================================================================================
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) May 20, 1999
Structured Asset Securities Corporation
- --------------------------------------------------------------------------------
(Exact Name of Registrant as Specified in Its Charter)
Delaware 333-49129 74-2440858
- --------------------------------------------------------------------------------
(State or Other Jurisdiction (Commission (IRS Employer
of Incorporation) File Number) Identification No.)
200 Vesey Street, New York, New York 10285
- --------------------------------------------------------------------------------
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code (212) 526-7000
-------------
- --------------------------------------------------------------------------------
(Former Name or Former Address, if Changed Since Last Report)
================================================================================
<PAGE>
Item 5. Other Events.
It is expected that during June 1999, a single series of certificates,
entitled LB Commercial Mortgage Trust 1999-C1, Commercial Mortgage Pass-Through
Certificates, Series 1999-C1 (the "Certificates"), will be issued pursuant to a
pooling and servicing agreement (the "Pooling and Servicing Agreement"), to be
entered into by and among Structured Asset Securities Corporation (the
"Registrant") and a master servicer, a special servicer and a trustee. Certain
classes of the Certificates (the "Underwritten Certificates") will be registered
under the Registrant's registration statement on Form S-3 (no. 333-49129) and
sold to Lehman Brothers Inc. ("Lehman Brothers") and Merrill Lynch, Pierce,
Fenner & Smith Incorporated ("Merrill"; and Merrill, together with Lehman
Brothers, the "Underwriters") pursuant to an underwriting arrangement between
the Registrant and the Underwriters.
In connection with the expected sale of the Underwritten Certificates, the
Registrant has been advised that prospective investors have been furnished with
certain materials attached hereto as Exhibit 99.1 that constitute "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) and/or "ABS Term Sheets" (as
defined in the no-action letter dated February 17, 1995 issued by the Division
of Corporation Finance of the Commission to the Public Securities Association).
The materials attached hereto have been prepared and provided to the
Registrant with respect to the Underwritten Certificates. The information in
such materials is preliminary and will be superseded by the final Prospectus
Supplement relating to the Underwritten Certificates and by any other similar
information subsequently filed with the Commission. To the extent any materials
previously filed by the Registrant with respect to the Underwritten Certificates
are inconsistent with the materials attached hereto, such previously filed
materials are superseded by the materials attached hereto.
Item 7. Financial Statements and Exhibits.
(a) Financial statements of businesses acquired:
Not applicable.
(b) Pro forma financial information:
Not applicable.
-2-
<PAGE>
(c) Exhibits:
Exhibit No. Description
99.1 Certain materials constituting Computational Materials and/or ABS
Term Sheets, dated May 20, 1999, prepared and disseminated in
connection with the expected sale of the Underwritten Certificates.
-3-
<PAGE>
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: May 20, 1999
STRUCTURED ASSET SECURITIES CORPORATION
By: /S/ James Blakemore
---------------------------------------
Name: James Blakemore
Title: Vice President
<PAGE>
EXHIBIT INDEX
The following exhibits are filed herewith:
Exhibit No. Page No.
- ----------- --------
99.1 Certain materials constituting Computational Materials
and/or ABS Term Sheets, dated May 20, 1999, in connection
with the expected sale of the Underwritten Certificates.
-5-
Annex B
LB Commercial Mortgage Trust
Commercial Mortgage Pass-Through Certificates
Series 1999-C1
$1,483,746,000
(Approximate)
Offered Certificates
[GRAPHIC OMITTED]
% of Initial Pool by Cut-off Date Balance
LEHMAN BROTHERS
MERRILL LYNCH & CO.
Page 1 of 17
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR A SOLICITATION
OF AN OFFER TO BUY ANY OF THE SECURITIES REFERRED TO HEREIN. OFFERS TO SELL AND
SOLICITATIONS OF OFFERS TO BUY SECURITIES ARE MADE ONLY BY, AND THIS INFORMATION
MUST BE READ IN CONJUNCTION WITH, THE FINAL PROSPECTUS SUPPLEMENT AND THE
RELATED PROSPECTUS OR, IF NOT REGISTERED UNDER THE SECURITIES ACT OF 1933, THE
FINAL OFFERING MEMORANDUM (THE "OFFERING DOCUMENT"). INFORMATION CONTAINED
HEREIN DOES NOT PURPORT TO BE COMPLETE AND IS SUBJECT TO THE SAME QUALIFICATIONS
AND ASSUMPTIONS, AND SHOULD BE CONSIDERED BY INVESTORS ONLY IN THE LIGHT OF THE
SAME WARNINGS, LACK OF ASSURANCES AND REPRESENTATIONS AND OTHER PRECAUTIONARY
MATTERS, AS DISCLOSED IN THE OFFERING DOCUMENT. INFORMATION REGARDING THE
UNDERLYING ASSETS HAS BEEN PROVIDED BY THE ISSUER OF THE SECURITIES OR AN
AFFILIATE THEREOF AND HAS NOT BEEN INDEPENDENTLY VERIFIED BY THE UNDERWRITERS OR
THEIR AFFILIATES. THE ANALYSES CONTAINED HEREIN HAVE BEEN PREPARED AND
DISSEMINATED BY THE UNDERWRITERS. THIS INFORMATION WAS PREPARED ON THE BASIS OF
CERTAIN ASSUMPTIONS (INCLUDING, IN CERTAIN CASES ASSUMPTIONS SPECIFIED BY THE
RECIPIENT HEREOF) REGARDING PAYMENTS, INTEREST RATES, WEIGHTED AVERAGE LIVES AND
WEIGHTED AVERAGE LOAN AGE, LOSS AND OTHER MATTERS, INCLUDING, BUT NOT LIMITED
TO, THE ASSUMPTIONS DESCRIBED IN THE OFFERING DOCUMENT. NEITHER THE
UNDERWRITERS, NOR ANY OF THEIR AFFILIATES MAKE ANY REPRESENTATION OR WARRANTY AS
TO THE ACTUAL RATE OR TIMING OF PAYMENTS ON ANY OF THE UNDERLYING ASSETS OR THE
PAYMENTS OR YIELD ON THE SECURITIES. THIS INFORMATION SUPERSEDES ANY PRIOR
VERSIONS HEREOF AND WILL BE DEEMED TO BE SUPERSEDED BY ANY SUBSEQUENT VERSIONS
(INCLUDING, WITH RESPECT TO ANY DESCRIPTION OF THE SECURITIES OR THE UNDERLYING
ASSETS, THE INFORMATION CONTAINED IN THE OFFERING DOCUMENT).
<PAGE>
LBCMT 1999-C1 Structural and Collateral Term Sheet (continued):
LB Commercial Mortgage Trust
Commercial Mortgage Pass-Through Certificates
Series 1999-C1
Credit
Support
------------------------------------------------------------------------
23.75% Class A-1
-------------------------------------
Class A-2
-------------------------------------
18.00% Class B
-------------------------------------
12.50% Class C
-------------------------------------
8.50% Class D
-------------------------------------
6.50% Class E
-------------------------------------
5.25% Class F Class X
-------------------------------------
3.40% Class G
-------------------------------------
2.75% Class H
-------------------------------------
1.30% Class J
-------------------------------------
0.80% Class K
-------------------------------------
0.65% Class L
-------------------------------------
N/A Class M
------------------------------------------------------------------------
<TABLE>
<CAPTION>
================================================================================================
Avg
Original Life(2) Principal Legal
Class Face ($) Rating(1) Description Coupon (years) Window (2) Status
==================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 $ 405,000,000 Aaa/AAA Fixed -- 5.50 07/99-08/07 Public
- --------------------------------------------------------------------------------------------------
A-2 805,006,000 Aaa/AAA Fixed -- 9.56 08/07-04/09 Public
- --------------------------------------------------------------------------------------------------
X 1,586,894,129 Aaa/AAA WAC I/O -- 8.93(4) 07/99-07/23 Public
- --------------------------------------------------------------------------------------------------
B 91,247,000 Aa2/AA Fixed -- 9.85 04/09-04/09 Public
- --------------------------------------------------------------------------------------------------
C 87,279,000 A2/A Fixed -- 9.91 04/09-05/09 Public
- --------------------------------------------------------------------------------------------------
D 63,476,000 Baa2/BBB Fixed -- 9.94 05/09-06/09 Public
- --------------------------------------------------------------------------------------------------
E 31,738,000 Baa3/BBB- Fixed -- 10.01 06/09-06/09 Public
- --------------------------------------------------------------------------------------------------
F 19,836,000 (5) Fixed -- 11.30 06/09-08/12 Private 144A
- --------------------------------------------------------------------------------------------------
G 29,357,000 (5) Fixed -- 13.83 08/12-06/13 Private 144A
- --------------------------------------------------------------------------------------------------
H 10,315,000 (5) Fixed -- 14.57 06/13-05/14 Private 144A
- --------------------------------------------------------------------------------------------------
J 23,010,000 (5) Fixed -- 15.34 05/14-07/16 Private 144A
- --------------------------------------------------------------------------------------------------
K 7,934,000 (5) Fixed -- 18.07 07/16-05/18 Private 144A
- --------------------------------------------------------------------------------------------------
L 2,381,000 (5) Fixed -- 18.93 05/18-05/18 Private 144A
- --------------------------------------------------------------------------------------------------
M 10,315,129 (5) Fixed -- 19.77 05/18-07/23 Private 144A
- --------------------------------------------------------------------------------------------------
Total $1,586,894,129 -- -- -- -- -- --
==================================================================================================
</TABLE>
(1) Ratings by Moody's and Duff & Phelps.
(2) Assuming among other things, 0% CPR, no losses and that ARD loans pay off
on their Anticipated Repayment Date.
(3) Represents notional amount on Class X.
(4) Represents average life of notional amount of Class X.
(5) Not offered hereby.
Page 2 of 17
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR A SOLICITATION
OF AN OFFER TO BUY ANY OF THE SECURITIES REFERRED TO HEREIN. OFFERS TO SELL AND
SOLICITATIONS OF OFFERS TO BUY SECURITIES ARE MADE ONLY BY, AND THIS INFORMATION
MUST BE READ IN CONJUNCTION WITH, THE FINAL PROSPECTUS SUPPLEMENT AND THE
RELATED PROSPECTUS OR, IF NOT REGISTERED UNDER THE SECURITIES ACT OF 1933, THE
FINAL OFFERING MEMORANDUM (THE "OFFERING DOCUMENT"). INFORMATION CONTAINED
HEREIN DOES NOT PURPORT TO BE COMPLETE AND IS SUBJECT TO THE SAME QUALIFICATIONS
AND ASSUMPTIONS, AND SHOULD BE CONSIDERED BY INVESTORS ONLY IN THE LIGHT OF THE
SAME WARNINGS, LACK OF ASSURANCES AND REPRESENTATIONS AND OTHER PRECAUTIONARY
MATTERS, AS DISCLOSED IN THE OFFERING DOCUMENT. INFORMATION REGARDING THE
UNDERLYING ASSETS HAS BEEN PROVIDED BY THE ISSUER OF THE SECURITIES OR AN
AFFILIATE THEREOF AND HAS NOT BEEN INDEPENDENTLY VERIFIED BY THE UNDERWRITERS OR
THEIR RESPECTIVE AFFILIATES. THE ANALYSES CONTAINED HEREIN HAVE BEEN PREPARED
AND DISSEMINATED BY THE UNDERWRITERS. THIS INFORMATION WAS PREPARED ON THE BASIS
OF CERTAIN ASSUMPTIONS (INCLUDING, IN CERTAIN CASES, ASSUMPTIONS SPECIFIED BY
THE RECIPIENT HEREOF) REGARDING PAYMENTS, INTEREST RATES, WEIGHTED AVERAGE LIVES
AND WEIGHTED AVERAGE LOAN AGE, LOSS AND OTHER MATTERS, INCLUDING, BUT NOT
LIMITED TO, THE ASSUMPTIONS DESCRIBED IN THE OFFERING DOCUMENT. NEITHER THE
UNDERWRITERS, NOR ANY OF THEIR AFFILIATES MAKE ANY REPRESENTATION OR WARRANTY AS
TO THE ACTUAL RATE OR TIMING OF PAYMENTS ON ANY OF THE UNDERLYING ASSETS OR THE
PAYMENTS OR YIELD ON THE SECURITIES. THIS INFORMATION SUPERSEDES ANY PRIOR
VERSIONS HEREOF AND WILL BE DEEMED TO BE SUPERSEDED BY ANY SUBSEQUENT VERSIONS
(INCLUDING, WITH RESPECT TO ANY DESCRIPTION OF THE SECURITIES OR THE UNDERLYING
ASSETS, THE INFORMATION CONTAINED IN THE OFFERING DOCUMENT).
