<PAGE>
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: 10/03/98
(Date of earliest event reported)
Morgan Stanley Capital I Inc. Commercial Mortgage
Pass Through Certificates Series 1998-XL1
(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)
212-761-4700
(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>
Morgan Stanley Capital I Inc. Commercial Mortgage
Pass Through Certificates Series 1998-XL1
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>
Morgan Stanley Capital I Inc. Commercial Mortgage
Pass Through Certificates Series 1998-XL1
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.
Morgan Stanley Capital I Inc. Commercial Mortgage
Pass Through Certificates Series 1998-XL1
(Registrant)
Date: 10/03/98
By:
Name Julie A. Kirby
Title: Assistant Vice President
State Street Bank and Trust Company
as Trustee
<PAGE>
<TABLE>
<S> <C> <C>
[LOGO] MORGAN STANLEY CAPITAL I INC. PAYMENT DATE: OCTOBER 3, 1998
MORTGAGE PASS-THROUGH CERTIFICATES RECORD DATE: SEPTEMBER 30, 1998
SERIES 1998-XL1 W.A.C RATE: 6.988910536%
B270
</TABLE>
REPORT TO CERTIFICATEHOLDERS
PAYMENT SUMMARY
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------
Orig. Fitch Pass-Thru Interest Original Beginning
Class CUSIP Ratings Rate Type Balance Balance
- ---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
A-1 61745MGG2 AAA 6.220000% Variable 176,000,000.00 173,681,439.49
A-2 61745MGH0 AAA 6.450000% Variable 102,000,000.00 102,000,000.00
A-3 61745MGJ6 AAA 6.480000% Variable 393,239,000.00 393,239,000.00
X* 61745MGK3 AAA 0.555705% Variable 796,229,000.00 793,910,439.49
B 61745MGL1 AA+ 6.478911% Variable 13,888,000.00 13,888,000.00
C 61745MGM9 AA 6.538911% Variable 46,293,000.00 46,293,000.00
D 61745MGN7 A 6.608911% Variable 64,809,000.00 64,809,000.00
E 61745MGP2 BBB 6.988911% Variable 46,292,000.00 46,292,000.00
F 61745MGQ0 BBB- 6.988911% Variable 11,663,000.00 11,663,000.00
G 61745MGR8 BBB- 6.988911% Variable 30,000,000.00 30,000,000.00
H 61745MGS6 BB 6.988911% Variable 27,776,000.00 27,776,000.00
J 61745MGT4 B 6.988911% Variable 13,888,151.00 13,888,151.00
R 61745MGV9 NR 0.000000% N/A 0.00 0.00
- ---------------------------------------------------------------------------------------------------------
* Based on a Notional Balance 925,848,151.00 923,529,590.49
------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------
Principal Interest Total Ending
Paid Paid Paid Balance
- -------------------------------------------------------------
<C> <C> <C> <C>
834,093.50 900,248.79 1,734,342.29 172,847,345.99
0.00 548,250.00 548,250.00 102,000,000.00
0.00 2,123,490.60 2,123,490.60 393,239,000.00
0.00 367,649.99 367,649.99 793,076,345.99
0.00 74,982.59 74,982.59 13,888,000.00
0.00 252,254.82 252,254.82 46,293,000.00
0.00 356,930.74 356,930.74 64,809,000.00
0.00 269,608.87 269,608.87 46,292,000.00
0.00 67,926.39 67,926.39 11,663,000.00
0.00 174,722.76 174,722.76 30,000,000.00
0.00 161,769.98 161,769.98 27,776,000.00
0.00 80,885.87 80,885.87 13,888,151.00
0.00 0.00 0.00 0.00
- -------------------------------------------------------------
834,093.50 5,378,721.40 6,212,814.90 922,695,496.99
- -------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Class Q represents beneficial ownership interest in Default interest subject to the obligation to pay interest on Advances
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Q N/A N/A 0.00 N/A 0.00 0.00 0.00 0.00 0.00 0.00
- -----------------------------------------------------------------------------------------------------------------------------
</TABLE>
DISTRIBUTIONS PER CERTIFICATE 3 for complete information see Payment Detail
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------
Beg. Principal Interest Ending
Class Cert. Factor Dist.(1) Dist.(1) Cert. Factor
- -----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
A-1 0.9868264 4.7391676 5.1150500 0.9820872
A-2 1.0000000 0.0000000 5.3750000 1.0000000
A-3 1.0000000 0.0000000 5.4000000 1.0000000
X* 0.9970881 0.0000000 0.4617390 0.9960405
B 1.0000000 0.0000000 5.3990921 1.0000000
C 1.0000000 0.0000000 5.4490921 1.0000000
D 1.0000000 0.0000000 5.5074254 1.0000000
E 1.0000000 0.0000000 5.8240921 1.0000000
F 1.0000000 0.0000000 5.8240921 1.0000000
G 1.0000000 0.0000000 5.8240921 1.0000000
H 1.0000000 0.0000000 5.8240921 1.0000000
J 1.0000000 0.0000000 5.8240921 1.0000000
R N/A N/A N/A N/A
- -----------------------------------------------------------------------------------------
</TABLE>
(1) represents net payment per certificate
- -------------------------------------------------------------------
For additional information or with questions, please contact:
STATE STREET CORPORATE TRUST
- -------------------------------------------------------------------
Bond Analyst: Dan Spillane (617) 664-5434
Account Officer: Julie Kirby (617) 664-5330
Street Connection: (factor and rate by cusip) (617) 664-5500
WEBSITE: http://corporatetrust.statestreet.com
Street Fax: Bondholder & Secondary Market Reports (617) 664-5600
- -------------------------------------------------------------------
<TABLE>
<S> <C>
STATE STREET This report has been prepared by or based on information furnished to State Street Bank and Trust Company ("State
Serving Street") by one or more third parties (e.g., Servicer, Master Servicer, etc.) State Street shall not have and does
Institutional not undertake responsibility for the accuracy or completeness of information provided by such third parties, and
Investors makes no representations or warranties with respect to the accuracy or completeness thereof or the sufficiency
Worldwide thereof for any particular purpose. State Street has not independently verified information received from third
parties, and shall have no liability for any inaccuracies therein or caused thereby.
