<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities
and Exchange Act of 1934
Date of Report: 08/17/98
(Date of earliest event reported)
Credit Suisse First Boston Commercial Mortgage
Pass Through Certificates Series 1998-C1
(Exact name of registrant as specified in governing instruments)
New York
(State or other Jurisdiction of Incorporation)
c/o State Street Bank and Trust Company
Corporate Trust Department
Two International Place, 5th Floor
Boston, MA 02110
(Address of Principal Executive Offices) (Zip Code)
(212) 761-4700
(Registrant's telephone number, including area code)
Commission File Number 333-16397
04-3342274 (I.R.S. Employer Identification No.)
Not Applicable
(Former name, former address and former fiscal year if changed
since last report)
Page 1
<PAGE>
Credit Suisse First Boston Commercial Mortgage
Pass Through Certificates Series 1998-C1
FORM 8-K
INDEX
<TABLE>
<CAPTION>
<S> <C> <C>
ITEM DESCRIPTION PAGE NUMBER
Item 5. Other Events 3
Item 7. Financial Statements and
Exhibits 3
Signatures 3
Exhibit A Trustee's Report to
Bondholders 4
</TABLE>
Page 2
<PAGE>
Credit Suisse First Boston Commercial Mortgage
Pass Through Certificates Series 1998-C1
FORM 8-K
ITEMS AND SIGNATURES
ITEMS
Item 5. Other Events
See Exhibit A, the Trustee's Report to Bondholders attached hereto.
Item 7. Financial Statements and Exhibits
See Exhibit A, the Trustee's Report to Bondholders attached hereto.
SIGNATURES
Pursuant to the requirement of the Securities Exchange Act of 1934, the
registrar has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Credit Suisse First Boston Commercial Mortgage
Pass Through Certificates Series 1998-C1
(Registrant)
Date: 08/17/98
By:
-------------------------------
Name William Swan
Title: Vice President
State Street Bank and Trust Company
as Trustee
Page 3
<PAGE>
Credit Suisse First Boston
Multiclass Pass-Through Certificates
Series 1998-C1
B272
Trustee's Report to Certificateholders Payment Date: August 17, 1998
Record Date: July 31, 1998
<TABLE>
<CAPTION>
Payment Summary
- -----------------------------------------------------------------------------------------------------------------------------
Pass-Through Interest Original Moody's Original Beginning Principal
Class CUSIP Rate Type Rating Balance Balance Distribution
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
A-1A 22540AFR4 6.260000000% Fixed AAA 431,400,000.00 428,872,000.40 2,148,027.31
A-1B 22540AFS2 6.480000000% Fixed AAA 1,055,100,000.00 1,055,100,000.00 0.00
A-2MF 22540AFT0 6.420000000% Fixed AAA 263,890,000.00 263,890,000.00 0.00
A-X 22540AFU7 1.268681442% Variable AAA 2,482,942,297.00 2,480,414,297.40 0.00
B 22540AFV5 6.590000000% Fixed AA 136,600,000.00 136,600,000.00 0.00
C 22540AFW3 6.780000000% Fixed A 136,600,000.00 136,600,000.00 0.00
D 22540AFX1 7.170000000% Fixed BBB 136,500,000.00 136,500,000.00 0.00
E 22540AFY9 7.340000000% Variable BBB- 37,300,000.00 37,300,000.00 0.00
F 22540AFZ6 6.000000000% Fixed BB 142,700,000.00 142,700,000.00 0.00
G 22540AGA0 6.000000000% Fixed BB- 18,700,000.00 18,700,000.00 0.00
H 22540AGB8 6.000000000% Fixed B 49,600,000.00 49,600,000.00 0.00
I 22540AGC6 6.000000000% Fixed B- 24,800,000.00 24,800,000.00 0.00
J 22540AGD4 6.000000000% Fixed NR 49,752,297.00 49,752,297.00 0.00
R N/A N/A N/A NR 0.00 0.00 0.00
- -----------------------------------------------------------------------------------------------------------------------------
Totals: 2,482,942,297.00 2,480,414,297.40 2,148,027.31
