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GS Mortgage Securities Trust 2007-GG10 – ‘FWP’ on 6/14/07 re: GS Mortgage Securities Trust 2007-GG10

On:  Thursday, 6/14/07, at 9:28pm ET   ·   As of:  6/15/07   ·   Accession #:  950136-7-4194   ·   File #:  333-136045-02

Previous ‘FWP’:  ‘FWP’ on 6/14/07   ·   Next:  ‘FWP’ on 6/15/07   ·   Latest:  ‘FWP’ on 6/22/07

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  As Of                Filer                Filing    For·On·As Docs:Size              Issuer               Agent

 6/15/07  GS Mortgage Secs Trust 2007-GG10  FWP                    1:389K GS Mortgage Secs Trust 2007-GG10  Capital Systems 01/FA

Free Writing Prospectus   —   Rule 163/433
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Document/Exhibit                   Description                      Pages   Size 

 1: FWP         Free Writing Prospectus                             HTML    505K 

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Filed Pursuant to Rule 433 File No.: 333-136045 GG10 Structural and Collateral Term Sheet $7,004,615,000 (Approximate) GS MORTGAGE SECURITIES TRUST 2007-GG10 AS ISSUING ENTITY GS MORTGAGE SECURITIES CORPORATION II AS DEPOSITOR COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2007-GG10 Greenwich Capital Financial Products, Inc. Goldman Sachs Mortgage Company Sponsors Wachovia Bank, National Association Master Servicer CWCapital Asset Management, LLC Special Servicer June 13, 2007 IMPORTANT NOTICE REGARDING THE CONDITIONS FOR THIS OFFERING OF ASSET-BACKED SECURITIES The asset-backed securities referred to in these materials are being offered when, as and if issued. In particular, you are advised that asset-backed securities, and the asset pools backing them, are subject to modification or revision (including, among other things, the possibility that one or more classes of securities may be split, combined or eliminated), at any time prior to issuance or availability of a final prospectus. As a result, you may commit to purchase securities that have characteristics that may change, and you are advised that all or a portion of the securities may not be issued that have the characteristics described in these materials. Our obligation to sell securities to you is conditioned on the securities and the underlying transaction having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the issuer nor any of the underwriters will have any obligation to you to deliver all or any portion of the securities which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. STATEMENT REGARDING THIS FREE WRITING PROSPECTUS The depositor has filed a registration statement (including the prospectus) with the Securities and Exchange Commission ("SEC") (SEC File No. 333-136045) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Goldman, Sachs & Co., any underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-866-471-2526. IMPORTANT NOTICE RELATING TO AUTOMATICALLY GENERATED EMAIL DISCLAIMERS Any legends, disclaimers or other notices that may appear at the bottom of the email communication to which this free writing prospectus is attached relating to (1) these materials not constituting an offer (or a solicitation of an offer), (2) no representation that these materials are accurate or complete and may not be updated or (3) these materials possibly being confidential are not applicable to these materials and should be disregarded. Such legends, disclaimers or other notices have been automatically generated as a result of these materials having been sent via Bloomberg or another system. [LOGO] RBS Greenwich Capital GOLDMAN, SACHS & CO. Co-Lead Bookrunning Managers BEAR, STEARNS & CO. INC. MERRILL LYNCH & CO. MORGAN STANLEY WACHOVIA SECURITIES
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GSMSC 2007-GG10 -------------------------------------------------------------------------------- STRUCTURAL OVERVIEW -------------------------------------------------------------------------------- OFFERED CERTIFICATES APPROX. CERTIFICATE APPROX. CREDIT CLASS S&P MOODY'S FITCH BALANCE SUPPORT(1) -------------------------------------------------------------------------- A-1(3) AAA Aaa AAA $75,000,000 30.000% -------------------------------------------------------------------------- A-2(3) AAA Aaa AAA $733,000,000 30.000% -------------------------------------------------------------------------- A-3(3) AAA Aaa AAA $246,609,000 30.000% -------------------------------------------------------------------------- A-AB(3) AAA Aaa AAA $72,000,000 30.000% -------------------------------------------------------------------------- A-4(3) AAA Aaa AAA $3,706,902,000 30.000% -------------------------------------------------------------------------- A-1A(3) AAA Aaa AAA $517,900,000 30.000% -------------------------------------------------------------------------- A-M AAA Aaa AAA $764,487,000 20.000% -------------------------------------------------------------------------- A-J AAA Aaa AAA $525,586,000 13.125% -------------------------------------------------------------------------- B AA+ Aa1 AA+ $76,448,000 12.125% -------------------------------------------------------------------------- C AA Aa2 AA $95,561,000 10.875% -------------------------------------------------------------------------- D AA- Aa3 AA- $57,337,000 10.125% -------------------------------------------------------------------------- E A+ A1 A+ $57,336,000 9.375% -------------------------------------------------------------------------- F A A2 A $76,449,000 8.375% -------------------------------------------------------------------------- APPROX. % OF WEIGHTED ASSUMED FINAL CUT-OFF DATE AVERAGE PRINCIPAL DISTRIBUTION CLASS BALANCE LIFE(2) WINDOW(2) DATE(2) RATE TYPE ---------------------------------------------------------------------------------- A-1(3) 0.981% 4.14 08/07 - 04/12 04/12 (8) ---------------------------------------------------------------------------------- A-2(3) 9.588% 4.85 04/12 - 07/12 07/12 (8) ---------------------------------------------------------------------------------- A-3(3) 3.226% 6.62 01/14 - 06/14 06/14 (8) ---------------------------------------------------------------------------------- A-AB(3) 0.942% 7.41 07/12 - 01/17 01/17 (8) ---------------------------------------------------------------------------------- A-4(3) 48.489% 9.72 01/17 - 05/17 05/17 (8) ---------------------------------------------------------------------------------- A-1A(3) 6.774% 9.35 05/10 - 05/17 05/17 (8) ---------------------------------------------------------------------------------- A-M 10.000% 9.86 05/17 - 06/17 06/17 (8) ---------------------------------------------------------------------------------- A-J 6.875% 9.92 06/17 - 06/17 06/17 (8) ---------------------------------------------------------------------------------- B 1.000% 9.92 06/17 - 06/17 06/17 (8) ---------------------------------------------------------------------------------- C 1.250% 9.92 06/17 - 06/17 06/17 (8) ---------------------------------------------------------------------------------- D 0.750% 9.92 06/17 - 06/17 06/17 (8) ---------------------------------------------------------------------------------- E 0.750% 9.92 06/17 - 06/17 06/17 (8) ---------------------------------------------------------------------------------- F 1.000% 9.92 06/17 - 06/17 06/17 (8) ---------------------------------------------------------------------------------- NON - OFFERED CERTIFICATES APPROX. CERTIFICATE BALANCE / NOTIONAL APPROX. CREDIT CLASS S&P MOODY'S FITCH AMOUNT SUPPORT -------------------------------------------------------------------------- A-MFL(4)(5) AAA Aaa AAA -------------------------------------------------------------------------- A-JFL(4)(5) AAA Aaa AAA -------------------------------------------------------------------------- G(5) A- A3 A- $76,449,000 7.375% -------------------------------------------------------------------------- H(5) BBB+ Baa1 BBB+ $105,117,000 6.000% -------------------------------------------------------------------------- J(5) BBB Baa2 BBB $95,561,000 4.750% -------------------------------------------------------------------------- K(5) BBB- Baa3 BBB- $76,448,000 3.750% -------------------------------------------------------------------------- L(5) BB+ Ba1 BB+ $38,225,000 3.250% -------------------------------------------------------------------------- M(5) BB Ba2 BB $19,112,000 3.000% -------------------------------------------------------------------------- N(5) BB- Ba3 BB- $28,668,000 2.625% -------------------------------------------------------------------------- O(5) B+ B1 B+ $19,112,000 2.375% -------------------------------------------------------------------------- P(5) B B2 B $19,113,000 2.125% -------------------------------------------------------------------------- Q(5) B- B3 B- $19,112,000 1.875% -------------------------------------------------------------------------- S(5) NR NR NR $143,341,702 0.000% -------------------------------------------------------------------------- X(5)(6) AAA Aaa AAA $7,644,873,702 N/A -------------------------------------------------------------------------- APPROX. % OF WEIGHTED ASSUMED FINAL CUT-OFF DATE AVERAGE PRINCIPAL DISTRIBUTION CLASS BALANCE LIFE(2) WINDOW(2) DATE(2) RATE TYPE ---------------------------------------------------------------------------------- A-MFL(4)(5) Floating(7) ---------------------------------------------------------------------------------- A-JFL(4)(5) Floating(7) ---------------------------------------------------------------------------------- G(5) 1.000% 9.98 06/17 - 07/17 07/17 (8) ---------------------------------------------------------------------------------- H(5) 1.375% 10.00 07/17 - 07/17 07/17 (8) ---------------------------------------------------------------------------------- J(5) 1.250% 10.00 07/17 - 07/17 07/17 (8) ---------------------------------------------------------------------------------- K(5) 1.000% 10.00 07/17 - 07/17 07/17 (8) ---------------------------------------------------------------------------------- L(5) 0.500% 10.00 07/17 - 07/17 07/17 (8) ---------------------------------------------------------------------------------- M(5) 0.250% 10.00 07/17 - 07/17 07/17 (8) ---------------------------------------------------------------------------------- N(5) 0.375% 10.00 07/17 - 07/17 07/17 (8) ---------------------------------------------------------------------------------- O(5) 0.250% 10.00 07/17 - 07/17 07/17 (8) ---------------------------------------------------------------------------------- P(5) 0.250% 10.00 07/17 - 07/17 07/17 (8) ---------------------------------------------------------------------------------- Q(5) 0.250% 10.00 07/17 - 07/17 07/17 (8) ---------------------------------------------------------------------------------- S(5) 1.875% 10.08 07/17 - 05/18 05/18 (8) ---------------------------------------------------------------------------------- X(5)(6) N/A N/A N/A N/A (6) ---------------------------------------------------------------------------------- (1) The credit support percentages set forth for the class A-1, class A-2, class A-3, class A-AB, class A-4 and class A-1A certificates are represented in the aggregate. The credit support percentages set forth for the class A-M certificate and class A-MFL regular interest represent the credit support percentages for classes in the aggregate. The credit support percentages set forth for the class A-J certificate and class A-JFL regular interest represent the credit support percentages for classes in the aggregate. (2) As of the cut-off date, the weighted average life, principal window and assumed final distribution date were calculated assuming no prepayments will be made on the mortgage loans prior to their related maturity dates and the other assumptions set forth under "YIELD AND MATURITY CONSIDERATIONS - Yield Considerations" in the prospectus supplement. (3) For purposes of making distributions on the class A-1, class A-2, class A-3, class A-AB, class A-4 and class A-1A certificates, the pool of mortgage loans will consist of two distinct loan groups, loan group 1 and loan group 2. As of the cut-off date, loan group 1 will consist of 186 mortgage loans, representing approximately 93.2% of the aggregate principal balance of the pool of mortgage loans. As of the cut-off date, loan group 2 will consist of 20 mortgage loans, representing approximately 6.8% of the aggregate principal balance of the pool of mortgage loans. As of the cut-off date, loan group 2 will include approximately 97.3% of all the mortgaged properties that are multifamily properties. Distribution on the class A-1, class A-2, class A-3, class A-AB and class A-4 certificates will generally be based on payments from loan group 1 and distributions on the class A-1A certificates will generally be based on payments from loan group 2. (4) The class A-MFL certificates will represent interests in a grantor trust, the assets of which will include, among other things, an uncertificated REMIC regular interest designated as the class A-MFL regular interest and an interest rate swap agreement. The class A-JFL certificates will represent interests in a grantor trust, the assets of which will include, among other things, an uncertificated REMIC regular interest designated as the class A-JFL regular interest and an interest rate swap agreement. The class A-MFL certificates and class A-JFL certificates will be entitled to receive payments distributed to the respective regular interest subject to payments under the related swap agreement. (5) Not offered hereby. Any information provided in this term sheet regarding the terms of these certificates is provided only to enhance your understanding of the offered certificates. (6) The class X certificates will not have a certificate balance and their holders will not receive distributions of principal, but these holders are entitled to receive payments of the aggregate interest accrued on the notional amount of the class X certificates as described in the prospectus supplement. The class X notional amount will be equal to the aggregate of the principal amounts of the certificates (other than the class A-MFL, class A-JFL, class X, class R and class LR certificates) and the class A-MFL and class A-JFL regular interests. The interest rate payable on the class X certificates for any distribution date will generally equal the weighted average net interest rate on the pool of mortgage loans over the weighted average pass-through rate of each other class of certificates (other than the class A-MFL, class A-JFL, class X, class R and class LR certificates) and the class A-MFL and class A-JFL regular interests. (7) The pass-through rates of the class A-MFL and class A-JFL certificates are variable. However, if at any time the related swap agreements are terminated, (i) the pass-through rate applicable to the class A-MFL certificates may convert to a fixed rate equal to the pass-through rate of the corresponding class A-MFL regular interest and (ii) the pass through rate applicable to the A-JFL certificates may convert to a fixed rate equal to the pass-through rate of the corresponding A-JFL regular interest. (8) For any distribution date, the pass-through rates on the class A-1, class A-2, class A-3, class A-AB, class A-4, class A-1A, class A-M, class A-J, class B, class C, class D, class E, class F, class G, class H, class J, class K, class L, class M, class N, class O, class P, class Q, and class S certificates and the class A-MFL and the class A-JFL regular interests will equal one of (i) a fixed rate, (ii) the weighted average of the net interest rates on the mortgage loans (in each case, adjusted if necessary to accrue on the basis of a 360-day year consisting of twelve 30-day months) as of their respective due dates in the month preceding the month in which the related distribution date occurs, (iii) a rate equal to the lesser of a specified pass-through rate and the rate specified in clause (ii) or (iv) the rate specified in clause (ii) less a specified percentage. The asset-backed securities referred to in these materials are being offered when, as and if issued. In particular, you are advised that asset-backed securities, and the asset pools backing them, are subject to modification or revision (including, among other things, the possibility that one or more classes of securities may be split, combined or eliminated), at any time prior to issuance or availability of a final prospectus. As a result, you may commit to purchase securities that have characteristics that may change, and you are advised that all or a portion of the securities may not be issued that have the characteristics described in these materials. Our obligation to sell securities to you is conditioned on the securities and the underlying transaction having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the issuer nor any of the underwriters will have any obligation to you to deliver all or any portion of the securities which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. The depositor has filed a registration statement (including the prospectus) with the Securities and Exchange Commission ("SEC") (SEC File No. 333-136045) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Goldman, Sachs & Co., any underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-866-471-2526. - 2 - [LOGO] RBS GREENWICH CAPITAL [LOGO] GOLDMAN SACHS
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GSMSC 2007-GG10 -------------------------------------------------------------------------------- MORTGAGE POOL CHARACTERISTICS AS OF THE CUT-OFF DATE -------------------------------------------------------------------------------- GENERAL CHARACTERISTICS (1) TOTAL POOL LOAN GROUP 1 (4) LOAN GROUP 2 (5) Initial mortgage pool balance...................................... $7,644,873,703 $7,126,973,703 $517,900,000 Number of mortgage loans........................................... 206 186 20 Number of mortgaged properties..................................... 357 337 20 Weighted average underwritten debt service coverage ratio (2)(3)... 1.31x 1.31x 1.23x Weighted average cut-off date loan-to-value ratio (2).............. 73.7% 73.4% 77.9% Average cut-off date principal balance............................. $37,111,037 $38,317,063 $25,895,000 Weighted average mortgage interest rate(3)......................... 5.820% 5.798% 6.126% Loans with single tenant percentage................................ 8.7% 9.3% 0.0% (1) All information presented in this term sheet with respect to a mortgage loan with a pari passu companion loan or subordinate companion loan is calculated without regard to the related companion loan, unless otherwise indicated. The loan amount used in this term sheet for purposes of calculating the loan-to-value ratio and debt service coverage ratio for the mortgage loan with a pari passu companion loan is the aggregate principal balance of that mortgage loan and that pari passu companion loan, unless otherwise indicated. Subordinate companion loans, if any, are not included in this calculation. (2) With respect to the Lynnewood Gardens loan, the LTV of 85.2% was calculated using the "as-stabilized" value of $152 million. The LTV for the Lynnewood Gardens loan, as calculated using the "as-is" value of the property $137 million, is 94.5%. With respect to the 119 West 40th Street Loan, the LTV was calculated using the March 2009 expected "as-stabilized" value of $202,000,000. The LTV based on the "as-is" value of $175 million and $30.543 million of reserves is 74.0%. With respect to the Southern Highlands Corporate Center, the LTV of 76.9% was calculated using the "as-stabilized" value of $19.5 million. The LTV for the Southern Highlands Corporate Center loan, as calculated using the "as-is" value of the property $17.6 million, is 85.2%. With respect to the Park Building loan, a cash reserve of $2.9 million and a $2.5 million letter of credit were established at the closing of the mortgage loan as additional security and to pay the monthly debt service until June 2008 when the lease with the largest tenant at the mortgaged property is expected to commence. Monthly payments in the amount of $166,000 will be withdrawn from cash reserve to pay the monthly debt service on the mortgage loan until June 2008, and those payments were counted in the net cash flow from the related mortgaged property upon which the DSCR was calculated. Additional adjustments for the mortgage loans with earnout provisions are described on Annex A to the prospectus supplement. See "Description of the Mortgage Pool--Certain Characteristics of the Mortgage Loans" in the prospectus supplement for a description of the calculation of the loan-to-value ratio. (3) With respect to the 55 Railroad Avenue loan, which has an interest rate that steps up from 5.405% to 5.770% after June 5, 2009, to 5.960% after June 5, 2010, to 6.240% after June 5, 2012 and to 6.910% after June 5, 2013, DSCR and weighted average mortgage interest rates shown herein are calculated assuming the interest rate payable from the closing date of the mortgage loan to June 5, 2009 of 5.405%. The debt service coverage ratio based on the highest interest rate payable under the mortgage loan is 0.92x as of the cut-off date. (4) Loan Group 1 consists of 185 non-multifamily loans and 1 multifamily loan. (5) Loan Group 2 consists of 20 multifamily loans. -------------------------------------------------------------------------------- TEN LARGEST LOANS % OF INITIAL CUT-OFF DATE PRINCIPAL MORTGAGE POOL LOAN NAME BALANCE ($) BALANCE PROPERTY TYPE ------------------------------------------------------------------------------------------ Shorenstein Portland Portfolio $ 697,200,000 9.1% Office Wells Fargo Tower 550,000,000 7.2 Office Two California Plaza 470,000,000 6.1 Office TIAA RexCorp New Jersey Portfolio 270,375,000 3.5 Office 400 Atlantic Street 265,000,000 3.5 Office Two Herald Square 191,250,000 2.5 Other TIAA RexCorp Plaza 187,250,000 2.4 Office InTown Suites Portfolio 186,000,000 2.4 Hospitality 550 South Hope Street 165,000,000 2.2 Office Harbor Point Apartments 160,500,000 2.1 Multifamily ---------------------- ------------- TOTAL/WTD. AVG. $3,142,575,000 41.1% ------------------------------------------------------------------------------------------ PROPERTY SIZE LOAN BALANCE PER CUT-OFF DATE LOAN NAME SF/ROOM/UNIT SF/ROOM/UNIT DSCR LTV RATIO (%) -------------------------------------------------------------------------------------------- Shorenstein Portland Portfolio 3,882,036 $180 1.34x 65.6% Wells Fargo Tower 1,385,325 $397 1.18x 78.1% Two California Plaza 1,329,810 $353 1.20x 73.7% TIAA RexCorp New Jersey Portfolio 1,041,818 $260 1.39x 68.6% 400 Atlantic Street 527,424 $502 1.34x 79.1% Two Herald Square 354,298 $540 1.37x 73.6% TIAA RexCorp Plaza 1,063,950 $176 1.20x 69.4% InTown Suites Portfolio 4,539 $40,978 1.49x 80.3% 550 South Hope Street 566,434 $291 1.28x 70.2% Harbor Point Apartments 1,283 $125,097 1.15x 77.9% ----- ------------ TOTAL/WTD. AVG. 1.28X 72.8% -------------------------------------------------------------------------------------------- PROPERTY TYPES NUMBER OF MORTGAGED AGGREGATE CUT-OFF DATE % OF INITIAL MORTGAGE WTD. AVG. CUT-OFF PROPERTY TYPE PROPERTIES PRINCIPAL BALANCE ($) POOL BALANCE WTD. AVG. DSCR DATE LTV RATIO (%) --------------------------------------------------------------------------------------------------------------------------------- Office 114 $4,951,696,386 64.8% 1.29x 72.9% Retail 78 874,157,488 11.4 1.29x 75.6% Hospitality 66 665,536,202 8.7 1.47x 75.3% Multifamily 65 532,535,859 7.0 1.23x 77.8% Other (1) 4 343,210,147 4.5 1.37x 71.5% Industrial 13 105,568,469 1.4 1.31x 72.3% Self-Storage 14 98,450,000 1.3 1.50x 71.4% Mixed Use 3 73,719,152 1.0 1.12x 78.3% ------------------- ---------------------- --------------------- -------------- ----------------- TOTAL/WTD. AVG. 357 $7,644,873,703 100.0% 1.31X 73.7% --------------------------------------------------------------------------------------------------------------------------------- (1) Includes two land properties (2.8%), one car dealership property (1.6%) and one marina property (0.2%). PROPERTY LOCATIONS NUMBER OF MORTGAGED AGGREGATE CUT-OFF DATE % OF INITIAL MORTGAGE WTD. AVG. CUT-OFF PROPERTY LOCATION PROPERTIES PRINCIPAL BALANCE ($) POOL BALANCE WTD. AVG. DSCR DATE LTV RATIO (%) --------------------------------------------------------------------------------------------------------------------------------- California 42 $2,189,030,755 28.6% 1.24x 73.7% Oregon 17 707,864,000 9.3 1.34x 65.8% Pennsylvania 72 633,119,202 8.3 1.30x 79.3% New York 7 590,546,305 7.7 1.24x 73.6% Connecticut 7 498,585,000 6.5 1.29x 79.7% New Jersey 10 322,395,000 4.2 1.38x 70.4% Massachusetts 3 205,000,000 2.7 1.17x 77.4% Arizona 9 196,995,600 2.6 1.40x 72.2% District of Columbia 2 195,113,339 2.6 1.29x 65.6% Other (1) 188 2,106,224,502 27.6 1.38x 74.4% ------------------- ---------------------- --------------------- -------------- ----------------- TOTAL/WTD. AVG. 357 $7,644,873,703 100.0% 1.31X 73.7% --------------------------------------------------------------------------------------------------------------------------------- (1) Includes 30 states. The asset-backed securities referred to in these materials are being offered when, as and if issued. In particular, you are advised that asset-backed securities, and the asset pools backing them, are subject to modification or revision (including, among other things, the possibility that one or more classes of securities may be split, combined or eliminated), at any time prior to issuance or availability of a final prospectus. As a result, you may commit to purchase securities that have characteristics that may change, and you are advised that all or a portion of the securities may not be issued that have the characteristics described in these materials. Our obligation to sell securities to you is conditioned on the securities and the underlying transaction having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the issuer nor any of the underwriters will have any obligation to you to deliver all or any portion of the securities which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. The depositor has filed a registration statement (including the prospectus) with the Securities and Exchange Commission ("SEC") (SEC File No. 333-136045) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Goldman, Sachs & Co., any underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-866-471-2526. - 3 - [LOGO] RBS GREENWICH CAPITAL [LOGO] GOLDMAN SACHS
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GSMSC 2007-GG10 -------------------------------------------------------------------------------- MORTGAGE POOL CHARACTERISTICS AS OF THE CUT-OFF DATE -------------------------------------------------------------------------------- DISTRIBUTION OF CUT-OFF DATE PRINCIPAL BALANCE --------------------------------------------------------------------------------------------- PERCENTAGE OF NUMBER OF AGGREGATE CUT-OFF RANGE OF CUT-OFF DATE BALANCES ($) MORTGAGE LOANS CUT-OFF DATE BALANCE DATE BALANCE --------------------------------------------------------------------------------------------- 1,310,000 - 4,999,999 35 $ 124,315,506 1.6% 5,000,000 - 9,999,999 50 353,610,708 4.6 10,000,000 - 12,999,999 19 211,207,937 2.8 13,000,000 - 17,999,999 25 383,238,176 5.0 18,000,000 - 22,999,999 14 279,420,720 3.7 23,000,000 - 39,999,999 21 618,702,317 8.1 40,000,000 - 59,999,999 15 741,310,000 9.7 60,000,000 - 69,999,999 2 125,500,000 1.6 70,000,000 - 89,999,999 5 410,650,000 5.4 90,000,000 - 109,999,999 2 196,230,000 2.6 110,000,000 - 129,999,999 4 489,500,000 6.4 130,000,000 - 149,999,999 3 408,613,339 5.3 150,000,000 - 169,999,999 3 485,500,000 6.4 170,000,000 - 199,999,999 3 564,500,000 7.4 200,000,000 - 299,999,999 2 535,375,000 7.0 300,000,000 - 499,999,999 1 470,000,000 6.1 500,000,000 - 697,200,000 2 1,247,200,000 16.3 -------------- -------------------- ----------------- TOTAL 206 $7,644,873,703 100.0% --------------------------------------------------------------------------------------------- DISTRIBUTION OF DSCR --------------------------------------------------------------------------------------------- PERCENTAGE OF NUMBER OF AGGREGATE CUT-OFF RANGE OF DSCR (X) MORTGAGE LOANS CUT-OFF DATE BALANCE DATE BALANCE --------------------------------------------------------------------------------------------- 1.10 - 1.14 17 $ 588,596,696 7.7% 1.15 - 1.19 28 1,218,396,600 15.9 1.20 - 1.24 34 1,442,225,957 18.9 1.25 - 1.29 24 770,288,763 10.1 1.30 - 1.34 27 1,495,053,124 19.6 1.35 - 1.39 20 975,783,103 12.8 1.40 - 1.49 28 649,778,821 8.5 1.50 - 1.59 8 96,485,000 1.3 1.60 - 1.79 12 295,846,638 3.9 1.80 - 1.99 3 30,019,001 0.4 2.00 - 2.65 5 82,400,000 1.1 -------------- -------------------- ----------------- TOTAL 206 $7,644,873,703 100.0% --------------------------------------------------------------------------------------------- DISTRIBUTION OF AMORTIZATION TYPE --------------------------------------------------------------------------------------------- PERCENTAGE OF NUMBER OF AGGREGATE CUT-OFF AMORTIZATION TYPE MORTGAGE LOANS CUT-OFF DATE BALANCE DATE BALANCE --------------------------------------------------------------------------------------------- Interest Only 119 $6,148,725,339 80.4% Interest Only, Then Amortizing 70 1,237,507,765 16.2 Amortizing 17 258,640,599 3.4 -------------- -------------------- ----------------- TOTAL 206 $7,644,873,703 100.0% --------------------------------------------------------------------------------------------- DISTRIBUTION OF LOCKBOXES --------------------------------------------------------------------------------------------- PERCENTAGE OF NUMBER OF AGGREGATE CUT-OFF LOCKBOX TYPE MORTGAGE LOANS CUT-OFF DATE BALANCE DATE BALANCE --------------------------------------------------------------------------------------------- Hard 76 $6,046,441,158 79.1% Soft 20 $ 513,795,011 6.7% --------------------------------------------------------------------------------------------- DISTRIBUTION OF LTV RATIOS AT CUT-OFF DATE --------------------------------------------------------------------------------------------- PERCENTAGE OF NUMBER OF AGGREGATE CUT-OFF RANGE OF LTV (%) MORTGAGE LOANS CUT-OFF DATE BALANCE DATE BALANCE --------------------------------------------------------------------------------------------- 43.90 - 50.00 2 $ 43,400,000 0.6% 50.01 - 60.00 12 166,337,541 2.2 60.01 - 65.00 10 266,642,930 3.5 65.01 - 70.00 28 1,795,902,971 23.5 70.01 - 75.00 39 1,389,357,520 18.2 75.01 - 80.00 104 3,399,641,740 44.5 80.01 - 85.20 11 583,591,000 7.6 -------------- -------------------- ----------------- TOTAL 206 $7,644,873,703 100.0% --------------------------------------------------------------------------------------------- DISTRIBUTION OF MORTGAGE INTEREST RATE (%) --------------------------------------------------------------------------------------------- PERCENTAGE OF NUMBER OF AGGREGATE CUT-OFF RANGE OF MORTGAGE RATES (%) MORTGAGE LOANS CUT-OFF DATE BALANCE DATE BALANCE --------------------------------------------------------------------------------------------- 5.330% - 5.500% 14 $ 920,630,000 12.0% 5.501% - 5.750% 80 3,487,144,563 45.6 5.751% - 6.000% 68 1,674,837,076 21.9 6.001% - 6.250% 28 1,032,417,680 13.5 6.251% - 6.500% 6 105,314,384 1.4 6.501% - 6.750% 5 218,200,000 2.9 6.751% - 7.000% 2 53,100,000 0.7 7.001% - 7.250% 1 12,000,000 0.2 7.251% - 7.939% 2 141,230,000 1.8 -------------- -------------------- ----------------- TOTAL 206 $7,644,873,703 100.0% --------------------------------------------------------------------------------------------- DISTRIBUTION OF ORIGINAL TERMS TO MATURITY --------------------------------------------------------------------------------------------- PERCENTAGE OF RANGE OF ORIGINAL TERMS TO NUMBER OF AGGREGATE CUT-OFF MATURITY (MOS) MORTGAGE LOANS CUT-OFF DATE BALANCE DATE BALANCE --------------------------------------------------------------------------------------------- 60 - 60 26 $ 804,337,460 10.5% 61 - 119 14 610,371,442 8.0 120 - 120 163 6,194,164,801 81.0 121 - 132 3 36,000,000 0.5 -------------- -------------------- ----------------- TOTAL 206 $7,644,873,703 100.0% --------------------------------------------------------------------------------------------- DISTRIBUTION OF REMAINING TERMS TO MATURITY --------------------------------------------------------------------------------------------- PERCENTAGE OF RANGE OF REMAINING TERMS TO NUMBER OF AGGREGATE CUT-OFF MATURITY (MOS) MORTGAGE LOANS CUT-OFF DATE BALANCE DATE BALANCE --------------------------------------------------------------------------------------------- 52 - 60 26 $ 804,337,460 10.5% 61 - 110 10 276,571,442 3.6 111 - 115 20 874,473,841 11.4 116 - 116 24 345,233,949 4.5 117 - 117 40 2,099,684,417 27.5 118 - 118 42 1,422,122,688 18.6 119 - 130 44 1,822,449,905 23.8 -------------- -------------------- ----------------- TOTAL 206 $7,644,873,703 100.0% --------------------------------------------------------------------------------------------- DISTRIBUTION OF REMAINING AMORTIZATION TERMS --------------------------------------------------------------------------------------------- PERCENTAGE OF RANGE OF REMAINING NUMBER OF AGGREGATE CUT-OFF AMORTIZATION TERMS (MOS) MORTGAGE LOANS CUT-OFF DATE BALANCE DATE BALANCE --------------------------------------------------------------------------------------------- Interest Only 119 $6,148,725,339 80.4% 296 - 299 4 48,013,673 0.6 300 - 359 10 82,610,542 1.1 360 - 360 70 1,080,307,765 14.1 361 - 659 (1) 3 285,216,384 3.7 -------------- -------------------- ----------------- TOTAL 206 $7,644,873,703 100.0% --------------------------------------------------------------------------------------------- (1) With respect to Pavilion at Lansdale loan, $30 million of the principal balance of the mortgage loan is interest-only until maturity while $2 million of the principal balance of the mortgage loan provides for monthly payments of principal based on a 300 month amortization schedule. DISTRIBUTION OF PREPAYMENT PROVISIONS --------------------------------------------------------------------------------------------- PERCENTAGE OF NUMBER OF AGGREGATE CUT-OFF PREPAYMENT PROVISIONS MORTGAGE LOANS CUT-OFF DATE BALANCE DATE BALANCE --------------------------------------------------------------------------------------------- Defeasance 172 $5,638,244,411 73.8% Defeasance or Yield Maintenance 17 1,735,575,000 22.7 Yield Maintenance 17 271,054,292 3.5 -------------- -------------------- ----------------- TOTAL 206 $7,644,873,703 100.0% --------------------------------------------------------------------------------------------- DISTRIBUTION OF ESCROW TYPES --------------------------------------------------------------------------------------------- PERCENTAGE OF NUMBER OF AGGREGATE CUT-OFF ESCROW TYPE MORTGAGE LOANS CUT-OFF DATE BALANCE DATE BALANCE --------------------------------------------------------------------------------------------- Real Estate Tax 178 $6,592,053,899 86.2% Insurance 169 $6,415,566,358 83.9% Replacement Reserves 148 $5,748,090,308 75.2% TI/LC (1) 86 $3,778,763,837 62.9% --------------------------------------------------------------------------------------------- (1) Percentage of total office, retail, industrial and mixed use properties only. The asset-backed securities referred to in these materials are being offered when, as and if issued. In particular, you are advised that asset-backed securities, and the asset pools backing them, are subject to modification or revision (including, among other things, the possibility that one or more classes of securities may be split, combined or eliminated), at any time prior to issuance or availability of a final prospectus. As a result, you may commit to purchase securities that have characteristics that may change, and you are advised that all or a portion of the securities may not be issued that have the characteristics described in these materials. Our obligation to sell securities to you is conditioned on the securities and the underlying transaction having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the issuer nor any of the underwriters will have any obligation to you to deliver all or any portion of the securities which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. The depositor has filed a registration statement (including the prospectus) with the Securities and Exchange Commission ("SEC") (SEC File No. 333-136045) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Goldman, Sachs & Co., any underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-866-471-2526. - 4 - [LOGO] RBS GREENWICH CAPITAL [LOGO] GOLDMAN SACHS
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GSMSC 2007-GG10 -------------------------------------------------------------------------------- MORTGAGE POOL CHARACTERISTICS AS OF THE CUT-OFF DATE -------------------------------------------------------------------------------- The table below identifies each of the mortgage loans included in the trust that have corresponding companion loans. SUBORDINATE PARI PASSU ORIGINAL COMPANION COMPANION COMPANION ORIGINAL ORIGINAL PRINCIPAL % OF INITIAL ORIGINAL ORIGINAL LOAN LOAN WHOLE LOAN WHOLE LOAN MORTGAGE LOAN LOAN BALANCE POOL BALANCE LOAN BALANCE BALANCE INTEREST RATE LTV DSCR ----------------------------- ------------ ------------ ------------ ------------- ------------- ---------- ---------- 550 South Hope Street........ $165,000,000 2.2% $35,000,000 N/A 6.3103% 85.1% 1.03x Disney Building.............. $135,000,000 1.8% $10,000,000 N/A 5.8970% 81.5% 1.17x Franklin Mills............... $116,000,000 1.5% N/A $174,000,000 5.6500% 78.4% 1.22x Maguire Anaheim Portfolio.... $103,500,000 1.4% $6,500,000 N/A 9.0344% 70.6% 1.06x 1125 17th Street............. $85,000,000 1.1% $15,000,000 N/A 5.9870% 79.4% 1.48x Crescent..................... $73,100,000 1.0% $7,900,000 N/A 5.9920% 86.8% 1.01x The Wharf at Rivertown....... $55,200,000 0.7% $10,350,000 N/A 6.2460% 95.7% 1.09x Lakeside at White Oak........ $43,200,000 0.6% $5,000,000 N/A 6.6900% 83.7% 1.10x Bingham Office Center........ $35,000,000 0.5% $10,000,000 N/A 5.9100% 79.1% 1.13x Commonwealth Square.......... $31,680,000 0.4% $1,510,000 N/A 5.9930% 83.8% 1.15x Green Road................... $31,189,427 0.4% $8,810,573 N/A 2.4087% 80.0% 1.15x Crown Pointe Victor Road..... $21,910,573 0.3% $6,189,427 N/A 2.4919% 80.0% 1.15x 9th Street Marketplace....... $10,720,000 0.1% $840,000 N/A 6.0500% 86.3% 1.26x Homewood Suites.............. $10,500,000 0.1% $3,000,000 N/A 5.7100% 79.4% 1.56x Festival Foods............... $6,712,000 0.1% $455,000 N/A 13.2500% 78.8% 1.10x JMS Portfolio................ $6,440,000 0.1% $402,500 N/A 12.7500% 85.0% 1.08x Berkshire Office Building.... $4,800,000 0.1% $300,000 N/A 13.2500% 72.9% 1.28x The asset-backed securities referred to in these materials are being offered when, as and if issued. In particular, you are advised that asset-backed securities, and the asset pools backing them, are subject to modification or revision (including, among other things, the possibility that one or more classes of securities may be split, combined or eliminated), at any time prior to issuance or availability of a final prospectus. As a result, you may commit to purchase securities that have characteristics that may change, and you are advised that all or a portion of the securities may not be issued that have the characteristics described in these materials. Our obligation to sell securities to you is conditioned on the securities and the underlying transaction having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the issuer nor any of the underwriters will have any obligation to you to deliver all or any portion of the securities which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. The depositor has filed a registration statement (including the prospectus) with the Securities and Exchange Commission ("SEC") (SEC File No. 333-136045) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Goldman, Sachs & Co., any underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-866-471-2526. - 5 - [LOGO] RBS GREENWICH CAPITAL [LOGO] GOLDMAN SACHS
