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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of report (Date of earliest event reported) June 22, 1998
DLJ Commercial Mortgage Corp.
(Exact Name of Registrant as Specified in Its Charter)
Delaware 333-32019 13-3956945
(State or Other Jurisdiction (Commission (IRS Employer
of Incorporation) File Number) Identification No.)
277 Park Avenue, New York, New York 10172
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code (212) 892-3000
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(Former Name or Former Address, if Changed Since Last Report)
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Item 5. Other Events.
It is expected that on or about June 24, 1998, a single series of
certificates, entitled DLJ Commercial Mortgage Corp., Commercial Mortgage
Pass-Through Certificates, Series 1998-CG1 (the "Certificates"), will be
issued pursuant to a pooling and servicing agreement (the "Pooling and
Servicing Agreement"), to be entered into by and among DLJ Commercial Mortgage
Corp. (the "Registrant"), GE Capital Loan Services, Inc., as servicer (the
"Servicer"), Midland Loan Services, Inc., as special servicer (the "Special
Servicer"), and Norwest Bank Minnesota, National Association, as trustee (in
such capacity, the "Trustee") and REMIC administrator (in such capacity, the
"REMIC Administrator"). Certain classes of the Certificates (the "Underwritten
Certificates") will be registered under the Registrant's registration
statement on Form S-3 (No. 333-32019) and sold to Donaldson, Lufkin & Jenrette
Securities Corporation (the "Underwriter") pursuant to an underwriting
agreement (the "Underwriting Agreement") to be entered into by and between the
Registrant and the Underwriter.
In connection with the expected sale of the Underwritten
Certificates, the Underwriter has advised the Registrant that it has furnished
to prospective investors certain information constituting Exhibit 99.1 hereto
that may be considered "Computational Materials" (as defined in the no-action
letter dated May 20, 1994 issued by the Division of Corporation Finance of the
Securities and Exchange Commission (the "Commission") to Kidder, Peabody
Acceptance Corporation I, Kidder, Peabody & Co. Incorporated, and Kidder
Structured Asset Corporation and the no-action letter dated May 27, 1994
issued by the Division of Corporation Finance of the Commission to the Public
Securities Association).
The Computational Materials attached as exhibits hereto have been
prepared and provided to the Registrant by the Underwriter. The information in
such Computational Materials is preliminary and will be superseded by the
final Prospectus Supplement relating to the Underwritten Certificates and by
any other information subsequently filed with the Commission. To the extent
any Computational Materials previously filed by the Registrant with respect to
the Underwritten Certificates are inconsistent with the Computational
Materials attached hereto, such previously filed Computational Materials are
superseded by the Computational Materials attached hereto.
Item 7. Financial Statements and Exhibits.
(a) Financial statements of businesses acquired:
Not applicable.
(b) Pro forma financial information:
Not applicable.
(c) Exhibits:
Exhibit No. Description
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99.1 Computational Materials prepared by Donaldson, Lufkin & Jenrette
Securities Corporation ("DLJSC").
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
Date: June 22, 1998
DLJ COMMERCIAL MORTGAGE CORP.
By: /s/ N. Dante LaRocca
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Name: N. Dante LaRocca
Title: Senior Vice President
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EXHIBIT INDEX
The following exhibits are filed herewith:
Exhibit No. Page No.
99.1 Computational Materials prepared by Donaldson,
Lufkin & Jenrette Securities Corporation
("DLJSC").
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DLJCMC-1998CG1 S
Yield Table(Speeds Start after YMP, Inc. Prepay Penalties)
Current Balance : $1,564,253,441 Gross WAC : 7.2352
Pass-Thru Rate : 0.7085 Current WAM : 333
Accrued Days / Delay Days : 28/9 Settlement : 06/29/98
Prepayments
<TABLE>
<CAPTION>
0.0% CPR 10.0% CPR 20.0% CPR 30.0% CPR 40.0% CPR 50.0% CPR
-------- --------- --------- --------- --------- ---------
