<PAGE>
- - --------------------------------------------------------------------------------
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) November 3, 1998
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)
- - --------------------------------------------------------------------------------
-1-
<PAGE>
Item 5. Other Events.
It is expected that during November 1998, a single series of
certificates, entitled LB Commercial Mortgage Trust 1998-C4, Commercial Mortgage
Pass-Through Certificates, Series 1998-C4 (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,
trustee and a fiscal agent. 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 an affiliate thereof (together, the "Underwriters")
pursuant to an underwriting agreement (the "Underwriting Agreement") to be
entered into by and between the Registrant and the Underwriters.
In connection with the expected sale of the Underwritten Certificates,
Lehman Brothers has advised the Registrant that it has furnished to prospective
investors certain materials attached hereto as Exhibits 99.1 and 99.2 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 by Lehman Brothers. 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.
(c) Exhibits:
Exhibit No. Description
-2-
<PAGE>
99.1 Certain materials constituting Computational Materials and/or
ABS Term Sheets, dated November 3, 1998, prepared and
disseminated by Lehman Brothers Inc.
99.2 Certain materials constituting Computational Materials and/or
ABS Term Sheets, dated November 3, 1998, prepared and
disseminated by Lehman Brothers Inc.
-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: November 3, 1998
STRUCTURED ASSET SECURITIES
CORPORATION
By: /s/ James Blakemore
------------------------------------------
Name: James Blakemore
Title: Vice President
-4-
<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 November 3, 1998, prepared and
disseminated by Lehman Brothers Inc.
99.2 Certain materials constituting Computational Materials and/or
ABS Term Sheets, dated November 3, 1998, prepared and
disseminated by Lehman Brothers Inc.
-5-
<PAGE>
Exhibit 99.1
Structural and Collateral Term Sheet
Lehman Brothers Commercial Mortgage Trust
Commercial Mortgage Pass-Through Certificates
Series 1998-C4
$2,040,231,734
(Approximate)
Offered Certificates
[GRAPHIC OMITTED]
% of Initial Pool by Cut-off Date Balance
LEHMAN BROTHERS
Page 1 of 1
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 LAW, 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 CASE 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. THE UNDERWRITERS, AND
ANY OF THEIR AFFILIATES, MAKE NO 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 1998-C4 Structural and Collateral Term Sheet (continued):
Lehman Brothers Commercial Mortgage Trust
Commercial Mortgage Pass-Through Certificates
Series 1998-C4
<TABLE>
<S> <C> <C>
-------------------- -------------------- ---------
Class A-1-a Class
Class A-2 X
-------------------- ---------------------------- ---------
-------------------- ---------------------------- ---------
Class A-1-b
-------------------- -------- ---------
-------------------- ----------------------------- ---------
Class B
-------------------- ----------------------------- ---------
Class C
-------------------- ----------------------------- ---------
Class D
-------------------- ----------------------------- ---------
Class E
-------------------- ----------------------------- ---------
Class F
-------------------- ----------------------------- ---------
Class G
-------------------- ----------------------------- ---------
Class H
-------------------- ----------------------------- ---------
Class I
-------------------- ----------------------------- ---------
Class J
-------------------- ----------------------------- ---------
Class K
-------------------- ----------------------------- ---------
Class L
-------------------- ----------------------------- ---------
Class M
-------------------- ----------------------------- ---------
Class N
-------------------- ----------------------------- ---------
</TABLE>
<TABLE>
<CAPTION>
- - --------- ---------------------- --------------------- -------------- ------------ ------------- ----------------- ---------------
- - --------- ---------------------- --------------------- -------------- ------------ ------------- ----------------- ---------------
Class Original Rating(1) Description Coupon Avg Life(2) Principal Legal
Face ($) (years) Window (2) Status
- - --------- ---------------------- --------------------- -------------- ------------ ------------- ----------------- ---------------
- - --------- ---------------------- --------------------- -------------- ------------ ------------- ----------------- ---------------
<S> <C> <C> <C> <C> <C> <C> <C>
A-1-a $250,000,000 AAA / Aaa 5.04 12/98 - 6/06 Public
- - --------- ---------------------- --------------------- -------------- ------------ ------------- ----------------- ---------------
A-1-b $639,369,000 AAA / Aaa 9.59 6/06 / 10/08 Public
- - --------- ---------------------- --------------------- -------------- ------------ ------------- ----------------- ---------------
A-2 $600,000,000 AAA / Aaa 8.43 12/98 - 10/08 Public
- - --------- ---------------------- --------------------- -------------- ------------ ------------- ----------------- ---------------
X $2,040,231,733(3) AAA / Aaa 9.20(4) 12/98 - 9/23 Public
- - --------- ---------------------- --------------------- -------------- ------------ ------------- ----------------- ---------------
B
- - --------- ---------------------- --------------------- -------------- ------------ ------------- ----------------- ---------------
C
- - --------- ---------------------- --------------------- -------------- ------------ ------------- ----------------- ---------------
D
- - --------- ---------------------- --------------------- -------------- ------------ ------------- ----------------- ---------------
E
- - --------- ---------------------- --------------------- -------------- ------------ ------------- ----------------- ---------------
F
- - --------- ---------------------- --------------------- -------------- ------------ ------------- ----------------- ---------------
G
- - --------- ---------------------- --------------------- -------------- ------------ ------------- ----------------- ---------------
H
- - --------- ---------------------- --------------------- -------------- ------------ ------------- ----------------- ---------------
J
- - --------- ---------------------- --------------------- -------------- ------------ ------------- ----------------- ---------------
K
- - --------- ---------------------- --------------------- -------------- ------------ ------------- ----------------- ---------------
L
- - --------- ---------------------- --------------------- -------------- ------------ ------------- ----------------- ---------------
M
- - --------- ---------------------- --------------------- -------------- ------------ ------------- ----------------- ---------------
N
- - --------- ---------------------- --------------------- -------------- ------------ ------------- ----------------- ---------------
Total $2,040,231,733
- - --------- ---------------------- --------------------- -------------- ------------ ------------- ----------------- ---------------
- - --------- ---------------------- --------------------- -------------- ------------ ------------- ----------------- ---------------
</TABLE>
(1) Anticipated ratings of Standard & Poor's and Moody's.
(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 on Class X.
(5) Not offered hereby.
Page 2 of 31
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 LAW, 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 CASE 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. THE UNDERWRITERS, AND
ANY OF THEIR AFFILIATES, MAKE NO 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 1998-C4 Structural and Collateral Term Sheet (continued):
Certain Offering Points
- Newly Originated Collateral. The collateral consists of Mortgage
Loans with a principal balance (as of the Cut-off Date for each
Mortgage Loan occurring in November 1998) of approximately $2.04
billion. All the Mortgage Loans were originated by an affiliate of
Lehman Brothers or its approved conduit originators.
- Call Protection. 100% of the Mortgage Loans contain call protection
provisions. As of the Cut-off Date, 100% of the Mortgage Loans
provide for initial lockout period followed by i) defeasance; or ii)
yield maintenance; iii) percentage penalty. The weighted average
lockout and defeasance period for all loans is 9.99 years. 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 2 months.
- Weighted average lock-out and treasury defeasance of 9.99 years.
- No loan delinquent 30 days or more as of the Cut-off Date.
- $7,133,677 average loan balance as of the Cut-off Date.
- $4,997,555 average loan balance for Conduit component of the
mortgage pool as of the Cut-off Date.
- 1.66x Weighted Average Debt Service Coverage Ratio ("DSCR") as of
the Cut-off Date.
- 65.52% Weighted Average Loan to Value ("LTV") as of the Cut-off Date.
- PropertyType Diversification. 40.6% Retail (51.0% Anchored, 31.6%
Regional Mall, and 17.4% Unanchored), 18.1% Multifamily (98.6%
Conventional and 1.4% Manufactured Housing), 17.8% Hotel, 9.4%
Office, 5.5% Office/Industrial, 3.9% Credit Tenant Lease ("CTL"),
3.3% Industrial/Warehouse, 0.8% Self Storage, 0.7% Health Care and
0.2% Other.
- Geographic Distribution. The properties are distributed throughout
35 states and Puerto Rico. California (19.7%); Texas (11.5%); New
York (10.4%); Illinois (9.4%); Florida (8.2%), all other states less
than 4% each.
- 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.
- 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 B 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.)
Page 3 of 31
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 LAW, 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 CASE 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. THE UNDERWRITERS, AND
ANY OF THEIR AFFILIATES, MAKE NO 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 1998-C4 Structural and Collateral Term Sheet (continued):
RATING AGENCIES: Moody's and Standard & Poor's.
TRUSTEE: LaSalle National Bank.
MASTER SERVICER: TBA
SPECIAL SERVICER: TBA
CLOSING DATE: On or about November 25, 1998.
CUT-OFF DATE: November 1, 1998 (or for loans with due dates other than the
first, their due date in November 1998).
ERISA: Classes A-1-a, A-1-b, A-2, A-2 and X are expected to be
eligible for Lehman's individual prohibited transaction
exemption with respect to ERISA subject to certain
conditions for eligibility.
SMMEA: Classes A-1-, A-1-b, A-2, 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
December 15, 1998.
THE CLASS X: The Class X is comprised of multiple components, one
relating to each class of Sequential Pay 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 6.8% and a weighted average maturity
("WAM") of 122 months (assuming that the ARD loans mature on
their ARD date). See the Collateral Overview Tables at the
end of this memo for more Mortgage Loan details.
LOAN GROUPS: The collateral consists of two loan groups allocated by cash
flow: Group 1 consists of 219 loans (totaling $1,671,809,876
of mortgage loans secured by first liens on commercial
properties). Group 2 consists of 67 loans (totaling
$368,421,857 of mortgage loans secured by first liens on
multifamily properties).
THE A-1 CLASSES: The A-1 Classes receive 80% of the cash flows from Group 1.
THE A-2 CLASSES: The A-2 Class is backed by 100% of Group 2 and approximately
13.9% of Group 1. Class A-2 receives cash flow from 100% of
the cash flows from Group 2 and approximately 20% of cash
flows from Group 1.
CREDIT ENHANCEMENT: Credit enhancement for each class of Certificates will be
provided by the classes of Certificates which are
subordinate in priority with respect to payments of interest
and principal.
Page 4 of 31
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 LAW, 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 CASE 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. THE UNDERWRITERS, AND
ANY OF THEIR AFFILIATES, MAKE NO 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 1998-C4 Structural and Collateral Term Sheet (continued):
DISTRIBUTIONS: Principal and interest payments will generally be made to
Certificate holders in the following order:
Principal and interest payments from Group 1 will be applied
in the following manner:
1) Interest to the A-1 Classes pro rata,
2) 80% of Principal to the A-1 Classes sequentially and 20%
to the A-2 Classes sequentially until retired *,
3) Principal to the remaining A-1 Class sequentially or A-2
Class sequentially until all Class A 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 N are retired.
Principal and interest payments from Group 2 will be applied
in the following manner:
1) Interest to Class A-2,
2) Principal to Class A-2 until it is paid down,
3) Upon the retirement of Class A-2, all remaining Group 2
cash flow will be combined with Group 1 Cash Flow and will
be applied as set forth above..
REALIZED LOSSES: Realized Losses from any Mortgage Loan will be
allocated in reverse sequential order (i.e. Classes N, M, L,
K, J, H, G, F, E, D, C and B, in that order). If Classes B
through N have been retired by losses, Realized Losses shall
be applied as follows: 80% of the Realized Losses deriving
from the Group 1 Mortgage Loans shall be allocated to the
then existing A-1 Classes pro-rata. 20% of the Realized
Losses deriving from the Group 1 Mortgage Loan and 100% of
the Realized Losses deriving from the Group 2 Mortgage Loans
shall be allocated to the then existing A-2 Class.
