<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities and Exchange Act of 1934
Date of Report: February 11, 1999
- ----------------------------------
(Date of earliest event reported)
NationsLink Funding Corporation
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 333-66805 56-1950039
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(State or Other (Commission (I.R.S. Employer
Jurisdiction of File Number) Identification No.)
Incorporation)
NationsBank Corporate Center, 100 North Tryon Street, Charlotte, NC 28255
- --------------------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (704) 386-2400
<PAGE> 2
Item 5. Other Events.
Attached are certain structural and collateral term sheets
(the "Term Sheets") furnished to the Registrant by NationsBanc Montgomery
Securities LLC (the "Underwriter"), the underwriter in respect of the
Registrant's proposed offering of Commercial Loan Pass-Through Certificates,
Series 1999-LTL-1 (the "Certificates"). The Certificates will be offered
pursuant to a Prospectus and related Prospectus Supplement (together, the
"Prospectus"), which will be filed with the Commission pursuant to Rule 424
under the Securities Act of 1933, as amended (the "Act"). The Certificates will
be registered pursuant to the Act under the Registrant's Registration Statement
on Form S-3 (No. 333-66805) (the "Registration Statement"). The Registrant
hereby incorporates the Term Sheets by reference in the Registration Statement.
The Term Sheets were prepared solely by the Underwriter, and
the Registrant did not prepare or participate in the preparation of the
Collateral Term Sheets and Structural Term Sheets.
Any statement or information contained in the Term Sheets
shall be modified and superseded for purposes of the Prospectus and the
Registration Statement by statements or information contained in the Prospectus.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
(c) Exhibits
Exhibit 99 Term Sheets.
2
<PAGE> 3
Pursuant to the requirements of the Securities Exchange Act of
1934, the Registrant has duly caused this report to be signed on behalf of the
Registrant by the undersigned thereunto duly authorized.
NATIONSLINK FUNDING CORPORATION
By: /s/ James E. Naumann
------------------------------
Name: James E. Naumann
Title: Senior Vice President
Date: February 11, 1999
3
<PAGE> 4
Exhibit Index
Item 601(a) of
Regulation S-K
Exhibit No. Description Page
- ----------- ----------- ----
99 Term Sheets
4
<PAGE> 1
EXHIBIT 99
Term Sheets
<PAGE> 2
NATIONSBANC MONTGOMERY SECURITIES
NATIONSBANC MONTGOMERY SECURITIES LLC
BANK OF AMERICA [LOGO]
- -------------------------------------------------------------------------------
CMBS NEW ISSUE TERM SHEET
NATIONSLINK FUNDING CORPORATION
Commercial Mortgage Pass-Through Certificates
Series 1999-LTL-1
Class A-1, A-2, A-3, X & B Certificates
$492,491,697 (approximate)
FEBRUARY 1999
- -------------------------------------------------------------------------------
NATIONSBANC MONTGOMERY SECURITIES LLC
- -------------------------------------------------------------------------------
This material is for your private information and NationsBanc Montgomery
Securities LLC (the "Underwriter") is not soliciting any action based upon it.
This material is not to be construed as an offer to sell or the solicitation of
any offer to buy any security in any jurisdiction where such an offer or
solicitation would be illegal. This material is based on information that the
Underwriter considers reliable, but the Underwriter does not represent that it
is accurate or complete and it should not be relied upon as such. By accepting
this material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may
pertain to securities that ultimately are not sold. The information contained in
this material may be based on assumptions regarding market conditions and other
matters as reflected herein. The Underwriter makes no representation regarding
the reasonableness of such assumptions or the likelihood that any of such
assumptions will coincide with actual market conditions or events, and this
material should not be relied upon for such purposes. The Underwriter and its
affiliates, officers, directors, partners and employees, including persons
involved in the preparation or issuance of this material may, from time to time,
have long or short positions in, and buy and sell, the securities mentioned
therein or derivatives thereof (including options). This material may be filed
with the Securities and Exchange Commission (the "SEC") and incorporated by
reference into an effective registration statement previously filed with the SEC
under Rule 415 of the Securities Act of 1933, including all cases where the
material does not pertain to securities that are ultimately offered for sale
pursuant to such registration statement. Information contained in this material
is current as of the date appearing on this material only. Information in this
material regarding any assets backing any securities discussed herein supersedes
all prior information regarding such assets. Any information in the material,
whether regarding the assets backing any securities discussed herein or
otherwise, will be superseded by the information contained in any final
prospectus for any securities actually sold to you. This material is furnished
solely by the Underwriter and not by the issuer of the securities. The issuer of
the securities has not prepared, reviewed or participated in the preparation of
this material, is not responsible for the accuracy of this material and has not
authorized the dissemination of this material. The Underwriter is acting as
underwriter and not acting as agent for the issuer in connection with the
proposed transaction.
<PAGE> 3
NATIONSLINK FUNDING CORPORATION
Commercial Mortgage Pass-Through Certificates
Series 1999-LTL-1
Class A-1, A-2, A-3, B, & X Certificates
$492,491,697 (approximate)
STRUCTURE OVERVIEW
OFFERED CERTIFICATES
<TABLE>
<CAPTION>
EXPECTED RATINGS
---------------- APPROX. APPROX. APPROX. AVERAGE PRINCIPAL ASSUMED FINAL
CLASS (S&P/MOODY'S/DCR) SIZE % OF TOTAL CREDIT SUPPORT LIFE(1) WINDOW(1) DISTRIBUTION DATE(1) COUPON
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 AAA/Aaa/AAA $ 72,486,922 14.72% 19.50% 3.04 yrs 1 - 67 Mos. September 22, 2004 Fixed Rate
A-2 Aaa/Aaa/AAA 194,904,872 39.58 19.50% 10.04 67 - 163 September 22, 2012 Fixed Rate
A-3 Aaa/Aaa/AAA 129,064,021 26.21 19.50% 15.27 163 - 208 June 22, 2016 Fixed Rate
X AAA/Aaa/AAA 492,442,448(2) -- -- 12.30 -- January 22, 2024 VAR(IO)
B AA/Aa2/AA 25,855,814 5.25 14.25% 17.77 208 - 219 May 22, 2017 Fixed Rate
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
PRIVATE CERTIFICATES - NOT OFFERED HEREBY
<CAPTION>
EXPECTED RATINGS
---------------- APPROX. APPROX. APPROX. AVERAGE PRINCIPAL ASSUMED FINAL
CLASS (S&P/MOODY'S/DCR) SIZE % OF TOTAL CREDIT SUPPORT LIFE(1) WINDOW(1) DISTRIBUTION DATE(1) COUPON
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
C A/Aa2/A $20,930,897 4.25% 10.00% 18.63 yrs. 219 - 230 Mos. April 22, 2018 Fixed Rate
D BBB/NR/NR 30,780,731 6.25 3.75% 20.67 230 - 266 April 22, 2021 Fixed Rate
E BB/NR/NR 11,081,063 2.25 1.50% 22.64 266 - 278 April 22, 2022 Fixed Rate
F B/NR/NR 3,693,687 0.75 0.75% 23.41 278 - 284 October 22, 2022 Fixed Rate
G NR/NR/NR 3,693,687 0.75 - 24.07 284 - 299 January 22, 2024 Fixed Rate
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) As of the Cutoff Date the Average Life, Principal Window and Assumed
Final Distribution Date were calculated assuming 0% CPR, no defaults,
no extensions and no clean-up call (Class X was subject to a clean-up
call for the purpose of calculating the Average Life).
(2) The Class X Certificates will accrue interest on a Notional Amount
equal to 99.99% of the aggregate outstanding balance of the Classes of
Sequential Pay Certificates.
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This material is for your private information and NationsBanc Montgomery
Securities LLC (the "Underwriter") is not soliciting any action based upon it.
This material is not to be construed as an offer to sell or the solicitation of
any offer to buy any security in any jurisdiction where such an offer or
solicitation would be illegal. This material is based on information that the
Underwriter considers reliable, but the Underwriter does not represent that it
is accurate or complete and it should not be relied upon as such. By accepting
this material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may
pertain to securities that ultimately are not sold. The information contained in
this material may be based on assumptions regarding market conditions and other
matters as reflected herein. The Underwriter makes no representation regarding
the reasonableness of such assumptions or the likelihood that any of such
assumptions will coincide with actual market conditions or events, and this
material should not be relied upon for such purposes. The Underwriter and its
affiliates, officers, directors, partners and employees, including persons
involved in the preparation or issuance of this material may, from time to time,
have long or short positions in, and buy and sell, the securities mentioned
therein or derivatives thereof (including options). This material may be filed
with the Securities and Exchange Commission (the "SEC") and incorporated by
reference into an effective registration statement previously filed with the SEC
under Rule 415 of the Securities Act of 1933, including all cases where the
material does not pertain to securities that are ultimately offered for sale
pursuant to such registration statement. Information contained in this material
is current as of the date appearing on this material only. Information in this
material regarding any assets backing any securities discussed herein supersedes
all prior information regarding such assets. Any information in the material,
whether regarding the assets backing any securities discussed herein or
otherwise, will be superseded by the information contained in any final
prospectus for any securities actually sold to you. This material is furnished
solely by the Underwriter and not by the issuer of the securities. The issuer of
the securities has not prepared, reviewed or participated in the preparation of
this material, is not responsible for the accuracy of this material and has not
authorized the dissemination of this material. The Underwriter is acting as
underwriter and not acting as agent for the issuer in connection with the
proposed transaction.
<PAGE> 4
NATIONSLINK FUNDING CORPORATION
Commercial Mortgage Pass-Through Certificates
Series 1999-LTL-1
Class A-1, A-2, A-3, B, & X Certificates
$492,491,697 (approximate)
STRUCTURE SCHEMATIC
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------------
Administrative Fee
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Class
X
Certificates
(Offered)
Class
Class D
Class C Certificates
Class B Certificates (Offered) Class Class Class
Class Class A-3 Certificates (Offered) E F G
A-1 A-2 Certificates (Offered) Certificates Certificates Certificates
Certificates Certificates (Offered) (Not (Not (Not
(Offered) (Offered) Offered) Offered) Offered)
14.72% 39.58% 26.21% 5.25% 4.25% 6.25% 2.25% 0.75% 0.75%
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
[ ] The Class X Certificates will accrue interest on a Notional Amount
equal to approximately 99.99% of the aggregate outstanding balance of
the Classes of Sequential Pay Certificates.
[ ] Cut-off Date balance percentage.
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This material is for your private information and NationsBanc Montgomery
Securities LLC (the "Underwriter") is not soliciting any action based upon it.
This material is not to be construed as an offer to sell or the solicitation of
any offer to buy any security in any jurisdiction where such an offer or
solicitation would be illegal. This material is based on information that the
Underwriter considers reliable, but the Underwriter does not represent that it
is accurate or complete and it should not be relied upon as such. By accepting
this material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may
pertain to securities that ultimately are not sold. The information contained in
this material may be based on assumptions regarding market conditions and other
matters as reflected herein. The Underwriter makes no representation regarding
the reasonableness of such assumptions or the likelihood that any of such
assumptions will coincide with actual market conditions or events, and this
material should not be relied upon for such purposes. The Underwriter and its
affiliates, officers, directors, partners and employees, including persons
involved in the preparation or issuance of this material may, from time to time,
have long or short positions in, and buy and sell, the securities mentioned
therein or derivatives thereof (including options). This material may be filed
with the Securities and Exchange Commission (the "SEC") and incorporated by
reference into an effective registration statement previously filed with the SEC
under Rule 415 of the Securities Act of 1933, including all cases where the
material does not pertain to securities that are ultimately offered for sale
pursuant to such registration statement. Information contained in this material
is current as of the date appearing on this material only. Information in this
material regarding any assets backing any securities discussed herein supersedes
all prior information regarding such assets. Any information in the material,
whether regarding the assets backing any securities discussed herein or
otherwise, will be superseded by the information contained in any final
prospectus for any securities actually sold to you. This material is furnished
solely by the Underwriter and not by the issuer of the securities. The issuer of
the securities has not prepared, reviewed or participated in the preparation of
this material, is not responsible for the accuracy of this material and has not
authorized the dissemination of this material. The Underwriter is acting as
underwriter and not acting as agent for the issuer in connection with the
proposed transaction.
<PAGE> 5
NATIONSLINK FUNDING CORPORATION
Commercial Mortgage Pass-Through Certificates
Series 1999-LTL-1
Class A-1, A-2, A-3, B, & X Certificates
$492,491,697 (approximate)
Capitalized terms used but not otherwise defined herein shall have the meaning
ascribed to them in the Preliminary Prospectus Supplement dated February 9,
1999.
TRANSACTION TERMS
Issue Type Sequential pay REMIC, Class A-1,
A-2, A-3, B and X Certificates (the "Offered
Certificates") offered publicly. All other
Certificates privately placed to qualified
institutional buyers or to accredited
investors.
Cut-off Date All mortgage loan characteristics are
based on balances as of the Cut-off
Date, February 15, 1999.
Mortgage Pool The Mortgage Pool consists of 110
credit leased backed commercial mortgage
loans, with a projected aggregate principal
cutoff balance of $384,471,281 and 18 long
term conduit commercial mortgage loans
(together the "Commercial Loans"), with an
aggregate principal cutoff balance of
$108,020,416 as of February 15, 1999 (the
"Cut- off Date"), subject to a variance of
plus or minus 5%. The Commercial Loans are
secured by 128 properties (the "Mortgaged
Properties") located throughout 27 states
and the District of Columbia.
Depositor NationsLink Funding Corporation.
Loan Sellers Capital Lease Funding, L.P., and
NationsBank, N.A
Underwriter NationsBanc Montgomery Securities LLC.
Trustee LaSalle National Bank.
Master Servicer Midland Loan Services, Inc.
Special Servicer Midland Loan Services, Inc.
Rating Agencies Standard & Poor's, Moody's Investor Service,
Inc., and Duff & Phelps
Denominations $10,000 minimum for Class A-1, A-2 and A-3
Certificates;
$1,000,000 (notional) minimum for Class
X Certificates; and
$100,000 minimum for the Class B
Certificates.
Delivery Date February 26, 1999.
Settlement Terms Book-entry through DTC for all Offered
Certificates.
Distribution Date To be made monthly on the 22(th) or on the
next business day, commencing March 22,
1999.
Interest Distributions Interest will be distributed on each
Distribution Date in sequential
order of Class designations with Classes
A-1, A-2, A-3, and X ranking pari passu in
entitlement to interest.
Principal Distributions Principal will be distributed on each
Distribution Date to the most senior
Class (i.e. the Class with the earliest
alphabetical/numerical Class designation)
of Sequential Pay Certificates outstanding,
until such Class is retired. If, due to
losses, the Certificate Balances of the
Class B through G Certificates are reduced
to zero, payments of principal to the
Class A-1, A-2 and A-3 Certificates
will be made pro rata.
Losses To be applied first to Class G, then to the
next most subordinate class, etc.
Prepayment Premiums The manner in which any Prepayment
Premium received during any particular
collection period will be allocated to one
or more of the classes of Offered
Certificates is described in the
"Description of the Certificates -
Distributions - Distributions of
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This material is for your private information and NationsBanc Montgomery
Securities LLC (the "Underwriter") is not soliciting any action based upon it.
This material is not to be construed as an offer to sell or the solicitation of
any offer to buy any security in any jurisdiction where such an offer or
solicitation would be illegal. This material is based on information that the
Underwriter considers reliable, but the Underwriter does not represent that it
is accurate or complete and it should not be relied upon as such. By accepting
this material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may
pertain to securities that ultimately are not sold. The information contained in
this material may be based on assumptions regarding market conditions and other
matters as reflected herein. The Underwriter makes no representation regarding
the reasonableness of such assumptions or the likelihood that any of such
assumptions will coincide with actual market conditions or events, and this
material should not be relied upon for such purposes. The Underwriter and its
affiliates, officers, directors, partners and employees, including persons
involved in the preparation or issuance of this material may, from time to time,
have long or short positions in, and buy and sell, the securities mentioned
therein or derivatives thereof (including options). This material may be filed
with the Securities and Exchange Commission (the "SEC") and incorporated by
reference into an effective registration statement previously filed with the SEC
under Rule 415 of the Securities Act of 1933, including all cases where the
material does not pertain to securities that are ultimately offered for sale
pursuant to such registration statement. Information contained in this material
is current as of the date appearing on this material only. Information in this
material regarding any assets backing any securities discussed herein supersedes
all prior information regarding such assets. Any information in the material,
whether regarding the assets backing any securities discussed herein or
otherwise, will be superseded by the information contained in any final
prospectus for any securities actually sold to you. This material is furnished
solely by the Underwriter and not by the issuer of the securities. The issuer of
the securities has not prepared, reviewed or participated in the preparation of
this material, is not responsible for the accuracy of this material and has not
authorized the dissemination of this material. The Underwriter is acting as
underwriter and not acting as agent for the issuer in connection with the
proposed transaction.
<PAGE> 6
NATIONSLINK FUNDING CORPORATION
Commercial Mortgage Pass-Through Certificates
Series 1999-LTL-1
Class A-1, A-2, A-3, B, & X Certificates
$492,491,697 (approximate)
Prepayment Premiums" in the preliminary
prospectus supplement. See "Prepayment
Premium Allocation" and the example
provided herein.
Advances Subject to certain limitations,
including, but not limited to, a
recoverability determination, the
Master Servicer will be required to
advance certain principal, interest and
servicing expenses. In the event that
the Master Servicer fails to make such
advances, the Trustee will be required
to do so.
Appraisal Reductions If a Mortgage Loan becomes more than
90 days delinquent or a Mortgage Loan
becomes REO or the Special Servicer
materially modifies a Mortgage Loan,
the Special Servicer will obtain an
appraisal on the property. Advances
of delinquent interest to the most
subordinate class will be reduced to
the extent of the interest on the
Appraisal Reduction Amount. The
Appraisal Reduction Amount will
generally be equal to the difference
between (a) the scheduled balance of
the Mortgage Loan plus any unpaid
advances outstanding and other amounts
payable with respect thereto and (b)
an amount equal to 90% of the appraisal
value of the property.
Optional Call 1.0% clean-up call, at the option of
the Master Servicer or the majority
holder of the Controlling Class.
Controlling Class The most subordinate Class of
Sequential Pay Certificates with an
outstanding Certificate Balance at
least equal to 25% of its initial
Certificate Balance (or, if no such
Class satisfies such criteria, the
Class of Sequential Pay Certificates
with the largest outstanding
Certificate Balance).
ERISA Classes A-1, A-2, A-3, and X are
ERISA eligible.
SMMEA None of the Classes of Offered
Certificates will constitute "mortgage
related securities" for purposes of the
Secondary Mortgage Market Enhancement
Act of 1984, as amended.
Electronic Reporting Information will be provided
for modeling on Bloomberg, Trepp,
Conquest, and Intex. Loan-level detail
will be available through the Trustee's
website.
Contact NationsBanc Montgomery Securities LLC
Commercial Mortgage Sales & Trading
Ken Rivkin
Bill Hale
Geordie Walker
Phone: (704) 388-1597
Fax: (704) 388-9677
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This material is for your private information and NationsBanc Montgomery
Securities LLC (the "Underwriter") is not soliciting any action based upon it.
This material is not to be construed as an offer to sell or the solicitation of
any offer to buy any security in any jurisdiction where such an offer or
solicitation would be illegal. This material is based on information that the
Underwriter considers reliable, but the Underwriter does not represent that it
is accurate or complete and it should not be relied upon as such. By accepting
this material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may
pertain to securities that ultimately are not sold. The information contained in
this material may be based on assumptions regarding market conditions and other
matters as reflected herein. The Underwriter makes no representation regarding
the reasonableness of such assumptions or the likelihood that any of such
assumptions will coincide with actual market conditions or events, and this
material should not be relied upon for such purposes. The Underwriter and its
affiliates, officers, directors, partners and employees, including persons
involved in the preparation or issuance of this material may, from time to time,
have long or short positions in, and buy and sell, the securities mentioned
therein or derivatives thereof (including options). This material may be filed
with the Securities and Exchange Commission (the "SEC") and incorporated by
reference into an effective registration statement previously filed with the SEC
under Rule 415 of the Securities Act of 1933, including all cases where the
material does not pertain to securities that are ultimately offered for sale
pursuant to such registration statement. Information contained in this material
is current as of the date appearing on this material only. Information in this
material regarding any assets backing any securities discussed herein supersedes
all prior information regarding such assets. Any information in the material,
whether regarding the assets backing any securities discussed herein or
otherwise, will be superseded by the information contained in any final
prospectus for any securities actually sold to you. This material is furnished
solely by the Underwriter and not by the issuer of the securities. The issuer of
the securities has not prepared, reviewed or participated in the preparation of
this material, is not responsible for the accuracy of this material and has not
authorized the dissemination of this material. The Underwriter is acting as
underwriter and not acting as agent for the issuer in connection with the
proposed transaction.
<PAGE> 7
NATIONSLINK FUNDING CORPORATION
Commercial Mortgage Pass-Through Certificates
Series 1999-LTL-1
Class A-1, A-2, A-3, B, & X Certificates
$492,491,697 (approximate)
COMBINED MORTGAGE POOL CHARACTERISTICS(1)
- -----------------------------------------------------------------
General Characteristics
Initial Pool Balance $492,491,697
Number of Mortgage Loans 128
Average Cut-off Date Balance $3,847,591
Weighted Average Mortgage Rate 7.484%
Weighted Average Remaining Term to Maturity 225 Months
Weighted Average DSCR 1.12x
Weighted Average Cut-off Date LTV Ratio 79.71%
Weighted Average Remaining Lock-out Period 85 Months
- -----------------------------------------------------------------
- -----------------------------------------------------------------
(1) Mortgage Pool as of Cut-off Date
PROPERTY TYPE
<TABLE>
<CAPTION>
WEIGHTED
NUMBER OF % OF WEIGHTED WEIGHTED AVERAGE
MORTGAGE AGGREGATE AGGREGATE AVERAGE AVERAGE MORTGAGE
PROPERTY TYPE LOANS BALANCE BALANCE DSCR(1) LTV RATIO(2) RATE
- --------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Retail 102 $ 353,425,862 71.76% 1.13x 80.85% 7.482%
Office 13 103,727,792 21.06% 1.09x 78.59% 7.492%
Industrial 2 14,765,138 3.00% 1.03x 91.70% 7.828%
Mobile Home 4 9,193,043 1.87% 1.21x 45.29% 7.130%
Restaurant 5 5,518,013 1.12% 1.01x 75.06% 7.238%
Hotel 1 4,953,135 1.01% 1.54x 55.03% 7.430%
Post Office 1 908,714 0.18% 1.08x 83.37% 7.170%
- --------------------------------------------------------------------------------------------------
TOTAL/WEIGHTED AVERAGE 128 $492,491,697 100.00% 1.12x 79.71% 7.484%
- --------------------------------------------------------------------------------------------------
</TABLE>
(1) DSCR is the ratio of Underwriting Net Operating Income to the
annualized debt service for the NationsBank contributed loans. DSCR for
the Credit Lease loans is the ratio of the Cutoff Monthly Net Operating
Income to the Cutoff monthly debt service.
(2) Cut-off Date LTV Ratio is the ratio of Cut-off Date Balance to
Appraisal Value
MORTGAGE POOL BY PROPERTY TYPE
- ------------------------------
[PIE CHART]
Retail................ 71.76%
Hotel................. 1.01%
Industrial............ 3.00%
Office................ 21.06%
Restaurant............ 1.12%
Post Office........... 0.18%
Mobile Home........... 1.87%
- -------------------------------------------------------------------------------
This material is for your private information and NationsBanc Montgomery
Securities LLC (the "Underwriter") is not soliciting any action based upon it.