</TABLE>
Page 1 of 4
<PAGE>
<TABLE>
<S> <C> <C>
[LOGO] MORGAN STANLEY CAPITAL I INC. PAYMENT DATE: OCTOBER 3,1998
MORTGAGE PASS-THROUGH CERTIFICATES RECORD DATE: SEPTEMBER 30, 1998
SERIES 1998-XL1 W.A.C RATE: 6.988910536%
B270
</TABLE>
REPORT TO CERTIFICATEHOLDERS
PRINCIPAL DETAIL
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------------
Realized Cumulative Cumulative
Beginning Scheduled Unscheduled Losses/ Total Principal Ending Realized Appraisal
Class Balance Principal Principal Balance Adj. Distribution Amount Balance Losses Reduction
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 173,681,439.49 834,093.50 0.00 0.00 834,093.50 172,847,345.99 0.00 0.00
A-2 102,000,000.00 0.00 0.00 0.00 0.00 102,000,000.00 0.00 0.00
A-3 393,239,000.00 0.00 0.00 0.00 0.00 393,239,000.00 0.00 0.00
X* 793,910,439.49 0.00 0.00 0.00 0.00 793,076,345.99 0.00 0.00
B 13,888,000.00 0.00 0.00 0.00 0.00 13,888,000.00 0.00 0.00
C 46,293,000.00 0.00 0.00 0.00 0.00 46,293,000.00 0.00 0.00
D 64,809,000.00 0.00 0.00 0.00 0.00 64,809,000.00 0.00 0.00
E 46,292,000.00 0.00 0.00 0.00 0.00 46,292,000.00 0.00 0.00
F 11,663,000.00 0.00 0.00 0.00 0.00 11,663,000.00 0.00 0.00
G 30,000,000.00 0.00 0.00 0.00 0.00 30,000,000.00 0.00 0.00
H 27,776,000.00 0.00 0.00 0.00 0.00 27,776,000.00 0.00 0.00
J 13,888,151.00 0.00 0.00 0.00 0.00 13,888,151.00 0.00 0.00
R 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
- ---------------------------------------------------------------------------------------------------------------------------------
923,529,590.49 834,093.50 0.00 0.00 834,093.50 922,695,496.99 0.00 0.00
----------------------------------------------------------------------------------------------------------------------------
</TABLE>
INTEREST DETAIL
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------------
Accrued Beginning Unpaid Interest on Excess Prepay. Current Interest Prepayment
Class Certificate Interest Interest Unpaid Interest Int. Shortfall Shortfalls Premiums
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
A-1 900,248.79 0.00 0.00 0.00 0.00 0.00
A-2 548,250.00 0.00 0.00 0.00 0.00 0.00
A-3 2,123,490.60 0.00 0.00 0.00 0.00 0.00
X(1)* 367,649.99 0.00 0.00 0.00 0.00 0.00
B 74,982.59 0.00 0.00 0.00 0.00 0.00
C 252,254.82 0.00 0.00 0.00 0.00 0.00
D 356,930.74 0.00 0.00 0.00 0.00 0.00
E 269,608.87 0.00 0.00 0.00 0.00 0.00
F 67,926.39 0.00 0.00 0.00 0.00 0.00
G 174,722.76 0.00 0.00 0.00 0.00 0.00
H 161,769.98 0.00 0.00 0.00 0.00 0.00
J 80,885.87 1.79 0.13 0.00 0.00 0.00
R 0.00 0.00 0.00 0.00 0.00 0.00
- ---------------------------------------------------------------------------------------------------------------------------------
5,378,721.40 1.79 0.00 0.00 0.00
-------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------
Total Interest Cumulative Unpaid Deferred
Distr. Amount Interest Shortfall Interest
- --------------------------------------------------------------------
<S> <C> <C>
900,248.79 0.00 0.00
548,250.00 0.00 0.00
2,123,490.60 0.00 0.00
367,649.99 0.00 0.00
74,982.59 0.00 0.00
252,254.82 0.00 0.00
356,930.74 0.00 0.00
269,608.87 0.00 0.00
67,926.39 0.00 0.00
174,722.76 0.00 0.00
161,769.98 0.00 0.00
80,885.87 1.92 0.00
0.00 0.00 0.00
- --------------------------------------------------------------------
5,378,721.40 1.92 0.00
- --------------------------------------------------------------------
</TABLE>
Page 2 of 4
<PAGE>
<TABLE>
<S> <C> <C>
[LOGO] MORGAN STANLEY CAPITAL I INC. PAYMENT DATE: OCTOBER 3,1998
MORTGAGE PASS-THROUGH CERTIFICATES RECORD DATE: SEPTEMBER 30, 1998
SERIES 1998-XL1 W.A.C RATE: 6.988910536%
B270
</TABLE>
REPORT TO CERTIFICATEHOLDERS
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------
DELINQUENCIES One Month Two Months Three+ Months Foreclosures Total
- -------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
# of Loans 0.00 0.00 0.00 0.00 0
- -------------------------------------------------------------------------------------------------
Ending APB 0.00 0.00 0.00 0.00 0