<PAGE>
LBCMT 1999-C1 Structural and Collateral Term Sheet (continued):
CERTAIN OFFERING POINTS
o Newly Originated Collateral. The collateral consists of 197
Mortgage Loans with a principal balance (as of the
Cut-off Date) of approximately $1.59 billion. All the
Mortgage Loans were originated by affiliates of Lehman
Brothers or its approved conduit originators.
o Call Protection. 100% of the Mortgage Loans contain call
protection provisions. As of the Cut-off Date, 99.08% of
the Mortgage Loans provide for initial lockout period.
The weighted average lockout and defeasance period for
all loans is 117 months. The Mortgage Loans are
generally prepayable without penalty between zero to
three months from Mortgage Loan maturity or Anticipated
Repayment Date ("ARD"), with a weighted average open
period of 1 month.
o Weighted average lock-out and treasury defeasance of 9.75
years.
o No loan delinquent 30 days or more as of the Cut-off Date.
o $8,055,300 average loan balance as of the Cut-off Date.
o 1.54x Weighted Average Debt Service Coverage Ratio ("DSCR") as
of the Cut-off Date.(1)
o 63.1% Weighted Average Loan to Value ("LTV") as of the Cut-off
Date.(1)
o 54.4% Weighted Average Loan to Value ("LTV") at Balloon.
o Property Type Diversification. 42.6% Retail (50.1% Anchored,
24.3% Super Regional Mall, 14.4% Regional Mall, and
11.2% Unanchored), 22.4% Office, 13.7% Multifamily,
13.1% Hotel, 3.5% Industrial/Warehouse, 3.2% Credit
Tenant Lease ("CTL"), 0.8% Self Storage, 0.7% Other.
o Geographic Distribution. The properties are distributed
throughout 38 states, Washington D.C. (0.2%) and Puerto
Rico (1.0%). California (15.1%); New York (12.6%);
Oklahoma (11.5%); Texas (7.8%); Michigan (6.5%); Florida
(5.7%), all other states less than 5% each.
o Monthly Investor Reporting. Updated collateral summary
information will be part of the monthly remittance
report in addition to detailed P&I payment and
delinquency information. Quarterly NOI and Occupancy
information to the extent delivered by borrowers, will
be available to Certificate- holders.
o Cash Flows will be Modeled on BLOOMBERG.
(Except as otherwise indicated, percentages (%) represent the principal amount
of loan or loans as of the Cut-off Date (as to each loan the "Cut-off Date
Balance") compared to aggregate pool balance as of the Cut-off Date (the
"Initial Pool Balance"); weighted averages are weighted using Cut-off Date
Balance; loans with properties in multiple states have been allocated to certain
states based upon "allocated loan amounts" or appraisal amount if the loan did
not have allocated loan amounts.)
(1) Weighted Averages for Cut-off Date LTV and DSC Ratio do not include Credit
Tenant Lease Loans.
Page 3 of 17
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR A SOLICITATION
OF AN OFFER TO BUY ANY OF THE SECURITIES REFERRED TO HEREIN. OFFERS TO SELL AND
SOLICITATIONS OF OFFERS TO BUY SECURITIES ARE MADE ONLY BY, AND THIS INFORMATION
MUST BE READ IN CONJUNCTION WITH, THE FINAL PROSPECTUS SUPPLEMENT AND THE
RELATED PROSPECTUS OR, IF NOT REGISTERED UNDER THE SECURITIES ACT OF 1933, THE
FINAL OFFERING MEMORANDUM (THE "OFFERING DOCUMENT"). INFORMATION CONTAINED
HEREIN DOES NOT PURPORT TO BE COMPLET AND IS SUBJECT TO THE SAME QUALIFICATIONS
AND ASSUMPTIONS, AND SHOULD BE CONSIDERED BY INVESTORS ONLY IN THE LIGHT OF THE
SAME WARNINGS, LACK OF ASSURANCES AND REPRESENTATIONS AND OTHER PRECAUTIONARY
MATTERS, AS DISCLOSED IN THE OFFERING DOCUMENT. INFORMATION REGARDING THE
UNDERLYING ASSETS HAS BEEN PROVIDED BY THE ISSUER OF THE SECURITIES OR AN
AFFILIATE THEREOF AND HAS NOT BEEN INDEPENDENTLY VERIFIED BY THE UNDERWRITERS OR
THEIR RESPECTIVE AFFILIATES. THE ANALYSES CONTAINED HEREIN HAVE BEEN PREPARED
AND DISSEMINATED BY THE UNDERWRITERS. THIS INFORMATION WAS PREPARED ON THE BASIS
OF CERTAIN ASSUMPTIONS (INCLUDING, IN CERTAIN CASES, ASSUMPTIONS SPECIFIED BY
THE RECIPIENT HEREOF) REGARDING PAYMENTS, INTEREST RATES, WEIGHTED AVERAGE LIVES
AND WEIGHTED AVERAGE LOAN AGE, LOSS AND OTHER MATTERS, INCLUDING, BUT NOT
LIMITED TO, THE ASSUMPTIONS DESCRIBED IN THE OFFERING DOCUMENT. NEITHER THE
UNDERWRITERS, NOR ANY OF THEIR AFFILIATES MAKE ANY REPRESENTATION OR WARRANTY AS
TO THE ACTUAL RATE OR TIMING OF PAYMENTS ON ANY OF THE UNDERLYING ASSETS OR THE
PAYMENTS OR YIELD ON THE SECURITIES. THIS INFORMATION SUPERSEDES ANY PRIOR
VERSIONS HEREOF AND WILL BE DEEMED TO BE SUPERSEDED BY ANY SUBSEQUENT VERSIONS
(INCLUDING, WITH RESPECT TO ANY DESCRIPTION OF THE SECURITIES OR THE UNDERLYING
ASSETS, THE INFORMATION CONTAINED IN THE OFFERING DOCUMENT).
<PAGE>
LBCMT 1999-C1 Structural and Collateral Term Sheet (continued):
PRIORITY AND TIMING OF CASH FLOWS*
[GRAPHIC OMITTED]
*Assuming 0% CPR and No Losses
RATING AGENCIES: Moody's Investor Services, Inc. and Duff & Phelps Credit
Rating Co.
TRUSTEE: Norwest Minnesota Bank, National Association
MASTER SERVICER: First Union National Bank
SPECIAL SERVICER: GMAC Commercial Mortgage Corporation
CO-MANAGER: Merrill Lynch
CLOSING DATE: On or about June 10, 1999.
CUT-OFF DATE: June 1, 1999 (or for loans with due dates other than the
first, their due date).
ERISA: Classes A-1, A-2, and X are expected to be eligible for
Lehman's individual prohibited transaction exemption.
SMMEA: Classes A-1, A-2, B and X are "mortgage related securities"
for purposes of SMMEA.
PAYMENT: Pays on 15th of each month or, if such date is not a business
day, then the following business day, commencing July 15,
1999.
CLASS X: The Class X is comprised of multiple components, one
relating to each class of Principal Balance Certificates.
OPTIONAL CALL: 1% Clean-up Call.
MORTGAGE LOANS: The mortgage loans were originated by an affiliate of
Lehman Brothers, or its approved conduit originators. As of
the Cut-off Date, the Mortgage Loans have a weighted average
coupon ("WAC") of 7.499% and a remaining weighted average
maturity ("WAM") of 117 months (assuming that the ARD loans
mature on their ARD date).
Page 4 of 17
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR A SOLICITATION
OF AN OFFER TO BUY ANY OF THE SECURITIES REFERRED TO HEREIN. OFFERS TO SELL AND
SOLICITATIONS OF OFFERS TO BUY SECURITIES ARE MADE ONLY BY, AND THIS INFORMATION
MUST BE READ IN CONJUNCTION WITH, THE FINAL PROSPECTUS SUPPLEMENT AND THE
RELATED PROSPECTUS OR, IF NOT REGISTERED UNDER THE SECURITIES ACT OF 1933, THE
FINAL OFFERING MEMORANDUM (THE "OFFERING DOCUMENT"). INFORMATION CONTAINED
HEREIN DOES NOT PURPORT TO BE COMPLETE AND IS SUBJECT TO THE SAME QUALIFICATIONS
AND ASSUMPTIONS, AND SHOULD BE CONSIDERED BY INVESTORS ONLY IN THE LIGHT OF THE
SAME WARNINGS, LACK OF ASSURANCES AND REPRESENTATIONS AND OTHER PRECAUTIONARY
MATTERS, AS DISCLOSED IN THE OFFERING DOCUMENT. INFORMATION REGARDING THE
UNDERLYING ASSETS HAS BEEN PROVIDED BY THE ISSUER OF THE SECURITIES OR AN
AFFILIATE THEREOF AND HAS NOT BEEN INDEPENDENTLY VERIFIED BY THE UNDERWRITERS OR
THEIR RESPECTIVE AFFILIATES. THE ANALYSES CONTAINED HEREIN HAVE BEEN PREPARED
AND DISSEMINATED BY THE UNDERWRITERS. THIS INFORMATION WAS PREPARED ON THE BASIS
OF CERTAIN ASSUMPTIONS (INCLUDING, IN CERTAIN CASES, ASSUMPTIONS SPECIFIED BY
THE RECIPIENT HEREOF) REGARDING PAYMENTS, INTEREST RATES, WEIGHTED AVERAGE LIVES
AND WEIGHTED AVERAGE LOAN AGE, LOSS AND OTHER MATTERS, INCLUDING, BUT NOT
LIMITED TO, THE ASSUMPTIONS DESCRIBED IN THE OFFERING DOCUMENT. NEITHER THE
UNDERWRITERS, NOR ANY OF THEIR AFFILIATES MAKE ANY REPRESENTATION OR WARRANTY AS
TO THE ACTUAL RATE OR TIMING OF PAYMENTS ON ANY OF THE UNDERLYING ASSETS OR THE
PAYMENTS OR YIELD ON THE SECURITIES. THIS INFORMATION SUPERSEDES ANY PRIOR
VERSIONS HEREOF AND WILL BE DEEMED TO BE SUPERSEDED BY ANY SUBSEQUENT VERSIONS
(INCLUDING, WITH RESPECT TO ANY DESCRIPTION OF THE SECURITIES OR THE UNDERLYING
ASSETS, THE INFORMATION CONTAINED IN THE OFFERING DOCUMENT).
<PAGE>
LBCMT 1999-C1 Structural and Collateral Term Sheet (continued):
See the Collateral Overview Tables at the end of this memo for
more Mortgage Loan details.
CREDIT Credit enhancement for each class of Certificates
ENHANCEMENT: will be provided by the classes of Certificates which are
subordinate in priority with respect to payments of interest
and principal.
DISTRIBUTIONS: Principal and interest payments will generally be made to
Certificateholders in the following order:
1) Interest to the A Classes and X Class pro rata,
2) Principal to the A-1 Class until all Class A-1 Certificates
are retired,
3) After the A-1 Class is retired Principal to the Class A-2
until all Class A-2 Certificates are retired,
4) Interest to Class B, then Principal to Class B until such
Class is retired,
5) Interest to Class C, then Principal to Class C until such
Class is retired,
6) Interest to Class D, then Principal to Class D until such
Class is retired,
7) Interest to Class E, then Principal to Class E until such
Class is retired,
8) Interest and Principal to the Private Classes,
sequentially.
*Pro rata if Classes B through M are retired.
REALIZED LOSSES: Realized Losses from any Mortgage Loan will be allocated in
reverse sequential order (i.e. Classes M, L, K, J, H, G, F, E,
D, C and B, in that order). If Classes B through M have been
retired by losses, Realized Losses shall be applied to the
then existing A Classes pro-rata.