This material is not to be construed as an offer to sell or the solicitation of
any offer to buy any security in any jurisdiction where such an offer or
solicitation would be illegal. This material is based on information that the
Underwriter considers reliable, but the Underwriter does not represent that it
is accurate or complete and it should not be relied upon as such. By accepting
this material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may
pertain to securities that ultimately are not sold. The information contained in
this material may be based on assumptions regarding market conditions and other
matters as reflected herein. The Underwriter makes no representation regarding
the reasonableness of such assumptions or the likelihood that any of such
assumptions will coincide with actual market conditions or events, and this
material should not be relied upon for such purposes. The Underwriter and its
affiliates, officers, directors, partners and employees, including persons
involved in the preparation or issuance of this material may, from time to time,
have long or short positions in, and buy and sell, the securities mentioned
therein or derivatives thereof (including options). This material may be filed
with the Securities and Exchange Commission (the "SEC") and incorporated by
reference into an effective registration statement previously filed with the SEC
under Rule 415 of the Securities Act of 1933, including all cases where the
material does not pertain to securities that are ultimately offered for sale
pursuant to such registration statement. Information contained in this material
is current as of the date appearing on this material only. Information in this
material regarding any assets backing any securities discussed herein supersedes
all prior information regarding such assets. Any information in the material,
whether regarding the assets backing any securities discussed herein or
otherwise, will be superseded by the information contained in any final
prospectus for any securities actually sold to you. This material is furnished
solely by the Underwriter and not by the issuer of the securities. The issuer of
the securities has not prepared, reviewed or participated in the preparation of
this material, is not responsible for the accuracy of this material and has not
authorized the dissemination of this material. The Underwriter is acting as
underwriter and not acting as agent for the issuer in connection with the
proposed transaction.
<PAGE> 8
NATIONSLINK FUNDING CORPORATION
Commercial Mortgage Pass-Through Certificates
Series 1999-LTL-1
Class A-1, A-2, A-3, B, & X Certificates
$492,491,697 (approximate)
PROPERTY LOCATION
<TABLE>
<CAPTION>
WEIGHTED
NUMBER OF % OF WEIGHTED WEIGHTED AVERAGE
MORTGAGE AGGREGATE AGGREGATE AVERAGE AVERAGE MORTGAGE
LOCATION LOANS BALANCE BALANCE DSCR(1) LTV RATIO(2) RATE
- ----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Texas 9 $ 56,601,662 11.49% 1.06x 82.99% 7.651%
Massachusetts 11 56,403,995 11.45% 1.06x 85.07% 7.315%
New York 19 55,351,584 11.24% 1.03x 83.35% 7.391%
South Carolina 3 50,538,115 10.26% 1.47x 56.73% 7.762%
Florida 8 44,362,805 9.01% 1.03x 89.17% 7.249%
Georgia 5 40,503,751 8.22% 1.09x 86.20% 7.466%
Pennsylvania 10 25,061,268 5.09% 1.05x 77.70% 7.493%
California 4 18,420,292 3.74% 1.03x 82.58% 7.294%
Virginia 9 17,566,025 3.57% 1.05x 81.39% 7.548%
North Carolina 9 17,555,911 3.56% 1.15x 81.77% 7.521%
Maryland 3 17,475,114 3.55% 1.09x 84.43% 7.841%
Michigan 7 14,154,769 2.87% 1.03x 87.61% 7.697%
Tennessee 5 11,020,777 2.24% 1.26x 72.59% 7.399%
New Jersey 4 10,678,551 2.17% 1.30x 75.91% 7.491%
Others 22 56,797,079 11.53% 1.14x 73.50% 7.407%
- ----------------------------------------------------------------------------------------------------------
TOTAL/WEIGHTED AVERAGE 128 $492,491,697 100.00% 1.12x 79.71% 7.484%
- ----------------------------------------------------------------------------------------------------------
</TABLE>
(1) DSCR is the ratio of Underwriting Net Operating Income to the
annualized debt service for the NationsBank contributed loans. DSCR for
the Credit Lease loans is the ratio of the Cutoff Monthly Net Operating
Income to the Cutoff monthly debt service
(2) Cut-off Date LTV Ratio is the ratio of Cut-off Date Balance to
Appraisal Value
[ ] THE MORTGAGED PROPERTIES ARE LOCATED THROUGHOUT 27 STATES AND THE
DISTRICT OF COLUMBIA.
[MAP]
<TABLE>
<CAPTION>
% OF
PROPERTY LOCATION TOTAL
----------------- -------
<S> <C>
CA................... 3.74%
NC................... 3.56%
MD................... 3.55%
FL................... 9.01%
NJ................... 2.17%
TX................... 11.49%
WA................... 0.18%
VA................... 3.57%
NV................... 0.78%
NY................... 11.24%
IL................... 1.14%
GA................... 8.22%
SC................... 10.26%
DC................... 0.50%
NM................... 1.12%
MO................... 0.25%
PA................... 5.09%
MA................... 11.45%
OH................... 1.83%
AL................... 0.28%
CT................... 1.27%
KS................... 0.71%
MI................... 2.87%
AR................... .80%
NE................... 1.12%
</TABLE>
- --------------------------------------------------------------------------------
This material is for your private information and NationsBanc Montgomery
Securities LLC (the "Underwriter") is not soliciting any action based upon it.
This material is not to be construed as an offer to sell or the solicitation of
any offer to buy any security in any jurisdiction where such an offer or
solicitation would be illegal. This material is based on information that the
Underwriter considers reliable, but the Underwriter does not represent that it
is accurate or complete and it should not be relied upon as such. By accepting
this material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may
pertain to securities that ultimately are not sold. The information contained in
this material may be based on assumptions regarding market conditions and other
matters as reflected herein. The Underwriter makes no representation regarding
the reasonableness of such assumptions or the likelihood that any of such
assumptions will coincide with actual market conditions or events, and this
material should not be relied upon for such purposes. The Underwriter and its
affiliates, officers, directors, partners and employees, including persons
involved in the preparation or issuance of this material may, from time to time,
have long or short positions in, and buy and sell, the securities mentioned
therein or derivatives thereof (including options). This material may be filed
with the Securities and Exchange Commission (the "SEC") and incorporated by
reference into an effective registration statement previously filed with the SEC
under Rule 415 of the Securities Act of 1933, including all cases where the
material does not pertain to securities that are ultimately offered for sale
pursuant to such registration statement. Information contained in this material
is current as of the date appearing on this material only. Information in this
material regarding any assets backing any securities discussed herein supersedes
all prior information regarding such assets. Any information in the material,
whether regarding the assets backing any securities discussed herein or
otherwise, will be superseded by the information contained in any final
prospectus for any securities actually sold to you. This material is furnished
solely by the Underwriter and not by the issuer of the securities. The issuer of
the securities has not prepared, reviewed or participated in the preparation of
this material, is not responsible for the accuracy of this material and has not
authorized the dissemination of this material. The Underwriter is acting as
underwriter and not acting as agent for the issuer in connection with the
proposed transaction.
<PAGE> 9
NATIONSLINK FUNDING CORPORATION
Commercial Mortgage Pass-Through Certificates
Series 1999-LTL-1
Class A-1, A-2, A-3, B, & X Certificates
$492,491,697 (approximate)
CUT-OFF DATE BALANCE
<TABLE>
<CAPTION>
WEIGHTED
NUMBER OF % OF WEIGHTED WEIGHTED AVERAGE
MORTGAGE AGGREGATE AGGREGATE AVERAGE AVERAGE MORTGAGE
CUT-OFF DATE BALANCE LOANS BALANCE BALANCE DSCR(1) LTV RATIO(2) RATE
- --------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
$ 0 - $ 999,999 8 $ 7,261,148 1.47% 1.06x 73.01% 7.391%
$ 1,000,000 - $ 1,499,999 27 35,285,603 7.16% 1.07x 79.61% 7.358%
$ 1,500,000 - $ 1,999,999 21 36,427,608 7.40% 1.09x 81.45% 7.579%
$ 2,000,000 - $ 2,499,999 19 41,469,488 8.42% 1.12x 81.13% 7.444%
$ 2,500,000 - $ 2,999,999 9 24,079,039 4.89% 1.08x 77.69% 7.661%
$ 3,000,000 - $ 3,499,999 7 22,731,786 4.62% 1.15x 76.64% 7.176%
$ 3,500,000 - $ 3,999,999 4 15,081,296 3.06% 1.23x 74.00% 7.508%
$ 4,000,000 - $ 4,999,999 6 28,042,683 5.69% 1.10x 82.31% 7.148%
$ 5,000,000 - $ 5,999,999 10 54,840,163 11.14% 1.08x 84.66% 7.505%
$ 6,000,000 - $ 6,999,999 2 12,832,386 2.61% 1.06x 82.18% 6.879%
$ 8,000,000 - $ 8,999,999 3 24,686,830 5.01% 1.01x 88.14% 7.246%
$ 9,000,000 - $ 9,999,999 1 9,438,111 1.92% 1.03x 90.10% 8.030%
$10,000,000 - $14,999,999 7 81,531,608 16.55% 1.07x 85.44% 7.504%
$15,000,000 - $19,999,999 3 55,234,283 11.22% 1.01x 83.81% 7.572%
$40,000,000 - $44,999,999 1 43,549,666 8.84% 1.54x 51.23% 7.855%
- -------------------------------------------------------------------------------------------------
TOTAL/WEIGHTED AVERAGE 128 $492,491,697 100.00% 1.12X 79.71% 7.484%
- -------------------------------------------------------------------------------------------------
</TABLE>
(1) DSCR is the ratio of Underwriting Net Operating Income to the
annualized debt service for the NationsBank contributed loans. DSCR for
the Credit Lease loans is the ratio of the Cutoff Monthly Net Operating
Income to the Cutoff monthly debt service.
(2) Cut-off Date LTV Ratio is the ratio of Cut-off Date Balance to
Appraisal Value
[ ] The average Cut-off Date Balance is $3,847,591.
- --------------------------------------------------------------------------------
This material is for your private information and NationsBanc Montgomery
Securities LLC (the "Underwriter") is not soliciting any action based upon it.
This material is not to be construed as an offer to sell or the solicitation of
any offer to buy any security in any jurisdiction where such an offer or
solicitation would be illegal. This material is based on information that the
Underwriter considers reliable, but the Underwriter does not represent that it
is accurate or complete and it should not be relied upon as such. By accepting
this material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may
pertain to securities that ultimately are not sold. The information contained in
this material may be based on assumptions regarding market conditions and other
matters as reflected herein. The Underwriter makes no representation regarding
the reasonableness of such assumptions or the likelihood that any of such
assumptions will coincide with actual market conditions or events, and this
material should not be relied upon for such purposes. The Underwriter and its
affiliates, officers, directors, partners and employees, including persons
involved in the preparation or issuance of this material may, from time to time,
have long or short positions in, and buy and sell, the securities mentioned
therein or derivatives thereof (including options). This material may be filed
with the Securities and Exchange Commission (the "SEC") and incorporated by
reference into an effective registration statement previously filed with the SEC
under Rule 415 of the Securities Act of 1933, including all cases where the
material does not pertain to securities that are ultimately offered for sale
pursuant to such registration statement. Information contained in this material
is current as of the date appearing on this material only. Information in this
material regarding any assets backing any securities discussed herein supersedes
all prior information regarding such assets. Any information in the material,
whether regarding the assets backing any securities discussed herein or
otherwise, will be superseded by the information contained in any final
prospectus for any securities actually sold to you. This material is furnished
solely by the Underwriter and not by the issuer of the securities. The issuer of
the securities has not prepared, reviewed or participated in the preparation of
this material, is not responsible for the accuracy of this material and has not
authorized the dissemination of this material. The Underwriter is acting as
underwriter and not acting as agent for the issuer in connection with the
proposed transaction.
<PAGE> 10
NATIONSLINK FUNDING CORPORATION
Commercial Mortgage Pass-Through Certificates
Series 1999-LTL-1
Class A-1, A-2, A-3, B, & X Certificates
$492,491,697 (approximate)
- --------------------------------------------------------------------------------
CREDIT LEASE LOANS
TENANT/GUARANTOR CREDIT RATING
<TABLE>
<CAPTION>
WEIGHTED
NUMBER OF % OF WEIGHTED WEIGHTED AVERAGE
MORTGAGE AGGREGATE AGGREGATE AVERAGE AVERAGE MORTGAGE
TENANT/GUARANTOR CREDIT RATING LOANS BALANCE BALANCE DSCR(1) LTV RATIO(2) RATE
- --------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
AAA 2 $ 2,172,069 0.56% 1.00x 74.86% 7.41%
AA+ 4 7,299,026 1.90% 1.37x 80.77% 7.35%
AA 8 25,580,378 6.65% 1.01x 88.12% 7.08%
AA- 5 28,657,199 7.45% 1.01x 90.91% 7.41%
A+ 8 23,556,073 6.13% 1.06x 82.44% 7.11%
A 36 129,354,943 33.64% 1.06x 83.78% 7.52%
A- 7 36,202,989 9.42% 1.01x 88.40% 7.14%
BBB+ 24 64,407,035 16.75% 1.05x 81.72% 7.40%
BBB 1 5,412,269 1.41% 1.01x 84.57% 7.28%
BBB- 5 9,587,874 2.49% 1.01x 89.80% 7.52%
BB- 1 5,468,645 1.42% 1.00x 77.02% 7.48%
Private 9 46,772,781 12.17% 1.04x 87.48% 8.03%
- --------------------------------------------------------------------------------------------------------
TOTAL/WEIGHTED AVERAGE 110 $ 384,471,281 100.00% 1.05X 85.02% 7.46%
- --------------------------------------------------------------------------------------------------------
</TABLE>
(1) DSCR for the Credit Lease loans is the ratio of the Cutoff Monthly Net
Operating Income to the Cutoff monthly debt service
(2) Cut-off Date LTV Ratio is the ratio of Cut-off Date Balance to
Appraisal Value
[ ] The weighted average credit rating is A-.
LEASE TYPE
<TABLE>
<CAPTION>
WEIGHTED
NUMBER OF % OF WEIGHTED WEIGHTED AVERAGE
MORTGAGE AGGREGATE AGGREGATE AVERAGE AVERAGE MORTGAGE
LEASE TYPE LOANS BALANCE BALANCE DSCR(1) LTV RATIO(2) RATE
- --------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
NNN 42 158,105,930 41.12% 1.04x 84.93% 7.406%
NN 59 140,660,298 36.59% 1.08x 80.72% 7.500%
Bond 9 85,705,054 22.29% 1.01x 92.24% 7.477%
- --------------------------------------------------------------------------------------------------------
TOTAL/WEIGHED AVERAGE 110 384,471,281 100.00% 1.05X 85.02% 7.456%
- --------------------------------------------------------------------------------------------------------
</TABLE>
(1) DSCR for the Credit Lease loans is the ratio of the Cutoff Monthly Net
Operating Income to the Cutoff monthly debt service.
(2) Cut-off Date LTV Ratio is the ratio of Cut-off Date Balance to Appraisal
Value
- --------------------------------------------------------------------------------
This material is for your private information and NationsBanc Montgomery
Securities LLC (the "Underwriter") is not soliciting any action based upon it.
This material is not to be construed as an offer to sell or the solicitation of
any offer to buy any security in any jurisdiction where such an offer or
solicitation would be illegal. This material is based on information that the
Underwriter considers reliable, but the Underwriter does not represent that it
is accurate or complete and it should not be relied upon as such. By accepting
this material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may
pertain to securities that ultimately are not sold. The information contained in
this material may be based on assumptions regarding market conditions and other
matters as reflected herein. The Underwriter makes no representation regarding
the reasonableness of such assumptions or the likelihood that any of such
assumptions will coincide with actual market conditions or events, and this
material should not be relied upon for such purposes. The Underwriter and its
affiliates, officers, directors, partners and employees, including persons
involved in the preparation or issuance of this material may, from time to time,
have long or short positions in, and buy and sell, the securities mentioned
therein or derivatives thereof (including options). This material may be filed
with the Securities and Exchange Commission (the "SEC") and incorporated by
reference into an effective registration statement previously filed with the SEC
under Rule 415 of the Securities Act of 1933, including all cases where the
material does not pertain to securities that are ultimately offered for sale
pursuant to such registration statement. Information contained in this material
is current as of the date appearing on this material only. Information in this
material regarding any assets backing any securities discussed herein supersedes
all prior information regarding such assets. Any information in the material,
whether regarding the assets backing any securities discussed herein or
otherwise, will be superseded by the information contained in any final
prospectus for any securities actually sold to you. This material is furnished
solely by the Underwriter and not by the issuer of the securities. The issuer of
the securities has not prepared, reviewed or participated in the preparation of
this material, is not responsible for the accuracy of this material and has not
authorized the dissemination of this material. The Underwriter is acting as
underwriter and not acting as agent for the issuer in connection with the
proposed transaction.
<PAGE> 11
NATIONSLINK FUNDING CORPORATION
Commercial Mortgage Pass-Through Certificates
Series 1999-LTL-1
Class A-1, A-2, A-3, B, & X Certificates
$492,491,697 (approximate)
TENANT/GUARANTOR
<TABLE>
<CAPTION>
WEIGHTED
NUMBER OF % OF % OF WEIGHTED WEIGHTED AVERAGE
MORTGAGE AGGREGATE AGGREGATE TOTAL AVERAGE AVERAGE MORTGAGE
TENANT/GUARANTOR LOANS BALANCE BALANCE POOL DSCR(1) LTV RATIO(2) RATE
- ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Rite Aid Corporation 21 $ 36,920,079 9.60% 7.50% 1.07x 80.50% 7.58%
CVS Corporation 16 35,380,819 9.20% 7.18% 1.07x 84.07% 7.62%
Koninklijke Ahold, N.V. 4 31,894,014 8.30% 6.48% 1.10x 86.03% 7.35%
Home Depot U.S.A., Inc. 3 25,442,099 6.62% 5.17% 1.00x 92.85% 7.44%
Eckerd Corporation 12 25,103,857 6.53% 5.10% 1.04x 89.30% 7.37%
Walgreen Co. 8 23,556,073 6.13% 4.78% 1.06x 82.44% 7.11%
Circuit City Stores, Inc. 3 20,416,637 5.31% 4.15% 1.05x 86.33% 8.04%
CareGroup, Inc. 1 19,888,048 5.17% 4.04% 1.03x 84.27% 7.25%
Blue Cross and Blue Shield of Texas, Inc. 1 19,614,898 5.10% 3.98% 1.00x 75.40% 7.98%
Wal-Mart Stores, Inc. 2 18,727,630 4.87% 3.80% 1.01x 92.96% 7.04%
Food Lion, Inc. 3 17,377,460 4.52% 3.53% 1.00x 101.50% 6.76%
Georgia Baptist Health Care System, Inc. 1 12,063,666 3.14% 2.45% 1.00x 89.63% 8.16%
KeyBank National Association 1 10,630,221 2.76% 2.16% 1.01x 75.42% 7.25%
The Pep Boys - Manny, Moe & Jack 5 9,587,874 2.49% 1.95% 1.01x 89.80% 7.52%
John H. Harland Company 1 9,438,111 2.45% 1.92% 1.03x 90.10% 8.03%
Wegmans Food Markets, Inc. 1 8,234,242 2.14% 1.67% 1.00x 80.97% 7.50%
McDonald's Corporation 5 5,518,013 1.44% 1.12% 1.01x 75.06% 7.24%
The TJX Companies, Inc. 1 5,494,357 1.43% 1.12% 1.05x 73.26% 7.58%
MedPartners, Inc. 1 5,468,645 1.42% 1.11% 1.00x 77.02% 7.48%
Riggs Bank, N.A. 1 5,412,269 1.41% 1.10% 1.01x 84.57% 7.28%
Hanson North America, Inc. 1 5,327,027 1.39% 1.08% 1.04x 94.53% 7.47%
WellPoint Health Networks, Inc. 1 4,524,753 1.18% 0.92% 1.00x 76.69% 6.73%
State of New Jersey 1 3,859,390 1.00% 0.78% 1.69x 72.68% 7.54%
Tandy Corporation 1 3,758,750 0.98% 0.76% 1.03x 66.70% 7.50%
Amoco Oil Company 3 3,439,636 0.89% 0.70% 1.01x 89.84% 7.13%
American Drug Stores, Inc. 1 3,074,155 0.80% 0.62% 1.04x 87.21% 7.31%
Bridgestone/Firestone, Inc. 2 2,219,915 0.58% 0.45% 1.08x 84.31% 7.93%
Exxon Corporation 2 2,172,069 0.56% 0.44% 1.00x 74.86% 7.41%
The Chase Manhattan Bank 1 2,009,949 0.52% 0.41% 1.10x 69.31% 7.40%
Hannaford Bros. Co. 1 1,725,738 0.45% 0.35% 1.00x 77.91% 7.48%
Boston Gas Company 1 1,404,108 0.37% 0.29% 1.13x 66.55% 7.29%
Sears, Roebuck & Co. 1 1,338,180 0.35% 0.27% 1.00x 87.18% 7.06%
Mobil Oil Corporation 1 1,334,735 0.35% 0.27% 1.00x 74.15% 6.95%
NationsBank, N.A. 1 1,205,151 0.31% 0.24% 1.00x 86.08% 6.86%
United States Postal Service 1 908,714 0.24% 0.18% 1.08x 83.37% 7.17%
- ------------------------------------------------------------------------------------------------------------------------
TOTAL/WEIGHTED AVERAGE 110 $384,471,281 100.00% 78.07% 1.05X 85.02% 7.46%
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) DSCR for the Credit Lease loans is the ratio of the Cutoff Monthly Net
Operating Income to the Cutoff monthly debt service.
(2) Cut-off Date LTV Ratio is the ratio of Cut-off Date Balance to
Appraisal Value
- --------------------------------------------------------------------------------
This material is for your private information and NationsBanc Montgomery
Securities LLC (the "Underwriter") is not soliciting any action based upon it.
This material is not to be construed as an offer to sell or the solicitation of
any offer to buy any security in any jurisdiction where such an offer or
solicitation would be illegal. This material is based on information that the
Underwriter considers reliable, but the Underwriter does not represent that it
is accurate or complete and it should not be relied upon as such. By accepting
this material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may
pertain to securities that ultimately are not sold. The information contained in
this material may be based on assumptions regarding market conditions and other
matters as reflected herein. The Underwriter makes no representation regarding
the reasonableness of such assumptions or the likelihood that any of such
assumptions will coincide with actual market conditions or events, and this
material should not be relied upon for such purposes. The Underwriter and its
affiliates, officers, directors, partners and employees, including persons
involved in the preparation or issuance of this material may, from time to time,
have long or short positions in, and buy and sell, the securities mentioned
therein or derivatives thereof (including options). This material may be filed
with the Securities and Exchange Commission (the "SEC") and incorporated by
reference into an effective registration statement previously filed with the SEC
under Rule 415 of the Securities Act of 1933, including all cases where the
material does not pertain to securities that are ultimately offered for sale
pursuant to such registration statement. Information contained in this material
is current as of the date appearing on this material only. Information in this
material regarding any assets backing any securities discussed herein supersedes
all prior information regarding such assets. Any information in the material,
whether regarding the assets backing any securities discussed herein or
otherwise, will be superseded by the information contained in any final
prospectus for any securities actually sold to you. This material is furnished
solely by the Underwriter and not by the issuer of the securities. The issuer of
the securities has not prepared, reviewed or participated in the preparation of
this material, is not responsible for the accuracy of this material and has not
authorized the dissemination of this material. The Underwriter is acting as
underwriter and not acting as agent for the issuer in connection with the
proposed transaction.