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GSMSC 2007-GG10 -------------------------------------------------------------------------------- MORTGAGE POOL CHARACTERISTICS AS OF THE CUT-OFF DATE -------------------------------------------------------------------------------- MORTGAGE POOL PREPAYMENT PROFILE ------------------------------------------------------------------------------------------------------------------------------------ TOTAL POOL (1) ------------------------------------------------------------------------------------------------------------------------------------ PREPAYMENT JULY JULY JULY JULY JULY JULY JULY RESTRICTIONS 2007 2008 2009 2010 2011 2012 2013 ------------------------------------------------------------------------------------------------------------------------------------ Locked out / Defeasance 81.28% 80.17% 73.86% 73.07% 72.94% 73.16% 73.24% YM (2) 18.72% 19.83% 26.14% 25.82% 25.08% 26.56% 26.33% ------------------------------------------------------------------------------------------------------------------------------------ Open 0.00% 0.00% 0.00% 1.11% 1.98% 0.28% 0.43% ------------------------------------------------------------------------------------------------------------------------------------ TOTAL (3) 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% Balance of Mortgage Loans ($mm) 7,644.87 7,642.85 7,640.50 7,636.61 7,630.16 6,819.65 6,785.29 % OF CUT-OFF BALANCE 100.00% 99.97% 99.94% 99.89% 99.81% 89.21% 88.76% ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ PREPAYMENT JULY JULY JULY JULY JULY RESTRICTIONS 2014 2015 2016 2017 2018 ------------------------------------------------------------------------------------------------------------------------------------ Locked out / Defeasance 73.13% 73.11% 73.09% 100.00% 0.00% YM (2) 26.87% 26.89% 26.91% 0.00% 0.00% Open 0.00% 0.00% 0.00% 0.00% 0.00% ------------------------------------------------------------------------------------------------------------------------------------ TOTAL (3) 100.00% 100.00% 100.00% 100.00% 0.00% Balance of Mortgage Loans ($mm) 6,512.49 6,494.28 6,475.02 14.00 0.00 % OF CUT-OFF BALANCE 85.19% 84.95% 84.70% 0.18% 0.00% ------------------------------------------------------------------------------------------------------------------------------------ (1) Table calculated using modeling assumptions as described in the prospectus supplement. (2) Includes YM, choice of YM or Defeasance, Greater of YM or a fixed percentage. (3) Differences in totals may exist due to rounding. ------------------------------------------------------------------------------------------------------------------------------------ LOAN GROUP 1 (1) ------------------------------------------------------------------------------------------------------------------------------------ PREPAYMENT JULY JULY JULY JULY JULY JULY JULY RESTRICTIONS 2007 2008 2009 2010 2011 2012 2013 ------------------------------------------------------------------------------------------------------------------------------------ Locked out / Defeasance 79.92% 78.73% 72.57% 71.72% 71.58% 72.01% 71.87% YM (2) 20.08% 21.27% 27.43% 27.09% 26.30% 27.99% 27.66% ------------------------------------------------------------------------------------------------------------------------------------ Open 0.00% 0.00% 0.00% 1.19% 2.12% 0.00% 0.47% ------------------------------------------------------------------------------------------------------------------------------------ TOTAL (3) 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% Balance of Mortgage Loans ($mm) 7,126.97 7,124.95 7,122.60 7,118.73 7,113.02 6,318.07 6,304.52 % OF CUT-OFF BALANCE 100.00% 99.97% 99.94% 99.88% 99.80% 88.65% 88.46% ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ PREPAYMENT JULY JULY JULY JULY JULY RESTRICTIONS 2014 2015 2016 2017 2018 ------------------------------------------------------------------------------------------------------------------------------------ Locked out / Defeasance 71.74% 71.72% 71.69% 100.00% 0.00% YM (2) 28.26% 28.28% 28.31% 0.00% 0.00% ------------------------------------------------------------------------------------------------------------------------------------ Open 0.00% 0.00% 0.00% 0.00% 0.00% ------------------------------------------------------------------------------------------------------------------------------------ TOTAL (3) 100.00% 100.00% 100.00% 100.00% 0.00% Balance of Mortgage Loans ($mm) 6,043.43 6,027.05 6,009.71 14.00 0.00 % OF CUT-OFF BALANCE 84.80% 84.57% 84.32% 0.20% 0.00% ------------------------------------------------------------------------------------------------------------------------------------ (1) Table calculated using modeling assumptions as described in the prospectus supplement. (2) Includes YM, choice of YM or Defeasance, Greater of YM or a fixed percentage. (3) Differences in totals may exist due to rounding. ------------------------------------------------------------------------------------------------------------------------------------ LOAN GROUP 2 (1) ------------------------------------------------------------------------------------------------------------------------------------ PREPAYMENT JULY JULY JULY JULY JULY JULY JULY RESTRICTIONS 2007 2008 2009 2010 2011 2012 2013 ------------------------------------------------------------------------------------------------------------------------------------ Locked out / Defeasance 100.00% 100.00% 91.66% 91.66% 91.65% 87.60% 91.14% YM (2) 0.00% 0.00% 8.34% 8.34% 8.35% 8.58% 8.86% ------------------------------------------------------------------------------------------------------------------------------------ Open 0.00% 0.00% 0.00% 0.00% 0.00% 3.83% 0.00% ------------------------------------------------------------------------------------------------------------------------------------ TOTAL (3) 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% Balance of Mortgage Loans ($mm) 517.90 517.90 517.90 517.89 517.14 501.59 480.78 % OF CUT-OFF BALANCE 100.00% 100.00% 100.00% 100.00% 99.85% 96.85% 92.83% ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ PREPAYMENT JULY JULY JULY JULY RESTRICTIONS 2014 2015 2016 2017 ------------------------------------------------------------------------------------------------------------------------------------ Locked out / Defeasance 91.02% 91.09% 91.17% 0.00% YM (2) 8.98% 8.91% 8.83% 0.00% ------------------------------------------------------------------------------------------------------------------------------------ Open 0.00% 0.00% 0.00% 0.00% ------------------------------------------------------------------------------------------------------------------------------------ TOTAL (3) 100.00% 100.00% 100.00% 0.00% Balance of Mortgage Loans ($mm) 469.06 467.22 465.31 0.00 % OF CUT-OFF BALANCE 90.57% 90.21% 89.84% 0.00% ------------------------------------------------------------------------------------------------------------------------------------ (1) Table calculated using modeling assumptions as described in the prospectus supplement. (2) Includes YM, choice of YM or Defeasance, Greater of YM or a fixed percentage. (3) Differences in totals may exist due to rounding. The asset-backed securities referred to in these materials are being offered when, as and if issued. In particular, you are advised that asset-backed securities, and the asset pools backing them, are subject to modification or revision (including, among other things, the possibility that one or more classes of securities may be split, combined or eliminated), at any time prior to issuance or availability of a final prospectus. As a result, you may commit to purchase securities that have characteristics that may change, and you are advised that all or a portion of the securities may not be issued that have the characteristics described in these materials. Our obligation to sell securities to you is conditioned on the securities and the underlying transaction having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the issuer nor any of the underwriters will have any obligation to you to deliver all or any portion of the securities which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. The depositor has filed a registration statement (including the prospectus) with the Securities and Exchange Commission ("SEC") (SEC File No. 333-136045) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Goldman, Sachs & Co., any underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-866-471-2526. - 6 - [LOGO] RBS GREENWICH CAPITAL [LOGO] GOLDMAN SACHS
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GSMSC 2007-GG10 -------------------------------------------------------------------------------- TRANSACTION TERMS -------------------------------------------------------------------------------- ISSUE TYPE Sequential Pay REMIC. The certificates other than the class X, class R and class LR certificates are referred to in this free writing prospectus as the "Sequential Pay Certificates". CUT-OFF DATE With respect to each mortgage loan, the later of the due date in July 2007 for that mortgage loan or the date of origination of that mortgage loan. All mortgage loan characteristics are based on balances as of the cut-off date after application of all payments due on or before such date (whether or not received). All percentages presented in this term sheet are approximate. MORTGAGE POOL The mortgage pool consists of 206 mortgage loans with an aggregate cut-off date balance of $7,644,873,703, subject to a variance of +/- 5%. The mortgage loans are secured by 357 mortgaged real properties located throughout 38 states and the District of Columbia. Loan Group 1 is comprised of 186 loans and Loan Group 2 is comprised of 20 loans. ISSUING ENTITY GS Mortgage Securities Trust 2007-GG10 DEPOSITOR GS Mortgage Securities Corporation II SPONSORS Greenwich Capital Financial Products, Inc. and Goldman Sachs Mortgage Company UNDERWRITERS Greenwich Capital Markets, Inc. and Goldman, Sachs & Co., as Co-Lead Bookrunning Managers Bear, Stearns & Co. Inc., Merrill Lynch & Co., Morgan Stanley & Co. Incorporated and Wachovia Capital Markets, LLC, as Co-Managers TRUSTEE Wells Fargo Bank, N. A. MORTGAGE LOAN SELLERS Greenwich Capital Financial Products, Inc., Goldman Sachs Mortgage Company, Lehman Brothers Holdings Inc., and Wachovia Bank, National Association MASTER SERVICER Wachovia Bank, National Association SPECIAL SERVICER CWCapital Asset Management LLC RATING AGENCIES Fitch, Inc., Moody's Investors Services, Inc. and Standard & Poor's Rating Services, a division of The McGraw-Hill Companies, Inc. DENOMINATIONS $10,000 minimum for the offered certificates. CLOSING DATE On or about July 10, 2007 SETTLEMENT TERMS Book-entry through DTC for all offered certificates. DETERMINATION DATE The sixth day of each month, or if such sixth day is not a business day, the next business day. DISTRIBUTION DATE The tenth day of each month, or if any tenth day is not a business day, the next business day, provided that the distribution date will be at least four business days following the determination date. DISTRIBUTIONS Each class of offered certificates will be entitled on each distribution date to interest accrued at its pass-through rate for that distribution date on the outstanding certificate balance of the class during the prior calendar month, subject to reduction in limited circumstances due to prepayment interest shortfalls. Interest on the offered certificates will be calculated on the basis of twelve 30-day months and a 360-day year. Generally, the interest from the Available Distribution Amount related to Loan Group 1 will be used to pay interest to class A-1, class A-2, class A-3, class A-AB and class A-4, pro rata, until paid in full. Generally, the interest from the Available Distribution Amount related to Loan Group 2 will be used to pay interest to the class A-1A until paid in full. Generally, any remaining Available Distribution Amount will be used to pay interest to class X, until paid in full. If any of the above Available Distribution Amounts are not sufficient to pay interest on class A-1, class A-2, class A-3, class A-AB, class A-4, class A-1A and class X, then the entire Available Distribution Amount will be used to pay interest pro rata to those certificates. After the class A-1, class A-2, class A-3, class A-AB, class A-4, class A-1A and class X certificates are paid all amounts to which they are entitled, interest from the Available Distribution Amount will be used to pay interest to the class A-M through class S certificates (in the case of the class A-MFL certificates, through the class A-MFL regular interest and in the case of the class A-JFL certificates, through the class A-JFL regular interest) in sequential order, provided that allocations of interest distributions between the class A-M certificates and the class A-MFL regular interest will be made concurrently on a pro rata basis and allocation of interest distributions between the class A-J certificates and the class A-JFL regular interest will be made concurrently on a pro rata basis. Generally, the Available Distribution Amount related to Loan Group 1 will be used to pay principal to the class A-1, class A-2, class A-3, class A-AB and class A-4 certificates as follows: (1) to class A-AB the amount necessary to reduce the aggregate certificate balance of the class A-AB certificates to the class A-AB planned principal balance; (2) to class A-1, until paid in full, all amounts of Available Distribution Amount remaining after the distributions pursuant to clause (1); The asset-backed securities referred to in these materials are being offered when, as and if issued. In particular, you are advised that asset-backed securities, and the asset pools backing them, are subject to modification or revision (including, among other things, the possibility that one or more classes of securities may be split, combined or eliminated), at any time prior to issuance or availability of a final prospectus. As a result, you may commit to purchase securities that have characteristics that may change, and you are advised that all or a portion of the securities may not be issued that have the characteristics described in these materials. Our obligation to sell securities to you is conditioned on the securities and the underlying transaction having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the issuer nor any of the underwriters will have any obligation to you to deliver all or any portion of the securities which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. The depositor has filed a registration statement (including the prospectus) with the Securities and Exchange Commission ("SEC") (SEC File No. 333-136045) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Goldman, Sachs & Co., any underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-866-471-2526. - 7 - [LOGO] RBS GREENWICH CAPITAL [LOGO] GOLDMAN SACHS
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GSMSC 2007-GG10 -------------------------------------------------------------------------------- TRANSACTION TERMS -------------------------------------------------------------------------------- (3) to class A-2, until paid in full, all amounts of Available Distribution Amount remaining after the distributions pursuant to clauses (1) and (2); (4) to class A-3, until paid in full, all amounts of Available Distribution Amount remaining after the distributions pursuant to clauses (1), (2) and (3); (5) to class A-AB, until paid in full, all amounts of Available Distribution Amount remaining after the distributions pursuant to clauses (1), (2), (3) and (4); and (6) to class A-4, until paid in full, all amounts of Available Distribution Amount remaining after the distributions pursuant to clauses (1), (2), (3), (4) and (5). After class A-1, A-2, A-3, A-AB and A-4 are paid all amounts to which they are entitled, the remaining Available Distribution Amount related to Loan Group 1 will be used to pay principal to class A-1A until paid in full. Generally, the Available Distribution Amount related to Loan Group 2 will be used to pay principal to the class A-1A until paid in full, then to pay principal to the class A-1, A-2, A-3, A-AB and A-4 in the same manner as principal distributions are made to those classes with respect to amounts related to Loan Group 1 as discussed above, until paid in full. After class A-1, A-2, A-3, A-AB, A-4 and A-1A are paid all amounts to which they are entitled, the remaining Available Distribution Amount related to both Loan Groups will be used to pay interest and principal to the class A-M certificates and the class A-MFL regular interest on a pro rata basis until the principal balance thereof is reduced to zero, and then to the class A-J certificates and the class A-JFL regular interest on a pro rata basis until the principal balance thereof is reduced to zero, and then to class B, C, D, E, F, G, H, J, K, L, M, N, O, P, Q and S certificates sequentially until the certificate balance of each class is reduced to zero. Notwithstanding the foregoing, on and after the date the certificate balances of the class A-M, A-J, B, C, D, E, F, G, H, J, K, L, M, N, O, P, Q and S certificates and class A-MFL and Class A-JFL regular interests have been reduced to zero, principal will be paid pro rata based on their certificate balances to class A-1, A-2, A-3, A-AB, A-4 and A-1A without regard to loan groups. LOSSES Realized Losses and Additional Trust Fund Expenses, if any, will be allocated to the class S, class Q, class P, class O, class N, class M, class L, class K, class J, class H, class G, class F, class E, class D, class C, class B, in that order, and then to class A-J certificates and class A-JFL certificates (through the class A-JFL regular interest) on a pro rata basis, and then to class A-M certificates and class A-MFL certificates (through the class A-MFL regular interest), on a pro rata basis, and then, pro rata, to the class A-1, class A-2, class A-3, class A-AB, class A-4 and class A-1A certificates (without regard to the class A-AB planned principal balance and without regard to loan groups). PREPAYMENT PREMIUMS Any prepayment premiums or yield maintenance charges AND YIELD MAINTENANCE collected will be distributed to certificateholders on CHARGES the distribution date following the prepayment. On each distribution date, the holders of any class of offered certificates and class G, class H, class J and class K certificates and the class A-MFL regular interest and the class A-JFL regular interest that are then entitled to principal distributions will be entitled to a portion of prepayment premiums or yield maintenance charges equal to the product of (a) the amount of the prepayment premiums or yield maintenance charges net of workout fees and liquidation fees, multiplied by (b) a fraction, the numerator of which is equal to the excess, if any, of the pass-through rate for that class of certificates over the relevant discount rate, and the denominator of which is equal to the excess, if any, of the mortgage interest rate of the prepaid mortgage loan over the relevant discount rate, multiplied by (c) (A) with respect to any class A-1, class A-2, class A-3, class A-AB, class A-4 and class A-1A certificates, a fraction, the numerator of which is equal to the amount of principal payable to that class of certificates on that payment date from the group of which that mortgage loan is a part on that payment date, and the denominator of which is the Total Principal Payment Amount from the group of which that mortgage loan is a part on that payment date, and (B) with respect to any class A-M certificates, the class A-MFL regular interest, any class A-J certificates, the class A-JFL regular interest and any class B, class C, class D, class E, class F, class G, class H, class J and class K certificates, a fraction, the numerator of which is equal to the amount of principal payable to that class of certificates or regular interest, as applicable, on that payment date, and the denominator of which is the total principal payment amount for that payment date. Any prepayment premiums and yield maintenance charges distributed to the class A-MFL regular interest and the class A-JFL regular interest will be deposited into the related floating rate account and will be distributed to the swap counterparty for so long as the swap agreement is in effect and there is no continuing payment default thereunder on the part of the swap counterparty. The portion, if any, of the prepayment premiums or yield maintenance charges remaining after any payments described above will be distributed 100% to the holders of the class X certificates. ADVANCES The master servicer and, if it fails to do so, the trustee, will be obligated to make P&I advances and servicing advances, including paying delinquent property taxes and insurance premiums, but only to the extent that those advances are not deemed non-recoverable and, in the case of P&I advances, subject to any appraisal reductions that may occur. The asset-backed securities referred to in these materials are being offered when, as and if issued. In particular, you are advised that asset-backed securities, and the asset pools backing them, are subject to modification or revision (including, among other things, the possibility that one or more classes of securities may be split, combined or eliminated), at any time prior to issuance or availability of a final prospectus. As a result, you may commit to purchase securities that have characteristics that may change, and you are advised that all or a portion of the securities may not be issued that have the characteristics described in these materials. Our obligation to sell securities to you is conditioned on the securities and the underlying transaction having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the issuer nor any of the underwriters will have any obligation to you to deliver all or any portion of the securities which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. The depositor has filed a registration statement (including the prospectus) with the Securities and Exchange Commission ("SEC") (SEC File No. 333-136045) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Goldman, Sachs & Co., any underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-866-471-2526. - 8 - [LOGO] RBS GREENWICH CAPITAL [LOGO] GOLDMAN SACHS
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GSMSC 2007-GG10 -------------------------------------------------------------------------------- TRANSACTION TERMS -------------------------------------------------------------------------------- APPRAISAL REDUCTIONS An appraisal reduction generally will be created in the amount, if any, by which the principal balance of a required appraisal loan (plus other amounts overdue or advanced in connection with such loan) exceeds 90% of the appraised value of the related mortgaged property plus certain escrows and reserves (including letters of credit) held with respect to the mortgage loan. As a result of calculating an appraisal reduction amount for a given mortgage loan, the interest portion of any P&I advance for such loan will be reduced, which will have the effect of reducing the amount of interest available for distribution to the certificates in reverse alphabetical order of the classes. A required appraisal loan will cease to be a required appraisal loan when the related mortgage loan has been brought current for at least three consecutive months and no other circumstances exist, which would cause such mortgage loan to be a required appraisal loan. OPTIONAL TERMINATION The master servicer, the special servicer and certain certificateholders will have the option to terminate the trust, in whole but not in part, and purchase the remaining assets of the trust on or after the payment date on which the stated principal balance of the mortgage loans then outstanding is less than 1.0% of the initial mortgage pool balance. The purchase price will generally be at a price equal to the unpaid aggregate principal balance of the mortgage loans (or fair market value in the case of REO Properties), plus accrued and unpaid interest and certain other additional trust fund expenses, as described in the prospectus supplement. In addition, after the certificate balance of each of the class A-1, class A-2, class A-3, class A-AB, class A-4, class A-1A, class A-M, class A-MFL, class A-J, class A-JFL, class B, class C, class D, class E, class F and class G certificates has been reduced to zero, the trust may also be terminated, subject to the consent of the master servicer (in its sole discretion), if all of the remaining series 2007-GG10 certificates (excluding class R and class LR) are held by a single certificateholder, and that certificateholder exchanges all of the then outstanding series 2007-GG10 certificates (excluding class R and class LR) for the mortgage loans remaining in the trust. CONTROLLING CLASS The class of Sequential Pay Certificates (a) which bears the latest alphabetical class designation and (b) which has a certificate balance greater than 25% of its original certificate balance; provided, however, that if no class of Sequential Pay Certificates satisfies clause (b) above, the controlling class will be the outstanding class of Sequential Pay Certificates bearing the latest alphabetical class designation; provided, further, with respect to certain issues related to the mortgage loans that are part of a split structure, the holder of the majority interest of the related subordinated or pari passu companion loan may have certain consultation or approval rights with respect to servicing matters, as described in the prospectus supplement. TENANTS References in this term sheet to the rating of a tenant may refer to the rating of a parent of the actual tenant and the rated entity may not be an actual party to that lease. The rated parent may not guarantee the lease. ERISA The offered certificates are expected to be ERISA eligible. SMMEA The class A-1, class A-2, class A-3, class A-AB, class A-4, class A-1A, class A-M, class A-MFL, class A-J, class A-JFL, class B, class C and class D certificates are expected to be "mortgage-related securities" for the purposes of SMMEA so long as they remain rated in one of the two highest rating categories by a nationally recognized statistical rating organization. None of the offered certificates or the mortgage loans included in the trust which back the certificates is insured or guaranteed by any governmental agency or instrumentality or by any private mortgage insurer or by The Royal Bank of Scotland plc, the depositor, the underwriters, the mortgage loan sellers, the master servicer, the special servicer, or any other party. The asset-backed securities referred to in these materials are being offered when, as and if issued. In particular, you are advised that asset-backed securities, and the asset pools backing them, are subject to modification or revision (including, among other things, the possibility that one or more classes of securities may be split, combined or eliminated), at any time prior to issuance or availability of a final prospectus. As a result, you may commit to purchase securities that have characteristics that may change, and you are advised that all or a portion of the securities may not be issued that have the characteristics described in these materials. Our obligation to sell securities to you is conditioned on the securities and the underlying transaction having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the issuer nor any of the underwriters will have any obligation to you to deliver all or any portion of the securities which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. The depositor has filed a registration statement (including the prospectus) with the Securities and Exchange Commission ("SEC") (SEC File No. 333-136045) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Goldman, Sachs & Co., any underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-866-471-2526. - 9 - [LOGO] RBS GREENWICH CAPITAL [LOGO] GOLDMAN SACHS

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GSMS 2007-GG10 -------------------------------------------------------------------------------- TEN LARGEST MORTGAGE LOANS - SHORENSTEIN PORTLAND PORTFOLIO -------------------------------------------------------------------------------- [PHOTO OF CONGRESS CENTER OMITTED] [PHOTO OF LINCOLN CENTER OMITTED] [PHOTO OF KRUSE OAKS I OMITTED] [PHOTO OF 4004 KRUSE WAY PLACE OMITTED] [PHOTO OF 4949 MEADOWS ROAD OMITTED] The asset-backed securities referred to in these materials are being offered when, as and if issued. In particular, you are advised that asset-backed securities, and the asset pools backing them, are subject to modification or revision (including, among other things, the possibility that one or more classes of securities may be split, combined or eliminated), at any time prior to issuance or availability of a final prospectus. As a result, you may commit to purchase securities that have characteristics that may change, and you are advised that all or a portion of the securities may not be issued that have the characteristics described in these materials. Our obligation to sell securities to you is conditioned on the securities and the underlying transaction having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the issuer nor any of the underwriters will have any obligation to you to deliver all or any portion of the securities which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. The depositor has filed a registration statement (including the prospectus) with the Securities and Exchange Commission ("SEC") (SEC File No. 333-136045) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Goldman, Sachs & Co., any underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-866-471-2526. [LOGO] RBS GREENWICH CAPITAL [LOGO] GOLDMAN SACHS - 10 -
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GSMS 2007-GG10 -------------------------------------------------------------------------------- TEN LARGEST MORTGAGE LOANS - SHORENSTEIN PORTLAND PORTFOLIO -------------------------------------------------------------------------------- [MAP INDICATING LOCATIONS OF SHORENSTEIN PORTLAND PORTFOLIO PROPERTIES OMITTED] The asset-backed securities referred to in these materials are being offered when, as and if issued. In particular, you are advised that asset-backed securities, and the asset pools backing them, are subject to modification or revision (including, among other things, the possibility that one or more classes of securities may be split, combined or eliminated), at any time prior to issuance or availability of a final prospectus. As a result, you may commit to purchase securities that have characteristics that may change, and you are advised that all or a portion of the securities may not be issued that have the characteristics described in these materials. Our obligation to sell securities to you is conditioned on the securities and the underlying transaction having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the issuer nor any of the underwriters will have any obligation to you to deliver all or any portion of the securities which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. The depositor has filed a registration statement (including the prospectus) with the Securities and Exchange Commission ("SEC") (SEC File No. 333-136045) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Goldman, Sachs & Co., any underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-866-471-2526. [LOGO] RBS GREENWICH CAPITAL [LOGO] GOLDMAN SACHS - 11 -
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GSMS 2007-GG10 -------------------------------------------------------------------------------- TEN LARGEST MORTGAGE LOANS - SHORENSTEIN PORTLAND PORTFOLIO -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- PROPERTY INFORMATION Number of Mortgaged Real Properties 16 Location (City/State) Various, Oregon Property Type Office Size (sf) 3,882,036 Percentage Leased as of February 28, 2007 94.1% Year Built Various Appraisal Value $1,063,600,000 Underwritten Occupancy 95.3% Underwritten Revenues $92,563,972 Underwritten Total Expenses $33,954,677 Underwritten Net Operating Income (NOI) $58,609,295 Underwritten In Place Cash Flow (IPCF)(1) $49,431,094 Underwritten Net Cash Flow (NCF)(2) $52,863,207 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- MORTGAGE LOAN INFORMATION Originator GSCMC Cut-off Date Principal Balance $697,200,000 Cut-off Date Principal Balance PSF $179.60 Percentage of Initial Mortgage Pool Balance 9.1% Number of Mortgage Loans 1 Type of Security Fee Simple and Leasehold Mortgage Rate 5.560% Original Term to Maturity (Months) 120 Original Amortization Term (Months) None Cut-off Date LTV Ratio 65.6% LTV Ratio at Maturity 65.6% Underwritten DSCR on NOI 1.49x Underwritten DSCR on IPCF(1) 1.25x Underwritten DSCR on NCF(2) 1.34x -------------------------------------------------------------------------------- ___________________ (1) IPCF is the loan seller's Underwritten NCF, adjusted for in place leases and expenses and contractual rent steps through April 2008, but giving no credit to rental growth expected to occur in future years or upon stabilization. (2) NCF is loan seller's NCF, giving credit to contractual rent steps through the end of the lease term and occupancy of 95.3%. There can be no assurance that the property will ever attain or exceed the stated NCF. o THE LOAN. The mortgage loan (the "SHORENSTEIN PORTLAND PORTFOLIO LOAN") is evidenced by a single note and is secured by first mortgages encumbering 16 office properties all located in the greater Portland, Oregon area (the "SHORENSTEIN PORTLAND PORTFOLIO PROPERTIES"). The Shorenstein Portland Portfolio Loan was originated on March 27, 2007 by Goldman Sachs Commercial Mortgage Capital, L.P. and was subsequently purchased by Goldman Sachs Mortgage Company. The Shorenstein Portland Portfolio Loan represents approximately 9.1% of the initial mortgage pool balance, had an original principal balance and has an outstanding principal balance as of the cut-off date of $697,200,000 and an interest rate of 5.560%. The proceeds from the Shorenstein Portland Portfolio Loan were used to acquire the Shorenstein Portland Portfolio Properties. The Shorenstein Portland Portfolio Loan had an initial term of 120 months, has a remaining term of 117 months and requires payments of interest only through maturity. The scheduled maturity date is the payment date in April 2017. Voluntary prepayment of the Shorenstein Portland Portfolio Loan is prohibited until the payment date in January 2017. Defeasance with direct, non-callable obligations of the United States of America is permitted at any time after the second anniversary of the securitization closing date. o THE PROPERTIES. The Shorenstein Portland Portfolio Properties consist of 16 office properties in the Greater Portland, Oregon area totaling 3,882,036 rentable SF contained in 46 individual buildings. The borrower purchased the Shorenstein Portland Portfolio Properties from The Blackstone Group ("BLACKSTONE") in March 2007, shortly after Blackstone's February 2007 acquisition of Equity Office Properties. As of February 28, 2007, the Shorenstein Portland Portfolio Properties were 94.1% occupied in the aggregate with no tenant comprising more than 2.8% of the total rentable SF. The following table presents certain information relating to the Shorenstein Portland Portfolio Properties: --------------------------------------------------------------------------------------------------------------- ALLOCATED PROPERTY NAME CITY STATE LOAN AMOUNT YEAR BUILT SQUARE FEET OCCUPANCY ------------------------ -------------- ------------ ------------- ---------- ----------- --------- Lincoln Center Portland Oregon $125,520,973 1978-1989 728,113 94.9% Kruse Woods Lake Oswego Oregon 87,864,681 1986, 1997 418,774 93.5 Nimbus Corporate Center Beaverton Oregon 76,889,811 1984-1991 685,788 96.3 Congress Center Portland Oregon 53,297,125 1982 365,617 90.0 Kruse Woods V Lake Oswego Oregon 51,917,052 2003 183,347 100.0 Umpqua Bank Plaza Portland Oregon 50,274,107 1974 273,198 95.0 5800 & 6000 Meadows Lake Oswego Oregon 50,208,389 1999-2001 198,976 93.0 River Forum 1 & 2 Portland Oregon 32,201,715 1985, 1989 192,534 96.8 4900 & 5000 Meadows Road Lake Oswego Oregon 28,850,108 1988-1990 144,275 95.2 4949 Meadows Road Lake Oswego Oregon 27,732,906 1997 124,222 94.6 4000 Kruse Way Place Lake Oswego Oregon 26,024,244 1981 141,099 91.7 Kruse Oaks II Lake Oswego Oregon 25,564,219 2006 102,567 69.0 Kruse Oaks I Lake Oswego Oregon 18,729,569 2001 91,690 92.3 Kruse Way Plaza I & II Lake Oswego Oregon 17,349,495 1984-1986 101,486 99.8 4800 Meadows Road Lake Oswego Oregon 13,932,171 1999 74,352 95.9 4004 Kruse Way Place Lake Oswego Oregon 10,843,435 1996 55,998 100.0 ------------- ----------- --------- TOTAL / WEIGHTED AVERAGE $697,200,000 3,882,036 94.1% --------------------------------------------------------------------------------------------------------------- The asset-backed securities referred to in these materials are being offered when, as and if issued. In particular, you are advised that asset-backed securities, and the asset pools backing them, are subject to modification or revision (including, among other things, the possibility that one or more classes of securities may be split, combined or eliminated), at any time prior to issuance or availability of a final prospectus. As a result, you may commit to purchase securities that have characteristics that may change, and you are advised that all or a portion of the securities may not be issued that have the characteristics described in these materials. Our obligation to sell securities to you is conditioned on the securities and the underlying transaction having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the issuer nor any of the underwriters will have any obligation to you to deliver all or any portion of the securities which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. The depositor has filed a registration statement (including the prospectus) with the Securities and Exchange Commission ("SEC") (SEC File No. 333-136045) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Goldman, Sachs & Co., any underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-866-471-2526. [LOGO] RBS GREENWICH CAPITAL [LOGO] GOLDMAN SACHS - 12 -
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GSMS 2007-GG10 -------------------------------------------------------------------------------- TEN LARGEST MORTGAGE LOANS - SHORENSTEIN PORTLAND PORTFOLIO -------------------------------------------------------------------------------- The following table presents certain information relating to the lease rollover schedule at the Shorenstein Portland Portfolio Property: TEN LARGEST TENANTS BASED ON ANNUALIZED UNDERWRITTEN BASE RENT ------------------------------------------------------------------------------------------------------------------------------------ % OF TOTAL ANNUALIZED ANNUALIZED ANNUALIZED UNDERWRITTEN CREDIT RATING TENANT % OF UNDERWRITTEN UNDERWRITTEN BASE RENT LEASE TENANT NAME (FITCH/MOODY'S/S&P)(1) NRSF NRSF BASE RENT ($) BASE RENT ($ PER NRSF) EXPIRATION -------------------------- ---------------------- --------- ------- ------------- ------------ ------------ ---------- Northwest Evaluation Association NR/NR/NR 108,448 2.8% $ 3,351,036 4.1% $30.90 (3) GSA Portland Bankruptcy Court AAA/Aaa/AAA 59,723 1.5% 1,505,016 1.8% 25.20 9/30/2014 Lime Financial Services NR/NR/NR 48,268 1.2% 1,496,316 1.8% 31.00 10/31/2009 Kaiser Foundation Health Plan A/NR/NR 45,707 1.2% 1,382,628 1.7% 30.25 12/31/2007 Autodesk NR/NR/NR 43,076 1.1% 1,303,056 1.6% 30.25 3/31/2014 Meritage Mortgage Corporation(2) NR/NR/NR 70,697 1.8% 1,263,360 1.5% 17.87 7/31/2010 Umpqua Bank NR/NR/NR 47,651 1.2% 1,112,148 1.4% 23.34 (4) North Pacific Group NR/NR/NR 50,747 1.3% 1,071,768 1.3% 21.12 11/30/2015 UNICRU NR/NR/NR 75,047 1.9% 1,067,172 1.3% 14.22 8/31/2010 Cascade Microtech NR/NR/NR 58,817 1.5% 832,848 1.0% 14.16 12/31/2014 ----------------------------------------------------------------- TEN LARGEST TENANTS 608,181 15.7% $ 14,385,348 17.5% $23.65 Remaining Tenants 3,046,624 78.4% 67,710,264 82.5% 22.22 Vacant 227,231 5.9% 0 0.0% 0.00 ----------------------------------------------------------------- TOTAL ALL TENANTS 3,882,036 100.0% $ 82,095,612 100.0% $21.15 ------------------------------------------------------------------------------------------------------------------------------------ ___________________ (1) Certain ratings are those of the parent company whether or not the parent guarantees the lease. (2) Meritage Mortgage Company was acquired by NetBank in 2004 and NetBank is the guarantor of the lease. Meritage has ceased operations and their space is dark. They have continued to pay the rent and are actively trying to sublet the space. (3) Northwest Evaluation has two leases both within Kruse Woods V. One lease (92,719 SF) expires on 1/30/2011 and the other (15,729 SF) expires on 4/30/2011. (4) Umpqua Bank has two leases both within Umpqua Bank Plaza. One lease (42,348 SF) expires on 11/30/2016 and the other (5,303 SF) expires on 6/30/2009. The following table presents certain information relating to the lease rollover schedule at the Shorenstein Portland Portfolio Properties: LEASE EXPIRATION SCHEDULE(1) ------------------------------------------------------------------------------------------------------------------------------ % OF TOTAL ANNUALIZED CUMULATIVE ANNUALIZED ANNUALIZED UNDERWRITTEN YEAR ENDING % OF TOTAL OF TOTAL UNDERWRITTEN UNDERWRITTEN BASE RENT DECEMBER 31, EXPIRING NRSF NRSF NRSF BASE RENT ($) BASE RENT ($ PER NRSF) -------------------------- --------------- ------------ ------------ --------------- -------------- -------------- 2007 538,687 13.9% 13.9% $13,038,060 15.9% $24.20 2008 479,731 12.4% 26.2% 10,553,940 12.9% 22.00 2009 658,415 17.0% 43.2% 15,002,604 18.3% 22.79 2010 778,071 20.0% 63.2% 15,525,768 18.9% 19.95 2011 509,453 13.1% 76.4% 12,239,460 14.9% 24.02 2012 254,678 6.6% 82.9% 6,384,036 7.8% 25.07 2013 107,892 2.8% 85.7% 2,447,412 3.0% 22.68 2014 194,913 5.0% 90.7% 4,438,548 5.4% 22.77 2015 61,688 1.6% 92.3% 1,337,088 1.6% 21.68 2016 48,185 1.2% 93.6% 1,041,012 1.3% 21.60 2017 0 0.0% 93.6% 0 0.0% 0.00 2018 & Thereafter 23,092 0.6% 94.1% 87,684 0.1% 3.80 Vacant 227,231 5.9% 100.0% 0 0.0% 0.00 ------------------------------------------------------------------------------------------------- TOTAL / WEIGHTED AVERAGE 3,882,036 100.0% $82,095,612 100.0% $21.15 ------------------------------------------------------------------------------------------------------------------------------ ___________________ (1) Calculated based on approximate square footage occupied by each tenant. o THE BORROWER. The borrowers are eight Delaware limited liability companies and one Delaware limited partnership, each a single-purpose entity that owns one or more of the Shorenstein Portland Portfolio Properties. Legal counsel to the borrowers delivered a non-consolidation opinion in connection with the origination of the Shorenstein Portland Portfolio Loan. A majority interest in each of the borrowers under the Shorenstein Portland Portfolio Loan is indirectly owned by Shorenstein Realty Investors Eight, L.P., the guarantor of certain non-recourse carve-outs under the Shorenstein Portland Portfolio Loan. The asset-backed securities referred to in these materials are being offered when, as and if issued. In particular, you are advised that asset-backed securities, and the asset pools backing them, are subject to modification or revision (including, among other things, the possibility that one or more classes of securities may be split, combined or eliminated), at any time prior to issuance or availability of a final prospectus. As a result, you may commit to purchase securities that have characteristics that may change, and you are advised that all or a portion of the securities may not be issued that have the characteristics described in these materials. Our obligation to sell securities to you is conditioned on the securities and the underlying transaction having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the issuer nor any of the underwriters will have any obligation to you to deliver all or any portion of the securities which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. The depositor has filed a registration statement (including the prospectus) with the Securities and Exchange Commission ("SEC") (SEC File No. 333-136045) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Goldman, Sachs & Co., any underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-866-471-2526. [LOGO] RBS GREENWICH CAPITAL [LOGO] GOLDMAN SACHS - 13 -