- -------------------------------------------------------------------------------------------------
</TABLE>
REOS
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------
Loan Name Final Recovery Date Amount of Proceeds Appraised Value Other Revenues*
- -------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
- -------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------
</TABLE>
* collected by Spec. Serv. wih respect to REO Property and credited to
Collection Account
<TABLE>
<CAPTION>
--------------------------------------
APPRAISAL REDUCTIONS Current Total Cum. Total
- -------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
# of Loans
- -------------------------------------------------------------------------------------------------
Amount
- -------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
TWELVE MONTH SUMMARY OF PREPAYMENTS AND PREPAYMENT PENALTIES:
- -------------------------------------------------------------
Month/Year Prepayments Penalties
- ---------- ----------- ---------
<S> <C> <C>
Oct-98 0.00 0.00
Sep-98 0.00 0.00
Aug-98 0.00 0.00
Jul-98 72,369.88 0.00
- -------------------------------------------------------------
</TABLE>
Page 3 of 4
<PAGE>
<TABLE>
<S> <C> <C>
[LOGO] MORGAN STANLEY CAPITAL I INC. PAYMENT DATE: OCTOBER 3, 1998
MORTGAGE PASS-THROUGH CERTIFICATES RECORD DATE: SEPTEMBER 30, 1998
SERIES 1998-XL1 W.A.C RATE: 6.988910536%
B270
</TABLE>
REPORT TO CERTIFICATEHOLDERS
<TABLE>
<CAPTION>
- ------------------------------------
Maturity Date
Class at 0% CPR
- ------------------------------------
<S> <C>
A-1 June 3, 2005
A-2 June 3, 2007
A-3 June 3, 2008
B June 3, 2008
C June 3, 2008
D June 3, 2008
E June 3, 2008
F June 3, 2008
G June 3, 2008
- ------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------
ORIGINAL SUBORDINATION CURRENT SUBORDINATION
CLASS SUPPORT % SUPPORT %
- -------------------------------------------------------------------
<S> <C> <C>
A 27.50% 27.59%
X-1* 27.50% 27.59%
B 26.00% 26.09%
C 21.00% 21.07%
D 14.00% 14.05%
E 9.00% 9.03%
F 7.74% 7.77%
G 4.50% 4.52%
H 1.50% 1.51%
J 0.00% 0.00%
- -------------------------------------------------------------------
</TABLE>
OTHER INFORMATION
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------
COLLATERAL INFORMATION
<S> <C> <C> <C>
Closing Collateral Balance 925,848,151.00
Beginning Collateral Balance 923,529,590.49
Ending Collateral Balance 922,695,496.99
FEES
Servicer 19,486.87
Trustee 2,308.82
Special Servicer 0.00
ADVANCES CURRENT Principal 0.00
Interest 0.00
CUMULATIVE Principal 0.00
Interest 0.00
INTEREST ON ADVANCES 0.00
ENDING LOAN COUNT 11
AGGREGATE AMOUNT OF:
Additional Trust Fund Expenses 0.00
Mortgage Loans that have been paid in full 0.00
Mortgage Loans that have been paid at their Maturity Date 0.00
Prepayment Penalties paid on the Mortgage Loans 0.00
- --------------------------------------------------------------------------------------------------------
</TABLE>
Page 4 of 4
<PAGE>
MORGAN STANLEY CAPITAL I, INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1998-XL1
UNDERWRITER MORGAN STANLEY DEAN WITTER
OCTOBER 3, 1998
DELINQUENCY LOAN DETAIL
<TABLE>
<CAPTION>
Paid Thru Scheduled Total PI Total Expense Other
Loan No Property Type Property City and State Number Units Date Balance Advances Advances Advances
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
No delinquencies to report
</TABLE>
Page 1 of 10
<PAGE>
MORGAN STANLEY CAPITAL I, INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1998-XL1
UNDERWRITER MORGAN STANLEY DEAN WITTER
OCTOBER 3, 1998
DELINQUENCY LOAN DETAIL
<TABLE>
<CAPTION>
Total Current Monthly Gross Maturity NOI
Loan No Property Type Property City and Exposure PI Payment Int. Rate Date As of: NOI DSCR
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
No delinquencies to report
</TABLE>
Page 2 of 10
<PAGE>
MORGAN STANLEY CAPITAL I, INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1998-XL1
UNDERWRITER MORGAN STANLEY DEAN WITTER
OCTOBER 3, 1998
DELINQUENCY LOAN DETAIL
<TABLE>
<CAPTION>
BPO or Date of Transfer Est. Loss @92% Est.