APPRAISAL With respect to certain specially serviced Mortgage Loans as
REDUCTIONS: to which an appraisal is required; (including any Mortgage
Loan that becomes 60 days delinquent), an Appraisal Reduction
Amount may be created, generally in the amount, if any, by
which the Stated Principal Balance of such Mortgage Loan,
together with unadvanced interest, unreimbursed P&I advances
and certain other items, exceeds 90% of the appraised value of
the related Mortgaged Property. The Appraisal Reduction Amount
will reduce proportionately the interest portion of any P&I
Advance for such loan, which reduction may result in a
shortfall of interest to the most subordinate class of
Principal Balance Certificates outstanding. The Appraisal
Reduction Amount will be reduced to zero as of the date the
related Mortgage Loan has been brought current for twelve
months, paid in full, repurchased or otherwise liquidated, and
any shortfalls borne by the subordinate classes may be paid
from amounts recovered from the related borrower.
MINIMUM DENOMINATIONS:
Minimum Increments
Classes Denomination Thereafter Delivery
- --------------------------------------------------------------------------------
A-1, A-2, B, C, D, and E $10,000 $1 DTC
- --------------------------------------------------------------------------------
X $250,000 $1 DTC
Page 5 of 17
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR A SOLICITATION
OF AN OFFER TO BUY ANY OF THE SECURITIES REFERRED TO HEREIN. OFFERS TO SELL AND
SOLICITATIONS OF OFFERS TO BUY SECURITIES ARE MADE ONLY BY, AND THIS INFORMATION
MUST BE READ IN CONJUNCTION WITH, THE FINAL PROSPECTUS SUPPLEMENT AND THE
RELATED PROSPECTUS OR, IF NOT REGISTERED UNDER THE SECURITIES ACT OF 1933, THE
FINAL OFFERING MEMORANDUM (THE "OFFERING DOCUMENT"). INFORMATION CONTAINED
HEREIN DOES NOT PURPORT TO BE COMPLETE AND IS SUBJECT TO THE SAME QUALIFICATIONS
AND ASSUMPTIONS, AND SHOULD BE CONSIDERED BY INVESTORS ONLY IN THE LIGHT OF THE
SAME WARNINGS, LACK OF ASSURANCES AND REPRESENTATIONS AND OTHER PRECAUTIONARY
MATTERS, AS DISCLOSED IN THE OFFERING DOCUMENT. INFORMATION REGARDING THE
UNDERLYING ASSETS HAS BEEN PROVIDED BY THE ISSUER OF THE SECURITIES OR AN
AFFILIATE THEREOF AND HAS NOT BEEN INDEPENDENTLY VERIFIED BY THE UNDERWRITERS OR
THEIR RESPECTIVE AFFILIATES. THE ANALYSES CONTAINED HEREIN HAVE BEEN PREPARED
AND DISSEMINATED BY THE UNDERWRITERS. THIS INFORMATION WAS PREPARED ON THE BASIS
OF CERTAIN ASSUMPTIONS (INCLUDING, IN CERTAIN CASES, ASSUMPTIONS SPECIFIED BY
THE RECIPIENT HEREOF) REGARDING PAYMENTS, INTEREST RATES, WEIGHTED AVERAGE LIVES
AND WEIGHTED AVERAGE LOAN AGE, LOSS AND OTHER MATTERS, INCLUDING, BUT NOT
LIMITED TO, THE ASSUMPTIONS DESCRIBED IN THE OFFERING DOCUMENT. NEITHER THE
UNDERWRITERS, NOR ANY OF THEIR AFFILIATES MAKE ANY REPRESENTATION OR WARRANTY AS
TO THE ACTUAL RATE OR TIMING OF PAYMENTS ON ANY OF THE UNDERLYING ASSETS OR THE
PAYMENTS OR YIELD ON THE SECURITIES. THIS INFORMATION SUPERSEDES ANY PRIOR
VERSIONS HEREOF AND WILL BE DEEMED TO BE SUPERSEDED BY ANY SUBSEQUENT VERSIONS
(INCLUDING, WITH RESPECT TO ANY DESCRIPTION OF THE SECURITIES OR THE UNDERLYING
ASSETS, THE INFORMATION CONTAINED IN THE OFFERING DOCUMENT).
<PAGE>
LBCMT 1999-C1 Structural and Collateral Term Sheet (continued):
PREPAYMENT PREMIUMS*
<TABLE>
<CAPTION>
====================================================================================================================================
Prepayment
Premium 6/1/99 6/1/00 6/1/01 6/1/02 6/1/03 6/1/04 6/1/05 6/1/06 6/1/07 6/1/08 6/1/09 6/1/10
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Lock-out / Def. 99.08 99.08 99.08 98.03 97.79 97.94 97.94 97.74 95.57 93.75 88.46 88.52
- ------------------------------------------------------------------------------------------------------------------------------------
YM 0.92 0.92 0.92 1.97 1.97 2.06 2.06 1.62 1.61 1.07 11.54 11.48
====================================================================================================================================
Sub Total: 100.0% 100.0% 100.0% 100.0% 99.77% 100.0% 100.0% 99.36% 97.18% 94.81% 100.00% 100.00%%
====================================================================================================================================
====================================================================================================================================
5% -- -- -- -- -- -- -- -- -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------------------
4% -- -- -- -- -- -- -- -- -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------------------
3% -- -- -- -- -- -- -- -- -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------------------
2% -- -- -- -- -- -- -- 0.64 -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------------------
1% -- -- -- -- -- -- -- -- -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------------------
Open -- -- -- -- 0.23 -- -- -- 2.82 5.19 -- --
====================================================================================================================================
Total: 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.00% 100.00%
====================================================================================================================================
</TABLE>
* % represents % of then outstanding balance as of the date shown utilizing
Cut-off Date balances.
OPEN PREPAYMENT PERIOD AT END OF LOAN (i.e. Prior to Maturity Date or ARD, as
applicable):
================================================================================
Open Period Number of Loans % of Initial
at End Of Loan* Pool Balance
================================================================================
None 71 49.8%
- --------------------------------------------------------------------------------
1 Month 41 22.4%
- --------------------------------------------------------------------------------
2 Months 1 0.5%
- --------------------------------------------------------------------------------
3 Months 77 23.7%
- --------------------------------------------------------------------------------
6 Months 6 3.0%
- --------------------------------------------------------------------------------
12 Months 1 0.6%
================================================================================
Total: 197 100.00%
================================================================================
* Weighted average open period at end of loan is 1 month.
Page 6 of 17
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR A SOLICITATION
OF AN OFFER TO BUY ANY OF THE SECURITIES REFERRED TO HEREIN. OFFERS TO SELL AND
SOLICITATIONS OF OFFERS TO BUY SECURITIES ARE MADE ONLY BY, AND THIS INFORMATION
MUST BE READ IN CONJUNCTION WITH, THE FINAL PROSPECTUS SUPPLEMENT AND THE
RELATED PROSPECTUS OR, IF NOT REGISTERED UNDER THE SECURITIES ACT OF 1933, THE
FINAL OFFERING MEMORANDUM (THE "OFFERING DOCUMENT"). INFORMATION CONTAINED
HEREIN DOES NOT PURPORT TO BE COMPLETE AND IS SUBJECT TO THE SAME QUALIFICATIONS
AND ASSUMPTIONS, AND SHOULD BE CONSIDERED BY INVESTORS ONLY IN THE LIGHT OF THE
SAME WARNINGS, LACK OF ASSURANCES AND REPRESENTATIONS AND OTHER PRECAUTIONARY
MATTERS, AS DISCLOSED IN THE OFFERING DOCUMENT. INFORMATION REGARDING THE
UNDERLYING ASSETS HAS BEEN PROVIDED BY THE ISSUER OF THE SECURITIES OR AN
AFFILIATE THEREOF AND HAS NOT BEEN INDEPENDENTLY VERIFIED BY THE UNDERWRITERS OR
THEIR RESPECTIVE AFFILIATES. THE ANALYSES CONTAINED HEREIN HAVE BEEN PREPARED
AND DISSEMINATED BY THE UNDERWRITERS. THIS INFORMATION WAS PREPARED ON THE BASIS
OF CERTAIN ASSUMPTIONS (INCLUDING, IN CERTAIN CASES, ASSUMPTIONS SPECIFIED BY
THE RECIPIENT HEREOF) REGARDING PAYMENTS, INTEREST RATES, WEIGHTED AVERAGE LIVES
AND WEIGHTED AVERAGE LOAN AGE, LOSS AND OTHER MATTERS, INCLUDING, BUT NOT
LIMITED TO, THE ASSUMPTIONS DESCRIBED IN THE OFFERING DOCUMENT. NEITHER THE
UNDERWRITERS, NOR ANY OF THEIR AFFILIATES MAKE ANY REPRESENTATION OR WARRANTY AS
TO THE ACTUAL RATE OR TIMING OF PAYMENTS ON ANY OF THE UNDERLYING ASSETS OR THE
PAYMENTS OR YIELD ON THE SECURITIES. THIS INFORMATION SUPERSEDES ANY PRIOR
VERSIONS HEREOF AND WILL BE DEEMED TO BE SUPERSEDED BY ANY SUBSEQUENT VERSIONS
(INCLUDING, WITH RESPECT TO ANY DESCRIPTION OF THE SECURITIES OR THE UNDERLYING
ASSETS, THE INFORMATION CONTAINED IN THE OFFERING DOCUMENT).
<PAGE>
LBCMT 1999-C1 Structural and Collateral Term Sheet (continued):
CREDIT TENANT Credit Tenant Lease Loans are secured by mortgages on
LEASE LOANS: properties which are leased (each a "Credit Tenant Lease")
to a tenant which possesses (or whose parent or other
affiliate which guarantees the lease obligation possesses)
the rating indicated in the following table. Scheduled
monthly rent payments under the Credit Tenant Leases are
generally sufficient to pay in full and on a timely basis
all interest and principal scheduled to be paid with respect
to the related Credit Tenant Lease Loans.
The Credit Tenant Lease Loans generally provide that the
Tenant is responsible for all costs and expenses incurred in
connection with the maintenance and operation of the related
Credit Tenant Lease property and that, in the event of a
casualty or condemnation of a material portion of the
related Mortgaged Property:
(i) the Tenant is obligated to continue making
payments;
(ii) the Tenant must make an offer to purchase the
applicable property subject to the Credit Tenant
Lease for an amount not less than the unpaid
principal balance plus accrued interest on the
related Credit Tenant Lease Loan; or
(iii) the Trustee on behalf of the Certificate holders
will have the benefit of certain non-cancelable
credit lease enhancement policies obtained to
cover certain casualty and/or condemnation risks.
Approximately 3.2% of the Mortgage Loans are Credit Tenant
Lease Loans.
CREDIT TENANT LEASE LOANS:
<TABLE>
<CAPTION>
==========================================================================================
Number of Cut-off Date Lease Credit Rating Credit Rating
Tenant / Guarantor Loans Balance ($) Type(4) (Moody's) (S&P)
==========================================================================================
<S> <C> <C> <C> <C> <C>
Eckerd (1) 5 $14,986,978 NN/NNN A3 A
- ------------------------------------------------------------------------------------------
CVS 6 9,927,541 NN A3 A
- ------------------------------------------------------------------------------------------
Kmart 2 8,375,876 NNN Ba1 BB+
- ------------------------------------------------------------------------------------------
Bed, Bath & Beyond 1 4,809,593 B NR BBB-(2)
- ------------------------------------------------------------------------------------------
Rite Aid 2 3,927,320 NN/NNN Baa1 BBB+
- ------------------------------------------------------------------------------------------
Walgreen 1 3,918,245 NN Aa3 A+(2)
- ------------------------------------------------------------------------------------------
Winn Dixie 1 3,815,935 NNN P2(3) A2(3)
- ------------------------------------------------------------------------------------------
Amoco 1 972,782 NNN Aa1 AA+
==========================================================================================
Total: 19 $50,734,269 -- -- --
==========================================================================================
</TABLE>
(1) Based upon the rating of Eckerd's parent, JC Penney Corporation, although
it has made no explicit guaranty of Eckerd's obligations.
(2) Issuer Credit Rating.
(3) Commercial paper rating.
(4) "NNN" means triple net lease; "NN" means double net lease; and "B" means
bond-type lease.