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GSMS 2007-GG10 -------------------------------------------------------------------------------- TEN LARGEST MORTGAGE LOANS - SHORENSTEIN PORTLAND PORTFOLIO -------------------------------------------------------------------------------- o ESCROWS. The loan documents provide for monthly escrows of real estate taxes ($1,171,186), insurance ($112,521) and a structural reserve ($0.20 times the aggregate number of rentable SF). During a Shorenstein Portland Portfolio Cash Trap Period, the loan documents require additional reserves to cover tenant improvements and leasing commissions at the Shorenstein Portland Portfolio Properties. A "SHORENSTEIN PORTLAND PORTFOLIO CASH TRAP PERIOD" means any period commencing as of the end of any calendar quarter in which the debt service coverage ratio for that calendar quarter for the prior twelve-month period is less than 1.10x and terminating as of the end of any two consecutive calendar quarters in which the debt service coverage ratio of the Shorenstein Portland Portfolio Properties for the prior twelve-month period is at least 1.10x. o LOCKBOX AND CASH MANAGEMENT. The Shorenstein Portland Portfolio Loan requires a hard lockbox, which is already in place. The loan documents require the borrower to direct tenants to pay their rents directly to a lender-controlled lockbox account. The loan documents also require that all cash revenues relating to the property and all other money received by the borrower or the property manager be deposited into the lockbox account within one business day after receipt. On each business day, all funds on deposit in the lockbox account are swept to a cash management account under the control of the lender. Provided no event of default under the Shorenstein Portland Portfolio Loan or Shorenstein Portland Portfolio Cash Trap Period is continuing, all funds in the cash management account in excess of the monthly debt service, any reserves required under the loan documents and all other amounts then due to the lender will be remitted to an account specified by the borrowers on each business day. During the continuance of an event of default under the Shorenstein Portland Portfolio Loan, the lender may apply any funds in the cash management account to the obligations of the borrowers under the Shorenstein Portland Portfolio Loan in such order of priority as the lender may determine. o PROPERTY MANAGEMENT. The Shorenstein Portland Portfolio Properties are currently managed by Shorenstein Realty Services, L.P., an affiliate of the borrowers, pursuant to a management agreement. The property manager of the Shorenstein Portland Portfolio Properties is currently entitled to a base management fee in an amount equal to 3% of revenues from the Shorenstein Portland Portfolio Properties. In addition, under the loan documents, the Shorenstein Portland Portfolio Properties may be managed by a manager other than the current manager, provided that each rating agency has confirmed in writing that management by that manager will not cause the downgrade, withdrawal or qualification of the then current ratings of any class of the series 2007-GG10 certificates. The lender may require the borrowers to replace the property manager if an event of default under the Shorenstein Portland Portfolio Loan has occurred, upon a default by the property manager under the property management agreement, upon an act of fraud, gross negligence or willful misconduct by the property manager or at any time that Walter Shorenstein, his descendants or a related trust property fails to own at least 51% of the property manager. o MEZZANINE OR SUBORDINATE INDEBTEDNESS. Not Permitted o TERRORISM INSURANCE. The loan documents require that the "all risk" insurance policies required to be maintained by the borrowers provide coverage for terrorism in an amount equal to the lesser of the full amount of the Shorenstein Portland Portfolio Loan or the full replacement cost of the Shorenstein Portland Portfolio Properties (as determined by lender in its reasonable discretion) as well as business interruption insurance covering the 12-month period from the occurrence of a casualty. The borrowers must maintain this coverage if it is commercially available, provided that in the event that the Terrorism Risk Insurance Act of 2002 or a similar statute is not in effect, the maximum amount that the borrowers are required to pay in terrorism insurance premiums is an amount equal to two times the current aggregate property insurance premium payable with respect to (or otherwise allocable to) the Shorenstein Portland Portfolio Properties. The borrowers are permitted to maintain such terrorism coverage through a blanket policy. o RELEASE OF COLLATERAL. Provided no event of default is then continuing under the Shorenstein Portland Portfolio Loan, at any time beginning two years from the date of securitization, the borrower may obtain the release of one or more of the Shorenstein Portland Portfolio Properties from the liens of the loan documents, provided that, among other things, (a) the debt service coverage ratio for the 12 months ending immediately prior to release (calculated to give effect to the release) must be equal to or greater than the greater of (x) the debt service coverage ratio at the time of the closing of the Shorenstein Portland Portfolio Loan and (y) the debt service coverage ratio immediately prior to the release, (b) in the case of a release of any of the Shorenstein Portland Portfolio Properties that comprise the group of properties known as the Kruse Oaks Project, such released property must be self-sufficient and not rely on any shared services, common area The asset-backed securities referred to in these materials are being offered when, as and if issued. In particular, you are advised that asset-backed securities, and the asset pools backing them, are subject to modification or revision (including, among other things, the possibility that one or more classes of securities may be split, combined or eliminated), at any time prior to issuance or availability of a final prospectus. As a result, you may commit to purchase securities that have characteristics that may change, and you are advised that all or a portion of the securities may not be issued that have the characteristics described in these materials. Our obligation to sell securities to you is conditioned on the securities and the underlying transaction having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the issuer nor any of the underwriters will have any obligation to you to deliver all or any portion of the securities which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. The depositor has filed a registration statement (including the prospectus) with the Securities and Exchange Commission ("SEC") (SEC File No. 333-136045) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Goldman, Sachs & Co., any underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-866-471-2526. [LOGO] RBS GREENWICH CAPITAL [LOGO] GOLDMAN SACHS - 14 -
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GSMS 2007-GG10 -------------------------------------------------------------------------------- TEN LARGEST MORTGAGE LOANS - SHORENSTEIN PORTLAND PORTFOLIO -------------------------------------------------------------------------------- maintenance or other service or utility arrangements provided by or shared with any other Shorenstein Portland Portfolio Property that comprises the Kruse Oaks Project and (c) each rating agency must confirm in writing that such release will not cause the downgrade, withdrawal or qualification of the then current ratings of any class of the series 2007-GG10 certificates. In addition, the borrower is permitted to adjust the lot line separating two parcels that partially comprise the Kruse Oaks Project, provided that, among other things, the debt service coverage ratio for the 12 months ending on the most recently ended calendar quarter (calculated to give effect to the adjustment) must be equal to or greater than the debt service coverage ratio at the time of the closing of the Shorenstein Portland Portfolio Loan, and the affected property, after giving effect to such lot line adjustment, conforms to all applicable legal requirements. In connection with any release of a Shorenstein Portland Portfolio Property, the borrower is required to defease the Shorenstein Portland Portfolio Loan in an amount equal to the greater of (i) 90% of the net proceeds from the sale or other disposition of the applicable Shorenstein Portland Portfolio Property and (ii) the portion of the Shorenstein Portland Portfolio Loan allocable to such property. o GROUND LEASES. Six of the Shorenstein Portland Portfolio Properties (4949 Meadows, 4900-5000 Meadows, 4800 Meadows, Kruse Oaks I & II, Kruse Woods III and Congress Center) are subject to ground leases. Except for the ground lease relating to the Congress Center parking garage (the appraised value of which is $200,000) that expires in 2013, each of the ground leases has a term that extends at least 30 years beyond the maturity date of the Shorenstein Portland Portfolio Loan (taking into account all freely exercisable extension options) and contains customary mortgagee protection provisions, including notice and cure rights and the right to enter into a new lease with the applicable ground lessor in the event a ground lease is rejected or terminated. Because the Congress Center parking garage ground lease lacks certain conventional mortgagee protection provisions, Shorenstein Realty Investors Eight, L.P. has provided a $5 million guaranty of the borrower's obligations under the loan documents, which becomes effective if (i) the Congress Center parking garage ground lease terminates, (ii) the borrower does not secure replacement parking and grant the lender a security interest in such replacement parking and (iii) the aggregate of the allocated loan amounts for all of the Shorenstein Portland Portfolio Properties owned by the borrower that is lessee under the Congress Center parking garage lease is in excess of 25% of the outstanding principal balance of the Shorenstein Portland Portfolio Loan. The asset-backed securities referred to in these materials are being offered when, as and if issued. In particular, you are advised that asset-backed securities, and the asset pools backing them, are subject to modification or revision (including, among other things, the possibility that one or more classes of securities may be split, combined or eliminated), at any time prior to issuance or availability of a final prospectus. As a result, you may commit to purchase securities that have characteristics that may change, and you are advised that all or a portion of the securities may not be issued that have the characteristics described in these materials. Our obligation to sell securities to you is conditioned on the securities and the underlying transaction having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the issuer nor any of the underwriters will have any obligation to you to deliver all or any portion of the securities which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. The depositor has filed a registration statement (including the prospectus) with the Securities and Exchange Commission ("SEC") (SEC File No. 333-136045) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Goldman, Sachs & Co., any underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-866-471-2526. [LOGO] RBS GREENWICH CAPITAL [LOGO] GOLDMAN SACHS - 15 -
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GSMS 2007-GG10 -------------------------------------------------------------------------------- TEN LARGEST MORTGAGE LOANS - WELLS FARGO TOWER -------------------------------------------------------------------------------- [TWO (2) PHOTOS OF WELLS FARGO TOWER OMITTED] The asset-backed securities referred to in these materials are being offered when, as and if issued. In particular, you are advised that asset-backed securities, and the asset pools backing them, are subject to modification or revision (including, among other things, the possibility that one or more classes of securities may be split, combined or eliminated), at any time prior to issuance or availability of a final prospectus. As a result, you may commit to purchase securities that have characteristics that may change, and you are advised that all or a portion of the securities may not be issued that have the characteristics described in these materials. Our obligation to sell securities to you is conditioned on the securities and the underlying transaction having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the issuer nor any of the underwriters will have any obligation to you to deliver all or any portion of the securities which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. The depositor has filed a registration statement (including the prospectus) with the Securities and Exchange Commission ("SEC") (SEC File No. 333-136045) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Goldman, Sachs & Co., any underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-866-471-2526. [LOGO] RBS GREENWICH CAPITAL [LOGO] GOLDMAN SACHS - 16 -
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GSMS 2007-GG10 -------------------------------------------------------------------------------- TEN LARGEST MORTGAGE LOANS - WELLS FARGO TOWER -------------------------------------------------------------------------------- [TWO (2) MAPS INDICATING LOCATION OF WELLS FARGO TOWER OMITTED] The asset-backed securities referred to in these materials are being offered when, as and if issued. In particular, you are advised that asset-backed securities, and the asset pools backing them, are subject to modification or revision (including, among other things, the possibility that one or more classes of securities may be split, combined or eliminated), at any time prior to issuance or availability of a final prospectus. As a result, you may commit to purchase securities that have characteristics that may change, and you are advised that all or a portion of the securities may not be issued that have the characteristics described in these materials. Our obligation to sell securities to you is conditioned on the securities and the underlying transaction having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the issuer nor any of the underwriters will have any obligation to you to deliver all or any portion of the securities which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. The depositor has filed a registration statement (including the prospectus) with the Securities and Exchange Commission ("SEC") (SEC File No. 333-136045) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Goldman, Sachs & Co., any underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-866-471-2526. [LOGO] RBS GREENWICH CAPITAL [LOGO] GOLDMAN SACHS - 17 -
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GSMS 2007-GG10 -------------------------------------------------------------------------------- TEN LARGEST MORTGAGE LOANS - WELLS FARGO TOWER -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- PROPERTY INFORMATION Number of Mortgaged Real Properties 1 Location (City/State) Los Angeles, California Property Type Office Size (sf) 1,385,325 Percentage Leased as of January 31, 2007 92.1% Year Built/Year Renovated 1982 / 2007 Appraisal Value $704,000,000 Underwritten Occupancy 94.4% Underwritten Revenues $58,348,192 Underwritten Total Expenses $19,383,918 Underwritten Net Operating Income (NOI) $38,964,274 Underwritten In Place Cash Flow (IPCF)(1) $33,789,932 Underwritten Net Cash Flow (NCF)(2) $37,592,494 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- MORTGAGE LOAN INFORMATION Originator GCFP/Lehman Cut-off Date Principal Balance $550,000,000 Cut-off Date Principal Balance PSF/Unit $397.02 Percentage of Initial Mortgage Pool Balance 7.2% Number of Mortgage Loans 1 Type of Security Fee Simple Mortgage Rate 5.697% Original Term to Maturity (Months) 120 Original Amortization Term (Months) Interest Only Cut-off Date LTV Ratio 78.1% LTV Ratio at Maturity 78.1% Underwritten DSCR on NOI 1.22x Underwritten DSCR on IPCF(1) 1.07x Underwritten DSCR on NCF(2) 1.18x -------------------------------------------------------------------------------- ___________________ (1) IPCF is the loan sellers underwritten NOI, adjusted for in place leases and expenses, but giving no credit to rental growth expected to occur in future years or upon stabilization. (2) NCF is loan seller's NCF, giving credit to rental growth to market levels that is projected to happen in future years based on cash flow models prepared with Argus or other software. There can be no assurance that the property will ever attain or exceed the stated NCF. o THE LOAN. The mortgage loan (the "WELLS FARGO TOWER LOAN") is evidenced by two promissory notes and is secured by a first mortgage encumbering the class-A office building located at 333 South Grand Avenue, Los Angeles, California (the "WELLS FARGO TOWER PROPERTY"). The Wells Fargo Tower Loan was originated on April 4, 2007 by Lehman ALI Inc. and Greenwich Capital Financial Products, Inc. ("GCFP"). One promissory note in the amount of $280,500,000 was originated by Lehman ALI Inc. and the other promissory note in the amount of $269,500,000 was originated by GCFP. The Wells Fargo Tower Loan has an aggregate original principal balance and a principal balance as of the cut-off date of $550,000,000, and an interest rate of 5.697%. The Wells Fargo Tower Loan represents approximately 7.2% of the initial mortgage pool balance. The DSCR and LTV on the Wells Fargo Tower Loan are 1.18x and 78.1%, respectively. The proceeds of the Wells Fargo Tower Loan were used to refinance existing debt. The Wells Fargo Tower Loan has an initial term of 120 months and a remaining term of 117 months. The Wells Fargo Tower Loan is interest-only for the entire term. The scheduled maturity date is April 6, 2017. Voluntary prepayment of the Wells Fargo Tower Loan is permitted at any time. Prepayments made prior to October 6, 2016 must be accompanied with the payment of yield maintenance, and may be made without penalty thereafter. Defeasance with United States government securities or certain other obligations is also permitted from August 6, 2009. o THE PROPERTY. The Wells Fargo Tower Property is a 1,385,325-sf, 53-story, class-A multi-tenant office building with an atrium, a three-level enclosed structure housing several retail tenants, and a five-level subterranean parking garage. The Wells Fargo Tower Property is located in the Bunker Hill submarket of Los Angeles' central business district. Maguire Partners, the predecessor of the sponsor, built the Wells Fargo Tower Property in 1982. The building was designed by Skidmore, Owings & Merrill and sits prominently on the Los Angeles skyline. The Wells Fargo Tower Property has 1,305,620 sf of office space, 64,734 sf of retail space, 14,971 sf of storage space and 2,207 parking spaces. As of January 31, 2007, the Wells Fargo Tower Property was 92.1% leased to approximately 73 tenants. The three largest tenants in the building are Wells Fargo Bank (299,665 sf) with various leases through December 2009, December 2011 and February 2013, Gibson, Dunn & Crutcher (268,269 sf) through December 2017, and OakTree Capital Management (125,052 sf) with various leases through December 2007, December 2009 and March 2017. According to Hoovers Online, Wells Fargo & Co. is the fifth largest bank in the United States as of December 2006. Gibson, Dunn & Crutcher, whose largest office is in the Wells Fargo Tower Property, is listed among the 20 largest law firms in the country according to the Internet Legal Research Group. Oaktree Capital Management is a private equity fund with assets under management of $42.3 billion. The asset-backed securities referred to in these materials are being offered when, as and if issued. In particular, you are advised that asset-backed securities, and the asset pools backing them, are subject to modification or revision (including, among other things, the possibility that one or more classes of securities may be split, combined or eliminated), at any time prior to issuance or availability of a final prospectus. As a result, you may commit to purchase securities that have characteristics that may change, and you are advised that all or a portion of the securities may not be issued that have the characteristics described in these materials. Our obligation to sell securities to you is conditioned on the securities and the underlying transaction having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the issuer nor any of the underwriters will have any obligation to you to deliver all or any portion of the securities which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. The depositor has filed a registration statement (including the prospectus) with the Securities and Exchange Commission ("SEC") (SEC File No. 333-136045) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Goldman, Sachs & Co., any underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-866-471-2526. [LOGO] RBS GREENWICH CAPITAL [LOGO] GOLDMAN SACHS - 18 -
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GSMS 2007-GG10 -------------------------------------------------------------------------------- TEN LARGEST MORTGAGE LOANS - WELLS FARGO TOWER -------------------------------------------------------------------------------- The following table presents certain information relating to the major tenants at the Wells Fargo Tower Property: TEN LARGEST TENANTS BASED ON ANNUALIZED UNDERWRITTEN BASE RENT ------------------------------------------------------------------------------------------------------------------------------------ % OF TOTAL ANNUALIZED ANNUALIZED ANNUALIZED UNDERWRITTEN CREDIT RATING TENANT % OF UNDERWRITTEN UNDERWRITTEN BASE RENT LEASE TENANT NAME (FITCH/MOODY'S/S&P)(1) NRSF NRSF BASE RENT ($) BASE RENT ($ PER NRSF) EXPIRATION ----------------------- ---------------------- --------- ------- ------------- ------------ ------------ ------------- Gibson, Dunn & Crutcher NR/NR/NR 268,269 19.4% $ 7,435,404 26.5% $27.72 12/31/2017 Wells Fargo Bank AA/Aa1/AA+ 299,665 21.6% 6,029,592 21.5% 20.12 12/31/2009, 12/31/2011 and 2/28/2013 Oaktree Capital NR/NR/NR 125,052 9.0% 2,202,048 7.9% 17.61 12/31/2007, Management 12/31/2009 and 3/31/2017 Winston & Strawn NR/NR/NR 61,246 4.4% 1,231,800 4.4% 20.11 12/31/2008 and 12/31/2012 Dewey Ballantine NR/NR/NR 48,762 3.5% 1,072,764 3.8% 22.00 12/31/2011 ----------------------------------------------------------------- TOTAL LARGEST TENANTS 802,994 58.0% $ 17,971,608 64.2% $22.38 Remaining Tenants 472,421 34.1% 10,038,855 35.8% 22.38 Vacant Space 109,910 7.9% 0 0.0% 0.00 ----------------------------------------------------------------- TOTAL ALL TENANTS 1,385,325 100.0% $ 28,010,463 100.0% $21.96 ------------------------------------------------------------------------------------------------------------------------------------ ___________________ (1) Certain ratings are those of the parent company whether or not the parent guarantees the lease. The following table presents certain information relating to the lease rollover schedule at the Wells Fargo Tower Property: LEASE EXPIRATION SCHEDULE(1) ------------------------------------------------------------------------------------------------------------------------------ % OF TOTAL ANNUALIZED CUMULATIVE ANNUALIZED ANNUALIZED UNDERWRITTEN YEAR ENDING % OF TOTAL OF TOTAL UNDERWRITTEN UNDERWRITTEN BASE RENT DECEMBER 31, EXPIRING NRSF NRSF NRSF BASE RENT BASE RENT ($ PER NRSF) -------------------------- --------------- ------------ ------------ --------------- -------------- -------------- 2007 90,357 6.5% 6.5% $ 1,924,609 6.9% $21.30 2008 44,604 3.2% 9.7% 935,028 3.3% 20.96 2009 139,772 10.1% 19.8% 2,734,380 9.8% 19.56 2010 75,013 5.4% 25.2% 1,530,492 5.5% 20.40 2011 132,420 9.6% 34.8% 2,861,341 10.2% 21.61 2012 80,318 5.8% 40.6% 1,634,016 5.8% 20.34 2013 370,683 26.8% 67.4% 7,423,848 26.5% 20.03 2014 8,723 0.6% 68.0% 201,504 0.7% 23.10 2015 9,928 0.7% 68.7% 249,565 0.9% 25.14 2016 0 0.0% 68.7% 0 0.0% 0.00 2017 and thereafter 323,597 23.4% 92.1% 8,515,680 30.4% 26.32 Vacant 109,910 7.9% 100.0% 0 0.0% 0.00 ------------------------------------------------------------------------------------------------- TOTAL / WEIGHTED AVERAGE 1,385,325 100.0% $28,010,463 100.0% $21.96 ------------------------------------------------------------------------------------------------------------------------------ ___________________ (1) Calculated based on approximate square footage occupied by each tenant. o THE BORROWER. The borrower (the "WELLS FARGO TOWER BORROWER") is North Tower, LLC, a single-asset, special-purpose, bankruptcy-remote Delaware limited liability company with two independent directors. Legal counsel to the Wells Fargo Tower Borrower delivered a non-consolidation opinion in connection with the origination of the Wells Fargo Tower Loan. The sponsor of the Wells Fargo Tower Borrower is Maguire Properties, Inc. ("MPI"), a publicly traded REIT with a market capitalization of $1.6 billion as of May 16, 2007. Robert F. Maguire III, the largest shareholder, chairman of the board and Co-Chief Executive Officer of MPI is an experienced real estate investor. In 1965, Robert F. Maguire III founded MPI's predecessor, Maguire Partners, to own, manage, develop and acquire office properties in the Southern California market. Over its 42-year history, Maguire Partners established a successful record of developing class-A buildings. MPI is one of the largest commercial real estate developers and owners headquartered on the West Coast and one of the nation's largest developers of class-A quality office and mixed-use properties. The company specializes in large, architecturally significant projects, and has developed a number of significant projects in Los Angeles County, including US Bank Tower, Gas Company Tower, and KPMG Tower. MPI's subsidiary, Maguire Properties, L.P. ("MPLP"), guaranteed the non-recourse carveouts of the Wells Fargo Tower Loan. The Wells Fargo Tower Borrower is affiliated with the borrowers under the mortgage loans identified on Annex C-1 to the prospectus supplement as Two California Plaza, 550 South Hope Street, Maguire Anaheim Portfolio, Lincoln Town Center, and 3800 The asset-backed securities referred to in these materials are being offered when, as and if issued. In particular, you are advised that asset-backed securities, and the asset pools backing them, are subject to modification or revision (including, among other things, the possibility that one or more classes of securities may be split, combined or eliminated), at any time prior to issuance or availability of a final prospectus. As a result, you may commit to purchase securities that have characteristics that may change, and you are advised that all or a portion of the securities may not be issued that have the characteristics described in these materials. Our obligation to sell securities to you is conditioned on the securities and the underlying transaction having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the issuer nor any of the underwriters will have any obligation to you to deliver all or any portion of the securities which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. The depositor has filed a registration statement (including the prospectus) with the Securities and Exchange Commission ("SEC") (SEC File No. 333-136045) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Goldman, Sachs & Co., any underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-866-471-2526. [LOGO] RBS GREENWICH CAPITAL [LOGO] GOLDMAN SACHS - 19 -
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GSMS 2007-GG10 -------------------------------------------------------------------------------- TEN LARGEST MORTGAGE LOANS - WELLS FARGO TOWER -------------------------------------------------------------------------------- Chapman, which are also assets of the trust and are located in the Los Angeles and Orange County MSA's. As of June 7, 2007, MPI's aggregate ownership of downtown commercial real estate was 8,210,898 sf or 36.4% of the downtown class A market. o ESCROWS. The Wells Fargo Tower Loan documents provide for certain escrows including real estate taxes and insurance premiums. Tax and Insurance Reserve: The Wells Fargo Tower Borrower is required to make monthly contributions into a tax and insurance reserve account in an amount equal to one-twelfth of the amount the lender estimates will be necessary to pay impositions, such as taxes and insurance premiums, over the then succeeding twelve month period. Leasing Reserve: At closing, the Wells Fargo Tower Borrower deposited $7,018,725 for then outstanding tenant improvements and leasing commissions. In addition, the Wells Fargo Tower Borrower deposited an additional $2,581,275 ($1.86 psf) in lieu of an ongoing reserve for future tenant improvements and leasing commissions at the Wells Fargo Tower Property. As of June 7, 2007, $9,620,673 remained in the account. Capital Expense Reserve: The Wells Fargo Tower Borrower is required to deposit one-twelfth of the amount lender estimates to be due for replacements and repairs required to be made to the Wells Fargo Tower Property during that calendar year for capital expenditure items at the Wells Fargo Tower Property. o LOCKBOX AND CASH MANAGEMENT. The Wells Fargo Tower Loan requires a hard lockbox, which is already in place. The Wells Fargo Tower Loan documents require the Wells Fargo Tower Borrower to direct the tenants to pay their rents directly to a lender-controlled account, and that all rents received by the Wells Fargo Tower Borrower or the property manager be deposited into the lender-controlled account (as well as any other rents, receipts, security deposits or payments related to lease termination or default) within one business day after receipt. Amounts on deposit in the lockbox account are transferred on each business day to another lender-controlled account. On each payment date, any amounts in such lender-controlled account after payment of debt service, operating expenses and reserves are to be returned to the Wells Fargo Tower Borrower until such time that there is an event of default under the Wells Fargo Tower Loan. Upon the occurrence and during the continuance of an event of default, lender may retain any excess amounts as additional collateral or apply any excess amounts to the payment of the debt. o PROPERTY MANAGEMENT. MPLP, an affiliate of the Wells Fargo Tower Borrower, is the property manager for the Wells Fargo Tower Loan. The lender may cause the Wells Fargo Tower Borrower to replace the property manager with a manager approved by lender, subject to the consent of the rating agencies, if (i) an event of default occurs and is not cured, (ii) a bankruptcy of MPLP occurs, (iii) the maturity date has occurred and the Wells Fargo Tower Loan is not repaid, (iv) the DSCR for the immediately preceding 12 month period is less than 1.0x or (v) a material default occurs under the property management agreement beyond any applicable notice or cure period. The Wells Fargo Tower Borrower may not enter into any agreement relating to the management of the Wells Fargo Tower Property with any party without the express written consent of lender and the rating agencies. The management fee is equal to 3.0% of all rent and other income collected from tenants at the Wells Fargo Tower Property. Leasing commissions are payable separately based on a fixed schedule. MPLP contracts out certain services to an affiliated subcontractor pursuant to a services subcontract that is terminable by either party on 30 days' notice. o MEZZANINE OR SUBORDINATE INDEBTEDNESS. There is currently no mezzanine or subordinate indebtedness related to the Wells Fargo Tower Property. The Wells Fargo Tower Loan documents permit MPI, MPLP or any entity holding any direct or indirect interests in MPI or MPLP or any entity owned by MPLP other than the Wells Fargo Tower Borrower and its sole member ("QUALIFIED PLEDGOR"), to pledge their direct or indirect ownership interests in the sole member of the Wells Fargo Tower Borrower to secure (i) a loan facility or loan facilities to one or more Qualified Pledgors from a group of lenders for which a qualified institutional lender acts as agent or collateral agent or will act as initial administrative and collateral agent, and (ii) related hedging arrangements in connection with the loan facility or loan facilities described in clause (i). In either case, such Qualified Pledgor must pledge, directly or indirectly, its or their equity interests in substantially all of the property owning subsidiaries in which MPLP holds a direct or indirect interest, and any enforcement action taken pursuant to such pledge will constitute a transfer under the Wells Fargo Tower Loan documents The asset-backed securities referred to in these materials are being offered when, as and if issued. In particular, you are advised that asset-backed securities, and the asset pools backing them, are subject to modification or revision (including, among other things, the possibility that one or more classes of securities may be split, combined or eliminated), at any time prior to issuance or availability of a final prospectus. As a result, you may commit to purchase securities that have characteristics that may change, and you are advised that all or a portion of the securities may not be issued that have the characteristics described in these materials. Our obligation to sell securities to you is conditioned on the securities and the underlying transaction having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the issuer nor any of the underwriters will have any obligation to you to deliver all or any portion of the securities which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. The depositor has filed a registration statement (including the prospectus) with the Securities and Exchange Commission ("SEC") (SEC File No. 333-136045) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Goldman, Sachs & Co., any underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-866-471-2526. [LOGO] RBS GREENWICH CAPITAL [LOGO] GOLDMAN SACHS - 20 -
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GSMS 2007-GG10 -------------------------------------------------------------------------------- TEN LARGEST MORTGAGE LOANS - WELLS FARGO TOWER -------------------------------------------------------------------------------- and the holder of such pledge will be required to comply with all of the applicable provisions restricting transfers in the Wells Fargo Tower loan documents. o TERRORISM INSURANCE. The Wells Fargo Tower Loan documents require the Wells Fargo Tower Borrower to maintain terrorism insurance. The Wells Fargo Tower Borrower is not required to incur a cost for such terrorism coverage in excess of 150% of all other insurance coverage required pursuant to the Wells Fargo Tower Loan documents (the "TERRORISM INSURANCE CAP") for the immediately preceding annual policy period. The Wells Fargo Tower Property has terrorism coverage as part of its blanket all-risk property coverage. In the event that the annual premium for terrorism coverage in an amount equal to the "FULL REPLACEMENT COST" coverage exceeds the Terrorism Insurance Cap, the Wells Fargo Tower Borrower will be required to maintain as much terrorism coverage as is available for a premium equal to the Terrorism Insurance Cap. The asset-backed securities referred to in these materials are being offered when, as and if issued. In particular, you are advised that asset-backed securities, and the asset pools backing them, are subject to modification or revision (including, among other things, the possibility that one or more classes of securities may be split, combined or eliminated), at any time prior to issuance or availability of a final prospectus. As a result, you may commit to purchase securities that have characteristics that may change, and you are advised that all or a portion of the securities may not be issued that have the characteristics described in these materials. Our obligation to sell securities to you is conditioned on the securities and the underlying transaction having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the issuer nor any of the underwriters will have any obligation to you to deliver all or any portion of the securities which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. The depositor has filed a registration statement (including the prospectus) with the Securities and Exchange Commission ("SEC") (SEC File No. 333-136045) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Goldman, Sachs & Co., any underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-866-471-2526. [LOGO] RBS GREENWICH CAPITAL [LOGO] GOLDMAN SACHS - 21 -
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GSMS 2007-GG10 -------------------------------------------------------------------------------- TEN LARGEST MORTGAGE LOANS - TWO CALIFORNIA PLAZA -------------------------------------------------------------------------------- [LARGE PHOTO OF TWO CALIFORNIA PLAZA OMITTED] The asset-backed securities referred to in these materials are being offered when, as and if issued. In particular, you are advised that asset-backed securities, and the asset pools backing them, are subject to modification or revision (including, among other things, the possibility that one or more classes of securities may be split, combined or eliminated), at any time prior to issuance or availability of a final prospectus. As a result, you may commit to purchase securities that have characteristics that may change, and you are advised that all or a portion of the securities may not be issued that have the characteristics described in these materials. Our obligation to sell securities to you is conditioned on the securities and the underlying transaction having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the issuer nor any of the underwriters will have any obligation to you to deliver all or any portion of the securities which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. The depositor has filed a registration statement (including the prospectus) with the Securities and Exchange Commission ("SEC") (SEC File No. 333-136045) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Goldman, Sachs & Co., any underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-866-471-2526. [LOGO] RBS GREENWICH CAPITAL [LOGO] GOLDMAN SACHS - 22 -
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GSMS 2007-GG10 -------------------------------------------------------------------------------- TEN LARGEST MORTGAGE LOANS - TWO CALIFORNIA PLAZA -------------------------------------------------------------------------------- [TWO (2) MAPS INDICATING LOCATION OF TWO CALIFORNIA PLAZA OMITTED] The asset-backed securities referred to in these materials are being offered when, as and if issued. In particular, you are advised that asset-backed securities, and the asset pools backing them, are subject to modification or revision (including, among other things, the possibility that one or more classes of securities may be split, combined or eliminated), at any time prior to issuance or availability of a final prospectus. As a result, you may commit to purchase securities that have characteristics that may change, and you are advised that all or a portion of the securities may not be issued that have the characteristics described in these materials. Our obligation to sell securities to you is conditioned on the securities and the underlying transaction having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the issuer nor any of the underwriters will have any obligation to you to deliver all or any portion of the securities which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. The depositor has filed a registration statement (including the prospectus) with the Securities and Exchange Commission ("SEC") (SEC File No. 333-136045) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Goldman, Sachs & Co., any underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-866-471-2526. [LOGO] RBS GREENWICH CAPITAL [LOGO] GOLDMAN SACHS - 23 -
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GSMS 2007-GG10 -------------------------------------------------------------------------------- TEN LARGEST MORTGAGE LOANS - TWO CALIFORNIA PLAZA -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- PROPERTY INFORMATION Number of Mortgaged Real Properties 1 Location (City/State) Los Angeles, California Property Type Office Size (sf) 1,329,810 Percentage Leased as of March 27, 2007 90.5% Year Built 1992 Appraisal Value $638,000,000 Underwritten Occupancy 89.9% Underwritten Revenues $53,847,418 Underwritten Total Expenses $21,110,399 Underwritten Net Operating Income (NOI) $32,737,019 Underwritten In Place Cash Flow (IPCF)(1) $26,305,654 Underwritten Net Cash Flow (NCF)(2) $31,502,945 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- MORTGAGE LOAN INFORMATION Originator GCFP Cut-off Date Principal Balance $470,000,000 Cut-off Date Principal Balance PSF/Unit $353.43 Percentage of Initial Mortgage Pool Balance 6.1% Number of Mortgage Loans 1 Type of Security Leasehold Mortgage Rate 5.49968% Original Term to Maturity (Months) 120 Original Amortization Term (Months) Interest Only Cut-off Date LTV Ratio 73.7% LTV Ratio at Maturity 73.7% Underwritten DSCR on NOI 1.25x Underwritten DSCR on IPCF(1) 1.00x Underwritten DSCR on NCF(2) 1.20x -------------------------------------------------------------------------------- ___________________ (1) IPCF is the loan sellers underwritten NOI, adjusted for in place leases and expenses, but giving no credit to rental growth expected to occur in future years or upon stabilization. (2) NCF is loan seller's NCF, giving credit to rental growth to market levels that is projected to happen in future years based on cash flow models prepared with Argus or other software. There can be no assurance that the property will ever attain or exceed the stated NCF. o THE LOAN. The mortgage loan (the "TWO CALIFORNIA PLAZA LOAN") is evidenced by a single note and is secured by a first-priority leasehold mortgage encumbering the class-A office building located at 350 South Grand Avenue, Los Angeles, California (the "TWO CALIFORNIA PLAZA PROPERTY"). The Two California Plaza Loan represents approximately 6.1% of the initial mortgage pool balance. The Two California Plaza Loan was originated on April 24, 2007, has an original principal balance and a principal balance as of the cut-off date of $470,000,000, and an interest rate of 5.49968%. The DSCR and LTV on the Two California Plaza Loan are 1.20x and 73.7%, respectively. The proceeds of the Two California Plaza Loan were used by the borrower to acquire the Two California Plaza Property along with 24 other properties for a total portfolio acquisition price of approximately $2.875 billion. The Two California Plaza Loan has an initial term of 120 months and a remaining term of 118 months. The Two California Plaza Loan is interest-only for the entire term. The scheduled maturity date is May 6, 2017. Voluntary prepayment of the Two California Plaza Loan is permitted at any time. Prepayments made prior to February 6, 2017 must be accompanied with the payment of yield maintenance, and may be made without penalty thereafter. Defeasance with United States government securities or certain other obligations is also permitted from August 6, 2009. o THE PROPERTY. The Two California Plaza Property is a 1,329,810-sf, 52-story class-A office building with an atrium, a three-level enclosed structure housing several retail tenants, and a five-level subterranean parking garage. The Two California Plaza Property is located in the Bunker Hill submarket of Los Angeles' central business district. Maguire Partners, the predecessor of the sponsor, built the Two California Plaza Property in 1992. The building was designed by Arthur Erickson and sits prominently on the Los Angeles skyline. The Two California Plaza Property has 1,277,657 sf of office space, 52,153 sf of retail and storage space and 1,225 parking spaces. As of March 27, 2007, the Two California Plaza Property was 90.5% leased to approximately 56 tenants. The three largest tenants in the building are Deloitte & Touche (342,094 sf) through March 2015, Pricewaterhouse Coopers (160,784 sf) through May 2013, and Aames Financial Corp. (151,561 sf) through March 2012. Aames Financial was acquired in 2006 by Accredited Home Lenders (NYSE: LEND), which had a market capitalization of $374 million as of June 7, 2007. The asset-backed securities referred to in these materials are being offered when, as and if issued. In particular, you are advised that asset-backed securities, and the asset pools backing them, are subject to modification or revision (including, among other things, the possibility that one or more classes of securities may be split, combined or eliminated), at any time prior to issuance or availability of a final prospectus. As a result, you may commit to purchase securities that have characteristics that may change, and you are advised that all or a portion of the securities may not be issued that have the characteristics described in these materials. Our obligation to sell securities to you is conditioned on the securities and the underlying transaction having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the issuer nor any of the underwriters will have any obligation to you to deliver all or any portion of the securities which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. The depositor has filed a registration statement (including the prospectus) with the Securities and Exchange Commission ("SEC") (SEC File No. 333-136045) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Goldman, Sachs & Co., any underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-866-471-2526. [LOGO] RBS GREENWICH CAPITAL [LOGO] GOLDMAN SACHS - 24 -
