<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: 12/17/98
(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 Event 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: 12/17/98
By:
-------------------------------
Name William Swan
Title: Vice President
State Street Bank and Trust Company
as Trustee
Page 3
<PAGE>
CREDIT SUISSE FIRST BOSTON
COMMERCIAL MORTGAGE PASS THROUGH CERTIFICATES
SERIES 1998-C1 PAYMENT DATE: DECEMBER 17, 1998
B272 RECORD DATE: NOVEMBER 30, 1998
SUMMARY OF AVAILABLE INFORMATION
<TABLE>
<CAPTION>
DELIVERY
NAME OF REPORT OR FILE PREPARER FREQUENCY VEHICLES:
- ---------------------- -------- --------- ---------
<S> <C> <C> <C>
Distribution Date Statement Trustee Monthly Web, Street Fax
Loan Schedule Trustee Monthly Web, Street Fax
Stratification Tables Trustee Monthly Web, Street Fax
Delinquent Loan Status Servicer Monthly Web, Street Fax
Historical Loss Estimate Report Servicer Monthly Web, Street Fax
Historical Loan Modification Report Servicer Monthly Web, Street Fax
REO Status Report Servicer Monthly Web, Street Fax
Watch List Report Servicer Monthly Web, Street Fax
CSSA Loan Periodic Update File Servicer Monthly Web
Comparative Financial Status Report Servicer Monthly Web, Street Fax
Operating Statement Analysis Report Servicer Quarterly Upon Request
NOI Adjustment Worksheet Servicer Annually Upon Request
STATE STREET INFORMATION DELIVERY VEHICLES
- -------------------------------------------
Web Site: http://corporatetrust.statestreet.com
Street Fax: (617) 664-5600
To sign up for a Street Fax account: (617) 664-5430
Street Connections (factors and rates): (617) 664-5500
For other information delivery requests: [email protected]
DEAL-SPECIFIC CONTACTS
- ----------------------
Account Officer (trustee and paying agent questions): Julie Kirby (617) 664-5330
Account Administrator (analytics and collateral questions): Mark Glenn (617) 664-5447
Servicer Banc One Mortgage Capital Mkts. (214) 290-2350
Special Servicer Lennar Partners Inc. (305) 220-4300
--Ronald E. Schrager
</TABLE>
Page 1 of 5
<PAGE>
CREDIT SUISSE FIRST BOSTON
MULTICLASS PASS-THROUGH CERTIFICATES
SERIES 1998-C1
B272
TRUSTEE'S REPORT TO CERTIFICATEHOLDERS PAYMENT DATE: DECEMBER 17, 1998
RECORD DATE: NOVEMBER 30, 1998
<TABLE>
<CAPTION>
PAYMENT SUMMARY
- ---------------------------------------------------------------------------------
Original
Pass-Through Interest Moody's Original
Class CUSIP Rate Type Class Rating Balance
- ---------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
A-1A 22540AFR4 6.260000000% Fixed A-1A AAA 431,400,000.00
A-1B 22540AFS2 6.480000000% Fixed A-1B AAA 1,055,100,000.00
A-2MF 22540AFT0 6.420000000% Fixed A-2MF AAA 263,890,000.00
A-X 22540AFU7 1.070454461% Variable A-X AAA 2,482,942,297.00
B 22540AFV5 6.590000000% Fixed B AA 136,600,000.00
C 22540AFW3 6.780000000% Fixed C A 136,600,000.00
D 22540AFX1 7.170000000% Fixed D BBB 136,500,000.00
E 22540AFY9 7.340000000% Variable E BBB- 37,300,000.00
F 22540AFZ6 6.000000000% Fixed F BB 142,700,000.00
G 22540AGA0 6.000000000% Fixed G BB- 18,700,000.00
H 22540AGB8 6.000000000% Fixed H B 49,600,000.00
I 22540AGC6 6.000000000% Fixed I B- 24,800,000.00
