000,000 CLASS A NOTES 1 (Note: These Computational Materials have been prepared to assist prospective investors in the Class A Notes only; references to the Certificates are provided solely for informational purposes.)
----------------------------------------------------------------------------------------------------------------------- Class Class A-1 Notes Class A-2 Notes Class A-3 Notes Class A-4 Notes ----------------------------------------------------------------------------------------------------------------------- Principal Amount(1) $48,000,000 $84,200,000 $44,000,000 $73,800,000 Class Percentage 19.20% 33.68% 17.60% 29.52% Initial Credit Support(2) Policy issued by Policy issued Policy Issued Policy Issued Financial Security by FSA by FSA by FSA Assurance Inc. ("FSA") Expected Rating P-1/A-1+ Aaa/AAA Aaa/AAA Aaa/AAA [(Moody's/S&P)] Coupon Rate(3) TBD TBD TBD TBD Pool APR 11.33% 11.33% 11.33% 11.33% Originator/Servicer/Custodian Long Beach Acceptance LBAC LBAC LBAC Corp. ("LBAC") Indenture Trustee/Back-up JP Morgan Chase ("Chase") Chase Chase Chase Servicer/Collateral Agent/Trust Collateral Agent Owner Trustee Wilmington Trust Company Wilmington Wilmington Wilmington ("Wilmington") Pricing Prepayment Speed 1.70% ABS 1.70% ABS 1.70% ABS 1.70% ABS Projected Weighted 0.23 Years 1.00 Years 2.00 Years 3.16 Years Average Life Pricing Benchmark 3 Month LIBOR EDSF Swaps Swaps Expected Closing Date June 25, 2003 June 25, 2003 June 25, 2003 June 25, 2003 Expected Settlement Date June 27, 2003 June 27, 2003 June 27, 2003 June 27, 2003 Payment Dates 15th day of each month 15th day of 15th day of 15th day of each month each month each month Record Date Last day of the Accrual Last day of Last day of Last day of the Period the Accrual the Accrual Accrual Period Period Period Interest Accrual & Delay Days Actual/360 - - 0 30/360 - - 0 30/360 - - 0 30/360 - - 0 Final Scheduled Payment Date June 2004 October 2006 September 2007 February 2010 ERISA Eligible Yes Yes Yes Yes -----------------------------------------------------------------------------------------------------------------------
1. Subject to a variance of +/- 10%. 2. The Class A Notes have the benefit of (a) an insurance policy (the "Policy") to be issued by FSA as the Note Insurer which will guarantee Scheduled Payments of the Class A Notes, (b) funds, if any, on deposit from time to time in the Spread Account (c) funds, if any, on deposit from time to time in the Supplemental Enhancement Account and (d) Overcollateralization, if any. Payments to the Class A Noteholders on each Payment Date will be funded, first, from collections on the Receivables (including excess spread), second, from withdrawals from the Spread Account, third, from withdrawals from the Supplemental Enhancement Account and fourth, from draws on the Policy. The issuer expects that excess spread, equivalent to the weighted average APR on the Receivables less the sum of the Servicing Fee, the Indenture Trustee, the Custodian and the Backup Servicer fees, the premium payable to FSA, the interest due on the Class C Certificate and the interest due on the Notes will be approximately [7.00%] per annum at the Cut-off Date. Excess spread over the life of the transaction is dependent upon the composition of the final pool, the actual prepayment, delinquency and default experience of the Receivables, changes in the Servicing Fee, as well as numerous other factors. As such, no assurance can be given as to such numbers' accuracy, continuance, or appropriateness or completeness in any particular context and as to whether such numbers and/or the assumptions upon which they are based reflect present market conditions or future market performance. 3. The coupon on the Class A-4 Notes will increase by 0.50% after the first date on which the Clean-up Call is exercisable. [RBS GREENWICH CAPITAL LOGO] 2 THE TRUST: Long Beach Acceptance Auto Receivables Trust 2003-B (the "Trust") will be formed pursuant to a Trust Agreement between Long Beach Acceptance Receivables Corp. (the "Transferor"), a wholly-owned subsidiary of Long Beach Acceptance Corp. ("LBAC"), and Wilmington Trust Company (the "Owner Trustee"). PLEDGED PROPERTY: The property pledged by the Trust to the Indenture Trustee for the benefit of the Noteholders and the Note Insurer (the "Pledged Property") will include (i) a pool of retail installment sale contracts (the "Contracts") originated by LBAC (the "Receivables") secured by the new and used automobiles, vans, sport utility vehicles and light-duty trucks financed thereby (the "Financed Vehicles") aggregating approximately $250,000,000 in principal amount (the "Original Pool Balance") as of June 1, 2003 (the "Cut-off Date"); (ii) all moneys received on or after the Cut-off Date with respect to the Receivables; (iii) the security interests in the Financed Vehicles; (iv) any proceeds of any physical damage insurance policies covering Financed Vehicles and any proceeds of any credit life or credit disability insurance policies relating to the Receivables or the obligors; (v) any dealer recourse (exclusive of any dealer charge-back obligation); (vi) property (including the right to receive future Liquidation Proceeds) that shall have secured a Receivable and shall have been repossessed by or on behalf of the Trust; (vii) the legal files and receivable files related to the Receivables; (viii) the rights of the Trust under the Purchase Agreement; (ix) all Recoveries and Liquidation Proceeds with respect to the Receivables; (x) the limited guarantee of Ameriquest Mortgage Company ("AMC") (as described in the Prospectus); (xi) refunds for the costs of extended service contracts and of certain unearned premiums with respect to Financed Vehicles or Obligors; (xii) all other assets comprising the Trust, including, but not limited to, all funds on deposit from time to time in all accounts established, maintained and held as part of the Trust, including without limitation, amounts, if any, in the Supplemental Enhancement Account; (xiii) all amounts and property from time to time held in or credited to the Lock-Box Account (as described in the Prospectus); and (xiv) all proceeds of the foregoing. THE NOTES: The Trust will issue four classes of Asset-Backed Notes pursuant to an Indenture between the Trust and JP Morgan Chase, as Indenture Trustee, designated Class A-1 (the "Class A-1 Notes"), in an aggregate original principal amount of approximately $48,000,000, Class A-2 (the "Class A-2 Notes"), in an aggregate original principal amount of approximately $84,200,000, Class A-3 (the "Class A-3 Notes"), in an aggregate original principal amount of approximately $44,000,000 and Class A-4 (the "Class A-4 Notes"), in an aggregate original principal amount of approximately $73,800,000. The Class A-1, Class A-2, Class A-3 and Class A-4 Notes are collectively referred to herein as the "Class A Notes" or "Notes", and will be issued in an aggregate original principal amount of approximately $250,000,000. The Notes will be secured by the Pledged Property as and to the extent provided in the Indenture. The Trust will also issue a certificate (the "Class R Certificate") evidencing the right, subject to certain conditions described herein, to excess cash flow arising from the Receivables (as defined herein) and a Certificate (the "Class C Certificate") in an aggregate original principal balance equal to the original balance of the Supplemental Enhancement Account. The Certificates and the Notes are referred to herein collectively as the "Securities". Only the Class A Notes are being offered by the Prospectus. The aggregate original principal amount of the Class A-1 Notes will equal approximately 19.20% (the "Class A-1 Percentage") of the Original Pool Balance on the Closing Date. The aggregate original principal amount of the Class A-2 Notes will equal approximately 33.68% (the "Class A-2 Percentage") of the Original Pool Balance on the Closing Date. The aggregate original principal amount of the Class A-3 Notes will equal approximately 17.60% (the "Class A-3 Percentage") of the Original Pool Balance on the Closing Date. The aggregate original principal amount of the Class A-4 Notes will equal approximately 29.52% (the "Class A-4 Percentage") of the Original Pool Balance on the Closing Date. Class A Notes will be available in minimum denominations of $100,000 and integral multiples of $1,000 in excess thereof. [RBS GREENWICH CAPITAL LOGO] 3 THE CERTIFICATES: The Trust will issue a Class C Certificate, which will receive interest as well as cashflow released from the Supplemental Enhancement Account and the Spread Account, if any, in each case subordinate in right of payment to the Notes to the extent described in the Sale and Servicing Agreement. The Class C Certificate will have an aggregate original principal balance equal to the original balance of the Supplemental Enhancement Account and with respect to any Payment Date will have a principal balance equal to the amount on deposit in the Supplemental Enhancement Account (as more fully described below) on the related Determination Date. The Class C Certificate is not being offered by the Prospectus and will initially be owned by [Greenwich Capital Markets, Inc.] (the "Class C Certificateholder"). The Trust will issue a Class R Certificate, which represents the equity ownership in the Trust and is subordinate in right of payment to the Notes and the Class C Certificate to the extent described in the Sale and Servicing Agreement. The Class R Certificate does not have a principal balance. The Class R Certificate is not being offered by the Prospectus and will initially be held by the Transferor (the "Class R Certificateholder"). LEAD UNDERWRITER: Greenwich Capital Markets, Inc. CO-UNDERWRITER: Citigroup Global Markets Inc. THE POLICY: On the Closing Date, Financial Security Assurance Inc. (the "Note Insurer" or "FSA") will issue a financial guaranty insurance policy (the "Policy") to the Trust Collateral Agent for the benefit of the Class A Noteholders. Pursuant to the Policy, the Note Insurer will unconditionally and irrevocably guarantee to the Class A Noteholders payment of the Scheduled Payments (as defined below) on each Payment Date. The Policy is not covered by the property/casualty insurance security fund specified in Article 76 of the New York Insurance Law. "Scheduled Payments" means, with respect to each Payment Date, the payments to be made to the Class A Noteholders in an aggregate amount equal to (i) the Class A Interest Payment Amount payable on such Payment Date and (ii) an amount necessary to remedy any undercollateralization of the Class A Notes. The Note Insurer will also make payment of any unpaid interest and