Price Yield ModDur Yield ModDur Yield ModDur Yield ModDur Yield ModDur Yield ModDur
----- ----- ------ ----- ------ ----- ------ ----- ------ ----- ------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C>
4.46875 4-15 10.833 3.85 10.768 3.83 10.730 3.81 10.699 3.79 10.671 3.78 10.642 3.78
4.50000 4-16 10.655 10.589 10.549 10.518 10.489 10.460
4.53125 4-17 10.479 10.411 10.371 10.339 10.310 10.280
4.56250 4-18 10.305 10.236 10.195 10.162 10.132 10.102
4.59375 4-19 10.132 10.063 10.021 9.987 9.957 9.927
4.62500 4-20 9.962 9.891 9.848 9.815 9.784 9.753
4.65625 4-21 9.794 9.722 9.678 9.644 9.613 9.582
4.68750 4-22 9.628 9.554 9.510 9.475 9.443 9.412
4.71875 4-23 9.463 4.00 9.389 3.97 9.343 3.95 9.308 3.94 9.276 3.93 9.244 3.92
4.75000 4-24 9.300 9.225 9.179 9.143 9.110 9.078
4.78125 4-25 9.139 9.063 9.016 8.979 8.947 8.914
4.81250 4-26 8.980 8.902 8.855 8.818 8.785 8.752
4.84375 4-27 8.823 8.744 8.696 8.658 8.625 8.592
4.87500 4-28 8.667 8.587 8.538 8.500 8.466 8.433
4.90625 4-29 8.512 8.432 8.382 8.344 8.309 8.276
4.93750 4-30 8.360 8.278 8.228 8.189 8.154 8.121
4.96140 4-31 8.244 4.14 8.162 4.11 8.111 4.09 8.072 4.08 8.037 4.07 8.003 4.07
4.96875 4-31 8.209 8.126 8.075 8.036 8.001 7.967
5.00000 5-00 8.059 7.976 7.924 7.884 7.849 7.815
5.03125 5-01 7.912 7.827 7.775 7.734 7.699 7.665
5.06250 5-02 7.765 7.680 7.627 7.586 7.550 7.516
5.09375 5-03 7.620 7.534 7.480 7.439 7.403 7.368
5.12500 5-04 7.477 7.389 7.335 7.294 7.257 7.222
5.15625 5-05 7.335 7.246 7.192 7.150 7.113 7.078
5.18750 5-06 7.194 4.26 7.105 4.23 7.050 4.22 7.007 4.21 6.970 4.20 6.935 4.19
5.21875 5-07 7.055 6.965 6.909 6.866 6.829 6.794
5.25000 5-08 6.917 6.826 6.770 6.727 6.689 6.654
5.28125 5-09 6.780 6.689 6.632 6.589 6.551 6.515
5.31250 5-10 6.645 6.553 6.495 6.452 6.414 6.378
5.34375 5-11 6.511 6.418 6.360 6.316 6.278 6.242
5.37500 5-12 6.379 6.285 6.226 6.182 6.143 6.107
5.40625 5-13 6.247 6.153 6.094 6.049 6.010 5.974
Avg Life 9.78 9.65 9.56 9.51 9.47 9.44
First Pay 07/10/98 07/10/98 07/10/98 07/10/98 07/10/98 07/10/98
Last pay 05/10/23 05/10/23 05/10/23 05/10/23 05/10/23 05/10/23
Prin. Window 299 299 299 299 299 299
</TABLE>
The analyses, calculations, and valuations herein are based on certain
assumptions and data provided by third parties which may vary from the actual
characteristics of the pool. Donaldson, Lufkin and Jennrette Securities
Corporation makes no representation that such analyses or calculations are
accurate or that such valuations represent levels where actual trades may
occur. Investors should rely on the information contained in or filed in
connection with the prospectus / prospectus supplement.
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DLJCMC-1998CG1 S
Yield Table(Speeds Start after YMP, Inc. Prepay Penalties)
Current Balance : $1,564,253,441 Gross WAC : 7.2352
Pass-Thru Rate : 0.7085 Current WAM : 333
Accrued Days / Delay Days : 28/9 Settlement : 06/29/98
Prepayments (Default: D Vect 1, Severity: 25.0%, Workout 12 months)
5.0% CPR
Price Yield ModDur
4.46875 4-15 9.850 3.80
4.50000 4-16 9.670
4.53125 4-17 9.491
4.56250 4-18 9.315
4.59375 4-19 9.140
4.62500 4-20 8.968
4.65625 4-21 8.798
4.68750 4-22 8.629
4.71875 4-23 8.462 3.95
4.75000 4-24 8.297
4.78125 4-25 8.134
4.81250 4-26 7.973
4.84375 4-27 7.813
4.87500 4-28 7.655
4.90625 4-29 7.499
4.93750 4-30 7.344
4.96140 4-31 7.227 4.08
4.96875 4-31 7.191
5.00000 5-00 7.040
5.03125 5-01 6.890
5.06250 5-02 6.742
5.09375 5-03 6.595
5.12500 5-04 6.450
5.15625 5-05 6.306
5.18750 5-06 6.163 4.21
5.21875 5-07 6.022
5.25000 5-08 5.883
5.28125 5-09 5.745
5.31250 5-10 5.608
5.34375 5-11 5.472
5.37500 5-12 5.338
5.40625 5-13 5.205
Avg Life 9.37
First Pay 07/10/98
Last pay 05/10/24
Prin. Window 311
1. Default Vector (Relative to Factor Date): 1-12 mo = 0.00% CDR; 13-life =
1.00% CDR.
The analyses, calculations, and valuations herein are based on certain
assumptions and data provided by third parties which may vary from the actual
characteristics of the pool. Donaldson, Lufkin and Jennrette Securities
Corporation makes no representation that such analyses or calculations are
accurate or that such valuations represent levels where actual trades may
occur. Investors should rely on the information contained in or filed in
connection with the prospectus / prospectus supplement.
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