<PAGE> 12
NATIONSLINK FUNDING CORPORATION
Commercial Mortgage Pass-Through Certificates
Series 1999-LTL-1
Class A-1, A-2, A-3, B, & X Certificates
$492,491,697 (approximate)
TENANT/GUARANTOR INDUSTRY
<TABLE>
<CAPTION>
WEIGHTED
NUMBER OF % OF WEIGHTED WEIGHTED AVERAGE
MORTGAGE AGGREGATE AGGREGATE AVERAGE AVERAGE MORTGAGE
TENANT/GUARANTOR INDUSTRY LOANS BALANCE BALANCE DSCR(1) LTV RATIO(2) RATE
- -------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Retail Drug 58 $124,034,983 32.26% 1.06x 83.83% 7.454%
Healthcare Services 5 61,560,009 16.01% 1.01x 81.29% 7.643%
Retail Grocery 9 59,231,454 15.41% 1.05x 89.63% 7.204%
Retail Building Materials 4 30,769,126 8.00% 1.01x 93.14% 7.443%
Retail Electronics 4 24,175,387 6.29% 1.05x 83.28% 7.957%
Banking 4 19,257,590 5.01% 1.02x 78.02% 7.250%
Retail Discount & General Merchandise 2 18,727,630 4.87% 1.01x 92.96% 7.037%
Automotive 7 11,807,789 3.07% 1.02x 88.77% 7.594%
Printing 1 9,438,111 2.45% 1.03x 90.10% 8.030%
Energy 7 8,350,548 2.17% 1.03x 79.52% 7.201%
Food Service 5 5,518,013 1.44% 1.01x 75.06% 7.238%
Retail Apparel 1 5,494,357 1.43% 1.05x 73.26% 7.580%
Government 1 3,859,390 1.00% 1.69x 72.68% 7.540%
Department Stores 1 1,338,180 0.35% 1.00x 87.18% 7.060%
Post Office 1 908,714 0.24% 1.08x 83.37% 7.170%
- -------------------------------------------------------------------------------------------------------
TOTAL/WEIGHTED AVERAGE 110 $384,471,281 100.00% 1.05x 85.02% 7.456%
- -------------------------------------------------------------------------------------------------------
</TABLE>
(1) DSCR for the Credit Lease loans is the ratio of the Cutoff Monthly Net
Operating Income to the Cutoff monthly debt service.
(2) Cut-off Date LTV Ratio is the ratio of Cut-off Date Balance to Appraisal
Value
PROPERTY TYPE
<TABLE>
<CAPTION>
WEIGHTED
NUMBER OF % OF WEIGHTED WEIGHTED AVERAGE
MORTGAGE AGGREGATE AGGREGATE AVERAGE AVERAGE MORTGAGE
PROPERTY TYPE LOANS BALANCE BALANCE DSCR(1) LTV RATIO(2) RATE
- ------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Retail 91 $277,198,320 72.10% 1.05x 86.44% 7.414%
Office 11 86,081,096 22.39% 1.05x 79.93% 7.545%
Industrial 2 14,765,138 3.84% 1.03x 91.70% 7.828%
Restaurant 5 5,518,013 1.44% 1.01x 75.06% 7.238%
Post Office 1 908,714 0.24% 1.08x 83.37% 7.170%
- ------------------------------------------------------------------------------------------------
TOTAL/WEIGHTED AVERAGE 110 $384,471,281 100.00% 1.05x 85.02% 7.456%
- ------------------------------------------------------------------------------------------------
</TABLE>
(1) DSCR for the Credit Lease loans is the ratio of the Cutoff Monthly Net
Operating Income to the Cutoff monthly debt service.
(2) Cut-off Date LTV Ratio is the ratio of Cut-off Date Balance to Appraisal
Value
- --------------------------------------------------------------------------------
This material is for your private information and NationsBanc Montgomery
Securities LLC (the "Underwriter") is not soliciting any action based upon it.
This material is not to be construed as an offer to sell or the solicitation of
any offer to buy any security in any jurisdiction where such an offer or
solicitation would be illegal. This material is based on information that the
Underwriter considers reliable, but the Underwriter does not represent that it
is accurate or complete and it should not be relied upon as such. By accepting
this material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may
pertain to securities that ultimately are not sold. The information contained in
this material may be based on assumptions regarding market conditions and other
matters as reflected herein. The Underwriter makes no representation regarding
the reasonableness of such assumptions or the likelihood that any of such
assumptions will coincide with actual market conditions or events, and this
material should not be relied upon for such purposes. The Underwriter and its
affiliates, officers, directors, partners and employees, including persons
involved in the preparation or issuance of this material may, from time to time,
have long or short positions in, and buy and sell, the securities mentioned
therein or derivatives thereof (including options). This material may be filed
with the Securities and Exchange Commission (the "SEC") and incorporated by
reference into an effective registration statement previously filed with the SEC
under Rule 415 of the Securities Act of 1933, including all cases where the
material does not pertain to securities that are ultimately offered for sale
pursuant to such registration statement. Information contained in this material
is current as of the date appearing on this material only. Information in this
material regarding any assets backing any securities discussed herein supersedes
all prior information regarding such assets. Any information in the material,
whether regarding the assets backing any securities discussed herein or
otherwise, will be superseded by the information contained in any final
prospectus for any securities actually sold to you. This material is furnished
solely by the Underwriter and not by the issuer of the securities. The issuer of
the securities has not prepared, reviewed or participated in the preparation of
this material, is not responsible for the accuracy of this material and has not
authorized the dissemination of this material. The Underwriter is acting as
underwriter and not acting as agent for the issuer in connection with the
proposed transaction.
<PAGE> 13
NATIONSLINK FUNDING CORPORATION
Commercial Mortgage Pass-Through Certificates
Series 1999-LTL-1
Class A-1, A-2, A-3, B, & X Certificates
$492,491,697 (approximate)
GEOGRAPHIC LOCATION
<TABLE>
<CAPTION>
WEIGHTED
NUMBER OF % OF WEIGHTED WEIGHTED AVERAGE
MORTGAGE AGGREGATE AGGREGATE AVERAGE AVERAGE MORTGAGE
LOCATION LOANS BALANCE BALANCE DSCR(1) LTV RATIO(2) RATE
- --------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Massachusetts 11 $ 56,403,995 14.67% 1.06x 85.07% 7.315%
New York 19 55,351,584 14.40% 1.03x 83.35% 7.391%
Texas 6 47,946,507 12.47% 1.01x 83.36% 7.623%
Florida 7 37,994,662 9.88% 1.01x 93.65% 7.291%
Georgia 4 26,103,133 6.79% 1.01x 92.80% 7.607%
Pennsylvania 9 23,091,902 6.01% 1.04x 78.25% 7.493%
California 4 18,420,292 4.79% 1.03x 82.58% 7.294%
Virginia 9 17,566,025 4.57% 1.05x 81.39% 7.548%
Maryland 2 14,229,036 3.70% 1.02x 89.44% 7.953%
Michigan 7 14,154,769 3.68% 1.03x 87.61% 7.697%
North Carolina 6 10,868,690 2.83% 1.06x 86.67% 7.362%
New Jersey 4 10,678,551 2.78% 1.30x 75.91% 7.491%
Ohio 2 8,996,736 2.34% 1.14x 75.94% 7.548%
South Carolina 2 6,988,449 1.82% 1.02x 91.00% 7.181%
Tennessee 4 6,067,642 1.58% 1.04x 86.92% 7.374%
Illinois 2 5,600,230 1.46% 1.03x 85.38% 6.908%
Nebraska 1 5,491,421 1.43% 1.00x 89.36% 7.910%
Arkansas 1 3,930,121 1.02% 1.12x 76.61% 7.600%
Nevada 2 3,820,122 0.99% 1.02x 75.90% 7.188%
Maine 2 3,806,759 0.99% 1.29x 75.36% 7.738%
District of Columbia 2 2,484,992 0.65% 1.19x 74.71% 7.081%
Alabama 1 1,366,206 0.36% 1.07x 88.14% 6.900%
Missouri 1 1,243,073 0.32% 1.00x 92.42% 7.060%
Connecticut 1 957,674 0.25% 1.09x 87.06% 8.150%
Washington 1 908,714 0.24% 1.08x 83.37% 7.170%
- --------------------------------------------------------------------------------------------
TOTAL/WEIGHTED AVERAGE 110 $384,471,281 100.00% 1.05x 85.02% 7.456%
- --------------------------------------------------------------------------------------------
</TABLE>
(1) DSCR for the Credit Lease loans is the ratio of the Cutoff Monthly Net
Operating Income to Cutoff monthly debt service.
(2) Cut-off Date LTV Ratio is the ratio of Cut-off Date Balance to Appraisal
Value
- --------------------------------------------------------------------------------
This material is for your private information and NationsBanc Montgomery
Securities LLC (the "Underwriter") is not soliciting any action based upon it.
This material is not to be construed as an offer to sell or the solicitation of
any offer to buy any security in any jurisdiction where such an offer or
solicitation would be illegal. This material is based on information that the
Underwriter considers reliable, but the Underwriter does not represent that it
is accurate or complete and it should not be relied upon as such. By accepting
this material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may
pertain to securities that ultimately are not sold. The information contained in
this material may be based on assumptions regarding market conditions and other
matters as reflected herein. The Underwriter makes no representation regarding
the reasonableness of such assumptions or the likelihood that any of such
assumptions will coincide with actual market conditions or events, and this
material should not be relied upon for such purposes. The Underwriter and its
affiliates, officers, directors, partners and employees, including persons
involved in the preparation or issuance of this material may, from time to time,
have long or short positions in, and buy and sell, the securities mentioned
therein or derivatives thereof (including options). This material may be filed
with the Securities and Exchange Commission (the "SEC") and incorporated by
reference into an effective registration statement previously filed with the SEC
under Rule 415 of the Securities Act of 1933, including all cases where the
material does not pertain to securities that are ultimately offered for sale
pursuant to such registration statement. Information contained in this material
is current as of the date appearing on this material only. Information in this
material regarding any assets backing any securities discussed herein supersedes
all prior information regarding such assets. Any information in the material,
whether regarding the assets backing any securities discussed herein or
otherwise, will be superseded by the information contained in any final
prospectus for any securities actually sold to you. This material is furnished
solely by the Underwriter and not by the issuer of the securities. The issuer of
the securities has not prepared, reviewed or participated in the preparation of
this material, is not responsible for the accuracy of this material and has not
authorized the dissemination of this material. The Underwriter is acting as
underwriter and not acting as agent for the issuer in connection with the
proposed transaction.
<PAGE> 14
NATIONSLINK FUNDING CORPORATION
Commercial Mortgage Pass-Through Certificates
Series 1999-LTL-1
Class A-1, A-2, A-3, B, & X Certificates
$492,491,697 (approximate)
CUT-OFF DATE BALANCE
<TABLE>
<CAPTION>
WEIGHTED
NUMBER OF % OF WEIGHTED WEIGHTED AVERAGE
MORTGAGE AGGREGATE AGGREGATE AVERAGE AVERAGE MORTGAGE
CUT-OFF DATE BALANCE LOANS BALANCE BALANCE DSCR(1) LTV RATIO(2) RATE
- ---------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
$0 to $999,999 7 $ 6,319,781 1.64% 1.03x 80.04% 7.430%
$1,000,000 to $1,499,999 26 34,102,643 8.87% 1.06x 79.64% 7.368%
$1,500,000 to $1,999,999 19 32,764,600 8.52% 1.07x 82.29% 7.560%
$2,000,000 to $2,499,999 16 34,923,379 9.08% 1.08x 84.11% 7.505%
$2,500,000 to $2,999,999 7 18,570,223 4.83% 1.03x 83.30% 7.693%
$3,000,000 to $3,499,999 4 12,758,880 3.32% 1.04x 88.58% 7.071%
$3,500,000 to $3,999,999 4 15,081,296 3.92% 1.23x 74.00% 7.508%
$4,000,000 to $4,999,999 5 23,089,548 6.01% 1.01x 88.16% 7.087%
$5,000,000 to $5,999,999 8 43,906,477 11.42% 1.04x 86.38% 7.384%
$6,000,000 to $6,999,999 1 6,464,242 1.68% 1.00x 101.64% 6.760%
$8,000,000 to $8,999,999 3 24,686,830 6.42% 1.01x 88.14% 7.246%
$9,000,000 to $9,999,999 1 9,438,111 2.45% 1.03x 90.10% 8.030%
$10,000,000 to $14,999,999 6 67,130,989 17.46% 1.03x 87.85% 7.567%
$15,000,000 to $19,999,999 3 55,234,283 14.37% 1.01x 83.81% 7.572%
- ---------------------------------------------------------------------------------------------------
TOTAL/WEIGHTED AVERAGE 110 $384,471,281 100.00% 1.05x 85.02% 7.456%
- ---------------------------------------------------------------------------------------------------
</TABLE>
(1) DSCR for the Credit Lease loans is the ratio of the Cutoff Monthly Net
Operating Income to the Cutoff monthly debt service.
(2) Cut-off Date LTV Ratio is the ratio of Cut-off Date Balance to Appraisal
Value
[ ] The average Cut-off Date Balance is $3,495,193.
DEBT SERVICE COVERAGE RATIO
<TABLE>
<CAPTION>
WEIGHTED
NUMBER OF % OF WEIGHTED WEIGHTED AVERAGE
MORTGAGE AGGREGATE AGGREGATE AVERAGE AVERAGE MORTGAGE
DEBT SERVICE COVERAGE RATIO LOANS BALANCE BALANCE DSCR(1) LTV RATIO(2) RATE
- ------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
1.000x to 1.009x 37 $169,965,851 44.21% 1.00x 89.19% 7.458%
1.010x to 1.019x 3 24,306,632 6.32% 1.01x 81.67% 7.144%
1.030x to 1.039x 12 58,257,482 15.15% 1.03x 85.82% 7.496%
1.040x to 1.049x 11 29,419,107 7.65% 1.04x 86.43% 7.410%
1.050x to 1.059x 4 9,979,618 2.60% 1.05x 78.69% 7.486%
1.060x to 1.069x 10 19,495,308 5.07% 1.06x 80.38% 7.609%
1.070x to 1.079x 12 20,445,241 5.32% 1.07x 81.92% 7.494%
1.080x to 1.089x 5 6,862,167 1.78% 1.08x 80.65% 7.539%
1.090x to 1.099x 2 2,662,886 0.69% 1.09x 79.10% 7.984%
1.100x to 1.199x 9 32,263,287 8.39% 1.16x 75.99% 7.392%
1.200x to 1.499x 4 6,954,312 1.81% 1.34x 68.44% 7.765%
Greater than 1.500x 1 3,859,390 1.00% 1.69x 72.68% 7.540%
- ------------------------------------------------------------------------------------------------------
TOTAL/WEIGHTED AVERAGE 110 $384,471,281 100.00% 1.05x 85.02% 7.456%
- ------------------------------------------------------------------------------------------------------
</TABLE>
(1) DSCR for the Credit Lease loans is the ratio of the Cutoff Monthly Net
Operating Income to the Cutoff monthly debt service.
(2) Cut-off Date LTV Ratio is the ratio of Cut-off Date Balance to Appraisal
Value
[ ] The weighted average Debt Service Coverage Ratio is 1.05x.
- --------------------------------------------------------------------------------
This material is for your private information and NationsBanc Montgomery
Securities LLC (the "Underwriter") is not soliciting any action based upon it.
This material is not to be construed as an offer to sell or the solicitation of
any offer to buy any security in any jurisdiction where such an offer or
solicitation would be illegal. This material is based on information that the
Underwriter considers reliable, but the Underwriter does not represent that it
is accurate or complete and it should not be relied upon as such. By accepting
this material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may
pertain to securities that ultimately are not sold. The information contained in
this material may be based on assumptions regarding market conditions and other
matters as reflected herein. The Underwriter makes no representation regarding
the reasonableness of such assumptions or the likelihood that any of such
assumptions will coincide with actual market conditions or events, and this
material should not be relied upon for such purposes. The Underwriter and its
affiliates, officers, directors, partners and employees, including persons
involved in the preparation or issuance of this material may, from time to time,
have long or short positions in, and buy and sell, the securities mentioned
therein or derivatives thereof (including options). This material may be filed
with the Securities and Exchange Commission (the "SEC") and incorporated by
reference into an effective registration statement previously filed with the SEC
under Rule 415 of the Securities Act of 1933, including all cases where the
material does not pertain to securities that are ultimately offered for sale
pursuant to such registration statement. Information contained in this material
is current as of the date appearing on this material only. Information in this
material regarding any assets backing any securities discussed herein supersedes
all prior information regarding such assets. Any information in the material,
whether regarding the assets backing any securities discussed herein or
otherwise, will be superseded by the information contained in any final
prospectus for any securities actually sold to you. This material is furnished
solely by the Underwriter and not by the issuer of the securities. The issuer of
the securities has not prepared, reviewed or participated in the preparation of
this material, is not responsible for the accuracy of this material and has not
authorized the dissemination of this material. The Underwriter is acting as
underwriter and not acting as agent for the issuer in connection with the
proposed transaction.
<PAGE> 15
NATIONSLINK FUNDING CORPORATION
Commercial Mortgage Pass-Through Certificates
Series 1999-LTL-1
Class A-1, A-2, A-3, B, & X Certificates
$492,491,697 (approximate)
LOAN-TO-LEASED FEE VALUE
<TABLE>
<CAPTION>
WEIGHTED
NUMBER OF % OF WEIGHTED WEIGHTED AVERAGE
MORTGAGE AGGREGATE AGGREGATE AVERAGE AVERAGE MORTGAGE
LOAN-TO-LEASED FEE VALUE LOANS BALANCE BALANCE DSCR(1) LTV RATIO(2) RATE
- ----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
45.00% to 49.99% 1 $ 1,129,824 0.29% 1.06x 45.19% 7.570%
50.00% to 54.99% 1 938,694 0.24% 1.00x 52.15% 7.120%
60.00% to 64.99% 1 1,279,841 0.33% 1.37x 63.99% 7.290%
65.00% to 69.99% 7 15,192,582 3.95% 1.13x 67.78% 7.581%
70.00% to 74.99% 8 22,942,184 5.97% 1.20x 72.57% 7.578%
75.00% to 79.99% 19 79,448,412 20.66% 1.06x 77.03% 7.527%
80.00% to 84.99% 29 81,614,626 21.23% 1.04x 83.10% 7.399%
85.00% to 89.99% 20 69,818,121 18.16% 1.02x 88.15% 7.663%
90.00% to 94.99% 10 44,381,770 11.54% 1.01x 92.72% 7.530%
95.00% to 99.99% 11 50,347,767 13.10% 1.01x 96.82% 7.243%
100.00% to 109.99% 3 17,377,460 4.52% 1.00x 101.50% 6.760%
- ----------------------------------------------------------------------------------------------------
TOTAL/WEIGHTED AVERAGE 110 $384,471,281 100.00% 1.05x 85.02% 7.456%
- ----------------------------------------------------------------------------------------------------
</TABLE>
(1) DSCR for the Credit Lease loans is the ratio of the Cutoff Monthly Net
Operating Income to the Cutoff monthly debt service.
(2) Cut-off Date LTV Ratio is the ratio of Cut-off Date Balance to Appraisal
Value
[ ] The weighted average Loan-to-Value is 85.02%.
LOAN-TO-DARK VALUE
<TABLE>
<CAPTION>
WEIGHTED
NUMBER OF % OF WEIGHTED WEIGHTED AVERAGE
MORTGAGE AGGREGATE AGGREGATE AVERAGE AVERAGE MORTGAGE
LOAN-TO-DARK VALUE LOANS BALANCE BALANCE DSCR(1) LTV RATIO(2) RATE
- ---------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Less than 75% 6 $ 9,202,103 2.39% 1.01x 82.59% 7.392%
75.00% to 99.99% 15 61,280,523 15.94% 1.04x 81.64% 7.512%
100.00% to 109.99% 24 93,176,634 24.24% 1.04x 80.77% 7.637%
110.00% to 119.99% 33 94,934,232 24.69% 1.08x 83.29% 7.482%
120.00% to 129.99% 10 53,635,404 13.95% 1.02x 86.20% 7.378%
130.00% to 139.99% 13 38,849,653 10.10% 1.02x 93.01% 7.377%
140.00% to 149.99% 7 22,324,014 5.81% 1.02x 96.98% 6.969%
150.00% to 159.99% 1 5,741,691 1.49% 1.00x 101.80% 6.760%
160.00% to 169.99% 1 5,327,027 1.39% 1.04x 94.53% 7.470%
- ---------------------------------------------------------------------------------------------------
TOTAL/WEIGHTED AVERAGE 110 $384,471,281 100.00% 1.05x 85.02% 7.456%
- ---------------------------------------------------------------------------------------------------
</TABLE>
(1) DSCR for the Credit Lease loans is the ratio of the Cutoff Monthly Net
Operating Income to the Cutoff monthly debt service.
(2) Cut-off Date LTV Ratio is the ratio of Cut-off Date Balance to Appraisal
Value
[ ] The weighted average Loan-to-Dark Value is 113.3%.
- --------------------------------------------------------------------------------
This material is for your private information and NationsBanc Montgomery
Securities LLC (the "Underwriter") is not soliciting any action based upon it.
This material is not to be construed as an offer to sell or the solicitation of
any offer to buy any security in any jurisdiction where such an offer or
solicitation would be illegal. This material is based on information that the
Underwriter considers reliable, but the Underwriter does not represent that it
is accurate or complete and it should not be relied upon as such. By accepting
this material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may
pertain to securities that ultimately are not sold. The information contained in
this material may be based on assumptions regarding market conditions and other
matters as reflected herein. The Underwriter makes no representation regarding
the reasonableness of such assumptions or the likelihood that any of such
assumptions will coincide with actual market conditions or events, and this
material should not be relied upon for such purposes. The Underwriter and its
affiliates, officers, directors, partners and employees, including persons
involved in the preparation or issuance of this material may, from time to time,
have long or short positions in, and buy and sell, the securities mentioned
therein or derivatives thereof (including options). This material may be filed
with the Securities and Exchange Commission (the "SEC") and incorporated by
reference into an effective registration statement previously filed with the SEC
under Rule 415 of the Securities Act of 1933, including all cases where the
material does not pertain to securities that are ultimately offered for sale
pursuant to such registration statement. Information contained in this material
is current as of the date appearing on this material only. Information in this
material regarding any assets backing any securities discussed herein supersedes
all prior information regarding such assets. Any information in the material,
whether regarding the assets backing any securities discussed herein or
otherwise, will be superseded by the information contained in any final
prospectus for any securities actually sold to you. This material is furnished
solely by the Underwriter and not by the issuer of the securities. The issuer of
the securities has not prepared, reviewed or participated in the preparation of
this material, is not responsible for the accuracy of this material and has not
authorized the dissemination of this material. The Underwriter is acting as
underwriter and not acting as agent for the issuer in connection with the
proposed transaction.
<PAGE> 16
NATIONSLINK FUNDING CORPORATION
Commercial Mortgage Pass-Through Certificates
Series 1999-LTL-1
Class A-1, A-2, A-3, B, & X Certificates
$492,491,697 (approximate)
GROSS COUPON RATE
<TABLE>
<CAPTION>
WEIGHTED
NUMBER OF % OF WEIGHTED WEIGHTED AVERAGE
MORTGAGE AGGREGATE AGGREGATE AVERAGE AVERAGE MORTGAGE
GROSS COUPON RATE LOANS BALANCE BALANCE DSCR(1) LTV RATIO(2) RATE
- -------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
6.500% to 6.749% 1 $ 4,524,753 1.18% 1.00x 76.69% 6.730%
6.750% to 6.999% 14 48,882,244 12.71% 1.02x 92.14% 6.853%
7.000% to 7.249% 15 48,690,343 12.66% 1.05x 88.48% 7.099%
7.250% to 7.499% 29 118,174,974 30.74% 1.03x 86.45% 7.364%
7.500% to 7.749% 23 56,597,470 14.72% 1.11x 77.62% 7.579%
7.750% to 7.999% 21 64,985,042 16.90% 1.04x 80.22% 7.868%
8.000% to 8.249% 7 42,616,455 11.08% 1.04x 86.93% 8.100%
- -------------------------------------------------------------------------------------------------
TOTAL/WEIGHTED AVERAGE 110 $384,471,281 100.00% 1.05x 85.02% 7.456%
- -------------------------------------------------------------------------------------------------
</TABLE>
(1) DSCR for the Credit Lease loans is the ratio of the Cutoff Monthly Net
Operating Income to the Cutoff monthly debt service.
(2) Cut-off Date LTV Ratio is the ratio of Cut-off Date Balance to Appraisal
Value
[ ] The weighted average Gross Coupon is 7.456%.
