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IMC HOME EQUITY LOAN OWNER TRUST 1997-6
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PAINEWEBBER INCORPORATED
PRELIMINARY BACKGROUND INFORMATION
IMC HOME EQUITY LOAN OWNER TRUST 1997-6
DISCLAIMER
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The information included herein is produced and provided exclusively by
PaineWebber Incorporated ("PW") as underwriter for the IMC Home Equity Loan
Owner Trust 1997-6, and not by or as agent for IMC Mortgage Company, L.P.
(collectively, the "Seller and Servicer"), IMC Securities, Inc. (the
"Depositor") or any of their affiliates. None of the Depositor, the Seller or
the Servicer has prepared, reviewed or participated in the preparation hereof
and is not responsible for the accuracy hereof. The analysis in this report is
accurate to the best of PW's knowledge and is based on information provided by
the Depositor, Seller and Servicer. PW makes no representations as to the
accuracy of such information provided by the Depositor, Seller and Servicer.
The information herein is preliminary, and will be superseded by the applicable
prospectus supplement and prospectus and by any other information subsequently
filed with the Securities and Exchange Commission.
All opinions and conclusions in this report reflect PW's judgment as of this
date and are subject to change. All analyses are based on certain assumptions
noted herein and different assumptions could yield substantially different
results. You are cautioned that there is no universally accepted method for
analyzing financial instruments. You should review the assumptions; there may be
differences between these assumptions and your actual business practices.
Further, PW does not guarantee any results and there is no guarantee as to the
liquidity of the instruments involved in this analysis. The decision to adopt
any strategy remains your responsibility. PW (or any of its affiliates) or their
officers, directors, analysts or employees may have positions in securities,
commodities or derivative instruments thereon referred to herein, and may, as
principal or agent, buy or sell such securities, commodities or derivative
instruments. In addition, PW may make a market in the securities referred to
herein. Neither the information nor the opinions expressed shall be construed to
be, or constitute, an offer to sell or buy or a solicitation of an offer to sell
or buy any securities, commodities or derivative instruments mentioned herein.
Finally, PW has not addressed the legal, accounting and tax implications of the
analysis with respect to you and PW strongly urges you to seek advice from your
counsel, accountant and tax advisor.
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PRICING INFORMATION
SPREAD AVERAGE RATINGS
CLASS SIZE (000'S) TO LIBOR LIFE TO CALL XXXXX'X/S&P
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A Notes $700,000 [%] 2.99 Aaa/AAA
PRICING SPEED: 25% CPR
PAYMENT DATE: The 20th day of each month (or the next Business
Day thereafter) commencing on November 20, 1997.
INTEREST ACCRUAL PERIOD: Interest will accrue from the last Payment Date
(or from the Closing Date in the case of the
first Payment Date) to the day before the
related Payment Date based on an Actual/360 day
year.
PAYMENT DELAY: 0 Days
SETTLEMENT (CLOSING) DATE: On or about October 23, 1997
CUT-OFF DATE: October 1, 1997 (close of business)
STATED FINAL PAYMENT DATE: January 20, 2028, although it is anticipated
that the Actual Final Payment Date for the Notes
will occur significantly earlier than the Stated
Final Payment Date.
OPTIONAL REDEMPTION: The holders of Residual Interests exceeding in
the aggregate a 50% interest may, at their
option effect an early redemption of the Notes
and terminate the Trust on any Payment Date
after the Redemption Date by purchasing all of
the Home Equity Loans at a price equal to or
greater than the Redemption Price.
REDEMPTION DATE: The Redemption Date is the first Monthly
Remittance Date on which the aggregate Loan
Balance of the Home Equity Loans has declined
to less than 10% of the aggregate Loan Balance
as of the Cut-Off Date.