APPRAISAL REDUCTIONS: With respect to certain specially serviced Mortgage Loans
as to which an appraisal is required generally (including
any Mortgage Loan that becomes 90 days delinquent), an
Appraisal Reduction Amount may be created, 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:
<TABLE>
<CAPTION>
Classes Minimum Increments Delivery
Denomination Thereafter
- - ------------------------------------------------ ----------------------- ---------------------- -----------------------
<S> <C> <C> <C>
A-1-a, A-1-b, A-2, B, C, D, and E $25,000 $1 DTC
- - ------------------------------------------------ ----------------------- ---------------------- -----------------------
X $1,000,000 $1 DTC
</TABLE>
Page 5 of 31
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 LAW, 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 CASE 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. THE UNDERWRITERS, AND
ANY OF THEIR AFFILIATES, MAKE NO 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 1998-C4 Structural and Collateral Term Sheet (continued):
PREPAYMENT PREMIUMS*
<TABLE>
<CAPTION>
- - ------------------------------------------------------------------------------------------------------------------------------------
- - ------------------------------------------------------------------------------------------------------------------------------------
Prepayment 12/98 12/99 12/00 12/01 12/02 12/03 12/04 12/05 12/06 12/07 12/08 12/09
Premium
- - ------------------------------------------------------------------------------------------------------------------------------------
- - ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Lock-out / Def. 100.0% 100.0% 99.7% 99.5% 98.3% 98.2% 97.9% 98.2% 98.2% 96.4% 94.8% 94.6%
- - ------------------------------------------------------------------------------------------------------------------------------------
YM 0.0% 0.0% 0.3% 0.3% 1.5% 1.6% 1.6% 1.7% 1.7% 1.5% 5.2% 5.4%
- - ------------------------------------------------------------------------------------------------------------------------------------
Sub Total: 100.0% 100.0% 100.0% 99.8% 99.8% 99.8% 99.5% 99.9% 99.9% 97.9% 100.0% 100.0%
- - ------------------------------------------------------------------------------------------------------------------------------------
- - ------------------------------------------------------------------------------------------------------------------------------------
5% 0.2%
- - ------------------------------------------------------------------------------------------------------------------------------------
4% 0.2%
- - ------------------------------------------------------------------------------------------------------------------------------------
3% 0.2% 0.1% 0.1%
- - ------------------------------------------------------------------------------------------------------------------------------------
2% 0.2% 0.1%
- - ------------------------------------------------------------------------------------------------------------------------------------
1% 0.1%
- - ------------------------------------------------------------------------------------------------------------------------------------
Open 0.2% 2.0%
- - ------------------------------------------------------------------------------------------------------------------------------------
Total: 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
- - ------------------------------------------------------------------------------------------------------------------------------------
- - ------------------------------------------------------------------------------------------------------------------------------------
</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):
<TABLE>
<CAPTION>
Open Period at End Number of Loans % of Initial
Of Loan* Pool Balance
- - ---------------------------------------------------------------------------
- - ---------------------------------------------------------------------------
<S> <C> <C>
None 40 33.73%
- - ---------------------------------------------------------------------------
1 Month 17 10.00%
- - ---------------------------------------------------------------------------
2 Month 1 0.25%
- - ---------------------------------------------------------------------------
3 Month 199 47.87%
- - ---------------------------------------------------------------------------
4 Month 7 2.10%
- - ---------------------------------------------------------------------------
5 Month 1 0.16%
- - ---------------------------------------------------------------------------
6 Month 21 5.88%
- - ---------------------------------------------------------------------------
Total: 286 100.00%
- - ---------------------------------------------------------------------------
- - ---------------------------------------------------------------------------
</TABLE>
* Weighted average open period at end of loan is 2 months.
ALLOCATION OF PREPAYMENT PREMIUMS:
All Prepayment Premiums are distributed to Certificate
holders on the Distribution Date following the one-month
collection period in which the prepayment occurred. All
Prepayment Premiums will be allocated to Classes A through
G, in each case, up to the product of (i) the Prepayment
Premium, (ii) the "Discount Rate Fraction" and (iii) the
percentage of the total principal distribution to
Certificate holders to which such Class is entitled. Any
excess amounts will be distributed to Class X. Prepayment
Premiums from Group 2 will be allocated between the A-2
Class (as long as it is outstanding) and the Class X.
Prepayment Premiums from Group 1 will be allocated among the
A-1 Classes, A-2 Class (as long as the A-1 Classes and A-2
Class are outstanding) and the Class X.
The Discount Rate Fraction for Classes A through G is
defined as:
(Coupon on Class - Reinvestment Yield) / (Coupon on Mortgage
Loan - Reinvestment Yield)
LBCMT 1998-C4 Structural and Collateral Term Sheet (continued):
Page 6 of 31
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 LAW, 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 CASE 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. THE UNDERWRITERS, AND
ANY OF THEIR AFFILIATES, MAKE NO 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>
PREPAYMENT PREMIUM ALLOCATION EXAMPLE:
The Yield Maintenance prepayment premium will generally be
equal to the present value of the reduction in interest
payments as a result of the prepayment through the maturity
of the prepaid Mortgage Loan, discounted at the yield of a
Treasury security of similar maturity in most cases
(converted from semi-annual to monthly pay). The following
example reflects that method.
General Yield Maintenance Example:
Assuming the structure presented in the beginning of this
memo, that a Cash Flow Group 1 loan prepays, so Class A-1-a
and Class A-2 are the only classes entitled to principal and
the following assumptions:
Mortgage Loan Characteristics of loan being prepaid:
<TABLE>
<S> <C>
Balance $10,000,000
Coupon 7.00%
Maturity 10 yrs (December 1, 2008)
Treasury Rate (monthly) 4.50%
Certificate Characteristics
Class A-1-a Coupon 6.35%
Class A-2 Coupon 6.35%
</TABLE>
<TABLE>
<CAPTION>
Discount Rate Fraction Example:
- - ------------------------------------------------- ------------------------- -------------------------- --------------------------
Class A-1-a Class A-2 Class X
Certificates Certificates Certificates
- - ------------------------------------------------- ------------------------- -------------------------- --------------------------
<S> <C> <C> <C>
Principal Payment $8,000,000 $2,000,000 N/A
- - ------------------------------------------------- ------------------------- -------------------------- --------------------------
Discount Rate Fraction Calculation (ii) (6.35% - 4.50%) / (6.35% - 4.50%) /
(Class A-1 Coupon - Reinvestment Yield) / (7.00% - 4.50%) = (7.00% - 4.50%) = (100% - 74%) =
(Gross Mortgage Rate - Reinvestment Yield) = 1.85% / 2.50% = 1.85% / 2.50% =
Discount Rate Fraction = 74.0% 74.0% 26%
- - ------------------------------------------------- ------------------------- -------------------------- --------------------------
% of Total Principal Distribution (iii) 8,000,000 / 10,000,000 = 2,000,000 / 10,000,000 = N/A
80% 20%
- - ------------------------------------------------- ------------------------- -------------------------- --------------------------
% of Premium allocated to Classes (ii * iii) 74% * 80% = 59.2% 74% * 20% = 14.8% 26.0%
- - ------------------------------------------------- ------------------------- -------------------------- --------------------------
- - ------------------------------------------------- ------------------------- -------------------------- --------------------------
</TABLE>
Page 7 of 31
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 LAW, 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 CASE 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. THE UNDERWRITERS, AND
ANY OF THEIR AFFILIATES, MAKE NO 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 1998-C4 Structural and Collateral Term Sheet (continued):
CREDIT TENANT LEASE LOANS:
Credit Tenant Lease Loans are secured by mortgages on
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 3.9% of the Mortgage Loans are Credit Tenant
Lease Loans.
<TABLE>
<CAPTION>
CREDIT TENANT LEASE LOANS:
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
Tenant / Guarantor Number of Cut-off Date Lease CreditRating
Loans Balance ($) Type(1) (Moody's/S&P)
---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Kmart 3 $11,834,934 NNN Ba2 / BB
---------------------------------------------------------------------------------------------------------------------------
Food Lion 2 $11,595,033 NNN A3 / A-
---------------------------------------------------------------------------------------------------------------------------
Garden Ridge 1 $10,377,575 NNN Private Rating
---------------------------------------------------------------------------------------------------------------------------
Walgreens 3 $9,705,019 NN Aa3 / A+
---------------------------------------------------------------------------------------------------------------------------
CVS 6 $9,658,555 NN A3 / A-
---------------------------------------------------------------------------------------------------------------------------
Eckerd(2) 3 $7,975,014 NNN A2 / A
---------------------------------------------------------------------------------------------------------------------------
Rite Aid 3 $5,560,672 NN Baa1 / BBB+
---------------------------------------------------------------------------------------------------------------------------
Bell Atlantic 1 $4,132,482 B Aa2 / AAA
---------------------------------------------------------------------------------------------------------------------------
Staples 1 $2,640,770 NNN Baa2 / BBB-
---------------------------------------------------------------------------------------------------------------------------
Revco 1 $2,440,922 NN A3 / A-
---------------------------------------------------------------------------------------------------------------------------
Southland (7-11) 1 $1,462,648 NN Ba1 / BB+
---------------------------------------------------------------------------------------------------------------------------
IHOP 1 $1,375,000 NNN Private Rating
---------------------------------------------------------------------------------------------------------------------------
Total: 26 $78,758,624 -- --
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
</TABLE>
Unless otherwise indicated, such ratings were the highest long term senior
unsecured rating assigned to the applicable tenant or guarantor, as applicable,
by Moody's and Standard & Poor's, respectively. See "Description of the Mortgage
Pool-Credit Tenant Lease Loans" in the Prospectus Supplement.
(1) "NNN" means triple net lease; "NN" means double net lease; "B" means bond
type lease.
(2) Based upon the rating of Eckerd's parent, J.C. Penney Corporation,
although it has made no explicit guaranty of Eckerd's obligations.
Page 8 of 31
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 LAW, 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 CASE 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. THE UNDERWRITERS, AND
ANY OF THEIR AFFILIATES, MAKE NO 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 1998-C4 Structural and Collateral Term Sheet (continued):
AFFILIATED BORROWER CONCENTRATIONS:
<TABLE>
<CAPTION>
------------------------------------------------------------ ------------------------ ------------------------------
------------------------------------------------------------ ------------------------ ------------------------------
Sponsor Name Number of Loans % of Initial Pool Balance
------------------------------------------------------------ ------------------------ ------------------------------
<S> <C> <C>
Omni Hotels / TRT Holding Inc. 1 12.22%
------------------------------------------------------------ ------------------------ ------------------------------
Simon Property Group, The Mills Corporation, Kan Am 1 7.11%
------------------------------------------------------------ ------------------------ ------------------------------
Arden Realty 1 5.45%
------------------------------------------------------------ ------------------------ ------------------------------
The Macerich Company 1 3.38%
------------------------------------------------------------ ------------------------ ------------------------------
The Rouse Company 1 3.09%
------------------------------------------------------------ ------------------------ ------------------------------
Inland Real Estate Company 1 2.68%
------------------------------------------------------------ ------------------------ ------------------------------
Totals: 6 33.93%
------------------------------------------------------------ ------------------------ ------------------------------
------------------------------------------------------------ ------------------------ ------------------------------
*No other borrower concentration equals or exceeds 2.50%.
</TABLE>
RESERVES:
<TABLE>
The below table relates only to "conduit" loans and excludes all CTL loans as well as the Large Loans.
------------------------------------------ ---------------------------------------------- ------------------------
------------------------------------------ ---------------------------------------------- ------------------------
% of Conduit Loans w/Annual Escrows Annual Deposit ($)
------------------------------------------ ---------------------------------------------- ------------------------
<S> <C> <C>
Replacement Reserves 95.60% $6,900,000
------------------------------------------ ---------------------------------------------- ------------------------
Taxes 89.56% $16,200,000
------------------------------------------ ---------------------------------------------- ------------------------
Insurance 83.90% $2,900,000
------------------------------------------ ---------------------------------------------- ------------------------
T1 & LC (Retail) 65.80% $2,600,000
------------------------------------------ ---------------------------------------------- ------------------------
TI & LC (Office) 89.65% $2,200,000
------------------------------------------ ---------------------------------------------- ------------------------
TI & LC (Industrial/Warehouse) 78.56% $500,000
------------------------------------------ ---------------------------------------------- ------------------------
</TABLE>
CASH MANAGEMENT:
<TABLE>
<S> <C>
The below table relates to all Mortgage Loans.
------------------------------------------ ----------------------------------------------------------------------
------------------------------------------ ----------------------------------------------------------------------
Hard Lockbox 10.9% of Initial Pool Balance
------------------------------------------ ----------------------------------------------------------------------
Springing Lockbox 85.7% of Initial Pool Balance
------------------------------------------ ----------------------------------------------------------------------
N/A 3.4% of Initial Pool Balance
------------------------------------------ ----------------------------------------------------------------------
------------------------------------------ ----------------------------------------------------------------------
</TABLE>
Page 9 of 31
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 LAW, 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 CASE 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. THE UNDERWRITERS, AND
ANY OF THEIR AFFILIATES, MAKE NO 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 1998-C4 Structural and Collateral Term Sheet (continued):
LARGE LOANS: There are 6 loans with a Cut-off Date principal
balance in excess of $692mm. The following table provides a
summary of 6 largest loans (the "Large Loans").