Page 7 of 17
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR A SOLICITATION
OF AN OFFER TO BUY ANY OF THE SECURITIES REFERRED TO HEREIN. OFFERS TO SELL AND
SOLICITATIONS OF OFFERS TO BUY SECURITIES ARE MADE ONLY BY, AND THIS INFORMATION
MUST BE READ IN CONJUNCTION WITH, THE FINAL PROSPECTUS SUPPLEMENT AND THE
RELATED PROSPECTUS OR, IF NOT REGISTERED UNDER THE SECURITIES ACT OF 1933, THE
FINAL OFFERING MEMORANDUM (THE "OFFERING DOCUMENT"). INFORMATION CONTAINED
HEREIN DOES NOT PURPORT TO BE COMPLETE AND IS SUBJECT TO THE SAME QUALIFICATIONS
AND ASSUMPTIONS, AND SHOULD BE CONSIDERED BY INVESTORS ONLY IN THE LIGHT OF THE
SAME WARNINGS, LACK OF ASSURANCES AND REPRESENTATIONS AND OTHER PRECAUTIONARY
MATTERS, AS DISCLOSED IN THE OFFERING DOCUMENT. INFORMATION REGARDING THE
UNDERLYING ASSETS HAS BEEN PROVIDED BY THE ISSUER OF THE SECURITIES OR AN
AFFILIATE THEREOF AND HAS NOT BEEN INDEPENDENTLY VERIFIED BY THE UNDERWRITERS OR
THEIR RESPECTIVE AFFILIATES. THE ANALYSES CONTAINED HEREIN HAVE BEEN PREPARED
AND DISSEMINATED BY THE UNDERWRITERS. THIS INFORMATION WAS PREPARED ON THE BASIS
OF CERTAIN ASSUMPTIONS (INCLUDING, IN CERTAIN CASES, ASSUMPTIONS SPECIFIED BY
THE RECIPIENT HEREOF) REGARDING PAYMENTS, INTEREST RATES, WEIGHTED AVERAGE LIVES
AND WEIGHTED AVERAGE LOAN AGE, LOSS AND OTHER MATTERS, INCLUDING, BUT NOT
LIMITED TO, THE ASSUMPTIONS DESCRIBED IN THE OFFERING DOCUMENT. NEITHER THE
UNDERWRITERS, NOR ANY OF THEIR AFFILIATES MAKE ANY REPRESENTATION OR WARRANTY AS
TO THE ACTUAL RATE OR TIMING OF PAYMENTS ON ANY OF THE UNDERLYING ASSETS OR THE
PAYMENTS OR YIELD ON THE SECURITIES. THIS INFORMATION SUPERSEDES ANY PRIOR
VERSIONS HEREOF AND WILL BE DEEMED TO BE SUPERSEDED BY ANY SUBSEQUENT VERSIONS
(INCLUDING, WITH RESPECT TO ANY DESCRIPTION OF THE SECURITIES OR THE UNDERLYING
ASSETS, THE INFORMATION CONTAINED IN THE OFFERING DOCUMENT).
<PAGE>
LBCMT 1999-C1 Structural and Collateral Term Sheet (continued):
RESERVES:
The below table relates only to conventional Conduit loans and excludes
all CTL loans as well as the loans originated by Lehman's Large Loan
Program.
<TABLE>
<CAPTION>
=======================================================================================
% of Conduit Loans
w/Annual Escrows Current Balance Annual Deposit
- ---------------------------------------------------------------------------------------
<S> <C> <C> <C>
Replacement Reserves 94.27% $ 3,087,467 $ 4,697,621
- ---------------------------------------------------------------------------------------
Taxes 98.56% $ 5,215,693 $14,612,689
- ---------------------------------------------------------------------------------------
Insurance 91.62% $ 2,090,563 $ 2,185,376
- ---------------------------------------------------------------------------------------
T1 & LC (Retail) 81.91% $ 1,891,707 $ 2,100,926
- ---------------------------------------------------------------------------------------
TI & LC (Office) 83.58% $ 3,492,432 $ 1,666,407
- ---------------------------------------------------------------------------------------
TI & LC (Industrial/Warehouse) 100.00% $ 287,632 $ 396,869
=======================================================================================
</TABLE>
CASH MANAGEMENT: Mortgage Loans representing 95.09% of the Initial Pool Balance
employ cash management systems.
================================================================================
Mortgage Pool
- --------------------------------------------------------------------------------
Hard Lockbox 30.04% of Initial Pool Balance
- --------------------------------------------------------------------------------
Springing Lockbox 65.05% of Initial Pool Balance
- --------------------------------------------------------------------------------
N/A 4.91% of Initial Pool Balance
================================================================================
Page 8 of 17
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR A SOLICITATION
OF AN OFFER TO BUY ANY OF THE SECURITIES REFERRED TO HEREIN. OFFERS TO SELL AND
SOLICITATIONS OF OFFERS TO BUY SECURITIES ARE MADE ONLY BY, AND THIS INFORMATION
MUST BE READ IN CONJUNCTION WITH, THE FINAL PROSPECTUS SUPPLEMENT AND THE
RELATED PROSPECTUS OR, IF NOT REGISTERED UNDER THE SECURITIES ACT OF 1933, THE
FINAL OFFERING MEMORANDUM (THE "OFFERING DOCUMENT"). INFORMATION CONTAINED
HEREIN DOES NOT PURPORT TO BE COMPLETE AND IS SUBJECT TO THE SAME QUALIFICATIONS
AND ASSUMPTIONS, AND SHOULD BE CONSIDERED BY INVESTORS ONLY IN THE LIGHT OF THE
SAME WARNINGS, LACK OF ASSURANCES AND REPRESENTATIONS AND OTHER PRECAUTIONARY
MATTERS, AS DISCLOSED IN THE OFFERING DOCUMENT. INFORMATION REGARDING THE
UNDERLYING ASSETS HAS BEEN PROVIDED BY THE ISSUER OF THE SECURITIES OR AN
AFFILIATE THEREOF AND HAS NOT BEEN INDEPENDENTLY VERIFIED BY THE UNDERWRITERS OR
THEIR RESPECTIVE AFFILIATES. THE ANALYSES CONTAINED HEREIN HAVE BEEN PREPARED
AND DISSEMINATED BY THE UNDERWRITERS. THIS INFORMATION WAS PREPARED ON THE BASIS
OF CERTAIN ASSUMPTIONS (INCLUDING, IN CERTAIN CASES, ASSUMPTIONS SPECIFIED BY
THE RECIPIENT HEREOF) REGARDING PAYMENTS, INTEREST RATES, WEIGHTED AVERAGE LIVES
AND WEIGHTED AVERAGE LOAN AGE, LOSS AND OTHER MATTERS, INCLUDING, BUT NOT
LIMITED TO, THE ASSUMPTIONS DESCRIBED IN THE OFFERING DOCUMENT. NEITHER THE
UNDERWRITERS, NOR ANY OF THEIR AFFILIATES MAKE ANY REPRESENTATION OR WARRANTY AS
TO THE ACTUAL RATE OR TIMING OF PAYMENTS ON ANY OF THE UNDERLYING ASSETS OR THE
PAYMENTS OR YIELD ON THE SECURITIES. THIS INFORMATION SUPERSEDES ANY PRIOR
VERSIONS HEREOF AND WILL BE DEEMED TO BE SUPERSEDED BY ANY SUBSEQUENT VERSIONS
(INCLUDING, WITH RESPECT TO ANY DESCRIPTION OF THE SECURITIES OR THE UNDERLYING
ASSETS, THE INFORMATION CONTAINED IN THE OFFERING DOCUMENT).
<PAGE>
LBCMT 1999-C1 Structural and Collateral Term Sheet (continued):
SIGNIFICANT
MORTGAGE LOANS: There are 5 loans with a Cut-off Date principal balance in
excess of $50 million. The following table provides a summary
of the 5 largest loans:
<TABLE>
<CAPTION>
====================================================================================================================================
Mortgage Property # of Cut-off Date Term to Amortization
Loan Type Properties Balance Coupon ARD Term DSCR LTV
====================================================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Starwood
Financial-Promus Loan Hotels 17 $154,954,659 7.438% 120 262 2.12x 46.1%
- ------------------------------------------------------------------------------------------------------------------------------------
EAB Plaza Office 1 $139,367,162 7.330% 120 300 1.79x 49.8%
- ------------------------------------------------------------------------------------------------------------------------------------
Woodland Hills Super 1 $ 89,644,244 7.000% 120 360 1.67x 52.2%
Regional Mall
- ------------------------------------------------------------------------------------------------------------------------------------
Penn Square Super 1 $ 74,844,822 7.025% 120 360 1.67x 55.4%
Regional Mall
- ------------------------------------------------------------------------------------------------------------------------------------
Grand Central Mall Regional Mall 1 $ 52,332,103 7.180% 120 360 1.54x 65.4%
====================================================================================================================================
Total /
Weighted Ave.: -- 21 $511,142,989 7.245% 120 314 1.82x 51.5%
====================================================================================================================================
</TABLE>
Starwood Financial-Promus Loan:
<TABLE>
<CAPTION>
====================================================================================================================================
<S> <C>
Cut-Off Date Balance: $154,954,659
- ------------------------------------------------------------------------------------------------------------------------------------
Coupon: 7.438%
- ------------------------------------------------------------------------------------------------------------------------------------
Term/Am: 10 years/21 years and 10 months (co-terminous with master lease to Promus Hotel Corporation.
- ------------------------------------------------------------------------------------------------------------------------------------
Sponsors: Starwood Financial Trust
- ------------------------------------------------------------------------------------------------------------------------------------
Flag: Double Tree and Red Lion
- ------------------------------------------------------------------------------------------------------------------------------------
Property: 17 full and limited service hotels with a total of 3,988 rooms master leased to Promus Hotel Corporation
(Baa2/BBB+)
- ------------------------------------------------------------------------------------------------------------------------------------
Location: California, Oregon, Washington, Colorado, Utah, Idaho, and Montana.
- ------------------------------------------------------------------------------------------------------------------------------------
Value: $336.3 million
- ------------------------------------------------------------------------------------------------------------------------------------
LTV: 46.1%
- ------------------------------------------------------------------------------------------------------------------------------------
DSCR: 2.12x
- ------------------------------------------------------------------------------------------------------------------------------------
Lockbox: Hard lockbox for master lease payments
====================================================================================================================================
</TABLE>
Page 9 of 17
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR A SOLICITATION
OF AN OFFER TO BUY ANY OF THE SECURITIES REFERRED TO HEREIN. OFFERS TO SELL AND
SOLICITATIONS OF OFFERS TO BUY SECURITIES ARE MADE ONLY BY, AND THIS INFORMATION
MUST BE READ IN CONJUNCTION WITH, THE FINAL PROSPECTUS SUPPLEMENT AND THE
RELATED PROSPECTUS OR, IF NOT REGISTERED UNDER THE SECURITIES ACT OF 1933, THE
FINAL OFFERING MEMORANDUM (THE "OFFERING DOCUMENT"). INFORMATION CONTAINED
HEREIN DOES NOT PURPORT TO BE COMPLETE AND IS SUBJECT TO THE SAME
QUALIFICATIONS AND ASSUMPTIONS, AND SHOULD BE CONSIDERED BY INVESTORS ONLY IN
THE LIGHT OF THE SAME WARNINGS, LACK OF ASSURANCES AND REPRESENTATIONS AND OTHER
PRECAUTIONARY MATTERS, AS DISCLOSED IN THE OFFERING DOCUMENT. INFORMATION
REGARDING THE UNDERLYING ASSETS HAS BEEN PROVIDED BY THE ISSUER OF THE
SECURITIES OR AN AFFILIATE THEREOF AND HAS NOT BEEN INDEPENDENTLY VERIFIED BY
THE UNDERWRITERS OR THEIR RESPECTIVE AFFILIATES. THE ANALYSES CONTAINED HEREIN
HAVE BEEN PREPARED AND DISSEMINATED BY THE UNDERWRITERS. THIS INFORMATION WAS
PREPARED ON THE BASIS OF CERTAIN ASSUMPTIONS (INCLUDING, IN CERTAIN CASES,
ASSUMPTIONS SPECIFIED BY THE RECIPIENT HEREOF) REGARDING PAYMENTS, INTEREST
RATES, WEIGHTED AVERAGE LIVES AND WEIGHTED AVERAGE LOAN AGE, LOSS AND OTHER
MATTERS, INCLUDING, BUT NOT LIMITED TO, THE ASSUMPTIONS DESCRIBED IN THE
OFFERING DOCUMENT. NEITHER THE UNDERWRITERS, NOR ANY OF THEIR AFFILIATES MAKE
ANY REPRESENTATION OR WARRANTY AS TO THE ACTUAL RATE OR TIMING OF PAYMENTS ON
ANY OF THE UNDERLYING ASSETS OR THE PAYMENTS OR YIELD ON THE SECURITIES. THIS
INFORMATION SUPERSEDES ANY PRIOR VERSIONS HEREOF AND WILL BE DEEMED TO BE
SUPERSEDED BY ANY SUBSEQUENT VERSIONS (INCLUDING, WITH RESPECT TO ANY
DESCRIPTION OF THE SECURITIES OR THE UNDERLYING ASSETS, THE INFORMATION
CONTAINED IN THE OFFERING DOCUMENT).