Loan No Property Type Property City and App. Value Valuation Date Property Value Rec. %
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
No delinquencies to report
</TABLE>
page 3 of 10
<PAGE>
<TABLE>
<CAPTION>
MORGAN STANLEY CAPITAL I, INC. STATE STREET CORPORATE TRUST
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES WEB: corporatetrust.statestreet.com
SERIES 1998-XL1 PAYMENT OCTOBER 3, 1998
UNDERWRITER MORGAN STANLEY DEAN WITTER REPORT B270-05
LOAN LEVEL DETAIL
Offer Property Transfer Maturity Neg Am End
Loan# Type Date State Date (Y/N) Sched Bal
<S> <C> <C> <C> <C> <C> <C>
1 Lodging CA 20230101 N 164,082,656
2 Retail TX 20280601 N 162,485,846
3 Mixed Use CA 20230501 N 143,211,529
4 Retail TN 20280501 N 76,000,000
5 Multi-family Var 20071101 N 74,898,382
6 Various Var 20221001 N 59,127,554
7 Multi-family Var 20280401 N 50,000,000
8 Retail IL 20280301 N 49,878,556
9 Retail Var 20271201 N 49,603,851
10 Office VA 20280101 N 48,544,120
11 Retail OK 20280601 N 44,863,003
- ------------------------------------------------------------------------------------------------------------------------------------
totals 922,695,497
- ------------------------------------------------------------------------------------------------------------------------------------
If state field is blank loan has properties in multiple states.
- ------------------------------------------------------------------------------------------------------------------------------------
Loan Status:
A= Payment not received but still in grace period, B= Late payment but less than 1 mo., 0= Current, 1= 1 mo. delinquent, 2= 2 mo.
delinquent, 3= Three or more mo. delinquent, 4= Assumed scheduled payment (performing matured balloon), 7=Foreclosure, 9= REO
- ------------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
Offer Note Sched Prepay/ Prepay Paid Thru Prepmt Loan
Loan# Rate P&I Liquid/adj Date Date Premium Status
<S> <C> <C> <C> <C> <C> <C> <C>
1 6.900 1,162,685.15 0.00 0 10011998 0.00 0
2 6.670 1,048,561.51 0.00 0 10011998 0.00 0
3 7.170 1,033,432.00 0.00 0 10011998 0.00 0
4 6.900 437,000.00 0.00 0 10011998 0.00 0
5 7.280 516,580.27 0.00 0 10011998 0.00 0
6 7.500 443,394.71 0.00 0 10011998 0.00 0
7 6.790 282,916.67 0.00 0 10011998 0.00 0
8 7.730 357,515.34 0.00 0 10011998 0.00 0
9 6.830 326,962.39 0.00 0 10011998 0.00 0
10 7.190 331,596.47 0.00 0 10011998 0.00 0
11 6.820 293,966.09 0.00 0 10011998 0.00 0
- ------------------------------------------------------------------------------------------------------------------------------------
totals 6,234,610.60 0.00 0.00
- ------------------------------------------------------------------------------------------------------------------------------------
If state field is blank loan has properties in multiple states.
- ------------------------------------------------------------------------------------------------------------------------------------
Loan Status:
A= Payment not received but still in grace period, B= Late payment but less than 1 mo., 0= Current, 1= 1 mo. delinquent, 2= 2 mo.
delinquent, 3= Three or more mo. delinquent, 4= Assumed scheduled payment (performing matured balloon), 7=Foreclosure, 9= REO
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Page 4 of 10
<PAGE>
MORGAN STANLEY CAPITAL I, INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1998-XL1
UNDERWRITER MORGAN STANLEY DEAN WITTER
PAYDATE: OCTOBER 3, 1998
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------------
ACTUAL PAID NRV
ASSET NO BORROWER NAME PRIN BAL THRU DATE NRV
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
MASTER SERVICED AND CURRENT
PERFORMING
030219310 MAGELLAN ACACIA PARK LP 74,898,384.00 10/01/98 06/01/98 94,775,000.00
030219310 Total:
030219311 RAMCO PROPERTIES ASSOCIATES LP 49,603,852.00 10/01/98 06/01/98 77,000,000.00
030219311 Total:
030219312 L-O CORONADO HOLDING II INC 164,082,656.00 10/01/98 06/01/98 330,000,000.00
030219312 Total:
030219313 WEST TOWN MALL JOINT VENTURE 76,000,000.00 10/01/98 06/01/98 160,000,000.00
030219313 Total:
030219314 NORTH TOWER LLC 143,211,536.00 10/01/98 06/01/98 235,000,000.00
030219314 Total:
030219315 GLENBOROUGH FUND V LP 59,127,552.00 10/01/98 06/01/98 118,800,000.00
030219315 Total:
030219316 COURTHOUSE PLAZA ASSOCIATES LP 48,544,120.00 10/01/98 06/01/98 69,100,000.00
030219316 Total:
030219317 CENTERAMERICA CAPITAL PARTNERS 162,485,840.00 10/01/98 06/01/98 264,765,104.00
030219317 Total:
030219318 EQR FLATLANDS LLC 50,000,000.00 10/01/98 06/01/98 100,650,000.00
030219318 Total:
030219319 DAYJAY ASSOCIATES 44,863,004.00 10/01/98 06/01/98 85,457,816.00
030219319 Total:
030219320 CHARLESTOWNE MALL LLC 49,878,556.00 10/01/98 06/01/98 86,600,000.00
030219320 Total:
Master Serviced and Current Total:
PORTFOLIO TOTAL
