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Previous: MMCA AUTO OWNER TRUST 1999-2, 8-K, 2000-01-25 |
Next: FARGO ELECTRONICS INC, S-1/A, 2000-01-25 |
UNITED STATES
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): December 15, 1999
SALOMON BROTHERS MORTGAGE SECURITIES VII, INC.
Floating Rate Mortgage Pass-Through Certificates, Series 1999-AQ2 Trust
New York (governing law of 333-84249-02 Pending
Pooling and Servicing Agreement) (Commission IRS EIN
(State or other File Number)
jurisdiction
c/o Norwest Bank Minnesota, N.A.
11000 Broken Land Parkway 21044
Columbia, Maryland (Zip Code)
(Address of principal executive offices)
Registrant's telephone number, including area code: (410) 884-2000
Former name or former address, if changed since last report)
ITEM 5. Other Events
On December 15, 1999 a distribution was made to holders of SALOMON BROTHERS
MORTGAGE SECURITIES VII, INC., Floating Rate Mortgage Pass-Through Certificates,
Series 1999-AQ2 Trust.
ITEM 7. Financial Statements and Exhibits
(c) Exhibits furnished in accordance with Item 601(a) of
Regulation S-K
Exhibit Number Description
Monthly report distributed to holders of
EX-99.1 Floating Rate Mortgage Pass-Through
Certificates, Series 1999-AQ2 Trust, relating
to the December 15, 1999 distribution.
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 hereunto duly authorized.
SALOMON BROTHERS MORTGAGE SECURITIES VII, INC.
Floating Rate Mortgage Pass-Through Certificates, Series 1999-AQ2 Trust
By: Norwest Bank Minnesota, N.A., as Trustee
By: /s/ Sherri J. Sharps, Vice President
By: Sherri J. Sharps, Vice President
Date: 12/27/99
INDEX TO EXHIBITS
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of Salomon Brothers
Floating Rate Mortgage Pass-Through Certificates, Series 1999
-AQ2 Trust, relating to the December 15, 1999 distribution.
<TABLE>
<CAPTION>
Salomon Brothers Mortgage Securities VII, Inc.
Mortgage Pass-Through Certificates
Record Date: 11/30/99
Distribution Date: 12/15/99
SBMSVII Series: 1999-AQ2
Contact: Customer Service - CTSLink
Norwest Bank Minnesota, N.A.
Securities Administration Services
7485 New Horizon Way
Frederick, MD 21703
Telephone: (301) 815-6600
Fax: (301) 846-8152
Certificateholder Distribution Summary
Certificate Certificate Beginning
Class Pass-Through Certificate Interest Principal
Class CUSIP Description Rate Balance Distribution Distribution
<S> <C> <C> <C> <C> <C> <C>
A-1 79548KT65 SEQ 5.82000% 624,000,000.00 3,530,800.00 3,378,988.76
A-2 79548KT73 SEQ 5.98000% 60,000,000.00 348,833.33 0.00
M-1 79548KT81 SEQ 6.25000% 52,000,000.00 315,972.22 0.00
M-2 79548KT99 SEQ 6.90000% 27,600,000.00 185,150.00 0.00
M-3 79548KU22 SEQ 7.00000% 23,600,000.00 137,666.67 0.00
R-I SAL99Q2R1 SEQ 0.00000% 0.00 0.00 0.00
R-II SAL99Q2R2 SEQ 0.00000% 0.00 0.00 0.00
R-III SAL99Q2R3 SEQ 0.00000% 0.00 0.00 0.00
P SAL99AQ2P SEQ 0.00000% 100.00 91,989.03 0.00
CE SAL99Q2CE SEQ 0.00000% 12,799,900.00 1,515,322.14 0.00
Totals 800,000,000.00 6,125,733.39 3,378,988.76
</TABLE>
<TABLE>
<CAPTION>
Certificateholder Distribution Summary (continued)
Current Ending Cumulative
Realized Certificate Total Realized
Class Loss Balance Distribution Losses
<S> <C> <C> <C> <C>
A-1 0.00 620,621,011.24 6,909,788.76 0.00
A-2 0.00 60,000,000.00 348,833.33 0.00
M-1 0.00 52,000,000.00 315,972.22 0.00
M-2 0.00 27,600,000.00 185,150.00 0.00
M-3 0.00 23,600,000.00 137,666.67 0.00
R-I 0.00 0.00 0.00 0.00
R-II 0.00 0.00 0.00 0.00
R-III 0.00 0.00 0.00 0.00
P 0.00 100.00 91,989.03 0.00
CE 0.00 12,799,900.00 1,515,322.14 0.00
Totals 0.00 796,621,011.24 9,504,722.15 0.00
<FN>