principal due on the Class A Notes on their respective Final Scheduled Payment Dates. Scheduled Payments shall not include, nor shall coverage be provided under the Policy in respect of, any taxes, withholding or other charge imposed with respect to any Class A Note by any governmental authority. The Policy is described in greater detail in the Prospectus. PAYMENTS TO NOTEHOLDERS: Payments of interest on the Notes, to the extent funds are available therefor, will be made on the 15th day of each month (or, if the 15th day is not a Business Day, the next succeeding Business Day) (each, a "Payment Date"), commencing July 15, 2003, in the following amounts: (i) With respect to the Class A-1 Notes, interest accrued at the Class A-1 Note Rate based on the actual number of days elapsed in the applicable accrual period on the Class A-1 Note amount, and (ii) With respect to the Class A-2, Class A-3 and Class A-4 Notes and the first Payment Date, [20] days of interest at Class A-2 Note Rate, Class A-3 Note Rate or Class A-4 Note Rate, as applicable, and with respect to all other Payment Dates, 30 days of interest, in each case on the Class A-2 Note amount, Class A-3 Note amount or Class A-4 Note amount, as applicable, as of the close of business on the last day of the related Collection Period (collectively the "Class A Interest Payment Amount"); [RBS GREENWICH CAPITAL LOGO] 4 Payments of interest on a Class of Notes will be made on a pro rata basis to holders of record of such Class as of the last day of the related accrual period (each, a "Record Date"). The Record Date for the first Payment Date will be the Closing Date. Accrued interest on the Class A-1 Notes will be calculated on an actual/360 basis and accrued interest on the Class A-2, Class A-3 and Class A-4 Notes will be calculated on a 30/360 basis. Payments of principal on or in respect of the Class A Notes, to the extent funds are available therefore, will be distributed on each Payment Date first to Class A-1 Noteholders until the outstanding principal amount of the Class A-1 Notes is zero, then to Class A-2 Noteholders until the outstanding principal amount of the Class A-2 Notes is zero, then to Class A-3 Noteholders until the outstanding principal amount of the Class A-3 Notes is zero, and then to Class A-4 Noteholders, until the outstanding principal amount of the Class A-4 Notes is zero, in an amount equal to the Principal Payment Amount (as defined herein); provided that on the Final Scheduled Payment Date for any Class A Notes, the Noteholders of such class shall be entitled to receive the then outstanding principal amount of such Class. PRIORITY OF PAYMENTS: On each Payment Date, the Trust Collateral Agent shall, from the Available Funds, make the following Payments in the following order of priority: (i) first, to LBAC, the Monthly Dealer Participation Fee Payment Amount and all unpaid Monthly Dealer Participation Fee Payment Amounts from prior Collection Periods, second, to the Servicer, the Servicing Fee and all unpaid Servicing Fees from prior Collection Periods and, to the extent the Available Funds are insufficient to cover such amounts then such deficiency may be paid to the Servicer from the Deficiency Claim Amount (as defined herein) with respect to such Payment Date, if any, to the extent received by the Trust Collateral Agent from the Collateral Agent; (ii) to the Indenture Trustee, the Back-Up Servicer and the Custodian, the Indenture Trustee Fee, the Back-up Servicer Fee and the Custodian Fee, respectively, and all unpaid Indenture Trustee Fees, Back-up Servicer Fees and Custodian Fees from prior Collection Periods and, to the extent the remaining Available Funds are insufficient to cover such amounts then such deficiency may be paid from the Deficiency Claim Amount with respect to such Payment Date, if any, in the following order of priority, first, from amounts on deposit in the Spread Account, to the extent received by the Trust Collateral Agent from the Collateral Agent, and second, from amounts on deposit in the Supplemental Enhancement Account, to the extent withdrawn by the Trust Collateral Agent and deposited into the Collection Account. (iii) to the Class A-1 Noteholders, Class A-2 Noteholders, Class A-3 Noteholders and Class A-4 Noteholders, pro rata based on the Note Interest due on each class of Class A Notes, the sum of the Class A Interest Payment Amount and any Class A interest carryover shortfall and, to the extent the remaining Available Funds are insufficient to cover such amounts then such deficiency may be paid from the following sources in the following order of priority: (a) the remaining portion of the Deficiency Claim Amount with respect to such Payment Date, if any, in the following order of priority, first, from amounts on deposit in the Spread Account, to the extent received by the Trust Collateral Agent from the Collateral Agent, and second, from amounts on deposit in the Supplemental Enhancement Account, to the extent withdrawn by the Trust Collateral Agent and deposited into the Collection Account. and (b) the Policy Claim Amount (as defined herein) with respect to such Payment Date; [RBS GREENWICH CAPITAL LOGO] 5 (iv) to the Class A Noteholders, the sum of (x) the Principal Payment Amount and (y) any principal carryover shortfall and, to the extent the remaining Available Funds are insufficient, the Class A Noteholders will receive such deficiency from the following sources in the following order of priority: (a) the remaining portion of the Deficiency Claim Amount with respect to such Payment Date, if any, in the following order of priority, first, from amounts on deposit in the Spread Account, to the extent received by the Trust Collateral Agent from the Collateral Agent, and second, from amounts on deposit in the Supplemental Enhancement Account, to the extent withdrawn by the Trust Collateral Agent and deposited into the Collection Account. and (b) the Policy Claim Amount with respect to such Payment Date, such principal being applied first, to reduce the outstanding principal amount of the Class A-1 Notes to zero, second, to reduce the outstanding principal amount of the Class A-2 Notes to zero, third, to reduce the outstanding principal amount of the Class A-3 Notes to zero, and last, to reduce the outstanding principal amount of the Class A-4 Notes to zero; (v) to the Note Insurer, an amount equal to the Reimbursement Obligations (as defined herein), other than the Note Insurer premium; and to the extent that the remaining Available Funds are insufficient to cover such amounts, then such deficiency may be paid from the Deficiency Claim Amount in the following order of priority, first, from amounts on deposit in the Spread Account, to the extent received by the Trust Collateral Agent from the Collateral Agent, and second, from amounts on deposit in the Supplemental Enhancement Account, to the extent withdrawn by the Trust Collateral Agent and deposited into the Collection Account; (vi) to the Note Insurer, an amount equal to the Note Insurer premium along with any unpaid Note Insurer premiums; and to the extent that the remaining Available Funds are insufficient to cover such amounts, then such deficiency may be paid from the Deficiency Claim Amount in the following order of priority, first, from amounts on deposit in the Spread Account, to the extent received by the Trust Collateral Agent from the Collateral Agent, and second, from amounts on deposit in the Supplemental Enhancement Account, to the extent withdrawn by the Trust Collateral Agent and deposited into the Collection Account; (vii) to the Class C Certificateholder, the Class C Interest Payment Amount; (viii) to the Collateral Agent, for deposit to the Supplemental Enhancement Account, reimbursement for any previous unreimbursed withdrawals from such account (other than Supplemental Enhancement Account Release Amounts distributed to the Class C Certificateholder pursuant to clause (xiii) below on prior Payment Dates); (ix) first, to the Trust Collateral Agent, Indenture Trustee, Back-up Servicer and Custodian, all reasonable out-of pocket expenses incurred by the Trust Collateral Agent, Indenture Trustee, Back-up Servicer and Custodian (such amount generally not to exceed, in the aggregate, $50,000 per annum) and second, to the Back-up Servicer, system conversion expenses, if any, not to exceed $100,000; (x) to the Collateral Agent, for deposit to the Spread Account, all remaining Available Funds; (xi) To the Class A Noteholders, in reduction of the outstanding principal amount thereof , all releases from the Spread Account until the Overcollateralization Amount is equal to the Required Overcollateralization Target, such amount being applied first, to reduce the outstanding principal amount of the Class A-1 Notes to zero, second, to reduce the outstanding principal amount of the Class A-2 Notes to zero, third, to reduce the outstanding principal amount of the Class A-3 Notes to zero, and last, to reduce the outstanding principal amount of the Class A-4 Notes to zero; (xii) to the Class C Certificateholder from releases from the Spread Account, to pay any Class C Interest Carryover Shortfall and any Class C Supplemental Interest; (xiii) to the Class C Certificateholder, from the Supplemental Enhancement Account Release Amount until the principal balance of the Class C Certificates is equal to zero and (without duplication) any Class C Principal Deficiency Amount has been paid; (xiv) to the Class R Certificateholder, after the distributions in clauses (i) through (xiii) have been made, all monies released from the Spread Account. [RBS GREENWICH CAPITAL LOGO] 6 EVENT OF DEFAULT: Events of default under the Indenture are described in the Prospectus. SPREAD ACCOUNT: As part of the consideration for the issuance of the Policy, a cash collateral account (the "Spread Account") will be established with the Collateral Agent for the benefit of the Note Insurer and the Trust Collateral Agent on behalf of the Class A Noteholders. Amounts on deposit in the Spread Account will be distributed to Class A Noteholders, released to the Class C Certificateholder, and thereafter released to the Class R Certificateholder to the extent described in the Prospectus. However, the Spread Account Requisite Amount or the existence of the Spread Account or any other term or provision of the Spread Account Agreement may be amended, modified or terminated by the Note Insurer with the consent of the Transferor and the Collateral Agent, but without the consent of the Indenture Trustee or the Noteholders. Accordingly, Class A Noteholders should not rely on amounts in the Spread Account as a source of funds for payments on the Class A