ORIGINAL TERM TO MATURITY
<TABLE>
<CAPTION>
WEIGHTED
NUMBER OF % OF WEIGHTED WEIGHTED AVERAGE
MORTGAGE AGGREGATE AGGREGATE AVERAGE AVERAGE MORTGAGE
ORIGINAL TERM TO MATURITY LOANS BALANCE BALANCE DSCR(1) LTV RATIO(2) RATE
- -------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
120 to 179 months 11 $ 42,006,925 10.93% 1.08x 73.25% 7.324%
180 to 239 months 66 173,832,755 45.21% 1.05x 82.14% 7.516%
240 to 299 months 21 112,514,415 29.26% 1.05x 88.06% 7.519%
300 to 360 months 12 56,117,186 14.60% 1.01x 96.64% 7.246%
- -------------------------------------------------------------------------------------------------
TOTAL/WEIGHTED AVERAGE 110 $384,471,281 100.00% 1.05x 85.02% 7.456%
- -------------------------------------------------------------------------------------------------
</TABLE>
(1) DSCR for the Credit Lease loans is the ratio of the Cutoff Monthly Net
Operating Income to the Cutoff monthly debt service.
(2) Cut-off Date LTV Ratio is the ratio of Cut-off Date Balance to Appraisal
Value
[ ] The weighted average Original Term is 247 months.
REMAINING TERM TO MATURITY
<TABLE>
<CAPTION>
WEIGHTED
NUMBER OF % OF WEIGHTED WEIGHTED AVERAGE
MORTGAGE AGGREGATE AGGREGATE AVERAGE AVERAGE MORTGAGE
REMAINING TERM TO MATURITY LOANS BALANCE BALANCE DSCR(1) LTV RATIO(2) RATE
- -------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
60 to 119 months 2 $ 14,388,971 3.74% 1.02x 73.14% 7.315%
120 to 179 months 10 29,180,239 7.59% 1.11x 73.39% 7.332%
180 to 239 months 75 199,155,968 51.80% 1.05x 82.44% 7.497%
240 to 299 months 23 141,746,103 36.87% 1.03x 92.24% 7.439%
- -------------------------------------------------------------------------------------------------
TOTAL/WEIGHTED AVERAGE 110 $384,471,281 100.00% 1.05x 85.02% 7.456%
- -------------------------------------------------------------------------------------------------
</TABLE>
(1) DSCR for the Credit Lease loans is the ratio of the Cutoff Monthly Net
Operating Income to the Cutoff monthly debt service.
(2) Cut-off Date LTV Ratio is the ratio of Cut-off Date Balance to Appraisal
Value
[ ] The weighted average Remaining Term is 232 months.
- --------------------------------------------------------------------------------
This material is for your private information and NationsBanc Montgomery
Securities LLC (the "Underwriter") is not soliciting any action based upon it.
This material is not to be construed as an offer to sell or the solicitation of
any offer to buy any security in any jurisdiction where such an offer or
solicitation would be illegal. This material is based on information that the
Underwriter considers reliable, but the Underwriter does not represent that it
is accurate or complete and it should not be relied upon as such. By accepting
this material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may
pertain to securities that ultimately are not sold. The information contained in
this material may be based on assumptions regarding market conditions and other
matters as reflected herein. The Underwriter makes no representation regarding
the reasonableness of such assumptions or the likelihood that any of such
assumptions will coincide with actual market conditions or events, and this
material should not be relied upon for such purposes. The Underwriter and its
affiliates, officers, directors, partners and employees, including persons
involved in the preparation or issuance of this material may, from time to time,
have long or short positions in, and buy and sell, the securities mentioned
therein or derivatives thereof (including options). This material may be filed
with the Securities and Exchange Commission (the "SEC") and incorporated by
reference into an effective registration statement previously filed with the SEC
under Rule 415 of the Securities Act of 1933, including all cases where the
material does not pertain to securities that are ultimately offered for sale
pursuant to such registration statement. Information contained in this material
is current as of the date appearing on this material only. Information in this
material regarding any assets backing any securities discussed herein supersedes
all prior information regarding such assets. Any information in the material,
whether regarding the assets backing any securities discussed herein or
otherwise, will be superseded by the information contained in any final
prospectus for any securities actually sold to you. This material is furnished
solely by the Underwriter and not by the issuer of the securities. The issuer of
the securities has not prepared, reviewed or participated in the preparation of
this material, is not responsible for the accuracy of this material and has not
authorized the dissemination of this material. The Underwriter is acting as
underwriter and not acting as agent for the issuer in connection with the
proposed transaction.
<PAGE> 17
NATIONSLINK FUNDING CORPORATION
Commercial Mortgage Pass-Through Certificates
Series 1999-LTL-1
Class A-1, A-2, A-3, B, & X Certificates
$492,491,697 (approximate)
NATIONSBANK LOANS
PROPERTY TYPE
<TABLE>
<CAPTION>
WEIGHTED
NUMBER OF % OF WEIGHTED WEIGHTED AVERAGE
MORTGAGE AGGREGATE AGGREGATE AVERAGE AVERAGE MORTGAGE
PROPERTY TYPE LOANS BALANCE BALANCE DSCR(1) LTV RATIO(2) RATE
- --------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Retail 11 $ 76,227,542 70.57% 1.41x 60.49% 7.729%
Office 2 17,646,696 16.34% 1.28x 72.06% 7.236%
Mobile Home 4 9,193,043 8.51% 1.21x 45.29% 7.130%
Hotel 1 4,953,135 4.59% 1.54x 55.03% 7.430%
- --------------------------------------------------------------------------------------------------
TOTAL/WEIGHTED AVERAGE 18 $108,020,416 100.00% 1.38x 60.84% 7.584%
- --------------------------------------------------------------------------------------------------
</TABLE>
(1) DSCR is the ratio of Underwriting Net Operating Income to the annualized
debt service.
(2) Cut-off Date LTV Ratio is the ratio of Cut-off Date Balance to Appraisal
Value
GEOGRAPHIC DISTRIBUTION
<TABLE>
<CAPTION>
WEIGHTED
NUMBER OF % OF WEIGHTED WEIGHTED AVERAGE
MORTGAGE AGGREGATE AGGREGATE AVERAGE AVERAGE MORTGAGE
LOCATION LOANS BALANCE BALANCE DSCR(1) LTV RATIO(2) RATE
- --------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
South Carolina 1 $ 43,549,666 40.32% 1.54x 51.23% 7.855%
Georgia 1 14,400,618 13.33% 1.25x 74.23% 7.210%
Texas 3 8,655,155 8.01% 1.29x 80.91% 7.801%
North Carolina 3 6,687,221 6.19% 1.28x 73.82% 7.779%
Florida 1 6,368,143 5.90% 1.12x 62.43% 7.000%
New Mexico 1 5,521,822 5.11% 1.25x 73.62% 7.670%
Connecticut 2 5,309,902 4.92% 1.21x 49.33% 7.130%
Tennessee 1 4,953,135 4.59% 1.54x 55.03% 7.430%
New Hampshire 2 3,883,141 3.59% 1.21x 39.77% 7.130%
Kansas 1 3,476,168 3.22% 1.28x 69.52% 7.440%
Maryland 1 3,246,078 3.01% 1.40x 62.42% 7.350%
Pennsylvania 1 1,969,366 1.82% 1.25x 71.25% 7.500%
- --------------------------------------------------------------------------------------------------
TOTAL/WEIGHTED AVERAGE 18 $108,020,416 100.00% 1.38x 60.84% 7.584%
- --------------------------------------------------------------------------------------------------
</TABLE>
(1) DSCR is the ratio of Underwriting Net Operating Income to the annualized
debt service.
(2) Cut-off Date LTV Ratio is the ratio of Cut-off Date Balance to Appraisal
Value
- --------------------------------------------------------------------------------
This material is for your private information and NationsBanc Montgomery
Securities LLC (the "Underwriter") is not soliciting any action based upon it.
This material is not to be construed as an offer to sell or the solicitation of
any offer to buy any security in any jurisdiction where such an offer or
solicitation would be illegal. This material is based on information that the
Underwriter considers reliable, but the Underwriter does not represent that it
is accurate or complete and it should not be relied upon as such. By accepting
this material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may
pertain to securities that ultimately are not sold. The information contained in
this material may be based on assumptions regarding market conditions and other
matters as reflected herein. The Underwriter makes no representation regarding
the reasonableness of such assumptions or the likelihood that any of such
assumptions will coincide with actual market conditions or events, and this
material should not be relied upon for such purposes. The Underwriter and its
affiliates, officers, directors, partners and employees, including persons
involved in the preparation or issuance of this material may, from time to time,
have long or short positions in, and buy and sell, the securities mentioned
therein or derivatives thereof (including options). This material may be filed
with the Securities and Exchange Commission (the "SEC") and incorporated by
reference into an effective registration statement previously filed with the SEC
under Rule 415 of the Securities Act of 1933, including all cases where the
material does not pertain to securities that are ultimately offered for sale
pursuant to such registration statement. Information contained in this material
is current as of the date appearing on this material only. Information in this
material regarding any assets backing any securities discussed herein supersedes
all prior information regarding such assets. Any information in the material,
whether regarding the assets backing any securities discussed herein or
otherwise, will be superseded by the information contained in any final
prospectus for any securities actually sold to you. This material is furnished
solely by the Underwriter and not by the issuer of the securities. The issuer of
the securities has not prepared, reviewed or participated in the preparation of
this material, is not responsible for the accuracy of this material and has not
authorized the dissemination of this material. The Underwriter is acting as
underwriter and not acting as agent for the issuer in connection with the
proposed transaction.
<PAGE> 18
NATIONSLINK FUNDING CORPORATION
Commercial Mortgage Pass-Through Certificates
Series 1999-LTL-1
Class A-1, A-2, A-3, B, & X Certificates
$492,491,697 (approximate)
CUT-OFF DATE BALANCE
<TABLE>
<CAPTION>
WEIGHTED
NUMBER OF % OF WEIGHTED WEIGHTED AVERAGE
MORTGAGE AGGREGATE AGGREGATE AVERAGE AVERAGE MORTGAGE
CUT-OFF DATE BALANCE LOANS BALANCE BALANCE DSCR(1) LTV RATIO(2) RATE
- --------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
$0 - $ 999,999 1 $ 941,368 0.87% 1.20x 25.79% 7.130%
$1,000,000 - $ 1,999,999 3 4,845,968 4.49% 1.23x 75.11% 7.579%
$2,000,000 - $ 2,999,999 5 12,054,925 11.16% 1.29x 62.29% 7.318%
$3,000,000 - $ 3,999,999 3 9,972,906 9.23% 1.30x 61.37% 7.310%
$4,000,000 - $ 4,999,999 1 4,953,135 4.59% 1.54x 55.03% 7.430%
$5,000,000 - $ 7,499,999 3 17,301,830 16.02% 1.20x 72.12% 7.627%
$10,000,000 - $14,999,999 1 14,400,618 13.33% 1.25x 74.23% 7.210%
$35,000,000 - $45,000,000 1 43,549,666 40.32% 1.54x 51.23% 7.855%
- --------------------------------------------------------------------------------------------------
TOTAL/WEIGHTED AVERAGE 18 $108,020,416 100.00% 1.38x 60.84% 7.584%
- --------------------------------------------------------------------------------------------------
</TABLE>
(1) DSCR is the ratio of Underwriting Net Operating Income to the annualized
debt service.
(2) Cut-off Date LTV Ratio is the ratio of Cut-off Date Balance to Appraisal
Value
[ ] The average Cut-off Date Balance is $6,001,134.
DEBT SERVICE COVERAGE RATIO
<TABLE>
<CAPTION>
WEIGHTED
NUMBER OF % OF WEIGHTED WEIGHTED AVERAGE
MORTGAGE AGGREGATE AGGREGATE AVERAGE AVERAGE MORTGAGE
DEBT SERVICE COVERAGE RATIO LOANS BALANCE BALANCE DSCR(1) LTV RATIO(2) RATE
- --------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
1.10x - 1.19x 1 $ 6,368,143 5.90% 1.12x 62.43% 7.000%
1.20x - 1.29x 12 45,416,526 42.04% 1.24x 69.03% 7.486%
1.35x - 1.39x 1 2,426,537 2.25% 1.38x 69.83% 7.320%
1.40x - 1.49x 2 5,306,409 4.91% 1.41x 68.95% 7.164%
1.50x - 1.59x 2 48,502,802 44.90% 1.54x 51.62% 7.812%
- --------------------------------------------------------------------------------------------------
TOTAL/WEIGHTED AVERAGE 18 $108,020,416 100.00% 1.38x 60.84% 7.584%
- --------------------------------------------------------------------------------------------------
</TABLE>
(1) DSCR is the ratio of Underwriting Net Operating Income to the annualized
debt service.
(2) Cut-off Date LTV Ratio is the ratio of Cut-off Date Balance to Appraisal
Value
[ ] The weighted average Debt Service Coverage Ratio is 1.38x.
- --------------------------------------------------------------------------------
This material is for your private information and NationsBanc Montgomery
Securities LLC (the "Underwriter") is not soliciting any action based upon it.
This material is not to be construed as an offer to sell or the solicitation of
any offer to buy any security in any jurisdiction where such an offer or
solicitation would be illegal. This material is based on information that the
Underwriter considers reliable, but the Underwriter does not represent that it
is accurate or complete and it should not be relied upon as such. By accepting
this material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may
pertain to securities that ultimately are not sold. The information contained in
this material may be based on assumptions regarding market conditions and other
matters as reflected herein. The Underwriter makes no representation regarding
the reasonableness of such assumptions or the likelihood that any of such
assumptions will coincide with actual market conditions or events, and this
material should not be relied upon for such purposes. The Underwriter and its
affiliates, officers, directors, partners and employees, including persons
involved in the preparation or issuance of this material may, from time to time,
have long or short positions in, and buy and sell, the securities mentioned
therein or derivatives thereof (including options). This material may be filed
with the Securities and Exchange Commission (the "SEC") and incorporated by
reference into an effective registration statement previously filed with the SEC
under Rule 415 of the Securities Act of 1933, including all cases where the
material does not pertain to securities that are ultimately offered for sale
pursuant to such registration statement. Information contained in this material
is current as of the date appearing on this material only. Information in this
material regarding any assets backing any securities discussed herein supersedes
all prior information regarding such assets. Any information in the material,
whether regarding the assets backing any securities discussed herein or
otherwise, will be superseded by the information contained in any final
prospectus for any securities actually sold to you. This material is furnished
solely by the Underwriter and not by the issuer of the securities. The issuer of
the securities has not prepared, reviewed or participated in the preparation of
this material, is not responsible for the accuracy of this material and has not
authorized the dissemination of this material. The Underwriter is acting as
underwriter and not acting as agent for the issuer in connection with the
proposed transaction.
<PAGE> 19
NATIONSLINK FUNDING CORPORATION
Commercial Mortgage Pass-Through Certificates
Series 1999-LTL-1
Class A-1, A-2, A-3, B, & X Certificates
$492,491,697 (approximate)
CUT-OFF DATE LTV
<TABLE>
<CAPTION>
WEIGHTED
NUMBER OF % OF WEIGHTED WEIGHTED AVERAGE
MORTGAGE AGGREGATE AGGREGATE AVERAGE AVERAGE MORTGAGE
CUT-OFF DATE LTV LOANS BALANCE BALANCE DSCR(1) LTV RATIO(2) RATE
- ---------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
20.0% - 29.9% 1 $ 941,368 0.87% 1.20x 25.79% 7.130%
30.0% - 49.9% 2 5,001,015 4.63% 1.21x 44.86% 7.130%
50.0% - 59.9% 3 51,753,462 47.91% 1.52x 51.62% 7.769%
60.0% - 64.9% 2 9,614,221 8.90% 1.22x 62.43% 7.118%
65.0% - 69.9% 2 5,902,705 5.46% 1.32x 69.65% 7.391%
70.0% - 74.9% 3 21,891,806 20.27% 1.25x 73.81% 7.352%
75.0% - 79.9% 4 7,503,976 6.95% 1.28x 77.39% 7.563%
80.0% - 84.9% 1 5,411,864 5.01% 1.25x 82.00% 8.320%
- ---------------------------------------------------------------------------------------------------
TOTAL/WEIGHTED AVERAGE 18 $108,020,416 100.00% 1.38x 60.84% 7.584%
- ---------------------------------------------------------------------------------------------------
</TABLE>
(1) DSCR is the ratio of Underwriting Net Operating Income to the annualized
debt service.
(2) Cut-off Date LTV Ratio is the ratio of Cut-off Date Balance to Appraisal
Value
[ ] The weighted average Cut-off LTV is 60.84%.
MATURITY DATE LOAN TO VALUE
<TABLE>
<CAPTION>
WEIGHTED
NUMBER OF % OF WEIGHTED WEIGHTED AVERAGE
MORTGAGE AGGREGATE AGGREGATE AVERAGE AVERAGE MORTGAGE
MATURITY DATE LTV LOANS BALANCE BALANCE DSCR(1) LTV RATIO(2) RATE
- ---------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
0.0% - 29.9% 9 $ 71,354,921 66.06% 1.42x 2.47% 7.628%
30.0% - 49.9% 3 9,349,038 8.65% 1.43x 37.57% 7.416%
50.0% - 59.9% 3 20,995,443 19.44% 1.25x 57.18% 7.487%
60.0% - 64.9% 3 6,321,016 5.85% 1.29x 61.44% 7.659%
- ---------------------------------------------------------------------------------------------------
Total/Weighted Average 18 $108,020,416 100.00% 1.38x 19.59% 7.584%
- ---------------------------------------------------------------------------------------------------
</TABLE>
(1) DSCR is the ratio of Underwriting Net Operating Income to the annualized
debt service.
(2) Maturity Date LTV Ratio is the ratio of the Maturity Balance to Appraisal
Value
[ ] The weighted average Maturity Date Loan-to-Value Ratio is 19.59%.
- --------------------------------------------------------------------------------
This material is for your private information and NationsBanc Montgomery
Securities LLC (the "Underwriter") is not soliciting any action based upon it.
This material is not to be construed as an offer to sell or the solicitation of
any offer to buy any security in any jurisdiction where such an offer or
solicitation would be illegal. This material is based on information that the
Underwriter considers reliable, but the Underwriter does not represent that it
is accurate or complete and it should not be relied upon as such. By accepting
this material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may
pertain to securities that ultimately are not sold. The information contained in
this material may be based on assumptions regarding market conditions and other
matters as reflected herein. The Underwriter makes no representation regarding
the reasonableness of such assumptions or the likelihood that any of such
assumptions will coincide with actual market conditions or events, and this
material should not be relied upon for such purposes. The Underwriter and its
affiliates, officers, directors, partners and employees, including persons
involved in the preparation or issuance of this material may, from time to time,
have long or short positions in, and buy and sell, the securities mentioned
therein or derivatives thereof (including options). This material may be filed
with the Securities and Exchange Commission (the "SEC") and incorporated by
reference into an effective registration statement previously filed with the SEC
under Rule 415 of the Securities Act of 1933, including all cases where the
material does not pertain to securities that are ultimately offered for sale
pursuant to such registration statement. Information contained in this material
is current as of the date appearing on this material only. Information in this
material regarding any assets backing any securities discussed herein supersedes
all prior information regarding such assets. Any information in the material,
whether regarding the assets backing any securities discussed herein or
otherwise, will be superseded by the information contained in any final
prospectus for any securities actually sold to you. This material is furnished
solely by the Underwriter and not by the issuer of the securities. The issuer of
the securities has not prepared, reviewed or participated in the preparation of
this material, is not responsible for the accuracy of this material and has not
authorized the dissemination of this material. The Underwriter is acting as
underwriter and not acting as agent for the issuer in connection with the
proposed transaction.
<PAGE> 20
NATIONSLINK FUNDING CORPORATION
Commercial Mortgage Pass-Through Certificates
Series 1999-LTL-1
Class A-1, A-2, A-3, B, & X Certificates
$492,491,697 (approximate)
GROSS COUPON RATE
<TABLE>
<CAPTION>
WEIGHTED
NUMBER OF % OF WEIGHTED WEIGHTED AVERAGE
MORTGAGE AGGREGATE AGGREGATE AVERAGE AVERAGE MORTGAGE
GROSS COUPON RATE LOANS BALANCE BALANCE DSCR(1) LTV RATIO(2) RATE
- ---------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
6.750% - 6.999% 1 $ 2,060,331 1.91% 1.41x 79.24% 6.870%
7.000% - 7.249% 7 31,144,765 28.83% 1.21x 63.45% 7.137%
7.250% - 7.499% 4 14,101,918 13.05% 1.42x 62.85% 7.395%
7.500% - 7.749% 2 7,491,188 6.93% 1.25x 73.00% 7.625%
7.750% - 7.999% 1 43,549,666 40.32% 1.54x 51.23% 7.855%
8.000% - 8.499% 3 9,672,549 8.95% 1.24x 79.40% 8.197%
- ---------------------------------------------------------------------------------------------------
TOTAL/WEIGHTED AVERAGE 18 $108,020,416 100.00% 1.38x 60.84% 7.584%
- ---------------------------------------------------------------------------------------------------
</TABLE>
(1) DSCR is the ratio of Underwriting Net Operating Income to the annualized
debt service.
(2) Cut-off Date LTV Ratio is the ratio of Cut-off Date Balance to Appraisal
Value
[ ] The weighted average Gross Coupon is 7.584%.
ORIGINAL TERM TO MATURITY
<TABLE>
<CAPTION>
WEIGHTED
NUMBER OF % OF WEIGHTED WEIGHTED AVERAGE
MORTGAGE AGGREGATE AGGREGATE AVERAGE AVERAGE MORTGAGE
ORIGINAL TERM TO MATURITY LOANS BALANCE BALANCE DSCR(1) LTV RATIO(2) RATE
- ---------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
180 Months 11 $ 46,509,807 43.06% 1.28x 71.28% 7.426%
240 Months 7 61,510,609 56.94% 1.46x 52.95% 7.703%
- ---------------------------------------------------------------------------------------------------
TOTAL/WEIGHTED AVERAGE 18 $108,020,416 100.00% 1.38x 60.84% 7.584%
- ---------------------------------------------------------------------------------------------------
</TABLE>
(1) DSCR is the ratio of Underwriting Net Operating Income to the annualized
debt service.
(2) Cut-off Date LTV Ratio is the ratio of Cut-off Date Balance to Appraisal
Value
[ ] The weighted average Original Term is 214 months.
- --------------------------------------------------------------------------------
This material is for your private information and NationsBanc Montgomery
Securities LLC (the "Underwriter") is not soliciting any action based upon it.
This material is not to be construed as an offer to sell or the solicitation of
any offer to buy any security in any jurisdiction where such an offer or
solicitation would be illegal. This material is based on information that the
Underwriter considers reliable, but the Underwriter does not represent that it
is accurate or complete and it should not be relied upon as such. By accepting
this material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may
pertain to securities that ultimately are not sold. The information contained in
this material may be based on assumptions regarding market conditions and other
matters as reflected herein. The Underwriter makes no representation regarding
the reasonableness of such assumptions or the likelihood that any of such
assumptions will coincide with actual market conditions or events, and this
material should not be relied upon for such purposes. The Underwriter and its
affiliates, officers, directors, partners and employees, including persons
involved in the preparation or issuance of this material may, from time to time,
have long or short positions in, and buy and sell, the securities mentioned
therein or derivatives thereof (including options). This material may be filed
with the Securities and Exchange Commission (the "SEC") and incorporated by
reference into an effective registration statement previously filed with the SEC
under Rule 415 of the Securities Act of 1933, including all cases where the
material does not pertain to securities that are ultimately offered for sale
pursuant to such registration statement. Information contained in this material
is current as of the date appearing on this material only. Information in this
material regarding any assets backing any securities discussed herein supersedes
all prior information regarding such assets. Any information in the material,
whether regarding the assets backing any securities discussed herein or
otherwise, will be superseded by the information contained in any final
prospectus for any securities actually sold to you. This material is furnished
solely by the Underwriter and not by the issuer of the securities. The issuer of
the securities has not prepared, reviewed or participated in the preparation of
this material, is not responsible for the accuracy of this material and has not
authorized the dissemination of this material. The Underwriter is acting as
underwriter and not acting as agent for the issuer in connection with the
proposed transaction.