<PAGE>
LBCMT 1999-C1 Structural and Collateral Term Sheet (continued):
EAB Plaza:
<TABLE>
============================================================================================================
<S> <C>
Cut-Off Date Balance: $139,367,162
- ------------------------------------------------------------------------------------------------------------
Coupon: 7.330%
- ------------------------------------------------------------------------------------------------------------
Term/Am: 10 years/25 year amortization schedule
- ------------------------------------------------------------------------------------------------------------
Sponsor: ABN-AMRO Bank, N.V. and The DeMatteis Organization
- ------------------------------------------------------------------------------------------------------------
Property: Twin tower suburban office building, 64.9% leased to ABN AMRO Bank, N.V.
- ------------------------------------------------------------------------------------------------------------
Size: 1,083,511 square feet
- ------------------------------------------------------------------------------------------------------------
Location: Uniondale, New York
- ------------------------------------------------------------------------------------------------------------
Appraised Value: $280 million
- ------------------------------------------------------------------------------------------------------------
LTV: 49.8%
- ------------------------------------------------------------------------------------------------------------
DSCR: 1.79x
- ------------------------------------------------------------------------------------------------------------
Lockbox: Hard lockbox
============================================================================================================
</TABLE>
Woodland Hills:
<TABLE>
============================================================================================================
<S> <C>
Cut-Off Date Balance: $89,644,244
- ------------------------------------------------------------------------------------------------------------
Coupon: 7.000%
- ------------------------------------------------------------------------------------------------------------
Term/Am: 10 years/30 years
- ------------------------------------------------------------------------------------------------------------
Sponsors: Urban Shopping Centers, Inc. and J.P. Morgan Investment Management Inc.
- ------------------------------------------------------------------------------------------------------------
Anchors: Dillard's, Sears, Foley's, and JC Penney
- ------------------------------------------------------------------------------------------------------------
In-Line Sales: $378 per square foot
- ------------------------------------------------------------------------------------------------------------
Cost of Occupancy: 12.0%
- ------------------------------------------------------------------------------------------------------------
Property: 1,093,514 square foot super-regional mall
- ------------------------------------------------------------------------------------------------------------
Location: Tulsa, Oklahoma
- ------------------------------------------------------------------------------------------------------------
Value: $171.6 million based upon December 1998 purchase price
- ------------------------------------------------------------------------------------------------------------
LTV: 52.2%
- ------------------------------------------------------------------------------------------------------------
DSCR: 1.67x
- ------------------------------------------------------------------------------------------------------------
Lockbox: Springing lockbox based upon the maintenance of a minimum 1.25x DSCR
============================================================================================================
</TABLE>
Page 10 of 17
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR A SOLICITATION
OF AN OFFER TO BUY ANY OF THE SECURITIES REFERRED TO HEREIN. OFFERS TO SELL AND
SOLICITATIONS OF OFFERS TO BUY SECURITIES ARE MADE ONLY BY, AND THIS INFORMATION
MUST BE READ IN CONJUNCTION WITH, THE FINAL PROSPECTUS SUPPLEMENT AND THE
RELATED PROSPECTUS OR, IF NOT REGISTERED UNDER THE SECURITIES ACT OF 1933, THE
FINAL OFFERING MEMORANDUM (THE "OFFERING DOCUMENT"). INFORMATION CONTAINED
HEREIN DOES NOT PURPORT TO BE COMPLETE AND IS SUBJECT TO THE SAME QUALIFICATIONS
AND ASSUMPTIONS, AND SHOULD BE CONSIDERED BY INVESTORS ONLY IN THE LIGHT OF THE
SAME WARNINGS, LACK OF ASSURANCES AND REPRESENTATIONS AND OTHER PRECAUTIONARY
MATTERS, AS DISCLOSED IN THE OFFERING DOCUMENT. INFORMATION REGARDING THE
UNDERLYING ASSETS HAS BEEN PROVIDED BY THE ISSUER OF THE SECURITIES OR AN
AFFILIATE THEREOF AND HAS NOT BEEN INDEPENDENTLY VERIFIED BY THE UNDERWRITERS OR
THEIR RESPECTIVE AFFILIATES. THE ANALYSES CONTAINED HEREIN HAVE BEEN PREPARED
AND DISSEMINATED BY THE UNDERWRITERS. THIS INFORMATION WAS PREPARED ON THE BASIS
OF CERTAIN ASSUMPTIONS (INCLUDING, IN CERTAIN CASES, ASSUMPTIONS SPECIFIED BY
THE RECIPIENT HEREOF) REGARDING PAYMENTS, INTEREST RATES, WEIGHTED AVERAGE LIVES
AND WEIGHTED AVERAGE LOAN AGE, LOSS AND OTHER MATTERS, INCLUDING, BUT NOT
LIMITED TO, THE ASSUMPTIONS DESCRIBED IN THE OFFERING DOCUMENT. NEITHER THE
UNDERWRITERS, NOR ANY OF THEIR AFFILIATES MAKE ANY REPRESENTATION OR WARRANTY AS
TO THE ACTUAL RATE OR TIMING OF PAYMENTS ON ANY OF THE UNDERLYING ASSETS OR THE
PAYMENTS OR YIELD ON THE SECURITIES. THIS INFORMATION SUPERSEDES ANY PRIOR
VERSIONS HEREOF AND WILL BE DEEMED TO BE SUPERSEDED BY ANY SUBSEQUENT VERSIONS
(INCLUDING, WITH RESPECT TO ANY DESCRIPTION OF THE SECURITIES OR THE UNDERLYING
ASSETS, THE INFORMATION CONTAINED IN THE OFFERING DOCUMENT).
<PAGE>
LBCMT 1999-C1 Structural and Collateral Term Sheet (continued):
Penn Square Mall:
<TABLE>
======================================================================================================
<S> <C>
Cut-Off Date Balance: $74,844,822
- ------------------------------------------------------------------------------------------------------
Coupon: 7.025%
- ------------------------------------------------------------------------------------------------------
Term/Am: 10 years/30 years
- ------------------------------------------------------------------------------------------------------
Sponsor: Urban Shopping Centers, Inc.
- ------------------------------------------------------------------------------------------------------
Anchors: Dillard's, Foley's, JC Penney and Montgomery Ward
- ------------------------------------------------------------------------------------------------------
In-Line Sales: $398 per square foot
- ------------------------------------------------------------------------------------------------------
Cost of Occupancy: 10.2%
- ------------------------------------------------------------------------------------------------------
Property: 1,074,994 super-regional mall
- ------------------------------------------------------------------------------------------------------
Location: Oklahoma City, Oklahoma
- ------------------------------------------------------------------------------------------------------
Appraised Value: $135 million
- ------------------------------------------------------------------------------------------------------
LTV: 55.4%
- ------------------------------------------------------------------------------------------------------
DSCR: 1.67x
- ------------------------------------------------------------------------------------------------------
Lockbox Springing lockbox based upon the maintenance of a minimum 1.25x DSCR
======================================================================================================
</TABLE>
Grand Central Mall:
<TABLE>
======================================================================================================
<S> <C>
Cut-Off Date Balance: $52,332,103
- ------------------------------------------------------------------------------------------------------
Coupon: 7.180%
- ------------------------------------------------------------------------------------------------------
Term/Am: 10 years/30 years
- ------------------------------------------------------------------------------------------------------
Sponsor: Glimcher Realty Trust
- ------------------------------------------------------------------------------------------------------
Anchors: Sears, Elder Beerman, Proffitt's, JC Penney and Phar-Mor
- ------------------------------------------------------------------------------------------------------
In-Line Sales: $259 per square foot
- ------------------------------------------------------------------------------------------------------
Cost of Occupancy: 12.6%
- ------------------------------------------------------------------------------------------------------
Property: 961,919 square foot regional mall
- ------------------------------------------------------------------------------------------------------
Location: Parkersburg, West Virginia
- ------------------------------------------------------------------------------------------------------
Appraised Value: $80 million
- ------------------------------------------------------------------------------------------------------
LTV: 65.4%
- ------------------------------------------------------------------------------------------------------
DSCR: 1.54x
- ------------------------------------------------------------------------------------------------------
Lockbox: Hard lockbox
======================================================================================================
</TABLE>
Page 11 of 17
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR A SOLICITATION
OF AN OFFER TO BUY ANY OF THE SECURITIES REFERRED TO HEREIN. OFFERS TO SELL AND
SOLICITATIONS OF OFFERS TO BUY SECURITIES ARE MADE ONLY BY, AND THIS INFORMATION
MUST BE READ IN CONJUNCTION WITH, THE FINAL PROSPECTUS SUPPLEMENT AND THE
RELATED PROSPECTUS OR, IF NOT REGISTERED UNDER THE SECURITIES ACT OF 1933, THE
FINAL OFFERING MEMORANDUM (THE "OFFERING DOCUMENT"). INFORMATION CONTAINED
HEREIN DOES NOT PURPORT TO BE COMPLETE AND IS SUBJECT TO THE SAME
QUALIFICATIONS AND ASSUMPTIONS, AND SHOULD BE CONSIDERED BY INVESTORS ONLY IN
THE LIGHT OF THE SAME WARNINGS, LACK OF ASSURANCES AND REPRESENTATIONS AND OTHER
PRECAUTIONARY MATTERS, AS DISCLOSED IN THE OFFERING DOCUMENT. INFORMATION
REGARDING THE UNDERLYING ASSETS HAS BEEN PROVIDED BY THE ISSUER OF THE
SECURITIES OR AN AFFILIATE THEREOF AND HAS NOT BEEN INDEPENDENTLY VERIFIED BY
THE UNDERWRITERS OR THEIR RESPECTIVE AFFILIATES. THE ANALYSES CONTAINED HEREIN
HAVE BEEN PREPARED AND DISSEMINATED BY THE UNDERWRITERS. THIS INFORMATION WAS
PREPARED ON THE BASIS OF CERTAIN ASSUMPTIONS (INCLUDING, IN CERTAIN CASES,
ASSUMPTIONS SPECIFIED BY THE RECIPIENT HEREOF) REGARDING PAYMENTS, INTEREST
RATES, WEIGHTED AVERAGE LIVES AND WEIGHTED AVERAGE LOAN AGE, LOSS AND OTHER
MATTERS, INCLUDING, BUT NOT LIMITED TO, THE ASSUMPTIONS DESCRIBED IN THE
OFFERING DOCUMENT. NEITHER THE UNDERWRITERS, NOR ANY OF THEIR AFFILIATES MAKE
ANY REPRESENTATION OR WARRANTY AS TO THE ACTUAL RATE OR TIMING OF PAYMENTS ON
ANY OF THE UNDERLYING ASSETS OR THE PAYMENTS OR YIELD ON THE SECURITIES. THIS
INFORMATION SUPERSEDES ANY PRIOR VERSIONS HEREOF AND WILL BE DEEMED TO BE
SUPERSEDED BY ANY SUBSEQUENT VERSIONS (INCLUDING, WITH RESPECT TO ANY
DESCRIPTION OF THE SECURITIES OR THE UNDERLYING ASSETS, THE INFORMATION
CONTAINED IN THE OFFERING DOCUMENT).