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GSMS 2007-GG10 -------------------------------------------------------------------------------- TEN LARGEST MORTGAGE LOANS - TWO CALIFORNIA PLAZA -------------------------------------------------------------------------------- The following table presents certain information relating to the major tenants at the Two California Plaza Property: TEN LARGEST TENANTS BASED ON ANNUALIZED UNDERWRITTEN BASE RENT ------------------------------------------------------------------------------------------------------------------------------------ % OF TOTAL ANNUALIZED ANNUALIZED ANNUALIZED UNDERWRITTEN CREDIT RATING TENANT % OF UNDERWRITTEN UNDERWRITTEN BASE RENT LEASE TENANT NAME (FITCH/MOODY'S/S&P)(1) NRSF NRSF BASE RENT ($) BASE RENT ($ PER NRSF) EXPIRATION ----------------------- ---------------------- --------- ------- ------------- ------------ ------------ ------------- Deloitte & Touche NR/NR/NR 342,094 25.7% $ 5,216,904 21.0% $15.25 3/31/2015 Aames Financial Corp. NR/NR/NR 151,561 11.4% 3,423,756 13.8% 22.59 3/31/2012 PricewaterhouseCoopers NR/NR/NR 160,784 12.1% 2,847,048 11.5% 17.71 5/31/2013 Mayer Brown Rowe NR/NR/NR 81,411 6.1% 1,678,992 6.8% 20.62 3/31/2017 ----------------------------------------------------------------- TOTAL LARGEST TENANTS 735,850 55.3% $ 13,166,700 53.1% $17.89 Remaining Tenants 467,079 35.1% 11,652,708 46.9% 24.95 Vacant Space 126,881 9.5% 0 0.0% 0.00 ----------------------------------------------------------------- TOTAL ALL TENANTS 1,329,810 100.0% $ 24,819,408 100.0% $20.63 ------------------------------------------------------------------------------------------------------------------------------------ ___________________ (1) Certain ratings are those of the parent company whether or not the parent guarantees the lease. The following table presents certain information relating to the lease rollover schedule at the Two California Plaza Property: LEASE EXPIRATION SCHEDULE(1) ------------------------------------------------------------------------------------------------------------------------------ % OF TOTAL ANNUALIZED CUMULATIVE ANNUALIZED ANNUALIZED UNDERWRITTEN YEAR ENDING % OF TOTAL OF TOTAL UNDERWRITTEN UNDERWRITTEN BASE RENT DECEMBER 31, EXPIRING NRSF NRSF NRSF BASE RENT ($) BASE RENT ($ PER NRSF) -------------------------- --------------- ------------ ------------ --------------- -------------- -------------- 2007 80,900 6.1% 6.1% $ 2,105,712 8.5% $26.03 2008 83,876 6.3% 12.4% 1,857,708 7.5% 22.15 2009 68,305 5.1% 17.5% 1,637,712 6.6% 23.98 2010 17,623 1.3% 18.9% 433,500 1.7% 24.60 2011 59,655 4.5% 23.3% 1,436,616 5.8% 24.08 2012 194,788 14.6% 38.0% 4,274,040 17.2% 21.94 2013 252,097 19.0% 56.9% 5,663,952 22.8% 22.47 2014 26,309 2.0% 58.9% 605,112 2.4% 23.00 2015 342,094 25.7% 84.6% 5,216,904 21.0% 15.25 2016 0 0.0% 84.6% 0 0.0% 0.00 2017 and thereafter 77,282 5.8% 90.5% 1,588,152 6.4% 20.55 Vacant 126,881 9.5% 100.0% 0 0.0% 0.00 ------------------------------------------------------------------------------------------------- TOTAL / WEIGHTED AVERAGE 1,329,810 100.0% $24,819,408 100.0% $20.63 ------------------------------------------------------------------------------------------------------------------------------ ___________________ (1) Calculated based on approximate square footage occupied by each tenant. o GROUND LEASE. The Two California Plaza Borrower has a leasehold interest in the Two California Plaza Property under a ground lease from the Community Redevelopment Agency of the City of Los Angeles, California that has an expiration date of August 25, 2082. The current annual ground rent payment is $1,950,000. The ground lease generally contains standard mortgagee protection provisions. o THE BORROWER. The borrower (the "TWO CALIFORNIA PLAZA BORROWER") is Maguire Properties-Two Cal Plaza, LLC, a single-asset, special-purpose, bankruptcy-remote Delaware limited liability company with two independent directors. Legal counsel to the Two California Plaza Borrower delivered a non-consolidation opinion in connection with the origination of the Two California Plaza Loan. The sponsor of the Two California Plaza Borrower is Maguire Properties, Inc., ("MPI") a publicly traded REIT with a market capitalization of $1.6 billion as of May 16, 2007. Robert F. Maguire III, the largest shareholder, chairman of the board and Co-Chief Executive Officer of MPI, is an experienced real estate investor. In 1965, Robert F. Maguire III founded MPI's predecessor, Maguire Partners, to own, manage, develop and acquire office properties in the Southern California market. Over its 42-year history, Maguire Partners established a successful record of developing class-A buildings. MPI is one of the largest commercial real estate developers and owners headquartered on the West Coast and one of the nation's largest developers of class-A quality office and mixed-use properties. The company specializes in large, architecturally significant projects, and has developed a number of significant projects in Los Angeles County, including US Bank Tower, Gas Company Tower, and KPMG Tower. MPI's The asset-backed securities referred to in these materials are being offered when, as and if issued. In particular, you are advised that asset-backed securities, and the asset pools backing them, are subject to modification or revision (including, among other things, the possibility that one or more classes of securities may be split, combined or eliminated), at any time prior to issuance or availability of a final prospectus. As a result, you may commit to purchase securities that have characteristics that may change, and you are advised that all or a portion of the securities may not be issued that have the characteristics described in these materials. Our obligation to sell securities to you is conditioned on the securities and the underlying transaction having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the issuer nor any of the underwriters will have any obligation to you to deliver all or any portion of the securities which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. The depositor has filed a registration statement (including the prospectus) with the Securities and Exchange Commission ("SEC") (SEC File No. 333-136045) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Goldman, Sachs & Co., any underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-866-471-2526. [LOGO] RBS GREENWICH CAPITAL [LOGO] GOLDMAN SACHS - 25 -
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GSMS 2007-GG10 -------------------------------------------------------------------------------- TEN LARGEST MORTGAGE LOANS - TWO CALIFORNIA PLAZA -------------------------------------------------------------------------------- subsidiary, Maguire Properties, L.P. ("MPLP"), guaranteed the non-recourse carveouts of the Two California Plaza Loan. The Two California Plaza Borrower is affiliated with the borrowers under the mortgage loans identified on Annex C-1 to the prospectus supplement as 550 South Hope Street, Wells Fargo Tower, Maguire Anaheim Portfolio, Lincoln Town Center, and 3800 Chapman, which are also assets of the trust and are located in the Los Angeles and Orange County MSA's. As of June 7, 2007, MPI's aggregate ownership of downtown commercial real estate was 8,210,898 sf or 36.4% of the downtown class-A market. o ESCROWS. The Two California Plaza Loan documents provide for certain escrows including real estate taxes and insurance premiums. Tax and Insurance Reserve: The Two California Plaza Borrower is required to make monthly contributions into a tax and insurance reserve account in an amount equal to one-twelfth of the amount the lender estimates will be necessary to pay impositions, such as taxes and insurance premiums, over the then succeeding twelve month period. Capital Expense Reserve: The Two California Plaza Borrower is required to make monthly contributions into a capital expenditure reserve account in an amount initially equal to $22,164. Leasing Reserve: The Two California Plaza Borrower made an initial deposit of $12,130,000 ($9.12 psf) into a leasing reserve account. In addition, commencing on June 6, 2009, the Two California Plaza Borrower is required to make monthly contributions into the leasing reserve in an amount equal to $110,818 ($1.00 psf). As of June 7, 2007, $12,142,462 remained in the account. Ground Rent Reserve: The Two California Plaza Borrower is required to make monthly contributions into a ground rent reserve account in an amount equal to the amount that lender estimates will be necessary to pay each installment of ground rent which is due prior to the next payment date under the Two California Plaza Loan. Debt Service Reserve: The Two California Plaza Borrower made a deposit of $3,000,000 into a debt service reserve to cover potential shortfalls in the amount of revenue from the Two California Plaza Property available to pay the monthly interest payments required under the Two California Plaza Loan. Any funds remaining on deposit in the debt service reserve will be released to the Two California Plaza Borrower when the lender has determined that the Two California Plaza Property has achieved an actual DSCR of at least 1.10x for two consecutive calendar quarters. As of June 7, 2007, $3,002,465 remained in the account. o LOCKBOX AND CASH MANAGEMENT. The Two California Plaza Loan requires a hard lockbox, which is already in place. The Two California Plaza Loan documents require the Two California Plaza Borrower to direct tenants to pay their rents directly to a lender-controlled account, and that all rents received by the Two California Plaza Borrower or the property manager be deposited into the lender-controlled account (as well as any other rents, receipts, security deposits or payments related to lease termination or default) within one business day of receipt. Amounts on deposit in the lockbox account are swept on a daily basis into the Two California Plaza Borrower's operating account, unless an event of default is continuing or, commencing on December 31, 2009, the actual DSCR is less than 1.05x (each triggering, a "DSCR CASH MANAGEMENT PERIOD"). During a DSCR Cash Management Period, amounts in the lender-controlled account will be swept into another account controlled by lender and applied to the payment of monthly interest payments, operating expenses and any required reserves under the Two California Plaza Loan documents and any excess cash will be held by the lender. In the event that a DSCR Cash Management Period is continuing, the Two California Plaza Borrower may cause the DSCR Cash Management Period to terminate by delivering a letter of credit in an amount equal to the portion of the then-outstanding principal balance of the Two California Plaza Loan, such that an actual DSCR of at least 1.05x would be maintained on the Two California Plaza Loan after repayment of the amount of such letter of credit. At any time during the continuance of an event of default, the lender may apply any amounts in the cash collateral account to the prepayment of the debt with the applicable yield maintenance premium. Additionally, if a DSCR Cash Management Period is continuing for two consecutive calendar quarters, the lender may use the monies in the cash collateral account to prepay the Two California Plaza Loan with the applicable yield maintenance premium. The asset-backed securities referred to in these materials are being offered when, as and if issued. In particular, you are advised that asset-backed securities, and the asset pools backing them, are subject to modification or revision (including, among other things, the possibility that one or more classes of securities may be split, combined or eliminated), at any time prior to issuance or availability of a final prospectus. As a result, you may commit to purchase securities that have characteristics that may change, and you are advised that all or a portion of the securities may not be issued that have the characteristics described in these materials. Our obligation to sell securities to you is conditioned on the securities and the underlying transaction having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the issuer nor any of the underwriters will have any obligation to you to deliver all or any portion of the securities which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. The depositor has filed a registration statement (including the prospectus) with the Securities and Exchange Commission ("SEC") (SEC File No. 333-136045) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Goldman, Sachs & Co., any underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-866-471-2526. [LOGO] RBS GREENWICH CAPITAL [LOGO] GOLDMAN SACHS - 26 -
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GSMS 2007-GG10 -------------------------------------------------------------------------------- TEN LARGEST MORTGAGE LOANS - TWO CALIFORNIA PLAZA -------------------------------------------------------------------------------- o PROPERTY MANAGEMENT. MPLP, an affiliate of the Two California Plaza Borrower, is the property manager for the Two California Plaza Loan. The lender may cause the Two California Plaza Borrower to replace the property manager with a manager approved by the lender, subject to the consent of the rating agencies, if (i) an event of default occurs and is not cured, (ii) a bankruptcy of MPLP occurs, (iii) the maturity date has occurred and the Two California Plaza Loan is not repaid, (iv) the property manager exhibits gross negligence, malfeasance or willful misconduct or (v) the manager defaults under the property management agreement beyond any applicable notice or cure period. Thereafter, the Two California Plaza Borrower may not enter into any agreement relating to the management of the Two California Plaza Property with any party without the express written consent of lender and, if required, the rating agencies. The management fee is equal to 3.0% of all rent and other income collected from tenants at the Two California Plaza Property. Leasing commissions are payable separately based on a fixed schedule. MPLP contracts out certain services to an affiliated subcontractor pursuant to a services subcontract that is terminable by either party on 30 days' notice. o MEZZANINE OR SUBORDINATE INDEBTEDNESS. There is currently no mezzanine or subordinate indebtedness related to the Two California Plaza Property. The Two California Plaza Loan documents permit MPI, MPLP or any entity holding any direct or indirect interests in MPI or MPLP, to pledge their indirect ownership interests in the Two California Plaza Borrower (but not the foreclosure thereon) to any permitted institutional transferee providing a corporate line of credit or other financing to MPI, MPLP or any entity holding any direct or indirect interests in MPI or MPLP, provided that the indirect interests in the Two California Plaza Borrower that are pledged as collateral comprise no more than 33% of the total value of the collateral for such line of credit or other financing, and provided that (i) no default has occurred and remains uncured and (ii) lender has received payment of, or reimbursement for, all costs and expenses incurred by lender in connection with such pledges (including, but not limited to, reasonable attorneys' fees and costs and expenses of the rating agencies). o TERRORISM INSURANCE. The Two California Plaza Loan documents require the Two California Plaza Borrower to maintain terrorism insurance. The Two California Plaza Property has terrorism coverage as part of its sponsor's blanket "all-risk" property coverage. The Two California Plaza Loan documents provide that if "certified acts of terrorism," as identified by the United States Government, are excluded from Two California Plaza Borrower's comprehensive "all-risk" insurance policy business income coverage, commercial general liability insurance or umbrella liability insurance coverage, the Two California Plaza Borrower is required to obtain an endorsement to such policies, or separate policies, insuring against all such "certified acts of terrorism" ("TERRORISM ACTS"); provided that the Two California Plaza Borrower is not required to spend in excess of an amount equal to 150% of the aggregate amount of all insurance premiums payable for all insurance coverage required under the Two California Plaza Loan with respect to the Two California Plaza Property and all other properties owned by MPLP or its affiliates for the last policy year, adjusted annually by the Consumer Price Index (such amount, the "TERRORISM INSURANCE CAP") for such coverage and, in the event that the coverage is not available at a per annum cost of the Terrorism Insurance Cap, then Two California Plaza Borrower is required to purchase insurance covering Terrorism Acts at the Two California Plaza in an amount equal to the principal balance of the Two California Plaza Loan, but is not required to maintain the full amount of such coverage if such coverage is not available at a per annum cost of the Terrorism Insurance Cap or less, provided that in the event that the Terrorism Insurance Cap is not sufficient to purchase such coverage in an amount equal to the principal balance of the Two California Plaza Loan, then the Two California Plaza Borrower shall obtain the greatest amount of coverage obtainable at a per annum cost of the Terrorism Insurance Cap. The asset-backed securities referred to in these materials are being offered when, as and if issued. In particular, you are advised that asset-backed securities, and the asset pools backing them, are subject to modification or revision (including, among other things, the possibility that one or more classes of securities may be split, combined or eliminated), at any time prior to issuance or availability of a final prospectus. As a result, you may commit to purchase securities that have characteristics that may change, and you are advised that all or a portion of the securities may not be issued that have the characteristics described in these materials. Our obligation to sell securities to you is conditioned on the securities and the underlying transaction having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the issuer nor any of the underwriters will have any obligation to you to deliver all or any portion of the securities which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. The depositor has filed a registration statement (including the prospectus) with the Securities and Exchange Commission ("SEC") (SEC File No. 333-136045) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Goldman, Sachs & Co., any underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-866-471-2526. [LOGO] RBS GREENWICH CAPITAL [LOGO] GOLDMAN SACHS - 27 -
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GSMS 2007-GG10 -------------------------------------------------------------------------------- TEN LARGEST MORTGAGE LOANS - TIAA REXCORP NEW JERSEY PORTFOLIO -------------------------------------------------------------------------------- [THREE (3) PHOTOS OF TIAA REXCORP NEW JERSEY PORTFOLIO PROPERTIES OMITTED] The asset-backed securities referred to in these materials are being offered when, as and if issued. In particular, you are advised that asset-backed securities, and the asset pools backing them, are subject to modification or revision (including, among other things, the possibility that one or more classes of securities may be split, combined or eliminated), at any time prior to issuance or availability of a final prospectus. As a result, you may commit to purchase securities that have characteristics that may change, and you are advised that all or a portion of the securities may not be issued that have the characteristics described in these materials. Our obligation to sell securities to you is conditioned on the securities and the underlying transaction having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the issuer nor any of the underwriters will have any obligation to you to deliver all or any portion of the securities which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. The depositor has filed a registration statement (including the prospectus) with the Securities and Exchange Commission ("SEC") (SEC File No. 333-136045) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Goldman, Sachs & Co., any underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-866-471-2526. [LOGO] RBS GREENWICH CAPITAL [LOGO] GOLDMAN SACHS - 28 -
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GSMS 2007-GG10 -------------------------------------------------------------------------------- TEN LARGEST MORTGAGE LOANS - TIAA REXCORP NEW JERSEY PORTFOLIO -------------------------------------------------------------------------------- [TWO (2) MAPS INDICATING LOCATIONS OF TIAA REXCORP NEW JERSEY PORTFOLIO PROPERTIES OMITTED] The asset-backed securities referred to in these materials are being offered when, as and if issued. In particular, you are advised that asset-backed securities, and the asset pools backing them, are subject to modification or revision (including, among other things, the possibility that one or more classes of securities may be split, combined or eliminated), at any time prior to issuance or availability of a final prospectus. As a result, you may commit to purchase securities that have characteristics that may change, and you are advised that all or a portion of the securities may not be issued that have the characteristics described in these materials. Our obligation to sell securities to you is conditioned on the securities and the underlying transaction having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the issuer nor any of the underwriters will have any obligation to you to deliver all or any portion of the securities which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. The depositor has filed a registration statement (including the prospectus) with the Securities and Exchange Commission ("SEC") (SEC File No. 333-136045) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Goldman, Sachs & Co., any underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-866-471-2526. [LOGO] RBS GREENWICH CAPITAL [LOGO] GOLDMAN SACHS - 29 -
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GSMS 2007-GG10 -------------------------------------------------------------------------------- TEN LARGEST MORTGAGE LOANS - TIAA REXCORP NEW JERSEY PORTFOLIO -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- PROPERTY INFORMATION Number of Mortgaged Real Properties 6 Location (City/State) Various, New Jersey Property Type Office Size (sf) 1,041,818 Percent Leased as of February 23, 2007 88.1% Year Built/Year Renovated 1981-2000 / 2003-2006 Appraisal Value $394,100,000 Underwritten Occupancy 92.0% Underwritten Revenues $32,445,470 Underwritten Total Expenses $9,642,131 Underwritten Net Operating Income (NOI) $22,803,339 Underwritten In Place Cash Flow (IPCF)(1) $19,623,786 Underwritten Net Cash Flow (NCF)(2) $21,694,153 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- MORTGAGE LOAN INFORMATION Originator GCFP Cut-off Date Principal Balance $270,375,000 Cut-off Date Principal Balance PSF/Unit $259.52 Percentage of Initial Mortgage Pool Balance 3.5% Number of Mortgage Loans 1 Type of Security Fee Simple Mortgage Rate 5.661% Original Term to Maturity (Months) 120 Original Amortization Term (Months) Interest Only Cut-off Date LTV Ratio 68.6% LTV Ratio at Maturity 68.6% Underwritten DSCR on NOI 1.47x Underwritten DSCR on IPCF(1) 1.26x Underwritten DSCR on NCF(2) 1.39x -------------------------------------------------------------------------------- ___________________ (1) IPCF is the loan sellers underwritten NOI, adjusted for in place leases and expenses, but giving no credit to rental growth expected to occur in future years or upon stabilization. (2) NCF is loan seller's NCF, assuming lease-up of the 1 Giralda Farms property to a 90% market occupancy. There can be no assurance that the property will ever attain or exceed the stated NCF. o THE LOAN. The mortgage loan (the "TIAA REXCORP NEW JERSEY PORTFOLIO LOAN") is evidenced by a single note and is secured by first mortgages encumbering six class-A office buildings located in New Jersey and consisting of 1,034,114 sf (the "TIAA REXCORP NEW JERSEY PROPERTIES"). The TIAA RexCorp New Jersey Portfolio Loan represents approximately 3.5% of the initial mortgage pool balance. The TIAA RexCorp New Jersey Portfolio Loan was originated on January 25, 2007, had an original principal balance and a principal as of the cut-off date of $270,375,000 and has an interest rate of 5.661% per annum. The DSCR and LTV on the TIAA RexCorp New Jersey Portfolio Loan are 1.39x and 68.6%, respectively. The proceeds of the TIAA RexCorp New Jersey Portfolio Loan were used by the borrower to acquire the TIAA RexCorp New Jersey Properties along with 9 other properties for a total portfolio acquisition price of approximately $1.14 billion. The TIAA RexCorp New Jersey Portfolio Loan had an initial term of 120 months, has a remaining term of 115 months and requires payments of interest only for the entire term. The scheduled maturity date is February 6, 2017. Voluntary prepayment of the TIAA RexCorp New Jersey Portfolio Loan is prohibited prior to the payment date of November 6, 2016 and permitted on such payment date and thereafter without penalty. Defeasance with United States government securities or certain other obligations is permitted from August 6, 2009 (the "TIAA REXCORP NEW JERSEY PORTFOLIO INITIAL DEFEASANCE DATE"). o THE PROPERTIES. The TIAA RexCorp New Jersey Properties consist of six office properties in New Jersey. The following table presents certain information relating to the TIAA RexCorp New Jersey Properties: --------------------------------------------------------------------------------------------------------------- ALLOCATED PROPERTY NAME CITY STATE LOAN AMOUNT YEAR BUILT SQUARE FEET OCCUPANCY ------------------------ -------------- ------------ ------------- ---------- ----------- --------- 1 Giralda Farms Madison New Jersey $54,500,000 1984/2007 155,936 20.2% 3 Giralda Farms Madison New Jersey 38,375,000 1990 141,000 100.0% 7 Giralda Farms Madison New Jersey 56,000,000 2000 203,258 100.0% 101 JFK Parkway Short Hills New Jersey 48,000,000 1981/2003 197,779 100.0% 103 JFK Parkway Short Hills New Jersey 37,500,000 1981/2003 123,000 100.0% 44 Whippany Road Morristown New Jersey 36,000,000 1986 220,845 100.0% ------------- ----------- --------- TOTAL / WEIGHTED AVERAGE $270,375,000 1,041,818 88.1% --------------------------------------------------------------------------------------------------------------- 1 Giralda Farms is a four-story, 155,936 sf class-A office building located in Madison, New Jersey. Constructed in 1984 and situated on a 24.12-acre site, the building has floorplates of approximately 39,000 sf. The property features a granite and reflective glass facade, multi-story atrium, underground and garage parking, and 24-hour security. Amenities include a conference room and health and fitness center. Giralda Farms is a secure 370-acre corporate campus located within two miles of Interstate 287 and Route 24. The campus is located on what was formerly the Geraldine Rockefeller Dodge Estate. The property was originally constructed and occupied by Schering Plough as a single-tenant headquarters building. The TIAA RexCorp New Jersey Portfolio Borrowers are in the process of completing a nearly $15 million dollar renovation of the property that includes repair and expansion of the parking garage to provide total parking of 4 spaces per 1,000 sf, as well as interior improvements including the addition of a cafe, and common area renovations and security The asset-backed securities referred to in these materials are being offered when, as and if issued. In particular, you are advised that asset-backed securities, and the asset pools backing them, are subject to modification or revision (including, among other things, the possibility that one or more classes of securities may be split, combined or eliminated), at any time prior to issuance or availability of a final prospectus. As a result, you may commit to purchase securities that have characteristics that may change, and you are advised that all or a portion of the securities may not be issued that have the characteristics described in these materials. Our obligation to sell securities to you is conditioned on the securities and the underlying transaction having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the issuer nor any of the underwriters will have any obligation to you to deliver all or any portion of the securities which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. The depositor has filed a registration statement (including the prospectus) with the Securities and Exchange Commission ("SEC") (SEC File No. 333-136045) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Goldman, Sachs & Co., any underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-866-471-2526. [LOGO] RBS GREENWICH CAPITAL [LOGO] GOLDMAN SACHS - 30 -
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GSMS 2007-GG10 -------------------------------------------------------------------------------- TEN LARGEST MORTGAGE LOANS - TIAA REXCORP NEW JERSEY PORTFOLIO -------------------------------------------------------------------------------- upgrades to reposition the property as a multi-tenant office building. Parking is provided at a ratio of 4.0 spaces per 1,000 sf. The property is 20.2% leased by Edwards Angell Palmer. There are currently no other tenants at the property. A $13.3 million reserve was taken at the closing of the TIAA RexCorp New Jersey Portfolio Loan, which is projected to be sufficient to complete the planned renovations and pay for leasing costs. 3 Giralda Farms is a four-story, 141,000-sf class-A office building located in Madison, New Jersey. Constructed in 1990 and situated on a 21.149-acre site, the building has floorplates of approximately 32,000 sf. The property features a granite and reflective glass facade, floor-to-ceiling glass atrium lobby, underground parking and 24-hour security. Amenities include a stainless steel gourmet cafe, health club and fitness center and a 55-seat auditorium and teleconferencing room. The property is 100% leased by Quest Diagnostics, which leases the building through September 2017. 7 Giralda Farms is a three-story, 203,258-sf class-A office building located in Madison, New Jersey. Constructed in 2000 and situated on a 20-acre site, the building has floorplates of approximately 68,000 sf. The property features a granite and reflective glass facade, two-story atrium lobby with granite, three levels of underground parking and 24-hour security system/card access. Amenities include a gourmet cafe. Tenants at the property include Maersk (115,316 sf) through October 2015; Wyeth (32,041 sf) through June 2012; Atlantic Mutual Insurance (30,769 sf) through April 2011; and Acordia Northeast (25,132 sf), now known as Wells Fargo Insurance Services, through January 2015. 101 JFK Parkway is a six-story, 197,779-sf class-A office building located in Short Hills, New Jersey. Constructed in 1981 and renovated in 2003, the building is situated on a 15-acre site that is shared with 103 JFK Parkway. The property is located adjacent to the Hilton at Short Hills and across from the Mall at Short Hills. The property is located approximately 15 minutes from Newark Liberty International Airport. The building has average floorplates of approximately 34,000 sf. The 2003 renovation encompassed both 101 JFK Parkway and 103 JFK Parkway and had an estimated cost of $7 million. The renovation/repositioning included creating new lobbies as well as a side entrance at 101 JFK Parkway. Amenities at the property include a cafeteria, health club and conferencing center. Both covered and surface parking are provided. Major tenants at the property include Bollinger (69,280 sf) through November 2016; Investors Savings Bank (53,200 sf) through November 2019; and Franklin Mutual Advisors (30,202 sf) through September 2020. 103 JFK Parkway is a four-story, 123,000-sf class-A office building located in Short Hills, New Jersey, adjacent to the 101 JFK Parkway property. Constructed in 1981 and renovated in 2003, the building has an average floor-plate of 34,500 sf. The property is 100% occupied by Dun & Bradstreet Corporation through September 2012. 44 Whippany Road is a three-story, 220,845-sf class-A suburban office building located in Morristown, New Jersey. Constructed in 1986, the average floorplate is 88,000 sf. Amenities at the property include a cafe. Surface parking is provided. The largest tenants at the property are Marsh & McClennan (77,165 sf) through December 2008; The CIT Group (47,304 sf) through October 2007; Schwartz Simon Edelstein Celso (41,384 sf) through October 2021; and One Beacon Insurance Co. (20,153 sf) through August 2010. The asset-backed securities referred to in these materials are being offered when, as and if issued. In particular, you are advised that asset-backed securities, and the asset pools backing them, are subject to modification or revision (including, among other things, the possibility that one or more classes of securities may be split, combined or eliminated), at any time prior to issuance or availability of a final prospectus. As a result, you may commit to purchase securities that have characteristics that may change, and you are advised that all or a portion of the securities may not be issued that have the characteristics described in these materials. Our obligation to sell securities to you is conditioned on the securities and the underlying transaction having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the issuer nor any of the underwriters will have any obligation to you to deliver all or any portion of the securities which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. The depositor has filed a registration statement (including the prospectus) with the Securities and Exchange Commission ("SEC") (SEC File No. 333-136045) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Goldman, Sachs & Co., any underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-866-471-2526. [LOGO] RBS GREENWICH CAPITAL [LOGO] GOLDMAN SACHS - 31 -
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GSMS 2007-GG10 -------------------------------------------------------------------------------- TEN LARGEST MORTGAGE LOANS - TIAA REXCORP NEW JERSEY PORTFOLIO -------------------------------------------------------------------------------- The following table presents certain information relating to the major tenants at the TIAA RexCorp New Jersey Properties: TEN LARGEST TENANTS BASED ON ANNUALIZED UNDERWRITTEN BASE RENT ------------------------------------------------------------------------------------------------------------------------------------ % OF TOTAL ANNUALIZED ANNUALIZED ANNUALIZED UNDERWRITTEN CREDIT RATING TENANT % OF UNDERWRITTEN UNDERWRITTEN BASE RENT LEASE TENANT NAME (FITCH/MOODY'S/S&P)(1) NRSF NRSF BASE RENT ($) BASE RENT ($ PER NRSF) EXPIRATION ----------------------- ---------------------- --------- ------- ------------- ------------ ------------ ------------- Dun & Bradstreet Corporation A-/NR/A- 123,000 11.8% $ 4,704,750 16.9% $38.25 9/30/2012 Quest Diagnostics, Inc. NR/Baa3/BBB+ 141,000 13.5% 4,512,000 16.2% 32.00 9/30/2017 Maersk Inc. NR/NR/NR 115,316 11.1% 3,574,796 12.9% 31.00 10/31/2015 Marsh & McLennan Inc. BBB/Baa2/BBB 77,165 7.4% 2,122,037 7.6% 27.50 12/1/2008 Bollinger Inc. NR/NR/NR 69,280 6.6% 2,112,725 7.6% 30.50 11/30/2016 Investors Savings Bank NR/NR/NR 53,200 5.1% 1,558,731 5.6% 29.30 11/30/2019 ----------------------------------------------------------------- TOTAL LARGEST TENANTS 578,961 55.6% $ 18,585,039 66.8% $32.10 Remaining Tenants 338,412 32.5% 9,225,672 33.2% 27.26 Vacant Space 124,445 11.9% 0 0.0% 0.00 ----------------------------------------------------------------- TOTAL ALL TENANTS 1,041,818 100.0% $ 27,810,711 100.0% $30.32 ------------------------------------------------------------------------------------------------------------------------------------ ___________________ (1) Certain ratings are those of the parent company whether or not the parent guarantees the lease. The following table presents certain information relating to the lease rollover schedule at the TIAA RexCorp New Jersey Properties: LEASE EXPIRATION SCHEDULE(1) ------------------------------------------------------------------------------------------------------------------------------ % OF TOTAL ANNUALIZED CUMULATIVE ANNUALIZED ANNUALIZED UNDERWRITTEN YEAR ENDING % OF TOTAL OF TOTAL UNDERWRITTEN UNDERWRITTEN BASE RENT DECEMBER 31, EXPIRING NRSF NRSF NRSF BASE RENT ($) BASE RENT ($ PER NRSF) -------------------------- --------------- ------------ ------------ --------------- -------------- -------------- 2007 47,305 4.5% 4.5% $ 977,301 3.5% $20.66 2008 101,614 9.8% 14.3% 2,739,602 9.9% 26.96 2009 4,590 0.4% 14.7% 113,603 0.4% 24.75 2010 20,153 1.9% 16.7% 473,595 1.7% 23.50 2011 30,769 3.0% 19.6% 999,993 3.6% 32.50 2012 155,041 14.9% 34.5% 5,714,042 20.5% 36.86 2013 0 0.0% 34.5% 0 0.0% 0.00 2014 15,279 1.5% 36.0% 481,289 1.7% 31.50 2015 162,559 15.6% 51.6% 4,915,460 17.7% 30.24 2016 69,280 6.6% 58.2% 2,112,725 7.6% 30.50 2017 and thereafter 310,783 29.8% 88.1% 9,283,101 33.4% 29.87 Vacant 124,445 11.9% 100.0% 0 0.0% 0.00 ------------------------------------------------------------------------------------------------- TOTAL / WEIGHTED AVERAGE 1,041,818 100.0% $27,810,711 100.0% $30.32 ------------------------------------------------------------------------------------------------------------------------------ ___________________ (1) Calculated based on approximate square footage occupied by each tenant. o THE BORROWER. The borrowers (collectively, the "TIAA REXCORP NEW JERSEY BORROWERS") are five single-asset, special-purpose, bankruptcy-remote entities, each with an independent director (there are a total of six properties; one of the TIAA RexCorp New Jersey Borrowers owns two of the properties). Legal counsel to each of the TIAA RexCorp New Jersey Borrowers delivered a non-consolidation opinion in connection with the origination of the TIAA RexCorp New Jersey Portfolio Loan. The sponsor of the TIAA RexCorp New Jersey Borrowers is Tri-State Prime Property Venture LLC ("PRIME") which is the guarantor under the non-recourse carveouts for the TIAA RexCorp New Jersey Portfolio Loan. A subsidiary of Teachers Insurance and Annuity Association - College Retirement Equities Fund ("TIAA-CREF") owns 85% of the TIAA RexCorp New Jersey Properties. TIAA-CREF is an institutional real estate investors, with a global portfolio of direct or indirect investment of approximately $59 billion. Headquartered in New York City, TIAA-CREF has major offices in Charlotte and Denver as well as dozens of smaller offices in communities nationwide. TIAA-CREF is a retirement system, with more than $406 billion in combined assets under management (as of December 30, 2006). RexCorp Realty LLC (an entity established by Scott Rechler, Michael Maturo and Jason Barnett, the former executives of Reckson Associates Realty Corp. and other senior management of Reckson Associates Realty Corp.) and Marathon Real Estate Opportunity Fund ("MARATHON") own a combined 7.5% of the TIAA RexCorp New Jersey Properties. Marathon is an open-ended fund that launched in August 2004. Marathon is co-headed by Jon Halpern and Ron Bernstein and has assets under management of approximately $350 million. Charles Wang, the founder and retired The asset-backed securities referred to in these materials are being offered when, as and if issued. In particular, you are advised that asset-backed securities, and the asset pools backing them, are subject to modification or revision (including, among other things, the possibility that one or more classes of securities may be split, combined or eliminated), at any time prior to issuance or availability of a final prospectus. As a result, you may commit to purchase securities that have characteristics that may change, and you are advised that all or a portion of the securities may not be issued that have the characteristics described in these materials. Our obligation to sell securities to you is conditioned on the securities and the underlying transaction having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the issuer nor any of the underwriters will have any obligation to you to deliver all or any portion of the securities which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. The depositor has filed a registration statement (including the prospectus) with the Securities and Exchange Commission ("SEC") (SEC File No. 333-136045) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Goldman, Sachs & Co., any underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-866-471-2526. [LOGO] RBS GREENWICH CAPITAL [LOGO] GOLDMAN SACHS - 32 -