Large Loan Mortgage Loan Summary:
<TABLE>
<CAPTION>
- - ---------------------- ---------------- ------------- --------------- ------------ ------------- ---------------
Mortgage Property # of Cut-off Date Coupon Original Amortization
Loan Type Properties Balance Term Term
- - ---------------------- ---------------- ------------- --------------- ------------ ------------- ---------------
<S> <C> <C> <C> <C> <C> <C>
Omni / TRT Hotel 5 $249,347,355 6.25% 120 300
- - ---------------------- ---------------- ------------- --------------- ------------ ------------- ---------------
Ontario Mills Regional 1 $145,000,000 6.75% 120 360
Mall
- - ---------------------- ---------------- ------------- --------------- ------------ ------------- ---------------
Arden Office/ 12 $111,200,000 6.61% 118 57 I/O / 300
Industrial
- - ---------------------- ---------------- ------------- --------------- ------------ ------------- ---------------
Fresno Fashion Regional 1 $69,000,000 6.52% 120 360
Fair Mall Mall
- - ---------------------- ---------------- ------------- --------------- ------------ ------------- ---------------
Bayside Retail 1 $62,946,677 5.92% 121 360
- - ---------------------- ---------------- ------------- --------------- ------------ ------------- ---------------
Inland Retail 12 $54,600,000 6.36% 120 I/O
- - ---------------------- ---------------- ------------- --------------- ------------ ------------- ---------------
Total / -- 32 $692,094,032 6.42% 120 --
Weighted Ave.:
- - ---------------------- ---------------- ------------- --------------- ------------ ------------- ---------------
</TABLE>
<TABLE>
<CAPTION>
- - --------------------- ---------- -----------
Mortgage DSCR(1) LTV
Loan
- - --------------------- ---------- -----------
<S> <C> <C>
Omni / TRT 2.35x 49.89%
- - --------------------- ---------- -----------
Ontario Mills 1.68x 58.00%
- - --------------------- ---------- -----------
Arden 2.35x(1) 47.32%
- - --------------------- ---------- -----------
Fresno Fashion 1.74x 60.69%
Fair Mall
- - --------------------- ---------- -----------
Bayside 1.80x 54.26%
- - --------------------- ---------- -----------
Inland 2.74x 51.51%
- - --------------------- ---------- -----------
Total / 2.13x 52.78%
Weighted Ave.:
- - --------------------- ---------- -----------
</TABLE>
(1) DSCR shown is based upon the required debt service payments during the
loan's IO period.
Omni / TRT:
<TABLE>
<CAPTION>
<S> <C>
- - ------------------------- -----------------------------------------------------------------------------------------------
Cut-Off Date Balance: $249,347,355
- - ------------------------- -----------------------------------------------------------------------------------------------
Coupon: 6.25%
- - ------------------------- -----------------------------------------------------------------------------------------------
Term/Am: 120/300
- - ------------------------- -----------------------------------------------------------------------------------------------
Sponsor: TRT Holding Inc. / Omni Hotels
- - ------------------------- -----------------------------------------------------------------------------------------------
Properties: 5 Full Service Omni Hotels
- - ------------------------- -----------------------------------------------------------------------------------------------
Size: 1,858 rooms
- - ------------------------- -----------------------------------------------------------------------------------------------
Locations: IL, NY, TX
- - ------------------------- -----------------------------------------------------------------------------------------------
Appraised Value: $499,800,000
- - ------------------------- -----------------------------------------------------------------------------------------------
LTV: 49.89%
- - ------------------------- -----------------------------------------------------------------------------------------------
DSCR: 2.35x
- - ------------------------- -----------------------------------------------------------------------------------------------
Lockbox: Springing, if DSCR falls below 1.50x
- - ------------------------- -----------------------------------------------------------------------------------------------
Reserves: Ongoing taxes, insurance, and 3.5% FF&E with a letter of credit for one additional month of
reserve
- - ------------------------- -----------------------------------------------------------------------------------------------
</TABLE>
Page 10 of 31
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 LAW, 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 CASE 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. THE UNDERWRITERS, AND
ANY OF THEIR AFFILIATES, MAKE NO 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 1998-C4 Structural and Collateral Term Sheet (continued):
Ontario Mills:
<TABLE>
<S> <C>
Cut-Off Date Balance: $145,000,000
------------------------------ --------------------------------------------------------------------------------------------
Coupon: 6.75%
------------------------------ --------------------------------------------------------------------------------------------
Term/Am: 120/360
------------------------------ --------------------------------------------------------------------------------------------
Sponsor: Simon Property Group, The Mills Corporation, Kan Am
------------------------------ --------------------------------------------------------------------------------------------
Anchors: AMC Entertainment, J.C. Penney, Sports Authority, Burlington Coat Factory
------------------------------ --------------------------------------------------------------------------------------------
Property: Super Regional Mall located in Ontario, California
------------------------------ --------------------------------------------------------------------------------------------
Size: 1,200,623 SF
------------------------------ --------------------------------------------------------------------------------------------
Location: Ontario, CA
------------------------------ --------------------------------------------------------------------------------------------
Appraised Value: $250,000,000
------------------------------ --------------------------------------------------------------------------------------------
LTV: 58.00%
------------------------------ --------------------------------------------------------------------------------------------
DSCR: 1.68x
------------------------------ --------------------------------------------------------------------------------------------
Lockbox: Springing, if DSCR falls below 1.25x
------------------------------ --------------------------------------------------------------------------------------------
Reserves: Ongoing taxes and insurance reserves
------------------------------ --------------------------------------------------------------------------------------------
</TABLE>
Arden:
<TABLE>
<CAPTION>
<S> <C>
------------------------------ --------------------------------------------------------------------------------------------
------------------------------ --------------------------------------------------------------------------------------------
Cut-Off Date Balance: $111,200,000
------------------------------ --------------------------------------------------------------------------------------------
Coupon: 6.61%
------------------------------ --------------------------------------------------------------------------------------------
Term/Am: 118 / 57 I/O/300
------------------------------ --------------------------------------------------------------------------------------------
Sponsor: Arden Realty, Inc.
------------------------------ --------------------------------------------------------------------------------------------
Properties: 12 suburban office and R&D industrial properties
------------------------------ --------------------------------------------------------------------------------------------
Size: 2,239,948 SF
------------------------------ --------------------------------------------------------------------------------------------
Location: CA
------------------------------ --------------------------------------------------------------------------------------------
Value: $235,000,000 based upon 9.0% cap rate on Lehman Underwritten NOI
------------------------------ --------------------------------------------------------------------------------------------
LTV: 47.32%
------------------------------ --------------------------------------------------------------------------------------------
DSCR: 2.35x
------------------------------ --------------------------------------------------------------------------------------------
Lockbox: Springing, if DSCR falls below 1.50x
------------------------------ --------------------------------------------------------------------------------------------
Reserves: Ongoing taxes, insurance, and $3,270,000 in tenant improvements and leasing commissions
reserve.
------------------------------ --------------------------------------------------------------------------------------------
</TABLE>
Fresno Fashion Fair Mall:
<TABLE>
<S> <C>
------------------------------ --------------------------------------------------------------------------------------------
Cut-Off Date Balance: $69,000,000
------------------------------ --------------------------------------------------------------------------------------------
Coupon: 6.52%
------------------------------ --------------------------------------------------------------------------------------------
Term/Am: 120/360
------------------------------ --------------------------------------------------------------------------------------------
Sponsor: The Macerich Company
------------------------------ --------------------------------------------------------------------------------------------
Anchors: Macy's, J.C. Penney, Gottschalk's
------------------------------ --------------------------------------------------------------------------------------------
Property: Regional Mall located in Fresno, California
------------------------------ --------------------------------------------------------------------------------------------
Size: 881,413 SF
------------------------------ --------------------------------------------------------------------------------------------
Location: Fresno, CA
------------------------------ --------------------------------------------------------------------------------------------
Value: $113,693,000 based upon 8.5% cap rate on Lehman Underwritten NOI
------------------------------ --------------------------------------------------------------------------------------------
LTV: 60.69%
------------------------------ --------------------------------------------------------------------------------------------
DSCR: 1.74x
------------------------------ --------------------------------------------------------------------------------------------
Lockbox: Springing, if DSCR falls below 1.35x
------------------------------ --------------------------------------------------------------------------------------------
Reserves: Taxes and insurance if lockbox triggered
------------------------------ --------------------------------------------------------------------------------------------
</TABLE>
Page 11 of 31
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 LAW, 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 CASE 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. THE UNDERWRITERS, AND
ANY OF THEIR AFFILIATES, MAKE NO 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 1998-C4 Structural and Collateral Term Sheet (continued):
Bayside:
<TABLE>
<S> <C>
------------------------------ -------------------------------------------------------------------------------------------
Cut-Off Date Balance: $62,946,677
------------------------------ -------------------------------------------------------------------------------------------
Coupon: 5.92%
------------------------------ -------------------------------------------------------------------------------------------
Term/Am: 121/360
------------------------------ -------------------------------------------------------------------------------------------
Sponsor: The Rouse Company
------------------------------ -------------------------------------------------------------------------------------------
Anchors: Hard Rock Cafe. The Limited, Warner Brothers Store
------------------------------ -------------------------------------------------------------------------------------------
Property: Festival Marketplace located in Miami, Florida
------------------------------ -------------------------------------------------------------------------------------------
Size: 1,196,551 SF
------------------------------ -------------------------------------------------------------------------------------------
Location: Miami, FL
------------------------------ -------------------------------------------------------------------------------------------
Appraised Value: $116,000,000
------------------------------ -------------------------------------------------------------------------------------------
LTV: 54.26%
------------------------------ -------------------------------------------------------------------------------------------
DSCR: 1.80x
------------------------------ -------------------------------------------------------------------------------------------
Lockbox Hard
------------------------------ -------------------------------------------------------------------------------------------
------------------------------ -------------------------------------------------------------------------------------------
Reserves: Ongoing taxes, insurance, replacement reserves, tenant improvements, and leasing commissions.