----------------------------------------------------
</TABLE>
Trustee's Report to Certificateholders Payment Date: August 17, 1998
Record Date: July 31, 1998
<TABLE>
<CAPTION>
Payment Summary
- ------------------------------------------------------------
Interest Total Ending
Class Distribution Payable Balance
- ------------------------------------------------------------
<S> <C> <C> <C>
A-1A 2,237,282.27 4,385,309.58 426,723,973.09
A-1B 5,697,540.00 5,697,540.00 1,055,100,000.00
A-2MF 1,411,811.50 1,411,811.50 263,890,000.00
A-X 2,622,379.66 2,622,379.66 2,478,266,270.09
B 750,161.67 750,161.67 136,600,000.00
C 771,790.00 771,790.00 136,600,000.00
D 815,587.50 815,587.50 136,500,000.00
E 228,151.67 228,151.67 37,300,000.00
F 713,500.00 713,500.00 142,700,000.00
G 93,500.00 93,500.00 18,700,000.00
H 248,000.00 248,000.00 49,600,000.00
I 124,000.00 124,000.00 24,800,000.00
J 247,874.74 247,874.74 49,752,297.00
R 0.00 0.00 0.00
Totals: 15,961,579.01 18,109,606.32 2,478,266,270.09
</TABLE>
- ----------
* Based on a Notional Balance
<TABLE>
<CAPTION>
Distributions per Certificate
- ----------------------------------------------------------------------------
Beginning Principal Interest Ending
Class Certif. Factor Distribution(1) Distribution(1) Certif. Factor
- ----------------------------------------------------------------------------
<S> <C> <C> <C> <C>
A-1A 0.994140010 4.979200997 5.186097056 0.989160809
A-1B 1.000000000 0.000000000 5.400000000 1.000000000
A-2MF 1.000000000 0.000000000 5.350000000 1.000000000
A-X 0.998981853 0.000000000 1.056158117 0.998116740
B 1.000000000 0.000000000 5.491666691 1.000000000
C 1.000000000 0.000000000 5.650000000 1.000000000
D 1.000000000 0.000000000 5.975000000 1.000000000
E 1.000000000 0.000000000 6.116666756 1.000000000
F 1.000000000 0.000000000 5.000000000 1.000000000
G 1.000000000 0.000000000 5.000000000 1.000000000
H 1.000000000 0.000000000 5.000000000 1.000000000
I 1.000000000 0.000000000 5.000000000 1.000000000
J 1.000000000 0.000000000 4.982176803 1.000000000
R N/A N/A N/A N/A
- ---------------------------------------------------------------------------
</TABLE>
----------------------------------------------------------------
For additional information or with questions, please contact:
----------------------------------------------------------------
State Street Corporate Trust
----------------------------------------------------------------
Bond Analyst: Jodi Colangelo (617)664-5434
Account Officer: William Swan (617)664-5469
Web Address: corporatetrust.statestreet.com
StreetFax: (617)664-5600
Street Connection:(factor and rate by cusip) (617)664-5500
----------------------------------------------------------------
- ----------
(1) represents net payment per certificate
STATE STREET
Serving Institutional investors Worldwide
This report has been prepared by or based on information furnished to State
Street Bank and Trust Company ("State Street") by one or more third parties
(e.g.,Servicer, Master Servicer, etc.).State Street shall not have and does
not undertake responsibility for the accuracy or completeness of
information provided by such third parties, and makes no representations or
warranties with respect to the accuracy or completeness thereof or the
sufficiency thereof for any particular purpose. State Street has not
independently verified information received from third parties, and shall
have no liability for any inaccuracies therein or caused thereby.