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BOND SENSITIVITY TO PREPAYMENTS
NOTE A (TO MATURITY)
CONSTANT PREPAYMENT RATE 15% 20% 25% 30% 35% 40%
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Average Life (years) 5.54 4.14 3.26 2.65 2.21 1.88
Months to Maturity 316 262 212 174 146 124
NOTE A (TO CALL)
CONSTANT PREPAYMENT RATE 15% 20% 25% 30% 35% 40%
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Average Life (years) 5.14 3.81 2.99 2.43 2.03 1.72
Months to Maturity 162 121 95 77 64 54
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DESCRIPTION OF SECURITIES
TITLE OF SECURITIES: IMC Home Equity Loan Owner Trust 1997-6
NOTES: $700 million (single class)
CERTIFICATES: Residual Interest (not offered hereby)
LEAD UNDERWRITER: PaineWebber Incorporated
CO-UNDERWRITERS: Bear, Xxxxxxx and Co. Inc.
Nomura Securities International, Inc.
SELLER AND SERVICER: IMC Mortgage Company, L.P.
Headquartered in Tampa, FL
DEPOSITOR: IMC Securities, Inc.
OWNER TRUSTEE: Wilmington Trust Company
INDENTURE TRUSTEE: The Chase Manhattan Bank
PRE-FUNDING ACCOUNT On the Closing Date, $131,360,377 will be
deposited in an account (the "Pre-Funding
Account") and will be used to acquire Subsequent
Loans. The "Pre-Funding Period" is the period
commencing on the Closing Date and ending
generally on the earlier to occur of (i) the
date on which the amount on deposit in the
Pre-Funding Account is less than $100,000 and
(ii) January 23, 1998.
HOME EQUITY LOANS: - First lien, adjustable rate mortgage loans.
- 1-4 Family residential properties.
- Substantial percentage of the loans do not
conform to FNMA or FHLMC underwriting
standards or to those standards typically
applied by banks or other lending
institutions, particularly with regard to a
borrower's credit history.
- Approximately 71% of the Home Equity Loans
bear prepayment penalties.
FORM OF OFFERING: Book-Entry form, same-day funds through DTC,
Euroclear, and CEDEL.
DENOMINATIONS: Minimum denominations of $25,000 and multiples
of $1,000 thereafter.
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DESCRIPTION OF SECURITIES (CONTINUED)
NOTE RATE: On each Payment Date, the "Note Rate"
will be equal to the lesser of (x) with
respect to any Payment Date which occurs on
or prior to the Redemption Date, One-Month
LIBOR plus __% per annum and for any Payment
Date thereafter, One-Month LIBOR plus __%
per annum, and (y) the Available Funds Cap.
AVAILABLE FUNDS CAP: The "Available Funds Cap" is the weighted
average of the Coupon Rates on the Home Equity
Loans, less 1.12% per annum.
AVAILABLE FUNDS CAP
CARRY FORWARD AMOUNT: If, on any Payment Date, the Available Funds Cap
limits the Note Rate (i.e., the rate set by the
Available Funds Cap is less than the Formula
Note Rate which is defined in clause (x) of the
definition of Note Rate above), the amount of
any such shortfall will be carried forward and
be due and payable on future Payment Dates and
shall accrue interest at the applicable Formula
Note Rate, until paid (such shortfall, together
with such accrued interest, the "Available Funds
Cap Carry Forward Amount").
The Insurance Policy for the Notes does not
cover the Available Funds Cap Carry Forward
Amount; the payment of such amount may be
funded only from (i) any excess interest
resulting from the Available Funds Cap being
in excess of the Formula Note Rate on Future
Payment Dates, and (ii) any Net Monthly
Excess Cashflow which would otherwise be
paid to the Servicer or the Indenture
Trustee on account of certain reimburseable
amounts, or to the Owners of the Residual
Interests.
SERVICING/OTHER FEES: The collateral is subject to certain fees,
including a servicing fee of 0.50% per annum
payable monthly, Note Insurer fees, and trustee
fees.
ADVANCING BY SERVICER: The Servicer is required to advance from its
own funds any delinquent payment of interest
(not principal) unless such interest is deemed
to be non-recoverable (the "Delinquency
Advances").
