SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities
and Exchange Act of 1934
Date of Report: 06/25/98
(Date of earliest event reported)
Lehman Brothers Structured Securities Corp.
Commercial Mortgage Pass-Through Certificates 1996-1
(Exact name of registrant as specified in governing instruments)
New York
(State or other Jurisdiction of Incorporation)
c/o State Street Bank and Trust Company
Corporate Trust Department
Two International Place, 5th Floor
Boston, MA 02110
(Address of Principal Executive Offices) (Zip Code)
(202) 664-5500
(Registrant's telephone number, including area code)
Commission File Number 333-16397
04-3342274(I.R.S. Employer Identification No.)
Not Applicable
(Former name, former address and former fiscal year if changed
since last report)
<PAGE>
Lehman Brothers Structured Securities Corp.
Commercial Mortgage Pass-Through Certificates 1996-1
FORM 8-K
INDEX
ITEM DESCRIPTION PAGE NUMBER
Item 5. Other Event 3
Item 7. Financial Statements and
Exhibits 3
Signatures 3
Exhibit A Trustee's Report to
Bondholders 4
<PAGE>
Lehman Brothers Structured Securities Corp.
Commercial Mortgage Pass-Through Certificates 1996-1
FORM 8-K
ITEMS AND SIGNATURES
ITEMS
Item 5. Other Events
See Exhibit A, the Trustee's Report to Bondholders attached hereto.
Item 7. Financial Statements and Exhibits
See Exhibit A, the Trustee's Report to Bondholders attached hereto.
SIGNATURES
Pursuant to the requirement of the Securities Exchange
Act of 1934, the registrar has duly caused this report to
be signed on its behalf by the
undersigned hereunto duly authorized.
Lehman Brothers Structured Securities Corp.
Commercial Mortgage Pass-Through Certificates 1996-1
(Registrant)
Date: 06/25/98
By:
Name Vaneta Bernard
Title: Assistant Vice President
State Street Bank and Trust Company
as Trustee
Lehman Structured Securities Corporation
Commercial Mortgage Pass-Through Certificates
Series 1996-1
Report to Certificateholders for Payment Date: June 25, 1998
Payment Summary
<TABLE>
Pass-Through Interest Original D&P Original Beginning
Class CUSIP Rate Type Rating Balance Balance
<S> <C> <C> <C> <C> <C> <C>
E-1 52518RAA4 0.079950 Fixed BBB 29,579,266.21 27,288,058.04
E-2 52518RAB2 0.079950 Fixed BB 36,152,436.47 33,352,070.95
R N/A N/A N/A N/A 0.00 0.00
Totals: 65,731,702.68 60,640,128.99
</TABLE>
<TABLE>
Principal Distributable Total Ending
Adjustment Amount Certificate Interest Payable Balance
<S> <C> <C> <C>
92,764.41 181,806.69 274,571.10 27,195,293.63
113,378.73 222,208.17 335,586.90 33,238,692.22
0.00 0.00 0.00 0.00
206,143.14 404,014.86 610,158.00 60,433,985.85
</TABLE>
Distributions per Certificate
<TABLE>
Beginning Principal Interest Ending
Class Certificate Factor Distribution Distribution Certificate Factor
<S> <C> <C> <C> <C>
E-1 0.922540061 0.0031361 6.1464232652 0.9194039310
E-2 0.922540061 0.0031361 6.1464230823 0.9194039314
R N/A N/A N/A N/A
represents net payment per certificate
</TABLE>
<TABLE>
Payment Details
Principal Detail
Beginning Scheduled Net Liquidation Principal Realized Balance Total Principal Ending
Class Balance Principal Proceeds Adjustments Losses Adjustment Distribu Amount Balance
<S> <C> <C> <C> <C> <C> <C> <C> <C>
E-1 27,288,058.04 0.00 0.00 92,764.41 0.00 0.00 92,764.41 27,195,293.63
E-2 33,352,070.95 0.00 0.00 113,378.73 0.00 0.00 113,378.73 33,238,692.22
R 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Totals: 60,640,128.99 0.00 0.00 206,143.14 0.00 0.00 206,143.14 60,433,985.85
</TABLE>
Interest Detail
<TABLE>
Accrued Cur Unpaid Prior Accrd Unpaid Prepayment Default Prepay Interest Additional Total Interest
Class Cert Int Distrib Cert.Int Distb Cert.Int. Premiums Interest Shortfalls Adjustments Distribution Amount
<S> <C> <C> <C> <C> <C> <C> <C> <C>
E-1 181,806.69 N/A N/A N/A N/A 0.00 0.00 181,806.69
E-2 222,208.17 N/A N/A N/A N/A 0.00 0.00 222,208.17
R 0.00 N/A N/A N/A N/A 0.00 0.00 0.00
Totals: 404,014.86 N/A N/A N/A N/A 0.00 0.00 404,014.86
</TABLE>
Additional Information:
Trustee Fee 252.67
Bond Class Subordination Level and Maturities:
Original Current Orig. Class Maturity
Class Subordination Level Subordination Level @ 0% CPR
E-1 0.5500 0.5500 June 25, 2026
E-2 0.0000 0.0000 June 25, 2026
Payment Summary
<TABLE>
Pass-Through Interest Org D&P Original Beginning Principal Distrib Total Ending
Class CUSIP Rate Type Rating Balance Balance Adjust. Amt Certif. Int Payable Balance
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
E-1 52518RAA4 0.079950 Fixed BBB 29,579,266.21 27,288,058.04 92,764.41 181,806.69 274,571.10 27,195,293.63
E-2 52518RAB2 0.079950 Fixed BB 36,152,436.47 33,352,070.95 113,378.73 222,208.17 335,586.90 33,238,692.22
Total: 65,731,702.68 60,640,128.99 206,143.14 404,014.86 610,158.00 60,433,985.85
</TABLE>
<TABLE>
Distributions per Certificate
Beginning Principal Interest Ending
Class Certif. Factor Adjustment Distribution Certif. Factor
<S> <C> <C> <C> <C>
E-1 0.922540061 0.003136130 6.146423265 0.919403931
E-2 0.922540061 0.003136130 6.146423082 0.919403931
</TABLE>
<TABLE>
Principal Detail
Beginning Scheduled Unscheduled Principal Realized Bal Total Principal Ending Cum
Class Balance Principal Principal Adjustments Losses Adj Distrib.Amount Balance Rlzd Losses
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
E-1 27,288,058.04 0.00 0.00 92,764.41 0.00 0.00 92,764.41 27,195,293.63 0.00
E-2 33,352,070.95 0.00 0.00 113,378.73 0.00 0.00 113,378.73 33,238,692.22 0.00
Totals: 60,640,128.99 0.00 0.00 206,143.14 0.00 0.00 206,143.14 60,433,985.85 0.00
</TABLE>
<TABLE>
Interest Detail
Accrued Current Unpaid Prior Accrued Prepayment Default Prepay Int. Additional Total Interest
Class Certif. Int. Interest Unpaid Int. Premiums Interest Shortfalls Adjustments Distrib. Amount
<S> <C> <C> <C> <C> <C> <C> <C> <C>
E-1 181,806.69 N/A N/A N/A N/A 0.00 0.00 181,806.69
E-2 222,208.17 N/A N/A N/A N/A 0.00 0.00 222,208.17
Totals: 404,014.86 N/A N/A N/A N/A 0.00 0.00 404,014.86
</TABLE>
Additional Information
Trustee Fee 252.67
Subordinate Support Percentage
Original Current
Class Sub Level Sub Level
E-1 0.5500 0.5500
E-2 0.0000 0.0000