------------------------------ -------------------------------------------------------------------------------------------
------------------------------ -------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
Inland:
<S> <C>
------------------------------ -------------------------------------------------------------------------------------------
------------------------------ -------------------------------------------------------------------------------------------
Cut-Off Date Balance: $54,600,000
------------------------------ -------------------------------------------------------------------------------------------
Coupon: 6.36%
------------------------------ -------------------------------------------------------------------------------------------
Term: 120/IO
------------------------------ -------------------------------------------------------------------------------------------
Sponsor: Inland Real Estate Company
------------------------------ -------------------------------------------------------------------------------------------
Anchors: WalMart, The Gap, Dominick's, Pier One
------------------------------ -------------------------------------------------------------------------------------------
Properties: 12 Community Shopping Centers
------------------------------ -------------------------------------------------------------------------------------------
Size: 1,196,551 SF
------------------------------ -------------------------------------------------------------------------------------------
Location: IL, MN, IN, WI
------------------------------ -------------------------------------------------------------------------------------------
Appraised Value: $105,995,000
------------------------------ -------------------------------------------------------------------------------------------
LTV: 51.51%
------------------------------ -------------------------------------------------------------------------------------------
DSCR: 2.74x
------------------------------ -------------------------------------------------------------------------------------------
Lockbox Springing, If DSCR falls below 1.50x
------------------------------ -------------------------------------------------------------------------------------------
Reserves: Ongoing taxes. Tenant improvements and leasing commissions if lockbox triggered
------------------------------ -------------------------------------------------------------------------------------------
------------------------------ -------------------------------------------------------------------------------------------
</TABLE>
Page 12 of 31
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 LAW, 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 CASE 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. THE UNDERWRITERS, AND
ANY OF THEIR AFFILIATES, MAKE NO 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 1998-C4 Structural and Collateral Term Sheet (continued):
ANTICIPATED REPAYMENT DATE LOANS:
Mortgage Loans representing 34.91% 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 13 of 31
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 LAW, 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 CASE 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. THE UNDERWRITERS, AND
ANY OF THEIR AFFILIATES, MAKE NO 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 1998-C4 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 14 of 31
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 LAW, 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 CASE 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. THE UNDERWRITERS, AND
ANY OF THEIR AFFILIATES, MAKE NO 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 1998-C4 Structural and Collateral Term Sheet (continued):
Aggregate Pool
<TABLE>
<CAPTION>
- - -------------------------------------------------
- - -------------------------------------------------
General Characteristics
- - -------------------------------------------------
Characteristics
- - -------------------------------------------------
<S> <C>
Initial Pool Balance $2,040,231,734
- - -------------------------------------------------
Number of Loans 286
- - -------------------------------------------------
Gross WAC 6.84%
- - -------------------------------------------------
Original WAM 124 months
- - -------------------------------------------------
Remaining WAM 122 months
- - -------------------------------------------------
Avg. Loan Balance $7,133,677
- - -------------------------------------------------
WA DSCR* 1.66x
- - -------------------------------------------------
WA Cut-off Date LTV Ratio* 65.52%
- - -------------------------------------------------
Balloon or ARD Loans 97.75%
- - -------------------------------------------------
- - -------------------------------------------------
</TABLE>
- - ----------
* Excluding CTL loans
<TABLE>
<CAPTION>
- - -------------------------------------------------
- - -------------------------------------------------
Property Types
- - -------------------------------------------------
Property % of Initial Pool
Types Balance
- - -------------------------------------------------
<S> <C>
Retail 40.6%
- - -------------------------------------------------
Multifamily * 18.1%
- - -------------------------------------------------
Hotel 17.8%
- - -------------------------------------------------
Office 9.4%
- - -------------------------------------------------
Office/Industrial 5.5%
- - -------------------------------------------------
CTL 3.9%
- - -------------------------------------------------
Industrial/Warehouse 3.3%
- - -------------------------------------------------
Self Storage 0.8%
- - -------------------------------------------------
Health Care 0.7%
- - -------------------------------------------------
Other 0.2%
- - -------------------------------------------------
- - -------------------------------------------------
Total: 100.0%
- - -------------------------------------------------
- - -------------------------------------------------
</TABLE>
- - ----------
* Includes Manufactured Housing
DEAL SUMMARY BY PROPERTY TYPE
<TABLE>
<CAPTION>
- - ------------------------------------------------------------------------------------------------------------------------------------
Property Type # of Aggregate % of Average Gross Rem. WA WA WA Balloon
Loans Cut-off Date Initial Pool Cut-off Date WAC WAM LTV DSCR(1) Occupancy %
Balance ($) Balance Balance ($) (%) (mos) Ratio(1) Rate(%)(2)
- - ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Retail 109 $827,367,408 40.6% $7,590,527 6.84% 124 65.91% 1.61x 96.83% 40.06%
- - ------------------------------------------------------------------------------------------------------------------------------------
Anchored 56 $422,149,182 20.7% $7,538,378 6.82% 127 67.37% 1.64x 96.53% 20.69%
- - ------------------------------------------------------------------------------------------------------------------------------------
Unanchored 50 $143,574,532 7.0% $2,871,491 7.13% 138 71.71% 1.43x 95.51% 6.55%
- - ------------------------------------------------------------------------------------------------------------------------------------
Regional Mall 3 $261,643,694 12.8% $87,214,565 6.70% 112 60.37% 1.66x 98.05% 12.82%
- - ------------------------------------------------------------------------------------------------------------------------------------
Multifamily 67 $368,421,857 18.1% $5,498,834 6.89% 109 75.28% 1.39x 94.23% 18.06%
- - ------------------------------------------------------------------------------------------------------------------------------------
Conventional 64 $363,314,293 17.8% $5,676,786 6.89% 109 75.26% 1.39x 94.28% 17.81%
- - ------------------------------------------------------------------------------------------------------------------------------------
Manufactured Housing 3 $5,107,564 0.3% $1,702,521 7.11% 118 76.12% 1.32x 90.87% 0.25%
- - ------------------------------------------------------------------------------------------------------------------------------------
Hotel 16 $362,572,302 17.8% $22,660,769 6.60% 118 54.88% 2.09x N/A 17.60%
- - ------------------------------------------------------------------------------------------------------------------------------------
Full Service 4 $276,807,731 13.6% $69,201,933 6.32% 118 50.81% 2.27x N/A 13.57%
- - ------------------------------------------------------------------------------------------------------------------------------------
Limited Service 12 $85,764,571 4.2% $7,147,048 7.48% 116 67.99% 1.51x N/A 4.04%
- - ------------------------------------------------------------------------------------------------------------------------------------
Office 44 $191,679,298 9.4% $4,356,348 7.13% 108 72.60% 1.36x 96.50% 9.39%
- - ------------------------------------------------------------------------------------------------------------------------------------
Office/Industrial 1 $111,200,000 5.5% $111,200,000 6.61% 114 47.32% 2.35x 93.99% 5.45%
- - ------------------------------------------------------------------------------------------------------------------------------------
CTL 26 $78,758,624 3.9% $3,029,178 7.15% 228 N/A N/A 100.00% 2.40%
- - ------------------------------------------------------------------------------------------------------------------------------------
Industrial/Warehouse 16 $67,464,779 3.3% $4,216,549 7.09% 108 72.41% 1.37x 96.00% 3.18%
- - ------------------------------------------------------------------------------------------------------------------------------------
Self Storage 5 $15,393,022 0.8% $3,078,604 7.13% 134 69.23% 1.51x 95.55% 0.75%
- - ------------------------------------------------------------------------------------------------------------------------------------
Health Care 1 $14,138,000 0.7% $14,138,000 7.15% 116 74.8% 1.37x 90.80% 0.69%
- - ------------------------------------------------------------------------------------------------------------------------------------
Assisted Living 1 $14,138,000 0.7% $14,138,000 7.15% 116 74.80% 1.37x 90.80% 0.69%
- - ------------------------------------------------------------------------------------------------------------------------------------
Other 1 $3,236,444 0.2% $3,236,444 7.26% 116 51.37% 1.49x 94.07% 0.16%
- - ------------------------------------------------------------------------------------------------------------------------------------
- - ------------------------------------------------------------------------------------------------------------------------------------
Total / Avg / 286 $2,040,231,734 100.0% $7,133,677 6.84% 122 65.52% 1.66x 96.08% 97.75%
Min/Max Wtd.Avg:
- - ------------------------------------------------------------------------------------------------------------------------------------
- - ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
- - ----------
(1) Excludes credit tenant lease loans.
(2) Excludes hotels.
Page 15 of 31
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 LAW, 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 CASE 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. THE UNDERWRITERS, AND
ANY OF THEIR AFFILIATES, MAKE NO 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 1998-C4 Structural and Collateral Term Sheet (continued):
Aggregate Pool
<TABLE>
<CAPTION>
Loan Size Distribution Gross Rate Distribution
- - ------------------------------------------------------------------------
- - ------------------------------------------------------------------------
Cut-off Date Balance Ranges # of % of Initial
($) Loans Pool Balance
- - ------------------------------------------------------------------------
<S> <C> <C>
0.01 - 2,000,000 68 4.95%
- - ------------------------------------------------------------------------
2,000,000.01 - 4,000,000.00 110 15.69%
- - ------------------------------------------------------------------------
4,000,000.01 - 6,000,000.00 48 11.87%
- - ------------------------------------------------------------------------
6,000,000.01 - 8,000,000.00 18 6.20%
- - ------------------------------------------------------------------------
8,000,000.01 - 10,000,000.00 10 4.32%
- - ------------------------------------------------------------------------
10,000,000.01 - 15,000,000.00 14 8.51%
- - ------------------------------------------------------------------------
15,000,000.01 - 20,000,000.00 7 5.97%
- - ------------------------------------------------------------------------
20,000,000.01 - 30,000,000.00 2 2.47%
- - ------------------------------------------------------------------------
30,000,000.01 - 40,000,000.00 1 1.51%
- - ------------------------------------------------------------------------
40,000,000.01 - 50,000,000.00 2 4.58%
- - ------------------------------------------------------------------------
50,000,000.01 - 60,000,000.00 1 2.68%
- - ------------------------------------------------------------------------
60,000,000.01 - 70,000,000.00 2 6.47%
- - ------------------------------------------------------------------------
110,000,000.01 - 112,000,000.00 1 5.45%
- - ------------------------------------------------------------------------
144,000,000.01 - 248,000,000.00 1 7.11%
- - ------------------------------------------------------------------------
248,000,000.01 Greater Than or Equal To 1 12.22%
- - ------------------------------------------------------------------------
- - ------------------------------------------------------------------------
Total: 286 100.00%
- - ------------------------------------------------------------------------
- - ------------------------------------------------------------------------
</TABLE>
<TABLE>
<S> <C>
Minimum Cut-off Date Balance: $598,212
Maximum Cut-off Date Balance: $249,347,355
Average Cut-off Date Balance: $7,133,677
</TABLE>
<TABLE>
<CAPTION>
- - ----------------------------------------------
- - ----------------------------------------------
Gross Rate Distribution
- - ----------------------------------------------
Gross Rate % of Initial
(%) Pool Balance
- - ----------------------------------------------
<S> <C>
5.751 - 6.000 3.17%
- - ----------------------------------------------
6.001 - 6.250 12.62%
- - ----------------------------------------------
6.251 - 6.500 4.44%
- - ----------------------------------------------
6.501 - 6.750 22.75%
- - ----------------------------------------------
6.751 - 7.000 21.37%
- - ----------------------------------------------
7.001 - 7.250 23.69%
- - ----------------------------------------------
7.251 - 7.500 6.02%
- - ----------------------------------------------
7.501 - 7.750 2.70%
- - ----------------------------------------------
7.751 - 8.000 2.38%
- - ----------------------------------------------
8.001 - 8.250 0.36%
- - ----------------------------------------------
8.751 - 9.000 0.51%
- - ----------------------------------------------
- - ----------------------------------------------
Total: 100.00%
- - ----------------------------------------------
- - ----------------------------------------------
</TABLE>
<TABLE>
<S> <C>
Minimum Rate: 5.920%
Maximum Rate: 8.940%
WAC: 6.844%
</TABLE>
Page 16 of 31
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 LAW, 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 CASE 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. THE UNDERWRITERS, AND
ANY OF THEIR AFFILIATES, MAKE NO 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 1998-C4 Structural and Collateral Term Sheet (continued):
Aggregate Pool
<TABLE>
<CAPTION>
Maturity Years(1)
- - ----------------------------------------------
- - ----------------------------------------------
Months % of Initial
Pool Balance
- - ----------------------------------------------
<S> <C>
49 - 60 2.78%
- - ----------------------------------------------
73 - 84 8.88%
- - ----------------------------------------------
97 - 108 0.82%
- - ----------------------------------------------
109 - 120 78.39%
- - ----------------------------------------------
133 - 144 0.20%
- - ----------------------------------------------
169 - 180 3.21%
- - ----------------------------------------------
181 - 192 0.04%
- - ----------------------------------------------
205 - 216 0.57%
- - ----------------------------------------------
229 - 240 4.80%
- - ----------------------------------------------
289 - 300 0.32%
- - ----------------------------------------------
Total: 100.00%
</TABLE>
- - ----------
(1) Assumes ARD Loans payoff on their Anticipated
Repayment Date
<TABLE>
<S> <C>
Minimum Remaining 57
Term to Maturity:
Maximum Remaining 298
Term to Maturity:
Weighted Average 122
Remaining Term to Maturity:
</TABLE>
<TABLE>
<CAPTION>
Remaining Amortization Term(1)
- - ----------------------------------------------
- - ----------------------------------------------
Months % of Initial
Pool Balance
- - ----------------------------------------------
<S> <C>
I/O 2.68%
- - ----------------------------------------------
169 - 180 0.56%
- - ----------------------------------------------
181 - 192 0.04%
- - ----------------------------------------------
193 - 204 0.20%
- - ----------------------------------------------
217 - 228 0.13%
- - ----------------------------------------------
229 - 240 2.67%
- - ----------------------------------------------
253 - 264 0.06%
- - ----------------------------------------------
265 - 276 0.17%
- - ----------------------------------------------
277 - 288 0.93%
- - ----------------------------------------------
289 - 300 30.99%