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DESCRIPTION OF SECURITIES (CONTINUED)
CREDIT ENHANCEMENT: Credit enhancement with respect to the Notes
will be provided by (a) the
overcollateralization mechanics which
utilize the excess interest created by the
internal cashflows of the pool, and (b) the
Financial Security Assurance, Inc.("FSA")
Insurance Policy.
Overcollateralization: Subject to certain
floors, caps and triggers, the required
level of overcollateralization may increase
or decrease over time.
FSA Insurance Policy: FSA (the "Note
Insurer") will unconditionally and
irrevocably guarantee the timely payment of
interest and ultimate payment of principal
on the Notes (i.e. after any losses reduce
the overcollateralization to zero, FSA will
cover the excess, if any, of the Note
principal balance over the aggregate
collateral balance). The Insurance Policy
does not guarantee the payment of Available
Funds Cap Carry-Forward Amounts. The
Insured Payments do not cover Realized
Losses except to the extent that an
Overcollateralization Deficit exists.
Insured Payments do not cover the Servicer's
failure to make Delinquency Advances except
to the extent that an Overcollateralization
Deficit would otherwise result therefrom.
The Insurance Policy is not cancelable for
any reason.
FEDERAL TAX ASPECTS: The trust will be an Owner Trust. No election
will be made to treat the Trust Estate or any
portion thereof as a REMIC for federal income
tax purposes.
ERISA CONSIDERATIONS: The Notes may be purchased by employee benefit
plans that are subject to ERISA.
SMMEA ELIGIBILITY: The Notes will NOT constitute "mortgage-related
securities" for purposes of SMMEA.
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DESCRIPTION OF INITIAL HOME EQUITY LOANS AS OF THE CUT-OFF DATE
POOL LEVEL DETAIL:
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NUMBER OF LOANS: 5,659
CURRENT BALANCE: $568,639,623
AVERAGE BALANCE: $100,484
MINIMUM BALANCE: $8,861
MAXIMUM BALANCE: $532,976
WTD AVERAGE COUPON: 10.14%
ORIGINAL TERM (MONTHS): 358
SEASONING (MONTHS): 3
COMBINED LOAN-TO-VALUE: 76.81%
WTD AVG INITIAL PERIODIC RATE CAP: 2.64%
WTD AVG SUBSEQUENT PERIODIC RATE CAP: 1.08%
WTD AVG LIFE CAP: 16.74%
WTD AVG MONTHS TO ROLL: 17
The sums and percentages in the following tables may not equal the totals shown
due to rounding.
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DESCRIPTION OF INITIAL HOME EQUITY LOANS AS OF THE CUT-OFF DATE
AGGREGATE FIELD DESCRIPTION COUNT BALANCE POOL%
STATE Alabama 1 54,213 0.01
Alaska 1 106,112 0.02
Arizona 95 8,897,423 1.56
Arkansas 3 139,195 0.02
California 622 91,825,103 16.15
Colorado 172 17,909,174 3.15
Connecticut 151 18,231,072 3.21
Delaware 29 2,758,560 0.49
District of Columbia 25 2,279,366 0.40
Florida 274 26,851,046 4.72
Georgia 68 7,220,755 1.27
Hawaii 59 10,742,006 1.89
Idaho 64 4,893,829 0.86
Illinois 413 41,971,760 7.38
Indiana 131 8,793,065 1.55
Iowa 19 1,132,639 0.20
Kansas 10 657,166 0.12
Kentucky 34 2,411,237 0.42
Louisiana 15 819,124 0.14
Maine 8 647,327 0.11
Maryland 251 27,154,120 4.78
Massachusetts 132 15,455,670 2.72
Michigan 387 27,145,905 4.77
Minnesota 98 8,434,087 1.48
Mississippi 4 167,001 0.03
Missouri 102 5,336,705 0.94
Montana 16 1,741,189 0.31
Nebraska 10 623,548 0.11
Nevada 25 2,678,482 0.47
New Hampshire 17 1,546,611 0.27
New Jersey 127 17,276,304 3.04
New Mexico 85 9,083,294 1.60
New York 405 42,272,397 7.43
North Carolina 129 11,044,791 1.94
Ohio 388 28,550,506 5.02
Oklahoma 20 1,164,632 0.20
Oregon 173 18,682,707 3.29
Pennsylvania 168 13,905,468 2.45
Puerto Rico 1 107,275 0.02
Rhode Island 46 4,089,351 0.72
South Carolina 41 3,352,319 0.59
South Dakota 3 146,147 0.03
Tennessee 36 2,980,627 0.52
Texas 246 22,006,274 3.87
Utah 137 14,132,922 2.49
Vermont 4 385,937 0.07
Virginia 45 5,386,014 0.95
Washington 207 24,243,833 4.26
West Virginia 14 963,462 0.17
Wisconsin 145 10,050,227 1.77
Wyoming 3 191,646 0.03
----- ------------ ------
5,659 $568,639,623 100.00%
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DESCRIPTION OF INITIAL HOME EQUITY LOANS AS OF THE CUT-OFF DATE (CONT.)