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
REPORT SCHED PYMT SERVICE FEES PERIOD
ASSET NO MONTH YEAR ADVS RECOV ADVS RECOV ADV TOTL
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
MASTER SERVICED AND CURRENT
030219310 07 1998 516,580.28 - - - 516,580.28
08 1998 - 516,580.28 - - - 516,580.28
09 1998 516,580.28 516,580.28 - - -
030219310 Total: 1,033,160.56 1,033,160.56 - - -
030219311 07 1998 326,962.38 - - - 326,962.38
08 1998 - 326,962.38 - - - 326,962.38
09 1998 326,962.38 326,962.38 - - -
030219311 Total: 653,924.75 653,924.75 - - -
030219312 07 1998 1,162,685.13 - - - 1,162,685.13
08 1998 - 1,162,685.13 - - - 1,162,685.13
09 1998 1,162,685.13 1,162,685.13 - - -
030219312 Total: 2,325,370.25 2,325,370.25 - - -
030219313 07 1998 437,000.00 - - - 437,000.00
08 1998 - 437,000.00 - - - 437,000.00
09 1998 437,000.00 437,000.00 - - -
030219313 Total: 874,000.00 874,000.00 - - -
030219314 07 1998 1,033,432.00 - - - 1,033,432.00
08 1998 - 1,033,432.00 - - - 1,033,432.00
09 1998 1,033,432.00 1,033,432.00 - - -
030219314 Total: 2,066,864.00 2,066,864.00 - - -
030219315 07 1998 443,394.72 - - - 443,394.72
08 1998 - 443,394.72 - - - 443,394.72
09 1998 443,394.72 443,394.72 - - -
030219315 Total: 886,789.44 886,789.44 - - -
030219316 07 1998 331,596.47 - - - 331,596.47
08 1998 - 331,596.47 - - - 331,596.47
09 1998 - 331,596.47 - - - 331,596.47
030219316 Total: 331,596.47 663,192.94 - - - 331,596.47
030219317 07 1998 1,048,561.50 - - - 1,048,561.50
08 1998 - 1,048,561.50 - - - 1,048,561.50
09 1998 1,048,561.50 1,048,561.50 - - -
030219317 Total: 2,097,123.00 2,097,123.00 - - -
030219318 07 1998 282,916.66 - - - 282,916.66
08 1998 - 282,916.66 - - - 282,916.66
09 1998 292,347.22 292,347.22 - - -
030219318 Total: 575,263.88 575,263.88 - - -
030219319 07 1998 293,966.09 - - - 293,966.09
08 1998 - 293,966.09 - - - 293,966.09
09 1998 293,966.09 293,966.09 - - -
030219319 Total: 587,932.19 587,932.19 - - -
030219320 07 1998 331,855.13 - - - 331,855.13
08 1998 - 357,515.34 - - - 357,515.34
09 1998 357,515.34 357,515.34 - - -
030219320 Total: 689,370.47 715,030.69 - - - 25,660.22
Master Serviced and Current Total: 12,121,395.00 12,478,651.69 - - - 357,256.69
PORTFOLIO TOTAL 12,121,395.00 12,478,651.69 - - - 357,256.69
Page 5 of 10
<PAGE>
MORGAN STANLEY CAPITAL I, INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1998-XL1
UNDERWRITER MORGAN STANLEY DEAN WITTER
PAYDATE: OCTOBER 3, 1998
- ------------------------------------------------------------------------------------------------------
CUM
PROP PROTECTION ADV
ASSET NO BORROWER NAME ESC BAL EXP BAL TOTL
- ------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
MASTER SERVICED AND CURRENT
PERFORMING
030219310 MAGELLAN ACACIA PARK LP - - 516,580.28
- - - 516,580.28
- - -
030219310 Total: - - -
030219311 RAMCO PROPERTIES ASSOCIATES LP - - 326,962.38
- - - 326,962.38
- - -
030219311 Total: - - -
030219312 L-O CORONADO HOLDING II INC - - 1,162,685.13
- - - 1,162,685.13
- - -
030219312 Total: - - -
030219313 WEST TOWN MALL JOINT VENTURE - - 437,000.00
- - - 437,000.00
- - -
030219313 Total: - - -
030219314 NORTH TOWER LLC - - 1,033,432.00
- - - 1,033,432.00
- - -
030219314 Total: - - -
030219315 GLENBOROUGH FUND V LP - - 443,394.72
- - - 443,394.72
- - -
030219315 Total: - - -
030219316 COURTHOUSE PLAZA ASSOCIATES LP - - 331,596.47
- - - 331,596.47
- - - 331,596.47
030219316 Total: - - - 331,596.47
030219317 CENTERAMERICA CAPITAL PARTNERS - - 1,048,561.50
- - - 1,048,561.50
- - -
030219317 Total: - - -
030219318 EQR FLATLANDS LLC - - 282,916.66
- - - 282,916.66
- - -
030219318 Total: - - -
030219319 DAYJAY ASSOCIATES - - 293,966.09
- - - 293,966.09
- - -
030219319 Total: - - -
030219320 CHARLESTOWNE MALL LLC - - 331,855.13
- - - 357,515.34
- - -
030219320 Total: - - - 25,660.22
Master Serviced and Current Total: - - - 357,256.69
PORTFOLIO TOTAL - - - 357,256.69
<CAPTION>
- ----------------------------------------------------------------------------------------------------------
PERIOD CUM TOTAL
INT INT LATE % OF
ASSET NO EARNED EARNED FEES NRV SRC CURREXPAMT
- ----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
MASTER SERVICED AND CURRENT
030219310 - - - 0.5451% -
- - - 0.0000% -
- - - 0.0000% -
030219310 Total: - - -
030219311 - - - 0.4246% -
- - - 0.0000% -
- - - 0.0000% -
030219311 Total: - - -
030219312 - - - 0.3523% -
- - - 0.0000% -
- - - 0.0000% -
030219312 Total: - - -
030219313 - - - 0.2731% -
- - - 0.0000% -
- - - 0.0000% -
030219313 Total: - - -
030219314 - - - 0.4398% -
- - - 0.0000% -
- - - 0.0000% -
030219314 Total: - - -
030219315 - - - 0.3732% -
- - - 0.0000% -
- - - 0.0000% -
030219315 Total: - - -
030219316 - - - 0.4799% -
- - - 0.0000% -
- - - -0.4799% -
030219316 Total: - - -
030219317 - - - 0.3960% -
- - - 0.0000% -
- - - 0.0000% -
030219317 Total: - - -