- - ----------------------------------------------
313 - 324 0.35%
- - ----------------------------------------------
325 - 336 0.20%
- - ----------------------------------------------
337 - 348 0.82%
- - ----------------------------------------------
349 - 360 60.21%
- - ----------------------------------------------
- - ----------------------------------------------
Total: 100.00%
- - ----------------------------------------------
- - ----------------------------------------------
</TABLE>
- - ----------
(1) Assumes ARD Loans payoff on their Anticipated
Repayment Date
(2) Excludes interest only loans
<TABLE>
<S> <C>
Minimum Remaining 176
Amortization Term:(2)
Maximum Remaining 360
Amortization Term:(2)
Weighted Ave. Remaining. 333
Amortization Term:(2)
</TABLE>
Page 17 of 31
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 LAW, 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 CASE 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. THE UNDERWRITERS, AND
ANY OF THEIR AFFILIATES, MAKE NO 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 1998-C4 Structural and Collateral Term Sheet (continued):
Aggregate Pool
<TABLE>
<CAPTION>
Debt Service Coverage Ratios (DSCR)(1)
- - ----------------------------------------------
- - ----------------------------------------------
Cut-off Date % of Initial
DSCR Ranges (x) Pool Balance
- - ----------------------------------------------
<S> <C>
1.16 - 1.20 0.50%
- - ----------------------------------------------
1.21 - 1.25 1.44%
- - ----------------------------------------------
1.26 - 1.30 8.95%
- - ----------------------------------------------
1.31 - 1.35 16.34%
- - ----------------------------------------------
1.36 - 1.45 17.67%
- - ----------------------------------------------
1.46 - 1.50 10.17%
- - ----------------------------------------------
1.51 - 1.55 2.66%
- - ----------------------------------------------
1.56 - 1.60 3.30%
- - ----------------------------------------------
1.61 - 1.65 0.23%
- - ----------------------------------------------
1.66 - 1.70 8.00%
- - ----------------------------------------------
1.71 - 1.75 3.85%
- - ----------------------------------------------
1.76 - 1.80 3.21%
- - ----------------------------------------------
1.86 - 1.90 0.21%
- - ----------------------------------------------
1.91 - 2.05 1.40%
- - ----------------------------------------------
2.06 - 2.10 0.38%
- - ----------------------------------------------
2.11 - 2.20 0.17%
- - ----------------------------------------------
2.31 - 2.50 18.64%
- - ----------------------------------------------
2.51 - 3.00 2.78%
- - ----------------------------------------------
3.01 - 3.60 0.09%
- - ----------------------------------------------
- - ----------------------------------------------
Total: 100.00%
- - ----------------------------------------------
- - ----------------------------------------------
</TABLE>
- - ----------
(1) Excludes CTL Loans
<TABLE>
<S> <C>
Minimum DSC(1): 1.20x
Maximum DSC(1): 3.59x
Weighted Average DSC(1): 1.66x
</TABLE>
<TABLE>
<CAPTION>
Loan to Value Ratios (LTV)(1)
- - ----------------------------------------------
- - ----------------------------------------------
Cut-off Date % of Initial
LTV Ranges (%) Pool Balance
- - ----------------------------------------------
<S> <C>
15.01 - 20.00 0.09%
- - ----------------------------------------------
25.01 - 30.00 0.11%
- - ----------------------------------------------
35.01 - 40.00 0.17%
- - ----------------------------------------------
40.01 - 45.00 0.25%
- - ----------------------------------------------
45.01 - 50.00 18.52%
- - ----------------------------------------------
50.01 - 55.00 6.62%
- - ----------------------------------------------
55.01 - 60.00 11.35%
- - ----------------------------------------------
60.01 - 65.00 5.64%
- - ----------------------------------------------
65.01 - 70.00 9.50%
- - ----------------------------------------------
70.01 - 75.00 22.26%
- - ----------------------------------------------
75.01 - 80.00 25.42%
- - ----------------------------------------------
80.01 - 85.00 0.08%(2)
- - ----------------------------------------------
- - ----------------------------------------------
Total: 100.00%
- - ----------------------------------------------
- - ----------------------------------------------
</TABLE>
- - ----------
(1) Excludes CTL Loans
(2) Section 42 multifamily property
<TABLE>
<S> <C>
Minimum LTV(1): 17.97%
Maximum LTV(1)(2): 82.33%
Weighted Average LTV(1): 65.52%
</TABLE>
Page 18 of 31
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 LAW, 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 CASE 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. THE UNDERWRITERS, AND
ANY OF THEIR AFFILIATES, MAKE NO 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 1998-C4 Structural and Collateral Term Sheet (continued):
Aggregate Pool
<TABLE>
<CAPTION>
State Distribution
- - ----------------------------------------------
- - ----------------------------------------------
State % of Initial
Pool Balance
- - ----------------------------------------------
<S> <C>
Alabama 3.01%
- - ----------------------------------------------
Arizona 3.28%
- - ----------------------------------------------
California 19.66%
- - ----------------------------------------------
Colorado 1.02%
- - ----------------------------------------------
Connecticut 1.58%
- - ----------------------------------------------
Florida 8.24%
- - ----------------------------------------------
Georgia 2.92%
- - ----------------------------------------------
Illinois 9.38%
- - ----------------------------------------------
Indiana 3.65%
- - ----------------------------------------------
Kansas 0.24%
- - ----------------------------------------------
Kentucky 0.09%
- - ----------------------------------------------
Louisiana 0.13%
- - ----------------------------------------------
Massachusetts 0.55%
- - ----------------------------------------------
Maryland 0.92%
- - ----------------------------------------------
Michigan 1.58%
- - ----------------------------------------------
Minnesota 0.69%
- - ----------------------------------------------
Missouri 0.49%
- - ----------------------------------------------
Mississippi 0.13%
- - ----------------------------------------------
North Carolina 2.60%
- - ----------------------------------------------
- - ----------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
State Distribution
- - ----------------------------------------------
- - ----------------------------------------------
State % of Initial
Pool Balance
- - ----------------------------------------------
<S> <C>
North Dakota 0.12%
- - ----------------------------------------------
New Jersey 0.68%
- - ----------------------------------------------
Nevada 1.29%
- - ----------------------------------------------
New York 10.44%
- - ----------------------------------------------
Ohio 1.10%
- - ----------------------------------------------
Oklahoma 0.91%
- - ----------------------------------------------
Oregon 0.46%
- - ----------------------------------------------
Pennsylvania 3.65%
- - ----------------------------------------------
Puerto Rico 0.27%
- - ----------------------------------------------
Rhode Island 0.27%
- - ----------------------------------------------
South Carolina 0.30%
- - ----------------------------------------------
Tennessee 2.48%
- - ----------------------------------------------
Texas 11.46%
- - ----------------------------------------------
Virginia 3.33%
- - ----------------------------------------------
Washington 2.31%
- - ----------------------------------------------
Wisconsin 0.69%
- - ----------------------------------------------
Wyoming 0.07%
- - ----------------------------------------------
- - ----------------------------------------------
Total: 100.00%
- - ----------------------------------------------
- - ----------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
----------------------------------------
----------------------------------------
Loan Type % of Initial
Pool Balance
----------------------------------------
<S> <C>
Balloon 62.84%
----------------------------------------
Fully Amortizing 2.25%
----------------------------------------
ARD Loan 34.91%
----------------------------------------
Total: 100.0%
----------------------------------------
</TABLE>
Page 19 of 31
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 LAW, 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 CASE 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. THE UNDERWRITERS, AND
ANY OF THEIR AFFILIATES, MAKE NO 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 1998-C4 Structural and Collateral Term Sheet (continued):
LBCMT 1998-C4 Structural and Collateral Term Sheet (continued):
Multifamily
<TABLE>
<CAPTION>
Loan Size Distribution
- - ------------------------------------------------------------------------
- - ------------------------------------------------------------------------
Balance Ranges # of % of Pool
($) Loans Balance
- - ------------------------------------------------------------------------
<S> <C> <C>
0.01 - 2,000,000 12 4.86%
- - ------------------------------------------------------------------------
2,000,000.01 - 4,000,000.00 25 19.57%
- - ------------------------------------------------------------------------
4,000,000.01 - 6,000,000.00 13 17.13%
- - ------------------------------------------------------------------------
6,000,000.01 - 8,000,000.00 7 13.80%
- - ------------------------------------------------------------------------
8,000,000.01 - 10,000,000.00 5 12.51%
- - ------------------------------------------------------------------------
10,000,000.01 - 15,000,000.00 1 3.71%
- - ------------------------------------------------------------------------
15,000,000.01 - 20,000,000.00 2 9.72%
- - ------------------------------------------------------------------------
20,000,000.01 - 30,000,000.00 1 6.24%
- - ------------------------------------------------------------------------
40,000,000.01 - 50,000,000.00 1 12.45%
- - ------------------------------------------------------------------------
- - ------------------------------------------------------------------------
Total: 67 100.00%
- - ------------------------------------------------------------------------
- - ------------------------------------------------------------------------
</TABLE>
<TABLE>
<S> <C>
Minimum Cut-off Date Balance: $1,160,178
Maximum Cut-off Date Balance: $45,871,866
Average Cut-off Date Balance: $5,498,834
</TABLE>
<TABLE>
<CAPTION>
Gross Rate Distribution
- - ------------------------------------------------------
Gross Rate % of Pool
(%) Balance
- - ------------------------------------------------------
<S> <C>
6.251 - 6.500 6.75%
- - ------------------------------------------------------
6.501 - 6.750 10.09%
- - ------------------------------------------------------
6.751 - 7.000 62.10%
- - ------------------------------------------------------
7.001 - 7.250 19.31%
- - ------------------------------------------------------
7.251 - 7.500 1.75%
- - ------------------------------------------------------
- - ------------------------------------------------------
Total: 100.00%
- - ------------------------------------------------------
- - ------------------------------------------------------
</TABLE>
<TABLE>
<S> <C>
Minimum Rate: 6.270%
Maximum Rate: 7.440%
WAC: 6.888%
</TABLE>
Page 20 of 31
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 LAW, 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 CASE 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. THE UNDERWRITERS, AND
ANY OF THEIR AFFILIATES, MAKE NO 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 1998-C4 Structural and Collateral Term Sheet (continued):
Multifamily
<TABLE>
<CAPTION>
Maturity Years(1)
- - ----------------------------------------------
- - ----------------------------------------------
Months % of Initial
Pool Balance
- - ----------------------------------------------
<S> <C>
49 - 60 3.10%
- - ----------------------------------------------
73 - 84 21.14%
- - ----------------------------------------------
97 - 108 1.40%
- - ----------------------------------------------
109 - 120 72.28%
- - ----------------------------------------------
169 - 180 2.08%
- - ----------------------------------------------
- - ----------------------------------------------
Total: 100.00%
- - ----------------------------------------------
- - ----------------------------------------------
</TABLE>
- - ----------
(1) Assumes ARD Loans payoff on The Anticipated
Repayment Date
<TABLE>
<S> <C>
Minimum Remaining 57
Term to Maturity:
Maximum Remaining 178
Term to Maturity:
Weighted Average 109
Remaining Term to Maturity:
</TABLE>
<TABLE>
<CAPTION>
Remaining Amortization Term(1)
- - ----------------------------------------------
- - ----------------------------------------------
Months % of Initial
Pool Balance
- - ----------------------------------------------
<S> <C>
229 - 240 0.81%
- - ----------------------------------------------
289 - 300 8.55%
- - ----------------------------------------------
337 - 348 1.40%
- - ----------------------------------------------
349 - 360 89.23
- - ----------------------------------------------
- - ----------------------------------------------
Total: 100.00%
- - ----------------------------------------------
- - ----------------------------------------------
</TABLE>
- - ----------
(1) Assumes ARD Loans payoff on their Anticipated
Repayment Date
(2) Excludes interest only loans
<TABLE>
<S> <C>
Minimum Remaining 239
Amortization Term: (2)
Maximum Remaining 360
Amortization Term:(2)
Weighted Ave. Remaining. 351
Amortization Term:(2)
</TABLE>
Page 21 of 31
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 LAW, 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 CASE 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. THE UNDERWRITERS, AND
ANY OF THEIR AFFILIATES, MAKE NO 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 1998-C4 Structural and Collateral Term Sheet (continued):
Multifamily
<TABLE>
<CAPTION>
Debt Service Coverage Ratios (DSCR)(1)
- - ----------------------------------------------
- - ----------------------------------------------
Cut-off Date % of Pool
DSCR Ranges (x) Balance
- - ----------------------------------------------
<S> <C>
1.16 - 1.20 2.66%
- - ----------------------------------------------
1.21 - 1.25 3.26%
- - ----------------------------------------------
1.26 - 1.30 19.36%
- - ----------------------------------------------
1.31 - 1.35 23.89%
- - ----------------------------------------------
1.36 - 1.45 30.25%
- - ----------------------------------------------
1.46 - 1.50 2.65%
- - ----------------------------------------------
1.51 - 1.55 4.41%
- - ----------------------------------------------
1.56 - 1.60 8.23%
- - ----------------------------------------------
1.66 - 1.70 1.90%
- - ----------------------------------------------
2.06 - 2.10 2.03%
- - ----------------------------------------------
2.31 - 2.50 1.35%
- - ----------------------------------------------
- - ----------------------------------------------
Total: 100.00%
- - ----------------------------------------------
- - ----------------------------------------------
</TABLE>
- - ----------
(1) Excludes CTL Loans
<TABLE>
<S> <C>
Minimum DSC(1): 1.20x
Maximum DSC(1): 2.39x
Weighted Average DSC(1): 1.39x
</TABLE>
<TABLE>
<CAPTION>
Loan to Value Ratios (LTV)
- - ----------------------------------------------
- - ----------------------------------------------
Cut-Off Date % of Pool
LTV Ranges (%) Balance
- - ----------------------------------------------
<S> <C>
40.01 - 45.00 1.35%
- - ----------------------------------------------
50.01 - 55.00 2.03%
- - ----------------------------------------------
55.01 - 60.00 6.24%
- - ----------------------------------------------
65.01 - 70.00 3.23%
- - ----------------------------------------------
70.01 - 75.00 11.62%
- - ----------------------------------------------
75.01 - 80.00 75.10%
- - ----------------------------------------------
80.01 - 85.00 0.42%(1)
- - ----------------------------------------------
- - ----------------------------------------------
Total: 100.00%
- - ----------------------------------------------
- - ----------------------------------------------
</TABLE>
- - ----------
(1) Section 42 multifamily property
<TABLE>
<S> <C>
Minimum LTV: 42.63%
Maximum LTV(2): 82.33%
Weighted Average LTV: 75.28%
</TABLE>
Page 22 of 31
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 LAW, 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 CASE 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. THE UNDERWRITERS, AND
ANY OF THEIR AFFILIATES, MAKE NO 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 1998-C4 Structural and Collateral Term Sheet (continued):
Multifamily
<TABLE>
<CAPTION>
State Distribution
- - ----------------------------------------------
- - ----------------------------------------------
State % of Initial
Pool Balance
- - ----------------------------------------------
<S> <C>
Arizona 8.71%
- - ----------------------------------------------
California 6.21%
- - ----------------------------------------------
Connecticut 0.43%
- - ----------------------------------------------
Florida 5.04%
- - ----------------------------------------------
Georgia 5.36%
- - ----------------------------------------------
Indiana 15.05%
- - ----------------------------------------------
Kansas 0.68%
- - ----------------------------------------------
Massachusetts 1.34%