J 22540AGD4 6.000000000% Fixed J NR 49,752,297.00
R N/A N/A N/A R NR 0.00
- ---------------------------------------------------------------------------------
TOTALS 2,482,942,297.00
------------------
<CAPTION>
- ----------------------------------------------------------------------------------------------------
Beginning Principal Interest Total Ending
Class CUSIP Balance Distribution Distribution Payable Balance
- ----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
A-1A 22540AFR4 419,793,391.48 2,606,277.77 2,189,922.19 4,796,199.96 417,187,113.71
A-1B 22540AFS2 1,055,100,000.00 0.00 5,697,540.00 5,697,540.00 1,055,100,000.00
A-2MF 22540AFT0 263,890,000.00 0.00 1,411,811.50 1,411,811.50 263,890,000.00
A-X 22540AFU7 2,471,335,688.48 0.00 2,204,543.59 2,204,543.59 2,468,729,410.71
B 22540AFV5 136,600,000.00 0.00 750,161.67 750,161.67 136,600,000.00
C 22540AFW3 136,600,000.00 0.00 771,790.00 771,790.00 136,600,000.00
D 22540AFX1 136,500,000.00 0.00 815,587.50 815,587.50 136,500,000.00
E 22540AFY9 37,300,000.00 0.00 228,151.67 228,151.67 37,300,000.00
F 22540AFZ6 142,700,000.00 0.00 713,500.00 713,500.00 142,700,000.00
G 22540AGA0 18,700,000.00 0.00 93,500.00 93,500.00 18,700,000.00
H 22540AGB8 49,600,000.00 0.00 248,000.00 248,000.00 49,600,000.00
I 22540AGC6 24,800,000.00 0.00 124,000.00 124,000.00 24,800,000.00
J 22540AGD4 49,752,297.00 0.00 247,490.76 247,490.76 49,752,297.00
R N/A 0.00 0.00 0.00 0.00 0.00
- ----------------------------------------------------------------------------------------------------
TOTALS: 2,471,335,688.48 2,606,277.77 15,495,998.88 18,102,276.65 2,468,729,410.71
- ---------------------------------------------------------------------------------
</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 0.973095483 6.041441284 5.076314766 0.967054042
A-1B 1.000000000 0.000000000 5.400000000 1.000000000
A-2MF 1.000000000 0.000000000 5.350000000 1.000000000
A-X 0.995325462 0.000000000 0.887875483 0.994275789
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 4.974458968 1.000000000
R N/A N/A N/A N/A
- -------------------------------------------------------------------------------------
(1) represents net payment per certificate
- -------------------------------------------------------------------------------------
</TABLE>
STATE STREET
Serving Institutional Investors Worldwide
This report has been prepared by, or is based on information furnished to
State Street Bank and Trust Company ("State Street") by, one or more third
parties (e.g. Servicers, Master Servicer, etc.), and State Street has not
independently verified information received from or prepared by any such
third party. State Street shall not and does not undertake responsibility
for the accuracy, completeness, or sufficiency of this report or the
information contained herein for any purpose, and State Street makes no
representations or warranties with respect thereto. The information in this
report is presented here with the approval of the Issuer soley as a convience
for the user, and should not be reiled upon withour further investigation by
any user contemplating an investment decision with repsect to the related
securities.