Notes. SUPPLEMENTAL ENHANCEMENT ACCOUNT: A cash collateral account (the "Supplemental Enhancement Account") will be established with the Trust Collateral Agent for the benefit of the Class A Noteholders and, on a fully subordinated basis, the Class C Certificateholder. On the Closing Date the Issuer expects to cause the Supplemental Enhancement Account to be fully funded. Amounts on deposit in the Supplemental Enhancement Account will be distributed to Class A Noteholders, or released to the Class C Certificateholder to the extent described in the Prospectus. Upon written direction from the Class C Certificateholder, the Trust Collateral Agent may use funds in the Supplemental Enhancement Account to pay the Note Insurer premium. OVERCOLLATERALI- ZATION AMOUNT: The "Overcollateralization Amount" is equal to the excess of the aggregate principal balance of the Receivables over the aggregate principal amount of the Notes. On the Closing Date, the Overcollateralization Amount will be zero. To the extent the Overcollateralization Amount is below the Required Overcollateralization Target, excess cashflow will be paid to the Class A Noteholders to accelerate principal payments thereon in order to build the Overcollateralization Amount until the Required Overcollateralization Target is reached. REQUIRED OVERCOLLATERALIZ- ATION TARGET: On any Distribution Date, the "Required Overcollateralization Target" is equal to the greater of: (a) [3.50%] of the current principal amount of the Receivables; (b) [0.75%] of the initial principal amount of the Notes. TAX STATUS OF THE TRUST: In the opinion of Dewey Ballantine LLP, the Class A Notes will be characterized as indebtedness, and the Trust will not be treated as an association (or publicly traded partnership) taxable as a corporation for federal income tax purposes. ERISA ELIGIBILITY: Subject to certain conditions described in the Prospectus, the Class A Notes will be ERISA eligible. See "ERISA Considerations" in the Prospectus. [RBS GREENWICH CAPITAL LOGO] 7 OPTIONAL REDEMPTION: The Class R Certificateholder may at its option redeem the Class A Notes and the Class C Certificate on any Payment Date on or after which the aggregate principal amount of the Receivables is equal to 10% or less of the aggregate principal amount of the Receivables as of the Cut-off Date, at a redemption price equal to the aggregate of then outstanding principal amount of the Class A Notes and the Class C Certificate (including the Class C Principal Deficiency Amount) plus all accrued and unpaid interest thereon as of such Payment Date, respectively; provided that the Class R Certificateholder's right to exercise such option will be subject to the prior approval of the Note Insurer, but only if, after giving effect thereto, a claim on the Policy would occur or any amount owing to the Note Insurer or the holders of the Class A Notes would remain unpaid as of such Payment Date. THE ORIGINATOR/ SERVICER/ CUSTODIAN: Long Beach Acceptance Corp. ("LBAC"). THE SELLERS: Long Beach Acceptance Corp. ("LBAC") and Long Beach Acceptance Receivables Corp. Warehouse I ("LBARC WI"). GLOSSARY OF TERMS: "Applicable Percentage" will be (i) for any Payment Date on which the Overcollateralization Amount is less than the Required Overcollateralization Target, 100%; and (ii) for any other Payment Date, a fraction, the numerator of which is the principal amount of the Class A Notes and the denominator of which is the principal balance of the Receivables. "Available Funds" for a Payment Date will be the sum of the following amounts (without duplication) with respect to the related Collection Period: (i) all collections on Receivables (including amounts received in connection with extensions, rebates or adjustments on Receivables granted by the Servicer in accordance with the Sale and Servicing Agreement); (ii) all proceeds received during such Collection Period with respect to Receivables that became Liquidated Receivables during such Collection Period in accordance with the Servicer's customary servicing procedures, net of the reasonable expenses incurred by the Servicer in connection with such liquidation and any amounts required by law to be remitted to the Obligor on such Liquidated Receivable ("Liquidation Proceeds"); (iii) proceeds from Recoveries with respect to Liquidated Receivables; (iv) the Purchase Amount of each Receivable that was repurchased by the Originator or purchased by the Servicer as of the last day of such Collection Period; and (v) any earnings on investments of funds in the Collection Account. "Class C Certificate Balance" means, as of any Payment Date, the Supplemental Enhancement Account Balance. "Class C Certificate Rate" means, 5.00% per annum. "Class C Supplemental Interest Rate" means, as of any Determination Date that a Trigger Event is in effect, or an Insurance Agreement Event of Default has occurred, the Class C Certificate Rate, plus 3.00% per annum. "Class C Interest Payment Amount" means, for any Payment Date, an amount equal to the product of (x) 1/12, (y) the Class C Certificate Rate and (z) the Class C Certificate Balance as of such Payment Date (without giving effect to any payments to be made on such Payment Date). "Class C Interest Carryover Shortfall" means, for any Payment Date, the sum of the (i) the excess of the Class C Interest Payment Amount, and if applicable, the Class C Supplemental Interest Payment Amount for such Payment Date over the amount of interest actually paid to the holders of the Class C Certificates on such current Payment Date; (ii) (without duplication) any outstanding Class C Interest Carryover Shortfall from the preceding Payment Date; and (iii) thirty (30) days of interest on such outstanding Class C Interest Carryover Shortfall with respect to each such Payment Date or any prior Payment Date (calculated on a 30/360 basis), to the extent permitted by applicable law, at the Class C Certificate Rate or if applicable, the Class C Supplemental Interest Rate for the related Accrual Period. [RBS GREENWICH CAPITAL LOGO] 8 "Class C Principal Deficiency Amount" means, for any Payment Date, the sum of (i) the Initial Class C Certificate Balance, less the sum of (i) the cumulative amount of the Supplemental Enhancement Account Release Amounts distributed pursuant to clause (xiii) under "Priority of Payments" above on prior Payment Dates, and (ii) the Class C Certificate Balance for such Payment Date (after giving effect to amounts deposited into the Supplemental Enhancement Account pursuant to clause (viii) and before giving effect to the payments pursuant to clause (xiii) under "Priority of Payments" above). "Class C Supplemental Interest Payment Amount" means, for any Payment Date, (a) if no Trigger Event is in effect or Insurance Agreement Event of Default has occurred, the product of the (x) Class C Certificate Rate and (y) the Class C Principal Deficiency Amount; or (b) if a Trigger Event is in effect, or an Insurance Agreement Event of Default has occurred, the sum of (x) the product of 8%, per annum, and the Class C Principal Deficiency Amount, and (y) the product of 3%, per annum, and the Class C Principal Balance. "Closing Date" means June 25, 2003. "Cut-off Date" means June 1, 2003. "Deficiency Claim Amount" means, with respect to any Determination Date, the amount, if any, by which the amount of the Available Funds with respect to such Determination Date is less than the sum of the amounts payable on the related Determination Date pursuant to clauses (i) through (vi) under "Priority of Payments" above. The Deficiency Claim Amount will be drawn first from the Spread Account and second from the Supplemental Enhancement Account, in each case to the extent available, to make payments pursuant to clauses (i) through (vi) under "Priority of Payments" above (provided that, the Supplemental Enhancement Account may only be used to pay clause (vi) under "Priority of Payments" if, the Class C Certificateholder provides written direction to the Indenture Trustee to pay such amount prior to the related Payment Date). Any Deficiency Claim Amount will not include principal payments with respect to any Payment Date (other than the Final Scheduled Payment Date for any Class of Notes) unless the Overcollateralization Amount for such payment date is equal to zero. The "Determination Date" with respect to any Payment Date will be the fourth Business Day preceding such Payment Date. "Insurance Agreement Event of Default" shall mean an "Event of Default" as defined in the Insurance Agreement. "Liquidated Receivable" means any Receivable with respect to which any of the following shall have occurred (without duplication): (i) the Receivable has been liquidated by the Servicer through the sale of the related Financed Vehicle, (ii) the related Obligor has failed to pay at least 95% of a scheduled payment by its due date and such failure continues for 60 days (calculated based on a 360-day year consisting of twelve 30-day months) after the first day on which the Servicer may legally sell or otherwise dispose of the related Financed Vehicle following its repossession, (iii) the related Obligor fails to pay at least 95% of a scheduled payment by its due date and such failure continues for 150 or more consecutive days (calculated based on a 360-day year consisting of twelve 30-day months) as of the end of a Collection Period or (iv) proceeds have been received which, in the Servicer's good faith judgment, constitute the final amounts recoverable in respect of such Receivable. "Payahead Amount" means, with respect to Receivables that are actuarial receivables or Rule of 78 receivables, payments remitted by the related obligor prior to the Cut-off Date in excess of the aggregate of scheduled receivables payments, Servicer expenses and late fees, if any, retained by the Servicer in accordance with its payment application procedures. [RBS GREENWICH CAPITAL LOGO] 9 "Policy Claim Amount" means, with respect to any Payment Date, (1) the Scheduled Payment, for such Payment Date minus (2) any reduction in the amounts described in clause (1) above of the Notes on such Payment Date after giving effect to the application of Available Funds and all funds drawn in respect of the Deficiency Claim Amount. "Pool Balance" as of the close of business on the last day of a Collection Period means the aggregate Principal Balance of the Receivables as of such date (excluding Liquidated Receivables and Receivables purchased by LBAC or the Servicer pursuant to the Sale and Servicing Agreement). The "Principal Payment Amount" means (i) with respect to any Payment Date other than the respective Final Scheduled Payment Date for a class of Notes, the Applicable Percentage of the