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GSMS 2007-GG10 -------------------------------------------------------------------------------- TEN LARGEST MORTGAGE LOANS - TIAA REXCORP NEW JERSEY PORTFOLIO -------------------------------------------------------------------------------- chairman of the board of CA, Inc., owns 7.5% of the TIAA RexCorp New Jersey Properties. Mr. Wang has over $250 million of real estate holdings across the country, but which are primarily focused on Long Island. The TIAA RexCorp New Jersey Borrowers are affiliated with the borrower under the mortgage loan identified on Annex C-1 to the prospectus supplement as TIAA RexCorp Plaza, which is also an asset of the trust. In addition to other customary equity transfer provisions (which allow, among other things, TIAA-CREF (or entities controlled by TIAA-CREF), Marathon (or entities controlled by Marathon) and/or any one or more of Scott Rechler, Michael Maturo and Jason Barnett to control the TIAA RexCorp New Jersey Borrowers), the TIAA RexCorp New Jersey Portfolio Loan documents permit the transfer of a controlling interest (i.e., the controlling interest held by Scott Rechler, Michael Maturo, Jason Barnett and Marathon at closing) in the TIAA RexCorp New Jersey Borrowers provided that (a) the transferee is (or is controlled by) an entity that meets certain eligibility criteria set forth in the TIAA RexCorp New Jersey Portfolio Loan documents (including having assets in excess of $1 billion and capital/statutory surplus or shareholder's equity in excess of $500 million); (b) after any such transfer, the TIAA RexCorp New Jersey Properties are managed by a manager that meets certain eligibility requirements (including at least five (5) years' experience in the management of commercial properties with similar uses as the TIAA RexCorp New Jersey Properties in the New York metropolitan area); and (c) in the case of a transfer to an entity unaffiliated with the TIAA RexCorp New Jersey Borrowers, the payment of a transfer fee ($100,000 with respect to the first such transfer and 0.25% of the then outstanding principal amount of the TIAA RexCorp New Jersey Portfolio Loan for each subsequent transfer), (y) payment of all legal and other out-of-pocket costs reasonably incurred by the lender in connection with such transfer and (z) the execution and delivery of a replacement recourse guaranty from a pre-approved transferee or another person or entity (i) acceptable to the lender in its reasonable discretion and (ii) receipt of a rating agency confirmation letter. o RELEASE OF COLLATERAL. The TIAA RexCorp New Jersey Portfolio Loan permits the release of any one or more of the TIAA RexCorp New Jersey Properties after the TIAA RexCorp New Jersey Portfolio Initial Defeasance Date, subject to the satisfaction of certain conditions, including (i) the delivery of defeasance collateral in an amount equal to (a) 105% of the allocated loan amount for the property being released, if the allocated loan amount for the property being released (when combined with the allocated loan amounts of any prior properties released) is less than or equal to $108,150,000 or (b) 115% of the allocated loan amount for the property being released, if the property being released (when combined with the allocated loan amounts of any prior properties released) is greater than $108,150,000, (ii) no event of default then exists (other than an event of default which is being cured simultaneously therewith), (iii) that, after giving effect to such release and defeasance, the DSCR (calculated using actual cash flow and the actual debt service constant) for all of the remaining TIAA RexCorp New Jersey Properties is no less than 1.20x, (iv) if the date of the proposed release occurs on or after February 6, 2015, after giving effect to such release and partial defeasance, the aggregate LTV for all of the then remaining properties is not greater than 65.7% and (v) the satisfaction of certain other standard conditions as specified in the TIAA RexCorp New Jersey Portfolio Loan documents. If the date of a proposed release occurs on or after February 6, 2014, such release will only be permitted in connection with a sale of such TIAA RexCorp New Jersey Properties pursuant to an arms' length agreement with a third-party not affiliated with any TIAA RexCorp New Jersey Borrower and in which no TIAA RexCorp New Jersey Borrower and no affiliate of any TIAA RexCorp New Jersey Borrower has any controlling interest or any beneficial or economic interest in excess of 25% of the entire beneficial and economic interests in such third-party. o SUBSTITUTION OF COLLATERAL. Prior to August 6, 2016, the TIAA RexCorp New Jersey Portfolio Loan permits the release of one (or two, in the case of a simultaneous release/substitution of the 101 JFK Parkway and 103 JFK Parkway properties only) of the TIAA RexCorp New Jersey Properties by simultaneously substituting one (or two, in the case of a simultaneous release/substitution of the 101 JFK Parkway and 103 JFK Parkway properties) property, subject to the satisfaction of certain conditions set forth in the TIAA RexCorp New Jersey Portfolio Loan documents, including, without limitation, that (i) the TIAA RexCorp New Jersey Borrowers have paid to the lender (A) a fee equal to the greater of (x) 0.25% of the allocated loan amount for the TIAA RexCorp New Jersey Property(ies) being released and (y) $50,000 and (B) all costs and expenses incurred by the lender; (ii) the lender has received an appraisal, which is not more than 90 days old, of the substitute property(ies) indicating an aggregate fair market value of the substitute property(ies) that is equal to or greater than the fair market value of the released property(ies), (iii) after giving effect to the applicable release(s) and substitution(s), the DSCR (calculated using actual cash flow and the actual debt service constant) for all of the remaining TIAA RexCorp New Jersey Properties is not less than 1.20x, provided that the TIAA RexCorp New Jersey Borrowers may The asset-backed securities referred to in these materials are being offered when, as and if issued. In particular, you are advised that asset-backed securities, and the asset pools backing them, are subject to modification or revision (including, among other things, the possibility that one or more classes of securities may be split, combined or eliminated), at any time prior to issuance or availability of a final prospectus. As a result, you may commit to purchase securities that have characteristics that may change, and you are advised that all or a portion of the securities may not be issued that have the characteristics described in these materials. Our obligation to sell securities to you is conditioned on the securities and the underlying transaction having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the issuer nor any of the underwriters will have any obligation to you to deliver all or any portion of the securities which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. The depositor has filed a registration statement (including the prospectus) with the Securities and Exchange Commission ("SEC") (SEC File No. 333-136045) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Goldman, Sachs & Co., any underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-866-471-2526. [LOGO] RBS GREENWICH CAPITAL [LOGO] GOLDMAN SACHS - 33 -
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GSMS 2007-GG10 -------------------------------------------------------------------------------- TEN LARGEST MORTGAGE LOANS - TIAA REXCORP NEW JERSEY PORTFOLIO -------------------------------------------------------------------------------- partially defease the TIAA RexCorp New Jersey Portfolio Loan in an amount necessary to meet this DSCR condition simultaneously with the release(s) and substitution(s) in question, (iv) after giving effect to the applicable release(s) and substitution(s), the aggregate LTV for the remaining TIAA RexCorp New Jersey Properties and the substitute property(ies) is not greater than 80%, (v) the lender has received confirmation from each rating agency that the substitution would not cause the downgrade, withdrawal or qualification of any rating then assigned to any outstanding certificates, and (vi) the weighted average of the then remaining unexpired terms of the leases in effect at the substitute property(ies) will either (x) be equal to or longer than the weighted average of the then remaining unexpired terms of the leases in effect at the released property(ies), or (y) expire no earlier than February 6, 2019. In the event that the fair market value of the substitute property(ies) is less than the fair market value of the released property(ies), the TIAA RexCorp New Jersey Borrowers may, in order to satisfy the condition described in clause (ii) above, partially defease the TIAA RexCorp New Jersey Portfolio Loan in an amount at least equal to the difference between the fair market value of the released property(ies) and the fair market value of the substitute property(ies) up to 30% of the fair market value of the released property(ies)). o ESCROWS AND RESERVES. The TIAA RexCorp New Jersey Loan provides for upfront and ongoing reserves as follows: Tax and Insurance Reserve: The TIAA RexCorp New Jersey Borrowers are required to make monthly contributions into a tax and insurance reserve account in an amount equal to one-twelfth of the amount the lender estimates will be necessary to pay impositions, such as taxes and insurance premiums, over the succeeding twelve months. Capital Expense and Leasing Reserves: The TIAA RexCorp New Jersey Borrowers will be required to make monthly contributions into a capital expenditure and leasing reserve account if (i) the subsidiary of TIAA-CREF (or other controlled affiliates of TIAA-CREF) described above no longer owns at least 50% of the aggregate equity interests in the TIAA RexCorp New Jersey Borrowers and the lender has not determined that the transferee(s) of such interests are sufficiently creditworthy, to warrant the continued non-collection of capital expenditure and leasing reserves and (ii) the LTV of the TIAA RexCorp New Jersey Portfolio Loan is greater than 65%. Notwithstanding the foregoing, with respect to each of the TIAA RexCorp New Jersey Properties, each of the required reserves for such TIAA RexCorp New Jersey Property may be suspended if 95% of such TIAA RexCorp New Jersey Property is leased pursuant to a "triple net" lease to a tenant that (1) has a credit rating of at least "BBB-" by S&P (or its equivalent by Fitch or Moody's) or such tenant (or the guarantor of any such tenant's obligations under its lease) is otherwise creditworthy in the lender's reasonable judgment, (2) is required to pay, and actually pays, the costs otherwise payable from the reserves described in this paragraph and (3) satisfies certain other conditions set forth in the TIAA RexCorp New Jersey Portfolio Loan documents. One Giralda Reserve: The TIAA RexCorp New Jersey Borrowers established a $13,300,000 reserve at the closing of the TIAA RexCorp New Jersey Portfolio Loan for payment of approved capital expenses and approved leasing costs at the 1 Giralda property. Letter of Credit: The TIAA RexCorp New Jersey Borrowers are also permitted to post letters of credit in lieu of funding the real estate taxes, insurance and ground rent reserves. Such letters of credit must be issued by (i) JPMorgan Chase, N.A., (ii) another financial institution having long term unsecured debt obligations rated at least "AA" by Fitch and S&P and "Aa2" by Moody's or (iii) any other financial institution acceptable to the lender in its reasonable discretion. o LOCKBOX AND CASH MANAGEMENT. The TIAA RexCorp New Jersey Portfolio Loan requires a hard lockbox, which is already in place. The TIAA RexCorp New Jersey Portfolio Loan documents require the TIAA RexCorp New Jersey Borrowers to direct tenants to pay their rents directly to a lender controlled lockbox account. The TIAA RexCorp New Jersey Portfolio Loan documents also require that all rents received by (or on behalf of) the TIAA RexCorp New Jersey Borrowers or the property manager be deposited into such lender-controlled lockbox account (as well as any other rents, receipts, certain security deposits or payments related to lease termination or default) within two business day after receipt and that funds deposited in such lender-controlled lockbox account be swept on a daily basis into the TIAA RexCorp New Jersey Borrowers' operating account unless (i) a mezzanine loan permitted under the TIAA RexCorp New Jersey Portfolio Loan documents is outstanding, in which case such amounts will be applied through the cash management "waterfall" established under TIAA RexCorp New Jersey Portfolio Loan or (ii) an event of default is continuing, in which case, such amounts will either be swept into another account controlled by lender and held as cash collateral for the TIAA RexCorp New Jersey Portfolio Loan (which amounts lender may (but is not required to) apply to prepay a portion of the TIAA The asset-backed securities referred to in these materials are being offered when, as and if issued. In particular, you are advised that asset-backed securities, and the asset pools backing them, are subject to modification or revision (including, among other things, the possibility that one or more classes of securities may be split, combined or eliminated), at any time prior to issuance or availability of a final prospectus. As a result, you may commit to purchase securities that have characteristics that may change, and you are advised that all or a portion of the securities may not be issued that have the characteristics described in these materials. Our obligation to sell securities to you is conditioned on the securities and the underlying transaction having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the issuer nor any of the underwriters will have any obligation to you to deliver all or any portion of the securities which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. The depositor has filed a registration statement (including the prospectus) with the Securities and Exchange Commission ("SEC") (SEC File No. 333-136045) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Goldman, Sachs & Co., any underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-866-471-2526. [LOGO] RBS GREENWICH CAPITAL [LOGO] GOLDMAN SACHS - 34 -
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GSMS 2007-GG10 -------------------------------------------------------------------------------- TEN LARGEST MORTGAGE LOANS - TIAA REXCORP NEW JERSEY PORTFOLIO -------------------------------------------------------------------------------- RexCorp New Jersey Portfolio Loan) or applied by the lender (at the lender's option) in accordance with the above referenced cash management "waterfall". o PROPERTY MANAGEMENT. RexCorp Property Management LLC, an affiliate of the TIAA RexCorp New Jersey Borrowers, is the property manager for all of the TIAA RexCorp New Jersey Properties. The property manager receives a management fee on the TIAA RexCorp New Jersey Properties equal to 3.0% of gross revenues from the TIAA RexCorp New Jersey Properties. The lender may require that the TIAA RexCorp New Jersey Borrowers terminate the property manager following one or more of the following events: (i) an event of default is continuing under the TIAA RexCorp New Jersey Portfolio Loan, (ii) the property manager is in material default under the applicable management agreement(s) beyond applicable notice and cure periods, or (iii) upon the gross negligence, malfeasance or willful misconduct of the property manager that results in a material adverse effect on the TIAA RexCorp New Jersey Property(ies) in question and/or any of the TIAA RexCorp New Jersey Borrowers. o MEZZANINE OR SUBORDINATE INDEBTEDNESS. There is currently no mezzanine or subordinate indebtedness related to the TIAA RexCorp New Jersey Portfolio Loan. The TIAA RexCorp New Jersey Portfolio Loan documents permit mezzanine financing from an entity that meets certain eligibility criteria set forth in the TIAA RexCorp New Jersey Portfolio Loan documents or an entity approved by the lender and the rating agencies to the holder or holders of all of the direct and indirect ownership interests in the TIAA RexCorp New Jersey Borrowers, provided that the mezzanine lender enters into an intercreditor agreement with the lender and that the approved mezzanine loan: (i) will be in an amount that when added to the TIAA RexCorp New Jersey Portfolio Loan, will result in an aggregate LTV of the TIAA RexCorp New Jersey Properties of no greater than 85%, (ii) will result in the TIAA RexCorp New Jersey Properties having an aggregate DSCR of not less than 1.00x (based on actual net operating income and an assumed 7.50% debt service constant), (iii) has a market interest rate and is otherwise on terms and conditions reasonably acceptable to the lender and evidenced by TIAA RexCorp New Jersey Portfolio Loan documents which have been reasonably approved by the lender, (iv) is not secured by any collateral securing the TIAA RexCorp New Jersey Portfolio Loan, (v) creates no obligations or liabilities on the part of the TIAA RexCorp New Jersey Borrowers and results in no liens on any portion of any TIAA RexCorp New Jersey Property or any other collateral securing the TIAA RexCorp New Jersey Portfolio Loan and (vi) either (A) has a term expiring on the February 6, 2017 if after giving effect to such mezzanine loan, the aggregate DSCR (based on actual net operating income and an assumed 7.50% debt service constant) of the TIAA RexCorp New Jersey Properties is less than 1.08x or (B) has a term expiring no earlier than February 6, 2012 if after giving effect to such mezzanine loan, the aggregate DSCR (based on actual net operating income and an assumed 7.50% debt service constant) of the TIAA RexCorp New Jersey Properties is greater than or equal to 1.08x. o TERRORISM INSURANCE. The TIAA RexCorp New Jersey Portfolio Loan documents require the TIAA RexCorp New Jersey Borrowers to maintain terrorism insurance in an amount equal to 100% of the replacement cost of the TIAA RexCorp New Jersey Properties, provided such coverage is available. In the event that coverage for terrorism is not included as part of the "all risk" property policy, the TIAA RexCorp New Jersey Borrowers will be required to obtain coverage for terrorism (in the form of stand alone coverage) to the extent available, in an amount equal to 100% of the replacement cost of the TIAA RexCorp New Jersey Properties, subject to a premium cap of $987,600, adjusted annually by a percentage equal to the increase in the "consumer price index". The asset-backed securities referred to in these materials are being offered when, as and if issued. In particular, you are advised that asset-backed securities, and the asset pools backing them, are subject to modification or revision (including, among other things, the possibility that one or more classes of securities may be split, combined or eliminated), at any time prior to issuance or availability of a final prospectus. As a result, you may commit to purchase securities that have characteristics that may change, and you are advised that all or a portion of the securities may not be issued that have the characteristics described in these materials. Our obligation to sell securities to you is conditioned on the securities and the underlying transaction having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the issuer nor any of the underwriters will have any obligation to you to deliver all or any portion of the securities which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. The depositor has filed a registration statement (including the prospectus) with the Securities and Exchange Commission ("SEC") (SEC File No. 333-136045) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Goldman, Sachs & Co., any underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-866-471-2526. [LOGO] RBS GREENWICH CAPITAL [LOGO] GOLDMAN SACHS - 35 -
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GSMS 2007-GG10 -------------------------------------------------------------------------------- TEN LARGEST MORTGAGE LOANS - 400 ATLANTIC STREET -------------------------------------------------------------------------------- [TWO (2) PHOTOS OF 400 ATLANTIC STREET OMITTED] The asset-backed securities referred to in these materials are being offered when, as and if issued. In particular, you are advised that asset-backed securities, and the asset pools backing them, are subject to modification or revision (including, among other things, the possibility that one or more classes of securities may be split, combined or eliminated), at any time prior to issuance or availability of a final prospectus. As a result, you may commit to purchase securities that have characteristics that may change, and you are advised that all or a portion of the securities may not be issued that have the characteristics described in these materials. Our obligation to sell securities to you is conditioned on the securities and the underlying transaction having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the issuer nor any of the underwriters will have any obligation to you to deliver all or any portion of the securities which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. The depositor has filed a registration statement (including the prospectus) with the Securities and Exchange Commission ("SEC") (SEC File No. 333-136045) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Goldman, Sachs & Co., any underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-866-471-2526. [LOGO] RBS GREENWICH CAPITAL [LOGO] GOLDMAN SACHS - 36 -
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GSMS 2007-GG10 -------------------------------------------------------------------------------- TEN LARGEST MORTGAGE LOANS - 400 ATLANTIC STREET -------------------------------------------------------------------------------- [TWO (2) MAPS INDICATING LOCATION OF 400 ATLANTIC STREET OMITTED] The asset-backed securities referred to in these materials are being offered when, as and if issued. In particular, you are advised that asset-backed securities, and the asset pools backing them, are subject to modification or revision (including, among other things, the possibility that one or more classes of securities may be split, combined or eliminated), at any time prior to issuance or availability of a final prospectus. As a result, you may commit to purchase securities that have characteristics that may change, and you are advised that all or a portion of the securities may not be issued that have the characteristics described in these materials. Our obligation to sell securities to you is conditioned on the securities and the underlying transaction having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the issuer nor any of the underwriters will have any obligation to you to deliver all or any portion of the securities which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. The depositor has filed a registration statement (including the prospectus) with the Securities and Exchange Commission ("SEC") (SEC File No. 333-136045) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Goldman, Sachs & Co., any underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-866-471-2526. [LOGO] RBS GREENWICH CAPITAL [LOGO] GOLDMAN SACHS - 37 -
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GSMS 2007-GG10 -------------------------------------------------------------------------------- TEN LARGEST MORTGAGE LOANS - 400 ATLANTIC STREET -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- PROPERTY INFORMATION Number of Mortgaged Real Properties 1 Location (City/State) Stamford, Connecticut Property Type Office Size (sf) 527,424 Percentage Leased as of June 1, 2007 97.1% Year Built/Year Renovated 1980/2007 Appraisal Value $335,000,000 Underwritten Occupancy 95.2% Underwritten Revenues $28,123,611 Underwritten Total Expenses $6,962,452 Underwritten Net Operating Income (NOI) $21,161,159 Underwritten In Place Cash Flow (IPCF)(1) $20,877,889 Underwritten Net Cash Flow (NCF)(2) $20,449,442 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- MORTGAGE LOAN INFORMATION Originator GCFP Cut-off Date Principal Balance $265,000,000 Cut-off Date Principal Balance PSF/Unit $502.44 Percentage of Initial Mortgage Pool Balance 3.5% Number of Mortgage Loans 1 Type of Security Fee Simple Mortgage Rate 5.674% Original Term to Maturity (Months) 120 Original Amortization Term (Months) Interest Only Cut-off Date LTV Ratio 79.1% LTV Ratio at Maturity 79.1% Underwritten DSCR on NOI 1.38x Underwritten DSCR on IPCF(1) 1.37x Underwritten DSCR on NCF(2) 1.34x -------------------------------------------------------------------------------- ___________________ (1) IPCF is the loan sellers underwritten NOI, assuming today's in-place rents, including American Express, whose lease expires September 30, 2008. (2) NCF is loan seller's NCF, assuming rents paid by UBS commencing October 1, 2008. o THE LOAN. The mortgage loan (the "400 ATLANTIC STREET LOAN") is evidenced by a single note and is secured by a first mortgage encumbering the class-A office building located at 400 Atlantic Street, Stamford, Connecticut (the "400 ATLANTIC STREET PROPERTY"). The 400 Atlantic Street Loan represents approximately 3.5% of the initial mortgage pool balance. The 400 Atlantic Street Loan was originated on May 18, 2007, had an original principal balance and a principal balance as of the cut-off date of $265,000,000 and an interest rate of 5.674%. The DSCR and LTV on the 400 Atlantic Street Loan are 1.34x and 79.1%, respectively. The proceeds of the 400 Atlantic Street Loan were used to refinance existing debt. The 400 Atlantic Street Loan has an initial term of 120 months and a remaining term of 119 months. The loan requires payments of interest-only for the entire term. The scheduled maturity date is June 6, 2017. Voluntary prepayment of the 400 Atlantic Street Loan is prohibited until the payment date of March 6, 2017 and permitted thereafter without penalty. Defeasance with United States government securities is permitted from August 6, 2009. o THE PROPERTY. The 400 Atlantic Street Property is a 15-story, 527,424 sf class-A office building that is located in the central business district of Stamford, Connecticut, at the southeast corner of Atlantic Street and US Route 1 (Tresser Boulevard). The 400 Atlantic Street Property was developed in 1980 as the corporate headquarters for Champion Paper. Champion Paper was acquired by International Paper in early 2000 and subsequently moved out of all but three floors of their space. The 400 Atlantic Property is located two blocks east of the Metro-North/Amtrak train station and one block north of Interstate 95, with easy on/off access to the parking garage. The 400 Atlantic Street Property is situated between the UBS AG North American headquarters building and 201 Tresser Boulevard where UBS has leased 250,000 sf with an option to expand further to 400,000 sf. UBS is the largest tenant in at the 400 Atlantic Street Property. Parking is provided in a multi-level structured garage with 908 spaces (1.72 per 1,000 sf). The 400 Atlantic Street Property's location offers tenants convenient access to numerous nearby high-rise residential developments, shopping, restaurants, entertainment and educational facilities. As of June 1, 2007, the 400 Atlantic Street Property was 97.1% leased to approximately 7 tenants. The three largest tenants in the building are UBS AG ("UBS") (258,202 sf) through September 2018; International Paper (132,004 sf) through December 2015 and Wiggin & Dana (36,782 sf) through May 2011. UBS directly leases floors four and five under a lease that commenced April 1, 1998 and floor six under a lease that commenced March 1, 2007 (together, the "DIRECTLY LEASED SPACE"). UBS also sublets floors three, eight, nine and ten from American Express (the "SUBLEASED SPACE"), whose lease expires September 30, 2008. On February 8, 2007, UBS entered into a binding letter agreement with the 400 Atlantic Street Borrower to directly lease the subleased space together with the directly leased space (the "NEW UBS LEASE"). As of the Cut-Off Date, the 400 Atlantic Street Borrower has satisfied all conditions precedent to the effectiveness of this letter agreement; therefore, the entire premises is treated as operating under the new UBS lease for purposes of this disclosure. UBS currently occupies floors four, five, eight, nine and ten and is currently building out floors three and six. Additionally, the 400 Atlantic Street Borrower has commenced its capital expenditure obligations required under the new UBS lease. The asset-backed securities referred to in these materials are being offered when, as and if issued. In particular, you are advised that asset-backed securities, and the asset pools backing them, are subject to modification or revision (including, among other things, the possibility that one or more classes of securities may be split, combined or eliminated), at any time prior to issuance or availability of a final prospectus. As a result, you may commit to purchase securities that have characteristics that may change, and you are advised that all or a portion of the securities may not be issued that have the characteristics described in these materials. Our obligation to sell securities to you is conditioned on the securities and the underlying transaction having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the issuer nor any of the underwriters will have any obligation to you to deliver all or any portion of the securities which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. The depositor has filed a registration statement (including the prospectus) with the Securities and Exchange Commission ("SEC") (SEC File No. 333-136045) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Goldman, Sachs & Co., any underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-866-471-2526. [LOGO] RBS GREENWICH CAPITAL [LOGO] GOLDMAN SACHS - 38 -
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GSMS 2007-GG10 -------------------------------------------------------------------------------- TEN LARGEST MORTGAGE LOANS - 400 ATLANTIC STREET -------------------------------------------------------------------------------- UBS has a right of first refusal on any space that becomes available in the 400 Atlantic Street Property and a first right offer to purchase the building if offered for 3rd party sale or if the 400 Atlantic Street Borrower sells more than 80% of it's interest in the 400 Atlantic Street Property. UBS has negotiated signage rights on the building which will compliment their headquarters located a block south and 201 Tresser Boulevard located to the north. The following table presents certain information relating to the major tenants at the 400 Atlantic Street Property: TEN LARGEST TENANTS BASED ON ANNUALIZED UNDERWRITTEN BASE RENT ------------------------------------------------------------------------------------------------------------------------------------ % OF TOTAL ANNUALIZED ANNUALIZED ANNUALIZED UNDERWRITTEN CREDIT RATING TENANT % OF UNDERWRITTEN UNDERWRITTEN BASE RENT LEASE TENANT NAME (FITCH/MOODY'S/S&P)(1) NRSF NRSF BASE RENT ($) BASE RENT ($ PER NRSF) EXPIRATION ----------------------- ---------------------- --------- ------- ------------- ------------ ------------ ------------- UBS AG AA+/Aaa/AA+ 258,202 49.0% $ 10,586,282 48.1% 41.00 9/1/2018 International Paper BBB-/Baa3/BBB 132,004 25.0% 6,831,207 31.0% 51.75 12/1/2015 Wiggin & Dana NR/NR/NR 36,782 7.0% 1,728,754 7.9% 47.00 5/1/2011 American Express A+/A1/A+ 44,782 8.5% 1,581,626 7.2% 35.32 9/1/2014 ----------------------------------------------------------------- TOTAL LARGEST TENANTS 471,770 89.4% $ 20,727,869 94.2% 43.94 Remaining Tenants 40,234 7.6% 1,275,597 5.8% 31.70 Vacant Space 15,420 2.9% 0 0.0% 0.00 ----------------------------------------------------------------- TOTAL ALL TENANTS 527,424 100.0% $ 22,003,466 100.0% 42.98 ------------------------------------------------------------------------------------------------------------------------------------ ___________________ (1) Certain ratings are those of the parent company whether or not the parent guarantees the lease. The following table presents certain information relating to the lease rollover schedule at the 400 Atlantic Street Property: LEASE EXPIRATION SCHEDULE(1) ------------------------------------------------------------------------------------------------------------------------------ % OF TOTAL ANNUALIZED CUMULATIVE ANNUALIZED ANNUALIZED UNDERWRITTEN YEAR ENDING % OF TOTAL OF TOTAL UNDERWRITTEN UNDERWRITTEN BASE RENT DECEMBER 31, EXPIRING NRSF NRSF NRSF BASE RENT ($) BASE RENT ($ PER NRSF) -------------------------- --------------- ------------ ------------ --------------- -------------- -------------- 2007 0 0.0% 0.0% $ 0 0.0% 0.00 2008 0 0.0% 0.0% 0 0.0% 0.00 2009 0 0.0% 0.0% 0 0.0% 0.00 2010 0 0.0% 0.0% 0 0.0% 0.00 2011 41,397 7.8% 7.8% 1,936,429 8.8% 46.78 2012 0 0.0% 7.8% 0 0.0% 0.00 2013 17,580 3.3% 11.2% 791,100 3.6% 45.00 2014 36,782 7.0% 18.2% 1,581,626 7.2% 43.00 2015 132,584 25.1% 43.3% 6,845,707 31.1% 51.63 2016 0 0.0% 43.3% 0 0.0% 0.00 2017 and thereafter 283,661 53.8% 97.1% 10,848,604 49.3% 38.24 Vacant 15,420 2.9% 100.0% ------------------------------------------------------------------------------------------------- TOTAL 527,424 100.0% $22,003,466 100.0% 42.98 ------------------------------------------------------------------------------------------------------------------------------ ___________________ (1) Calculated based on approximate square footage occupied by each tenant. o THE BORROWER. The borrower (the "400 ATLANTIC STREET BORROWER") is 400 Atlantic Title, LLC, a single-asset, special-purpose, bankruptcy-remote Delaware limited liability company with two independent directors. Legal counsel to the 400 Atlantic Street Borrower delivered a non-consolidation opinion in connection with the origination of the 400 Atlantic Street Loan. The 400 Atlantic Street Borrower is indirectly owned and controlled by Alan Landis (28%) and a group of investors including David Mandelbaum (16%), Donald Sussman (14%), Uzi Zucker (14%), and Richard Schaps (12%) and other friends and family of Mr. Landis. The Landis Group was founded in 1967 by Alan Landis. The Landis Group has owned, operated or developed in excess of 15 million sf of class-A space. Mr. Landis along with other members of the sponsorship are part owners of the YankeesNets (which own the Yes Network and parts of the New York Yankees and New Jersey Nets), and the Minnesota Vikings organizations. Mr. Landis was a former member of the Board of Directors of Boston Properties, Inc. Mr. Landis guaranteed the non-recourse carveouts of the 400 Atlantic Street Loan. In connection with such guarantee, Mr. Landis is required to maintain $40,000,000 in net worth and $2,500,000 in liquidity. The asset-backed securities referred to in these materials are being offered when, as and if issued. In particular, you are advised that asset-backed securities, and the asset pools backing them, are subject to modification or revision (including, among other things, the possibility that one or more classes of securities may be split, combined or eliminated), at any time prior to issuance or availability of a final prospectus. As a result, you may commit to purchase securities that have characteristics that may change, and you are advised that all or a portion of the securities may not be issued that have the characteristics described in these materials. Our obligation to sell securities to you is conditioned on the securities and the underlying transaction having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the issuer nor any of the underwriters will have any obligation to you to deliver all or any portion of the securities which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. The depositor has filed a registration statement (including the prospectus) with the Securities and Exchange Commission ("SEC") (SEC File No. 333-136045) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Goldman, Sachs & Co., any underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-866-471-2526. [LOGO] RBS GREENWICH CAPITAL [LOGO] GOLDMAN SACHS - 39 -
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GSMS 2007-GG10 -------------------------------------------------------------------------------- TEN LARGEST MORTGAGE LOANS - 400 ATLANTIC STREET -------------------------------------------------------------------------------- o ESCROWS. The loan documents provide for certain escrows for real estate taxes and insurance premiums. Tax and Insurance Reserves: The 400 Atlantic Street Borrower is required to make monthly contributions into a tax and insurance reserve account in an amount equal to one-twelfth of the amount the lender estimates will be necessary to pay impositions, such as taxes and insurance premiums, over the then succeeding twelve month period. Capital Expense Reserve: The 400 Atlantic Street Borrower is required to make monthly payments totaling $105,480 per year into a replacement reserve account. Tenant Improvement and Leasing Commissions: The 400 Atlantic Street Borrower has deposited $6,196,120 to cover those tenant improvement costs and leasing commissions outstanding as of the closing date of the 400 Atlantic Street Loan. The 400 Atlantic Street Borrower is also required to make monthly contributions totaling $270,000 per year into tenant improvements and leasing account. The 400 Atlantic Street Borrower is also required to deposit any lease termination payments and security deposits applied or other payments received on account of lease defaults or lease terminations into a rollover reserve. As of June 7, 2007, $6,196,120 remained in the account. o LOCKBOX AND CASH MANAGEMENT. The 400 Atlantic Street Loan provides for a hard lockbox which is already in place. The loan documents also require that any rents that are received by the 400 Atlantic Street Borrower or the property managers be deposited within two business days of receipt into this lender-controlled. Amounts on deposit in the lockbox account are swept on a daily basis into the 400 Atlantic Street Borrower's operating account, unless an event of default is continuing. A "CASH MANAGEMENT PERIOD" will (A) commence (i) upon the occurrence of an event of default or (ii) if, as of the end of any calendar quarter, the actual DSCR is less than 1.02x and (B) will terminate (x) in the case of clause (i) above, when the event of default in question has been cured (and no other event of default is then existing) and (y) in the case of clause (ii) above, when the 400 Atlantic Property has thereafter achieved an actual DSCR of 1.02x at the end of any subsequent calendar quarter. During the continuance of a Cash Management Period, all such funds in the lockbox account will be swept into a deposit account controlled by the lender for payment of debt service, all required escrow and reserve payments and lender-approved operating expenses at the 400 Atlantic Street Property. Any excess amounts will be swept into another account controlled by lender and held as cash collateral for the 400 Atlantic Street Loan, which amounts lender may (but is not required to) apply to prepay or partially defease a portion of the 400 Atlantic Street Loan. o PROPERTY MANAGEMENT. 400 Atlantic Management Associates Limited Partnership, an affiliate of the 400 Atlantic Street Borrower, is the principal property manager for the 400 Atlantic Street Property. The lender may replace either property manager (i) if an event of default is continuing, (ii) if the applicable manager is in material default under its management agreement or (iii) upon the gross negligence, malfeasance or willful misconduct of the applicable property manager. The annual management fee is $200,000, payable in monthly installments of $16,666.67 out of property cashflow. 400 Atlantic Management Associates Limited Partnership contracts out certain property management services to CB Richard Ellis, Inc. pursuant to a management contract that (a) provides for a $55,000 annual management fee payable in monthly installments of 4,583.33 and (y) is terminable by either party on 30 days' notice. o MEZZANINE OR SUBORDINATE INDEBTEDNESS. Not permitted. o TERRORISM INSURANCE. The 400 Atlantic Street Property is insured against acts of terrorism as part of its "all-risk" property coverage. The loan documents require the 400 Atlantic Street Borrower to maintain terrorism insurance in an amount equal to 100% of the full replacement cost of the 400 Atlantic Street Property, provided that such coverage is available. In the event that terrorism coverage is not included as part of the "all risk" property policy, the 400 Atlantic Street Borrower will be required to purchase terrorism insurance at a cost up to the Terrorism Premium Cap (as defined below). If the insurance premiums for such policy exceed the Terrorism Premium Cap, the lender may, at its option (1) purchase such terrorism insurance policy, and require that the 400 Atlantic Street Borrower pay the portion of the premiums equal to the Terrorism Premium Cap or (2) modify the deductible amounts, policy limits and other required policy terms to reduce the Insurance Premiums payable with respect to such policy to the Terrorism Premium Cap. As used herein, "TERRORISM PREMIUM CAP" means an amount which is equal to 150% of the aggregate amount insurance premiums paid for property insurance coverage for the last policy year in which coverage for terrorism was included as part of the "all risk" property policy, adjusted, in certain instances, annually by a percentage equal to the increase in the "consumer price index". The asset-backed securities referred to in these materials are being offered when, as and if issued. In particular, you are advised that asset-backed securities, and the asset pools backing them, are subject to modification or revision (including, among other things, the possibility that one or more classes of securities may be split, combined or eliminated), at any time prior to issuance or availability of a final prospectus. As a result, you may commit to purchase securities that have characteristics that may change, and you are advised that all or a portion of the securities may not be issued that have the characteristics described in these materials. Our obligation to sell securities to you is conditioned on the securities and the underlying transaction having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the issuer nor any of the underwriters will have any obligation to you to deliver all or any portion of the securities which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. The depositor has filed a registration statement (including the prospectus) with the Securities and Exchange Commission ("SEC") (SEC File No. 333-136045) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Goldman, Sachs & Co., any underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-866-471-2526. [LOGO] RBS GREENWICH CAPITAL [LOGO] GOLDMAN SACHS - 40 -
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GSMS 2007-GG10 -------------------------------------------------------------------------------- TEN LARGEST MORTGAGE LOANS - TWO HERALD SQUARE -------------------------------------------------------------------------------- [LARGE PHOTO OF TWO HERALD SQUARE OMITTED] The asset-backed securities referred to in these materials are being offered when, as and if issued. In particular, you are advised that asset-backed securities, and the asset pools backing them, are subject to modification or revision (including, among other things, the possibility that one or more classes of securities may be split, combined or eliminated), at any time prior to issuance or availability of a final prospectus. As a result, you may commit to purchase securities that have characteristics that may change, and you are advised that all or a portion of the securities may not be issued that have the characteristics described in these materials. Our obligation to sell securities to you is conditioned on the securities and the underlying transaction having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the issuer nor any of the underwriters will have any obligation to you to deliver all or any portion of the securities which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. The depositor has filed a registration statement (including the prospectus) with the Securities and Exchange Commission ("SEC") (SEC File No. 333-136045) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Goldman, Sachs & Co., any underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-866-471-2526. [LOGO] RBS GREENWICH CAPITAL [LOGO] GOLDMAN SACHS - 41 -
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GSMS 2007-GG10 -------------------------------------------------------------------------------- TEN LARGEST MORTGAGE LOANS - TWO HERALD SQUARE -------------------------------------------------------------------------------- [TWO (2) MAPS INDICATING LOCATION OF TWO HERALD SQUARE OMITTED] The asset-backed securities referred to in these materials are being offered when, as and if issued. In particular, you are advised that asset-backed securities, and the asset pools backing them, are subject to modification or revision (including, among other things, the possibility that one or more classes of securities may be split, combined or eliminated), at any time prior to issuance or availability of a final prospectus. As a result, you may commit to purchase securities that have characteristics that may change, and you are advised that all or a portion of the securities may not be issued that have the characteristics described in these materials. Our obligation to sell securities to you is conditioned on the securities and the underlying transaction having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the issuer nor any of the underwriters will have any obligation to you to deliver all or any portion of the securities which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. The depositor has filed a registration statement (including the prospectus) with the Securities and Exchange Commission ("SEC") (SEC File No. 333-136045) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Goldman, Sachs & Co., any underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-866-471-2526. [LOGO] RBS GREENWICH CAPITAL [LOGO] GOLDMAN SACHS - 42 -