- - ----------------------------------------------
Missouri 2.17%
- - ----------------------------------------------
North Carolina 2.66%
- - ----------------------------------------------
New Jersey 1.31%
- - ----------------------------------------------
Nevada 4.91%
- - ----------------------------------------------
- - ----------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
State Distribution
- - ----------------------------------------------
- - ----------------------------------------------
State % of Initial
Pool Balance
- - ----------------------------------------------
<S> <C>
New York 6.96%
- - ----------------------------------------------
Ohio 3.79%
- - ----------------------------------------------
Oklahoma 4.81%
- - ----------------------------------------------
Oregon 1.45%
- - ----------------------------------------------
Pennsylvania 12.31%
- - ----------------------------------------------
Rhode Island 0.81%
- - ----------------------------------------------
South Carolina 0.79%
- - ----------------------------------------------
Tennessee 2.51%
- - ----------------------------------------------
Texas 12.33%
- - ----------------------------------------------
Washington 0.35%
- - ----------------------------------------------
- - ----------------------------------------------
Total: 100.00%
- - ----------------------------------------------
- - ----------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
----------------------------------------
----------------------------------------
Loan Type % of Initial
Pool Balance
----------------------------------------
<S> <C>
Balloon 98.81%
----------------------------------------
ARD Loan 1.19%
----------------------------------------
Total: 100.0%
----------------------------------------
</TABLE>
Excluding Multifamily
<TABLE>
<CAPTION>
Loan Size Distribution
- - ------------------------------------------------------------------------
- - ------------------------------------------------------------------------
Balance Ranges # of % of Pool
($) Loans Balance
- - ------------------------------------------------------------------------
<S> <C> <C>
0.01 - 2,000,000.00 56 4.98%
- - ------------------------------------------------------------------------
2,000,000.01 - 4,000,000.00 85 14.83%
- - ------------------------------------------------------------------------
4,000,000.01 - 6,000,000.00 35 10.70%
- - ------------------------------------------------------------------------
6,000,000.01 - 8,000,000.00 11 4.52%
- - ------------------------------------------------------------------------
8,000,000.01 - 10,000,000.00 5 2.51%
- - ------------------------------------------------------------------------
10,000,000.01 - 15,000,000.00 13 9.57%
- - ------------------------------------------------------------------------
15,000,000.01 - 20,000,000.00 5 5.15%
- - ------------------------------------------------------------------------
20,000,000.01 - 30,000,000.00 1 1.64%
- - ------------------------------------------------------------------------
30,000,000.01 - 40,000,000.00 1 1.84%
- - ------------------------------------------------------------------------
40,000,000.01 - 50,000,000.00 1 2.85%
- - ------------------------------------------------------------------------
50,000,000.01 - 60,000,000.00 1 3.27%
- - ------------------------------------------------------------------------
60,000,000.01 - 70,000,000.00 2 7.89%
- - ------------------------------------------------------------------------
110,000,000.01-112,000,000.00 1 6.65%
- - ------------------------------------------------------------------------
144,000,000.01-248,000,000.01 1 8.67%
- - ------------------------------------------------------------------------
248,000,000.01 Greater than or Equal To 1 14.91%
- - ------------------------------------------------------------------------
Total: 219 100.00%
- - ------------------------------------------------------------------------
- - ------------------------------------------------------------------------
</TABLE>
<TABLE>
<S> <C>
Minimum Cut-off Date Balance: $598,212
Maximum Cut-off Date Balance: $249,347,355
Average Cut-off Date Balance: $7,633,835
</TABLE>
<TABLE>
<CAPTION>
Gross Rate Distribution
- - ------------------------------------------------------
Gross Rate % of Pool
(%) Balance
- - ------------------------------------------------------
<S> <C>
5.751 - 6.000 3.87%
- - ------------------------------------------------------
6.001 - 6.250 15.40%
- - ------------------------------------------------------
6.251 - 6.500 3.93%
- - ------------------------------------------------------
6.501 - 6.750 25.55%
- - ------------------------------------------------------
6.751 - 7.000 12.39%
- - ------------------------------------------------------
7.001 - 7.250 24.65%
- - ------------------------------------------------------
7.251 - 7.500 6.96%
- - ------------------------------------------------------
7.501 - 7.750 3.29%
- - ------------------------------------------------------
7.751 - 8.000 2.90%
- - ------------------------------------------------------
8.001 - 8.250 0.44%
- - ------------------------------------------------------
8.751 - 9.000 0.62%
- - ------------------------------------------------------
Total: 100.00%
- - ------------------------------------------------------
- - ------------------------------------------------------
</TABLE>
<TABLE>
<S> <C>
Minimum Rate: 5.920%
Maximum Rate: 8.940%
WAC: 6.834%
</TABLE>
Page 23 of 31
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 LAW, 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 CASE 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. THE UNDERWRITERS, AND
ANY OF THEIR AFFILIATES, MAKE NO 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>
Page 24 of 31
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 LAW, 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 CASE 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. THE UNDERWRITERS, AND
ANY OF THEIR AFFILIATES, MAKE NO 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 1998-C4 Structural and Collateral Term Sheet (continued):
Excluding Multifamily
<TABLE>
<CAPTION>
Maturity Years(1)
- - ----------------------------------------------
- - ----------------------------------------------
Months % of Initial
Pool Balance
- - ----------------------------------------------
<S> <C>
49 - 60 2.71%
- - ----------------------------------------------
73 - 84 6.18%
- - ----------------------------------------------
97 - 108 0.69%
- - ----------------------------------------------
109 - 120 79.73%
- - ----------------------------------------------
133 - 144 0.24%
- - ----------------------------------------------
169 - 180 3.46%
- - ----------------------------------------------
181 - 192 0.04%
- - ----------------------------------------------
205 - 216 0.70%
- - ----------------------------------------------
229 - 240 5.85%
- - ----------------------------------------------
289 - 300 0.39%
- - ----------------------------------------------
- - ----------------------------------------------
Total: 100.00%
- - ----------------------------------------------
- - ----------------------------------------------
</TABLE>
- - ----------
(1) Assumes ARD Loans payoff on their Anticipated
Repayment Date
<TABLE>
<S> <C>
Minimum Remaining 57
Term to Maturity:
Maximum Remaining 298
Term to Maturity:
Weighted Average 124
Remaining Term to Maturity:
</TABLE>
<TABLE>
<CAPTION>
Remaining Amortization Term(1)
- - ----------------------------------------------
- - ----------------------------------------------
Months % of Initial
Pool Balance
- - ----------------------------------------------
<S> <C>
I/O 3.27%
- - ----------------------------------------------
169 - 180 0.68%
- - ----------------------------------------------
181 - 192 0.04%
- - ----------------------------------------------
193 - 204 0.25%
- - ----------------------------------------------
217 - 228 0.16%
- - ----------------------------------------------
229 - 240 3.07%
- - ----------------------------------------------
253 - 264 0.08%
- - ----------------------------------------------
265 - 276 0.20%
- - ----------------------------------------------
277 - 288 1.13%
- - ----------------------------------------------
289 - 300 35.94%
- - ----------------------------------------------
313 - 324 0.43%
- - ----------------------------------------------
325 - 336 0.24%
- - ----------------------------------------------
337 - 348 0.69%
- - ----------------------------------------------
349 - 360 53.81%
- - ----------------------------------------------
Total: 100.00%
- - ----------------------------------------------
</TABLE>
- - ----------
(1) Assumes ARD Loans payoff on their Anticipated
Repayment Date
(2) Excludes interest only loans
<TABLE>
<S> <C>
Minimum Remaining 176
Amortization Term: (2)
Maximum Remaining 360
Amortization Term:(2)
Weighted Ave. Remaining. 328
Amortization Term:(2)
</TABLE>
Page 25 of 31
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 LAW, 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 CASE 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. THE UNDERWRITERS, AND
ANY OF THEIR AFFILIATES, MAKE NO 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 1998-C4 Structural and Collateral Term Sheet (continued):
Excluding Multifamily
<TABLE>
<CAPTION>
Debt Service Coverage Ratios (DSCR)(1)
- - ----------------------------------------------
- - ----------------------------------------------
Cut-off Date % of Pool
DSCR Ranges (x) Balance
- - ----------------------------------------------
<S> <C>
1.21 - 1.25 1.02%
- - ----------------------------------------------
1.26 - 1.30 6.54%
- - ----------------------------------------------
1.31 - 1.35 14.60%
- - ----------------------------------------------
1.36 - 1.45 14.76%
- - ----------------------------------------------
1.46 - 1.50 11.91%
- - ----------------------------------------------
1.51 - 1.55 2.25%
- - ----------------------------------------------
1.56 - 1.60 2.16%
- - ----------------------------------------------
1.61 - 1.65 0.29%
- - ----------------------------------------------
1.66 - 1.70 9.41%
- - ----------------------------------------------
1.71 - 1.75 4.74%
- - ----------------------------------------------
1.76 - 1.80 3.95%
- - ----------------------------------------------
1.86 - 1.90 0.26%
- - ----------------------------------------------
1.91 - 1.95 1.73%
- - ----------------------------------------------
2.11 - 2.20 0.21%
- - ----------------------------------------------
2.31 - 2.50 22.63%
- - ----------------------------------------------
2.51 - 3.00 3.43%
- - ----------------------------------------------
3.01 - 3.60 0.11%
- - ----------------------------------------------
- - ----------------------------------------------
Total: 100.00%
- - ----------------------------------------------
- - ----------------------------------------------
</TABLE>
- - ----------
(1) Excludes CTL Loans
<TABLE>
<S> <C>
Minimum DSC(1): 1.23x
Maximum DSC(1): 3.59x
Weighted Average DSC(1): 1.73x
</TABLE>
<TABLE>
<CAPTION>
Loan to Value Ratios (LTV)(1)
- - ----------------------------------------------
- - ----------------------------------------------
Cut-Off Date % of Pool
LTV Ranges (%) Balance
- - ----------------------------------------------
<S> <C>
15.01 - 20.00 0.11%
- - ----------------------------------------------
25.01 - 30.00 0.14%
- - ----------------------------------------------
35.01 - 40.00 0.21%
- - ----------------------------------------------
45.01 - 50.00 22.80%
- - ----------------------------------------------
50.01 - 55.00 7.68%
- - ----------------------------------------------
55.01 - 60.00 12.53%
- - ----------------------------------------------
60.01 - 65.00 6.94%
- - ----------------------------------------------
65.01 - 70.00 10.95%
- - ----------------------------------------------
70.01 - 75.00 24.72%
- - ----------------------------------------------
75.01 - 80.00 13.93%
- - ----------------------------------------------
- - ----------------------------------------------
Total: 100.00%
- - ----------------------------------------------
- - ----------------------------------------------
</TABLE>
(1) Excludes CTL Loans
<TABLE>
<S> <C>
Minimum LTV(1): 17.97%
Maximum LTV(1)(2): 80.00%
Weighted Average LTV: 63.26%
</TABLE>
Page 26 of 31
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 LAW, 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 CASE 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. THE UNDERWRITERS, AND
ANY OF THEIR AFFILIATES, MAKE NO 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 1998-C4 Structural and Collateral Term Sheet (continued):
Excluding Multifamily
<TABLE>
<CAPTION>
State Distribution
- - ----------------------------------------------
- - ----------------------------------------------
State % of Initial
Pool Balance
- - ----------------------------------------------
<S> <C>
Alabama 3.68%
- - ----------------------------------------------
Arizona 2.08%
- - ----------------------------------------------
California 22.62%
- - ----------------------------------------------
Colorado 1.24%
- - ----------------------------------------------
Connecticut 1.84%
- - ----------------------------------------------
Florida 8.95%
- - ----------------------------------------------
Georgia 2.38%
- - ----------------------------------------------
Illinois 11.45%
- - ----------------------------------------------
Indiana 1.14%
- - ----------------------------------------------
Kansas 0.15%
- - ----------------------------------------------
Kentucky 0.11%
- - ----------------------------------------------
Louisiana 0.16%
- - ----------------------------------------------
Massachusetts 0.38%
- - ----------------------------------------------
Maryland 1.12%
- - ----------------------------------------------
Michigan 1.92%
- - ----------------------------------------------
Minnesota 0.84%
- - ----------------------------------------------
Missouri 0.12%
- - ----------------------------------------------
Mississippi 0.16%
- - ----------------------------------------------
North Carolina 2.59%
- - ----------------------------------------------
- - ----------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
State Distribution
- - ----------------------------------------------
- - ----------------------------------------------
State % of Initial
Pool Balance
- - ----------------------------------------------
<S> <C>
North Dakota 0.15%
- - ----------------------------------------------
New Jersey 0.54%
- - ----------------------------------------------
Nevada 0.50%
- - ----------------------------------------------
New York 11.21%
- - ----------------------------------------------
Ohio 0.51%
- - ----------------------------------------------
Oklahoma 0.04%
- - ----------------------------------------------
Oregon 0.24%
- - ----------------------------------------------
Pennsylvania 1.74%
- - ----------------------------------------------
Puerto Rico 0.33%
- - ----------------------------------------------
Rhode Island 0.15%
- - ----------------------------------------------
South Carolina 0.19%
- - ----------------------------------------------
Tennessee 2.47%
- - ----------------------------------------------
Texas 11.27%
- - ----------------------------------------------
Virginia 4.07%
- - ----------------------------------------------
Washington 2.74%
- - ----------------------------------------------
Wisconsin 0.84%
- - ----------------------------------------------
Wyoming 0.08%
- - ----------------------------------------------
- - ----------------------------------------------
Total: 100.00%
- - ----------------------------------------------
- - ----------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
----------------------------------------
----------------------------------------
Loan Type % of Initial
Pool Balance
----------------------------------------
<S> <C>
Balloon 54.92%
----------------------------------------
Fully Amortizing 2.75%
----------------------------------------
ARD Loan 42.34%
----------------------------------------
Total: 100.0%
----------------------------------------
</TABLE>
Page 27 of 31
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 LAW, 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 CASE 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. THE UNDERWRITERS, AND
ANY OF THEIR AFFILIATES, MAKE NO 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>
Exhibit 99.2
Structural and Collateral Term Sheet
Lehman Brothers Commercial Mortgage Trust
Commercial Mortgage Pass-Through Certificates
Series 1998-C4
$2,040,231,734
(Approximate)
Offered Certificates
[GRAPHIC OMITTED]
% of Initial Pool by Cut-off Date Balance
LEHMAN BROTHERS
Page 1 of 15
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 LAW, 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 PREPAIRED
AND DISSEMINATED BY THE UNDERWRITERS. THIS INFORMATION WAS PREPARED ON THE BASIS
OF CERTAIN ASSUMPTIONS (INCLUDING, IN CERTAIN CASE 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. THE UNDERWRITERS, AND
ANY OF THEIR AFFILIATES, MAKE NO 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>
Lehman Brothers Commercial Mortgage Trust
Commercial Mortgage Pass-Through Certificates
Series 1998-C4
Certain Offering Points
- Newly Originated Collateral. The collateral consists of Mortgage Loans
with a principal balance (as of the Cut-off Date for each Mortgage
Loan occurring in November 1998) of approximately $2.04 billion.