sum of the following amounts (without duplication): (a) the principal portion of all payments received in respect of the Receivables (excluding Recoveries); (b) the principal portion of all prepayments in full received in respect of the Receivables during the related Collection Period, including prepayments in full resulting from collections with respect to a Receivable received during the related Collection Period; (c) the portion of the Purchase Amount allocable to principal of each Receivable that was repurchased by the Originator or purchased by the Servicer in each case as of the last day of the related Collection Period and, at the option of the Note Insurer, the Principal Balance of each Receivable that was required to be but was not so purchased or repurchased; (d) the principal balance of each Receivable that first became a Liquidated Receivable during the related Collection Period; and (e) the aggregate amount of Cram Down Losses with respect to the Receivables that have occurred during the related Collection Period, and (ii) with respect to the Final Scheduled Payment Date for a class of Notes, an amount equal to the then outstanding principal amount of such class. "Purchase Agreement" means the Purchase Agreement dated as of June 1, 2003, between the Transferor, LBAC and LBARC WI, as the same may be amended, modified or supplemented from time to time in accordance with the terms thereof, relating to the purchase of the Receivables by the Transferor from LBAC and LBARC WI. "Purchase Amount" means, with respect to a Receivable, the amount, as of the close of business on the last day of a Collection Period, required to prepay in full such Receivable (after giving effect to the application of any Liquidation Proceeds and Recoveries collected in respect of such Receivable on or prior to the last day of such Collection Period) under the terms thereof including accrued and unpaid interest thereon to the end of the month of purchase. The Purchase Amount relating to any Receivable that became a Liquidated Receivable during any Collection Period preceding the month of purchase shall be treated as Recoveries in respect of such Receivable. "Reimbursement Obligations" means, with respect to each Payment Date, any amounts due to the Note Insurer under the terms of the Sale and Servicing Agreement or the Insurance Agreement and with respect to which the Note Insurer has not been previously paid. "Recoveries" means, with respect to each Liquidated Receivable, the monies collected from whatever source, during any Collection Period following the Collection Period in which such Receivable became a Liquidated Receivable, net of the reasonable costs of liquidation plus any amount required by law to be remitted to the Obligor. [RBS GREENWICH CAPITAL LOGO] 10 "Servicing Fee" means, with respect to each Payment Date, an amount equal to the product of (i) one-twelfth, (ii) the Pool Balance as of the second preceding Collection Period and (iii) 2.20%. "Spread Account Requisite Amount" shall have the meaning ascribed to such term in the Spread Account Agreement. "Supplemental Enhancement Account Balance" means, with respect to any Payment Date, the amount on deposit in the Supplemental Enhancement Account on the related Determination Date. "Supplemental Enhancement Account Release Amount" means, with respect to any Payment Date, the amount to be released from the Supplemental Enhancement Account Balance on such payment date equal to the excess of the Total Enhancement Amount over the Required Total Enhancement Amount after application of clauses (i) through (xii) in the "Priority of Payments" above. "Trigger Event" shall have the meaning ascribed to such term in the Spread Account Agreement. "Total Enhancement Amount" means, on any payment date, the aggregate, in any combination, of the following: (i) with respect to the Spread Account, the amount on deposit in the Spread Account; (ii) amounts on deposit in the Supplemental Enhancement Account; and (iii) the Overcollateralization Amount. "Required Total Enhancement Amount" shall have the meaning ascribed to such term in the Spread Account Agreement. [RBS GREENWICH CAPITAL LOGO] 11 COMPUTATIONAL MATERIALS DISCLAIMER The attached tables and other statistical analyses (the "Computational Materials") are privileged and intended for use by the addressee only. These Computational Materials are furnished to you solely by Greenwich Capital Markets, Inc. and not by the issuer of the securities. They may not be provided to any third party other than the addressee's legal, tax, financial and/or accounting advisors for the purposes of evaluating said material. Numerous assumptions were used in preparing the Computational Materials, which may or may not be reflected therein. As such, no assurance can be given as to the Computational Materials' accuracy, appropriateness or completeness in any particular context; nor as to whether the Computational Materials and/or the assumptions upon which they are based reflect present market conditions or future market performance. These Computational Materials should not be construed as either projections or predictions or as legal, tax, financial or accounting advice. Any weighted average lives, yields and principal payment periods shown in the Computational Materials are based on prepayments assumptions, and changes in such prepayment assumptions may dramatically affect such weighted average lives, yields and principal payment periods. In addition, it is possible that prepayments on the underlying assets will occur at rates slower or faster than the rates shown in the attached Computational Materials. Furthermore, unless otherwise provided, the Computational Materials assume no losses on the underlying assets and no interest shortfall. The specific characteristics of the securities may differ from those shown in the Computational Materials due to differences between the actual underlying assets and the hypothetical underlying assets used in preparing the Computational Materials. The principal amount and designation of any security described in the Computational Materials are subject to change prior to issuance. Neither Greenwich Capital Markets, Inc. nor any of its affiliates makes any representation or warranty as to the actual rate or timing of payments on any of the underlying assets or the payments or yield on the securities. Although a registration statement (including the Prospectus) relating to the securities discussed in this communication has been filed with the Securities and Exchange Commission and is effective, the final Prospectus relating to the securities discussed in this communication has not been filed with Securities and Exchange Commission. This communication shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities discussed in this communication in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification of such securities under the securities laws of any such state. Prospective purchasers are referred to the final prospectus supplement and prospectus relating to the securities discussed in this communication which supersede these Computational Materials and any matter discussed in this communication. Once available, a final prospectus supplement and prospectus may be obtained by contacting the Greenwich Capital Markets, Inc. Trading Desk at (203) 625-6160. Please be advised that the securities described herein may not be appropriate for all investors. Potential investors must be willing to assume, among other things, market price volatility, prepayment, yield curve and interest rate risks. Investors should make every effort to consider the risks of these securities. If you have received this communication in error, please notify the sending party immediately by telephone and return the original to such party by mail. [RBS GREENWICH CAPITAL LOGO] 12 This information is provided to you solely by Greenwich Capital Markets, Inc. ("GCM") and not by the issuer of the securities or any of its affiliates. GCM is acting as underwriter and not as agent for its affiliates in connection with the proposed transaction. These Computational Materials should be accompanied by a one page disclaimer which must be read in its entirety by the addressee of this communication. If such disclaimer is not attached hereto, please contact your Greenwich Capital sales representative. WEIGHTED AVERAGE LIFE TABLES
CLASS A-1 TO MATURITY ------------------------------------------------------------------------------------------------------------ FLAT PRICE 1.25% ABS 1.50% ABS 1.70% ABS 2.00% ABS 2.25% ABS ============================================================================================================ WAL (YR) 0.27 0.24 0.23 0.18 0.16 MDUR (YR) 0.27 0.24 0.22 0.18 0.16 FIRST PRIN PAY 07/15/03 07/15/03 07/15/03 07/15/03 07/15/03 LAST PRIN PAY 01/15/04 12/15/03 12/15/03 11/15/03 11/15/03 ------------------------------------------------------------------------------------------------------------ CLASS A-2 TO MATURITY ------------------------------------------------------------------------------------------------------------ FLAT PRICE 1.25% ABS 1.50% ABS 1.70% ABS 2.00% ABS 2.25% ABS ============================================================================================================ WAL (YR) 1.20 1.09 1.00 0.90 0.83 MDUR (YR) 1.19 1.07 0.99 0.89 0.82 FIRST PRIN PAY 01/15/04 12/15/03 12/15/03 11/15/03 11/15/03 LAST PRIN PAY 06/15/05 03/15/05 02/15/05 12/15/04 10/15/04 ------------------------------------------------------------------------------------------------------------ CLASS A-3 TO MATURITY ------------------------------------------------------------------------------------------------------------ FLAT PRICE 1.25% ABS 1.50% ABS 1.70% ABS 2.00% ABS 2.25% ABS ============================================================================================================ WAL (YR) 2.37 2.15 2.00 1.79 1.65 MDUR (YR) 2.31 2.10 1.95 1.75 1.61 FIRST PRIN PAY 06/15/05 03/15/05 02/15/05 12/15/04 10/15/04 LAST PRIN PAY 04/15/06 01/15/06 11/15/05 08/15/05 06/15/05 ------------------------------------------------------------------------------------------------------------
[RBS GREENWICH CAPITAL LOGO] 13 This information is provided to you solely by Greenwich Capital Markets, Inc. ("GCM") and not by the issuer of the securities or any of its affiliates. GCM is acting as underwriter and not as agent for its affiliates in connection with the proposed transaction. These Computational Materials should be accompanied by a one page disclaimer which must be read in its entirety by the addressee of this communication. If such disclaimer is not attached hereto, please contact your Greenwich Capital sales representative.