Page 2 of 5
<PAGE>
CREDIT SUISSE FIRST BOSTON
MULTICLASS PASS-THROUGH CERTIFICATES
SERIES 1998-C1
B272
TRUSTEE'S REPORT TO CERTIFICATEHOLDERS PAYMENT DATE: DECEMBER 17, 1998
RECORD DATE: NOVEMBER 30, 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 419,793,391.48 2,606,277.77 0.00 0.00 0.00 2,606,277.77 417,187,113.71 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 2,471,335,688.48 0.00 0.00 0.00 0.00 0.00 2,468,729,410.71 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: 2,471,335,688.48 2,606,277.77 0.00 0.00 0.00 2,606,277.77 2,468,729,410.71 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 2,189,922.19 0.00 0.00 0.00 0.00 2,189,922.19 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 2,204,543.59 0.00 0.00 0.00 0.00 2,204,543.59 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 1,270.73 247,490.76 0.00 4,456.23
R 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
- -----------------------------------------------------------------------------------------------------------------------------------
TOTALS: 15,497,269.61 0.00 0.00 0.00 1,270.73 15,495,998.88 0.00 4,456.23
-------------------------------------------------------------------------------------------------------------------------
</TABLE>
Page 3 of 5
<PAGE>
CREDIT SUISSE FIRST BOSTON
MULTICLASS PASS-THROUGH CERTIFICATES
SERIES 1998-C1
B272
TRUSTEE'S REPORT TO CERTIFICATEHOLDERS PAYMENT DATE: DECEMBER 17, 1998
RECORD DATE: NOVEMBER 30, 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 2,171,506,438.63 2,169,147,551.97 0.00 279 0.00 0.00
- --------------------------------------------------------------------------------------------------------------------------------
Loan Group 2 299,829,253.93 299,581,862.82 0.00 46 0.00 0.00
- --------------------------------------------------------------------------------------------------------------------------------
TOTALS: 2,471,335,692.56 2,468,729,414.79 0.00 325 0.00 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 0 0 0 0 0
- -------------------------------------------------------------------------------------------------------------------------
Sch Prin Bal Grp1 0.00 0.00 0.00 0.00 0.00
- -------------------------------------------------------------------------------------------------------------------------
# in Loan Grp 2 0 0 0 0 0
- -------------------------------------------------------------------------------------------------------------------------
Sch Prin bal in Grp 2 0.00 0.00 0.00 0.00 0.00
- -------------------------------------------------------------------------------------------------------------------------
Total # of Loans 0 0 0 0 0
- -------------------------------------------------------------------------------------------------------------------------
Total Sch. Prin Bal 0.00 0.00 0.00 0.00 0.00
- -------------------------------------------------------------------------------------------------------------------------
</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 4 of 5
<PAGE>
CREDIT SUISSE FIRST BOSTON
MULTICLASS PASS-THROUGH CERTIFICATES
SERIES 1998-C1
B272
<TABLE>
<CAPTION>
TRUSTEE'S REPORT TO CERTIFICATEHOLDERS PAYMENT DATE: DECEMBER 17, 1998
RECORD DATE: NOVEMBER 30, 1998
SUBORDINATE SUPPORT PERCENTAGE
- ---------------------------------------------------------------------------------------------
Original Current
Class Subordination Level Subordination Level
- ---------------------------------------------------------------------------------------------
<S> <C> <C>
A 29.64% 29.67%
A-X N/A N/A
B 24.00% 24.14%
C 18.50% 18.61%
D 13.00% 13.08%
E 11.50% 11.57%
F 5.75% 5.79%
G 5.00% 5.03%
H 3.00% 3.02%
I 2.00% 2.02%
J 0.00% 0.00%
- ---------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
ADVANCES, EXPENSES, FEES
- ---------------------------------------------------------
<S> <C>
Aggregate information:
Principal Advance 200,854.25
Interest Advance 1,238,096.66
Servicing Advance N/A
Fees:
Servicer Fee 61,783.36
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>
<TABLE>
<CAPTION>
SPEED HISTORY:
- ------------------------------------------------------------
Group 1 Group 2 Combined
CPR % CPR % CPR %
- ------------------------------------------------------------
<S> <C> <C> <C>
1 month 0.00% 0.00% 0.00%
- ------------------------------------------------------------
3 month N/A N/A N/A
- ------------------------------------------------------------
6 month N/A N/A N/A
- ------------------------------------------------------------
12 month N/A N/A N/A
- ------------------------------------------------------------
Life 0.00% 0.00% 0.00%
- ------------------------------------------------------------
</TABLE>
Page 5 of 5