Page 1 of 4
<PAGE>
Credit Suisse First Boston
Multiclass Pass-Through Certificates
Series 1998-C1
B272
Trustee's Report to Certificateholders Payment Date: August 17, 1998
Record Date: July 31, 1998
<TABLE>
<CAPTION>
Principal Detail
- -----------------------------------------------------------------------------------------------------------------------------------
Beginning Scheduled Principal Realized Balance Total Principal Ending Cumulative
Class Balance Principal Recoveries Losses Adjustment Distrib. Amount Balance Realized Losses
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A-1A 428,872,000.40 2,148,027.31 0.00 0.00 0.00 2,148,027.31 426,723,973.09 0.00
A-1B 1,055,100,000.00 0.00 0.00 0.00 0.00 0.00 1,055,100,000.00 0.00
A-2MF 263,890,000.00 0.00 0.00 0.00 0.00 0.00 263,890,000.00 0.00
A-X 2,480,414,297.40 0.00 0.00 0.00 0.00 0.00 2,478,266,270.09 0.00
B 136,600,000.00 0.00 0.00 0.00 0.00 0.00 136,600,000.00 0.00
C 136,600,000.00 0.00 0.00 0.00 0.00 0.00 136,600,000.00 0.00
D 136,500,000.00 0.00 0.00 0.00 0.00 0.00 136,500,000.00 0.00
E 37,300,000.00 0.00 0.00 0.00 0.00 0.00 37,300,000.00 0.00
F 142,700,000.00 0.00 0.00 0.00 0.00 0.00 142,700,000.00 0.00
G 18,700,000.00 0.00 0.00 0.00 0.00 0.00 18,700,000.00 0.00
H 49,600,000.00 0.00 0.00 0.00 0.00 0.00 49,600,000.00 0.00
I 24,800,000.00 0.00 0.00 0.00 0.00 0.00 24,800,000.00 0.00
J 49,752,297.00 0.00 0.00 0.00 0.00 0.00 49,752,297.00 0.00
R 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
- -----------------------------------------------------------------------------------------------------------------------------------
Totals: 2,480,414,297.40 2,148,027.31 0.00 0.00 0.00 2,148,027.31 2,478,266,270.09 0.00
--------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Interest Detail
- -----------------------------------------------------------------------------------------------------------------------------------
Accrued Interest Excess Deferred Current Total Interest Prepayment Cumulative
Class Certif. Interest Losses PPIS Int. Unpaid Interest Distrib. Amt. Penalties Unpaid Interest
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A-1A 2,237,282.27 0.00 0.00 0.00 0.00 2,237,282.27 0.00 0.00
A-1B 5,697,540.00 0.00 0.00 0.00 0.00 5,697,540.00 0.00 0.00
A-2MF 1,411,811.50 0.00 0.00 0.00 0.00 1,411,811.50 0.00 0.00
A-X 2,622,379.66 0.00 0.00 0.00 0.00 2,622,379.66 0.00 0.00
B 750,161.67 0.00 0.00 0.00 0.00 750,161.67 0.00 0.00
C 771,790.00 0.00 0.00 0.00 0.00 771,790.00 0.00 0.00
D 815,587.50 0.00 0.00 0.00 0.00 815,587.50 0.00 0.00
E 228,151.67 0.00 0.00 0.00 0.00 228,151.67 0.00 0.00
F 713,500.00 0.00 0.00 0.00 0.00 713,500.00 0.00 0.00
G 93,500.00 0.00 0.00 0.00 0.00 93,500.00 0.00 0.00
H 248,000.00 0.00 0.00 0.00 0.00 248,000.00 0.00 0.00
I 124,000.00 0.00 0.00 0.00 0.00 124,000.00 0.00 0.00
J 248,761.49 0.00 0.00 0.00 886.75 247,874.74 0.00 886.75
R 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
- -----------------------------------------------------------------------------------------------------------------------------------
Totals: 15,962,465.76 0.00 0.00 0.00 886.75 15,961,579.01 0.00 886.75
--------------------------------------------------------------------------------------------------------------------------
</TABLE>
Page 2 of 4
<PAGE>
Credit Suisse First Boston
Multiclass Pass-Through Certificates
Series 1998-C1
B272
Trustee's Report to Certificateholders Payment Date: August 17, 1998
Record Date: July 31, 1998
<TABLE>
<CAPTION>
Loan Group Statistics
--------------------------------------------------------------------------------------------------------------------
Sch Prin Bal of Loans Sch Prin Bal of Loans UPB of Loans # of Outstanding Principal Excess Prepayment
Before Distribution After Distribution After Distribution Mortgage Loans Prepayment Interest Shortfall
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Loan Group 1 2,179,791,335.70 2,177,824,624.79 0.00 279 1.13 0.00
- -----------------------------------------------------------------------------------------------------------------------------------