CLASS A-4 TO CALL ------------------------------------------------------------------------------------------------------------ FLAT PRICE 1.25% ABS 1.50% ABS 1.70% ABS 2.00% ABS 2.25% ABS ============================================================================================================ WAL (YR) 3.74 3.43 3.16 2.84 2.58 MDUR (YR) 3.55 3.26 3.02 2.72 2.48 FIRST PRIN PAY 04/15/06 01/15/06 11/15/05 08/15/05 06/15/05 LAST PRIN PAY 10/15/07 06/15/07 02/15/07 10/15/06 06/15/06 ------------------------------------------------------------------------------------------------------------ CLASS A-4 TO MATURITY ------------------------------------------------------------------------------------------------------------ FLAT PRICE 1.25% ABS 1.50% ABS 1.70% ABS 2.00% ABS 2.25% ABS ============================================================================================================ WAL (YR) 3.86 3.55 3.28 2.91 2.64 MDUR (YR) 3.66 3.37 3.13 2.79 2.54 FIRST PRIN PAY 04/15/06 01/15/06 11/15/05 08/15/05 06/15/05 LAST PRIN PAY 10/15/08 07/15/08 01/15/08 05/15/07 12/15/06 ------------------------------------------------------------------------------------------------------------
[RBS GREENWICH CAPITAL LOGO] 14 The information contained herein has been prepared solely for the use of Greenwich Capital Markets, Inc. and has not been independently verified by Greenwich Capital Markets, Inc. Accordingly, Greenwich Capital Markets, Inc. makes no express or implied representations or warranties of any kind and expressly disclaims all liability for any use or misuse of the contents hereof. Greenwich Capital Markets, Inc. assumes no responsibility for the accuracy of any material contained herein. The information contained herein will be superseded by the description of the receivables contained in the final prospectus supplement. Such information supersedes the information in all prior collateral term sheets, if any. LONG BEACH ACCEPTANCE AUTO RECEIVABLES TRUST 2003-B BALANCES AS OF THE CUT-OFF DATE TOTAL CURRENT BALANCE 250,000,000 TOTAL AMOUNT FINANCED 273,971,568 NUMBER OF TOTAL PORTFOLIO LOANS 14,350
MINIMUM MAXIMUM AVERAGE CURRENT BALANCE $17,421.60 $1,385.10 $59,524.17 AVERAGE AMOUNT FINANCED $19,092.10 $2,773.10 $60,676.46 WEIGHTED AVERAGE APR RATE 11.3301% 3.9900 24.5000% WEIGHTED AVERAGE ADJUSTED APR RATE 11.3301% 3.9900 24.5000% WEIGHTED AVERAGE ORIGINAL LOAN TERM 68 months 24 72 months WEIGHTED AVERAGE REMAINING TERM 64 months 2 72 months WEIGHTED AVERAGE LOAN AGE 4 months 0 59 months TOP DEALER STATE CONCENTRATIONS ($) 27.43% California, 7.08% Arizona, 6.53% Florida TOP BORROWER STATE CONCENTRATIONS ($) 27.64% California, 7.00% Arizona, 6.64% Florida NEW-USED BREAKDOWN ($) 60.41% Used, 39.59% New TOP MANUFACTURER CONCENTRATIONS ($) 24.98% Ford, 14.54% Chevrolet, 11.86% Dodge CONTRACT DATE Jun 02, 1998 May 29, 2003 MATURITY DATE Jul 11, 2003 Jun 13, 2009
[RBS GREENWICH CAPITAL LOGO] 15 The information contained herein has been prepared solely for the use of Greenwich Capital Markets, Inc. and has not been independently verified by Greenwich Capital Markets, Inc. Accordingly, Greenwich Capital Markets, Inc. makes no express or implied representations or warranties of any kind and expressly disclaims all liability for any use or misuse of the contents hereof. Greenwich Capital Markets, Inc. assumes no responsibility for the accuracy of any material contained herein. The information contained herein will be superseded by the description of the receivables contained in the final prospectus supplement. Such information supersedes the information in all prior collateral term sheets, if any.
% OF AGGREGATE PRINCIPAL BALANCE PRINCIPAL BALANCE NUMBER OF OUTSTANDING AS OF OUTSTANDING AS OF LOAN TYPE AUTOMOBILE LOANS THE CUT-OFF DATE THE CUT-OFF DATE ----------------------------------------------------------------------------------------- Precomputed 938 $10,098,590.28 4.04% Simple Interest 13,412 239,901,410.19 95.96 ----------------------------------------------------------------------------------------- TOTAL 14,350 $250,000,000.47 100.00% ========================================================================================= % OF AGGREGATE PRINCIPAL BALANCE PRINCIPAL BALANCE NUMBER OF OUTSTANDING AS OF OUTSTANDING AS OF LOAN CLASS AUTOMOBILE LOANS THE CUT-OFF DATE THE CUT-OFF DATE ----------------------------------------------------------------------------------------- Premium 1,684 $31,320,017.31 12.53% Elite 2,798 54,392,094.43 21.76 Superior 2,678 49,538,479.24 19.82 Preferred 2,917 52,195,330.82 20.88 Classic 2,476 38,180,040.32 15.27 Standard 1,185 14,195,294.54 5.68 Limited Credit 612 10,178,743.81 4.07 ----------------------------------------------------------------------------------------- TOTAL 14,350 $250,000,000.47 100.00% ========================================================================================= % OF AGGREGATE PRINCIPAL BALANCE PRINCIPAL BALANCE NUMBER OF OUTSTANDING AS OF OUTSTANDING AS OF NEW/USED AUTOMOBILE LOANS THE CUT-OFF DATE THE CUT-OFF DATE ----------------------------------------------------------------------------------------- New 4,371 $98,984,228.39 39.59% Used 9,979 151,015,772.08 60.41 ----------------------------------------------------------------------------------------- TOTAL 14,350 $250,000,000.47 100.00% =========================================================================================
[RBS GREENWICH CAPITAL LOGO] 16 The information contained herein has been prepared solely for the use of Greenwich Capital Markets, Inc. and has not been independently verified by Greenwich Capital Markets, Inc. Accordingly, Greenwich Capital Markets, Inc. makes no express or implied representations or warranties of any kind and expressly disclaims all liability for any use or misuse of the contents hereof. Greenwich Capital Markets, Inc. assumes no responsibility for the accuracy of any material contained herein. The information contained herein will be superseded by the description of the receivables contained in the final prospectus supplement. Such information supersedes the information in all prior collateral term sheets, if any.
% OF AGGREGATE PRINCIPAL BALANCE PRINCIPAL BALANCE NUMBER OF OUTSTANDING AS OF OUTSTANDING AS OF CONTRACT DATE AUTOMOBILE LOANS THE CUT-OFF DATE THE CUT-OFF DATE ----------------------------------------------------------------------------------------------- 01/01/98 - 12/31/98 202 $671,650.85 0.27% 01/01/99 - 12/31/99 1,603 7,577,328.54 3.03 01/01/00 - 12/31/00 1 8,182.15 0.00 01/01/01 - 12/31/01 3 29,391.86 0.01 01/01/02 - 01/31/02 4 38,575.19 0.02 02/01/02 - 02/28/02 16 207,882.77 0.08 03/01/02 - 03/31/02 16 238,172.35 0.10 04/01/02 - 04/30/02 10 183,847.78 0.07 05/01/02 - 05/31/02 15 245,897.56 0.10 06/01/02 - 06/30/02 21 384,685.27 0.15 07/01/02 - 07/31/02 130 2,120,996.87 0.85 08/01/02 - 08/31/02 468 8,014,492.66 3.21 09/01/02 - 09/30/02 448 7,517,723.54 3.01 10/01/02 - 10/31/02 448 7,679,067.06 3.07 11/01/02 - 11/30/02 401 7,320,286.17 2.93 12/01/02 - 12/31/02 226 4,514,275.23 1.81 01/01/03 - 01/31/03 770 14,984,810.01 5.99 02/01/03 - 02/28/03 2,245 44,547,540.51 17.82 03/01/03 - 03/31/03 2,772 53,949,607.29 21.58 04/01/03 - 04/30/03 2,515 48,950,957.57 19.58 05/01/03 - 05/31/03 2,036 40,814,629.24 16.33 ----------------------------------------------------------------------------------------------- TOTAL 14,350 $250,000,000.47 100.00% =============================================================================================== % OF AGGREGATE PRINCIPAL BALANCE PRINCIPAL BALANCE NUMBER OF OUTSTANDING AS OF OUTSTANDING AS OF CURRENT BALANCE ($) AUTOMOBILE LOANS THE CUT-OFF DATE THE CUT-OFF DATE ----------------------------------------------------------------------------------------------- 1,385 - 2,500 241 $497,401.02 0.20% 2,501 - 5,000 1,049 3,910,932.57 1.56 5,001 - 7,500 677 4,210,566.23 1.68 7,501 - 10,000 811 7,146,200.42 2.86 10,001 - 12,500 1,164 13,141,755.29 5.26 12,501 - 15,000 1,562 21,513,857.80 8.61 15,001 - 17,500 1,760 28,667,755.70 11.47 17,501 - 20,000 1,827 34,265,886.54 13.71 20,001 - 22,500 1,539 32,628,093.14 13.05 22,501 - 25,000 1,279 30,310,675.57 12.12 25,001 - 27,500 847 22,178,765.22 8.87 27,501 - 30,000 587 16,819,162.82 6.73 30,001 - 35,000 656 21,080,754.61 8.43 > 35,000 351 13,628,193.54 5.45 ----------------------------------------------------------------------------------------------- TOTAL 14,350 $250,000,000.47 100.00% ===============================================================================================
[RBS GREENWICH CAPITAL LOGO] 17 The information contained herein has been prepared solely for the use of Greenwich Capital Markets, Inc. and has not been independently verified by Greenwich Capital Markets, Inc. Accordingly, Greenwich Capital Markets, Inc. makes no express or implied representations or warranties of any kind and expressly disclaims all liability for any use or misuse of the contents hereof. Greenwich Capital Markets, Inc. assumes no responsibility for the accuracy of any material contained herein. The information contained herein will be superseded by the description of the receivables contained in the final prospectus supplement. Such information supersedes the information in all prior collateral term sheets, if any.