AGGREGATE FIELD DESCRIPTION COUNT BALANCE POOL%
COMBINED LTV 10+% to 15% 2 29,991 0.01
15+% to 20% 8 382,487 0.07
20+% to 25% 12 531,049 0.09
25+% to 30% 12 705,349 0.12
30+% to 35% 28 1,332,057 0.23
35+% to 40% 40 2,145,238 0.38
40+% to 45% 36 2,433,164 0.43
45+% to 50% 101 6,194,765 1.09
50+% to 55% 126 8,550,952 1.50
55+% to 60% 210 15,294,155 2.69
60+% to 65% 453 37,222,207 6.55
65+% to 70% 667 61,666,958 10.84
70+% to 75% 1005 104,236,157 18.33
75+% to 80% 1512 159,806,064 28.10
80+% to 85% 858 98,072,426 17.25
85+% to 90% 529 63,367,005 11.14
90+% to 95% 13 1,240,732 0.22
95+% to100% 47 5,428,867 0.95
----- ------------ ------
5,659 $568,639,623 100.00%
AGGREGATE FIELD DESCRIPTION COUNT BALANCE POOL%
COUPON 5+ - 6% 3 494,026 0.09
6+ - 7% 18 2,197,350 0.39
7+ - 8% 204 24,919,719 4.38
8+ - 9% 776 96,692,114 17.00
9+ - 10% 1639 180,581,370 31.76
10+ - 11% 1508 146,662,826 25.79
11+ - 12% 865 72,075,639 12.68
12+ - 13% 407 29,630,138 5.21
13+ - 14% 165 10,512,770 1.85
14+ - 15% 61 4,243,247 0.75
15+ - 16% 11 419,345 0.07
16+ - 17% 1 171,193 0.03
17+ - 18% 1 39,885 0.01
----- ------------ ------
5,659 $568,639,623 100.00%
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DESCRIPTION OF INITIAL HOME EQUITY LOANS AS OF THE CUT-OFF DATE (CONT.)