<PAGE> 21
NATIONSLINK FUNDING CORPORATION
Commercial Mortgage Pass-Through Certificates
Series 1999-LTL-1
Class A-1, A-2, A-3, B, & X Certificates
$492,491,697 (approximate)
ORIGINAL AMORTIZATION TERM
<TABLE>
<CAPTION>
WEIGHTED
NUMBER OF % OF WEIGHTED WEIGHTED AVERAGE
MORTGAGE AGGREGATE AGGREGATE AVERAGE AVERAGE MORTGAGE
ORIGINAL AMORTIZATION TERM LOANS BALANCE BALANCE DSCR(1) LTV RATIO(2) RATE
- ---------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
180 months 1 $ 3,476,168 3.22% 1.28x 69.52% 7.440%
240 months 9 69,848,118 64.66% 1.42x 54.33% 7.634%
300 months 4 13,974,496 12.94% 1.37x 70.06% 7.723%
360 months 4 20,721,634 19.18% 1.26x 75.11% 7.347%
- ---------------------------------------------------------------------------------------------------
TOTAL/WEIGHTED AVERAGE 18 $108,020,416 100.00% 1.38x 60.84% 7.584%
- ---------------------------------------------------------------------------------------------------
</TABLE>
(1) DSCR is the ratio of Underwriting Net Operating Income to the annualized
debt service.
(2) Cut-off Date LTV Ratio is the ratio of Cut-off Date Balance to Appraisal
Value
[ ] The weighted average Original Amortization Term is 269 months.
REMAINING TERM TO MATURITY
<TABLE>
<CAPTION>
WEIGHTED
NUMBER OF % OF WEIGHTED WEIGHTED AVERAGE
MORTGAGE AGGREGATE AGGREGATE AVERAGE AVERAGE MORTGAGE
REMAINING TERM TO MATURITY LOANS BALANCE BALANCE DSCR(1) LTV RATIO(2) RATE
- ---------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
121 - 180 Months 11 $ 46,509,807 43.06% 1.28x 71.28% 7.426%
181 - 240 Months 7 61,510,609 56.94% 1.46x 52.95% 7.703%
- ---------------------------------------------------------------------------------------------------
TOTAL/WEIGHTED AVERAGE 18 $108,020,416 100.00% 1.38x 60.84% 7.584%
- ---------------------------------------------------------------------------------------------------
</TABLE>
(1) DSCR is the ratio of Underwriting Net Operating Income to the annualized
debt service.
(2) Cut-off Date LTV Ratio is the ratio of Cut-off Date Balance to Appraisal
Value
[ ] The weighted average Remaining Term is 201 months.
- --------------------------------------------------------------------------------
This material is for your private information and NationsBanc Montgomery
Securities LLC (the "Underwriter") is not soliciting any action based upon it.
This material is not to be construed as an offer to sell or the solicitation of
any offer to buy any security in any jurisdiction where such an offer or
solicitation would be illegal. This material is based on information that the
Underwriter considers reliable, but the Underwriter does not represent that it
is accurate or complete and it should not be relied upon as such. By accepting
this material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may
pertain to securities that ultimately are not sold. The information contained in
this material may be based on assumptions regarding market conditions and other
matters as reflected herein. The Underwriter makes no representation regarding
the reasonableness of such assumptions or the likelihood that any of such
assumptions will coincide with actual market conditions or events, and this
material should not be relied upon for such purposes. The Underwriter and its
affiliates, officers, directors, partners and employees, including persons
involved in the preparation or issuance of this material may, from time to time,
have long or short positions in, and buy and sell, the securities mentioned
therein or derivatives thereof (including options). This material may be filed
with the Securities and Exchange Commission (the "SEC") and incorporated by
reference into an effective registration statement previously filed with the SEC
under Rule 415 of the Securities Act of 1933, including all cases where the
material does not pertain to securities that are ultimately offered for sale
pursuant to such registration statement. Information contained in this material
is current as of the date appearing on this material only. Information in this
material regarding any assets backing any securities discussed herein supersedes
all prior information regarding such assets. Any information in the material,
whether regarding the assets backing any securities discussed herein or
otherwise, will be superseded by the information contained in any final
prospectus for any securities actually sold to you. This material is furnished
solely by the Underwriter and not by the issuer of the securities. The issuer of
the securities has not prepared, reviewed or participated in the preparation of
this material, is not responsible for the accuracy of this material and has not
authorized the dissemination of this material. The Underwriter is acting as
underwriter and not acting as agent for the issuer in connection with the
proposed transaction.
<PAGE> 22
NATIONSLINK FUNDING CORPORATION
Commercial Mortgage Pass-Through Certificates
Series 1999-LTL-1
Class A-1, A-2, A-3, B, & X Certificates
$492,491,697 (approximate)
PREPAYMENT PREMIUM ALLOCATION
All Prepayment Premiums are distributed to Certificate holders on the
distribution Date following the one-month collection period in which the
prepayment occurred. All Prepayment Premiums will be allocated among the Class A
through E, in each case, up to the product of (i) the Prepayment Premium, (ii)
the "Discount Rate Fraction" and (iii) the percentage of total principal
distribution to Certificate holders to which such class is entitled. Any excess
amounts will be distributed to the Class X Certificates.
The Discount Rate Fraction for Classes A through E is defined as:
(Coupon on Class - Reinvestment Yield)/(Gross Mortgage Loan Rate -
Reinvestment Yield)
PREPAYMENT PREMIUM ALLOCATION EXAMPLE:
A yield maintenance prepayment premium will generally be equal to the present
value of the reduction in interest payments as a result of the prepayment
through the maturity of the Mortgage Loan, discounted at the yield of a Treasury
security of similar maturity in most cases (converted from semi-annual to
monthly pay). The following example reflects that method.
General Prepayment Premium Allocation Example:
Assuming the structure represented in this term sheet and the following
assumptions:
Only two Classes of Certificates: A-1 and X.
Mortgage loan characteristics of loan being prepaid:
Balance (at prepayment) $28,014,749.54
Gross Mortgage Rate 7.515%
Remaining Term (months) 71
Treasury Yield (MEY) 4.616%
Yield Maintenance Collected $ 4,054,242.81
Certificate Characteristics:
Class A-1 Coupon 5.782%
- -------------------------------------------------------------------------------
This material is for your private information and NationsBanc Montgomery
Securities LLC (the "Underwriter") is not soliciting any action based upon it.
This material is not to be construed as an offer to sell or the solicitation of
any offer to buy any security in any jurisdiction where such an offer or
solicitation would be illegal. This material is based on information that the
Underwriter considers reliable, but the Underwriter does not represent that it
is accurate or complete and it should not be relied upon as such. By accepting
this material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may
pertain to securities that ultimately are not sold. The information contained in
this material may be based on assumptions regarding market conditions and other
matters as reflected herein. The Underwriter makes no representation regarding
the reasonableness of such assumptions or the likelihood that any of such
assumptions will coincide with actual market conditions or events, and this
material should not be relied upon for such purposes. The Underwriter and its
affiliates, officers, directors, partners and employees, including persons
involved in the preparation or issuance of this material may, from time to time,
have long or short positions in, and buy and sell, the securities mentioned
therein or derivatives thereof (including options). This material may be filed
with the Securities and Exchange Commission (the "SEC") and incorporated by
reference into an effective registration statement previously filed with the SEC
under Rule 415 of the Securities Act of 1933, including all cases where the
material does not pertain to securities that are ultimately offered for sale
pursuant to such registration statement. Information contained in this material
is current as of the date appearing on this material only. Information in this
material regarding any assets backing any securities discussed herein supersedes
all prior information regarding such assets. Any information in the material,
whether regarding the assets backing any securities discussed herein or
otherwise, will be superseded by the information contained in any final
prospectus for any securities actually sold to you. This material is furnished
solely by the Underwriter and not by the issuer of the securities. The issuer of
the securities has not prepared, reviewed or participated in the preparation of
this material, is not responsible for the accuracy of this material and has not
authorized the dissemination of this material. The Underwriter is acting as
underwriter and not acting as agent for the issuer in connection with the
proposed transaction.
<PAGE> 23
NATIONSLINK FUNDING CORPORATION
Commercial Mortgage Pass-Through Certificates
Series 1999-LTL-1
Class A-1, A-2, A-3, B, & X Certificates
$492,491,697 (approximate)
DISCOUNT FRACTION EXAMPLE:
NATIONSLINK SERIES 1999-LTL-1
<TABLE>
<CAPTION>
CLASS A-1 CLASS X
DISCOUNT RATE FRACTION CALCULATION: CERTIFICATES CERTIFICATES
--------------------------------------------------
<S> <C> <C>
(Class A-1 Coupon - Reinvestment Yield)/ (Gross (5.782% - 4.616%)/ (100% - 40.230%)=
Mortgage Rate - Reinvestment Yield) = (7.515% - 4.616%) =
1.166%/2.899%
% of Premium allocated to Classes 40.230% 59.770%
(Discount Rate Fraction)
$ Premium allocated to Classes $ 1,631,018.30 $ 2,423,224.51
</TABLE>
- -------------------------------------------------------------------------------
This material is for your private information and NationsBanc Montgomery
Securities LLC (the "Underwriter") is not soliciting any action based upon it.
This material is not to be construed as an offer to sell or the solicitation of
any offer to buy any security in any jurisdiction where such an offer or
solicitation would be illegal. This material is based on information that the
Underwriter considers reliable, but the Underwriter does not represent that it
is accurate or complete and it should not be relied upon as such. By accepting
this material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may
pertain to securities that ultimately are not sold. The information contained in
this material may be based on assumptions regarding market conditions and other
matters as reflected herein. The Underwriter makes no representation regarding
the reasonableness of such assumptions or the likelihood that any of such
assumptions will coincide with actual market conditions or events, and this
material should not be relied upon for such purposes. The Underwriter and its
affiliates, officers, directors, partners and employees, including persons
involved in the preparation or issuance of this material may, from time to time,
have long or short positions in, and buy and sell, the securities mentioned
therein or derivatives thereof (including options). This material may be filed
with the Securities and Exchange Commission (the "SEC") and incorporated by
reference into an effective registration statement previously filed with the SEC
under Rule 415 of the Securities Act of 1933, including all cases where the
material does not pertain to securities that are ultimately offered for sale
pursuant to such registration statement. Information contained in this material
is current as of the date appearing on this material only. Information in this
material regarding any assets backing any securities discussed herein supersedes
all prior information regarding such assets. Any information in the material,
whether regarding the assets backing any securities discussed herein or
otherwise, will be superseded by the information contained in any final
prospectus for any securities actually sold to you. This material is furnished
solely by the Underwriter and not by the issuer of the securities. The issuer of
the securities has not prepared, reviewed or participated in the preparation of
this material, is not responsible for the accuracy of this material and has not
authorized the dissemination of this material. The Underwriter is acting as
underwriter and not acting as agent for the issuer in connection with the
proposed transaction.
<PAGE> 24
NATIONSLINK FUNDING CORPORATION
Commercial Mortgage Pass-Through Certificates
Series 1999-LTL-1
Class A-1, A-2, A-3, B, & X Certificates
$492,491,697 (approximate)
SIGNIFICANT COMMERCIAL LOANS
CREDIT LEASE LOANS
Each of the following six Credit Lease Loans, or group of related Credit Lease
Loans (other than the Blue Cross Participation), represents at least 5.10% of
the aggregate Cut-off Date Balance. The following information with respect to
the five largest Credit Lease Tenants by aggregate Cut-off Date Balances has
been prepared on the basis of publicly available information as described below.
The Depositor makes no representations with respect to the accuracy of such
information nor does it purport to be a complete description of the operations
or condition of each respective Credit Lease Tenant.
The Rite Aid Loans and Credit Leases.
Twenty-one Credit Lease Loans (the "Rite Aid Loans") having an aggregate Cut-off
Date Balance of $36,920,079 and constituting 9.60% of the aggregate Cut-off Date
Balance of the Credit Lease Loans and 7.50% of the aggregate Cut-off Date
Balance, are secured by Credit Leases (the "Rite Aid Credit Leases") having Rite
Aid Corporation ("Rite Aid") as the Credit Lease tenant or, if not the Credit
Lease tenant, as the guarantor. The long-term debt rating of Rite Aid's
obligations are "BBB+" by S&P and "Baa1" by Moody's. Rite Aid's rating is
currently on "negative outlook" by S&P. The Rite Aid Loans bear interest at
fixed rates ranging from 6.90% to 8.01% per annum.
Rite Aid is a Delaware corporation operating a chain of retail drugstores in the
United States. As of June 30, 1998, Rite Aid operated 4,010 drugstores in 21
states and the District of Columbia. Rite Aid is in the process of replacing 300
smaller stores with larger, more modern facilities and plans to open an
additional 200 stores over the next year.
Rite Aid's common stock trades on the New York Stock Exchange ("NYSE") under the
symbol "RAD," and its World Wide Web site is located at http://www.riteaid.com.
The following information with respect to Rite Aid was obtained from Rite Aid's
1997 annual report on Form 10-K for the fiscal year ended March 1, 1998 and Form
10-Q for the 39 weeks ended November 28, 1998:
<TABLE>
<CAPTION>
Rite Aid (in thousands) 39 WEEKS ENDED YEAR ENDED YEAR ENDED
NOVEMBER 28, 1998 FEBRUARY 28, 1998 MARCH 1, 1997
- --------------------------------------------------------------------------------------
<S> <C> <C> <C>
Net Sales $ 9,166,640 $11,375,105 $6,970,201
- --------------------------------------------------------------------------------------
Operating (Loss) Profit $ 141,735 $ 689,793 $ 423,457
- --------------------------------------------------------------------------------------
Net (Loss) Profit $ 85,041 $ 316,435 $ 115,377
- --------------------------------------------------------------------------------------
Total Assets $ 8,259,205 $ 7,655,346 $6,416,981
- --------------------------------------------------------------------------------------
Total Shareholders' Equity $ 2,925,202 $ 2,916,464 $2,488,685
- --------------------------------------------------------------------------------------
</TABLE>
The Rite Aid Loans are each secured by a fee mortgage on (except in the case of
the loan in Old Forge, Pennsylvania, a leasehold mortgage) retail stores in
Pittstown, Pennsylvania; Wytheville, Virginia; Reidsville, North Carolina;
Ridgewood, New York; Saginaw Township, Michigan; Tonawanda, New York; Union
Springs, Alabama; Moscow, Pennsylvania; Washington, D.C.; Pearisburg, Virginia;
Utica, Michigan; Kalkaska, Michigan; Howell, Michigan; Pulaski, Virginia; Flint,
Michigan; Elmira, New York; Castle Shannon, Pennsylvania; Buffalo, New York;
Bridgeport, Michigan; and Manchester, Georgia.
- -------------------------------------------------------------------------------
This material is for your private information and NationsBanc Montgomery
Securities LLC (the "Underwriter") is not soliciting any action based upon it.
This material is not to be construed as an offer to sell or the solicitation of
any offer to buy any security in any jurisdiction where such an offer or
solicitation would be illegal. This material is based on information that the
Underwriter considers reliable, but the Underwriter does not represent that it
is accurate or complete and it should not be relied upon as such. By accepting
this material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may
pertain to securities that ultimately are not sold. The information contained in
this material may be based on assumptions regarding market conditions and other
matters as reflected herein. The Underwriter makes no representation regarding
the reasonableness of such assumptions or the likelihood that any of such
assumptions will coincide with actual market conditions or events, and this
material should not be relied upon for such purposes. The Underwriter and its
affiliates, officers, directors, partners and employees, including persons
involved in the preparation or issuance of this material may, from time to time,
have long or short positions in, and buy and sell, the securities mentioned
therein or derivatives thereof (including options). This material may be filed
with the Securities and Exchange Commission (the "SEC") and incorporated by
reference into an effective registration statement previously filed with the SEC
under Rule 415 of the Securities Act of 1933, including all cases where the
material does not pertain to securities that are ultimately offered for sale
pursuant to such registration statement. Information contained in this material
is current as of the date appearing on this material only. Information in this
material regarding any assets backing any securities discussed herein supersedes
all prior information regarding such assets. Any information in the material,
whether regarding the assets backing any securities discussed herein or
otherwise, will be superseded by the information contained in any final
prospectus for any securities actually sold to you. This material is furnished
solely by the Underwriter and not by the issuer of the securities. The issuer of
the securities has not prepared, reviewed or participated in the preparation of
this material, is not responsible for the accuracy of this material and has not
authorized the dissemination of this material. The Underwriter is acting as
underwriter and not acting as agent for the issuer in connection with the
proposed transaction.
<PAGE> 25
NATIONSLINK FUNDING CORPORATION
Commercial Mortgage Pass-Through Certificates
Series 1999-LTL-1
Class A-1, A-2, A-3, B, & X Certificates
$492,491,697 (approximate)
The CVS Loans and Credit Leases.
Sixteen Credit Lease Loans (the "CVS Loans"), having an aggregate Cut-off Date
Balance of $35,380,819 and constituting 9.20% of the aggregate Cut-off Date
Balance of the Credit Lease Loans and 7.18% of the aggregate Cut-off Date
Balance are secured by Credit Leases (the "CVS Credit Leases") which are
guaranteed by CVS Corporation ("CVS"). The long-term debt obligations of CVS are
rated "A" by S&P and "A3" by Moody's. The CVS Loans bear interest at fixed rates
ranging from 7.30% to 8.20% per annum.
CVS is the leading drug store chain in the Northeast, Mid-Atlantic, Southeast,
and Midwest regions. They are in the final stages of converting the remaining
CVS Revco stores to the CVS brand, and as of the end of August 1998, CVS
operated 4,071 stores in 24 states and the District of Columbia.
CVS's stock trades on the NYSE under the symbol "CVS," and its World Wide Web
sites is located at http://www.cvs.com.
The following information with respect to CVS was obtained from CVS's 1997
annual report on Form 10-K for the fiscal year ended December 31, 1997 and Form
10-Q for the nine months ended September 26, 1998.
<TABLE>
<CAPTION>
CVS (in millions) NINE MONTHS ENDED YEAR ENDED YEAR ENDED
SEPTEMBER 26, 1998 DECEMBER 31, 1997 DECEMBER 31, 1996
- --------------------------------------------------------------------------------------
<S> <C> <C> <C>
Net Sales $ 11,082.5 $10,944.8 $12,738.2
- --------------------------------------------------------------------------------------
Operating (Loss) Profit $ 505.1 $ 540.8 $ 199.8
- --------------------------------------------------------------------------------------
Net (Loss) Profit $ 250.6 $ 176.8 $ 37.7
- --------------------------------------------------------------------------------------
Total Assets $ 6,510.0 $ 5,693.7 $ 5,636.9
- --------------------------------------------------------------------------------------
Total Shareholders' Equity $ 2,972.3 $ 2,196.4 $ 2,361.4
- --------------------------------------------------------------------------------------
</TABLE>
The CVS Loans are each secured by a fee mortgage on (except in the case of the
CVS Loans in Rochester (Monroe St.), New York and North Babylon, New York, a
leasehold mortgage) on retail stores in Rochester (Elmwood Ave.), New York;
Easthampton, Massachusetts; Dedham, Massachusetts; Medford, Massachusetts; East
Rockaway, New York; New Bedford, Massachusetts; Braintree, Massachusetts (Linens
`N Things); Little Rock, Arkansas (Linens `N Things); Clarksville, Tennessee;
Randolph, Massachusetts; Binghamton, New York; Philadelphia, Pennsylvania;
Dublin, Virginia; Richmond, Virginia; and Richmond (Church Road), Virginia. The
obligations of the CVS Tenants under the CVS Credit Leases are guaranteed by
CVS.
- -------------------------------------------------------------------------------
This material is for your private information and NationsBanc Montgomery
Securities LLC (the "Underwriter") is not soliciting any action based upon it.
This material is not to be construed as an offer to sell or the solicitation of
any offer to buy any security in any jurisdiction where such an offer or
solicitation would be illegal. This material is based on information that the
Underwriter considers reliable, but the Underwriter does not represent that it
is accurate or complete and it should not be relied upon as such. By accepting
this material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may
pertain to securities that ultimately are not sold. The information contained in
this material may be based on assumptions regarding market conditions and other
matters as reflected herein. The Underwriter makes no representation regarding
the reasonableness of such assumptions or the likelihood that any of such
assumptions will coincide with actual market conditions or events, and this
material should not be relied upon for such purposes. The Underwriter and its
affiliates, officers, directors, partners and employees, including persons
involved in the preparation or issuance of this material may, from time to time,
have long or short positions in, and buy and sell, the securities mentioned
therein or derivatives thereof (including options). This material may be filed
with the Securities and Exchange Commission (the "SEC") and incorporated by
reference into an effective registration statement previously filed with the SEC
under Rule 415 of the Securities Act of 1933, including all cases where the
material does not pertain to securities that are ultimately offered for sale
pursuant to such registration statement. Information contained in this material
is current as of the date appearing on this material only. Information in this
material regarding any assets backing any securities discussed herein supersedes
all prior information regarding such assets. Any information in the material,
whether regarding the assets backing any securities discussed herein or
otherwise, will be superseded by the information contained in any final
prospectus for any securities actually sold to you. This material is furnished
solely by the Underwriter and not by the issuer of the securities. The issuer of
the securities has not prepared, reviewed or participated in the preparation of
this material, is not responsible for the accuracy of this material and has not
authorized the dissemination of this material. The Underwriter is acting as
underwriter and not acting as agent for the issuer in connection with the
proposed transaction.
<PAGE> 26
NATIONSLINK FUNDING CORPORATION
Commercial Mortgage Pass-Through Certificates
Series 1999-LTL-1
Class A-1, A-2, A-3, B, & X Certificates
$492,491,697 (approximate)
The Royal Ahold Loans and Credit Leases.
Four Loans (the "Royal Ahold Loans"), having an aggregate Cut-off Date Balance
of $31,894,014 and consisting of 8.30% of the aggregate Cut-off Date Balance of
the Credit Lease Loans and 6.48% of the aggregate Cut-off Date Balance, are
secured by Credit Leases (the "Royal Ahold Credit Leases") having Stop & Shop,
First National Supermarkets, Inc. (dba Tops) and Revco D.S., Inc. as Tenants.
The obligations of each tenant under the Royal Ahold Credit Leases are
guaranteed by Koninklijke Ahold NV ("Royal Ahold"). The long-term debt
obligations of Royal Ahold are rated "A" by S&P and "Baal" by Moody's.
Royal Ahold (Koninklijke Ahold NV) is a Netherlands corporation, and a leading
international food retailer with major operations in the United States, the
Netherlands and elsewhere in Europe, and the Asia Pacific region. Royal Ahold is
one of the top supermarket operators in the United States with annualized sales
of $14 billion. In the United States, Royal Ahold owns the supermarket chains
BI-LO, Giant Food Stores, Edwards, Finast, Tops, and Stop & Shop. The company
employs over 195,000 people worldwide, as of December 31, 1997. Royal Ahold
operated approximately 830 retail food stores in 14 states throughout the United
States. In addition to its listing in the US on the New York Stock Exchange,
Royal Ahold is also listed on the Zurich Stock Exchange, and on the Brussels
Stock Exchange.
Royal Ahold's stock trades on the NYSE under the symbol "AHO". The World Wide
Web site for Royal Ahold can be found at http://www.ahold.nl.
The following information with respect to Royal Ahold was obtained from Royal
Ahold's 1996 and 1997 annual reports, and its second quarter 1998 earnings
release:
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------
Royal Ahold (in million) NINE MONTHS ENDED YEAR ENDED YEAR ENDED
OCTOBER 4, 1998 DECEMBER 31, 1997 DECEMBER 28, 1996
- --------------------------------------------------------------------------------------
<S> <C> <C> <C>
Net Sales $ 22,611.7 $25,271.6 $21,620.2
- --------------------------------------------------------------------------------------
Operating (Loss) Profit $836.3 $ 917.9 $ 735.4
- --------------------------------------------------------------------------------------
Net (Loss) Profit $ 446.1 $ 466.7 $ 374.2
- --------------------------------------------------------------------------------------
Total Assets $ 12,675.5 $ 9,414.9 $ 8,497.1
- --------------------------------------------------------------------------------------
Total Shareholders' Equity $ 3,985.9 $ 1,383.2 $ 1,381.1
- --------------------------------------------------------------------------------------
</TABLE>
- -------------------------------------------------------------------------------
This material is for your private information and NationsBanc Montgomery
Securities LLC (the "Underwriter") is not soliciting any action based upon it.