<PAGE>
LBCMT 1999-C1 Structural and Collateral Term Sheet (continued):
ANTICIPATED REPAYMENT DATE LOANS:
Mortgage Loans representing 37.26% of the Initial Pool
Balance provided that if the unamortized principal amount
thereof is not repaid on a date (the "Anticipated Repayment
Date") set forth in the related Mortgage Note, the Mortgage
Loan will accrue additional interest at the rate set forth
therein and the borrower will be required to apply excess
monthly cash flow generated by the Mortgaged Property (as
determined in the related Mortgage) to the repayment of
principal outstanding on the Mortgage Loan. With respect to
such Mortgage Loans, no Prepayment Premiums or Yield
Maintenance Charges will be due in connection with any
principal prepayment on or after the Anticipated Repayment
Date. For purposes of analysis and presentation, such loans
are assumed to pay off at the ARD and are treated like
balloon loans that mature on the ARD.
DETAILED MONTHLY INVESTOR REPORTING:
Updated collateral summary information will be a part of the
monthly remittance report in addition to detailed P&I
payment and delinquency information. Quarterly NOI and
Occupancy data, to the extent delivered by the borrowers,
will be available to Certificate holders through the
Trustee. The following is a list of all the reports that
will be available to Certificate holders:
<TABLE>
<CAPTION>
Name of Report Description (information provided)
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C>
1 Remittance Report Principal and interest distributions, principal balances
- -----------------------------------------------------------------------------------------------------------------
2 Mortgage Loan Status Report Portfolio stratifications
- -----------------------------------------------------------------------------------------------------------------
3 Comparative Financial Status Report Revenue, NOI, DSCR to the extent available
- -----------------------------------------------------------------------------------------------------------------
4 Delinquent Loan Status Report Listing of delinquent mortgage loans
- -----------------------------------------------------------------------------------------------------------------
5 Historical Loan Modification Report Information on modified mortgage loans
- -----------------------------------------------------------------------------------------------------------------
6 Historical Loss Estimate Report Liquidation proceeds, expenses, and realized losses
- -----------------------------------------------------------------------------------------------------------------
7 REO Status Report NOI and value of REO
- -----------------------------------------------------------------------------------------------------------------
8 Watch List Listing of loans in jeopardy of becoming Specially Serviced
- -----------------------------------------------------------------------------------------------------------------
9 Loan Payoff Notification Report Listing of loans where borrower has requested a pay-off statement
</TABLE>
ADVANCING: The Master Servicer will be obligated to make advances of
scheduled principal and interest payments (excluding balloon
payments and subject to reduction for Appraisal Reduction
Amounts) and certain servicing expenses ("Advances"), to the
extent that such Advances are deemed to be recoverable out
of collections on the related loan. If the Master Servicer
fails to make a required Advance, the Trustee will be
obligated to make such advances.
CONTROLLING CLASS: A majority of Certificate holders of the Controlling
Class, which will generally be the most subordinate class
with a Certificate Balance outstanding that is at least 25%
of the initial Certificate Balance of such Class will,
subject to certain limitations, be entitled to replace the
Special Servicer.
Page 12 of 17
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR A SOLICITATION
OF AN OFFER TO BUY ANY OF THE SECURITIES REFERRED TO HEREIN. OFFERS TO SELL AND
SOLICITATIONS OF OFFERS TO BUY SECURITIES ARE MADE ONLY BY, AND THIS INFORMATION
MUST BE READ IN CONJUNCTION WITH, THE FINAL PROSPECTUS SUPPLEMENT AND THE
RELATED PROSPECTUS OR, IF NOT REGISTERED UNDER THE SECURITIES ACT OF 1933, THE
FINAL OFFERING MEMORANDUM (THE "OFFERING DOCUMENT"). INFORMATION CONTAINED
HEREIN DOES NOT PURPORT TO BE COMPLETE AND IS SUBJECT TO THE SAME QUALIFICATIONS
AND ASSUMPTIONS, AND SHOULD BE CONSIDERED BY INVESTORS ONLY IN THE LIGHT OF THE
SAME WARNINGS, LACK OF ASSURANCES AND REPRESENTATIONS AND OTHER PRECAUTIONARY
MATTERS, AS DISCLOSED IN THE OFFERING DOCUMENT. INFORMATION REGARDING THE
UNDERLYING ASSETS HAS BEEN PROVIDED BY THE ISSUER OF THE SECURITIES OR AN
AFFILIATE THEREOF AND HAS NOT BEEN INDEPENDENTLY VERIFIED BY THE UNDERWRITERS OR
THEIR RESPECTIVE AFFILIATES. THE ANALYSES CONTAINED HEREIN HAVE BEEN PREPARED
AND DISSEMINATED BY THE UNDERWRITERS. THIS INFORMATION WAS PREPARED ON THE BASIS
OF CERTAIN ASSUMPTIONS (INCLUDING, IN CERTAIN CASES, ASSUMPTIONS SPECIFIED BY
THE RECIPIENT HEREOF) REGARDING PAYMENTS, INTEREST RATES, WEIGHTED AVERAGE LIVES
AND WEIGHTED AVERAGE LOAN AGE, LOSS AND OTHER MATTERS, INCLUDING, BUT NOT
LIMITED TO, THE ASSUMPTIONS DESCRIBED IN THE OFFERING DOCUMENT. NEITHER THE
UNDERWRITERS, NOR ANY OF THEIR AFFILIATES MAKE ANY REPRESENTATION OR WARRANTY AS
TO THE ACTUAL RATE OR TIMING OF PAYMENTS ON ANY OF THE UNDERLYING ASSETS OR THE
PAYMENTS OR YIELD ON THE SECURITIES. THIS INFORMATION SUPERSEDES ANY PRIOR
VERSIONS HEREOF AND WILL BE DEEMED TO BE SUPERSEDED BY ANY SUBSEQUENT VERSIONS
(INCLUDING, WITH RESPECT TO ANY DESCRIPTION OF THE SECURITIES OR THE UNDERLYING
ASSETS, THE INFORMATION CONTAINED IN THE OFFERING DOCUMENT).
<PAGE>
LBCMT 1999-C1 Structural and Collateral Term Sheet (continued):
SPECIAL SERVICER The Pooling and Servicing Agreement will generally permit
FLEXIBILITY: the Special Servicer to modify, waive or amend any term of
any Mortgage Loan if (a) it determines, in accordance with
the servicing standard, that it is appropriate to do so and
(b) among other things, such modification, waiver or
amendment will not, subject to certain exceptions:
(i) affect the amount or timing of any scheduled payments
of principal, interest or other amount (including
Prepayment Premiums and Yield Maintenance Charges)
payable under the Mortgage Loan;
(ii) affect the obligation of the related borrower to pay
a Prepayment Premium or Yield Maintenance Charge or
permit a principal prepayment during the applicable
Lockout Period;
(iii) except as expressly provided by the related Mortgage
or in connection with a material adverse
environmental condition at the related Mortgaged
Property, result in a release of the lien of the
related Mortgage on any material portion of such
Mortgaged Property without a corresponding principal
prepayment, or;
(iv) in the judgment of the Special Servicer,
materially impair the security for the Mortgage
Loan or reduce the likelihood of timely payment of
amounts due thereon.
Page 13 of 17
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR A SOLICITATION
OF AN OFFER TO BUY ANY OF THE SECURITIES REFERRED TO HEREIN. OFFERS TO SELL AND
SOLICITATIONS OF OFFERS TO BUY SECURITIES ARE MADE ONLY BY, AND THIS INFORMATION
MUST BE READ IN CONJUNCTION WITH, THE FINAL PROSPECTUS SUPPLEMENT AND THE
RELATED PROSPECTUS OR, IF NOT REGISTERED UNDER THE SECURITIES ACT OF 1933, THE
FINAL OFFERING MEMORANDUM (THE "OFFERING DOCUMENT"). INFORMATION CONTAINED
HEREIN DOES NOT PURPORT TO BE COMPLETE AND IS SUBJECT TO THE SAME
QUALIFICATIONS AND ASSUMPTIONS, AND SHOULD BE CONSIDERED BY INVESTORS ONLY IN
THE LIGHT OF THE SAME WARNINGS, LACK OF ASSURANCES AND REPRESENTATIONS AND OTHER
PRECAUTIONARY MATTERS, AS DISCLOSED IN THE OFFERING DOCUMENT. INFORMATION
REGARDING THE UNDERLYING ASSETS HAS BEEN PROVIDED BY THE ISSUER OF THE
SECURITIES OR AN AFFILIATE THEREOF AND HAS NOT BEEN INDEPENDENTLY VERIFIED BY
THE UNDERWRITERS OR THEIR RESPECTIVE AFFILIATES. THE ANALYSES CONTAINED HEREIN
HAVE BEEN PREPARED AND DISSEMINATED BY THE UNDERWRITERS. THIS INFORMATION WAS
PREPARED ON THE BASIS OF CERTAIN ASSUMPTIONS (INCLUDING, IN CERTAIN CASES,
ASSUMPTIONS SPECIFIED BY THE RECIPIENT HEREOF) REGARDING PAYMENTS, INTEREST
RATES, WEIGHTED AVERAGE LIVES AND WEIGHTED AVERAGE LOAN AGE, LOSS AND OTHER
MATTERS, INCLUDING, BUT NOT LIMITED TO, THE ASSUMPTIONS DESCRIBED IN THE
OFFERING DOCUMENT. NEITHER THE UNDERWRITERS, NOR ANY OF THEIR AFFILIATES MAKE
ANY REPRESENTATION OR WARRANTY AS TO THE ACTUAL RATE OR TIMING OF PAYMENTS ON
ANY OF THE UNDERLYING ASSETS OR THE PAYMENTS OR YIELD ON THE SECURITIES. THIS
INFORMATION SUPERSEDES ANY PRIOR VERSIONS HEREOF AND WILL BE DEEMED TO BE
SUPERSEDED BY ANY SUBSEQUENT VERSIONS (INCLUDING, WITH RESPECT TO ANY
DESCRIPTION OF THE SECURITIES OR THE UNDERLYING ASSETS, THE INFORMATION
CONTAINED IN THE OFFERING DOCUMENT).