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GSMS 2007-GG10 -------------------------------------------------------------------------------- TEN LARGEST MORTGAGE LOANS - TWO HERALD SQUARE -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- PROPERTY INFORMATION Number of Mortgaged Real Properties 1 Location (City/State) New York, New York Property Type Other(1) Building NRSF 354,298 Maximum FAR (sf) 430,650 Percentage Leased as of December 11, 2006 99.3% Year Built/Year Renovated 1909 / 2000-2005 Appraisal Value $260,000,000 Underwritten Occupancy NAP Underwritten Revenues $14,260,048 Underwritten Total Expenses $0 Underwritten Net Operating Income (NOI)(2) $14,260,048 Underwritten Net Cash Flow (NCF)(2) $14,260,048 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- MORTGAGE LOAN INFORMATION Originator GSCMC Cut-off Date Principal Balance $191,250,000 Cut-off Date Principal Balance PSF(3) $444.10 Percentage of Initial Mortgage Pool Balance 2.5% Number of Mortgage Loans 1 Type of Security Fee Simple Mortgage Rate 5.358% Original Term to Maturity (Months) 119 Original Amortization Term (Months) None Cut-off Date LTV Ratio 73.6% LTV Ratio at Maturity 73.6% Underwritten DSCR on NOI(2) 1.37x Underwritten DSCR on NCF(2) 1.37x -------------------------------------------------------------------------------- ___________________ (1) The mortgage loan is secured by the borrower's fee simple interest in the land, but not the improvements. (2) Base Revenue based on the average ground rent payments from years 11-20. The current DSCR based on the current rent payment of $9,000,000 per annum is 0.86x. (3) Based on maximum floor area ratio ("FAR") of 430,650 SF. o THE LOAN. The mortgage loan (the "TWO HERALD SQUARE LOAN") is evidenced by a note in the original principal amount of $191,250,000 and is secured by a first mortgage encumbering the fee interest in the property located at Two Herald Square in New York, New York (the "TWO HERALD SQUARE PROPERTY"). The Two Herald Square Loan was originated by Goldman Sachs Commercial Mortgage Capital, L.P. and subsequently purchased by Goldman Sachs Mortgage Company. The Two Herald Square Loan was originated on April 9, 2007 and represents approximately 2.5% of the initial mortgage pool balance. The note evidencing the Two Herald Square Loan had an original principal balance and has a principal balance as of the cut-off date of $191,250,000 and an interest rate of 5.358%. The proceeds of the Two Herald Square Loan were used to acquire the Two Herald Square Property. The Two Herald Square Loan had an initial term of 119 months and has a remaining term of 117 months. The Two Herald Square Loan requires payments of interest only until maturity. The scheduled maturity date is the payment date in April 2017. Voluntary prepayment of the Two Herald Square Loan is prohibited until the payment date in January 2017. Defeasance with United States government securities or certain other obligations backed by the full faith and credit of the United States of America is permitted at anytime after the second anniversary of the securitization closing date. o THE PROPERTY. The Two Herald Square Property is comprised of the fee interest in the land under an 11 story plus penthouse building and an underground parking garage, 354,298 SF, office and retail building located in Manhattan. The building is situated on the southern border of the Times Square South submarket to the immediate north of the Penn Station submarket. Built in 1909, the building underwent major renovation and upgrades between 2000 and 2005. The fee interest is indirectly owned by SL Green Realty Corp. and Gramercy Capital Corp. through a 55%/45% joint venture. The borrowers are the lessors under a ground lease of the Two Herald Square Property, which has a 70-year term with no extension options, and Sitt 2 Herald LLC is the lessee under such ground lease. The base rent payable by the lessee under the ground lease is $750,000 per month for the first five years of the term and increases by 25% in year six, then increases annually by 2.5% every year thereafter to $1,324,662.96/month in the 20th year of the lease. After the 20th year of the lease, base rent will be adjusted on the first day of each of the 21st, 31st, 41st, 51st and 61st lease years of the term, to the greater of 1.025 times the preceding year's rent, or 5% of the fair market value. The percentage rent payable under the ground lease is 10% of the amount by which annual adjusted operating revenue exceeds $25,000,000. The asset-backed securities referred to in these materials are being offered when, as and if issued. In particular, you are advised that asset-backed securities, and the asset pools backing them, are subject to modification or revision (including, among other things, the possibility that one or more classes of securities may be split, combined or eliminated), at any time prior to issuance or availability of a final prospectus. As a result, you may commit to purchase securities that have characteristics that may change, and you are advised that all or a portion of the securities may not be issued that have the characteristics described in these materials. Our obligation to sell securities to you is conditioned on the securities and the underlying transaction having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the issuer nor any of the underwriters will have any obligation to you to deliver all or any portion of the securities which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. The depositor has filed a registration statement (including the prospectus) with the Securities and Exchange Commission ("SEC") (SEC File No. 333-136045) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Goldman, Sachs & Co., any underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-866-471-2526. [LOGO] RBS GREENWICH CAPITAL [LOGO] GOLDMAN SACHS - 43 -
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GSMS 2007-GG10 -------------------------------------------------------------------------------- TEN LARGEST MORTGAGE LOANS - TWO HERALD SQUARE -------------------------------------------------------------------------------- The following table presents certain information relating to the major tenants at the Two Herald Square Property: FIVE LARGEST TENANTS BASED ON ANNUALIZED UNDERWRITTEN BASE RENT ------------------------------------------------------------------------------------------------------------------------------------ % OF TOTAL ANNUALIZED ANNUALIZED ANNUALIZED UNDERWRITTEN CREDIT RATING TENANT % OF UNDERWRITTEN UNDERWRITTEN BASE RENT LEASE TENANT NAME (FITCH/MOODY'S/S&P)(1) NRSF NRSF BASE RENT ($) BASE RENT ($ PER NRSF) EXPIRATION ----------------------- ---------------------- --------- ------- ------------- ------------ ------------ ------------- H&M Hennes & Mauritz NR/NR/NR 71,000 20.0% $ 7,332,630 33.6% $103.28 1/31/2016 Publicis NR/Baa2/BBB+ 119,502 33.7% 5,575,982 25.5% 46.66 8/31/2016 Victoria's Secret NR/Baa2/BBB 27,550 7.8% 4,597,727 21.0% 166.89 3/31/2017 Mercy College NR/NR/NR 55,000 15.5% 2,530,000 11.6% 46.00 5/31/2022 Central Parking NR/NR/NR 29,610 8.4% 575,026 2.6% 19.42 12/31/2007 ----------------------------------------------------------------- FIVE LARGEST TENANTS 302,662 85.4% $ 20,611,365 94.3% $ 68.10 Remaining Tenants 49,234 13.9% 1,243,737 5.7% 25.26 Vacant 2,402 0.7% 0 0.0% 0.00 ----------------------------------------------------------------- TOTAL ALL TENANTS 354,298 100.0% $ 21,855,102 100.0% $ 62.19 ------------------------------------------------------------------------------------------------------------------------------------ ___________________ (1) Certain ratings are those of the parent company whether or not the parent guarantees the lease. o THE BORROWERS. The borrowers are GKK 2 Herald LLC and SLG 2 Herald LLC, both single-purpose, single-asset entities, as tenants in common. Legal counsel to the borrowers delivered a non-consolidation opinion in connection with the origination of the Two Herald Square Loan. Upon completion of the like-kind exchange described below, GKK 2 Herald LLC will be indirectly owned by Gramercy Capital Corp., a national commercial real estate investment trust, and SLG 2 Herald LLC will be indirectly owned by SL Green Realty Corp., the owner and operator of a portfolio of commercial office buildings in New York City. o ESCROWS. During the continuance of a Two Herald Square Trigger Period, the loan documents require the reserve of monthly escrows for real estate taxes and insurance with all excess cash reserved as additional collateral for the Two Herald Square Loan. A "TWO HERALD SQUARE TRIGGER PERIOD" means (i) any period during the continuance of an event of default under the ground lease, and (ii) any period during which the ground lease is no longer in effect. In the place of an interest reserve, SL Green Operating Partnership, L.P., an affiliate of SL Green Realty Corp. has provided a $3,821,116.20 letter of credit and Gramercy Capital Corp. has provided a $3,126,367.80 letter of credit, in each case, in respect of interest shortfalls. Over the term of the Two Herald Square Loan, the borrowers have the right to reduce the aggregate amount of the letters of credit to the amount that would then be in the interest reserve required by the loan documents had such reserve been held in cash. o LOCKBOX AND CASH MANAGEMENT. The Two Herald Square Loan requires a hard lockbox, which is already in place. The loan documents require the borrowers to direct the lessee under the ground lease to pay its rent directly to a lender-controlled lockbox account. At the end of each business day, provided that there is no event of default under the Two Herald Square Loan and no Two Herald Square Trigger Period is ongoing, all funds in the lockbox account in excess of the interest due on the next payment date will be remitted to an account specified by the borrowers. During the existence of a Two Herald Square Trigger Period, funds in the lockbox account will be applied to pay the monthly debt service and any required reserves under the loan documents, and, unless an event of default under the Two Herald Square Loan has occurred and is continuing, any excess will be remitted to the borrowers. During the continuance of an event of default under the Two Herald Square Loan, the lender may apply any funds in the lockbox account to the obligations of the borrowers under the Two Herald Square Loan in such order of priority as the lender may determine. o PROPERTY MANAGEMENT. The Two Herald Square Property is currently managed by S.L. Green Management Corp., an affiliate of one of the borrowers, pursuant to a management agreement. Under the management agreement, the borrowers pay a management fee in the amount of $100,455.60 per year. The lender may require the borrowers to replace the property manager if an event of default under the Two Herald Square Loan has occurred or as a result of the gross negligence, fraud or willful misconduct of the property manager. The asset-backed securities referred to in these materials are being offered when, as and if issued. In particular, you are advised that asset-backed securities, and the asset pools backing them, are subject to modification or revision (including, among other things, the possibility that one or more classes of securities may be split, combined or eliminated), at any time prior to issuance or availability of a final prospectus. As a result, you may commit to purchase securities that have characteristics that may change, and you are advised that all or a portion of the securities may not be issued that have the characteristics described in these materials. Our obligation to sell securities to you is conditioned on the securities and the underlying transaction having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the issuer nor any of the underwriters will have any obligation to you to deliver all or any portion of the securities which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. The depositor has filed a registration statement (including the prospectus) with the Securities and Exchange Commission ("SEC") (SEC File No. 333-136045) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Goldman, Sachs & Co., any underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-866-471-2526. [LOGO] RBS GREENWICH CAPITAL [LOGO] GOLDMAN SACHS - 44 -
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GSMS 2007-GG10 -------------------------------------------------------------------------------- TEN LARGEST MORTGAGE LOANS - TWO HERALD SQUARE -------------------------------------------------------------------------------- o MEZZANINE OR SUBORDINATE INDEBTEDNESS. Except in connection with the like-kind exchange described below, there is currently no subordinate indebtedness that is secured by more than 45% of the direct or indirect interests in the borrowers. The loan documents permit (A) a pledge at any time or from time to time of all or any portion of the direct or indirect interest in GKK 2 Herald LLC, provided that the pledged interest does not constitute in the aggregate more than 45% of the direct or indirect equity interests in Borrower, to secure a loan in an amount not to exceed $50,000,000 that is originated by (or, contemporaneously with its closing, assigned to) Gramercy Capital Corp. or one of its affiliates and is at all times held by Gramercy Capital Corp. or one of its affiliates (which entity may (1) assign all or any portion of such loan in connection with a CDO that is managed by Gramercy Capital Corp. or one of its affiliates and/or (2) pledge all or any portion of such loan as collateral for a repurchase or similar financing facility provided to such entity by Wachovia Bank, National Association, Goldman Sachs Group, Inc., or any other Qualified Equityholder, and in either case the holder thereof may exercise remedies thereunder, provided the pledged interests are at all times held by Qualified Equityholders or such CDO), and (B) any transfer of such equity interests to a Qualified Equityholder pursuant to the exercise of remedies by the holder of such pledged interests). o 1031 EXCHANGE. The Two Herald Square Property is currently the subject of a like-kind exchange under ss.1031 of the Internal Revenue Code pursuant to a transaction that qualifies within the "safe harbor" of the revenue procedures relating to such exchanges. The equity interests in both borrowers are indirectly wholly owned by CDECRE, Inc., an affiliate of Chicago Deferred Exchange Corporation, pursuant to exchange accommodation agreements with the sponsors. These equity interests are expected to be transferred to Gramercy Capital Corp. and SL Green Realty Corp. no later than October 5, 2007 in connection with the completion of the exchange. o TERRORISM INSURANCE. The loan documents require that the "all risk" insurance policies required to be maintained by the borrowers provide coverage for terrorism in an amount equal to the full replacement cost of the Two Herald Square Property. In addition, the borrowers are required to maintain business interruption insurance covering a period of not less than 18 months from the occurrence of a casualty, plus an extended period of indemnity for 12 months after restoration. The borrowers must maintain such terrorism coverage if the Terrorism Risk Insurance Act of 2002 ("TRIA") or a similar statute is in effect. If at any time TRIA or a similar statute is not in effect and terrorism coverage is commercially available, the borrowers are required to maintain such coverage, but are not required to pay a premium of more than more than one and a half times the premium for the-then current property insurance premium payable with respect to the Two Herald Square Property (less the portion of such premium that is allocable to terrorism insurance coverage). The borrowers are permitted to maintain such terrorism coverage through a blanket policy. The asset-backed securities referred to in these materials are being offered when, as and if issued. In particular, you are advised that asset-backed securities, and the asset pools backing them, are subject to modification or revision (including, among other things, the possibility that one or more classes of securities may be split, combined or eliminated), at any time prior to issuance or availability of a final prospectus. As a result, you may commit to purchase securities that have characteristics that may change, and you are advised that all or a portion of the securities may not be issued that have the characteristics described in these materials. Our obligation to sell securities to you is conditioned on the securities and the underlying transaction having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the issuer nor any of the underwriters will have any obligation to you to deliver all or any portion of the securities which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. The depositor has filed a registration statement (including the prospectus) with the Securities and Exchange Commission ("SEC") (SEC File No. 333-136045) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Goldman, Sachs & Co., any underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-866-471-2526. [LOGO] RBS GREENWICH CAPITAL [LOGO] GOLDMAN SACHS - 45 -
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GSMS 2007-GG10 -------------------------------------------------------------------------------- TEN LARGEST MORTGAGE LOANS - TIAA REXCORP PLAZA -------------------------------------------------------------------------------- [LARGE PHOTO OF TIAA REXCORP PLAZA OMITTED] The asset-backed securities referred to in these materials are being offered when, as and if issued. In particular, you are advised that asset-backed securities, and the asset pools backing them, are subject to modification or revision (including, among other things, the possibility that one or more classes of securities may be split, combined or eliminated), at any time prior to issuance or availability of a final prospectus. As a result, you may commit to purchase securities that have characteristics that may change, and you are advised that all or a portion of the securities may not be issued that have the characteristics described in these materials. Our obligation to sell securities to you is conditioned on the securities and the underlying transaction having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the issuer nor any of the underwriters will have any obligation to you to deliver all or any portion of the securities which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. The depositor has filed a registration statement (including the prospectus) with the Securities and Exchange Commission ("SEC") (SEC File No. 333-136045) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Goldman, Sachs & Co., any underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-866-471-2526. [LOGO] RBS GREENWICH CAPITAL [LOGO] GOLDMAN SACHS - 46 -
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GSMS 2007-GG10 -------------------------------------------------------------------------------- TEN LARGEST MORTGAGE LOANS - TIAA REXCORP PLAZA -------------------------------------------------------------------------------- [TWO (2) MAPS INDICATING LOCATION OF TIAA REXCORP PLAZA OMITTED] The asset-backed securities referred to in these materials are being offered when, as and if issued. In particular, you are advised that asset-backed securities, and the asset pools backing them, are subject to modification or revision (including, among other things, the possibility that one or more classes of securities may be split, combined or eliminated), at any time prior to issuance or availability of a final prospectus. As a result, you may commit to purchase securities that have characteristics that may change, and you are advised that all or a portion of the securities may not be issued that have the characteristics described in these materials. Our obligation to sell securities to you is conditioned on the securities and the underlying transaction having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the issuer nor any of the underwriters will have any obligation to you to deliver all or any portion of the securities which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. The depositor has filed a registration statement (including the prospectus) with the Securities and Exchange Commission ("SEC") (SEC File No. 333-136045) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Goldman, Sachs & Co., any underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-866-471-2526. [LOGO] RBS GREENWICH CAPITAL [LOGO] GOLDMAN SACHS - 47 -
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GSMS 2007-GG10 -------------------------------------------------------------------------------- TEN LARGEST MORTGAGE LOANS - TIAA REXCORP PLAZA -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- PROPERTY INFORMATION Number of Mortgaged Real Properties 1 Location (City/State) Uniondale, New York Property Type Office Size (sf) 1,063,950 Percent Leased as of February 23, 2007 92.1% Year Built/Year Renovated 1985 / 1996 Appraisal Value $270,000,000 Underwritten Occupancy 92.1% Underwritten Revenues $36,370,754 Underwritten Total Expenses $22,187,025 Underwritten Net Operating Income (NOI) $14,183,729 Underwritten In Place Cash Flow (IPCF)(1) $11,587,306 Underwritten Net Cash Flow (NCF)(2) $13,119,779 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- MORTGAGE LOAN INFORMATION Originator GCFP Cut-off Date Principal Balance $187,250,000 Cut-off Date Principal Balance PSF/Unit $176.00 Percentage of Initial Mortgage Pool Balance 2.4% Number of Mortgage Loans 1 Type of Security Leasehold Mortgage Rate 5.731% Original Term to Maturity (Months) 120 Original Amortization Term (Months) Interest Only Cut-off Date LTV Ratio 69.4% LTV Ratio at Maturity 69.4% Underwritten DSCR on NOI 1.30x Underwritten DSCR on IPCF(1) 1.06x Underwritten DSCR on NCF(2) 1.21x -------------------------------------------------------------------------------- ___________________ (1) IPCF is the loan sellers underwritten NOI, adjusted for in place leases and expenses, but giving no credit to rental growth expected to occur in future years or upon stabilization. (2) NCF is loan seller's NCF, giving credit to rental growth to market levels that is projected to happen in future years based on cash flow models prepared with Argus or other software. There can be no assurance that the property will ever attain or exceed the stated NCF. o THE LOAN. The mortgage loan (the "TIAA REXCORP PLAZA LOAN") is evidenced by a single note and is secured by a first mortgage encumbering a class-A office building located in Uniondale, New York (the "TIAA REXCORP PLAZA PROPERTY"). The TIAA RexCorp Plaza Loan represents approximately 2.4% of the initial mortgage pool balance. The TIAA RexCorp Plaza Loan was originated on January 25, 2007, had an original principal balance and a principal as of the cut-off date of $187,250,000 and an interest rate of 5.731% per annum. The DSCR and LTV on the TIAA RexCorp Plaza Loan are 1.21x and 69.4%, respectively. The proceeds of the TIAA RexCorp Plaza Loan were used by the borrower to acquire the TIAA RexCorp Plaza Property along with 15 other properties for a total portfolio acquisition price of approximately $1.14 billion. The TIAA RexCorp Plaza Loan had an initial term of 120 months, has a remaining term of 115 months and requires payments of interest only for the entire term. The scheduled maturity date is February 6, 2017. Voluntary prepayment of the TIAA RexCorp Plaza Loan is prohibited prior to the payment date of November 6, 2016 and permitted on such payment date and thereafter without penalty. Defeasance with United States government securities is permitted from August 6, 2009 (the "TIAA REXCORP PLAZA INITIAL DEFEASANCE DATE"). o THE PROPERTY. The TIAA RexCorp Plaza Property, commonly known as RexCorp Plaza, consists of two, connected, class-A, 15-story elliptical office buildings with a total of 1,063,950 sf. The property fronts Glen Curtis Boulevard and has easy access to Hempstead-Bethpage Turnpike. Constructed in 1985 and renovated in 1996, the buildings have typical floorplates of about 31,500 sf. On-site amenities include a Winter Garden in the atrium lobby, concierge, retail stores, retail banking, a full-service cafeteria and outdoor ice skating rink. 4,300 parking spaces are provided through a combination of a garage and in surface lots. The building is occupied by a variety of tenants, the largest of which, Citibank, occupies 19.9% of the TIAA RexCorp Plaza Property. No other tenant occupies more than 8.9% of the space. The property is located on a 36.4111-acre site that is leased from the County of Nassau. The full site consists of three parcels; two of the parcels, with a total of 28.2384 acres, are developed with the TIAA RexCorp Plaza Property. The third parcel, consisting of 8.1727 acres, is undeveloped and has been subleased to RexCorp Plaza Land SPE LLC, an entity owned by the RexCorp principals, Marathon Real Estate Opportunity Fund ("MARATHON") and Charles Wang. The third parcel is not part of the collateral for the TIAA RexCorp. Plaza Loan. o GROUND LEASE. The TIAA RexCorp Property is located on a 36.4111-acre site that is leased from the County of Nassau under a ground lease that commenced in 1984 and has a fully-extended expiration date of October 28, 2080. The current ground rent payment is $728,222 ($20,000 per acre), increasing to $819,249.75 per annum ($22,500 per acre) on May 1, 2009 for the remainder of the initial term and extension options. The asset-backed securities referred to in these materials are being offered when, as and if issued. In particular, you are advised that asset-backed securities, and the asset pools backing them, are subject to modification or revision (including, among other things, the possibility that one or more classes of securities may be split, combined or eliminated), at any time prior to issuance or availability of a final prospectus. As a result, you may commit to purchase securities that have characteristics that may change, and you are advised that all or a portion of the securities may not be issued that have the characteristics described in these materials. Our obligation to sell securities to you is conditioned on the securities and the underlying transaction having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the issuer nor any of the underwriters will have any obligation to you to deliver all or any portion of the securities which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. The depositor has filed a registration statement (including the prospectus) with the Securities and Exchange Commission ("SEC") (SEC File No. 333-136045) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Goldman, Sachs & Co., any underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-866-471-2526. [LOGO] RBS GREENWICH CAPITAL [LOGO] GOLDMAN SACHS - 48 -
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GSMS 2007-GG10 -------------------------------------------------------------------------------- TEN LARGEST MORTGAGE LOANS - TIAA REXCORP PLAZA -------------------------------------------------------------------------------- The following table presents certain information relating to the major tenants at the TIAA RexCorp Plaza Property: TEN LARGEST TENANTS BASED ON ANNUALIZED UNDERWRITTEN BASE RENT ------------------------------------------------------------------------------------------------------------------------------------ % OF TOTAL ANNUALIZED ANNUALIZED ANNUALIZED UNDERWRITTEN CREDIT RATING TENANT % OF UNDERWRITTEN UNDERWRITTEN BASE RENT LEASE TENANT NAME (FITCH/MOODY'S/S&P)(1) NRSF NRSF BASE RENT ($) BASE RENT ($ PER NRSF) EXPIRATION ----------------------- ---------------------- --------- ------- ------------- ------------ ------------ ------------- Citibank NA. AA+/Aaa/AA+ 211,853 19.9% $ 4,521,388 15.9% $21.34 12/1/2010 Dreyfus Service Corp. NR/NR/NR 94,679 8.9% 2,913,749 10.2% 30.78 3/1/2014 Del Laboratories Inc., NR/B1/B- 88,603 8.3% 2,537,325 8.9% 28.64 12/1/2014 Rivkin Radler & Kremer NR/NR/NR 79,125 7.4% 2,294,625 8.1% 29.00 6/1/2008 Washington Mutual A/A2/A- 63,130 5.9% 2,100,070 7.4% 33.27 4/30/2012 Ruskin Moscou &Faltisc NR/NR/NR 49,920 4.7% 1,625,538 5.7% 32.56 12/1/2016 ----------------------------------------------------------------- TOTAL LARGEST TENANTS 587,310 55.2% $ 15,992,695 56.1% $27.23 Remaining Tenants 393,094 36.9% 12,503,888 43.9% 31.81 Vacant Space 83,546 7.9% 0 0.0% 0.00 ----------------------------------------------------------------- TOTAL ALL TENANTS 1,063,950 100.0% $ 28,496,583 100.0% $29.07 ------------------------------------------------------------------------------------------------------------------------------------ ___________________ (1) Certain ratings are those of the parent company whether or not the parent guarantees the lease. LEASE EXPIRATION SCHEDULE(1) ------------------------------------------------------------------------------------------------------------------------------ % OF TOTAL ANNUALIZED CUMULATIVE ANNUALIZED ANNUALIZED UNDERWRITTEN YEAR ENDING % OF TOTAL OF TOTAL UNDERWRITTEN UNDERWRITTEN BASE RENT DECEMBER 31, EXPIRING NRSF NRSF NRSF BASE RENT ($) BASE RENT ($ PER NRSF) -------------------------- --------------- ------------ ------------ --------------- -------------- -------------- 2007 26,244 2.5% 2.5% $ 912,622 3.2% $34.77 2008 117,005 11.0% 13.5% 2,974,766 10.4% 25.42 2009 12,768 1.2% 14.7% 477,511 1.7% 37.40 2010 214,653 20.2% 34.8% 4,613,400 16.2% 21.49 2011 54,388 5.1% 40.0% 1,859,093 6.5% 34.18 2012 100,017 9.4% 49.4% 3,331,923 11.7% 33.31 2013 35,362 3.3% 52.7% 1,184,399 4.2% 33.49 2014 246,829 23.2% 75.9% 7,586,740 26.6% 30.74 2015 36,218 3.4% 79.3% 1,218,274 4.3% 33.64 2016 117,482 11.0% 90.3% 3,721,416 13.1% 31.68 2017 and thereafter 19,438 1.8% 92.1% 616,439 2.2% 31.71 Vacant 83,546 7.9% 100.0% 0 0.0% 0.00 ------------------------------------------------------------------------------------------------- TOTAL 1,063,950 100.0% $28,496,583 100.0% $29.07 ------------------------------------------------------------------------------------------------------------------------------ ___________________ (1) Calculated based on approximate square footage occupied by each tenant. o THE BORROWER. The borrower ("TIAA REXCORP PLAZA BORROWER") is a single-asset, special-purpose, bankruptcy-remote entity with an independent director. Legal counsel to the TIAA RexCorp Plaza Borrower delivered a non-consolidation opinion in connection with the origination of the TIAA RexCorp Plaza Loan. The sponsor of the TIAA RexCorp Plaza Borrower is Tri-State Prime Property Venture LLC ("PRIME") which is the guarantor under the non-recourse carveouts for the TIAA RexCorp Plaza Loan. A subsidiary of Teachers Insurance and Annuity Association - College Retirement Equities Fund ("TIAA-CREF") owns 85% of the TIAA RexCorp Plaza Property. TIAA-CREF is one of the largest institutional real estate investors in the nation, with a global portfolio of direct or indirect investment of approximately $59 billion. Headquartered in New York City, TIAA-CREF has major offices in Charlotte and Denver as well as dozens of smaller offices in communities nationwide. TIAA-CREF is one of the world's largest retirement systems, with more than $406 billion in combined assets under management (as of December 30, 2006). RexCorp Realty LLC (an entity established by Scott Rechler, Michael Maturo and Jason Barnett, the former executives of Reckson Associates Realty Corp. and other senior management of Reckson Associates Realty Corp.) and Marathon own a combined 7.5% of the TIAA RexCorp Plaza Property. Marathon is an open-ended fund that launched in August 2004. Marathon is co-headed by Jon Halpern and Ron Bernstein and has assets under management of approximately $350 million. Charles Wang, the founder and retired chairman of the board of CA, Inc., owns 7.5% of the TIAA RexCorp Plaza Property. Mr. Wang has over $250 million of real estate holdings across the country, but which are primarily focused on Long Island. The TIAA RexCorp Plaza Borrower is affiliated with the borrowers under the mortgage loan identified on Annex C-1 to the prospectus supplement as TIAA RexCorp New Jersey Portfolio, which is also an asset of the trust. The asset-backed securities referred to in these materials are being offered when, as and if issued. In particular, you are advised that asset-backed securities, and the asset pools backing them, are subject to modification or revision (including, among other things, the possibility that one or more classes of securities may be split, combined or eliminated), at any time prior to issuance or availability of a final prospectus. As a result, you may commit to purchase securities that have characteristics that may change, and you are advised that all or a portion of the securities may not be issued that have the characteristics described in these materials. Our obligation to sell securities to you is conditioned on the securities and the underlying transaction having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the issuer nor any of the underwriters will have any obligation to you to deliver all or any portion of the securities which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. The depositor has filed a registration statement (including the prospectus) with the Securities and Exchange Commission ("SEC") (SEC File No. 333-136045) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Goldman, Sachs & Co., any underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-866-471-2526. [LOGO] RBS GREENWICH CAPITAL [LOGO] GOLDMAN SACHS - 49 -
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GSMS 2007-GG10 -------------------------------------------------------------------------------- TEN LARGEST MORTGAGE LOANS - TIAA REXCORP PLAZA -------------------------------------------------------------------------------- In addition to other customary equity transfer provisions (which allow, among other things, TIAA-CREF (or entities controlled by TIAA-CREF), Marathon (or entities controlled by Marathon) and/or any one or more of Scott Rechler, Michael Maturo and Jason Barnett to control the TIAA RexCorp Plaza Borrower), the TIAA RexCorp Plaza Loan documents permit the transfer of a controlling interest (i.e., the controlling interest held by Scott Rechler, Michael Maturo, Jason Barnett and Marathon at closing) in the TIAA RexCorp Plaza Borrower provided that (a) the transferee is (or is controlled by) an entity that meets certain eligibility criteria set forth in the TIAA RexCorp Plaza Loan documents (including having assets in excess of $1 billion and capital/statutory surplus or shareholder's equity in excess of $500 million); (b) after any such transfer, the TIAA RexCorp Plaza Property is managed by a manager that meets certain eligibility requirements (including at least five (5) years' experience in the management of commercial properties with similar uses as the TIAA RexCorp Plaza Property in the New York metropolitan area); and (c) in the case of a transfer to an entity unaffiliated with the TIAA RexCorp Plaza Borrower, the payment of a transfer fee ($100,000 with respect to the first such transfer and 0.25% of the then outstanding principal amount of the TIAA RexCorp Plaza Loan for each subsequent transfer), (y) payment of all legal and other out-of-pocket costs reasonably incurred by the lender in connection with such transfer and (z) the execution and delivery of a replacement recourse guaranty from a pre-approved transferee or another person or entity (i) acceptable to the lender in its reasonable discretion and (ii) receipt of a rating agency confirmation letter. o ESCROWS AND RESERVES. The TIAA RexCorp Plaza Loan provides for upfront and ongoing reserves as follows: Tax and Insurance Reserve: The TIAA RexCorp Plaza Borrower is required to make monthly contributions into a tax and insurance reserve account in an amount equal to one-twelfth of the amount the lender estimates will be necessary to pay impositions, such as taxes and insurance premiums, over the succeeding twelve months. Ground Rent Reserve: The TIAA RexCorp Plaza Borrower is required to make monthly contributions into a ground rent reserve account in an amount equal to one-twelfth of the amount the lender estimates will be necessary to pay ground rent payments over the succeeding twelve months. Capital Expense and Leasing Reserves: The TIAA RexCorp Plaza Borrower will be required to make monthly contributions into a capital expenditure and leasing reserve account if (i) the subsidiary of TIAA-CREF (or other controlled affiliates of TIAA-CREF) described above no longer owns at least 50% of the aggregate equity interests in the TIAA RexCorp Plaza Borrower and the lender has not determined that the transferee(s) of such interests are sufficiently creditworthy, to warrant the continued non-collection of capital expenditure and leasing reserves and (ii) the LTV of the TIAA RexCorp Plaza Loan is greater than 65%. Letter of Credit: The TIAA RexCorp Plaza Borrower is also permitted to post letters of credit in lieu of funding the real estate taxes, insurance and ground rent reserves. Such letters of credit must be issued by (i) JPMorgan Chase, N.A., (ii) another financial institution having long term unsecured debt obligations rated at least "AA" by Fitch and S&P and "Aa2" by Moody's or (iii) any other financial institution acceptable to the lender in its reasonable discretion. o LOCKBOX AND CASH MANAGEMENT. The TIAA RexCorp Plaza Loan requires a hard lockbox, which is already in place. The TIAA RexCorp Plaza Loan documents require the TIAA RexCorp Plaza Borrower to direct tenants to pay their rents directly to a lender controlled lockbox account. The TIAA RexCorp Plaza Loan documents also require that all rents received by (or on behalf of) the TIAA RexCorp Plaza Borrower or the property manager be deposited into such lender-controlled lockbox account (as well as any other rents, receipts, certain security deposits or payments related to lease termination or default) within two business day after receipt and that funds deposited in such lender-controlled lockbox account be swept on a daily basis into the TIAA RexCorp Plaza Borrower's operating account unless (i) a mezzanine loan permitted under the TIAA RexCorp Plaza Loan documents is outstanding, in which case such amounts will be applied through the cash management "waterfall" established under TIAA RexCorp Plaza Loan or (ii) an event of default is continuing, in which case, such amounts will either be swept into another account controlled by lender and held as cash collateral for the TIAA RexCorp Plaza Loan (which amounts lender may (but is not required to) apply to prepay a portion of the TIAA RexCorp Plaza Loan) or applied by the lender (at the lender's option) in accordance with the above referenced cash management "waterfall". The asset-backed securities referred to in these materials are being offered when, as and if issued. In particular, you are advised that asset-backed securities, and the asset pools backing them, are subject to modification or revision (including, among other things, the possibility that one or more classes of securities may be split, combined or eliminated), at any time prior to issuance or availability of a final prospectus. As a result, you may commit to purchase securities that have characteristics that may change, and you are advised that all or a portion of the securities may not be issued that have the characteristics described in these materials. Our obligation to sell securities to you is conditioned on the securities and the underlying transaction having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the issuer nor any of the underwriters will have any obligation to you to deliver all or any portion of the securities which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. The depositor has filed a registration statement (including the prospectus) with the Securities and Exchange Commission ("SEC") (SEC File No. 333-136045) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Goldman, Sachs & Co., any underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-866-471-2526. [LOGO] RBS GREENWICH CAPITAL [LOGO] GOLDMAN SACHS - 50 -
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GSMS 2007-GG10 -------------------------------------------------------------------------------- TEN LARGEST MORTGAGE LOANS - TIAA REXCORP PLAZA -------------------------------------------------------------------------------- o PROPERTY MANAGEMENT. RexCorp Property Management LLC, an affiliate of the TIAA RexCorp Plaza Borrower, is the property manager for the TIAA RexCorp Plaza Property. The property manager receives a management fee on the TIAA RexCorp Plaza Property equal to 3.0% of gross revenues from the TIAA RexCorp Plaza Property. The lender may require that the TIAA RexCorp Plaza Borrower terminate the property manager following one or more of the following events: (i) an event of default is continuing under the TIAA RexCorp Plaza Loan, (ii) the property manager is in material default under the applicable management agreement(s) beyond applicable notice and cure periods, or (iii) upon the gross negligence, malfeasance or willful misconduct of the property manager that results in a material adverse effect on the TIAA RexCorp Plaza Property or the TIAA RexCorp Plaza Borrower. o MEZZANINE OR SUBORDINATE INDEBTEDNESS. There is currently no mezzanine or subordinate indebtedness related to the TIAA RexCorp Plaza Property. The TIAA RexCorp Plaza Loan documents permit mezzanine financing from an entity that meets certain eligibility criteria set forth in the TIAA RexCorp Plaza Loan documents or an entity approved by the lender and the rating agencies to the holder or holders of all of the direct and indirect ownership interests in the TIAA RexCorp Plaza Borrower, provided that the mezzanine lender enters into an intercreditor agreement with lender and that the approved mezzanine loan: (i) will be in an amount that when added to the TIAA RexCorp Plaza Loan, will result in an aggregate LTV of the TIAA RexCorp Plaza Property of no greater than 85%, (ii) will result in the TIAA RexCorp Plaza Property having an aggregate DSCR of not less than 1.00x (based on actual net operating income and an assumed 7.50% debt service constant), (iii) has a market interest rate and is otherwise on terms and conditions reasonably acceptable to the lender and evidenced by TIAA RexCorp Plaza Loan documents which have been reasonably approved by the lender, (iv) is not secured by any collateral securing the TIAA RexCorp Plaza Loan, (v) creates no obligations or liabilities on the part of the TIAA RexCorp Plaza Borrower and results in no liens on any portion of any TIAA RexCorp Plaza Property or any other collateral securing the TIAA RexCorp Plaza Loan and (vi) either (A) has a term expiring on the February 6, 2017 if after giving effect to such mezzanine loan, the aggregate DSCR (based on actual net operating income and an assumed 7.50% debt service constant) of the TIAA RexCorp Plaza Property is less than 1.08x or (B) has a term expiring no earlier than February 6, 2012 if after giving effect to such mezzanine loan, the aggregate DSCR (based on actual net operating income and an assumed 7.50% debt service constant) of the TIAA RexCorp Plaza Property is greater than or equal to 1.08x. o TERRORISM INSURANCE. The TIAA RexCorp Plaza Loan documents require the TIAA RexCorp Plaza Borrower to maintain terrorism insurance in an amount equal to 100% of the replacement cost of the TIAA RexCorp Plaza Property, provided such coverage is available. In the event that coverage for terrorism is not included as part of the "all risk" property policy, the TIAA RexCorp Plaza Borrower will be required to obtain coverage for terrorism (in the form of stand alone coverage) to the extent available, in an amount equal to 100% of the replacement cost of the TIAA RexCorp Plaza Property, subject to a premium cap of $648,000, adjusted annually by a percentage equal to the increase in the "consumer price index". The asset-backed securities referred to in these materials are being offered when, as and if issued. In particular, you are advised that asset-backed securities, and the asset pools backing them, are subject to modification or revision (including, among other things, the possibility that one or more classes of securities may be split, combined or eliminated), at any time prior to issuance or availability of a final prospectus. As a result, you may commit to purchase securities that have characteristics that may change, and you are advised that all or a portion of the securities may not be issued that have the characteristics described in these materials. Our obligation to sell securities to you is conditioned on the securities and the underlying transaction having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the issuer nor any of the underwriters will have any obligation to you to deliver all or any portion of the securities which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. The depositor has filed a registration statement (including the prospectus) with the Securities and Exchange Commission ("SEC") (SEC File No. 333-136045) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Goldman, Sachs & Co., any underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-866-471-2526. [LOGO] RBS GREENWICH CAPITAL [LOGO] GOLDMAN SACHS - 51 -