This material is not to be construed as an offer to sell or the solicitation of
any offer to buy any security in any jurisdiction where such an offer or
solicitation would be illegal. This material is based on information that the
Underwriter considers reliable, but the Underwriter does not represent that it
is accurate or complete and it should not be relied upon as such. By accepting
this material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may
pertain to securities that ultimately are not sold. The information contained in
this material may be based on assumptions regarding market conditions and other
matters as reflected herein. The Underwriter makes no representation regarding
the reasonableness of such assumptions or the likelihood that any of such
assumptions will coincide with actual market conditions or events, and this
material should not be relied upon for such purposes. The Underwriter and its
affiliates, officers, directors, partners and employees, including persons
involved in the preparation or issuance of this material may, from time to time,
have long or short positions in, and buy and sell, the securities mentioned
therein or derivatives thereof (including options). This material may be filed
with the Securities and Exchange Commission (the "SEC") and incorporated by
reference into an effective registration statement previously filed with the SEC
under Rule 415 of the Securities Act of 1933, including all cases where the
material does not pertain to securities that are ultimately offered for sale
pursuant to such registration statement. Information contained in this material
is current as of the date appearing on this material only. Information in this
material regarding any assets backing any securities discussed herein supersedes
all prior information regarding such assets. Any information in the material,
whether regarding the assets backing any securities discussed herein or
otherwise, will be superseded by the information contained in any final
prospectus for any securities actually sold to you. This material is furnished
solely by the Underwriter and not by the issuer of the securities. The issuer of
the securities has not prepared, reviewed or participated in the preparation of
this material, is not responsible for the accuracy of this material and has not
authorized the dissemination of this material. The Underwriter is acting as
underwriter and not acting as agent for the issuer in connection with the
proposed transaction.
<PAGE> 27
NATIONSLINK FUNDING CORPORATION
Commercial Mortgage Pass-Through Certificates
Series 1999-LTL-1
Class A-1, A-2, A-3, B, & X Certificates
$492,491,697 (approximate)
The Home Depot Loans and Credit Leases.
Three Loans (the "Home Depot Loans"), having an aggregate Cut-off Date Balance
of $25,442,009 and constituting 6.62% of the aggregate Cut-off Date Balance of
the Credit Lease Loans and 5.17% of the Cut-off Date Balance, are secured by
Credit Leases (the "Home Depot Credit Leases") having Home Depot USA, Inc.
("Home Depot") as the Credit Lease tenant. Home Depot is the primary domestic
operating subsidiary of Home Depot Inc. While Home Depot does not have any
long-term debt obligations of Home Depot, Inc. are rated "AA-" by S&P and "A-1"
by Moody's. The Home Depot Loans bear interest at fixed rates of 6.98% and 7.80%
per annum, respectively. The Home Depot Loans are each secured by a fee mortgage
on retail stores in Bel Air, Maryland and Charleston, South Carolina; and a
regional retail, distribution and office center in Dallas, Texas. Each is leased
to or guaranteed by Home Depot USA, Inc. under the Home Depot Credit Leases,
which Home Depot Credit Leases are Triple Net Leases.
Home Depot is a Delaware corporation, and the nation's leading retailer in the
home improvement industry. As of June 30, 1998, Home Depot operated 679 stores
in the United States [and Canada]. Home Depot ranks among the 10 largest
retailers in the United States based on net sales volume. It has been named
America's most admired specialty retailer by Fortune Magazine for five
consecutive years.
Home Depot's stock trades on the NYSE under the symbol "HD", and its World Wide
Web site is located at http://www.homedepot.com.
The following information with respect to Home Depot was obtained from Home
Depot's 1997 annual report on Form 10-K for the fiscal year ended February 1,
1998 and Form 10-Q for the six months ended August 2, 1998:
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------
Home Depot (in millions) NINE MONTHS ENDED YEAR ENDED YEAR ENDED
NOVEMBER 1, 1998 FEBRUARY 1, 1998 FEBRUARY 2, 1997
- ---------------------------------------------------------------------------------
<S> <C> <C> <C>
Net Sales $22,961 $24,156 $19,535
- ---------------------------------------------------------------------------------
Operating (Loss) Profit $ 1,975 $ 1,908 $ 1,524
- ---------------------------------------------------------------------------------
Net (Loss) Profit $ 1,196 $ 1,232 $ 938
- ---------------------------------------------------------------------------------
Total Assets $13,324 $11,229 $ 9,342
- ---------------------------------------------------------------------------------
Total Shareholders' Equity $ 8,316 $ 7,098 $ 5,955
- ---------------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
This material is for your private information and NationsBanc Montgomery
Securities LLC (the "Underwriter") is not soliciting any action based upon it.
This material is not to be construed as an offer to sell or the solicitation of
any offer to buy any security in any jurisdiction where such an offer or
solicitation would be illegal. This material is based on information that the
Underwriter considers reliable, but the Underwriter does not represent that it
is accurate or complete and it should not be relied upon as such. By accepting
this material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may
pertain to securities that ultimately are not sold. The information contained in
this material may be based on assumptions regarding market conditions and other
matters as reflected herein. The Underwriter makes no representation regarding
the reasonableness of such assumptions or the likelihood that any of such
assumptions will coincide with actual market conditions or events, and this
material should not be relied upon for such purposes. The Underwriter and its
affiliates, officers, directors, partners and employees, including persons
involved in the preparation or issuance of this material may, from time to time,
have long or short positions in, and buy and sell, the securities mentioned
therein or derivatives thereof (including options). This material may be filed
with the Securities and Exchange Commission (the "SEC") and incorporated by
reference into an effective registration statement previously filed with the SEC
under Rule 415 of the Securities Act of 1933, including all cases where the
material does not pertain to securities that are ultimately offered for sale
pursuant to such registration statement. Information contained in this material
is current as of the date appearing on this material only. Information in this
material regarding any assets backing any securities discussed herein supersedes
all prior information regarding such assets. Any information in the material,
whether regarding the assets backing any securities discussed herein or
otherwise, will be superseded by the information contained in any final
prospectus for any securities actually sold to you. This material is furnished
solely by the Underwriter and not by the issuer of the securities. The issuer of
the securities has not prepared, reviewed or participated in the preparation of
this material, is not responsible for the accuracy of this material and has not
authorized the dissemination of this material. The Underwriter is acting as
underwriter and not acting as agent for the issuer in connection with the
proposed transaction.
<PAGE> 28
NATIONSLINK FUNDING CORPORATION
Commercial Mortgage Pass-Through Certificates
Series 1999-LTL-1
Class A-1, A-2, A-3, B, & X Certificates
$492,491,697 (approximate)
The Eckerd Loans and Credit Leases.
Twelve Loans (the "Eckerd Loans"), having an aggregate Cut-off Date Balance of
$25,103,857 and constituting 6.53% of the aggregate Cut-off Date Balance of the
Credit Lease Loans and 5.10% of the Cut-off Date Balance, are secured by Credit
Leases (the "Eckerd Credit Leases") having Eckerd Corporation ("Eckerd") as the
Credit Lease tenant, or if not the Credit Lease tenant, as the guarantor. The
long-term debt obligations of Eckerd are rated "A" by S&P and "Baal" by Moody's.
Eckerd's rating is currently on "negative outlook" by S&P.
Eckerd was founded in 1898 in Erie, Pennsylvania and has grown to become one of
the nation's leading drug store chains. Eckerd currently operates approximately
2,750 drug stores in 19 states. In 1997, Eckerd merged with J.C. Penney Company,
Inc. ("J.C. Penney") and is now a wholly owned subsidiary of J.C. Penney. The
long-term debt obligations of J.C. Penney are rated "A-" by S&P.
J.C. Penney's common stock trades on the NYSE under the symbol "JCP", and
Eckerd's World Wide Web site is located at http://www.eckerd.com.
The following information with respect to Eckerd was obtained from J.C. Penney's
1997 annual report on Form 10-K for the fiscal year ended January 31, 1998 and
Form 10-Q for the six months ended August 1, 1998:
<TABLE>
<CAPTION>
Eckerd (in millions) 39 WEEKS ENDED YEAR ENDED YEAR ENDED
OCTOBER 31, 1998 JANUARY 31, 1998 FEBRUARY 1, 1997
- -------------------------------------------------------------------------------------
<S> <C> <C> <C>
Net Sales $5,038.2 $6,111.2 $5,376.2
- -------------------------------------------------------------------------------------
Operating (Loss) Profit $ 195.2 $ 239.4 $ 198.0
- -------------------------------------------------------------------------------------
Net (Loss) Profit $ 78.7 $ 107.5 $ 102.4
- -------------------------------------------------------------------------------------
Total Assets $3,215.1 $2,620.1 $1,892.0
- -------------------------------------------------------------------------------------
Total Shareholders' Equity $ 346.3 $ 267.6 $ 160.1
- -------------------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
This material is for your private information and NationsBanc Montgomery
Securities LLC (the "Underwriter") is not soliciting any action based upon it.
This material is not to be construed as an offer to sell or the solicitation of
any offer to buy any security in any jurisdiction where such an offer or
solicitation would be illegal. This material is based on information that the
Underwriter considers reliable, but the Underwriter does not represent that it
is accurate or complete and it should not be relied upon as such. By accepting
this material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may
pertain to securities that ultimately are not sold. The information contained in
this material may be based on assumptions regarding market conditions and other
matters as reflected herein. The Underwriter makes no representation regarding
the reasonableness of such assumptions or the likelihood that any of such
assumptions will coincide with actual market conditions or events, and this
material should not be relied upon for such purposes. The Underwriter and its
affiliates, officers, directors, partners and employees, including persons
involved in the preparation or issuance of this material may, from time to time,
have long or short positions in, and buy and sell, the securities mentioned
therein or derivatives thereof (including options). This material may be filed
with the Securities and Exchange Commission (the "SEC") and incorporated by
reference into an effective registration statement previously filed with the SEC
under Rule 415 of the Securities Act of 1933, including all cases where the
material does not pertain to securities that are ultimately offered for sale
pursuant to such registration statement. Information contained in this material
is current as of the date appearing on this material only. Information in this
material regarding any assets backing any securities discussed herein supersedes
all prior information regarding such assets. Any information in the material,
whether regarding the assets backing any securities discussed herein or
otherwise, will be superseded by the information contained in any final
prospectus for any securities actually sold to you. This material is furnished
solely by the Underwriter and not by the issuer of the securities. The issuer of
the securities has not prepared, reviewed or participated in the preparation of
this material, is not responsible for the accuracy of this material and has not
authorized the dissemination of this material. The Underwriter is acting as
underwriter and not acting as agent for the issuer in connection with the
proposed transaction.
<PAGE> 29
NATIONSLINK FUNDING CORPORATION
Commercial Mortgage Pass-Through Certificates
Series 1999-LTL-1
Class A-1, A-2, A-3, B, & X Certificates
$492,491,697 (approximate)
The Blue Cross Loan, Credit Lease and Participation.
The trust includes a 50% participation interest (the "Blue Cross Participation")
in the Blue Cross Loan. The Blue Cross Participation has a Cut-off Date Balance
of $19,614,898 and is 3.98% of the aggregate Cut-off Date Balance. The Blue
Cross Loan has a Cut-off Date Balance of $39,229,795. While Blue Cross has a
claims paying rating of "A" by S&P, it does not have any long-term, senior
unsecured debt obligations which are rated by Duff or S&P. The Blue Cross Loan
bears interest at a fixed rate of 7.98% per annum. Except in connection with the
tenant's exercise of a Casualty or Condemnation Termination or Abatement Right
(in which event no Prepayment Premium is required unless there is a default
under the Blue Cross Loan), the Blue Cross Loan prohibits prepayment prior to
November 7, 2004, and thereafter requires payment of a Prepayment Premium.
Blue Cross is a nonprofit corporation formed in 1939 to provide and administer
health care benefits and related activities for the citizens of Texas. Its
formation and operations are authorized by the Texas legislature as set forth in
Chapter 20 of the Texas Insurance code and as such is regulated by the Texas
Department of Insurance. Hospitalization and health benefits are provided under
contract to subscribers through hospitals, physicians, skilled nursing
facilities, nursing homes, convalescent homes and other organizations. Blue
Cross also processes claims for other Blue Cross plans' subscribers and for the
Medicare programs. Blue Cross has announced plans to merge with Blue Cross and
Blue Shield of Illinois, Inc., and is currently undertaking steps to complete
the merger. While Blue Cross and Blue Shield of Illinois, Inc., does not have
any rated long-term, senior unsecured debt obligations, it does have a claims
paying rating of "A+" by S&P. Blue Cross presents its financial statements in
conformity with accounting practices prescribed or permitted by the Texas
Department of Insurance.
Blue Cross does not have publicly-traded stock, nor does it have a World Wide
Web site.
The following information with respect to Blue Cross was obtained from Blue
Cross's audited statutory financial statements for the year ended December 31,
1996, and unaudited statutory financial statements for the six months ended June
30, 1997, as filed with the Texas Department of Insurance:
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------
Blue Cross (in millions) YEAR ENDED YEAR ENDED YEAR ENDED
DECEMBER 31, 1997 DECEMBER 31, 1996 DECEMBER 31, 1995
- -------------------------------------------------------------------------------------
<S> <C> <C> <C>
Net Sales $1,998.1 $1,877.1 $1,668.6
- -------------------------------------------------------------------------------------
Operating (Loss) Profit $ (52.0) $ (50.5) $ (45.5)
- -------------------------------------------------------------------------------------
Net (Loss) Profit $ (21.1) $ (17.8) $ (10.6)
- -------------------------------------------------------------------------------------
Total Assets $ 666.7 $ 690.4 $ 679.3
- -------------------------------------------------------------------------------------
Total Shareholders' Equity $ 274.9 $ 305.7 $ 324.2
- -------------------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
This material is for your private information and NationsBanc Montgomery
Securities LLC (the "Underwriter") is not soliciting any action based upon it.
This material is not to be construed as an offer to sell or the solicitation of
any offer to buy any security in any jurisdiction where such an offer or
solicitation would be illegal. This material is based on information that the
Underwriter considers reliable, but the Underwriter does not represent that it
is accurate or complete and it should not be relied upon as such. By accepting
this material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may
pertain to securities that ultimately are not sold. The information contained in
this material may be based on assumptions regarding market conditions and other
matters as reflected herein. The Underwriter makes no representation regarding
the reasonableness of such assumptions or the likelihood that any of such
assumptions will coincide with actual market conditions or events, and this
material should not be relied upon for such purposes. The Underwriter and its
affiliates, officers, directors, partners and employees, including persons
involved in the preparation or issuance of this material may, from time to time,
have long or short positions in, and buy and sell, the securities mentioned
therein or derivatives thereof (including options). This material may be filed
with the Securities and Exchange Commission (the "SEC") and incorporated by
reference into an effective registration statement previously filed with the SEC
under Rule 415 of the Securities Act of 1933, including all cases where the
material does not pertain to securities that are ultimately offered for sale
pursuant to such registration statement. Information contained in this material
is current as of the date appearing on this material only. Information in this
material regarding any assets backing any securities discussed herein supersedes
all prior information regarding such assets. Any information in the material,
whether regarding the assets backing any securities discussed herein or
otherwise, will be superseded by the information contained in any final
prospectus for any securities actually sold to you. This material is furnished
solely by the Underwriter and not by the issuer of the securities. The issuer of
the securities has not prepared, reviewed or participated in the preparation of
this material, is not responsible for the accuracy of this material and has not
authorized the dissemination of this material. The Underwriter is acting as
underwriter and not acting as agent for the issuer in connection with the
proposed transaction.
<PAGE> 30
NATIONSLINK FUNDING CORPORATION
Commercial Mortgage Pass-Through Certificates
Series 1999-LTL-1
Class A-1, A-2, A-3, B, & X Certificates
$492,491,697 (approximate)
NATIONSBANK MORTGAGE LOANS:
Each of the following three NationsBank Mortgage Loans represents at least 1.29%
of the aggregate Cut-off Date Balance.
The Broadway at the Beach Loan.
The NationsBank Mortgage Loan (the "Broadway at the Beach Loan"), which
represents approximately 8.84% of the aggregate Cutoff Date Balance, is secured
by a first mortgage encumbering an entertainment and retail complex ("Broadway
at the Beach") in Myrtle Beach, South Carolina. The Broadway at the Beach Loan
was originated on July 31, 1997 and has a Cut-off Date balance of $43,549,666.
The Loan has a remaining term of 222 months and matures on August 1, 2017. The
Broadway at the Beach Loan was made to Broadway at the Beach, Inc. (the
"Broadway at the Beach Borrower"), the principal of which is Douglas P. Wendel.
Built in three phases during 1995, 1996 and 1997, Broadway at the Beach is a
retail entertainment complex, which is located within Myrtle Beach South
Carolina, a city which has emerged as one of the major tourist attractions on
the east coast. Myrtle Beach has over 90 golf courses which will rise to over
100 courses by the end of 1999 creating additional demand for tourist traffic.
Broadway at the Beach is the cornerstone for the $250 million entertainment
district in Myrtle Beach and includes such tenants as Hard Rock Cafe, IMAX
Theater, Ripley's Sea Aquarium, The Gap and Celebrity Square, an entertainment
complex. The property also includes a retail center that consists of 41 one- and
two-story buildings, including more than 120 retail stores and containing
approximately 342,705 net rentable square feet. Retail spaces range from
approximately 1,000 to 18,901 square feet. The Broadway at the Beach loan was
underwritten to a 1.54x DSCR, and as of September 30, 1998 had a trailing 12
month net operating income DSCR of 1.86x. As of the cutoff date, the LTV for the
loan was 51%.
Broadway at the Beach is managed by Burroughs & Chapin Company, Inc. Burroughs &
Chapin Company, Inc. has over 50 years management experience and currently
manages approximately 1,300 retail tenants totaling nearly 2 million square
feet. Burroughs & Chapin Company, Inc. is also the owner of the Broadway at the
Beach Borrower.
The Decatur Town Center Loan.
The NationsBank Mortgage Loan (the "Decatur Town Center Loan"), which represents
approximately 2.92% of the aggregate Cut-off Date Balance, is secured by a first
mortgage encumbering two office buildings and a parking deck in the central
business district of Decatur, Georgia. The Decatur Town Center Loan was
originated on March 31, 1998 and has a Cut-off Date Balance of $14,400,618. The
Loan has a remaining term of 170 months and matures on April 1, 2013. The
Decatur Town Center Loan was made to Decatur Towncenter Associates, LLC (the
"Decatur Town Center Borrower").
The Mortgage Property consists of two office buildings ("Decatur Town Center I"
and "Decatur Town Center II") and a parking deck situated on an L-shaped 3.56
acre site. The four-story Decatur Town Center I was built in 1984 and has 80,554
square feet. The five-story Decatur Town Center II was built in 1989 and has
97,733 square feet. The parking deck has three levels and provides 465 parking
spaces. There are forty tenant spaces in total with most spaces ranging in size
from 870 square feet to 7,580 square feet. The largest occupant, Egleston
Children's Healthcare ("Egleston"), occupies 72,453 square feet, which accounts
for 40.6% of net rentable square footage and occupies an entire floor in each
building, Egleston uses the space as administrative offices for the Egleston
Hospital, HMO Support Services and Rainbow Clinic. Recently, Egleston invested
over $300,000 in a fiber optic network which connects their office space in each
building. Emory University occupies 12,550 square feet (accounting for 7.0% of
net rentable square footage) and operates a nursing school and other grant
programs at the space. Overall, the aggregate occupancy rate for Decatur Town
Center I and Decatur Town Center II over the past three years has exceeded 94%.
- --------------------------------------------------------------------------------
This material is for your private information and NationsBanc Montgomery
Securities LLC (the "Underwriter") is not soliciting any action based upon it.
This material is not to be construed as an offer to sell or the solicitation of
any offer to buy any security in any jurisdiction where such an offer or
solicitation would be illegal. This material is based on information that the
Underwriter considers reliable, but the Underwriter does not represent that it
is accurate or complete and it should not be relied upon as such. By accepting
this material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may
pertain to securities that ultimately are not sold. The information contained in
this material may be based on assumptions regarding market conditions and other
matters as reflected herein. The Underwriter makes no representation regarding
the reasonableness of such assumptions or the likelihood that any of such
assumptions will coincide with actual market conditions or events, and this
material should not be relied upon for such purposes. The Underwriter and its
affiliates, officers, directors, partners and employees, including persons
involved in the preparation or issuance of this material may, from time to time,
have long or short positions in, and buy and sell, the securities mentioned
therein or derivatives thereof (including options). This material may be filed
with the Securities and Exchange Commission (the "SEC") and incorporated by
reference into an effective registration statement previously filed with the SEC
under Rule 415 of the Securities Act of 1933, including all cases where the
material does not pertain to securities that are ultimately offered for sale
pursuant to such registration statement. Information contained in this material
is current as of the date appearing on this material only. Information in this
material regarding any assets backing any securities discussed herein supersedes
all prior information regarding such assets. Any information in the material,
whether regarding the assets backing any securities discussed herein or
otherwise, will be superseded by the information contained in any final
prospectus for any securities actually sold to you. This material is furnished
solely by the Underwriter and not by the issuer of the securities. The issuer of
the securities has not prepared, reviewed or participated in the preparation of
this material, is not responsible for the accuracy of this material and has not
authorized the dissemination of this material. The Underwriter is acting as
underwriter and not acting as agent for the issuer in connection with the
proposed transaction.
<PAGE> 31
NATIONSLINK FUNDING CORPORATION
Commercial Mortgage Pass-Through Certificates
Series 1999-LTL-1
Class A-1, A-2, A-3, B, & X Certificates
$492,491,697 (approximate)
The Mortgaged Property is managed by Pope & Land Enterprises, Inc. Pope & Land
Enterprises, Inc. has over 30 years management experience and currently manages
tenants occupying approximately 1,500,000 square feet. Pope & Land Enterprises,
Inc. is the key principal behind the Decatur Town Center Borrower.
The Shoppes at Pelican Landing Loan.
The NationsBank Mortgage Loan (the "Shoppes at Pelican Landing Loan"), which
represents approximately 1.29% of the aggregate Cut-off Date Balance, is secured
by a first mortgage encumbering a 81,312 square foot retail center (the "Shoppes
at Pelican Landing Property") located near the Gulf Coast in western Florida.
The Shoppes at Pelican Landing Loan was originated on June 5, 1998 and has a
Cut-off Date Balance of $6,368,143. The Loan has a remaining term of 173 months
and matures on July 1, 2013. The Shoppes at Pelican Landing Loan was made to
Pelican Landing of Georgia, LLC (the "Shoppes at Pelican Landing Borrower").
The Shoppes at Pelican Landing Property is located on a 14.46 ace site in Bonita
Springs, Florida. The site is anchored by a Publix supermarket (37,887 square
feet) and a Factory Outlet Stores (14,000 square feet). The remainder of the
site is occupied by local tenants with spaces ranging in size from 1,300 square
feet to 4,000 square feet. The first phase of the construction of the property,
which consists of 69,137 square feet, was completed in 1997 with Publix
supermarket opening in August 1997. The second phase of construction of the
property, which consists of 12,175 square feet, was completed in mid-1998. Three
pad sites, a NationsBank branch, a Mobil gas station and an undeveloped site,
each of which is not part of the Shoppes at Pelican Landing Property, is located
at the front of the property.
The Shoppes at Pelican Landing Property is managed by Wallace Enterprises.
Wallace Enterprises has over 20 years management experience and currently
manages tenants totaling approximately 400,000 square feet. Wallace is the key
principal behind the Shoppes at Pelican Landing Borrower.