All the Mortgage Loans were originated by an affiliate of Lehman
Brothers or its approved conduit originators.
- Call Protection. 100% of the Mortgage Loans contain call protection
provisions. As of the Cut-off Date, 100% of the Mortgage Loans
provide for initial lockout period followed by i) defeasance; or
ii) yield maintenance; iii) percentage penalty. The weighted
average lockout and defeasance period for all loans is 9.99 years.
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 2 months.
- Weighted average lock-out and treasury defeasance of 9.99 years.
- No loan delinquent 30 days or more as of the Cut-off Date.
- $7,133,677 average loan balance as of the Cut-off Date.
- $4,997,555 average loan balance for Conduit component of the mortgage
pool as of the Cut-off Date.
- 1.66x Weighted Average Debt Service Coverage Ratio ("DSCR") as of the
Cut-off Date.
- 65.52% Weighted Average Loan to Value ("LTV") as of the Cut-off Date.
- PropertyType Diversification. 40.6% Retail (51.0% Anchored, 31.6%
Regional Mall, and 17.4% Unanchored), 18.1% Multifamily (98.6%
Conventional and 1.4% Manufactured Housing), 17.8% Hotel, 9.4%
Office, 5.5% Office/Industrial, 3.9% Credit Tenant Lease ("CTL"),
3.3% Industrial/Warehouse, 0.8% Self Storage, 0.7% Health Care and
0.2% Other.
- Geographic Distribution. The properties are distributed throughout 35
states and Puerto Rico. California (19.7%); Texas (11.5%); New
York (10.4%); Illinois (9.4%); Florida (8.2%), all other states
less than 4% each.
- 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.
- Cash Flows will be Modeled on BLOOMBERG. (Except as otherwise
indicated, percentages (%) represent the principal amount of loan
or loans compared to aggregate pool balance, as of the Cut-off
Date (the "Initial Pool Balance"); weighted averages are weighted
using Cut-off Date principal 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.)
Page 2 of 15
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 LAW, 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 PREPAIRED
AND DISSEMINATED BY THE UNDERWRITERS. THIS INFORMATION WAS PREPARED ON THE BASIS
OF CERTAIN ASSUMPTIONS (INCLUDING, IN CERTAIN CASE 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. THE UNDERWRITERS, AND
ANY OF THEIR AFFILIATES, MAKE NO 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 1998-C4 Structural and Collateral Term Sheet (continued):
RATING AGENCIES: Moody's and Standard & Poor's.
TRUSTEE: LaSalle National Bank.
MASTER SERVICER: TBA
SPECIAL SERVICER: TBA
CLOSING DATE: On or about November 25, 1998.
CUT-OFF DATE: November 1, 1998 (or for loans with due dates other
than the first, their due date in November 1998).
PAYMENT: Pays on 15th of each month or, if such date is
not a business day, then the following
business day, commencing December 15, 1998.
THE CLASS X: The Class X is comprised of multiple
components, one relating to each class of
Sequential Pay 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 6.8% and a weighted average maturity
("WAM") of 122 months (assuming that the ARD loans
mature on their ARD date). See the Collateral
Overview Tables at the end of this memo for more
Mortgage Loan details.
CREDIT ENHANCEMENT: Credit enhancement for each class of Certificates
will be provided by the classes of Certificates
which are subordinate in priority with respect to
payments of interest and principal.
APPRAISAL REDUCTIONS: With respect to certain specially serviced
Mortgage Loans as to which an appraisal is required
(including any Mortgage Loan that becomes 90 days
delinquent), an Appraisal Reduction Amount may be
created, 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 amount 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:
<TABLE>
<CAPTION>
Classes Minimum Increments Delivery
Denomination Thereafter
- - -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Investment Grade Classes $25,000 $1 DTC
- - -----------------------------------------------------------------------------------------------------------------
X $1,000,000 $1 DTC
</TABLE>
Page 3 of 15
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 LAW, 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 PREPAIRED
AND DISSEMINATED BY THE UNDERWRITERS. THIS INFORMATION WAS PREPARED ON THE BASIS
OF CERTAIN ASSUMPTIONS (INCLUDING, IN CERTAIN CASE 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. THE UNDERWRITERS, AND
ANY OF THEIR AFFILIATES, MAKE NO 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 1998-C4 Structural and Collateral Term Sheet (continued):
PREPAYMENT PREMIUMS*
<TABLE>
<CAPTION>
- - ------------------------------------------------------------------------------------------------------------------------------------
- - ------------------------------------------------------------------------------------------------------------------------------------
Prepayment 12/98 12/99 12/00 12/01 12/02 12/03 12/04 12/05 12/06 12/07 12/08 12/09
Premium
- - ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Lock-out / Def. 100.0% 100.0% 99.7% 99.5% 98.3% 98.2% 97.9% 98.2% 98.2% 96.4% 94.8% 94.6%
- - ------------------------------------------------------------------------------------------------------------------------------------
YM 0.0% 0.0% 0.3% 0.3% 1.5% 1.6% 1.6% 1.7% 1.7% 1.5% 5.2% 5.4%
- - ------------------------------------------------------------------------------------------------------------------------------------
Sub Total: 100.0% 100.0% 100.0% 99.8% 99.8% 99.8% 99.5% 99.9% 99.9% 97.9% 100.0% 100.0%
- - ------------------------------------------------------------------------------------------------------------------------------------
5% 0.2%
- - ------------------------------------------------------------------------------------------------------------------------------------
4% 0.2%
- - ------------------------------------------------------------------------------------------------------------------------------------
3% 0.2% 0.1% 0.1%
- - ------------------------------------------------------------------------------------------------------------------------------------
2% 0.2% 0.1%
- - ------------------------------------------------------------------------------------------------------------------------------------
1% 0.1%
- - ------------------------------------------------------------------------------------------------------------------------------------
Open 0.2% 2.0%
- - ------------------------------------------------------------------------------------------------------------------------------------
Total: 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
- - ------------------------------------------------------------------------------------------------------------------------------------
- - ------------------------------------------------------------------------------------------------------------------------------------
</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):
<TABLE>
<CAPTION>
-------------------------------------------------------
-------------------------------------------------------
Open Period a End Number of Loans % of Initial
Of Loan* Pool Balance
-------------------------------------------------------
-------------------------------------------------------
<S> <C> <C>
None 40 33.73%
-------------------------------------------------------
1 Month 17 10.00%
-------------------------------------------------------
2 Month 1 0.25%
-------------------------------------------------------
3 Month 199 47.87%
-------------------------------------------------------
4 Month 7 2.10%
-------------------------------------------------------
5 Month 1 0.16%
-------------------------------------------------------
6 Month 21 5.88%
-------------------------------------------------------
Total: 286 100.00%
-------------------------------------------------------
-------------------------------------------------------
</TABLE>
- - ----------
* Weighted average open period at end of loan is 2 months.
Page 4 of 15
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 LAW, 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 PREPAIRED
AND DISSEMINATED BY THE UNDERWRITERS. THIS INFORMATION WAS PREPARED ON THE BASIS
OF CERTAIN ASSUMPTIONS (INCLUDING, IN CERTAIN CASE 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. THE UNDERWRITERS, AND
ANY OF THEIR AFFILIATES, MAKE NO 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 1998-C4 Structural and Collateral Term Sheet (continued):
CREDIT TENANT LEASE LOANS:
Credit Tenant Lease Loans are secured by mortgages on
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 3.9% of the Mortgage Loans are Credit
Tenant Lease Loans.
CREDIT TENANT LEASE LOANS:
<TABLE>
<CAPTION>
- - ---------------------------------------------------------------------------------------------------------------------------
- - ---------------------------------------------------------------------------------------------------------------------------
Tenant / Guarantor Number of Cut-off Date Lease CreditRating
Loans Balance ($) Type(1) (Moody's/S&P)
- - ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Kmart 3 $11,834,934 NNN Ba2 / BB
- - ---------------------------------------------------------------------------------------------------------------------------
Food Lion 2 $11,595,033 NNN A3 / A-
- - ---------------------------------------------------------------------------------------------------------------------------
Garden Ridge 1 $10,377,575 NNN N/A / N/A
- - ---------------------------------------------------------------------------------------------------------------------------
Walgreens 3 $9,705,019 NN Aa3 / A+
- - ---------------------------------------------------------------------------------------------------------------------------
CVS 6 $9,658,555 NN A3 / A-
- - ---------------------------------------------------------------------------------------------------------------------------
Eckerd(2) 3 $7,975,014 NNN A2 / A
- - ---------------------------------------------------------------------------------------------------------------------------
Rite Aid 3 $5,560,672 NN Baa1 / BBB+
- - ---------------------------------------------------------------------------------------------------------------------------
Bell Atlantic 1 $4,132,482 B Aa2 / AAA
- - ---------------------------------------------------------------------------------------------------------------------------
Staples 1 $2,640,770 NNN Baa2 / BBB-
- - ---------------------------------------------------------------------------------------------------------------------------
Revco 1 $2,440,922 NN A3 / A-
- - ---------------------------------------------------------------------------------------------------------------------------
Southland (7-11) 1 $1,462,648 NN Ba1 / BB+
- - ---------------------------------------------------------------------------------------------------------------------------
IHOP 1 $1,375,000 NNN N/A / N/A
- - ---------------------------------------------------------------------------------------------------------------------------
Total: 26 $78,758,624 -- --
- - ---------------------------------------------------------------------------------------------------------------------------
- - ---------------------------------------------------------------------------------------------------------------------------
</TABLE>
- - ----------
Unless otherwise indicated, such ratings were the highest rating assigned to the
applicable tenant or guarantor, as applicable, by Moody's and Standard & Poor's,
respectively. See "Description of the Mortgage Pool-Credit Tenant Lease Loans"
in the Prospectus Supplement.
(1) "NNN" means triple net lease; "NN" means double net lease; "B" means bond
type lease.
(2) Based upon the rating of Eckerd's parent, J.C. Penney Corporation, although
it has made no explicit guaranty of Eckerd's obligations.