% OF AGGREGATE PRINCIPAL BALANCE PRINCIPAL BALANCE NUMBER OF OUTSTANDING AS OF OUTSTANDING AS OF APR RATE (%) AUTOMOBILE LOANS THE CUT-OFF DATE THE CUT-OFF DATE ---------------------------------------------------------------------------------------------- 3.990 - 4.000 1 $24,001.60 0.01% 4.001 - 5.000 91 1,765,326.07 0.71 5.001 - 6.000 507 10,652,480.86 4.26 6.001 - 7.000 735 16,282,385.91 6.51 7.001 - 8.000 988 21,386,557.73 8.55 8.001 - 9.000 1,245 26,457,203.53 10.58 9.001 - 10.000 1,555 32,774,797.08 13.11 10.001 - 11.000 1,264 25,750,258.12 10.30 11.001 - 12.000 1,215 23,499,854.66 9.40 12.001 - 13.000 1,154 21,573,343.65 8.63 13.001 - 14.000 1,037 17,610,252.63 7.04 14.001 - 15.000 1,054 16,209,709.88 6.48 15.001 - 16.000 758 10,854,042.91 4.34 16.001 - 17.000 798 9,818,429.48 3.93 17.001 - 18.000 654 6,808,958.87 2.72 18.001 - 19.000 395 3,533,414.33 1.41 19.001 - 20.000 347 2,333,951.77 0.93 20.001 - 21.000 390 2,018,476.11 0.81 21.001 - 22.000 25 174,021.86 0.07 22.001 - 23.000 134 465,060.29 0.19 23.001 - 24.000 2 5,509.60 0.00 24.001 - 24.500 1 1,963.53 0.00 ---------------------------------------------------------------------------------------------- TOTAL 14,350 $250,000,000.47 100.00% ==============================================================================================
[RBS GREENWICH CAPITAL LOGO] 18 The information contained herein has been prepared solely for the use of Greenwich Capital Markets, Inc. and has not been independently verified by Greenwich Capital Markets, Inc. Accordingly, Greenwich Capital Markets, Inc. makes no express or implied representations or warranties of any kind and expressly disclaims all liability for any use or misuse of the contents hereof. Greenwich Capital Markets, Inc. assumes no responsibility for the accuracy of any material contained herein. The information contained herein will be superseded by the description of the receivables contained in the final prospectus supplement. Such information supersedes the information in all prior collateral term sheets, if any.
% OF AGGREGATE PRINCIPAL BALANCE PRINCIPAL BALANCE NUMBER OF OUTSTANDING AS OF OUTSTANDING AS OF ADJUSTED APR RATE (%) AUTOMOBILE LOANS THE CUT-OFF DATE THE CUT-OFF DATE ---------------------------------------------------------------------------------------------- 3.990 - 4.000 1 $24,001.60 0.01% 4.001 - 5.000 91 1,765,326.07 0.71 5.001 - 6.000 507 10,652,480.86 4.26 6.001 - 7.000 735 16,282,385.91 6.51 7.001 - 8.000 988 21,386,557.73 8.55 8.001 - 9.000 1,245 26,457,203.53 10.58 9.001 - 10.000 1,555 32,774,797.08 13.11 10.001 - 11.000 1,264 25,750,258.12 10.30 11.001 - 12.000 1,215 23,499,854.66 9.40 12.001 - 13.000 1,154 21,573,343.65 8.63 13.001 - 14.000 1,037 17,610,252.63 7.04 14.001 - 15.000 1,054 16,209,709.88 6.48 15.001 - 16.000 758 10,854,042.91 4.34 16.001 - 17.000 798 9,818,429.48 3.93 17.001 - 18.000 654 6,808,958.87 2.72 18.001 - 19.000 395 3,533,414.33 1.41 19.001 - 20.000 347 2,333,951.77 0.93 20.001 - 21.000 390 2,018,476.11 0.81 21.001 - 22.000 25 174,021.86 0.07 22.001 - 23.000 135 466,886.92 0.19 23.001 - 24.000 1 3,682.97 0.00 24.001 - 24.500 1 1,963.53 0.00 ---------------------------------------------------------------------------------------------- TOTAL 14,350 $250,000,000.47 100.00% ============================================================================================== % OF AGGREGATE PRINCIPAL BALANCE PRINCIPAL BALANCE NUMBER OF OUTSTANDING AS OF OUTSTANDING AS OF REMAINING TERM (MONTHS) AUTOMOBILE LOANS THE CUT-OFF DATE THE CUT-OFF DATE ---------------------------------------------------------------------------------------------- 2 - 6 79 $178,201.49 0.07% 7 - 12 888 3,100,122.10 1.24 13 - 18 675 3,443,460.64 1.38 19 - 24 97 769,576.22 0.31 25 - 30 106 1,047,590.22 0.42 31 - 36 124 1,091,334.76 0.44 37 - 42 95 873,393.14 0.35 43 - 48 402 4,404,734.58 1.76 49 - 54 755 10,072,932.35 4.03 55 - 60 3,242 49,398,705.66 19.76 61 - 66 1,543 30,139,149.02 12.06 67 - 72 6,344 145,480,800.29 58.19 ---------------------------------------------------------------------------------------------- TOTAL 14,350 $250,000,000.47 100.00% ==============================================================================================
[RBS GREENWICH CAPITAL LOGO] 19 The information contained herein has been prepared solely for the use of Greenwich Capital Markets, Inc. and has not been independently verified by Greenwich Capital Markets, Inc. Accordingly, Greenwich Capital Markets, Inc. makes no express or implied representations or warranties of any kind and expressly disclaims all liability for any use or misuse of the contents hereof. Greenwich Capital Markets, Inc. assumes no responsibility for the accuracy of any material contained herein. The information contained herein will be superseded by the description of the receivables contained in the final prospectus supplement. Such information supersedes the information in all prior collateral term sheets, if any.
% OF AGGREGATE PRINCIPAL BALANCE PRINCIPAL BALANCE NUMBER OF OUTSTANDING AS OF OUTSTANDING AS OF LOAN AGE (MONTHS) AUTOMOBILE LOANS THE CUT-OFF DATE THE CUT-OFF DATE ---------------------------------------------------------------------------------------------- 0 2,793 $55,842,467.47 22.34% 1 2,546 49,618,835.00 19.85 2 2,777 54,226,831.46 21.69 3 1,924 37,733,493.63 15.09 4-6 1,036 19,734,731.53 7.89 7+ 3,274 32,843,641.38 13.14 ---------------------------------------------------------------------------------------------- TOTAL 14,350 $250,000,000.47 100.00% ============================================================================================== % OF AGGREGATE PRINCIPAL BALANCE PRINCIPAL BALANCE NUMBER OF OUTSTANDING AS OF OUTSTANDING AS OF DEALER STATE MORTGAGE LOANS THE CUT-OFF DATE THE CUT-OFF DATE -------------------------------------------------- ---------------------- ---------------------- California 4,063 $68,569,921.41 27.43% Arizona 862 17,707,721.22 7.08 Florida 873 16,323,826.10 6.53 Georgia 660 13,444,105.54 5.38 Nevada 643 12,912,182.38 5.16 Pennsylvania 721 11,115,393.50 4.45 Oklahoma 587 11,104,709.40 4.44 New York 914 10,279,828.38 4.11 North Carolina 536 10,157,001.20 4.06 Washington 460 9,857,015.52 3.94 Missouri 465 8,654,902.82 3.46 New Jersey 570 8,376,220.26 3.35 South Carolina 388 7,227,662.96 2.89 Colorado 355 6,849,408.84 2.74 Oregon 330 6,414,879.61 2.57 Massachusetts 377 6,100,983.97 2.44 Maryland 242 4,398,930.08 1.76 Kansas 219 4,088,753.31 1.64 Michigan 240 3,850,854.66 1.54 Indiana 164 3,065,623.27 1.23 All Others ( 10 ) 681 9,500,076.04 3.80 -------------------------------------------------- ---------------------- ---------------------- TOTAL 14,350 $250,000,000.47 100.00% ================================================== ====================== ======================
[RBS GREENWICH CAPITAL LOGO] 20 The information contained herein has been prepared solely for the use of Greenwich Capital Markets, Inc. and has not been independently verified by Greenwich Capital Markets, Inc. Accordingly, Greenwich Capital Markets, Inc. makes no express or implied representations or warranties of any kind and expressly disclaims all liability for any use or misuse of the contents hereof. Greenwich Capital Markets, Inc. assumes no responsibility for the accuracy of any material contained herein. The information contained herein will be superseded by the description of the receivables contained in the final prospectus supplement. Such information supersedes the information in all prior collateral term sheets, if any.