- --------------------------------------------------------------------------------
This material is for your private information and NationsBanc Montgomery
Securities LLC (the "Underwriter") is not soliciting any action based upon it.
This material is not to be construed as an offer to sell or the solicitation of
any offer to buy any security in any jurisdiction where such an offer or
solicitation would be illegal. This material is based on information that the
Underwriter considers reliable, but the Underwriter does not represent that it
is accurate or complete and it should not be relied upon as such. By accepting
this material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may
pertain to securities that ultimately are not sold. The information contained in
this material may be based on assumptions regarding market conditions and other
matters as reflected herein. The Underwriter makes no representation regarding
the reasonableness of such assumptions or the likelihood that any of such
assumptions will coincide with actual market conditions or events, and this
material should not be relied upon for such purposes. The Underwriter and its
affiliates, officers, directors, partners and employees, including persons
involved in the preparation or issuance of this material may, from time to time,
have long or short positions in, and buy and sell, the securities mentioned
therein or derivatives thereof (including options). This material may be filed
with the Securities and Exchange Commission (the "SEC") and incorporated by
reference into an effective registration statement previously filed with the SEC
under Rule 415 of the Securities Act of 1933, including all cases where the
material does not pertain to securities that are ultimately offered for sale
pursuant to such registration statement. Information contained in this material
is current as of the date appearing on this material only. Information in this
material regarding any assets backing any securities discussed herein supersedes
all prior information regarding such assets. Any information in the material,
whether regarding the assets backing any securities discussed herein or
otherwise, will be superseded by the information contained in any final
prospectus for any securities actually sold to you. This material is furnished
solely by the Underwriter and not by the issuer of the securities. The issuer of
the securities has not prepared, reviewed or participated in the preparation of
this material, is not responsible for the accuracy of this material and has not
authorized the dissemination of this material. The Underwriter is acting as
underwriter and not acting as agent for the issuer in connection with the
proposed transaction.
<PAGE> 32
NATIONSLINK FUNDING CORPORATION
Commercial Mortgage Pass-Through Certificates
Series 1999-LTL-1
Class A-1, A-2, A-3, B, & X Certificates
$492,491,697 (approximate)
PRICE/YIELD TABLES
The tables set forth hereafter show the corporate bond equivalent
yield, modified duration, weighted average life and the first
Distribution Date and final Distribution Date on which principal or
interest, as applicable, is to be paid with respect to the Classes of
Offered Certificates under various scenarios and for a variety of
purchase prices. Purchase prices are generally expressed in 32nds (i.e.
9-12 means 9 12/32) as a percentage of the related aggregate principal
balance (the "Certificate Balance") of the relevant Class.
The yields set forth in the following tables were calculated by
determining the monthly discount rates which when applied to the assumed
stream of cash flows to be paid on each Class of Offered Certificates,
would cause the discounted present value of such assumed stream of cash
flows as of February 15, 1999 to equal the assumed purchase price, plus
accrued interest at the applicable pass-through rate from and including
the Commencement Date to but excluding the Delivery Date, and converting
such monthly rates to semi-annual corporate bond equivalent rates.
Assumed cash flows were determined based on actual loan terms, the
coupons set forth in each table, and to the extent not inconsistent
herewith, based on the Maturity Assumptions as defined in the preliminary
prospectus dated February 9, 1999 with respect to the Offered
Certificates. Such calculation does not take into account variations that
may occur in the interest rates at which investors may be able to
reinvest funds received by them as reductions of the Certificate Balances
of the respective Classes of Offered Certificates and consequently does
not purport to reflect the return on any investment in such Classes of
Certificates when such reinvestment rates are considered. For purposes of
these tables, "modified duration" has been calculated using Macaulay
Duration. Macaulay Duration is calculated as the present value weighted
average time to receive future payments of principal and interest.
Modified Duration is calculated by dividing Macaulay Duration by the
appropriate semi-annual compounding factor. The duration of a security
may be calculated according to various methodologies; accordingly, no
representation is made by the Depositor, the Underwriters or any other
person that the "modified duration" approach used herein is appropriate.
Duration, like yield, will be affected by the prepayment rate of the
Mortgage Loans and extensions in respect of Balloon Payments that
actually occur during the life of the Offered Certificates and by the
actual performance of the Mortgage Loans, all of which may differ, and
may differ significantly, from the assumptions used in preparing the
following tables. The modified duration shown in the following tables, in
each case, relates to the yield shown immediately above such modified
duration number.
This material is for your private information and NationsBanc Montgomery
Securities LLC (the "Underwriter") is not soliciting any action based upon it.
This material is not to be construed as an offer to sell or the solicitation of
any offer to buy any security in any jurisdiction where such an offer or
solicitation would be illegal. This material is based on information that the
Underwriter considers reliable, but the Underwriter does not represent that it
is accurate or complete and it should not be relied upon as such. By accepting
this material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may
pertain to securities that ultimately are not sold. The information contained in
this material may be based on assumptions regarding market conditions and other
matters as reflected herein. The Underwriter makes no representation regarding
the reasonableness of such assumptions or the likelihood that any of such
assumptions will coincide with actual market conditions or events, and this
material should not be relied upon for such purposes. The Underwriter and its
affiliates, officers, directors, partners and employees, including persons
involved in the preparation or issuance of this material may, from time to time,
have long or short positions in, and buy and sell, the securities mentioned
therein or derivatives thereof (including options). This material may be filed
with the Securities and Exchange Commission (the "SEC") and incorporated by
reference into an effective registration statement previously filed with the SEC
under Rule 415 of the Securities Act of 1933, including all cases where the
material does not pertain to securities that are ultimately offered for sale
pursuant to such registration statement. Information contained in this material
is current as of the date appearing on this material only. Information in this
material regarding any assets backing any securities discussed herein supersedes
all prior information regarding such assets. Any information in the material,
whether regarding the assets backing any securities discussed herein or
otherwise, will be superseded by the information contained in any final
prospectus for any securities actually sold to you. This material is furnished
solely by the Underwriter and not by the issuer of the securities. The issuer of
the securities has not prepared, reviewed or participated in the preparation of
this material, is not responsible for the accuracy of this material and has not
authorized the dissemination of this material. The Underwriter is acting as
underwriter and not acting as agent for the issuer in connection with the
proposed transaction.
<PAGE> 33
NATIONSLINK FUNDING CORPORATION
Commercial Mortgage Pass-Through Certificates
Series 1999-LTL-1
Class A-1, A-2, A-3, B, & X Certificates
$492,491,697 (approximate)
PRICE / YIELD TABLE - CLASS A1
(All Yields Expressed on a Bond Equivalent Basis)
<TABLE>
<CAPTION>
Security ID 1999-CTL-1
<S> <C> <C> <C>
Settlement Date 2/26/99 Initial Prin. Bal 72,486,922.66
Interest Accrued From 2/15/99 Initial Coupon 6.2550%
Next Pmt Date 3/22/99 Accrued Int 138,540.63
Price-Units (32,100) 32 Mid-Point 101.75000%
Trade Basis (P, Y, PZ) P Step 0.125000%
</TABLE>
<TABLE>
<CAPTION>
(Column Heading)=% of CPR Vector (Table)=Nominal Yield
<S> <C> <C> <C> <C> <C> <C> <C>
Price 0.0% 5.0% 10.0% 25.0% 50.0% 75.0% 100.0%
100-00 6.291% 6.291% 6.291% 6.291% 6.291% 6.291% 6.291%
100-04 6.243% 6.243% 6.243% 6.243% 6.243% 6.243% 6.243%
100-08 6.196% 6.196% 6.196% 6.196% 6.196% 6.196% 6.196%
100-12 6.149% 6.149% 6.149% 6.149% 6.149% 6.149% 6.149%
100-16 6.101% 6.101% 6.101% 6.101% 6.101% 6.101% 6.101%
Mod Dur 2.63 2.63 2.63 2.63 2.63 2.63 2.63
100-20 6.054% 6.054% 6.054% 6.054% 6.054% 6.054% 6.054%
100-24 6.007% 6.007% 6.007% 6.007% 6.007% 6.007% 6.007%
100-28 5.960% 5.960% 5.960% 5.960% 5.960% 5.960% 5.960%
101-00 5.914% 5.914% 5.914% 5.914% 5.914% 5.914% 5.914%
101-04 5.867% 5.867% 5.867% 5.867% 5.867% 5.867% 5.867%
Mod Dur 2.64 2.64 2.64 2.64 2.64 2.64 2.64
101-08 5.820% 5.820% 5.820% 5.820% 5.820% 5.820% 5.820%
101-12 5.774% 5.774% 5.774% 5.774% 5.774% 5.774% 5.774%
101-16 5.727% 5.727% 5.727% 5.727% 5.727% 5.727% 5.727%
101-20 5.681% 5.681% 5.681% 5.681% 5.681% 5.681% 5.681%
101-24 5.635% 5.635% 5.635% 5.635% 5.635% 5.635% 5.635%
Mod Dur 2.65 2.65 2.65 2.65 2.65 2.65 2.65
101-28 5.588% 5.588% 5.588% 5.588% 5.588% 5.588% 5.588%
102-00 5.542% 5.542% 5.542% 5.542% 5.542% 5.542% 5.542%
102-04 5.496% 5.496% 5.496% 5.496% 5.496% 5.496% 5.496%
102-08 5.450% 5.450% 5.450% 5.450% 5.450% 5.450% 5.450%
102-12 5.404% 5.404% 5.404% 5.404% 5.404% 5.404% 5.404%
Mod Dur 2.66 2.66 2.66 2.66 2.66 2.66 2.66
102-16 5.359% 5.359% 5.359% 5.359% 5.359% 5.359% 5.359%
102-20 5.313% 5.313% 5.313% 5.313% 5.313% 5.313% 5.313%
102-24 5.267% 5.267% 5.267% 5.267% 5.267% 5.267% 5.267%
102-28 5.222% 5.222% 5.222% 5.222% 5.222% 5.222% 5.222%
103-00 5.176% 5.176% 5.176% 5.176% 5.176% 5.176% 5.176%
Mod Dur 2.67 2.67 2.67 2.67 2.67 2.67 2.67
103-04 5.131% 5.131% 5.131% 5.131% 5.131% 5.131% 5.131%
103-08 5.086% 5.086% 5.086% 5.086% 5.086% 5.086% 5.086%
103-12 5.040% 5.040% 5.040% 5.040% 5.040% 5.040% 5.040%
103-16 4.995% 4.995% 4.995% 4.995% 4.995% 4.995% 4.995%
103-20 4.950% 4.950% 4.950% 4.950% 4.950% 4.950% 4.950%
Mod Dur 2.68 2.68 2.68 2.68 2.68 2.68 2.68
WA Life (Yrs) 3.04 3.04 3.04 3.04 3.04 3.04 3.04
First Prin Date 3/22/99 3/22/99 3/22/99 3/22/99 3/22/99 3/22/99 3/22/99
Final Int Pay Date 9/22/04 9/22/04 9/22/04 9/22/04 9/22/04 9/22/04 9/22/04
% of Prin Returned 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
</TABLE>
ASSUMPTIONS
<TABLE>
<S> <C> <C>
1% Cleanup Call is Not Exercised Tsy Curve As of 2/4/99
Initial Balance is Calculated using the Unpaid Principal Balance as of February 15, 1999 Term (Yrs) Yield (BEY)
Prepay Rates are a Vector % of CPR equal to LO =0%, YM =0%, Free=100% 1 4.589%
100% of All Penalties and Yield Maintenance Charges are assumed to be collected 2 4.708%
Shifting Percentage of all Prepayment Penalties go to the IO 5 4.845%
No Extensions on any Mortgage Loan 10 4.831%
No Defaults on any Mortgage Loan 30 5.258%
Rating Agencies Do Not Address the Likelihood of Receipt of Prepayment Penalties
</TABLE>
- -------------------------------------------------------------------------------
This material is for your private information and NationsBanc Montgomery
Securities LLC (the "Underwriter") is not soliciting any action based upon it.
This material is not to be construed as an offer to sell or the solicitation of
any offer to buy any security in any jurisdiction where such an offer or
solicitation would be illegal. This material is based on information that the
Underwriter considers reliable, but the Underwriter does not represent that it
is accurate or complete and it should not be relied upon as such. By accepting
this material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may
pertain to securities that ultimately are not sold. The information contained in
this material may be based on assumptions regarding market conditions and other
matters as reflected herein. The Underwriter makes no representation regarding
the reasonableness of such assumptions or the likelihood that any of such
assumptions will coincide with actual market conditions or events, and this
material should not be relied upon for such purposes. The Underwriter and its
affiliates, officers, directors, partners and employees, including persons
involved in the preparation or issuance of this material may, from time to time,
have long or short positions in, and buy and sell, the securities mentioned
therein or derivatives thereof (including options). This material may be filed
with the Securities and Exchange Commission (the "SEC") and incorporated by
reference into an effective registration statement previously filed with the SEC
under Rule 415 of the Securities Act of 1933, including all cases where the
material does not pertain to securities that are ultimately offered for sale
pursuant to such registration statement. Information contained in this material
is current as of the date appearing on this material only. Information in this
material regarding any assets backing any securities discussed herein supersedes
all prior information regarding such assets. Any information in the material,
whether regarding the assets backing any securities discussed herein or
otherwise, will be superseded by the information contained in any final
prospectus for any securities actually sold to you. This material is furnished
solely by the Underwriter and not by the issuer of the securities. The issuer of
the securities has not prepared, reviewed or participated in the preparation of
this material, is not responsible for the accuracy of this material and has not
authorized the dissemination of this material. The Underwriter is acting as
underwriter and not acting as agent for the issuer in connection with the
proposed transaction.
<PAGE> 34
NATIONSLINK FUNDING CORPORATION
Commercial Mortgage Pass-Through Certificates
Series 1999-LTL-1
Class A-1, A-2, A-3, B, & X Certificates
$492,491,697 (approximate)
PRICE / YIELD TABLE - CLASS A2
(All Yields Expressed on a Bond Equivalent Basis)
<TABLE>
<CAPTION>
Security ID 1999-CTL-1
<S> <C> <C> <C>
Settlement Date 2/26/99 Initial Prin. Bal 194,904,872.39
Interest Accrued From 2/15/99 Initial Coupon 6.1590%
Next Pmt Date 3/22/99 Accrued Int 366,794.73
Price-Units (32,100) 32 Mid-Point 101.75000%
Trade Basis (P,Y,PZ) P Step 0.125000%
</TABLE>
(Column Heading)=% of CPR Vector (Table)=Nominal Yield
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C>
Price 0.0% 5.0% 10.0% 25.0% 50.0% 75.0% 100.0%
100-00 6.222% 6.222% 6.222% 6.222% 6.222% 6.222% 6.222%
100-04 6.205% 6.205% 6.205% 6.205% 6.205% 6.205% 6.205%
100-08 6.187% 6.187% 6.187% 6.187% 6.187% 6.187% 6.187%
100-12 6.170% 6.170% 6.170% 6.170% 6.170% 6.170% 6.170%
100-16 6.153% 6.153% 6.153% 6.153% 6.153% 6.153% 6.153%
Mod Dur 7.20 7.20 7.20 7.20 7.20 7.20 7.20
100-20 6.136% 6.136% 6.136% 6.136% 6.136% 6.136% 6.135%
100-24 6.118% 6.118% 6.118% 6.118% 6.118% 6.118% 6.118%
100-28 6.101% 6.101% 6.101% 6.101% 6.101% 6.101% 6.101%
101-00 6.084% 6.084% 6.084% 6.084% 6.084% 6.084% 6.084%
101-04 6.067% 6.067% 6.067% 6.067% 6.067% 6.067% 6.067%
Mod Dur 7.22 7.22 7.22 7.22 7.22 7.22 7.21
101-08 6.050% 6.050% 6.050% 6.050% 6.050% 6.050% 6.050%
101-12 6.033% 6.033% 6.033% 6.033% 6.033% 6.033% 6.033%
101-16 6.016% 6.016% 6.016% 6.016% 6.016% 6.016% 6.016%
101-20 5.999% 5.999% 5.999% 5.999% 5.999% 5.999% 5.999%
101-24 5.982% 5.982% 5.982% 5.982% 5.982% 5.982% 5.982%
Mod Dur 7.23 7.23 7.23 7.23 7.23 7.23 7.23
101-28 5.965% 5.965% 5.965% 5.965% 5.965% 5.965% 5.965%
102-00 5.948% 5.948% 5.948% 5.948% 5.948% 5.948% 5.948%
102-04 5.931% 5.931% 5.931% 5.931% 5.931% 5.931% 5.931%
102-08 5.914% 5.914% 5.914% 5.914% 5.914% 5.914% 5.914%
102-12 5.897% 5.897% 5.897% 5.897% 5.897% 5.897% 5.897%
Mod Dur 7.25 7.25 7.25 7.25 7.24 7.24 7.24
102-16 5.881% 5.881% 5.881% 5.881% 5.881% 5.880% 5.880%
102-20 5.864% 5.864% 5.864% 5.864% 5.864% 5.864% 5.863%
102-24 5.847% 5.847% 5.847% 5.847% 5.847% 5.847% 5.847%
102-28 5.830% 5.830% 5.830% 5.830% 5.830% 5.830% 5.830%
103-00 5.814% 5.814% 5.814% 5.814% 5.814% 5.813% 5.813%
Mod Dur 7.26 7.26 7.26 7.26 7.26 7.26 7.25
103-04 5.797% 5.797% 5.797% 5.797% 5.797% 5.797% 5.797%
103-08 5.780% 5.780% 5.780% 5.780% 5.780% 5.780% 5.780%
103-12 5.764% 5.764% 5.764% 5.764% 5.764% 5.764% 5.763%
103-16 5.747% 5.747% 5.747% 5.747% 5.747% 5.747% 5.747%
103-20 5.731% 5.731% 5.730% 5.730% 5.730% 5.730% 5.730%
Mod Dur 7.27 7.27 7.27 7.27 7.27 7.27 7.27
WA Life (Yrs) 10.04 10.04 10.04 10.04 10.04 10.03 10.02
First Prin Date 9/22/04 9/22/04 9/22/04 9/22/04 9/22/04 9/22/04 9/22/04
Final Int Pay Date 9/22/12 9/22/12 9/22/12 9/22/12 9/22/12 9/22/12 9/22/12
% of Prin Returned 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
</TABLE>
ASSUMPTIONS
<TABLE>
<S> <C> <C>
1% Cleanup Call is Not Exercised Tsy Curve As of 2/4/99
Initial Balance is Calculated using the Unpaid Principal Balance as of February 15, 1999 Term (Yrs) Yield (BEY)
Prepay Rates are a Vector % of CPR equal to LO =0%, YM =0%, Free=100% 1 4.589%
100% of All Penalties and Yield Maintenance Charges are assumed to be collected 2 4.708%
Shifting Percentage of all Prepayment Penalties go to the IO 5 4.845%
No Extensions on any Mortgage Loan 10 4.831%
No Defaults on any Mortgage Loan 30 5.258%
Rating Agencies Do Not Address the Likelihood of Receipt of Prepayment Penalties
</TABLE>
- --------------------------------------------------------------------------------
This material is for your private information and NationsBanc Montgomery
Securities LLC (the "Underwriter") is not soliciting any action based upon it.
This material is not to be construed as an offer to sell or the solicitation of
any offer to buy any security in any jurisdiction where such an offer or
solicitation would be illegal. This material is based on information that the
Underwriter considers reliable, but the Underwriter does not represent that it
is accurate or complete and it should not be relied upon as such. By accepting
this material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may
pertain to securities that ultimately are not sold. The information contained in
this material may be based on assumptions regarding market conditions and other
matters as reflected herein. The Underwriter makes no representation regarding
the reasonableness of such assumptions or the likelihood that any of such
assumptions will coincide with actual market conditions or events, and this
material should not be relied upon for such purposes. The Underwriter and its
affiliates, officers, directors, partners and employees, including persons
involved in the preparation or issuance of this material may, from time to time,
have long or short positions in, and buy and sell, the securities mentioned
therein or derivatives thereof (including options). This material may be filed
with the Securities and Exchange Commission (the "SEC") and incorporated by
reference into an effective registration statement previously filed with the SEC
under Rule 415 of the Securities Act of 1933, including all cases where the
material does not pertain to securities that are ultimately offered for sale
pursuant to such registration statement. Information contained in this material
is current as of the date appearing on this material only. Information in this
material regarding any assets backing any securities discussed herein supersedes
all prior information regarding such assets. Any information in the material,
whether regarding the assets backing any securities discussed herein or
otherwise, will be superseded by the information contained in any final
prospectus for any securities actually sold to you. This material is furnished
solely by the Underwriter and not by the issuer of the securities. The issuer of
the securities has not prepared, reviewed or participated in the preparation of
this material, is not responsible for the accuracy of this material and has not
authorized the dissemination of this material. The Underwriter is acting as
underwriter and not acting as agent for the issuer in connection with the
proposed transaction.
<PAGE> 35
NationsLink Funding Corporation
Commercial Mortgage Pass-Through Certificates
Series 1999-LTL-1
Class A-1, A-2, A-3, B, & X Certificates
$492,491,697 (approximate)
PRICE / YIELD TABLE - CLASS A3
(All Yields Expressed on a Bond Equivalent Basis)
<TABLE>
<CAPTION>
Security ID 1999-CTL-1
<S> <C> <C> <C>
Settlement Date 2/26/99 Initial Prin. Bal 129,064,021.41
Interest Accrued From 2/15/99 Initial Coupon 6.4620%
Next Pmt Date 3/22/99 Accrued Int 254,836.91
Price-Units (32,100) 32 Mid-Point 101.75000%
Trade Basis (P,Y,PZ) P Step 0.125000%
</TABLE>
(Column Heading)=% of CPR Vector (Table)=Nominal Yield
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C>
Price 0.0% 5.0% 10.0% 25.0% 50.0% 75.0% 100.0%
100-00 6.536% 6.536% 6.536% 6.536% 6.536% 6.536% 6.536%
100-04 6.523% 6.523% 6.523% 6.523% 6.523% 6.523% 6.523%
100-08 6.510% 6.510% 6.510% 6.510% 6.510% 6.510% 6.510%
100-12 6.497% 6.497% 6.497% 6.497% 6.497% 6.497% 6.496%
100-16 6.483% 6.483% 6.483% 6.483% 6.483% 6.483% 6.483%
Mod Dur 9.43 9.43 9.43 9.43 9.43 9.43 9.41
100-20 6.470% 6.470% 6.470% 6.470% 6.470% 6.470% 6.470%
100-24 6.457% 6.457% 6.457% 6.457% 6.457% 6.457% 6.457%
100-28 6.444% 6.444% 6.444% 6.444% 6.444% 6.444% 6.444%
101-00 6.431% 6.431% 6.431% 6.431% 6.431% 6.431% 6.431%
101-04 6.418% 6.418% 6.418% 6.418% 6.418% 6.418% 6.418%
Mod Dur 9.46 9.46 9.46 9.45 9.45 9.45 9.43
101-08 6.405% 6.405% 6.405% 6.405% 6.405% 6.405% 6.405%
101-12 6.392% 6.392% 6.392% 6.392% 6.392% 6.392% 6.391%
101-16 6.379% 6.379% 6.379% 6.379% 6.379% 6.379% 6.378%
101-20 6.366% 6.366% 6.366% 6.366% 6.366% 6.366% 6.365%
101-24 6.353% 6.353% 6.353% 6.353% 6.353% 6.353% 6.352%
Mod Dur 9.48 9.48 9.48 9.48 9.47 9.47 9.45
101-28 6.340% 6.340% 6.340% 6.340% 6.340% 6.340% 6.339%
102-00 6.327% 6.327% 6.327% 6.327% 6.327% 6.327% 6.327%
102-04 6.314% 6.314% 6.314% 6.314% 6.314% 6.314% 6.314%
102-08 6.301% 6.301% 6.301% 6.301% 6.301% 6.301% 6.301%
102-12 6.289% 6.289% 6.289% 6.289% 6.288% 6.288% 6.288%
Mod Dur 9.50 9.50 9.50 9.50 9.49 9.49 9.47
102-16 6.276% 6.276% 6.276% 6.276% 6.276% 6.276% 6.275%
102-20 6.263% 6.263% 6.263% 6.263% 6.263% 6.263% 6.262%
102-24 6.250% 6.250% 6.250% 6.250% 6.250% 6.250% 6.249%
102-28 6.237% 6.237% 6.237% 6.237% 6.237% 6.237% 6.237%
103-00 6.225% 6.225% 6.225% 6.225% 6.225% 6.224% 6.224%
Mod Dur 9.52 9.52 9.52 9.52 9.52 9.51 9.49
103-04 6.212% 6.212% 6.212% 6.212% 6.212% 6.212% 6.211%
103-08 6.199% 6.199% 6.199% 6.199% 6.199% 6.199% 6.198%
103-12 6.187% 6.187% 6.187% 6.187% 6.186% 6.186% 6.186%
103-16 6.174% 6.174% 6.174% 6.174% 6.174% 6.174% 6.173%
103-20 6.161% 6.161% 6.161% 6.161% 6.161% 6.161% 6.160%
Mod Dur 9.54 9.54 9.54 9.54 9.54 9.53 9.51
WA Life (Yrs) 15.27 15.27 15.27 15.26 15.26 15.25 15.20
First Prin Date 9/22/12 9/22/12 9/22/12 9/22/12 9/22/12 9/22/12 9/22/12
Final Int Pay Date 6/22/16 6/22/16 6/22/16 6/22/16 6/22/16 6/22/16 6/22/16
% of Prin Returned 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
</TABLE>
ASSUMPTIONS
<TABLE>
<S> <C> <C>
1% Cleanup Call is Not Exercised Tsy Curve As of 2/4/99
Initial Balance is Calculated using the Unpaid Principal Balance as of February 15, 1999 Term (Yrs) Yield (BEY)
Prepay Rates are a Vector % of CPR equal to LO =0%, YM =0%, Free=100% 1 4.589%
100% of All Penalties and Yield Maintenance Charges are assumed to be collected 2 4.708%
Shifting Percentage of all Prepayment Penalties go to the IO 5 4.845%
No Extensions on any Mortgage Loan 10 4.831%
No Defaults on any Mortgage Loan 30 5.258%
Rating Agencies Do Not Address the Likelihood of Receipt of Prepayment Penalties
</TABLE>
- --------------------------------------------------------------------------------
This material is for your private information and NationsBanc Montgomery
Securities LLC (the "Underwriter") is not soliciting any action based upon it.