AGGREGATE FIELD DESCRIPTION COUNT BALANCE POOL%
CURRENT BALANCE 0K+ to 25K 143 2,945,873 0.52
25K+ to 50K 928 36,120,917 6.35
50K+ to 75K 1345 84,322,099 14.83
75K+ to 100K 1082 94,255,998 16.58
100K+ to 125K 752 83,979,402 14.77
125K+ to 150K 492 67,321,771 11.84
150K+ to 175K 298 47,914,033 8.43
175K+ to 200K 186 34,984,991 6.15
200K+ to 250K 218 48,574,000 8.54
250K+ to 300K 110 30,098,404 5.29
300K+ to 350K 59 19,203,241 3.38
350K+ to 400K 26 9,693,987 1.70
400K+ to 450K 8 3,385,192 0.60
450K+ to 500K 11 5,306,739 0.93
500K+ to 550K 1 532,976 0.09
----- ------------ ------
5,659 $568,639,623 100.00%
AGGREGATE FIELD DESCRIPTION COUNT BALANCE POOL%
PROPERTY TYPE 2-4 Family 253 24,962,236 4.39
Condo 103 9,490,077 1.67
Town House 13 1,059,135 0.19
Mfctrd Housing 13 891,584 0.16
Multi-Family 36 3,499,515 0.62
Single Family Attached 14 1,119,982 0.20
Single Family Detached 5217 526,348,061 92.56
PUD 10 1,269,033 0.22
----- ------------ ------
5,659 $568,639,623 100.00%
AGGREGATE FIELD DESCRIPTION COUNT BALANCE POOL%
MONTHS SINCE ORIGINATION 0 - 1 Mo 834 83,596,324 14.70
2 - 12 Mos 4808 483,552,452 85.04
13 - 24 Mos 15 1,380,223 0.24
25 Mos or more 2 110,623 0.02
----- ------------ ------
5,659 $568,639,623 100.00%
AGGREGATE FIELD DESCRIPTION COUNT BALANCE POOL%
REMAINING TERM Up to 120 Mos 14 1,312,308 0.23
121 - 180 Mos 44 3,459,699 0.61
181 - 240 Mos 10 1,064,568 0.19
301 - 360 Mos 5591 562,803,048 98.97
----- ------------ ------
5,659 $568,639,623 100.00%
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DESCRIPTION OF INITIAL HOME EQUITY LOANS AS OF THE CUT-OFF DATE (CONT.)
AGGREGATE FIELD DESCRIPTION COUNT BALANCE POOL%
OCCUPANCY Primary 5170 529,272,452 93.08
Investor 476 38,290,245 6.73
Secondary 13 1,076,926 0.19
----- ------------ ------
5,659 $568,639,623 100.00%
AGGREGATE FIELD DESCRIPTION COUNT BALANCE POOL%
LIEN TYPE First 5659 568,639,623 100.00
----- ------------ ------
5,659 $568,639,623 100.00%
AGGREGATE FIELD DESCRIPTION COUNT BALANCE POOL%
LIFE CAP 10+ - 11% 3 191,870 0.03
11+ - 12% 5 551,203 0.10
12+ - 13% 8 1,014,423 0.18
13+ - 14% 65 8,055,828 1.42
14+ - 15% 447 55,102,277 9.69
15+ - 16% 1172 138,234,146 24.31
16+ - 17% 1626 170,702,577 30.02
17+ - 18% 1232 110,104,020 19.36
18+ - 19% 642 52,561,430 9.24
19+ - 20% 282 19,577,795 3.44
20+ - 21% 128 8,973,292 1.58
21+ - 22% 33 2,141,397 0.38
22+ - 23% 3 283,879 0.05
24+ - 25% 3 262,002 0.05
25+ - 26% 1 74,358 0.01
27+ - 28% 1 59,976 0.01
28+ - 29% 1 124,450 0.02
Over 50% 7 624,699 0.11
----- ------------ ------
5,659 $568,639,623 100.00%
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DESCRIPTION OF INITIAL HOME EQUITY LOANS AS OF THE CUT-OFF DATE (CONT.)