<PAGE>
LBCMT 1999-C1 Structural and Collateral Term Sheet (continued):
GENERAL CHARACTERISTICS
==========================================================
Characteristics
==========================================================
Initial Pool Balance $1,586,894,129
----------------------------------------------------------
Number of Loans 197
----------------------------------------------------------
Gross WAC 7.499%
----------------------------------------------------------
Original WAM 120 months
----------------------------------------------------------
Remaining WAM 117 months
----------------------------------------------------------
Avg. Loan Balance $8,055,300
----------------------------------------------------------
WA DSCR* 1.54x
----------------------------------------------------------
WA Cut-off Date LTV Ratio* 63.08%
----------------------------------------------------------
Balloon or ARD Loans 98.12%
==========================================================
* Excludes CTL loans
PROPERTY TYPES
==========================================================
Property % of Initial Pool
Types Balance
==========================================================
Retail 42.62%
----------------------------------------------------------
Office 22.43%
----------------------------------------------------------
Multifamily* 13.69%
----------------------------------------------------------
Hotel 13.11%
----------------------------------------------------------
Industrial/Warehouse 3.48%
----------------------------------------------------------
CTL 3.20%
----------------------------------------------------------
Self Storage 0.79%
----------------------------------------------------------
Other 0.69%
==========================================================
Total: 100.00%
==========================================================
* Includes Manufactured Housing
<TABLE>
<CAPTION>
DEAL SUMMARY BY PROPERTY TYPE
====================================================================================================================================
Aggregate % of Average Gross Rem. WA WA
# of Cut-off Date Initial Pool Cut-off Date WAC WAM LTV WA Occupancy Balloon
Property Type Loans Balance ($) Balance Balance ($) (%) (mos) Ratio(1) DSCR(1) Rate(%)(2) %
====================================================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Retail 75 $676,321,363 42.6% $9,017,618 7.500% 119 65.52% 1.46x 94.92% 99.58%
- ------------------------------------------------------------------------------------------------------------------------------------
Anchored 49 $339,026,051 21.4% $6,918,899 7.688% 121 70.97% 1.35x 93.91% 100.00%
- ------------------------------------------------------------------------------------------------------------------------------------
Regional Mall 2 $97,332,103 6.1% $48,666,052 7.282% 118 65.54% 1.57x 94.50% 100.00%
- ------------------------------------------------------------------------------------------------------------------------------------
Super Regn'l Mall 2 $164,489,065 10.4% $82,244,533 7.011% 116 53.70% 1.67x 97.65% 100.00%
- ------------------------------------------------------------------------------------------------------------------------------------
Unanchored 22 $75,474,144 4.8% $3,430,643 8.000% 122 66.80% 1.35x 93.98% 96.27%
- ------------------------------------------------------------------------------------------------------------------------------------
Office 26 $355,935,220 22.4% $13,689,816 7.384% 115 56.22% 1.68x 94.32% 100.00%
- ------------------------------------------------------------------------------------------------------------------------------------
Multifamily 46 $217,178,025 13.7% $4,721,261 7.454% 95 76.19% 1.29x 92.12% 100.00%
- ------------------------------------------------------------------------------------------------------------------------------------
Manuf'd Housing 19 $71,829,221 4.5% $3,780,485 7.430% 90 73.16% 1.33x 88.89% 100.00%
- ------------------------------------------------------------------------------------------------------------------------------------
Conventional 27 $145,348,804 9.2% $5,383,289 7.466% 97 77.68% 1.27x 93.72% 100.00%
- ------------------------------------------------------------------------------------------------------------------------------------
Hotel 8 $208,108,820 13.1% $26,013,602 7.721% 114 51.06% 1.94x NAP 100.00%
- ------------------------------------------------------------------------------------------------------------------------------------
Full Service 5 $191,379,564 12.1% $38,275,913 7.670% 115 49.49% 1.98x NAP 100.00%
- ------------------------------------------------------------------------------------------------------------------------------------
Limited Service 3 $16,729,255 1.1% $5,576,418 8.313% 107 69.02% 1.49x NAP 100.00%
- ------------------------------------------------------------------------------------------------------------------------------------
Industrial/W'hse 15 $55,199,415 3.5% $3,679,961 7.797% 88 70.99% 1.31x 98.09% 100.00%
- ------------------------------------------------------------------------------------------------------------------------------------
CTL 19 $50,734,269 3.2% $2,670,225 7.103% 233 NAP NAP 100.00% 46.74%
- ------------------------------------------------------------------------------------------------------------------------------------
Self Storage 5 $12,546,042 0.8% $2,509,208 7.754% 86 67.62% 1.39x 83.66% 100.00%
- ------------------------------------------------------------------------------------------------------------------------------------
Other(3) 3 $10,870,976 0.7% $3,623,659 7.946% 116 57.99% 1.44x 94.85% 100.00%
====================================================================================================================================
Total / Avg / Wtd.Avg: 197 $1,586,894,129 100.0% $8,055,300 7.499% 117 63.08% 1.54x 94.53% 98.12%
====================================================================================================================================
</TABLE>
(1) Excludes credit tenant lease loans.
(2) Excludes hotels.
(3) Includes Office/Industrial, Office/Retail, and Mixed Use
Page 14 of 17
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR A SOLICITATION
OF AN OFFER TO BUY ANY OF THE SECURITIES REFERRED TO HEREIN. OFFERS TO SELL AND
SOLICITATIONS OF OFFERS TO BUY SECURITIES ARE MADE ONLY BY, AND THIS INFORMATION
MUST BE READ IN CONJUNCTION WITH, THE FINAL PROSPECTUS SUPPLEMENT AND THE
RELATED PROSPECTUS OR, IF NOT REGISTERED UNDER THE SECURITIES ACT OF 1933, THE
FINAL OFFERING MEMORANDUM (THE "OFFERING DOCUMENT"). INFORMATION CONTAINED
HEREIN DOES NOT PURPORT TO BE COMPLETE AND IS SUBJECT TO THE SAME
QUALIFICATIONS AND ASSUMPTIONS, AND SHOULD BE CONSIDERED BY INVESTORS ONLY IN
THE LIGHT OF THE SAME WARNINGS, LACK OF ASSURANCES AND REPRESENTATIONS AND OTHER
PRECAUTIONARY MATTERS, AS DISCLOSED IN THE OFFERING DOCUMENT. INFORMATION
REGARDING THE UNDERLYING ASSETS HAS BEEN PROVIDED BY THE ISSUER OF THE
SECURITIES OR AN AFFILIATE THEREOF AND HAS NOT BEEN INDEPENDENTLY VERIFIED BY
THE UNDERWRITERS OR THEIR RESPECTIVE AFFILIATES. THE ANALYSES CONTAINED HEREIN
HAVE BEEN PREPARED AND DISSEMINATED BY THE UNDERWRITERS. THIS INFORMATION WAS
PREPARED ON THE BASIS OF CERTAIN ASSUMPTIONS (INCLUDING, IN CERTAIN CASES,
ASSUMPTIONS SPECIFIED BY THE RECIPIENT HEREOF) REGARDING PAYMENTS, INTEREST
RATES, WEIGHTED AVERAGE LIVES AND WEIGHTED AVERAGE LOAN AGE, LOSS AND OTHER
MATTERS, INCLUDING, BUT NOT LIMITED TO, THE ASSUMPTIONS DESCRIBED IN THE
OFFERING DOCUMENT. NEITHER THE UNDERWRITERS, NOR ANY OF THEIR AFFILIATES MAKE
ANY REPRESENTATION OR WARRANTY AS TO THE ACTUAL RATE OR TIMING OF PAYMENTS ON
ANY OF THE UNDERLYING ASSETS OR THE PAYMENTS OR YIELD ON THE SECURITIES. THIS
INFORMATION SUPERSEDES ANY PRIOR VERSIONS HEREOF AND WILL BE DEEMED TO BE
SUPERSEDED BY ANY SUBSEQUENT VERSIONS (INCLUDING, WITH RESPECT TO ANY
DESCRIPTION OF THE SECURITIES OR THE UNDERLYING ASSETS, THE INFORMATION
CONTAINED IN THE OFFERING DOCUMENT).
<PAGE>
LBCMT 1999-C1 Structural and Collateral Term Sheet (continued):
LOAN SIZE DISTRIBUTION
================================================================================
Cut-off Date Balance Ranges # of % of Initial
($) Loans Pool Balance
================================================================================
0.01-2,000,000 47 4.38%
- --------------------------------------------------------------------------------
2,000,001-4,000,000 66 12.10
- --------------------------------------------------------------------------------
4,000,001-6,000,000 30 9.25
- --------------------------------------------------------------------------------
6,000,001-8,000,000 14 6.23
- --------------------------------------------------------------------------------
8,000,001-10,000,000 11 6.04
- --------------------------------------------------------------------------------
10,000,001-12,000,000 5 3.44
- --------------------------------------------------------------------------------
12,000,001-14,000,000 4 3.24
- --------------------------------------------------------------------------------
14,000,001-16,000,000 3 2.91
- --------------------------------------------------------------------------------
16,000,001-18,000,000 1 1.11
- --------------------------------------------------------------------------------
18,000,001-20,000,000 1 1.21
- --------------------------------------------------------------------------------
20,000,001-22,000,000 1 1.35
- --------------------------------------------------------------------------------
22,000,001-24,000,000 2 2.89
- --------------------------------------------------------------------------------
24,000,001-26,000,000 3 4.76
- --------------------------------------------------------------------------------
28,000,001-30,000,000 2 3.65
- --------------------------------------------------------------------------------
36,000,001-38,000,000 1 2.39
- --------------------------------------------------------------------------------
44,000,001-46,000,000 1 2.84
- --------------------------------------------------------------------------------
52,000,001-54,000,000 1 3.30
- --------------------------------------------------------------------------------
74,000,001-76,000,000 1 4.72
- --------------------------------------------------------------------------------
88,000,001-90,000,000 1 5.65
- --------------------------------------------------------------------------------
138,000,001-140,000,000 1 8.78
- --------------------------------------------------------------------------------
154,000,001-156,000,000 1 9.76
================================================================================
Total: 197 100.00%
================================================================================
Min.: $795,220
Max.: $154,954,659
Avg.: $8,055,300
GROSS RATE DISTRIBUTION
================================================================================
Gross Rate Ranges % of Initial
(%) Pool Balance
================================================================================
6.251-6.500 0.06%
- --------------------------------------------------------------------------------
6.501-6.750 1.66
- --------------------------------------------------------------------------------
6.751-7.000 8.32
- --------------------------------------------------------------------------------
7.001-7.250 18.10
- --------------------------------------------------------------------------------
7.251-7.500 35.48
- --------------------------------------------------------------------------------
7.501-7.750 11.62
- --------------------------------------------------------------------------------
7.751-8.000 12.28
- --------------------------------------------------------------------------------
8.001-8.250 7.38
- --------------------------------------------------------------------------------
8.251-8.500 1.14
- --------------------------------------------------------------------------------
8.501-8.750 2.98
- --------------------------------------------------------------------------------
8.751-9.000 0.85
- --------------------------------------------------------------------------------
9.001-9.250 0.13
================================================================================
Total: 100.00%
================================================================================
Min.: 6.500%
Max.: 9.085%
Wtd. Avg.: 7.499%
Page 15 of 17
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR A SOLICITATION
OF AN OFFER TO BUY ANY OF THE SECURITIES REFERRED TO HEREIN. OFFERS TO SELL AND
SOLICITATIONS OF OFFERS TO BUY SECURITIES ARE MADE ONLY BY, AND THIS INFORMATION
MUST BE READ IN CONJUNCTION WITH, THE FINAL PROSPECTUS SUPPLEMENT AND THE
RELATED PROSPECTUS OR, IF NOT REGISTERED UNDER THE SECURITIES ACT OF 1933, THE
FINAL OFFERING MEMORANDUM (THE "OFFERING DOCUMENT"). INFORMATION CONTAINED
HEREIN DOES NOT PURPORT TO BE COMPLETE AND IS SUBJECT TO THE SAME
QUALIFICATIONS AND ASSUMPTIONS, AND SHOULD BE CONSIDERED BY INVESTORS ONLY IN
THE LIGHT OF THE SAME WARNINGS, LACK OF ASSURANCES AND REPRESENTATIONS AND OTHER
PRECAUTIONARY MATTERS, AS DISCLOSED IN THE OFFERING DOCUMENT. INFORMATION
REGARDING THE UNDERLYING ASSETS HAS BEEN PROVIDED BY THE ISSUER OF THE
SECURITIES OR AN AFFILIATE THEREOF AND HAS NOT BEEN INDEPENDENTLY VERIFIED BY
THE UNDERWRITERS OR THEIR RESPECTIVE AFFILIATES. THE ANALYSES CONTAINED HEREIN
HAVE BEEN PREPARED AND DISSEMINATED BY THE UNDERWRITERS. THIS INFORMATION WAS
PREPARED ON THE BASIS OF CERTAIN ASSUMPTIONS (INCLUDING, IN CERTAIN CASES,
ASSUMPTIONS SPECIFIED BY THE RECIPIENT HEREOF) REGARDING PAYMENTS, INTEREST
RATES, WEIGHTED AVERAGE LIVES AND WEIGHTED AVERAGE LOAN AGE, LOSS AND OTHER
MATTERS, INCLUDING, BUT NOT LIMITED TO, THE ASSUMPTIONS DESCRIBED IN THE
OFFERING DOCUMENT. NEITHER THE UNDERWRITERS, NOR ANY OF THEIR AFFILIATES MAKE
ANY REPRESENTATION OR WARRANTY AS TO THE ACTUAL RATE OR TIMING OF PAYMENTS ON
ANY OF THE UNDERLYING ASSETS OR THE PAYMENTS OR YIELD ON THE SECURITIES. THIS
INFORMATION SUPERSEDES ANY PRIOR VERSIONS HEREOF AND WILL BE DEEMED TO BE
SUPERSEDED BY ANY SUBSEQUENT VERSIONS (INCLUDING, WITH RESPECT TO ANY
DESCRIPTION OF THE SECURITIES OR THE UNDERLYING ASSETS, THE INFORMATION
CONTAINED IN THE OFFERING DOCUMENT).