This material is not to be construed as an offer to sell or the solicitation of
any offer to buy any security in any jurisdiction where such an offer or
solicitation would be illegal. This material is based on information that the
Underwriter considers reliable, but the Underwriter does not represent that it
is accurate or complete and it should not be relied upon as such. By accepting
this material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may
pertain to securities that ultimately are not sold. The information contained in
this material may be based on assumptions regarding market conditions and other
matters as reflected herein. The Underwriter makes no representation regarding
the reasonableness of such assumptions or the likelihood that any of such
assumptions will coincide with actual market conditions or events, and this
material should not be relied upon for such purposes. The Underwriter and its
affiliates, officers, directors, partners and employees, including persons
involved in the preparation or issuance of this material may, from time to time,
have long or short positions in, and buy and sell, the securities mentioned
therein or derivatives thereof (including options). This material may be filed
with the Securities and Exchange Commission (the "SEC") and incorporated by
reference into an effective registration statement previously filed with the SEC
under Rule 415 of the Securities Act of 1933, including all cases where the
material does not pertain to securities that are ultimately offered for sale
pursuant to such registration statement. Information contained in this material
is current as of the date appearing on this material only. Information in this
material regarding any assets backing any securities discussed herein supersedes
all prior information regarding such assets. Any information in the material,
whether regarding the assets backing any securities discussed herein or
otherwise, will be superseded by the information contained in any final
prospectus for any securities actually sold to you. This material is furnished
solely by the Underwriter and not by the issuer of the securities. The issuer of
the securities has not prepared, reviewed or participated in the preparation of
this material, is not responsible for the accuracy of this material and has not
authorized the dissemination of this material. The Underwriter is acting as
underwriter and not acting as agent for the issuer in connection with the
proposed transaction.
<PAGE> 36
NATIONSLINK FUNDING CORPORATION
Commercial Mortgage Pass-Through Certificates
Series 1999-LTL-1
Class A-1, A-2, A-3, B, & X Certificates
$492,491,697 (approximate)
PRICE / YIELD TABLE - CLASS B
(All Yields Expressed on a Bond Equivalent Basis)
<TABLE>
<CAPTION>
Security ID 1999-CTL-1
<S> <C> <C> <C> <C>
Settlement Date 2/26/99 Initial Prin. Bal 25,855,814.12
Interest Accrued From 2/15/99 Initial Coupon 6.7480%
Next Pmt Date 3/22/99 Accrued Int 53,311.82
Price-Units (32,100) 100 Mid-Point 100.00000%
Trade Basis (P, Y, PZ) P Step 0.031250%
Prep Type: CPR
</TABLE>
(Column Heading)=% of CPR Vector (Table) = Nominal Yield
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C>
Price 0.0% 5.0% 10.0% 25.0% 50.0% 75.0% 100.0%
99-18 6.874% 6.874% 6.874% 6.874% 6.874% 6.874% 6.874%
99-19 6.871% 6.871% 6.871% 6.871% 6.871% 6.871% 6.871%
99-20 6.868% 6.868% 6.868% 6.868% 6.868% 6.868% 6.868%
99-21 6.865% 6.865% 6.865% 6.865% 6.865% 6.865% 6.865%
99-22 6.862% 6.862% 6.862% 6.862% 6.862% 6.862% 6.862%
Mod Dur 10.03 10.03 10.03 10.03 10.03 10.03 10.03
99-23 6.859% 6.859% 6.859% 6.859% 6.859% 6.859% 6.859%
99-24 6.855% 6.855% 6.855% 6.855% 6.855% 6.855% 6.855%
99-25 6.852% 6.852% 6.852% 6.852% 6.852% 6.852% 6.852%
99-26 6.849% 6.849% 6.849% 6.849% 6.849% 6.849% 6.849%
99-27 6.846% 6.846% 6.846% 6.846% 6.846% 6.846% 6.846%
Mod Dur 10.04 10.04 10.04 10.04 10.04 10.04 10.04
99-28 6.843% 6.843% 6.843% 6.843% 6.843% 6.843% 6.843%
99-29 6.840% 6.840% 6.840% 6.840% 6.840% 6.840% 6.840%
99-30 6.837% 6.837% 6.837% 6.837% 6.837% 6.837% 6.837%
99-31 6.834% 6.834% 6.834% 6.834% 6.834% 6.834% 6.834%
100-00 6.831% 6.831% 6.831% 6.831% 6.831% 6.831% 6.831%
Mod Dur 10.05 10.05 10.05 10.05 10.05 10.05 10.05
100-01 6.827% 6.827% 6.827% 6.827% 6.827% 6.827% 6.827%
100-02 6.824% 6.824% 6.824% 6.824% 6.824% 6.824% 6.824%
100-03 6.821% 6.821% 6.821% 6.821% 6.821% 6.821% 6.821%
100-04 6.818% 6.818% 6.818% 6.818% 6.818% 6.818% 6.818%
100-05 6.815% 6.815% 6.815% 6.815% 6.815% 6.815% 6.815%
Mod Dur 10.05 10.05 10.05 10.05 10.05 10.05 10.05
100-06 6.812% 6.812% 6.812% 6.812% 6.812% 6.812% 6.812%
100-07 6.809% 6.809% 6.809% 6.809% 6.809% 6.809% 6.809%
100-08 6.806% 6.806% 6.806% 6.806% 6.806% 6.806% 6.806%
100-09 6.803% 6.803% 6.803% 6.803% 6.803% 6.803% 6.803%
100-10 6.800% 6.800% 6.800% 6.800% 6.800% 6.800% 6.800%
Mod Dur 10.06 10.06 10.06 10.06 10.06 10.06 10.06
100-11 6.796% 6.796% 6.796% 6.796% 6.796% 6.796% 6.796%
100-12 6.793% 6.793% 6.793% 6.793% 6.793% 6.793% 6.793%
100-13 6.790% 6.790% 6.790% 6.790% 6.790% 6.790% 6.790%
100-14 6.787% 6.787% 6.787% 6.787% 6.787% 6.787% 6.787%
100-15 6.784% 6.784% 6.784% 6.784% 6.784% 6.784% 6.784%
Mod Dur 10.07 10.07 10.07 10.07 10.07 10.07 10.07
WA Life (Yrs) 17.77 17.77 17.77 17.77 17.76 17.76 17.76
First Prin Date 6/22/16 6/22/16 6/22/16 6/22/16 6/22/16 6/22/16 6/22/16
Final Int Pay Date 5/22/17 5/22/17 5/22/17 5/22/17 5/22/17 5/22/17 4/22/17
% of Prin Returned 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
</TABLE>
ASSUMPTIONS
<TABLE>
<S> <C> <C>
1% Cleanup Call is Not Exercised Tsy Curve As of 2/4/99
Initial Balance is Calculated using the Unpaid Principal Balance as of February 15, 1999 Term (Yrs) Yield (BEY)
Prepay Rates are a Vector % of CPR equal to LO =0%, YM =0%, Free=100% 1 4.589%
100% of All Penalties and Yield Maintenance Charges are assumed to be collected 2 4.708%
Shifting Percentage of all Prepayment Penalties go to the IO 5 4.845%
No Extensions on any Mortgage Loan 10 4.831%
No Defaults on any Mortgage Loan 30 5.258%
Rating Agencies Do Not Address the Likelihood of Receipt of Prepayment Penalties
</TABLE>
- --------------------------------------------------------------------------------
This material is for your private information and NationsBanc Montgomery
Securities LLC (the "Underwriter") is not soliciting any action based upon it.
This material is not to be construed as an offer to sell or the solicitation of
any offer to buy any security in any jurisdiction where such an offer or
solicitation would be illegal. This material is based on information that the
Underwriter considers reliable, but the Underwriter does not represent that it
is accurate or complete and it should not be relied upon as such. By accepting
this material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may
pertain to securities that ultimately are not sold. The information contained in
this material may be based on assumptions regarding market conditions and other
matters as reflected herein. The Underwriter makes no representation regarding
the reasonableness of such assumptions or the likelihood that any of such
assumptions will coincide with actual market conditions or events, and this
material should not be relied upon for such purposes. The Underwriter and its
affiliates, officers, directors, partners and employees, including persons
involved in the preparation or issuance of this material may, from time to time,
have long or short positions in, and buy and sell, the securities mentioned
therein or derivatives thereof (including options). This material may be filed
with the Securities and Exchange Commission (the "SEC") and incorporated by
reference into an effective registration statement previously filed with the SEC
under Rule 415 of the Securities Act of 1933, including all cases where the
material does not pertain to securities that are ultimately offered for sale
pursuant to such registration statement. Information contained in this material
is current as of the date appearing on this material only. Information in this
material regarding any assets backing any securities discussed herein supersedes
all prior information regarding such assets. Any information in the material,
whether regarding the assets backing any securities discussed herein or
otherwise, will be superseded by the information contained in any final
prospectus for any securities actually sold to you. This material is furnished
solely by the Underwriter and not by the issuer of the securities. The issuer of
the securities has not prepared, reviewed or participated in the preparation of
this material, is not responsible for the accuracy of this material and has not
authorized the dissemination of this material. The Underwriter is acting as
underwriter and not acting as agent for the issuer in connection with the
proposed transaction.
<PAGE> 37
NATIONSLINK FUNDING CORPORATION
Commercial Mortgage Pass-Through Certificates
Series 1999-LTL-1
Class A-1, A-2, A-3, B, & X Certificates
$492,491,697 (approximate)
PRICE / YIELD TABLE - CLASS X
(All Yields Expressed on a Bond Equivalent Basis)
<TABLE>
<CAPTION>
Security ID 1999-CTL-1
<S> <C> <C> <C> <C>
Settlement Date 2/26/99 Initial Prin. Bal NOTIONAL
Interest Accrued From 2/15/99 Initial Coupon 0.8803%
Next Pmt Date 3/22/99 Accrued Int 132,459.66
Price-Units (32,100) 100 Mid-Point 6.53886%
Trade Basis (P, Y, PZ) P Step 0.031250%
Prep Type: CPR
</TABLE>
(Column Heading)=% of CPR Vector (Table)=Nominal Yield
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C>
Price 0.0% 5.0% 10.0% 25.0% 50.0% 75.0% 100.0%
6-03 10.835% 10.835% 10.835% 10.834% 10.832% 10.830% 10.816%
6-04 10.727% 10.727% 10.727% 10.726% 10.724% 10.722% 10.707%
6-05 10.620% 10.619% 10.619% 10.618% 10.617% 10.614% 10.600%
6-06 10.513% 10.513% 10.513% 10.512% 10.510% 10.508% 10.493%
6-07 10.408% 10.407% 10.407% 10.406% 10.405% 10.402% 10.388%
Mod Dur 4.76 4.76 4.76 4.76 4.76 4.76 4.76
6-08 10.303% 10.303% 10.302% 10.302% 10.300% 10.297% 10.283%
6-09 10.199% 10.199% 10.199% 10.198% 10.196% 10.194% 10.179%
6-10 10.096% 10.096% 10.096% 10.095% 10.093% 10.091% 10.076%
6-11 9.994% 9.994% 9.994% 9.993% 9.991% 9.989% 9.974%
6-12 9.893% 9.893% 9.893% 9.892% 9.890% 9.888% 9.873%
Mod Dur 4.85 4.85 4.85 4.85 4.85 4.85 4.85
6-13 9.793% 9.793% 9.793% 9.792% 9.790% 9.787% 9.773%
6-14 9.694% 9.694% 9.693% 9.692% 9.691% 9.688% 9.673%
6-15 9.595% 9.595% 9.595% 9.594% 9.592% 9.590% 9.574%
6-16 9.498% 9.497% 9.497% 9.496% 9.494% 9.492% 9.477%
6-17 9.377% 9.377% 9.377% 9.376% 9.374% 9.371% 9.356%
Mod Dur 4.94 4.94 4.94 4.94 4.94 4.94 4.94
6-18 9.305% 9.304% 9.304% 9.303% 9.301% 9.299% 9.283%
6-19 9.209% 9.209% 9.209% 9.208% 9.206% 9.203% 9.188%
6-20 9.115% 9.114% 9.114% 9.113% 9.111% 9.109% 9.093%
6-21 9.021% 9.021% 9.020% 9.019% 9.018% 9.015% 9.000%
6-22 8.928% 8.928% 8.927% 8.926% 8.925% 8.922% 8.906%
Mod Dur 5.02 5.02 5.02 5.02 5.02 5.02 5.02
6-23 8.836% 8.835% 8.835% 8.834% 8.832% 8.830% 8.814%
6-24 8.744% 8.744% 8.744% 8.743% 8.741% 8.738% 8.722%
6-25 8.653% 8.653% 8.653% 8.652% 8.650% 8.647% 8.632%
6-26 8.563% 8.563% 8.563% 8.562% 8.560% 8.557% 8.541%
6-27 8.474% 8.474% 8.473% 8.472% 8.470% 8.468% 8.452%
Mod Dur 5.11 5.11 5.11 5.11 5.11 5.11 5.10
6-28 8.385% 8.385% 8.385% 8.384% 8.382% 8.379% 8.363%
6-29 8.297% 8.297% 8.297% 8.296% 8.294% 8.291% 8.275%
6-30 8.210% 8.210% 8.209% 8.208% 8.206% 8.204% 8.188%
6-31 8.123% 8.123% 8.123% 8.122% 8.120% 8.117% 8.101%
7-00 8.037% 8.037% 8.037% 8.036% 8.034% 8.031% 8.015%
Mod Dur 5.19 5.19 5.19 5.19 5.19 5.19 5.19
WA Life (Yrs) 12.30 12.30 12.30 12.29 12.29 12.29 12.27
First Int Pay Date 3/22/99 3/22/99 3/22/99 3/22/99 3/22/99 3/22/99 3/22/99
Final Int Pay Date 8/22/22 8/22/22 8/22/22 8/22/22 8/22/22 8/22/22 8/22/22
% of Prin Returned 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
</TABLE>
ASSUMPTIONS
<TABLE>
<S> <C> <C>
1% Cleanup Call is Exercised Tsy Curve As of 2/4/99
Initial Balance is Calculated using the Unpaid Principal Balance as of February 15, 1999 Term (Yrs) Yield (BEY)
Prepay Rates are a Vector % of CPR equal to LO =0%, YM =0%, Free=100% 1 4.589%
100% of All Penalties and Yield Maintenance Charges are assumed to be collected 2 4.708%
Shifting Percentage of all Prepayment Penalties go to the IO 5 4.845%
No Extensions on any Mortgage Loan 10 4.831%
No Defaults on any Mortgage Loan 30 5.258%
Rating Agencies Do Not Address the Likelihood of Receipt of Prepayment Penalties
</TABLE>
- --------------------------------------------------------------------------------
This material is for your private information and NationsBanc Montgomery
Securities LLC (the "Underwriter") is not soliciting any action based upon it.
This material is not to be construed as an offer to sell or the solicitation of
any offer to buy any security in any jurisdiction where such an offer or
solicitation would be illegal. This material is based on information that the
Underwriter considers reliable, but the Underwriter does not represent that it
is accurate or complete and it should not be relied upon as such. By accepting
this material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may
pertain to securities that ultimately are not sold. The information contained in
this material may be based on assumptions regarding market conditions and other
matters as reflected herein. The Underwriter makes no representation regarding
the reasonableness of such assumptions or the likelihood that any of such
assumptions will coincide with actual market conditions or events, and this
material should not be relied upon for such purposes. The Underwriter and its
affiliates, officers, directors, partners and employees, including persons
involved in the preparation or issuance of this material may, from time to time,
have long or short positions in, and buy and sell, the securities mentioned
therein or derivatives thereof (including options). This material may be filed
with the Securities and Exchange Commission (the "SEC") and incorporated by
reference into an effective registration statement previously filed with the SEC
under Rule 415 of the Securities Act of 1933, including all cases where the
material does not pertain to securities that are ultimately offered for sale
pursuant to such registration statement. Information contained in this material
is current as of the date appearing on this material only. Information in this
material regarding any assets backing any securities discussed herein supersedes
all prior information regarding such assets. Any information in the material,
whether regarding the assets backing any securities discussed herein or
otherwise, will be superseded by the information contained in any final
prospectus for any securities actually sold to you. This material is furnished
solely by the Underwriter and not by the issuer of the securities. The issuer of
the securities has not prepared, reviewed or participated in the preparation of
this material, is not responsible for the accuracy of this material and has not
authorized the dissemination of this material. The Underwriter is acting as
underwriter and not acting as agent for the issuer in connection with the
proposed transaction.
<PAGE> 38
NATIONSLINK FUNDING CORPORATION
Commercial Mortgage Pass-Through Certificates
Series 1999-LTL-1
Class A, B, C, D, E, & X Certificates
$492,491,697 (approximate)
PREPAYMENT PROVISION/REMAINING BALANCE ANALYSIS
<TABLE>
<CAPTION>
Feb 1999 Feb 2000 Feb 2001 Feb 2002 Feb 2003 Feb 2004 Feb 2005 Feb 2006
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Locked Out 100.00% 97.87% 94.91% 92.42% 89.63% 86.48% 75.82% 38.76%
Yield Maintenance 0.00% 0.00% 0.65% 0.61% 0.57% 0.54% 7.71% 40.98%
No Penalty 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Paid Down 0.00% 2.13% 4.45% 6.97% 9.80% 12.98% 16.48% 20.26%
Total 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Aggregate Principal Balance of
the Mortgage Loans ($Millions): $492.49 $482.00 $470.60 $458.18 $444.24 $428.55 $411.35 $392.73
Percentage of Cut-Off Date Balance
of the Mortgage Loans Outstanding: 100.00% 97.87% 95.55% 93.03% 90.20% 87.02% 83.52% 79.74%
<CAPTION>
Feb 2007 Feb 2008 Feb 2009 Feb 2010 Feb 2011
<S> <C> <C> <C> <C> <C>
Locked Out 4.10% 3.87% 2.42% 2.26% 1.71%
Yield Maintenance 71.54% 67.19% 63.94% 59.15% 54.34%
No Penalty 0.00% 0.00% 0.00% 0.00% 0.00%
Paid Down 24.37% 28.94% 33.64% 38.59% 43.95%
Total 100.00% 100.00% 100.00% 100.00% 100.00%
Aggregate Principal Balance of
the Mortgage Loans ($Millions): $372.49 $349.96 $326.83 $302.43 $276.06
Percentage of Cut-Off Date Balance
of the Mortgage Loans Outstanding: 75.63% 71.06% 66.36% 61.41% 56.05%
</TABLE>
- ------------------------------------
(1) Prepayment provisions in effect as a percentage of the Initial Pool Balance
as of the indicated date assuming no prepayments.
<TABLE>
<CAPTION>
Feb 2012 Feb 2013 Feb 2014 Feb 2015 Feb 2016 Feb 2017 Feb 2018
<S> <C> <C> <C> <C> <C> <C> <C>
Locked Out 1.56% 1.07% 0.41% 0.33% 0.24% 0.14% 0.04%
Yield Maintenance 48.77% 38.06% 32.54% 27.05% 21.39% 15.16% 10.33%
No Penalty 0.00% 3.46% 0.00% 0.00% 0.00% 0.00% 0.05%
Paid Down 49.67% 57.41% 67.04% 72.62% 78.37% 84.70% 89.59%
Total 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Aggregate Principal Balance of
the Mortgage Loans ($Millions): $247.87 $209.76 $162.30 $134.85 $106.52 $75.35 $51.28
Percentage of Cut-Off Date Balance
of the Mortgage Loans Outstanding: 50.33% 42.59% 32.96% 27.38% 21.63% 15.30% 10.41%
<CAPTION>
Feb 2019 Feb 2020 Feb 2021 Feb 2022 Feb 2023
<S> <C> <C> <C> <C> <C>
Locked Out 0.00% 0.00% 0.00% 0.00% 0.00%
Yield Maintenance 8.11% 6.01% 3.96% 1.78% 0.37%
No Penalty 0.00% 0.00% 0.00% 0.00% 0.00%
Paid Down 91.89% 93.99% 96.04% 98.22% 99.63%
Total 100.00% 100.00% 100.00% 100.00% 100.00%
Aggregate Principal Balance of
the Mortgage Loans ($Millions): $39.93 $29.61 $19.51 $8.76 $1.80
Percentage of Cut-Off Date Balance
of the Mortgage Loans Outstanding: 8.11% 6.01% 3.96% 1.78% 0.37%
</TABLE>
- ------------------------------------
(1) Prepayment provisions in effect as a percentage of the Initial Pool Balance
as of the indicated date assuming no prepayments.
- --------------------------------------------------------------------------------
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involved in the preparation or issuance of this material may, from time to time,
have long or short positions in, and buy and sell, the securities mentioned
therein or derivatives thereof (including options). This material may be filed
with the Securities and Exchange Commission (the "SEC") and incorporated by
reference into an effective registration statement previously filed with the SEC
under Rule 415 of the Securities Act of 1933, including all cases where the
material does not pertain to securities that are ultimately offered for sale
pursuant to such registration statement. Information contained in this material
is current as of the date appearing on this material only. Information in this
material regarding any assets backing any securities discussed herein supersedes
all prior information regarding such assets. Any information in the material,
whether regarding the assets backing any securities discussed herein or
otherwise, will be superseded by the information contained in any final
prospectus for any securities actually sold to you. This material is furnished
solely by the Underwriter and not by the issuer of the securities. The issuer of
the securities has not prepared, reviewed or participated in the preparation of
this material, is not responsible for the accuracy of this material and has not
authorized the dissemination of this material. The Underwriter is acting as
underwriter and not acting as agent for the issuer in connection with the
proposed transaction.