All distributions required by the Pooling and Servicing Agreement have been calculated by the
Certificate Administrator on behalf of the Trustee.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Principal Distribution Statement
Original Beginning Scheduled Unscheduled
Face Certificate Principal Principal Realized
Class Amount Balance Distribution Distribution Accretion Loss (1)
<S> <C> <C> <C> <C> <C> <C>
A-1 624,000,000.00 624,000,000.00 395,084.87 2,983,903.89 0.00 0.00
A-2 60,000,000.00 60,000,000.00 0.00 0.00 0.00 0.00
M-1 52,000,000.00 52,000,000.00 0.00 0.00 0.00 0.00
M-2 27,600,000.00 27,600,000.00 0.00 0.00 0.00 0.00
M-3 23,600,000.00 23,600,000.00 0.00 0.00 0.00 0.00
R-I 0.00 0.00 0.00 0.00 0.00 0.00
R-II 0.00 0.00 0.00 0.00 0.00 0.00
R-III 0.00 0.00 0.00 0.00 0.00 0.00
P 100.00 100.00 0.00 0.00 0.00 0.00
CE 12,799,900.00 12,799,900.00 0.00 0.00 0.00 0.00
Totals 800,000,000.00 800,000,000.00 395,084.87 2,983,903.89 0.00 0.00
<FN>
(1) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed.
Please Refer to the Prospectus Supplement for a Full Description.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Principal Distribution Statement (continued)
Total Ending Ending Total
Principal Certificate Certificate Principal
Class Reduction Balance Percentage Distribution
<S> <C> <C> <C> <C>
A-1 3,378,988.76 620,621,011.24 0.99458495 3,378,988.76
A-2 0.00 60,000,000.00 1.00000000 0.00
M-1 0.00 52,000,000.00 1.00000000 0.00
M-2 0.00 27,600,000.00 1.00000000 0.00
M-3 0.00 23,600,000.00 1.00000000 0.00
R-I 0.00 0.00 0.00000000 0.00
R-II 0.00 0.00 0.00000000 0.00
R-III 0.00 0.00 0.00000000 0.00
P 0.00 100.00 1.00000000 0.00
CE 0.00 12,799,900.00 1.00000000 0.00
Totals 3,378,988.76 796,621,011.24 0.99577626 3,378,988.76
</TABLE>
<TABLE>
<CAPTION>
Principal Distribution Factors Statement
Original Beginning Scheduled Unscheduled
Face Certificate Principal Principal
Class (2) Amount Balance Distribution Distribution Accretion
<S> <C> <C> <C> <C> <C>
A-1 624,000,000.00 1000.00000000 0.63314883 4.78189726 0.00000000
A-2 60,000,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-1 52,000,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-2 27,600,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-3 23,600,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
R-I 0.00 0.00000000 0.00000000 0.00000000 0.00000000
R-II 0.00 0.00000000 0.00000000 0.00000000 0.00000000
R-III 0.00 0.00000000 0.00000000 0.00000000 0.00000000
P 100.00 1000.00000000 0.00000000 0.00000000 0.00000000
CE 12,799,900.00 1000.00000000 0.00000000 0.00000000 0.00000000
<FN>
All factors are reported per$1000 denominations.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Principal Distribution Factors Statement (continued)
Total Ending Ending Total
Realized Principal Certificate Certificate Principal
Class Loss (3) Reduction Balance Percentage Distribution
<S> <C> <C> <C> <C> <C>
A-1 0.00000000 5.41504609 994.58495391 0.99458495 5.41504609
A-2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
M-1 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
M-2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
M-3 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
R-I 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R-II 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R-III 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
P 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
CE 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
<FN>
(3) Amount Does Not Include Excess Special Hazard, Bankrupcy, or Fraud Losses
Unless Otherwise Disclosed.