030219318 - - - 0.2811% -
- - - 0.0000% -
- - - 0.0000% -
030219318 Total: - - -
030219319 - - - 0.3440% -
- - - 0.0000% -
- - - 0.0000% -
030219319 Total: - - -
030219320 - - - 0.3832% -
- - - 0.0000% -
- - - 0.0000% -
030219320 Total: - - -
Master Serviced and Current Total: - - -
PORTFOLIO TOTAL - - -
</TABLE>
Page 6 of 10
<PAGE>
MORGAN STANLEY CAPITAL I, INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1998-XL1
UNDERWRITER MORGAN STANLEY DEAN WITTER
OCTOBER 3, 1998
LOSS DETAIL
<TABLE>
<CAPTION>
LATEST
APPRAISAL OR EFFECT NET AMT
SERVICER % RECEIVED BROKERS DATE OF RECEIVED SCHEDULED TOTAL P & I
LOAN ID PROPERTY TYPE CITY STATE FROM SALE OPINION SALE SALES PRICE FROM SALE BALANCE ADVANCED
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Grand Totals Total Loans: 0 #DIV/0! - - - - -
<CAPTION>
DATE DATE MINOR
LOSS ADJ TOTAL LOSS LOSS % OF
SERVICER TOTAL SERVICING ACTUAL LOSSES PASSED MINOR ADJ PASSED WITH SCHEDULED
LOAN ID EXPENSES FEES NET PROCEEDS PASSED THRU THRU TO TRUST THRU ADJUSTMENT BALANCE
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Grand Totals - - - - - - - - #DIV/0!
</TABLE>
Page 7 of 10
<PAGE>
MORGAN STANLEY CAPITAL I, INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1998-XL1
UNDERWRITER MORGAN STANLEY DEAN WITTER
OCTOBER 3, 1998
MODIFIED LOAN DETAIL
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------
BALANCE BALANCE AT THE
WHEN SENT TO EFFECTIVE DATE
MOD / EFFECT SPECIAL OF
LOAN ID CITY STATE EXTENSION DATE SERVICER REHABILITATION OLD RATE # MNTHS NEW RATE
- ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Grand Totals Total Loans: 0 - -
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------
TOTAL # EST. FUTURE
MNTHS FOR REALIZED INTEREST LOSS
OLD NEW CHANGE LOSS TO TO TRUST $
LOAN ID OLD P & I NEW P & I MATURITY MATURITY OF MOD TRUST $ (RATE REDUCTION) COMMENT
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Grand Totals - - - -
</TABLE>
Page 8 of 10
<PAGE>
MORGAN STANLEY CAPITAL I, INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1998-XL1
UNDERWRITER MORGAN STANLEY DEAN WITTER
OCTOBER 3, 1998
SPECIALLY SERVICED LOAN DETAIL
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------
TRANSFER TRANSFER SCHEDULED PAID THRU NEXT PMT GROSS
ASSET NO DATE REASON PRIN BAL DATE DATE INTEREST
- ----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
PORTFOLIO TOTAL CNT : 0
</TABLE>
Page 9 of 10
<PAGE>
MORGAN STANLEY CAPITAL I, INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1998-XL1
UNDERWRITER MORGAN STANLEY DEAN WITTER
OCTOBER 3, 1998
WATCH LIST
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------
Current Paid % Loan
Loan Property Sched Thru Maturity Current As Of To Appraisal
Number Type City State Balance Date Date DSC Date Value Appraisal Date
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Total: 0 0
PORTFOLIO TOTAL 0 0
<CAPTION>
- --------------------------------------------------------------
Loan OCC
Number OCC % Date Comment/Reason on Watch List
- --------------------------------------------------------------
<S> <C> <C> <C>
Total:
PORTFOLIO TOTAL
</TABLE>
Page 10 of 10
<PAGE>
<TABLE>
<CAPTION>
<S> <C>
MORGAN STANLEY CAPITAL I, INC. STATE STREET CORPORATE TRUST
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES WEB: CORPORATETRUST.STATESTREET.COM
SERIES 1998-XL1 PAYMENT OCTOBER 3, 1998
UNDERWRITER MORGAN STANLEY DEAN WITTER REPORT B270-01
</TABLE>
<TABLE>
<CAPTION>
DISTRIBUTION OF CURRENT SCHEDULED PRINCIPAL BALANCES
- ------------------------------------------------------------------------------------------------------------------
Current
Scheduled # of Aggregate % Tot Weighted Averages
Principal Mtg Sched Prin Sched Mnths Mort
Balance Loans Balance Bal DSCR* to Mat** Rate
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
less than $45,000,000.01 1 44,863,003 4.86% 1.95 356.00 6.820
$45,000,000.01+ 4 198,026,527 21.46% 1.87 352.01 7.135
$55,000,000.01+ 2 134,025,936 14.53% 1.60 187.97 7.377
$75,000,000.01+ 1 76,000,000 8.24% 2.71 355.00 6.900
$100,000,000.01+ 3 469,780,031 50.91% 1.86 314.70 6.903
- ------------------------------------------------------------------------------------------------------------------
Total 11 922,695,497 100.00% 1.90 309.63 7.017
- ------------------------------------------------------------------------------------------------------------------
<CAPTION>
DISTRIBUTION OF CURRENT MORTGAGE INTEREST RATES
- ------------------------------------------------------------------------------------------------------------------
Current
Mortgage # of Aggregate % Tot Weighted Averages
Interest Mtg Sched Prin Sched Mnths Mort
Rate Loans Balance Bal DSCR* to Mat** Rate
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
less than 6.750% 1 162,485,846 17.61% 1.86 356.00 6.670
6.751% - 6.850% 3 144,466,854 15.66% 2.08 353.25 6.813