% OF AGGREGATE PRINCIPAL BALANCE PRINCIPAL BALANCE NUMBER OF OUTSTANDING AS OF OUTSTANDING AS OF COLLATERAL YEAR AUTOMOBILE LOANS THE CUT-OFF DATE THE CUT-OFF DATE -------------------------------------------------- ---------------------- ---------------------- 1992 1 $9,476.66 0.00% 1993 56 195,178.60 0.08 1994 117 408,452.85 0.16 1995 339 1,407,135.20 0.56 1996 565 2,851,567.42 1.14 1997 630 4,713,166.73 1.89 1998 810 8,545,648.35 3.42 1999 1,672 23,623,991.52 9.45 2000 2,368 40,176,636.76 16.07 2001 1,704 30,977,742.77 12.39 2002 2,223 44,370,975.70 17.75 2003 3,825 91,568,522.90 36.63 2004 40 1,151,505.01 0.46 -------------------------------------------------- ---------------------- ---------------------- TOTAL 14,350 $250,000,000.47 100.00% ================================================== ====================== ======================
[RBS GREENWICH CAPITAL LOGO] 21 The information contained herein has been prepared solely for the use of Greenwich Capital Markets, Inc. and has not been independently verified by Greenwich Capital Markets, Inc. Accordingly, Greenwich Capital Markets, Inc. makes no express or implied representations or warranties of any kind and expressly disclaims all liability for any use or misuse of the contents hereof. Greenwich Capital Markets, Inc. assumes no responsibility for the accuracy of any material contained herein. The information contained herein will be superseded by the description of the receivables contained in the final prospectus supplement. Such information supersedes the information in all prior collateral term sheets, if any.
% OF AGGREGATE PRINCIPAL BALANCE PRINCIPAL BALANCE NUMBER OF OUTSTANDING AS OF OUTSTANDING AS OF MANUFACTURER AUTOMOBILE LOANS THE CUT-OFF DATE THE CUT-OFF DATE ---------------------------------------------------------------------------------------------- Acura 65 $947,536.00 0.38% AM General 4 205,286.72 0.08 Audi 21 400,162.53 0.16 BMW 67 1,474,963.55 0.59 Buick 98 1,256,916.55 0.50 Cadillac 92 1,940,289.46 0.78 Chevrolet 1,953 36,350,724.39 14.54 Chrysler 548 10,004,334.86 4.00 Dodge 1,582 29,645,428.50 11.86 Eagle 2 4,301.10 0.00 Ford 3,314 62,439,853.46 24.98 Geo 20 59,472.34 0.02 GMC 328 6,729,107.93 2.69 Honda 607 8,642,458.46 3.46 Hyundai 495 7,729,448.16 3.09 Infiniti 71 1,184,621.54 0.47 Isuzu 100 1,709,977.23 0.68 Jaguar 14 368,792.46 0.15 Jeep 538 9,634,072.61 3.85 Kia 114 1,499,824.23 0.60 Land Rover 15 346,195.98 0.14 Lexus 69 1,407,436.86 0.56 Lincoln 111 2,420,642.77 0.97 Mazda 277 3,980,988.25 1.59 Mercedes 91 2,086,007.91 0.83 Mercury 202 2,819,096.99 1.13 Mitsubishi 475 7,650,174.14 3.06 Nissan 865 13,347,780.51 5.34 Oldsmobile 151 1,880,628.49 0.75 Plymouth 89 665,175.38 0.27 Pontiac 382 5,156,647.24 2.06 Porsche 2 58,152.63 0.02 Saab 6 116,317.26 0.05 Saturn 167 2,125,415.89 0.85 Subaru 38 711,849.80 0.28 Suzuki 63 891,643.27 0.36 Toyota 1,151 19,607,879.66 7.84 Volkswagen 139 1,972,315.70 0.79 Volvo 24 528,079.66 0.21 ---------------------------------------------------------------------------------------------- TOTAL 14,350 $250,000,000.47 100.00% ==============================================================================================
[RBS GREENWICH CAPITAL LOGO] 22 LBAC 2003-B Prepayment (ABS) 1.50 Call % 10.00% To Call Y
85,280,745 84,200,000 1,080,745 45,587,332 44,000,000 1,587,332 Class A2 Class A3 Class A2 Total Class A2 Class A2 Class A3 Total Class A3 Class A3 End Bal Cashflow Prin Int End Bal Cashflow Prin Int 0 84,200,000 44,000,000 1 84,200,000 54,917 0 54,917 44,000,000 40,822 0 40,822 2 84,200,000 82,376 0 82,376 44,000,000 61,233 0 61,233 3 84,200,000 82,376 0 82,376 44,000,000 61,233 0 61,233 4 84,200,000 82,376 0 82,376 44,000,000 61,233 0 61,233 5 84,200,000 82,376 0 82,376 44,000,000 61,233 0 61,233 6 82,936,341 1,346,034 1,263,659 82,376 44,000,000 61,233 0 61,233 7 76,552,727 6,464,754 6,383,614 81,139 44,000,000 61,233 0 61,233 8 70,279,806 6,347,815 6,272,921 74,894 44,000,000 61,233 0 61,233 9 64,119,665 6,228,898 6,160,141 68,757 44,000,000 61,233 0 61,233 10 58,074,426 6,107,969 6,045,239 62,730 44,000,000 61,233 0 61,233 11 52,146,247 5,984,995 5,928,179 56,816 44,000,000 61,233 0 61,233 12 46,337,322 5,859,942 5,808,925 51,016 44,000,000 61,233 0 61,233 13 40,649,881 5,732,774 5,687,441 45,333 44,000,000 61,233 0 61,233 14 35,086,193 5,603,457 5,563,688 39,769 44,000,000 61,233 0 61,233 15 29,648,563 5,471,956 5,437,630 34,326 44,000,000 61,233 0 61,233 16 24,450,403 5,227,166 5,198,160 29,006 44,000,000 61,233 0 61,233 17 19,323,645 5,150,679 5,126,758 23,921 44,000,000 61,233 0 61,233 18 14,269,378 5,073,172 5,054,267 18,905 44,000,000 61,233 0 61,233 19 9,288,706 4,994,632 4,980,672 13,960 44,000,000 61,233 0 61,233 20 4,382,746 4,915,048 4,905,960 9,087 44,000,000 61,233 0 61,233 21 0 4,387,034 4,382,746 4,288 43,552,630 508,604 447,370 61,233 22 0 0 0 0 38,799,503 4,813,737 4,753,126 60,611 23 0 0 0 0 34,124,528 4,728,971 4,674,975 53,996 24 0 0 0 0 29,528,880 4,643,138 4,595,648 47,490 25 0 0 0 0 25,013,750 4,556,224 4,515,130 41,094 26 0 0 0 0 20,580,344 4,468,216 4,433,406 34,811 27 0 0 0 0 16,229,885 4,379,100 4,350,460 28,641 28 0 0 0 0 11,963,609 4,288,863 4,266,276 22,587 29 0 0 0 0 7,782,769 4,197,489 4,180,839 16,649 30 0 0 0 0 3,688,636 4,104,965 4,094,134 10,831 31 0 0 0 0 0 3,693,769 3,688,636 5,133 32 0 0 0 0 0 0 0 0 33 0 0 0 0 0 0 0 0 34 0 0 0 0 0 0 0 0 35 0 0 0 0 0 0 0 0 36 0 0 0 0 0 0 0 0 37 0 0 0 0 0 0 0 0 38 0 0 0 0 0 0 0 0 39 0 0 0 0 0 0 0 0 40 0 0 0 0 0 0 0 0 41 0 0 0 0 0 0 0 0 42 0 0 0 0 0 0 0 0 43 0 0 0 0 0 0 0 0 44 0 0 0 0 0 0 0 0 45 0 0 0 0 0 0 0 0 46 0 0 0 0 0 0 0 0 47 0 0 0 0 0 0 0 0 48 0 0 0 0 0 0 0 0 49 0 0 0 0 0 0 0 0 50 0 0 0 0 0 0 0 0 79,370,401 73,800,000 5,570,401 Class A4 Class A4 Total Class A4 Class A4 End Bal Cashflow Prin Int 0 73,800,000 1 73,800,000 90,200 0 90,200 2 73,800,000 