Please Refer to the Prospectus Supplement for a Full Description.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Interest Distribution Statement
Beginning Payment of
Original Current Certificate/ Current Unpaid Current
Face Certificate Notional Accrued Interest Interest
Class Amount Rate Balance Interest Shortfall Shortfall
<S> <C> <C> <C> <C> <C> <C>
A-1 624,000,000.00 5.82000% 624,000,000.00 3,530,800.00 0.00 0.00
A-2 60,000,000.00 5.98000% 60,000,000.00 348,833.33 0.00 0.00
M-1 52,000,000.00 6.25000% 52,000,000.00 315,972.22 0.00 0.00
M-2 27,600,000.00 6.90000% 27,600,000.00 185,150.00 0.00 0.00
M-3 23,600,000.00 7.00000% 23,600,000.00 137,666.67 0.00 0.00
R-I 0.00 0.00000% 0.00 0.00 0.00 0.00
R-II 0.00 0.00000% 0.00 0.00 0.00 0.00
R-III 0.00 0.00000% 0.00 0.00 0.00 0.00
P 100.00 0.00000% 100.00 0.00 0.00 0.00
CE 12,799,900.00 0.00000% 12,799,900.00 0.00 0.00 0.00
Totals 800,000,000.00 4,518,422.22 0.00 0.00
</TABLE>
<TABLE>
<CAPTION>
Interest Distribution Statement (continued)
Remaining Ending
Non-Supported Total Unpaid Certificate/
Interest Realized Interest Interest Notional
Class Shortfall Losses (4) Distribution Shortfall Balance
<S> <C> <C> <C> <C> <C>
A-1 0.00 0.00 3,530,800.00 0.00 620,621,011.24
A-2 0.00 0.00 348,833.33 0.00 60,000,000.00
M-1 0.00 0.00 315,972.22 0.00 52,000,000.00
M-2 0.00 0.00 185,150.00 0.00 27,600,000.00
M-3 0.00 0.00 137,666.67 0.00 23,600,000.00
R-I 0.00 0.00 0.00 0.00 0.00
R-II 0.00 0.00 0.00 0.00 0.00
R-III 0.00 0.00 0.00 0.00 0.00
P 0.00 0.00 91,989.03 0.00 100.00
CE 0.00 0.00 1,515,322.14 0.00 12,799,900.00
Totals 0.00 0.00 6,125,733.39 0.00
<FN>
(4) Amount Does Not Include Excess Special Hazard, Bankrupcy, or Fraud Losses Unless Otherwise Disclosed.
Please Refer to the Prospectus Supplement for a Full Description.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Interest Distribution Factors Statement
Beginning Payment of
Original Current Certificate/ Current Unpaid Current
Face Certificate Notional Accrued Interest Interest
Class (5) Amount Rate Balance Interest Shortfall Shortfall
<S> <C> <C> <C> <C> <C> <C>
A-1 624,000,000.00 5.82000% 1000.00000000 5.65833333 0.00000000 0.00000000
A-2 60,000,000.00 5.98000% 1000.00000000 5.81388883 0.00000000 0.00000000
M-1 52,000,000.00 6.25000% 1000.00000000 6.07638885 0.00000000 0.00000000
M-2 27,600,000.00 6.90000% 1000.00000000 6.70833333 0.00000000 0.00000000
M-3 23,600,000.00 7.00000% 1000.00000000 5.83333347 0.00000000 0.00000000
R-I 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
R-II 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
R-III 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
P 100.00 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000
CE 12,799,900.00 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000
<FN>
All factors are reported per $1000 denominations.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Interest Distribution Factors Statement (continued)
Remaining Ending
Non-Supported Total Unpaid Certificate/
Interest Realized Interest Interest Notional
Class Shortfall Losses (6) Distribution Shortfall Balance
<S> <C> <C> <C> <C> <C>
A-1 0.00000000 0.00000000 5.65833333 0.00000000 994.58495391
A-2 0.00000000 0.00000000 5.81388883 0.00000000 1000.00000000
M-1 0.00000000 0.00000000 6.07638885 0.00000000 1000.00000000
M-2 0.00000000 0.00000000 6.70833333 0.00000000 1000.00000000
M-3 0.00000000 0.00000000 5.83333347 0.00000000 1000.00000000
R-I 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R-II 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R-III 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
P 0.00000000 0.00000000 919890.30000000 0.00000000 1000.00000000
CE 0.00000000 0.00000000 118.38546707 0.00000000 1000.00000000
<FN>
(6) Amount Does Not Include Excess Special Hazard, Bankrupcy,or Fraud Losses Unless
Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.