Loan Group 2 300,622,965.78 300,441,649.38 0.00 46 0.00 0.00
- -----------------------------------------------------------------------------------------------------------------------------------
Totals: 2,480,414,301.48 2,478,266,274.17 0.00 325 1.13 0.00
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Delinquency Statistics
----------------------------------------------------------------------------------------------------
One Month Two Months Three + Months Specially Serviced Foreclosures
- -------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
# in Loan Grp 1 N/A N/A N/A N/A N/A
- -------------------------------------------------------------------------------------------------------------------------
Sch Prin Bal Grp1 N/A N/A N/A N/A N/A
- -------------------------------------------------------------------------------------------------------------------------
# in Loan Grp 2 N/A N/A N/A N/A N/A
- -------------------------------------------------------------------------------------------------------------------------
Sch Prin bal in Grp 2 N/A N/A N/A N/A N/A
- -------------------------------------------------------------------------------------------------------------------------
Total # of Loans N/A N/A N/A N/A N/A
- -------------------------------------------------------------------------------------------------------------------------
Total Sch. Prin Bal N/A N/A N/A N/A N/A
- -------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Additional Loan- by- Loan reporting information for the related Collection Period
--------------------------------------------------------------------------------
Mortgage Loans Repurchased, Aggregate Appraisal Reduction Amounts
Liquidated or Disposed
- ----------------------------------------------------------------------------------------------------
Liquidation Portion in Appraisal Principal
Mortgage Loan # Proceeds Available Distribution Reduction Amount Balance
- ----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
N/A N/A N/A N/A N/A
- ----------------------------------------------------------------------------------------------------
</TABLE>
Page 3 of 4
<PAGE>
Credit Suisse First Boston
Multiclass Pass-Through Certificates
Series 1998-C1
B272
Trustee's Report to Certificateholders Payment Date: August 17, 1998
Record Date: July 31, 1998
<TABLE>
<CAPTION>
-----------------------------------------------------
Subordinate Support Percentage
-----------------------------------------------------
Original Current
Class Subordination Level Subordination Level
-----------------------------------------------------
<S> <C> <C>
A 29.53% 29.56%
A-X N/A N/A
B 24.00% 24.05%
C 18.50% 18.54%
D 13.00% 13.03%
E 11.50% 11.52%
F 5.75% 5.76%
G 5.00% 5.01%
H 3.00% 3.01%
I 2.00% 2.01%
J 0.00% 0.00%
-----------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Advances, Expenses, Fees
------------------------------------------------------------
<S> <C>
Aggregate information:
Principal Advance 250,285.08
Interest Advance 2,292,768.59
Servicing Advance N/A
Fees:
Servicer Fee 62,010.35
Special Servicing Fee 0.00
------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Summary of REO Activity during the related Collection Period:
- -------------------------------------------------------------------------------------------------------------------------
Properties which became REO Properties REO Properties included in the Trust Fund
- -------------------------------------------------------------------------------------------------------------------------
Stated Principal Unpaid Principal Income Portion in Available
Mortgage Loan # Balance Balance Book Value Collected Distribution
- -------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
N/A N/A N/A N/A N/A N/A
</TABLE>
<TABLE>
<CAPTION>
REO Properties sold or disposed
-----------------------------------------------------
Liquidation Portion in Available Final Recovery
Proceeds Distribution Determination
-----------------------------------------------------
<S> <C> <C>
N/A N/A N/A
-----------------------------------------------------
</TABLE>
Page 4 of 4