AGGREGATE FIELD DESCRIPTION COUNT BALANCE POOL%
LIFE FLOOR 4+ - 5% 6 627,172 0.11
5+ - 6% 27 3,405,425 0.60
6+ - 7% 102 12,277,074 2.16
7+ - 8% 276 30,706,138 5.40
8+ - 9% 711 87,373,790 15.37
9+ - 10% 1476 161,811,288 28.46
10+ - 11% 1397 137,395,337 24.16
11+ - 12% 929 80,046,507 14.08
12+ - 13% 486 38,424,040 6.76
13+ - 14% 181 12,458,901 2.19
14+ - 15% 56 3,654,720 0.64
15+ - 16% 11 419,345 0.07
17+ - 18% 1 39,885 0.01
----- ------------ ------
5,659 $568,639,623 100.00%
AGGREGATE FIELD DESCRIPTION COUNT BALANCE POOL%
MARGIN (CMT LOANS) 3+ - 4% 1 139,982 0.02
5+ - 6% 3 848,803 0.15
6+ - 7% 7 802,126 0.14
7+ - 8% 7 570,871 0.10
8+ - 9% 5 286,722 0.05
9+ - 10% 1 81,680 0.01
----- ------------ ------
24 $2,730,183 0.48%
AGGREGATE FIELD DESCRIPTION COUNT BALANCE POOL%
MARGIN (6 MONTH LIBOR) 2+ - 3% 6 799,577 0.14
3+ - 4% 20 2,635,903 0.46
4+ - 5% 234 24,277,960 4.27
5+ - 6% 1161 129,124,953 22.71
6+ - 7% 1938 205,446,092 36.13
7+ - 8% 1248 110,401,698 19.42
8+ - 9% 540 43,728,777 7.69
9+ - 10% 158 14,484,594 2.55
10+ - 11% 63 6,543,430 1.15
11+ - 12% 145 15,674,105 2.76
12+ - 13% 95 10,339,139 1.82
13+ - 14% 24 2,237,260 0.39
14+ - 15% 3 215,953 0.04
----- ------------ ------
5,635 $565,909,439 99.52%
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DESCRIPTION OF INITIAL HOME EQUITY LOANS AS OF THE CUT-OFF DATE (CONT.)
AGGREGATE FIELD DESCRIPTION COUNT BALANCE POOL%
RATE RESET (CMT LOANS) 1997/11 2 535,358 0.09
1997/12 1 96,430 0.02
1998/01 1 303,362 0.05
1998/02 1 33,051 0.01
1998/03 1 62,264 0.01
1998/07 1 84,908 0.01
1998/08 3 134,921 0.02
1998/09 4 333,285 0.06
1998/10 1 233,500 0.04
1998/11 2 129,954 0.02
1999/07 1 84,461 0.01
1999/08 1 88,381 0.02
1999/09 1 44,988 0.01
2000/01 2 403,139 0.07
2001/10 1 72,541 0.01
2002/03 1 89,641 0.02
----- ------------ ------
24 $2,730,183 0.48%
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DESCRIPTION OF INITIAL HOME EQUITY LOANS AS OF THE CUT-OFF DATE (CONT.)
AGGREGATE FIELD DESCRIPTION COUNT BALANCE POOL%
RATE RESET (6 MONTH LIBOR) 1997/10 13 1,006,703 0.18
1997/11 145 14,046,895 2.47
1997/12 284 28,440,611 5.00
1998/01 444 46,547,377 8.19
1998/02 365 35,885,082 6.31
1998/03 197 22,474,958 3.95
1998/04 75 8,753,952 1.54
1998/05 1 168,463 0.03
1998/06 2 199,498 0.04
1998/07 1 29,964 0.01
1998/08 2 117,377 0.02
1998/09 1 43,117 0.01
1998/10 5 441,620 0.08
1998/11 3 227,896 0.04
1998/12 8 947,878 0.17
1999/01 11 1,503,320 0.26
1999/02 23 2,241,126 0.39
1999/03 41 4,561,531 0.80
1999/04 91 10,290,801 1.81
1999/05 285 27,586,721 4.85
1999/06 894 92,424,402 16.25
1999/07 1236 118,322,928 20.81
1999/08 764 74,811,722 13.16
1999/09 336 33,093,747 5.82
1999/10 35 2,654,499 0.47
1999/12 3 149,368 0.03
2000/01 3 409,222 0.07
2000/02 7 1,096,060 0.19
2000/03 3 429,967 0.08
2000/04 3 420,156 0.07
2000/05 42 4,763,802 0.84
2000/06 114 11,442,554 2.01
2000/07 126 13,242,821 2.33
2000/08 68 6,810,774 1.20
2000/09 4 322,526 0.06
----- ------------ ------
5,635 $565,909,439 99.52%
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