</FN>
</TABLE>
<TABLE>
<CAPTION>
CERTIFICATEHOLDER ACCOUNT STATEMENT
CERTIFICATE ACCOUNT
<S> <C>
Beginning Balance 0.00
Deposits
Payments of Interest and Principal 9,678,435.25
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 75,668.03
Realized Losses 0.00
Total Deposits 9,754,103.28
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 249,381.13
Payment of Interest and Principal 9,504,722.15
Total Withdrawals (Pool Distribution Amount) 9,754,103.28
Ending Balance 0.00
</TABLE>
<TABLE>
<CAPTION>
PREPAYMENT/CURTAILMENT INTEREST SHORTFALL
<S> <C>
Total Prepayment/Curtailment Interest Shortfall 13,086.07
Servicing Fee Support 13,086.07
Non-Supported Prepayment/Curtailment Interest Shortfall 0.00
</TABLE>
<TABLE>
<CAPTION>
SERVICING FEES
<S> <C>
Gross Servicing Fee 260,133.87
Trustee Fee 2,333.33
Supported Prepayment/Curtailment Interest Shortfall 13,086.07
Net Servicing Fee 249,381.13
</TABLE>
<TABLE>
<CAPTION>
OTHER ACCOUNTS
Beginning Current Current Ending
Account Type Balance Withdrawals Deposits Balance
<S> <C> <C> <C> <C>
Reserve Fund 0.00 0.00 0.00 0.00
</TABLE>
<TABLE>
<CAPTION> CERTIFICATEHOLDER DELINQUENCY/CREDIT ENHANCEMENT STATEMENT
DELINQUENCY STATUS
Percentage Delinquent
Based On
Current Unpaid
Number Principal Number Unpaid
Of Loans Balance Of Loans Balance
<S> <C> <C> <C> <C>
30 Days 81 5,960,543.15 1.249422% 0.959919%
60 Days 11 1,265,885.24 0.169675% 0.203865%
90+ Days 0 0.00 0.000000% 0.000000%
Foreclosure 7 694,821.01 0.107975% 0.111898%
REO 0 0.00 0.000000% 0.000000%
Totals 99 7,921,249.40 1.527071% 1.275682%
</TABLE>
<TABLE>
<CAPTION>
OTHER INFORMATION
<S> <C>
Current Period Realized Loss - Includes Interest Shortfall 0.00
Cumulative Realized Losses - Includes Interest Shortfall 0.00
Principal Balance of Contaminated Properties 0.00
Current Period Class A Insufficient Funds 0.00
Periodic Advance 75,668.03
</TABLE>
<TABLE>
<CAPTION>
COLLATERAL STATEMENT
<S> <C>
Collateral Description 6 Month LIBOR ARM
Weighted Average Gross Coupon 9.554117%
Weighted Average Net Coupon 9.054116%
Weighted Average Pass-Through Rate 9.050617%
Weighted Average Maturity(Stepdown Calculation ) 251
Beginning Scheduled Collateral Loan Count 6,523
Number Of Loans Paid In Full 40
Ending Scheduled Collateral Loan Count 6,483
Beginning Scheduled Collateral Balance 624,321,286.62
Ending Scheduled Collateral Balance 620,942,297.85
Ending Actual Collateral Balance at 30-Nov-1999 620,942,297.85
Monthly P &I Constant 5,365,783.58
Ending Scheduled Balance for Premium Loans 620,942,297.84
Scheduled Principal 395,084.87
Unscheduled Principal 2,983,903.89
Required Overcollateralization Amount 0.00
Overcollateralized Increase Amount 0.00
Overcollateralized reduction Amount 0.00
Specified O/C Amount 12,799,900.00
Overcollateralized Amount 0.00
Overcollateralized Deficiency Amount 0.00
Base Overcollateralized Amount 12,799,900.00
Extra principal distribution Amount 0.00
Excess Cash Amount 1,515,322.14
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
Credit Enhancement Percentage 28.34400%
Cummulative Loss Percentage 0.36191%
Pre Funding Amount $175,678,713.00
Required OC Amount $12,799,900.00
OC Increase Amount $0.00
OC Reduction Amount $0.00
Bankruptcies 2 at $286,566.60
</TABLE>
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