<PAGE>
LBCMT 1999-C1 Structural and Collateral Term Sheet (continued):
REMAINING TERM TO MATURITY (1)
================================================================================
% of Initial
Months Pool Balance
================================================================================
49-60 4.35%
- --------------------------------------------------------------------------------
61-72 0.32
- --------------------------------------------------------------------------------
73-84 8.92
- --------------------------------------------------------------------------------
97-108 5.01
- --------------------------------------------------------------------------------
109-120 73.47
- --------------------------------------------------------------------------------
157-168 2.28
- --------------------------------------------------------------------------------
169-180 1.94
- --------------------------------------------------------------------------------
205-216 0.09
- --------------------------------------------------------------------------------
217-228 0.49
- --------------------------------------------------------------------------------
229-240 2.65
- --------------------------------------------------------------------------------
241-252 0.30
- --------------------------------------------------------------------------------
289-300 0.18
================================================================================
Total: 100.00%
================================================================================
(1) Assumes ARD Loans payoff on their Anticipated Repayment Date
Min.: 50
Max.: 289
Wtd. Avg.: 117
REMAINING AMORTIZATION TERM (1)
================================================================================
% of Initial
Months Pool Balance
================================================================================
157-168 0.06%
- --------------------------------------------------------------------------------
169-180 0.53
- --------------------------------------------------------------------------------
205-216 0.09
- --------------------------------------------------------------------------------
217-228 0.09
- --------------------------------------------------------------------------------
229-240 1.28
- --------------------------------------------------------------------------------
253-264 10.73
- --------------------------------------------------------------------------------
265-276 1.26
- --------------------------------------------------------------------------------
289-300 19.25
- --------------------------------------------------------------------------------
313-324 1.04
- --------------------------------------------------------------------------------
325-336 1.82
- --------------------------------------------------------------------------------
337-348 4.30
- --------------------------------------------------------------------------------
349-360 59.55
================================================================================
Total: 100.00%
================================================================================
(1) Assumes ARD Loans payoff on their Anticipated Repayment Date
Min.: 162
Max.: 360
Wtd. Avg.: 329
DEBT SERVICE COVERAGE RATIOS (DSCR)(1)
================================================================================
Cut-off Date % of Initial
DSCR Ranges (x) Pool Balance
================================================================================
1.20-1.24 7.71%
- --------------------------------------------------------------------------------
1.25-1.29 14.82
- --------------------------------------------------------------------------------
1.30-1.34 15.49
- --------------------------------------------------------------------------------
1.35-1.39 6.50
- --------------------------------------------------------------------------------
1.40-1.44 5.57
- --------------------------------------------------------------------------------
1.45-1.49 4.35
- --------------------------------------------------------------------------------
1.50-1.54 6.02
- --------------------------------------------------------------------------------
1.55-1.59 0.59
- --------------------------------------------------------------------------------
1.60-1.64 4.85
- --------------------------------------------------------------------------------
1.65-1.69 10.71
- --------------------------------------------------------------------------------
1.75-1.84 9.07
- --------------------------------------------------------------------------------
2.05-2.20 14.24
- --------------------------------------------------------------------------------
2.21-2.24 0.08
================================================================================
Total: 100.00%
================================================================================
(1) Excludes CTL Loans
Min.: 1.20x
Max.: 2.25x
Wtd. Avg.: 1.54x
LOAN TO VALUE RATIOS (LTV)(1)
================================================================================
Cut-Off Date % of Initial
LTV Ranges (%) Pool Balance
================================================================================
35.01-40.00 0.08%
- --------------------------------------------------------------------------------
40.01-45.00 0.69
- --------------------------------------------------------------------------------
45.01-50.00 23.48
- --------------------------------------------------------------------------------
50.01-55.00 6.27
- --------------------------------------------------------------------------------
55.01-60.00 10.14
- --------------------------------------------------------------------------------
60.01-65.00 8.18
- --------------------------------------------------------------------------------
65.01-70.00 15.41
- --------------------------------------------------------------------------------
70.01-75.00 16.76
- --------------------------------------------------------------------------------
75.01-80.00 18.98
================================================================================
Total: 100.00%
================================================================================
(1) Excludes CTL Loans
Min.: 38.08%
Max.: 79.90%
Wtd. Avg.: 63.08%
Page 16 of 17
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR A SOLICITATION
OF AN OFFER TO BUY ANY OF THE SECURITIES REFERRED TO HEREIN. OFFERS TO SELL AND
SOLICITATIONS OF OFFERS TO BUY SECURITIES ARE MADE ONLY BY, AND THIS INFORMATION
MUST BE READ IN CONJUNCTION WITH, THE FINAL PROSPECTUS SUPPLEMENT AND THE
RELATED PROSPECTUS OR, IF NOT REGISTERED UNDER THE SECURITIES ACT OF 1933, THE
FINAL OFFERING MEMORANDUM (THE "OFFERING DOCUMENT"). INFORMATION CONTAINED
HEREIN DOES NOT PURPORT TO BE COMPLETE AND IS SUBJECT TO THE SAME QUALIFICATIONS
AND ASSUMPTIONS, AND SHOULD BE CONSIDERED BY INVESTORS ONLY IN THE LIGHT OF THE
SAME WARNINGS, LACK OF ASSURANCES AND REPRESENTATIONS AND OTHER PRECAUTIONARY
MATTERS, AS DISCLOSED IN THE OFFERING DOCUMENT. INFORMATION REGARDING THE
UNDERLYING ASSETS HAS BEEN PROVIDED BY THE ISSUER OF THE SECURITIES OR AN
AFFILIATE THEREOF AND HAS NOT BEEN INDEPENDENTLY VERIFIED BY THE UNDERWRITERS OR
THEIR RESPECTIVE AFFILIATES. THE ANALYSES CONTAINED HEREIN HAVE BEEN PREPARED
AND DISSEMINATED BY THE UNDERWRITERS. THIS INFORMATION WAS PREPARED ON THE BASIS
OF CERTAIN ASSUMPTIONS (INCLUDING, IN CERTAIN CASES, ASSUMPTIONS SPECIFIED BY
THE RECIPIENT HEREOF) REGARDING PAYMENTS, INTEREST RATES, WEIGHTED AVERAGE LIVES
AND WEIGHTED AVERAGE LOAN AGE, LOSS AND OTHER MATTERS, INCLUDING, BUT NOT
LIMITED TO, THE ASSUMPTIONS DESCRIBED IN THE OFFERING DOCUMENT. NEITHER THE
UNDERWRITERS, NOR ANY OF THEIR AFFILIATES MAKE ANY REPRESENTATION OR WARRANTY AS
TO THE ACTUAL RATE OR TIMING OF PAYMENTS ON ANY OF THE UNDERLYING ASSETS OR THE
PAYMENTS OR YIELD ON THE SECURITIES. THIS INFORMATION SUPERSEDES ANY PRIOR
VERSIONS HEREOF AND WILL BE DEEMED TO BE SUPERSEDED BY ANY SUBSEQUENT VERSIONS
(INCLUDING, WITH RESPECT TO ANY DESCRIPTION OF THE SECURITIES OR THE UNDERLYING
ASSETS, THE INFORMATION CONTAINED IN THE OFFERING DOCUMENT).
<PAGE>
LBCMT 1999-C1 Structural and Collateral Term Sheet (continued):
GEOGRAPHIC DISTRIBUTION
====================================== =======================================
% of Initial % of Initial
State Pool Balance State Pool Balance
====================================== =======================================
California 15.08% Puerto Rico 1.00
- -------------------------------------- ----------------------------------------
New York 12.57 Maryland 0.98
- -------------------------------------- ---------------------------------------
Oklahoma 11.49 Oregon 0.93
- -------------------------------------- ---------------------------------------
Texas 7.80 Minnesota 0.89
- -------------------------------------- ---------------------------------------
Michigan 6.47 Tennessee 0.78
- -------------------------------------- ---------------------------------------
Florida 5.69 Louisiana 0.76
- -------------------------------------- ---------------------------------------
Illinois 4.44 Colorado 0.72
- -------------------------------------- ---------------------------------------
Washington 3.57 Connecticut 0.44
- -------------------------------------- ---------------------------------------
West Virginia 3.30 Kentucky 0.35
- -------------------------------------- ---------------------------------------
Pennsylvania 2.40 Kansas 0.26
- -------------------------------------- ---------------------------------------
Ohio 2.26 North Dakota 0.25
- -------------------------------------- ---------------------------------------
Massachusetts 2.21 Idaho 0.23
- -------------------------------------- ---------------------------------------
Indiana 2.10 Washington D.C. 0.22
- -------------------------------------- ---------------------------------------
Arizona 2.07 Mississippi 0.19
- -------------------------------------- ---------------------------------------
Utah 1.97 Vermont 0.13
- -------------------------------------- ---------------------------------------
Nevada 1.86 Alabama 0.11
- -------------------------------------- ---------------------------------------
Virginia 1.47 South Carolina 0.11
- -------------------------------------- ---------------------------------------
Hawaii 1.47 Montana 0.10
- -------------------------------------- ---------------------------------------
North Carolina 1.15 Maine 0.06
- -------------------------------------- =======================================
New Jersey 1.07 Total: 100.00%
- -------------------------------------- =======================================
Georgia 1.05
======================================
================================================================================
% of Initial
Loan Type Pool Balance
================================================================================
Balloon 60.86%
- --------------------------------------------------------------------------------
Fully Amortizing 1.88
- --------------------------------------------------------------------------------
ARD Loan 37.26
================================================================================
Total: 100.00%
================================================================================
Page 17 of 17
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR A SOLICITATION
OF AN OFFER TO BUY ANY OF THE SECURITIES REFERRED TO HEREIN. OFFERS TO SELL AND
SOLICITATIONS OF OFFERS TO BUY SECURITIES ARE MADE ONLY BY, AND THIS INFORMATION
MUST BE READ IN CONJUNCTION WITH, THE FINAL PROSPECTUS SUPPLEMENT AND THE
RELATED PROSPECTUS OR, IF NOT REGISTERED UNDER THE SECURITIES ACT OF 1933, THE
FINAL OFFERING MEMORANDUM (THE "OFFERING DOCUMENT"). INFORMATION CONTAINED
HEREIN DOES NOT PURPORT TO BE COMPLETE AND IS SUBJECT TO THE SAME QUALIFICATIONS
AND ASSUMPTIONS, AND SHOULD BE CONSIDERED BY INVESTORS ONLY IN THE LIGHT OF THE
SAME WARNINGS, LACK OF ASSURANCES AND REPRESENTATIONS AND OTHER PRECAUTIONARY
MATTERS, AS DISCLOSED IN THE OFFERING DOCUMENT. INFORMATION REGARDING THE
UNDERLYING ASSETS HAS BEEN PROVIDED BY THE ISSUER OF THE SECURITIES OR AN
AFFILIATE THEREOF AND HAS NOT BEEN INDEPENDENTLY VERIFIED BY THE UNDERWRITERS OR
THEIR RESPECTIVE AFFILIATES. THE ANALYSES CONTAINED HEREIN HAVE BEEN PREPARED
AND DISSEMINATED BY THE UNDERWRITERS. THIS INFORMATION WAS PREPARED ON THE BASIS
OF CERTAIN ASSUMPTIONS (INCLUDING, IN CERTAIN CASES, ASSUMPTIONS SPECIFIED BY
THE RECIPIENT HEREOF) REGARDING PAYMENTS, INTEREST RATES, WEIGHTED AVERAGE LIVES
AND WEIGHTED AVERAGE LOAN AGE, LOSS AND OTHER MATTERS, INCLUDING, BUT NOT
LIMITED TO, THE ASSUMPTIONS DESCRIBED IN THE OFFERING DOCUMENT. NEITHER THE
UNDERWRITERS, NOR ANY OF THEIR AFFILIATES MAKE ANY REPRESENTATION OR WARRANTY AS
TO THE ACTUAL RATE OR TIMING OF PAYMENTS ON ANY OF THE UNDERLYING ASSETS OR THE
PAYMENTS OR YIELD ON THE SECURITIES. THIS INFORMATION SUPERSEDES ANY PRIOR
VERSIONS HEREOF AND WILL BE DEEMED TO BE SUPERSEDED BY ANY SUBSEQUENT VERSIONS
(INCLUDING, WITH RESPECT TO ANY DESCRIPTION OF THE SECURITIES OR THE UNDERLYING
ASSETS, THE INFORMATION CONTAINED IN THE OFFERING DOCUMENT).