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GSMS 2007-GG10 -------------------------------------------------------------------------------- TEN LARGEST MORTGAGE LOANS - INTOWN SUITES PORTFOLIO -------------------------------------------------------------------------------- [SIX (6) PHOTOS OF INTOWN SUITES PORTFOLIO PROPERTIES OMITTED] The asset-backed securities referred to in these materials are being offered when, as and if issued. In particular, you are advised that asset-backed securities, and the asset pools backing them, are subject to modification or revision (including, among other things, the possibility that one or more classes of securities may be split, combined or eliminated), at any time prior to issuance or availability of a final prospectus. As a result, you may commit to purchase securities that have characteristics that may change, and you are advised that all or a portion of the securities may not be issued that have the characteristics described in these materials. Our obligation to sell securities to you is conditioned on the securities and the underlying transaction having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the issuer nor any of the underwriters will have any obligation to you to deliver all or any portion of the securities which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. The depositor has filed a registration statement (including the prospectus) with the Securities and Exchange Commission ("SEC") (SEC File No. 333-136045) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Goldman, Sachs & Co., any underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-866-471-2526. [LOGO] RBS GREENWICH CAPITAL [LOGO] GOLDMAN SACHS - 52 -
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GSMS 2007-GG10 -------------------------------------------------------------------------------- TEN LARGEST MORTGAGE LOANS - INTOWN SUITES PORTFOLIO -------------------------------------------------------------------------------- [MAP AND KEY INDICATING LOCATIONS OF INTOWN SUITES PORTFOLIO PROPERTIES OMITTED] The asset-backed securities referred to in these materials are being offered when, as and if issued. In particular, you are advised that asset-backed securities, and the asset pools backing them, are subject to modification or revision (including, among other things, the possibility that one or more classes of securities may be split, combined or eliminated), at any time prior to issuance or availability of a final prospectus. As a result, you may commit to purchase securities that have characteristics that may change, and you are advised that all or a portion of the securities may not be issued that have the characteristics described in these materials. Our obligation to sell securities to you is conditioned on the securities and the underlying transaction having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the issuer nor any of the underwriters will have any obligation to you to deliver all or any portion of the securities which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. The depositor has filed a registration statement (including the prospectus) with the Securities and Exchange Commission ("SEC") (SEC File No. 333-136045) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Goldman, Sachs & Co., any underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-866-471-2526. [LOGO] RBS GREENWICH CAPITAL [LOGO] GOLDMAN SACHS - 53 -
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GSMS 2007-GG10 -------------------------------------------------------------------------------- TEN LARGEST MORTGAGE LOANS - INTOWN SUITES PORTFOLIO -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- PROPERTY INFORMATION Number of Mortgaged Real Properties 35 Location (City/State) Various Property Type Hospitality Size (rooms) 4,539 Percentage Leased as of December 31, 2006 84.0% Year Built/Year Renovated 1988-2001/2003-2007 Appraisal Value $231,500,000 Underwritten Occupancy 86.0% Underwritten Revenues $42,853,482 Underwritten Total Expenses $21,343,474 Underwritten Net Operating Income (NOI) $21,510,008 Underwritten Net Cash Flow (NCF)(1) $19,367,334 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- MORTGAGE LOAN INFORMATION Originator GCFP Cut-off Date Principal Balance $186,000,000 Cut-off Date Principal Balance PSF/Room $40,978 Percentage of Initial Mortgage Pool Balance 2.4% Number of Mortgage Loans 1 Type of Security Fee Simple Mortgage Rate 5.747% Original Term to Maturity (Months) 120 Original Amortization Term (Months) 60 IO; 360 thereafter Cut-off Date LTV Ratio 80.3% LTV Ratio at Maturity 74.9% Underwritten DSCR on NOI 1.65x Underwritten DSCR on NCF(1) 1.49x -------------------------------------------------------------------------------- ___________________ (1) With the exception of eight properties acquired in 2006, NCF is based on TTM results as of YE2006 for occupancy, other revenues, expenses and the sponsor's budgeted 2007 AWR (average weekly rate). NCF for the eight newly acquired properties is fully based on sponsor's 2007 budgeted results. o THE LOAN. The mortgage loan (the "INTOWN SUITES PORTFOLIO LOAN") is evidenced by a single note and is secured by first mortgages encumbering 35 economy extended-stay hotels located in 13 states across the southeast and midwest United States (the "INTOWN SUITES PORTFOLIO PROPERTIES"). The InTown Suites Portfolio Loan represents approximately 2.4% of the initial mortgage pool balance. The InTown Suites Portfolio Loan is expected to be originated on or about June 13, 2007 and have has an original principal balance and a principal balance as of the cut off date of $186,000,000, and an interest rate of 5.747%. The DSCR and LTV on the InTown Suites Portfolio Loan are 1.49x and 80.3%, respectively. The subject acquisition was part of the larger acquisition of InTown Suites Management Inc., the entire InTown Suites operating company consisting of 125 properties and all associated management infrastructure. Including reserves, escrows and closing costs, the acquisition of InTown Suites Management Inc. totals approximately $770 million requiring over $160 million of equity. The InTown Suites Portfolio Loan has an initial term of 120 months and a remaining term of 120 months. The loan is interest-only for the first 60 months and amortizes on a 30-year schedule thereafter. The scheduled maturity date is August 6, 2017. Voluntary prepayment of the InTown Suites Portfolio Loan is prohibited prior to the payment date of July 6, 2017 and permitted on such payment date and thereafter without a penalty. Defeasance with United States government securities or certain other obligations is permitted from August 6, 2009. Additionally, after the August 6, 2009, the borrower is permitted to prepay the InTown Suites Portfolio Loan with the payment of yield maintenance. o THE PROPERTIES. The InTown Suites Portfolio Properties consist of thirty-five economy extended-stay hotel properties, located across 13 states, totaling 4,539 suites. The InTown Suites Portfolio Properties were constructed between 1988 and 2001 and most have undergone renovations between 2003 and 2007. The InTown Suites brand consists of 125 properties, with a total of 16,068 suites. All 125 properties are controlled by the sponsors of the InTown Suites Portfolio Borrowers and there are no franchisees of the InTown Suites brand. InTown Suites properties are rented rooms by the week only, with no nightly room rentals available and thus are able to operate more efficiently than hotels selling rooms nightly. Average stays at InTown Suites properties have historically lasted between 5 and 7 weeks and are longer than other categories of extended-stay hotels. The InTown Suites properties are typically located in high traffic commercial areas on either surface roads or major thoroughfares - strategically located to target growing metropolitan areas and areas that are home to high growth industries. The extended-stay market caters to corporate customers who require housing during periods of relocation, training or temporary assignment. These patrons desire accommodations proximate to their job location that provide amenities typical of an apartment unit, specifically kitchen facilities. In most markets, job training constitutes the largest generator of such demand. The InTown Suites Portfolio Properties are wood frame construction and are typically two or three stories with a combination of exterior and interior corridors. The average suite size at the InTown Suites Portfolio Properties ranges from 250 to 300 sf and typical amenities include full kitchens, a full-size refrigerator, a dining/work area, free cable TV and free high-speed wireless internet, a guest laundry facility, weekly housekeeping, free parking as well as free fax service and local calls. The asset-backed securities referred to in these materials are being offered when, as and if issued. In particular, you are advised that asset-backed securities, and the asset pools backing them, are subject to modification or revision (including, among other things, the possibility that one or more classes of securities may be split, combined or eliminated), at any time prior to issuance or availability of a final prospectus. As a result, you may commit to purchase securities that have characteristics that may change, and you are advised that all or a portion of the securities may not be issued that have the characteristics described in these materials. Our obligation to sell securities to you is conditioned on the securities and the underlying transaction having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the issuer nor any of the underwriters will have any obligation to you to deliver all or any portion of the securities which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. The depositor has filed a registration statement (including the prospectus) with the Securities and Exchange Commission ("SEC") (SEC File No. 333-136045) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Goldman, Sachs & Co., any underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-866-471-2526. [LOGO] RBS GREENWICH CAPITAL [LOGO] GOLDMAN SACHS - 54 -
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GSMS 2007-GG10 -------------------------------------------------------------------------------- TEN LARGEST MORTGAGE LOANS - INTOWN SUITES PORTFOLIO -------------------------------------------------------------------------------- The following table presents certain information relating to the InTown Suites Portfolio Properties: ------------------------------------------------------------------------------------------------------------------------- ALLOCATED YEAR NUMBER LOAN PROPERTY NAME CITY STATE LOAN AMOUNT YEAR BUILT RENOVATED OF SUITES $/ROOM ---------------------- ---------------- ------ ------------- ---------- --------- ---------- -------------- Ashley Phosphate Charleston SC $49,742 1997 2006 139 $6,914,145 Charleston Central North Charleston SC 37,168 2001 2006 108 4,014,187 Chesapeake Chesapeake VA 69,925 1996 2006 133 9,300,000 Columbia Northwest Columbia SC 39,815 2000 2006 108 4,300,000 Columbus East Columbus OH 34,434 1997 2005 140 4,820,734 Columbus North Columbus OH 31,618 1997 2005 136 4,300,000 Dayton Dayton OH 38,319 1997 2005 130 4,981,425 Douglasville Douglasville GA 36,850 1996 2004 133 4,901,080 Forest Lane Dallas TX 43,220 1997 2006 145 6,266,955 Forest Park Forest Park GA 39,683 1988 2006 126 5,000,000 Gilbert Gilbert AZ 59,712 1998 2007 139 8,300,000 Greenville North Greenville SC 30,999 1996 2006 127 3,936,933 Greenville South Greenville SC 33,588 1993 2006 131 4,400,000 Gwinnett Norcross GA 32,456 1998 2007 114 3,700,000 Gwinnett Place Duluth GA 50,288 1997 2006 139 6,990,065 Hazelwood Hazelwood MO 35,188 1997 2006 137 4,820,734 Indian Trail Norcross GA 41,244 1996 2007 150 6,186,610 Indianapolis East Indianapolis IN 37,810 1997 2006 136 5,142,117 Indianapolis Northwest Indianapolis IN 44,899 1997 2006 136 6,106,263 Jackson Jackson MS 31,955 1997 2006 133 4,250,000 Lilburn Lilburn GA 37,129 1995 2003 132 4,901,080 Lithia Springs Lithia Springs GA 38,685 2000 2006 108 4,177,970 Matthews Matthews NC 32,138 1995 2006 140 4,499,352 Mobile West Mobile AL 61,598 1999 2006 90 5,543,844 Newport News North Newport News VA 51,111 1996 2005 135 6,900,000 Northside Drive Atlanta GA 50,688 1996 2003 149 7,552,484 Oxmoor Birmingham AL 40,701 1990 2003 152 6,186,609 Pittsburgh Pittsburgh PA 33,424 2000 2006 125 4,177,970 Preston Highway Louisville KY 36,182 1996 2005 151 5,463,499 Raleigh Garner NC 37,910 1997 2007 142 5,383,153 Roswell Roswell GA 54,745 1996 2006 137 7,500,000 St. Charles St. Charles MO 40,458 1997 2006 131 5,300,000 UNC Charlotte NC 29,479 1997 2003 139 4,097,624 Warner Robins Warner Robins GA 28,724 2000 2006 90 2,585,167 Woodstock Woodstock GA 39,744 2000 2006 78 3,100,000 ------------- ---------- -------------- TOTAL $40,978 4539 $186,000,000 ------------------------------------------------------------------------------------------------------------------------- The asset-backed securities referred to in these materials are being offered when, as and if issued. In particular, you are advised that asset-backed securities, and the asset pools backing them, are subject to modification or revision (including, among other things, the possibility that one or more classes of securities may be split, combined or eliminated), at any time prior to issuance or availability of a final prospectus. As a result, you may commit to purchase securities that have characteristics that may change, and you are advised that all or a portion of the securities may not be issued that have the characteristics described in these materials. Our obligation to sell securities to you is conditioned on the securities and the underlying transaction having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the issuer nor any of the underwriters will have any obligation to you to deliver all or any portion of the securities which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. The depositor has filed a registration statement (including the prospectus) with the Securities and Exchange Commission ("SEC") (SEC File No. 333-136045) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Goldman, Sachs & Co., any underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-866-471-2526. [LOGO] RBS GREENWICH CAPITAL [LOGO] GOLDMAN SACHS - 55 -
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GSMS 2007-GG10 -------------------------------------------------------------------------------- TEN LARGEST MORTGAGE LOANS - INTOWN SUITES PORTFOLIO -------------------------------------------------------------------------------- The following table presents certain historical operating performance relating to the InTown Suites Portfolio Properties: ------------------------------------------------------------------------------------------------------------------------------------ 2004 2005 2006 ------------------------------ ------------------------------ ------------------------------ PROPERTY AWR OCC WREVPAR AWR OCC WREVPAR AWR OCC WREVPAR NOTES ---------------------- -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- Ashley Phosphate $184.37 83.4% $153.84 $191.86 90.6% $173.82 $226.46 86.5% $195.96 Charleston Central NAV NAV NAV NAV NAV NAV 225.08 65.3 146.97 (1) Chesapeake 204.20 97.9 199.87 226.81 94.5 214.30 265.41 88.1 233.82 Columbia Northwest NAV NAV NAV NAV NAV NAV 211.14 84.8 179.12 (1) Columbus East 143.55 83.1 119.29 155.33 86.0 133.53 179.92 91.9 165.27 Columbus North 159.84 77.1 123.20 158.31 85.1 134.66 178.55 91.0 162.50 Dayton 154.69 78.4 121.21 164.75 87.7 144.54 190.20 84.1 159.97 Douglasville 157.64 80.3 126.59 163.99 89.9 147.48 175.29 90.0 157.84 Forest Lane 156.58 80.2 125.56 166.39 86.2 143.42 182.45 87.0 158.78 Forest Park 162.84 88.0 143.38 171.70 91.3 156.83 181.27 80.7 146.24 Gilbert NAV NAV NAV 215.65 81.3 175.29 252.22 87.9 221.68 Greenville North 144.51 90.4 130.64 153.33 90.7 139.05 166.96 86.4 144.33 Greenville South 136.75 87.0 118.97 148.81 90.4 134.49 169.73 85.2 144.64 Gwinnett NAV NAV NAV NAV NAV NAV 195.52 70.4 137.62 (1) Gwinnett Place 164.25 86.7 142.39 176.54 93.2 164.58 206.74 89.1 184.30 Hazelwood 182.25 84.3 153.72 192.44 88.8 170.93 205.87 81.8 168.49 Indian Trail 150.30 81.8 122.92 162.72 93.2 151.72 176.40 92.1 162.47 Indianapolis East 164.05 86.8 142.39 165.49 81.0 134.08 178.22 91.8 163.52 Indianapolis Northwest 157.29 81.0 127.35 167.55 82.6 138.48 198.42 81.2 161.13 Jackson 156.60 82.9 129.77 168.94 91.4 154.34 202.62 81.9 165.93 Lilburn 156.42 87.2 136.37 166.89 85.6 142.80 176.02 83.0 146.08 Lithia Springs NAV NAV NAV NAV NAV NAV 192.96 51.4 99.23 Matthews 155.07 64.6 100.23 158.65 85.5 135.71 173.71 77.3 134.21 Mobile West NAV NAV NAV NAV NAV NAV 281.10 84.3 236.87 (1) Newport News North 197.53 92.4 182.52 214.34 84.1 180.29 234.38 84.0 196.91 Northside Drive 175.22 88.2 154.52 194.00 89.2 173.10 218.54 89.1 194.71 Oxmoor 161.39 90.1 145.40 173.93 95.1 165.34 197.37 83.0 163.81 Pittsburgh 180.80 83.2 150.47 185.02 80.6 149.08 198.33 89.9 178.28 Preston Highway 156.08 86.4 134.80 163.21 82.8 135.09 172.68 86.3 148.95 Raleigh NAV NAV NAV NAV NAV NAV 186.57 87.9 163.98 (1) Roswell 173.42 89.7 155.54 185.21 96.3 178.33 212.83 89.6 190.74 St. Charles 185.79 80.5 149.50 188.15 82.9 155.95 202.47 81.7 165.42 UNC 153.32 65.7 100.73 164.78 86.5 142.51 177.35 75.2 133.37 Warner Robins NAV NAV NAV NAV NAV NAV 205.24 52.8 108.27 (1) Woodstock NAV NAV NAV NAV NAV NAV 191.66 73.9 141.64 (1) ------------------------------------------------------------------------------------------------ TOTAL (2) $164.95 83.7% $138.09 $174.64 88.1% $153.91 $197.77 84.0% $166.17 ------------------------------------------------------------------------------------------------------------------------------------ ___________________ Note: "AWR" and "WRevPar" are Average Weekly Rate and Weekly Revenue Per Available Room, respectively. (1) The operating statistics shown for these properties are based on partial year performance beginning from the date of acquisition in 2006. (2) Weighted averages include historical performance from the later of 1/1/04 and date of acquisition. o THE BORROWERS. The borrowers (collectively the "INTOWN SUITES PORTFOLIO BORROWERS") are BEC Atlanta Gwinnett, LLC, BEC Charleston Central, LLC, BEC Columbia Northwest, LLC, BEC Lithia Springs, LLC, BEC Warner Robins, LLC, InTown Properties I, LLC, InTown Properties II, LLC, InTown Properties IV, LLC, InTown Properties V, LLC, InTown Properties VI, LLC, InTown Suites Gilbert, LLC, InTown Suites Mobile West, LLC, InTown Suites Pittsburgh, LLC, InTown Suites Raleigh, LLC, and InTown Suites Woodstock, LLC, each a special-purpose, bankruptcy-remote Delaware limited liability company with an independent director and springing member. Legal counsel to the InTown Suites Portfolio Borrowers delivered a non-consolidation opinion in connection with the origination of the InTown Suites Portfolio Loan. The sponsors of the borrowers are Kimco Realty Corporation ("KIMCO") and Westmont Hospitality Group ("WESTMONT"). Kimco, operating as a REIT, is one of the largest publicly traded owner and operator of community shopping centers in North America. As of June 6, 2007, based on the closing stock price for Kimco on the New York Stock Exchange on that date, Kimco had a market capitalization of $11.3 billion. Kimco also develops retail properties for sale, invests in non-retail related real estate, real estate-related securities and mortgages secured by real estate and provides capital and expertise to retailers with surplus real estate. Westmont is one of the largest privately-held owner/operators of hotel assets across the world and currently owns an interest in and/or operates over 380 hotels containing more than 60,000 guestrooms throughout North America, Europe and Asia. Westmont's portfolio includes limited service, full service and luxury hotels, ranging in size from 50 to 700 guestrooms. InTown Hospitality Corp., the indirect owner of the InTown Suites Portfolio Properties, will be the non-recourse carve-out guarantor for the InTown Suites Portfolio Loan. The The asset-backed securities referred to in these materials are being offered when, as and if issued. In particular, you are advised that asset-backed securities, and the asset pools backing them, are subject to modification or revision (including, among other things, the possibility that one or more classes of securities may be split, combined or eliminated), at any time prior to issuance or availability of a final prospectus. As a result, you may commit to purchase securities that have characteristics that may change, and you are advised that all or a portion of the securities may not be issued that have the characteristics described in these materials. Our obligation to sell securities to you is conditioned on the securities and the underlying transaction having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the issuer nor any of the underwriters will have any obligation to you to deliver all or any portion of the securities which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. The depositor has filed a registration statement (including the prospectus) with the Securities and Exchange Commission ("SEC") (SEC File No. 333-136045) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Goldman, Sachs & Co., any underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-866-471-2526. [LOGO] RBS GREENWICH CAPITAL [LOGO] GOLDMAN SACHS - 56 -
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GSMS 2007-GG10 -------------------------------------------------------------------------------- TEN LARGEST MORTGAGE LOANS - INTOWN SUITES PORTFOLIO -------------------------------------------------------------------------------- InTown Suites Portfolio Properties were acquired as part of the acquisition of the entire InTown Suites hotel company through the acquisition of the outstanding shares of InTown Suites Management, Inc. Prior to the sponsor's acquisition of the company, InTown Suites was a wholly owned subsidiary of a private equity fund whose general partner is Lazard Freres Real Estate Investors LLC. o OPERATING LEASE. Pursuant to an operating lease structure, each of the InTown Suites Portfolio Borrowers, as lessors, entered into an operating lease (the "OPERATING LEASE") with IT Tenant RBS, LLC as lessee (the "OPERATING TENANT"). The Operating Tenant executed a Subordination and Security Agreement pursuant to which (i) the Operating Tenant granted to lender a security interest in all property of the Operating Tenant pursuant to the Operating Lease and (ii) lender is entitled to terminate the Operating Lease upon the exercise of remedies under the loan documents or if the Operating Tenant becomes insolvent or a debtor in a bankruptcy proceeding. o PROPERTY RELEASES. The InTown Suites Portfolio Loan documents permit the release of any or all of the InTown Suites Portfolio Properties after the Release Date, and in connection with a bona fide third party sale or refinance of such property, subject to the satisfaction of certain conditions, including: (i) a partial prepayment or defeasing of a portion of the principal equal to the Release Amount of InTown Suites Portfolio Property (defined as (x) until such time that the LTV as defined in the loan documents is 65% or greater, 120% of the allocated loan amount for such property, and (y) from and after the date that the LTV is reduced to less than 65%, 110% of the allocated loan amount for such property); (ii) after giving effect to such release, the underwritten DSCR for all of the InTown Suites Portfolio Properties will be not less than the greater of (1) the closing date underwritten DSCR and (2) the lesser of (A) the underwritten DSCR immediately preceding to such release or (B) 1.50:1.00 with respect to any release occurring on or before July 6, 2014, or 1.65:1.00 with respect to any release thereafter; (iii) no event of default then exists under the loan documents and (iv) other standard conditions. o ESCROWS. The InTown Suites Portfolio Loan documents provide for certain escrows including real estate taxes and insurance premiums. Tax and Insurance Reserve: The InTown Suites Portfolio Borrower is required to make monthly contributions into a tax and insurance reserve account in an amount equal to one-twelfth of the amount the lender estimates will be necessary to pay impositions, such as taxes and insurance premiums, over the then succeeding twelve month period. FF&E Reserve: The InTown Suites Portfolio Borrower is required to make monthly contributions equal to one-twelfth of 5% of the annual operating income into an FF&E reserve. At closing, the InTown Suites Portfolio Borrower deposited $1,500,000 to the FF&E reserve. o LOCKBOX AND CASH MANAGEMENT. The loan requires a hard lockbox, which is already in place. The loan documents require the InTown Suites Portfolio Borrowers and the Operating Tenant to direct credit card receipts directly to lender-controlled accounts, and that all rents received by the InTown Suites Portfolio Borrower or the property manager be deposited into the lender controlled account (as well as any other rents, receipts, security deposits or payments related to lease termination or default) within one business day of receipt. All funds in these accounts are automatically swept into a central lender-controlled account. Unless a "CASH MANAGEMENT PERIOD" (triggered by an event of default under the loan documents or if the DSCR falls below 1.10x) is in effect, on each regularly scheduled payment date, any amounts in the lender-controlled account, after payment of debt service and required reserves, is disbursed to the InTown Suites Portfolio Borrowers or the Operating Tenant. During a Cash Management Period, all remaining cash (after payment of debt service, reserves and approved operating expenses) is required to be deposited into a cash collateral account which may be applied to prepay the debt upon an event of default under the InTown Suites Portfolio Loan. o PROPERTY MANAGEMENT. There is no property management agreement in effect for the InTown Suites Portfolio Properties. Under the Operating Lease, the Operating Tenant is responsible for day-to-day management of the InTown Suites Portfolio Properties. The lender may require the borrowers to appoint a property manager if (i) an event of default is continuing, (ii) there is an event of default under the Operating Lease with respect to the provisions pertaining to the operation of the properties or under any management agreement (if any), (iii) upon the gross negligence, malfeasance or willful misconduct of the Operating Tenant or any property manager (if any) or, (iv) if the DSCR falls below 1.10x. The asset-backed securities referred to in these materials are being offered when, as and if issued. In particular, you are advised that asset-backed securities, and the asset pools backing them, are subject to modification or revision (including, among other things, the possibility that one or more classes of securities may be split, combined or eliminated), at any time prior to issuance or availability of a final prospectus. As a result, you may commit to purchase securities that have characteristics that may change, and you are advised that all or a portion of the securities may not be issued that have the characteristics described in these materials. Our obligation to sell securities to you is conditioned on the securities and the underlying transaction having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the issuer nor any of the underwriters will have any obligation to you to deliver all or any portion of the securities which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. The depositor has filed a registration statement (including the prospectus) with the Securities and Exchange Commission ("SEC") (SEC File No. 333-136045) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Goldman, Sachs & Co., any underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-866-471-2526. [LOGO] RBS GREENWICH CAPITAL [LOGO] GOLDMAN SACHS - 57 -
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GSMS 2007-GG10 -------------------------------------------------------------------------------- TEN LARGEST MORTGAGE LOANS - INTOWN SUITES PORTFOLIO -------------------------------------------------------------------------------- o MEZZANINE OR SUBORDINATE INDEBTEDNESS. There is currently no mezzanine or subordinate indebtedness related to the InTown Suites Portfolio Properties. The loan documents permit the holder(s) of direct or indirect interests in the InTown Suites Portfolio Borrowers to obtain mezzanine financing from an approved institutional mezzanine loan lender and pledge their ownership interests to such mezzanine lender, provided that (i) the mezzanine lender enters into an intercreditor agreement with lender, (ii) the borrower delivers a letter from each rating agency rating the 2007-GG10 certificates that entering into the mezzanine loan will not cause the downgrade or qualification of any of the ratings on the certificates, (iii) the mezzanine loan will be in an amount that when added to the then outstanding principal balance of the InTown Suites Portfolio Loan will result in a combined LTV percentage of no more than 80%, (iv) the mezzanine loan will be coterminous with the InTown Suites Portfolio Loan, and (v) is otherwise on terms and conditions reasonably acceptable to lender and evidenced by loan documents which have been reasonably approved by lender. o TERRORISM INSURANCE. The loan documents require the borrower to maintain terrorism insurance in an amount equal to 100% of the replacement cost of the InTown Suites Portfolio Properties, provided that such coverage is available. In the event that coverage for terrorism is not included as part of the "all risk" property policy, the InTown Suites Portfolio Borrowers will, nevertheless be required to obtain coverage for terrorism (as stand alone coverage) to the extent available, in an amount equal to 100% of the replacement cost of the InTown Suites Portfolio Properties, plus rental loss an/or business interruption coverage, provided that such coverage is available. The asset-backed securities referred to in these materials are being offered when, as and if issued. In particular, you are advised that asset-backed securities, and the asset pools backing them, are subject to modification or revision (including, among other things, the possibility that one or more classes of securities may be split, combined or eliminated), at any time prior to issuance or availability of a final prospectus. As a result, you may commit to purchase securities that have characteristics that may change, and you are advised that all or a portion of the securities may not be issued that have the characteristics described in these materials. Our obligation to sell securities to you is conditioned on the securities and the underlying transaction having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the issuer nor any of the underwriters will have any obligation to you to deliver all or any portion of the securities which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. The depositor has filed a registration statement (including the prospectus) with the Securities and Exchange Commission ("SEC") (SEC File No. 333-136045) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Goldman, Sachs & Co., any underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-866-471-2526. [LOGO] RBS GREENWICH CAPITAL [LOGO] GOLDMAN SACHS - 58 -
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GSMS 2007-GG10 -------------------------------------------------------------------------------- TEN LARGEST MORTGAGE LOANS - 550 SOUTH HOPE STREET -------------------------------------------------------------------------------- [LARGE PHOTO OF 550 SOUTH HOPE STREET OMITTED] The asset-backed securities referred to in these materials are being offered when, as and if issued. In particular, you are advised that asset-backed securities, and the asset pools backing them, are subject to modification or revision (including, among other things, the possibility that one or more classes of securities may be split, combined or eliminated), at any time prior to issuance or availability of a final prospectus. As a result, you may commit to purchase securities that have characteristics that may change, and you are advised that all or a portion of the securities may not be issued that have the characteristics described in these materials. Our obligation to sell securities to you is conditioned on the securities and the underlying transaction having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the issuer nor any of the underwriters will have any obligation to you to deliver all or any portion of the securities which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. The depositor has filed a registration statement (including the prospectus) with the Securities and Exchange Commission ("SEC") (SEC File No. 333-136045) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Goldman, Sachs & Co., any underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-866-471-2526. [LOGO] RBS GREENWICH CAPITAL [LOGO] GOLDMAN SACHS - 59 -
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GSMS 2007-GG10 -------------------------------------------------------------------------------- TEN LARGEST MORTGAGE LOANS - 550 SOUTH HOPE STREET -------------------------------------------------------------------------------- [TWO (2) MAPS INDICATING LOCATION OF 550 SOUTH HOPE STREET OMITTED] The asset-backed securities referred to in these materials are being offered when, as and if issued. In particular, you are advised that asset-backed securities, and the asset pools backing them, are subject to modification or revision (including, among other things, the possibility that one or more classes of securities may be split, combined or eliminated), at any time prior to issuance or availability of a final prospectus. As a result, you may commit to purchase securities that have characteristics that may change, and you are advised that all or a portion of the securities may not be issued that have the characteristics described in these materials. Our obligation to sell securities to you is conditioned on the securities and the underlying transaction having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the issuer nor any of the underwriters will have any obligation to you to deliver all or any portion of the securities which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. The depositor has filed a registration statement (including the prospectus) with the Securities and Exchange Commission ("SEC") (SEC File No. 333-136045) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Goldman, Sachs & Co., any underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-866-471-2526. [LOGO] RBS GREENWICH CAPITAL [LOGO] GOLDMAN SACHS - 60 -
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GSMS 2007-GG10 -------------------------------------------------------------------------------- TEN LARGEST MORTGAGE LOANS - 550 SOUTH HOPE STREET -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- PROPERTY INFORMATION Number of Mortgaged Real Properties 1 Location (City/State) Los Angeles, California Property Type Office Size (sf) 566,434 Percentage Leased as of March 27, 2007 89.3% Year Built 1991 Appraisal Value $235,000,000 Underwritten Occupancy 90.4% Underwritten Revenues $19,849,897 Underwritten Total Expenses $7,479,064 Underwritten Net Operating Income (NOI) $12,370,833 Underwritten In Place Cash Flow (IPCF)(1) $9,408,028 Underwritten Net Cash Flow (NCF)(2) $11,889,516 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- MORTGAGE LOAN INFORMATION Originator GCFP Cut-off Date Principal Balance $165,000,000 Cut-off Date Principal Balance PSF/Unit $291.30 Percentage of Initial Mortgage Pool Balance 2.2% Number of Mortgage Loans 1 Type of Security Fee Simple Mortgage Rate 5.535% Original Term to Maturity (Months) 120 Original Amortization Term (Months) Interest Only Cut-off Date LTV Ratio 70.2% LTV Ratio at Maturity 70.2% Underwritten DSCR on NOI 1.33x Underwritten DSCR on IPCF(1) 1.01x Underwritten DSCR on NCF(2) 1.28x -------------------------------------------------------------------------------- ___________________ (1) IPCF is the loan sellers underwritten NOI, adjusted for in place leases and expenses, but giving no credit to rental growth expected to occur in future years or upon stabilization. (2) NCF is loan seller's NCF, giving credit to rental growth to market levels that is projected to happen in future years based on cash flow models prepared with Argus or other software. There can be no assurance that the property will ever attain or exceed the stated NCF. o THE LOAN. The mortgage loan (the "550 SOUTH HOPE STREET TRUST LOAN") is evidenced by a single note and is secured by a first priority mortgage encumbering the class-A office building located at 550 South Hope Street, Los Angeles, California (the "550 SOUTH HOPE STREET PROPERTY"). The 550 South Hope Street Trust Loan represents approximately 2.2% of the initial mortgage pool balance. The 550 South Hope Street Trust Loan was originated on April 24, 2007, has an original principal balance and a principal balance as of the cut-off date of $165,000,000, and an interest rate of 5.535%. The DSCR and LTV on the 550 South Hope Street Trust Loan are 1.28x and 70.2%, respectively. The proceeds of the 550 South Hope Street Loan were used by the borrower to acquire the 550 South Hope Street Property along with 24 other properties for a total portfolio acquisition price of approximately $2.875 billion. The 550 South Hope Street Trust Loan is the senior portion of a whole mortgage loan with an original principal balance of $200,000,000. The companion loan to the 550 South Hope Street Trust Loan is evidenced by a separate note with an original principal balance and a principal balance as of the cut-off date of $35,000,000 (the "550 SOUTH HOPE STREET SUBORDINATE COMPANION LOAN") and an interest rate of 6.31031429% per annum. The 550 South Hope Street Subordinate Companion Loan is not an asset of the trust. The 550 South Hope Street Trust Loan and the 550 South Hope Street Subordinate Companion Loan (collectively, the "550 SOUTH HOPE STREET LOAN") are governed by a co-lender agreement, as described in the prospectus supplement under "Description of the Mortgage Pool--The Whole Loans". The DSCR and LTV of the 550 South Hope Street Loan are 1.03x and 85.1%, respectively. The 550 South Hope Street Trust Loan has an initial term of 120 months and a remaining term of 118 months. The 550 South Hope Street Trust Loan is interest-only for the entire term. The scheduled maturity date is May 6, 2017. Voluntary prepayment of the 550 South Hope Street Loan is permitted at any time. Prepayments made prior to February 6, 2017 must be accompanied with the payment of yield maintenance, and may be made without penalty thereafter. Defeasance with United States government securities or certain other obligations is also permitted from August 6, 2009. o THE PROPERTY. The 550 South Hope Street Property is a 566,235-sf, 28-story class-A office building and a six-level subterranean parking garage. The 550 South Hope Street Property is located in the downtown submarket of Los Angeles' central business district. Built in 1991, the asset is one of the most recent office developments in the downtown market and was built as a joint venture development between Koll Company and Obayashi Corp. The 550 South Hope Street Property has 538,147 sf of office space, 28,088 sf of retail and 552 parking spaces. As of March 27, 2007, the 550 South Hope Street Property was 89.3% leased to approximately 45 tenants. The three largest tenants in the building are Howrey Simon Arnold & White (100,498 sf) through September 2017, DLA Piper Rudnick Gray Cary (48,791 sf) through June 2018, and California Bank & Trust (37,551 sf) through April 2014. Howrey Simon Arnold & White has approximately 540 attorneys throughout the US and maintains its third largest office at the 550 South Hope Street Property. DLA Piper Rudnick is one of the 25 largest law firms in the country according to the Internet Legal Research Group. According to the the annual report of its parent, Zions Bancorporation, filed on Form 10-K with The asset-backed securities referred to in these materials are being offered when, as and if issued. In particular, you are advised that asset-backed securities, and the asset pools backing them, are subject to modification or revision (including, among other things, the possibility that one or more classes of securities may be split, combined or eliminated), at any time prior to issuance or availability of a final prospectus. As a result, you may commit to purchase securities that have characteristics that may change, and you are advised that all or a portion of the securities may not be issued that have the characteristics described in these materials. Our obligation to sell securities to you is conditioned on the securities and the underlying transaction having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the issuer nor any of the underwriters will have any obligation to you to deliver all or any portion of the securities which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. The depositor has filed a registration statement (including the prospectus) with the Securities and Exchange Commission ("SEC") (SEC File No. 333-136045) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Goldman, Sachs & Co., any underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-866-471-2526. [LOGO] RBS GREENWICH CAPITAL [LOGO] GOLDMAN SACHS - 61 -