6.851% - 7.000% 2 240,082,656 26.02% 2.27 311.26 6.900
7.001% - 7.250% 2 191,755,649 20.78% 1.60 309.18 7.175
7.251% - 7.500% 2 134,025,936 14.53% 1.60 187.97 7.377
7.501% + 1 49,878,556 5.41% 1.70 353.00 7.730
- ------------------------------------------------------------------------------------------------------------------
Total 11 922,695,497 100.00% 1.90 309.63 7.017
- ------------------------------------------------------------------------------------------------------------------
<CAPTION>
DISTRIBUTION OF REMAINING STATED TERM ALL LOANS
- ------------------------------------------------------------------------------------------------------------------
Remaining
Stated # of Aggregate % Tot Weighted Averages
Term Mtg Sched Prin Sched Mnths Mort
(Months) Loans Balance Bal DSCR* to Mat** Rate
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
0-36 - - 0.00% 0.00 0.00 0.000
37-72 - - 0.00% 0.00 0.00 0.000
73-120 1 74,898,382 8.12% 1.34 109.00 7.280
121-180 - - 0.00% 0.00 0.00 0.000
181-240 - - 0.00% 0.00 0.00 0.000
241-300 3 366,421,739 39.71% 1.87 292.08 7.102
300+ 7 481,375,376 52.17% 2.01 354.20 6.912
- ------------------------------------------------------------------------------------------------------------------
Total 11 922,695,497 100.00% 1.90 309.63 7.017
- ------------------------------------------------------------------------------------------------------------------
<CAPTION>
DISTRIBUTION OF PROPERTY TYPE
- ------------------------------------------------------------------------------------------------------------------
# of Aggregate % Tot Weighted Averages
Property Mtg Sched Prin Sched Mnths Mort
Types Loans Balance Bal DSCR* to Mat** Rate
- ------------------------------------------------------------------------------------------------------------------
Retail 5 382,831,256 41.49% 2.04 354.63 6.892
Lodging 1 164,082,656 17.78% 2.06 291.00 6.900
Mixed Use 1 143,211,529 15.52% 1.64 295.00 7.170
Multi-Family 2 124,898,382 13.54% 1.72 207.08 7.084
Various 1 59,127,554 6.41% 1.93 288.00 7.500
Office 1 48,544,120 5.26% 1.49 351.00 7.190
- ------------------------------------------------------------------------------------------------------------------
Total 11 922,695,497 100.00% 1.90 309.63 7.017
- ------------------------------------------------------------------------------------------------------------------
*All DSCR calculations are non-zero weighted averages at Closing
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C>
MORGAN STANLEY CAPITAL I, INC. STATE STREET CORPORATE TRUST
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES WEB: CORPORATETRUST.STATESTREET.COM
SERIES 1998-XL1 PAYMENT OCTOBER 3, 1998
UNDERWRITER MORGAN STANLEY DEAN WITTER REPORT B270-02
</TABLE>
<TABLE>
<CAPTION>
DISTRIBUTION BY STATE
- ------------------------------------------------------------------------------------------------------------------
# of Aggregate % Tot Weighted Averages
Mtg Sched Prin Sched Mnths Mort
States Loans Balance Bal DSCR* to Mat** Rate
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
California 2 307,294,185 33.30% 1.86 292.86 7.026
Texas 1 162,485,846 17.61% 1.86 356.00 6.670
Tennessee 1 76,000,000 8.24% 2.71 355.00 6.900
Illinois 1 49,878,556 5.41% 1.70 353.00 7.730
Virginia 1 48,544,120 5.26% 1.49 351.00 7.190
Oklahoma 1 44,863,003 4.86% 1.95 356.00 6.820
Various 4 233,629,787 25.32% 1.83 257.90 7.135
- ------------------------------------------------------------------------------------------------------------------
Total 11 922,695,497 100.00% 1.90 309.63 7.017
- ------------------------------------------------------------------------------------------------------------------
<CAPTION>
DISTRIBUTION OF SEASONING
- ------------------------------------------------------------------------------------------------------------------
# of Aggregate % Tot Weighted Averages
Seasoning Mtg Sched Prin Sched Mnths Mort
(months) Loans Balance Bal DSCR* to Mat** Rate
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
0-12 10 863,567,943 93.59% 1.90 311.11 6.984
13-24 1 59,127,554 6.41% 1.93 288.00 7.500
25-36 0 - 0.00% 0.00 0.00 0.000
37-48 0 - 0.00% 0.00 0.00 0.000
49-60 0 - 0.00% 0.00 0.00 0.000
61-84 0 - 0.00% 0.00 0.00 0.000
85-120 0 - 0.00% 0.00 0.00 0.000
121-180 0 - 0.00% 0.00 0.00 0.000
181+ 0 - 0.00% 0.00 0.00 0.000
- ------------------------------------------------------------------------------------------------------------------
Total 11 922,695,497 100.00% 1.90 309.63 7.017
- ------------------------------------------------------------------------------------------------------------------
<CAPTION>
DISTRIBUTION OF AMORTIZATION TYPE
- ------------------------------------------------------------------------------------------------------------------