135,300 0 135,300 3 73,800,000 135,300 0 135,300 4 73,800,000 135,300 0 135,300 5 73,800,000 135,300 0 135,300 6 73,800,000 135,300 0 135,300 7 73,800,000 135,300 0 135,300 8 73,800,000 135,300 0 135,300 9 73,800,000 135,300 0 135,300 10 73,800,000 135,300 0 135,300 11 73,800,000 135,300 0 135,300 12 73,800,000 135,300 0 135,300 13 73,800,000 135,300 0 135,300 14 73,800,000 135,300 0 135,300 15 73,800,000 135,300 0 135,300 16 73,800,000 135,300 0 135,300 17 73,800,000 135,300 0 135,300 18 73,800,000 135,300 0 135,300 19 73,800,000 135,300 0 135,300 20 73,800,000 135,300 0 135,300 21 73,800,000 135,300 0 135,300 22 73,800,000 135,300 0 135,300 23 73,800,000 135,300 0 135,300 24 73,800,000 135,300 0 135,300 25 73,800,000 135,300 0 135,300 26 73,800,000 135,300 0 135,300 27 73,800,000 135,300 0 135,300 28 73,800,000 135,300 0 135,300 29 73,800,000 135,300 0 135,300 30 73,800,000 135,300 0 135,300 31 73,482,493 452,807 317,507 135,300 32 69,565,643 4,051,568 3,916,850 134,718 33 65,739,404 3,953,776 3,826,239 127,537 34 62,005,111 3,854,815 3,734,293 120,522 35 58,364,116 3,754,671 3,640,995 113,676 36 54,817,787 3,653,329 3,546,328 107,001 37 51,355,583 3,562,704 3,462,204 100,499 38 47,881,161 3,568,574 3,474,422 94,152 39 44,509,204 3,459,739 3,371,957 87,782 40 41,241,205 3,349,599 3,267,999 81,600 41 38,078,674 3,238,140 3,162,531 75,609 42 35,023,142 3,125,344 3,055,533 69,811 43 32,076,156 3,011,194 2,946,985 64,209 44 29,239,287 2,895,676 2,836,869 58,806 45 26,514,122 2,778,770 2,725,165 53,605 46 23,902,270 2,660,461 2,611,852 48,609 47 21,405,359 2,540,732 2,496,911 43,821 48 0 21,444,602 21,405,359 39,243 49 0 0 0 0 50 0 0 0 0
LBAC 2003-B Prepayment (ABS) 1.70 Call % 10.00% To Call Y
CLASS A-2 CASHFLOWS CLASS A-3 CASHFLOWS 85,198,033 84,200,000 998,033 45,472,679 44,000,000 1,472,679 Class A2 Class A3 Class A2 Total Class A2 Class A2 Class A3 Total Class A3 Class A3 End Bal Cashflow Prin Int End Bal Cashflow Prin Int 0 84,200,000 44,000,000 1 84,200,000 54,917 0 54,917 44,000,000 40,822 0 40,822 2 84,200,000 82,376 0 82,376 44,000,000 61,233 0 61,233 3 84,200,000 82,376 0 82,376 44,000,000 61,233 0 61,233 4 84,200,000 82,376 0 82,376 44,000,000 61,233 0 61,233 5 84,200,000 82,376 0 82,376 44,000,000 61,233 0 61,233 6 79,142,717 5,139,659 5,057,283 82,376 44,000,000 61,233 0 61,233 7 72,290,790 6,929,354 6,851,927 77,428 44,000,000 61,233 0 61,233 8 65,598,919 6,762,596 6,691,871 70,724 44,000,000 61,233 0 61,233 9 59,070,174 6,592,923 6,528,746 64,178 44,000,000 61,233 0 61,233 10 52,707,676 6,420,288 6,362,497 57,790 44,000,000 61,233 0 61,233 11 46,514,604 6,244,638 6,193,072 51,566 44,000,000 61,233 0 61,233 12 40,520,093 6,040,018 5,994,511 45,507 44,000,000 61,233 0 61,233 13 34,765,689 5,794,046 5,754,404 39,642 44,000,000 61,233 0 61,233 14 29,092,601 5,707,100 5,673,088 34,012 44,000,000 61,233 0 61,233 15 23,502,056 5,619,008 5,590,546 28,462 44,000,000 61,233 0 61,233 16 17,995,295 5,529,753 5,506,761 22,993 44,000,000 61,233 0 61,233 17 12,573,578 5,439,323 5,421,717 17,605 44,000,000 61,233 0 61,233 18 7,238,178 5,347,701 5,335,400 12,301 44,000,000 61,233 0 61,233 19 1,990,387 5,254,872 5,247,791 7,081 44,000,000 61,233 0 61,233 20 0 1,992,334 1,990,387 1,947 40,831,512 3,229,721 3,168,488 61,233 21 0 0 0 0 35,762,877 5,125,459 5,068,635 56,824 22 0 0 0 0 30,785,822 5,026,824 4,977,054 49,770 23 0 0 0 0 25,901,707 4,926,959 4,884,115 42,844 24 0 0 0 0 21,111,906 4,825,848 4,789,801 36,047 25 0 0 0 0 16,417,812 4,723,475 4,694,094 29,381 26 0 0 0 0 11,820,835 4,619,825 4,596,977 22,848 27 0 0 0 0 7,322,404 4,514,881 4,498,431 16,451 28 0 0 0 0 2,923,966 4,408,628 4,398,438 10,190 29 0 0 0 0 0 2,928,036 2,923,966 4,069 30 0 0 0 0 0 0 0 0 31 0 0 0 0 0 0 0 0 32 0 0 0 0 0 0 0 0 33 0 0 0 0 0 0 0 0 34 0 0 0 0 0 0 0 0 35 0 0 0 0 0 0 0 0 36 0 0 0 0 0 0 0 0 37 0 0 0 0 0 0 0 0 38 0 0 0 0 0 0 0 0 39 0 0 0 0 0 0 0 0 40 0 0 0 0 0 0 0 0 41 0 0 0 0 0 0 0 0 42 0 0 0 0 0 0 0 0 43 0 0 0 0 0 0 0 0 44 0 0 0 0 0 0 0 0 45 0 0 0 0 0 0 0 0 46 0 0 0 0 0 0 0 0 47 0 0 0 0 0 0 0 0 48 0 0 0 0 0 0 0 0 49 0 0 0 0 0 0 0 0 50 0 0 0 0 0 0 0 0 CLASS A-4 CASHFLOWS 2,756,888,543 78,944,496 73,800,000 5,144,496 Class A4 Class A4 Total Class A4 Class A4 End Bal Cashflow Prin Int 0 73,800,000 1 73,800,000 90,200 0 90,200 2 73,800,000 135,300 0 135,300 3 73,800,000 135,300 0 135,300 4 73,800,000 135,300 0 135,300 5 73,800,000 135,300 0 135,300 6 73,800,000 135,300 0 135,300 7 73,800,000 135,300 0 135,300 8 73,800,000 135,300 0 135,300 9 73,800,000 135,300 0 135,300 10 73,800,000 135,300 0 135,300 11 73,800,000 135,300 0 135,300 12 73,800,000 135,300 0 135,300 13 73,800,000 135,300 0 135,300 14 73,800,000 135,300 0 135,300 15 73,800,000 135,300 0 135,300 16 73,800,000 135,300 0 135,300 17 73,800,000 135,300 0 135,300 18 73,800,000 135,300 0 135,300 19 73,800,000 135,300 0 135,300 20 73,800,000 135,300 0 135,300 21 73,800,000 135,300 0 135,300 22 73,800,000 135,300 0 135,300 23 73,800,000 135,300 0 135,300 24 73,800,000 135,300 0 135,300 25 73,800,000 135,300 0 135,300 26 73,800,000 135,300 0 135,300 27 73,800,000 135,300 0 135,300 28 73,800,000 135,300 0 135,300 29 72,426,986 1,508,314 1,373,014 135,300 30 68,232,946 4,326,823 4,194,040 132,783 31 64,143,349 4,214,690 4,089,597 125,094 32 60,159,717 4,101,229 3,983,632 117,596 33 56,283,589 3,986,420 3,876,128 110,293 34 52,516,526 3,870,250 3,767,063 103,187 35 48,757,236 3,855,571 3,759,291 96,280 36 45,084,515 3,762,109 3,672,720 89,388 37 41,529,788 3,637,382 3,554,727 82,655 38 38,094,753 3,511,173 3,435,035 76,138 39 34,781,131 3,383,462 3,313,622 69,840 40 31,590,664 3,254,232 3,190,466 63,765 41 28,525,117 3,123,463 3,065,547 57,916 42 25,586,277 2,991,137 2,938,841 52,296 43 22,775,951 2,857,234 2,810,326 46,908 44 0 22,817,707 22,775,951 41,756 45 0 0 0 0 46 0 0 0 0 47 0 0 0 0 48 0 0 0 0 49 0 0 0 0 50 0 0 0 0