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GSMS 2007-GG10 -------------------------------------------------------------------------------- TEN LARGEST MORTGAGE LOANS - 550 SOUTH HOPE STREET -------------------------------------------------------------------------------- the United States Securities and Exchange Commission on March 31, 2007, as of December 31, 2006, California Bank & Trust had over $10 billion in assets and over 90 branches throughout the State of California. The following table presents certain information relating to the major tenants at the 550 South Hope Street Property: TEN LARGEST TENANTS BASED ON ANNUALIZED UNDERWRITTEN BASE RENT ------------------------------------------------------------------------------------------------------------------------------------ % OF TOTAL ANNUALIZED ANNUALIZED ANNUALIZED UNDERWRITTEN CREDIT RATING TENANT % OF UNDERWRITTEN UNDERWRITTEN BASE RENT LEASE TENANT NAME (FITCH/MOODY'S/S&P)(1) NRSF NRSF BASE RENT ($) BASE RENT ($ PER NRSF) EXPIRATION ----------------------- ---------------------- --------- ------- ------------- ------------ ------------ ------------- Howrey Simon Arnold NR/NR/NR 100,498 17.7% $ 1,870,284 22.7% $18.61 9/30/2017 DLA Piper Rudnick NR/NR/NR 48,791 8.6% 758,760 9.2% 15.55 6/30/2018 California Bank & Trust A-/A1/NR 37,551 6.6% 525,720 6.4% 14.00 4/30/2014 WM Keck Foundation NR/NR/NR 21,746 3.8% 391,428 4.8% 18.00 11/30/2014 Her Majesty The Queen 21,273 3.8% 348,877 4.2% 16.40 11/30/2010 General RE Service 21,273 3.8% 329,732 4.0% 15.50 12/14/2011 ----------------------------------------------------------------- TOTAL LARGEST TENANTS 251,132 44.3% $ 4,224,800 51.4% $16.82 Remaining Tenants 254,777 45.0% 3,996,979 48.6% 15.69 Vacant Space 60,525 10.7% 0 0.0% 0.00 ----------------------------------------------------------------- TOTAL ALL TENANTS 566,434 100.0% $ 8,221,779 100.0% $16.25 ------------------------------------------------------------------------------------------------------------------------------------ ___________________ (1) Certain ratings are those of the parent company whether or not the parent guarantees the lease. The following table presents certain information relating to the lease rollover schedule at the 550 South Hope Street Property: LEASE EXPIRATION SCHEDULE(1) ------------------------------------------------------------------------------------------------------------------------------ % OF TOTAL ANNUALIZED CUMULATIVE ANNUALIZED ANNUALIZED UNDERWRITTEN YEAR ENDING % OF TOTAL OF TOTAL UNDERWRITTEN UNDERWRITTEN BASE RENT DECEMBER 31, EXPIRING NRSF NRSF NRSF BASE RENT ($) BASE RENT ($ PER NRSF) -------------------------- --------------- ------------ ------------ --------------- -------------- -------------- 2007 7,044 1.2% 1.2% $ 101,952 1.2% $14.47 2008 44,109 7.8% 9.0% 652,108 7.9% 14.78 2009 70,998 12.5% 21.6% 1,088,466 13.2% 15.33 2010 62,560 11.0% 32.6% 1,028,106 12.5% 16.43 2011 47,184 8.3% 40.9% 765,950 9.3% 16.23 2012 45,082 8.0% 48.9% 715,017 8.7% 15.86 2013 6,239 1.1% 50.0% 101,197 1.2% 16.22 2014 59,297 10.5% 60.5% 917,148 11.2% 15.47 2015 14,107 2.5% 63.0% 222,793 2.7% 15.79 2016 0 0.0% 63.0% 0 0.0% 0.00 2017 Thereafter 149,289 26.4% 89.3% 2,629,044 32.0% 17.61 Vacant 60,525 10.7% 100.0% -------------------------------------------------------------------------------- TOTAL 566,434 100.0% $ 8,221,779 100.0% $16.25 ------------------------------------------------------------------------------------------------------------------------------ ___________________ (1) Calculated based on approximate square footage occupied by each tenant. o THE BORROWER. The borrower (the "550 SOUTH HOPE STREET BORROWER") is Maguire Properties-550 South Hope, LLC, a single asset, special purpose, bankruptcy remote Delaware limited liability company with two independent directors. Legal counsel to the 550 South Hope Street Borrower delivered a non consolidation opinion in connection with the origination of the 550 South Hope Street Loan. The sponsor of the 550 South Hope Street Borrower is Maguire Properties, Inc., ("MPI") a publicly traded REIT with a market capitalization of $1.6 billion as of May 16, 2007. Robert F. Maguire III, the largest shareholder, chairman of the board and Co-Chief Executive Officer of MPI, is an experienced real estate investor. In 1965, Robert F. Maguire III founded MPI's predecessor, Maguire Partners, to own, manage, develop and acquire office properties in the Southern California market. Over its 42-year history, Maguire Partners established a successful record of developing class-A buildings. MPI is one of the largest commercial real estate developers and owners headquartered on the West Coast and one of the nation's largest developers of class-A quality office and mixed use properties. The company specializes in large, architecturally significant projects, and has developed a number of significant projects in Los Angeles County, including US Bank Tower, Gas Company Tower, and KPMG Tower. MPI's subsidiary, Maguire Properties, L.P. ("MPLP"), guaranteed the non-recourse carveouts of the 550 South The asset-backed securities referred to in these materials are being offered when, as and if issued. In particular, you are advised that asset-backed securities, and the asset pools backing them, are subject to modification or revision (including, among other things, the possibility that one or more classes of securities may be split, combined or eliminated), at any time prior to issuance or availability of a final prospectus. As a result, you may commit to purchase securities that have characteristics that may change, and you are advised that all or a portion of the securities may not be issued that have the characteristics described in these materials. Our obligation to sell securities to you is conditioned on the securities and the underlying transaction having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the issuer nor any of the underwriters will have any obligation to you to deliver all or any portion of the securities which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. The depositor has filed a registration statement (including the prospectus) with the Securities and Exchange Commission ("SEC") (SEC File No. 333-136045) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Goldman, Sachs & Co., any underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-866-471-2526. [LOGO] RBS GREENWICH CAPITAL [LOGO] GOLDMAN SACHS - 62 -
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GSMS 2007-GG10 -------------------------------------------------------------------------------- TEN LARGEST MORTGAGE LOANS - 550 SOUTH HOPE STREET -------------------------------------------------------------------------------- Hope Street Loan. The 550 South Hope Street Borrower is affiliated with the borrowers under the mortgage loans identified on Annex C-1 to the prospectus supplement as Two California Plaza, Wells Fargo Tower, Maguire Anaheim Portfolio, Lincoln Town Center, and 3800 Chapman, which are also assets of the trust and are located in the Los Angeles and Orange County MSA's. As of June 7, 2007, MPI's aggregate ownership of downtown commercial real estate was 8,210,898 sf or 36.4% of the downtown class-A market. o ESCROWS. The loan documents provide for certain escrows including real estate taxes and insurance premiums. Tax and Insurance Reserve: The 550 South Hope Street Borrower is required to make monthly contributions into a tax and insurance reserve account in an amount equal to one-twelfth of the amount the lender estimates will be necessary to pay impositions, such as taxes and insurance premiums, over the then succeeding twelve month period. Capital Expense Reserve: The 550 South Hope Street Borrower is required to make monthly contributions into a capital expenditure reserve account in an amount equal to $9,430. Leasing Reserve: The 550 South Hope Street Borrower made an initial deposit of $4,070,000 ($7.19 psf) into a leasing reserve account. In addition, commencing on June 6, 2009, the 550 South Hope Street Borrower is required to make monthly contributions into the leasing reserve in an amount initially equal to $47,148 ($1.08 psf / year). As of June 7, 2007, $4,073,345 remained in the account. Debt Service Reserve: The 550 South Hope Street Borrower made a deposit of $4,500,000 into a debt service reserve to cover potential shortfalls in the amount of revenue from the 550 South Hope Street Property available to pay the monthly interest payments required under the 550 South Hope Street Loan. Any funds remaining on deposit in the debt service reserve will be released to the 550 South Hope Street Borrower when the lender has determined that the 550 South Hope Street Property has achieved an actual DSCR of at least 1.10x for two consecutive calendar quarters. As of June 7, 2007, $4,503,698 remained in the account. o LOCKBOX AND CASH MANAGEMENT. The 550 South Hope Street Loan requires a hard lockbox, which is already in place. The 550 South Hope Street Loan documents require the 550 South Hope Street Borrower to direct tenants to pay their rents directly to a lender controlled account and that all rents received by the 550 South Hope Street Borrower or the property manager be deposited into the lender controlled account (as well as any other rents, receipts, security deposits or payments related to lease termination or default) within one business day of receipt. Amounts on deposit in the lockbox account are swept on a daily basis into the 550 South Hope Street Borrower's operating account unless an event of default is continuing or, commencing on December 31, 2009, the actual DSCR is less than 1.05x (a "DSCR CASH MANAGEMENT PERIOD"). During a DSCR Cash Management Period, amounts in the lender-controlled account will be swept into another account controlled by lender and applied to the payment of monthly interest payments, operating expenses and any required reserves under the 550 South Hope Street Loan documents and any excess cash will be held by the lender. In the event that a DSCR Cash Management Period is continuing, the 550 South Hope Street Borrower has the right to post a letter of credit in an amount equal to the portion of the then-outstanding principal of the 550 South Hope Street Loan such that the actual DSCR of at least 1.05x would be maintained on the loan after repayment of the amount of such letter of credit. If an event of default is continuing or during a DSCR Cash Management Period, amounts in the lender-controlled account will be swept into another account controlled by lender and applied to pay the monthly interest payments, operating expenses and any required reserves under the 550 South Hope Street Loan documents. At any time during the continuance of an event of default, lender may apply any sums then held pursuant to the 550 South Hope Street Loan documents to the payment of the debt with the applicable yield maintenance premium. Additionally, if a DSCR Cash Management Period is continuing for two consecutive calendar quarters, lender may use the monies in the cash collateral account to prepay the 550 South Hope Street Loan with the applicable yield maintenance premium. o PROPERTY MANAGEMENT. MPLP, an affiliate of the 550 South Hope Street Borrower, is the property manager for the 550 South Hope Street Loan. The lender may cause the 550 South Hope Street Borrower to replace the property manager with a manager approved by the lender, subject to the consent of the rating agencies, if (i) an event of default occurs and is not cured, (ii) a bankruptcy of MPLP occurs, (iii) the maturity date has occurred and the 550 South Hope Street Loan is not repaid, (iv) the property manager's gross negligence, malfeasance or willful misconduct or (v) the manager defaults under the property management agreement beyond any applicable notice or cure period. Thereafter, the 550 South Hope Street The asset-backed securities referred to in these materials are being offered when, as and if issued. In particular, you are advised that asset-backed securities, and the asset pools backing them, are subject to modification or revision (including, among other things, the possibility that one or more classes of securities may be split, combined or eliminated), at any time prior to issuance or availability of a final prospectus. As a result, you may commit to purchase securities that have characteristics that may change, and you are advised that all or a portion of the securities may not be issued that have the characteristics described in these materials. Our obligation to sell securities to you is conditioned on the securities and the underlying transaction having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the issuer nor any of the underwriters will have any obligation to you to deliver all or any portion of the securities which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. The depositor has filed a registration statement (including the prospectus) with the Securities and Exchange Commission ("SEC") (SEC File No. 333-136045) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Goldman, Sachs & Co., any underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-866-471-2526. [LOGO] RBS GREENWICH CAPITAL [LOGO] GOLDMAN SACHS - 63 -
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GSMS 2007-GG10 -------------------------------------------------------------------------------- TEN LARGEST MORTGAGE LOANS - 550 SOUTH HOPE STREET -------------------------------------------------------------------------------- Borrower may not enter into any agreement relating to the management of the 550 South Hope Street Property with any party without the express written consent of lender and, if required, the rating agencies. The management fee is equal to 3.0% of all rent and other income collected from tenants at the 550 South Hope Street Property. Leasing commissions are payable separately based on a fixed schedule. MPLP contracts out certain services to an affiliated subcontractor pursuant to a services subcontract that is terminable by either party on 30 days' notice. o MEZZANINE OR SUBORDINATE INDEBTEDNESS. There is currently no mezzanine or subordinate indebtedness related to the 550 South Hope Street Property. The 550 South Hope Street Loan documents permit MPI, MPLP or any entity holding any direct or indirect interests in MPI or MPLP, to pledge their indirect ownership interests in the 550 South Hope Street Borrower (but not the foreclosure thereon) to any permitted institutional transferee providing a corporate line of credit or other financing to MPI, MPLP or any entity holding any direct or indirect interests in MPI or MPLP, provided that the indirect interests in the 550 South Hope Street Borrower that are pledged as collateral comprise no more than 33% of the total value of the collateral for such line of credit or other financing, and provided that (i) no default has occurred and remains uncured and (ii) lender has received payment of, or reimbursement for, all costs and expenses incurred by lender in connection with such pledges (including, but not limited to, reasonable attorneys' fees and costs and expenses of the rating agencies). o TERRORISM INSURANCE. The 550 South Hope Street Loan documents require the 550 South Hope Street Borrower to maintain terrorism insurance. The 550 South Hope Street Property has terrorism coverage as part of its sponsor's blanket "all-risk" property coverage. The 550 South Hope Street Borrower is not required to spend in excess of an amount equal to 150% of the aggregate amount of all insurance premiums payable for all insurance coverage required under the 550 South Hope Street Loan with respect to the 550 South Hope Street Property and all other properties owned by MPLP or its affiliates for the last policy year adjusted annually by the Consumer Price Index (such amount, the "TERRORISM INSURANCE CAP") for such coverage and, in the event that the coverage is not available at a per annum cost of the Terrorism Insurance Cap, then 550 South Hope Street Borrower is required to purchase insurance covering "certified acts of terrorism" at the 550 South Hope Street in an amount equal to the principal balance of the 550 South Hope Street Loan, but is not required to maintain the full amount of such coverage if such coverage is not available at a per annum cost of the Terrorism Insurance Cap or less, provided that in the event that the Terrorism Insurance Cap is not sufficient to purchase such coverage in an amount equal to the principal balance of the 550 South Hope Street Loan, then the 550 South Hope Street Borrower will obtain the greatest amount of coverage obtainable at a per annum cost of the Terrorism Insurance Cap. The asset-backed securities referred to in these materials are being offered when, as and if issued. In particular, you are advised that asset-backed securities, and the asset pools backing them, are subject to modification or revision (including, among other things, the possibility that one or more classes of securities may be split, combined or eliminated), at any time prior to issuance or availability of a final prospectus. As a result, you may commit to purchase securities that have characteristics that may change, and you are advised that all or a portion of the securities may not be issued that have the characteristics described in these materials. Our obligation to sell securities to you is conditioned on the securities and the underlying transaction having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the issuer nor any of the underwriters will have any obligation to you to deliver all or any portion of the securities which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. The depositor has filed a registration statement (including the prospectus) with the Securities and Exchange Commission ("SEC") (SEC File No. 333-136045) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Goldman, Sachs & Co., any underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-866-471-2526. [LOGO] RBS GREENWICH CAPITAL [LOGO] GOLDMAN SACHS - 64 -
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GSMS 2007-GG10 -------------------------------------------------------------------------------- TEN LARGEST MORTGAGE LOANS - HARBOR POINT APARTMENTS -------------------------------------------------------------------------------- [LARGE PHOTO OF HARBOR POINT APARTMENTS OMITTED] The asset-backed securities referred to in these materials are being offered when, as and if issued. In particular, you are advised that asset-backed securities, and the asset pools backing them, are subject to modification or revision (including, among other things, the possibility that one or more classes of securities may be split, combined or eliminated), at any time prior to issuance or availability of a final prospectus. As a result, you may commit to purchase securities that have characteristics that may change, and you are advised that all or a portion of the securities may not be issued that have the characteristics described in these materials. Our obligation to sell securities to you is conditioned on the securities and the underlying transaction having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the issuer nor any of the underwriters will have any obligation to you to deliver all or any portion of the securities which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. The depositor has filed a registration statement (including the prospectus) with the Securities and Exchange Commission ("SEC") (SEC File No. 333-136045) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Goldman, Sachs & Co., any underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-866-471-2526. [LOGO] RBS GREENWICH CAPITAL [LOGO] GOLDMAN SACHS - 65 -
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GSMS 2007-GG10 -------------------------------------------------------------------------------- TEN LARGEST MORTGAGE LOANS - HARBOR POINT APARTMENTS -------------------------------------------------------------------------------- [TWO (2) MAPS INDICATING LOCATION OF HARBOR POINT APARTMENTS OMITTED] The asset-backed securities referred to in these materials are being offered when, as and if issued. In particular, you are advised that asset-backed securities, and the asset pools backing them, are subject to modification or revision (including, among other things, the possibility that one or more classes of securities may be split, combined or eliminated), at any time prior to issuance or availability of a final prospectus. As a result, you may commit to purchase securities that have characteristics that may change, and you are advised that all or a portion of the securities may not be issued that have the characteristics described in these materials. Our obligation to sell securities to you is conditioned on the securities and the underlying transaction having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the issuer nor any of the underwriters will have any obligation to you to deliver all or any portion of the securities which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. The depositor has filed a registration statement (including the prospectus) with the Securities and Exchange Commission ("SEC") (SEC File No. 333-136045) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Goldman, Sachs & Co., any underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-866-471-2526. [LOGO] RBS GREENWICH CAPITAL [LOGO] GOLDMAN SACHS - 66 -
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GSMS 2007-GG10 -------------------------------------------------------------------------------- TEN LARGEST MORTGAGE LOANS - HARBOR POINT APARTMENTS -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- PROPERTY INFORMATION Number of Mortgaged Real Properties 1 Location (City/State) Boston, Massachusetts Property Type Multifamily Size (units) 1,283 Percent Leased as of March 21, 2007 95.3% Year Built/Year Renovated 1950 / 2006 Appraisal Value $206,000,000 Underwritten Occupancy 96.6% Underwritten Revenues $26,143,725 Underwritten Total Expenses $13,060,094 Underwritten Net Operating Income (NOI) $13,083,631 Underwritten In Place Cash Flow (IPCF)(1) $11,341,307 Underwritten Net Cash Flow (NCF)(2) $13,083,630 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- MORTGAGE LOAN INFORMATION Originator GCFP Cut-off Date Principal Balance $160,500,000 Cut-off Date Principal Balance PSF/Unit $125,097 Percentage of Initial Mortgage Pool Balance 2.1% Number of Mortgage Loans 1 Type of Security Leasehold Mortgage Rate 6.544% Original Term to Maturity (Months) 120 Original Amortization Term (Months) 36 IO; 480 thereafter Cut-off Date LTV Ratio 77.9% LTV Ratio at Maturity 75.0% Underwritten DSCR on NOI 1.15x Underwritten DSCR on IPCF(1) 1.00x Underwritten DSCR on NCF(2) 1.15x -------------------------------------------------------------------------------- ___________________ (1) IPCF is the loan sellers underwritten NOI, adjusted for in place leases and expenses, but giving no credit to rental growth expected to occur in future years or upon stabilization. (2) NCF is loan seller's NCF, giving credit to rental growth to market levels that is projected to happen in future years based on cash flow models prepared with Argus or other software. There can be no assurance that the property will ever attain or exceed the stated NCF. o THE LOAN. The mortgage loan (the "HARBOR POINT APARTMENTS LOAN") is evidenced by a single note and is secured by a first mortgage encumbering a 1,283-unit apartment complex located in Boston, Massachusetts (the "HARBOR POINT APARTMENTS PROPERTY"). The Harbor Point Apartments Loan represents approximately 2.1% of the initial mortgage pool balance. The Harbor Point Apartments Loan was originated on June 8, 2007, had an original principal balance and a principal balance as of the cut-off date of $160,500,000 and an interest rate of 6.544% per annum. The DSCR and LTV on the Harbor Point Apartments Loan are 1.15x and 77.9%, respectively. The proceeds of the Harbor Point Apartments Loan were used by the borrower to refinance existing debt, pay certain expenses and fund reserves under the Harbor Point Apartments Loan. The Harbor Point Apartments Loan had an initial term of 120 months and has a remaining term of 120 months. The Harbor Point Apartments Loan is interest-only for the first 36 months and amortizes on a 40-year schedule thereafter. The scheduled maturity date is July 6, 2017. Voluntary prepayment of the Harbor Point Apartments Loan is prohibited prior to the payment date of April 6, 2017 and permitted thereafter without penalty. Defeasance with United States government securities or certain other obligations is permitted from August 6, 2009. o THE PROPERTY. The Harbor Point Apartments Property contains a total of 1,283 residential units within 53 residential buildings situated in a community-style setting. The Harbor Point Apartments Property also includes three community buildings and four commercial retail units totaling 21,900 square feet. Originally designed as a public-housing project, completed in 1954, Harbor Point Apartments Property was completely redeveloped during 1986 to 1990 for a total cost in excess of $250 million. The redevelopment followed the "New Urbanism" design theory with a lower density mixture of mid-rise brick apartment buildings and clapboard-sided, 3-story, attached townhouse clusters which, unlike the original development, are situated to provide views of the surrounding bay and downtown Boston. Parking for the residents is provided in two, two-level garages or via on-street parking. The current unit mix consists of 883 market rate units and 400 subsidized units. The Harbor Point Apartments Property was one of the first federal housing projects in the United States to be transferred to and controlled by a private developer for redevelopment and operation as mixed-income housing. The following table shows the unit mix at the Harbor Point Apartments Property: ---------------------------------------------------------------- UNIT TYPE MARKET RATE SUBSIDIZED TOTAL % OF UNITS ------------- ----------- ---------- ----- ---------- One Bedroom 309 57 366 28.5% Two Bedroom 530 128 658 51.3% Three Bedroom 42 141 183 14.3% Four Bedroom 2 58 60 4.7% Five Bedroom 0 12 12 0.9% Six Bedroom 0 4 4 0.3% ------------------------------------------------ TOTAL 883 400 1283 100.0% ---------------------------------------------------------------- The asset-backed securities referred to in these materials are being offered when, as and if issued. In particular, you are advised that asset-backed securities, and the asset pools backing them, are subject to modification or revision (including, among other things, the possibility that one or more classes of securities may be split, combined or eliminated), at any time prior to issuance or availability of a final prospectus. As a result, you may commit to purchase securities that have characteristics that may change, and you are advised that all or a portion of the securities may not be issued that have the characteristics described in these materials. Our obligation to sell securities to you is conditioned on the securities and the underlying transaction having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the issuer nor any of the underwriters will have any obligation to you to deliver all or any portion of the securities which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. The depositor has filed a registration statement (including the prospectus) with the Securities and Exchange Commission ("SEC") (SEC File No. 333-136045) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Goldman, Sachs & Co., any underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-866-471-2526. [LOGO] RBS GREENWICH CAPITAL [LOGO] GOLDMAN SACHS - 67 -
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GSMS 2007-GG10 -------------------------------------------------------------------------------- TEN LARGEST MORTGAGE LOANS - HARBOR POINT APARTMENTS -------------------------------------------------------------------------------- The amenities at the Harbor Point Apartments Property include free parking, on-site recreational facilities, on-site laundry facilities and shuttle service to nearby public transit. A health club, business center, clubhouse and daycare center are located in stand alone buildings, separate from the residential units. The recreation facilities include two swimming pools and multiple tennis and basketball courts. The Harbor Point Apartments Property also benefits from extensive landscaping as well as expansive parks and green space, which account for over 20 acres of the 45 acre site. The Harbor Point Apartments Property is located on Columbia Point Peninsula which is also home to several large institutions, including the Boston campus of the University of Massachusetts, the Boston Globe, the John F. Kennedy Library, and Boston College High School. Additionally, the Bayside Expo Center is located west of the Harbor Point Apartments Property, as well as the full-service Doubletree - Boston Bayside hotel which is an asset of the GG10 trust fund. The Harbor Point Apartments Property is conveniently located approximately 3 miles south of downtown Boston, with easy access to a nearby commuter train stop (Red Line). Ground Lease. The Harbor Point Apartments Property is subject to a 99 year ground lease at $1 per year from the Boston Housing Authority, which owns the fee interest. The term of the ground lease expires on November 26, 2085. In the event that the Subordinate Loans (as defined under "--Mezzanine or Subordinate Indebtedness" below) have been paid in full, the ground rent shall also include certain incentive payments to the ground lessor out of excess property cash flow. A covenant within the ground lease requires Corcoran, Mullins, Jennison, Inc. ("CMJ") to maintain 400 subsidized housing units at the property (350 of those units are subsidized by the Department of Housing and Urban Development's Housing Assistance Program under a contract which expires in 2019; 50 units are subsidized by the Boston Housing Authority under an annually renewable contract). The ground lease generally contains standard mortgagee protection provisions. o THE BORROWER. The borrower ("HARBOR POINT APARTMENTS BORROWER") Harbor Point Apartments Company Limited Partnership is a single-asset, special-purpose, bankruptcy-remote Massachusetts limited partnership with an independent director. Legal counsel to the Harbor Point Apartments Borrower delivered a non-consolidation opinion in connection with the origination of the Harbor Point Apartments Loan. The sponsor of the Harbor Point Apartments Borrower is CMJ. CMJ, Keen Development Corporation and Cruz Columbia Point, Inc. provided a recourse carveout guaranty for the Harbor Point Apartments Loan. In addition, the principals of CMJ, Joseph E. Corcoran, Gary Jennison and Joseph R. Mullins, provided a joint and several limited recourse carveout guaranty for the Harbor Point Apartments Loan (the "INDIVIDUALS RECOURSE GUARANTY"), which provides recourse for certain fraudulent acts, non-permitted transfer and bankruptcy events. The aggregate liability of the guarantors under the Individuals Recourse Guaranty is capped at $7 million. CMJ is an affiliate of Corcoran Jennison Companies, Inc. ("CJC"), which is a Boston-based, multifaceted real estate development, management, and ownership company. Founded in 1971, the company has successfully developed over $2.6 billion worth of commercial, residential and hotel & resort properties. CJC currently controls and manages over 23,000 units of residential housing, over 1.2 million square feet of commercial space, 1,000 hospitality units, and over 300,000 square feet of exhibition space. The properties under management are located in 15 states, and the estimated value of assets under management/control is approximately $2 billion. o ESCROWS AND RESERVES. The Harbor Point Apartments Loan provides for upfront and ongoing reserves as follows: Tax and Insurance Reserve: The Harbor Point Apartments Borrower is required to make monthly contributions into a tax and insurance reserve account in an amount equal to one-twelfth of the amount the lender estimates will be necessary to pay impositions, such as taxes and insurance premiums, over the succeeding twelve months. Deferred Maintenance Reserve: At closing, the Harbor Point Apartments Borrower deposited $3,145,000 into a deferred maintenance reserve for the payment of short term or immediate required repairs at the Harbor Point Apartments Property. Upon completion of all such short term and immediate repairs, any excess funds shall be transferred to the Capital Expense Reserve described below. Capital Expense Reserves: At closing, the Harbor Point Apartments Borrower deposited $12,027,972 into a capital expenditure reserve for the payment of approved capital expenses at the Harbor Points Apartment Property. Whenever the amount of funds on deposit in this reserve is less than $1,925,000, the Harbor Point Apartments Borrower is required to replenish the reserve from excess cash flow. In addition, on or before May 1 of the first five years of the loan term the The asset-backed securities referred to in these materials are being offered when, as and if issued. In particular, you are advised that asset-backed securities, and the asset pools backing them, are subject to modification or revision (including, among other things, the possibility that one or more classes of securities may be split, combined or eliminated), at any time prior to issuance or availability of a final prospectus. As a result, you may commit to purchase securities that have characteristics that may change, and you are advised that all or a portion of the securities may not be issued that have the characteristics described in these materials. Our obligation to sell securities to you is conditioned on the securities and the underlying transaction having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the issuer nor any of the underwriters will have any obligation to you to deliver all or any portion of the securities which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. The depositor has filed a registration statement (including the prospectus) with the Securities and Exchange Commission ("SEC") (SEC File No. 333-136045) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Goldman, Sachs & Co., any underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-866-471-2526. [LOGO] RBS GREENWICH CAPITAL [LOGO] GOLDMAN SACHS - 68 -
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GSMS 2007-GG10 -------------------------------------------------------------------------------- TEN LARGEST MORTGAGE LOANS - HARBOR POINT APARTMENTS -------------------------------------------------------------------------------- Harbor Points Apartment Borrower is required to deposit into this reserve an amount equal to the excess cash flow for the preceding calendar year (i.e., the partial year 2007 (from June 1, 2007 through December 31, 2007) and the 12-month period ending December 31 of each of 2008, 2009, 2010 and 2011, respectively). During the remainder of the loan term, excess cash shall be deposited in this reserve as and to the extent required by MHFA (as defined under "--Mezzanine or Subordinate Indebtedness" below) pursuant to the Subordinate Loan documents. Debt Service Reserve Account: At closing, $2,863,925 was funded into this reserve for potential debt service shortfalls during the Harbor Point Apartments Loan term. o LOCKBOX AND CASH MANAGEMENT. The Harbor Point Apartments Loan requires a soft lockbox, which is already in place. The Harbor Point Apartments Loan documents require the Harbor Point Apartments Borrower to direct manager to deposit all rents received at the Harbor Point Property into a lender controlled lockbox account. The Harbor Point Apartments Loan documents also require that all rents received by (or on behalf of) the Harbor Point Apartments Borrower or the property manager be deposited into such lender-controlled lockbox account (as well as any other rents, receipts, certain security deposits or payments related to lease termination or default) within one business day after receipt and that funds deposited in such lender-controlled lockbox account be swept on a daily basis into the Harbor Point Apartments Borrower's operating account unless a cash management period is continuing. A cash management period (i) will commence on January 1, 2012 (the "HARBOR POINT APARTMENTS SUBDEBT CASH MANAGEMENT DATE") and continues for the remainder of the Harbor Point Apartments Loan term or (ii) during the continuance of an event of default. From and after the Harbor Point Apartments Subdebt Cash Management Date (provided no event of default is continuing), excess cash (after payment of debt service and reserve payments required under the Harbor Point Apartments Loan and approved operating expenses for the Harbor Point Apartments Property) will be deposited into the subordinate deposit account established by MHFA for the most senior of the Subordinate Loans. o PROPERTY MANAGEMENT. CMJ Management Company, an affiliate of the Harbor Point Apartments Borrower, is the property manager for the Harbor Point Apartments Property. The property manager receives a management fee on the Harbor Point Apartments Property equal to the lesser of (i) 3.5% of gross revenues from the Harbor Point Apartments Property or (ii) the maximum allowable by the Department of Housing and Urban Development (HUD). The lender may require that the Harbor Point Apartments Borrower terminate the property manager following one or more of the following events: (i) an event of default is continuing under the Harbor Point Apartments Loan, (ii) the property manager is in material default under the applicable management agreement(s) beyond applicable notice and cure periods, (iii) upon the gross negligence, malfeasance or willful misconduct of the property manager or (iv) at any time after the Harbor Point Apartments Subdebt Cash Management Date, receipt by lender of a notice from MHFA stating that, due to the material misappropriation or fraud on the part of Borrower or Manager, rents were not deposited into the lender controlled lockbox account (resulting in a reduced amount of excess cash deposited in the subordinate deposit account of MHFA). With respect to a required termination of manager pursuant to the foregoing clause (iv), lender may require such termination without inquiry into the accuracy or validity of such MHFA notice and the replacement manager may not be an affiliate of Harbor Points Apartment Borrower unless expressly approved by lender, MHFA and the rating agencies. o MEZZANINE OR SUBORDINATE INDEBTEDNESS. The Harbor Point Apartments Borrower has incurred subordinate mortgage debt in the aggregate outstanding balance, as of the closing date of the Harbor Point Apartments Loan, of $157,060,000 (collectively, the "SUBORDINATE LOANS"), which Subordinate Loans are secured by subordinate mortgages encumbering the Harbor Point Apartments Property. The holders of the Subordinate Loans are the following various local municipalities, (i) Massachusetts Housing Finance Agency ("MHFA"), a body politic and corporate organized pursuant to Massachusetts General Laws, Chapter 708 of the Laws of 1966, as amended, (ii) the Boston Redevelopment Authority ("BRA") and (iii) the Boston Housing Authority ("BHA"). All of the holders of the Subordinate Loans have entered into a subordination and standstill agreement with lender, pursuant to which (i) the Subordinate Loans are each subject and subordinate in right, lien and payment to the Harbor Point Apartments Loan and (ii) MHFA, BRA and BHA are all prohibited from taking any action to enforce any Subordinate Loan without lender's consent. The Harbor Point Apartments Borrower is not responsible for making payments under any Subordinate Loan, except to the extent of available excess cash from and after the Harbor Point Apartments Subdebt Cash Management Date. The asset-backed securities referred to in these materials are being offered when, as and if issued. In particular, you are advised that asset-backed securities, and the asset pools backing them, are subject to modification or revision (including, among other things, the possibility that one or more classes of securities may be split, combined or eliminated), at any time prior to issuance or availability of a final prospectus. As a result, you may commit to purchase securities that have characteristics that may change, and you are advised that all or a portion of the securities may not be issued that have the characteristics described in these materials. Our obligation to sell securities to you is conditioned on the securities and the underlying transaction having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the issuer nor any of the underwriters will have any obligation to you to deliver all or any portion of the securities which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. The depositor has filed a registration statement (including the prospectus) with the Securities and Exchange Commission ("SEC") (SEC File No. 333-136045) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Goldman, Sachs & Co., any underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-866-471-2526. [LOGO] RBS GREENWICH CAPITAL [LOGO] GOLDMAN SACHS - 69 -
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GSMS 2007-GG10 -------------------------------------------------------------------------------- TEN LARGEST MORTGAGE LOANS - HARBOR POINT APARTMENTS -------------------------------------------------------------------------------- In addition, the Harbor Point Apartments Borrower has incurred an unsecured, unpaid development fee with an unpaid balance, as of the date of closing of the Harbor Point Apartments Loan, of $18,064,441, to the developer of the Harbor Point Apartments Property, Peninsula Partners Development Limited Partnership, an affiliate of the Harbor Point Apartments Borrower. The development fee is subject to a full subordination and standstill agreement, junior to the Harbor Point Apartments Loan as well as the Subordinate Loans. o TERRORISM INSURANCE. The Harbor Point Apartments Loan documents require the Harbor Point Apartments Borrower to maintain terrorism insurance in an amount equal to 100% of the replacement cost of the Harbor Point Apartments Property, provided such coverage is available. The asset-backed securities referred to in these materials are being offered when, as and if issued. In particular, you are advised that asset-backed securities, and the asset pools backing them, are subject to modification or revision (including, among other things, the possibility that one or more classes of securities may be split, combined or eliminated), at any time prior to issuance or availability of a final prospectus. As a result, you may commit to purchase securities that have characteristics that may change, and you are advised that all or a portion of the securities may not be issued that have the characteristics described in these materials. Our obligation to sell securities to you is conditioned on the securities and the underlying transaction having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the issuer nor any of the underwriters will have any obligation to you to deliver all or any portion of the securities which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. The depositor has filed a registration statement (including the prospectus) with the Securities and Exchange Commission ("SEC") (SEC File No. 333-136045) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing trust and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Goldman, Sachs & Co., any underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-866-471-2526. [LOGO] RBS GREENWICH CAPITAL [LOGO] GOLDMAN SACHS - 70 -

Dates Referenced Herein   and   Documents Incorporated by Reference

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2/6/1935
8/6/1755
7/6/175568
6/6/1739
5/6/172562
4/6/171968
3/6/1739
2/6/172562
11/6/163149
10/6/1619
8/6/1634
2/6/1534
7/6/1458
2/6/1434
6/5/134
6/5/124
2/6/123652
1/1/1270
6/5/104
12/31/092764
8/6/091968
6/6/092764
6/5/094
5/1/0949
10/1/0839
9/30/0839
12/31/077010-K
10/5/0746
7/10/0788-K
Filed as of:6/15/07FWP
Filed on:6/14/07FWP
6/13/07255FWP
6/8/0768FWP
6/7/072164FWP
6/6/0757
6/1/073970
5/18/0739
5/16/072063
4/24/072562
4/9/0744
4/4/0719
3/31/0763
3/27/071362
3/1/0739
2/28/0713
2/8/0739
1/31/0719
1/25/073149
12/31/0663
12/30/063350
4/1/9839
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