# of Aggregate % Tot Weighted Averages
Amortization Mtg Sched Prin Sched Mnths Mort
Type Loans Balance Bal DSCR* to Mat** Rate
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Amort Balloon 1 74,898,382 8.12% 1.34 109.00 7.280
Fully Amortizing 8 721,797,115 78.23% 1.85 322.59 7.018
IO/Amortizing 2 126,000,000 13.66% 2.54 354.60 6.856
- ------------------------------------------------------------------------------------------------------------------
Total 11 922,695,497 100.00% 1.90 309.63 7.017
- ------------------------------------------------------------------------------------------------------------------
<CAPTION>
DISTRIBUTION OF DEBT SERVICE COVERAGE RATIO AT CLOSING
- ------------------------------------------------------------------------------------------------------------------
# of Aggregate % Tot Weighted Averages
Mtg Sched Prin Sched Mnths Mort
DSCR Loans Balance Bal DSCR* to Mat** Rate
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Not Populated 0 - 0.00% 0.00 0.00 0.000
0.001-0.999 0 - 0.00% 0.00 0.00 0.000
1.000-1.250 0 - 0.00% 0.00 0.00 0.000
1.251-1.500 2 123,442,502 13.38% 1.40 204.17 7.245
1.501-1.750 2 193,090,085 20.93% 1.66 309.98 7.315
1.751-2.000 4 316,080,254 34.26% 1.91 342.34 6.872
2.000+ 3 290,082,656 31.44% 2.27 318.63 6.881
- ------------------------------------------------------------------------------------------------------------------
Total 11 922,695,497 100.00% 1.90 309.63 7.017
- ------------------------------------------------------------------------------------------------------------------
*All DSCR calculations are non-zero weighted averages at Closing
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C>
MORGAN STANLEY CAPITAL I, INC. STATE STREET CORPORATE TRUST
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES WEB: CORPORATETRUST.STATESTREET.COM
SERIES 1998-XL1 PAYMENT OCTOBER 3, 1998
UNDERWRITER MORGAN STANLEY DEAN WITTER REPORT B270-03
</TABLE>
<TABLE>
<CAPTION>
DISTRIBUTION OF LOAN TO VALUE RATIO
- ------------------------------------------------------------------------------------------------------------------
Most # of Aggregate % Tot Weighted Averages
Recent Mtg Sched Prin Sched Mnths Mort
LTV Loans Balance Bal DSCR* to Mat** Rate
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
less than 20.001 0 - 0.00% 0.00 0.00 0.000
20.001+ 0 - 0.00% 0.00 0.00 0.000
30.001+ 0 - 0.00% 0.00 0.00 0.000
40.001+ 3 290,082,656 31.44% 2.27 318.63 6.881
50.001+ 2 103,990,557 11.27% 1.94 317.34 7.207
55.001+ 1 49,878,556 5.41% 1.70 353.00 7.730
60.001+ 3 355,301,226 38.51% 1.79 330.58 6.894
65.001+ 0 - 0.00% 0.00 0.00 0.000
70.000+ 2 123,442,502 13.38% 1.40 204.17 7.245
- ------------------------------------------------------------------------------------------------------------------
Total 11 922,695,497 100.00% 1.90 309.63 7.017
- ------------------------------------------------------------------------------------------------------------------
<CAPTION>
DISTRIBUTION OF ORIGINAL TERM TO STATED MATURITY
- ------------------------------------------------------------------------------------------------------------------
Original # of Aggregate % Tot Weighted Averages
Term to Mtg Sched Prin Sched Mnths Mort
Maturity Loans Balance Bal DSCR* to Mat** Rate
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
0-60 0 - 0.00% 0.00 0.00 0.000
61-84 0 - 0.00% 0.00 0.00 0.000
85-120 0 - 0.00% 0.00 0.00 0.000
121-180 1 74,898,382 8.12% 1.34 109.00 7.280
181-240 0 - 0.00% 0.00 0.00 0.000
241+ 10 847,797,115 91.88% 1.95 327.35 6.994
- ------------------------------------------------------------------------------------------------------------------
Total 11 922,695,497 100.00% 1.90 309.63 7.017
- ------------------------------------------------------------------------------------------------------------------
<CAPTION>
DISTRIBUTION OF MATURITY DATE EXTENSIONS (SINCE DEAL ORIGINATION)
- ------------------------------------------------------------------------------------------------------------------
Total Cumulative
# of Aggregate WA # of Aggregate WA
Months Mtg Sched Prin Months Mtg Sched Prin Months
Extended Loans Balance Extended Loans Balance Extended
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
0-12 0 - 0.00% 0.00 0.00 0.000
13-24 0 - 0.00% 0.00 0.00 0.000
25+ 0 - 0.00% 0.00 0.00 0.000
Extended & Paid off 0 - 0.00% 0.00 0.00 0.000
- ------------------------------------------------------------------------------------------------------------------
Total 0 - 0.00% 0.00 0.00 0.000
- ------------------------------------------------------------------------------------------------------------------
*All DSCR calculations are non-zero weighted averages at Closing
**Maturity weighted avarages are based on Stated Maturity
NOTE: All DSCR and LTV calculations are pool averages
</TABLE>