Page 5 of 15
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 LAW, 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 PREPAIRED
AND DISSEMINATED BY THE UNDERWRITERS. THIS INFORMATION WAS PREPARED ON THE BASIS
OF CERTAIN ASSUMPTIONS (INCLUDING, IN CERTAIN CASE 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. THE UNDERWRITERS, AND
ANY OF THEIR AFFILIATES, MAKE NO 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 1998-C4 Structural and Collateral Term Sheet (continued):
AFFILIATED BORROWER CONCENTRATIONS:
<TABLE>
<CAPTION>
- - ---------------------------------------------------------------------------------------------------------------------
- - ---------------------------------------------------------------------------------------------------------------------
Sponsor Name Number of Loans % of Initial Pool Balance
- - ---------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Omni Hotels / TRT Holding Inc. 1 12.22%
- - ---------------------------------------------------------------------------------------------------------------------
Simon Property Group, The Mills Corporation, Kan Am 1 7.11%
- - ---------------------------------------------------------------------------------------------------------------------
Arden Realty 1 5.45%
- - ---------------------------------------------------------------------------------------------------------------------
The Macerich Company 1 3.38%
- - ---------------------------------------------------------------------------------------------------------------------
The Rouse Company 1 3.09%
- - ---------------------------------------------------------------------------------------------------------------------
Inland Real Estate Company 1 2.68%
- - ---------------------------------------------------------------------------------------------------------------------
Totals: 6 33.93%
- - ---------------------------------------------------------------------------------------------------------------------
</TABLE>
- - ----------
*No other borrower concentration equals or exceeds 2.50%.
RESERVES:
The below table relates only to "conduit" loans and excludes all CTL loans as
well as the Large Loans.
<TABLE>
<CAPTION>
- - ---------------------------------------------------------------------------------------------------------------
% of Conduit Loans w/Annual Escrows Annual Deposit ($)
- - ---------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Replacement Reserves 95.60% $6,900,000
- - ---------------------------------------------------------------------------------------------------------------
Taxes 89.56% $16,200,000
- - ---------------------------------------------------------------------------------------------------------------
Insurance 83.90% $2,900,000
- - ---------------------------------------------------------------------------------------------------------------
T1 & LC (Retail) 65.80% $2,600,000
- - ---------------------------------------------------------------------------------------------------------------
TI & LC (Office) 89.65% $2,200,000
- - ---------------------------------------------------------------------------------------------------------------
TI & LC (Industrial/Warehouse) 78.56% $500,000
- - ---------------------------------------------------------------------------------------------------------------
- - ---------------------------------------------------------------------------------------------------------------
</TABLE>
CASH MANAGEMENT:
The below table relates to all Mortgage Loans.
<TABLE>
<CAPTION>
- - ---------------------------------------------------------------------------------------------------------------
- - ---------------------------------------------------------------------------------------------------------------
<S> <C>
Hard Lockbox 10.9%
- - ---------------------------------------------------------------------------------------------------------------
Springing Lockbox 85.7%
- - ---------------------------------------------------------------------------------------------------------------
N/A 3.4%
- - ---------------------------------------------------------------------------------------------------------------
- - ---------------------------------------------------------------------------------------------------------------
</TABLE>
ANTICIPATED REPAYMENT DATE LOANS:
Mortgage Loans representing 34.91% 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 treated like balloon loans that
mature on the ARD.
Page 6 of 15
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 LAW, 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 PREPAIRED
AND DISSEMINATED BY THE UNDERWRITERS. THIS INFORMATION WAS PREPARED ON THE BASIS
OF CERTAIN ASSUMPTIONS (INCLUDING, IN CERTAIN CASE 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. THE UNDERWRITERS, AND
ANY OF THEIR AFFILIATES, MAKE NO 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 1998-C4 Structural and Collateral Term Sheet (continued):
LARGE LOANS: There are 6 loans with a Cut-off Date principal balance in
excess of $692mm. The following table provides a summary of 6
largest loans (the "Large Loans").
Large Loan Mortgage Loan Summary:
<TABLE>
<CAPTION>
- - -----------------------------------------------------------------------------------------------------------------------------------
- - -----------------------------------------------------------------------------------------------------------------------------------
Mortgage Property # of Cut-off Date Coupon Original Amortization DSCR(1) LTV
Loan Type Properties Balance Term Term
- - -----------------------------------------------------------------------------------------------------------------------------------
- - -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Omni / TRT Hotel 5 $249,347,355 6.25% 120 300 2.35x 49.89%
- - -----------------------------------------------------------------------------------------------------------------------------------
Ontario Mills Regional 1 $145,000,000 6.75% 120 360 1.68x 58.00%
Mall
- - -----------------------------------------------------------------------------------------------------------------------------------
Arden Office/ 12 $111,200,000 6.61% 118 57 I/O / 300 2.35x 47.32%
Industrial
- - -----------------------------------------------------------------------------------------------------------------------------------
Fresno Fashion Regional 1 $69,000,000 6.52% 120 360 1.74x 60.69%
Fair Mall Mall
- - -----------------------------------------------------------------------------------------------------------------------------------
Bayside Retail 1 $62,946,677 5.92% 121 360 1.80x 54.26%
- - -----------------------------------------------------------------------------------------------------------------------------------
Inland Retail 12 $54,600,000 6.36% 120 I/O 2.74x 51.51%
- - -----------------------------------------------------------------------------------------------------------------------------------
- - -----------------------------------------------------------------------------------------------------------------------------------
Total / -- 32 $692,094,032 6.42% 120 -- 2.13x 52.78%
Weighted Ave.:
- - -----------------------------------------------------------------------------------------------------------------------------------
- - -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
- - ----------
(1) DSCR shown is based upon the required debt service payments during the
loan's IO period.
Omni / TRT:
<TABLE>
- - ---------------------------------------------------------------------------------------------------------------
- - ---------------------------------------------------------------------------------------------------------------
<S> <C>
Cut-Off Date Balance: $249,347,355
- - ---------------------------------------------------------------------------------------------------------------
Coupon: 6.25%
- - ---------------------------------------------------------------------------------------------------------------
Term/Am: 120/300
- - ---------------------------------------------------------------------------------------------------------------
Sponsor: TRT Holding Inc. / Omni Hotels
- - ---------------------------------------------------------------------------------------------------------------
Properties: 5 Full Service Omni Hotels
- - ---------------------------------------------------------------------------------------------------------------
Size: 1,858 rooms
- - ---------------------------------------------------------------------------------------------------------------
Locations: IL, NY, TX
- - ---------------------------------------------------------------------------------------------------------------
Appraised Value: $499,800,000
- - ---------------------------------------------------------------------------------------------------------------
LTV: 49.89%
- - ---------------------------------------------------------------------------------------------------------------
DSCR: 2.35x
- - ---------------------------------------------------------------------------------------------------------------
Lockbox: Springing, if DSCR falls below 1.50x
- - ---------------------------------------------------------------------------------------------------------------
Reserves: Ongoing taxes, insurance, and 3.5% FF&E with a letter of credit for one additional
month of reserve
- - ---------------------------------------------------------------------------------------------------------------
- - ---------------------------------------------------------------------------------------------------------------
</TABLE>
Page 7 of 15
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 LAW, 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 PREPAIRED
AND DISSEMINATED BY THE UNDERWRITERS. THIS INFORMATION WAS PREPARED ON THE BASIS
OF CERTAIN ASSUMPTIONS (INCLUDING, IN CERTAIN CASE 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. THE UNDERWRITERS, AND
ANY OF THEIR AFFILIATES, MAKE NO 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 1998-C4 Structural and Collateral Term Sheet (continued):
Ontario Mills:
<TABLE>
- - ---------------------------------------------------------------------------------------------------------------
- - ---------------------------------------------------------------------------------------------------------------
<S> <C>
Cut-Off Date Balance: $145,000,000
- - ---------------------------------------------------------------------------------------------------------------
Coupon: 6.75%
- - ---------------------------------------------------------------------------------------------------------------
Term/Am: 120/360
- - ---------------------------------------------------------------------------------------------------------------
Sponsor: Simon Property Group, The Mills Corporation, Kan Am
- - ---------------------------------------------------------------------------------------------------------------
Anchors: AMC Entertainment, J.C. Penney, Sports Authority, Burlington Coat Factory
- - ---------------------------------------------------------------------------------------------------------------
Property: Super Regional Mall located in Ontario, California
- - ---------------------------------------------------------------------------------------------------------------
Size: 1,200,623 SF
- - ---------------------------------------------------------------------------------------------------------------
Location: Ontario, CA
- - ---------------------------------------------------------------------------------------------------------------
Appraised Value: $250,000,000
- - ---------------------------------------------------------------------------------------------------------------
LTV: 58.00%
- - ---------------------------------------------------------------------------------------------------------------
DSCR: 1.68x
- - ---------------------------------------------------------------------------------------------------------------
Lockbox: Springing, If DSCR falls below 1.25x
- - ---------------------------------------------------------------------------------------------------------------
Reserves: Ongoing taxes and insurance reserves
- - ---------------------------------------------------------------------------------------------------------------
- - ---------------------------------------------------------------------------------------------------------------
</TABLE>
Arden:
<TABLE>
- - ---------------------------------------------------------------------------------------------------------------
- - ---------------------------------------------------------------------------------------------------------------
<S> <C>
Cut-Off Date Balance: $111,200,000
- - ---------------------------------------------------------------------------------------------------------------
Coupon: 6.61%
- - ---------------------------------------------------------------------------------------------------------------
Term/Am: 118 / 57 I/O/300
- - ---------------------------------------------------------------------------------------------------------------
Sponsor: Arden Realty, Inc.
- - ---------------------------------------------------------------------------------------------------------------
Properties: 12 suburban office and R&D industrial properties
- - ---------------------------------------------------------------------------------------------------------------
Size: 2,239,948 SF
- - ---------------------------------------------------------------------------------------------------------------
Location: CA
- - ---------------------------------------------------------------------------------------------------------------
Value: $235,000,000 based upon 9.0% cap rate on Lehman Underwritten NOI
- - ---------------------------------------------------------------------------------------------------------------
LTV: 47.32%
- - ---------------------------------------------------------------------------------------------------------------
DSCR: 2.35x
- - ---------------------------------------------------------------------------------------------------------------
Lockbox: Springing, if DSCR falls below 1.50x
- - ---------------------------------------------------------------------------------------------------------------
Reserves: Ongoing taxes, insurance, and $3,270,000 in tenant improvements and leasing
commissions reserve.
- - ---------------------------------------------------------------------------------------------------------------
- - ---------------------------------------------------------------------------------------------------------------
</TABLE>
Fresno Fashion Fair Mall:
<TABLE>
- - ---------------------------------------------------------------------------------------------------------------
- - ---------------------------------------------------------------------------------------------------------------
<S> <C>
Cut-Off Date Balance: $69,000,000
- - ---------------------------------------------------------------------------------------------------------------
Coupon: 6.52%
- - ---------------------------------------------------------------------------------------------------------------
Term/Am: 120/360
- - ---------------------------------------------------------------------------------------------------------------
Sponsor: The Macerich Company
- - ---------------------------------------------------------------------------------------------------------------
Anchors: Macy's, J.C. Penney, Gottschalk's
- - ---------------------------------------------------------------------------------------------------------------
Property: Regional Mall located in Fresno, California
- - ---------------------------------------------------------------------------------------------------------------
Size: 881,413 SF
- - ---------------------------------------------------------------------------------------------------------------
Location: Fresno, CA
- - ---------------------------------------------------------------------------------------------------------------
Value: $113,693,000 based upon 8.5% cap rate on Lehman Underwritten NOI
- - ---------------------------------------------------------------------------------------------------------------
LTV: 60.69%
- - ---------------------------------------------------------------------------------------------------------------
DSCR: 1.74x
- - ---------------------------------------------------------------------------------------------------------------
Lockbox: Springing, if DSCR falls below 1.35x
- - ---------------------------------------------------------------------------------------------------------------
Reserves: Taxes and insurance if lockbox triggered
- - ---------------------------------------------------------------------------------------------------------------
- - ---------------------------------------------------------------------------------------------------------------
</TABLE>
Page 8 of 15
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 LAW, 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 PREPAIRED
AND DISSEMINATED BY THE UNDERWRITERS. THIS INFORMATION WAS PREPARED ON THE BASIS
OF CERTAIN ASSUMPTIONS (INCLUDING, IN CERTAIN CASE 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. THE UNDERWRITERS, AND
ANY OF THEIR AFFILIATES, MAKE NO 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 1998-C4 Structural and Collateral Term Sheet (continued):
Bayside:
<TABLE>
- - ---------------------------------------------------------------------------------------------------------------
- - ---------------------------------------------------------------------------------------------------------------
<S> <C>
Cut-Off Date Balance: $62,946,677
- - ---------------------------------------------------------------------------------------------------------------
Coupon: 5.92%
- - ---------------------------------------------------------------------------------------------------------------
Term/Am: 121/360
- - ---------------------------------------------------------------------------------------------------------------
Sponsor: The Rouse Company
- - ---------------------------------------------------------------------------------------------------------------
Anchors: Hard Rock Cafe. The Limited, Warner Brothers Store
- - ---------------------------------------------------------------------------------------------------------------
Property: Festival Marketplace located in Miami, Florida
- - ---------------------------------------------------------------------------------------------------------------
Size: 1,196,551 SF
- - ---------------------------------------------------------------------------------------------------------------
Location: Miami, FL
- - ---------------------------------------------------------------------------------------------------------------
Appraised Value: $116,000,000
- - ---------------------------------------------------------------------------------------------------------------
LTV: 54.26%
- - ---------------------------------------------------------------------------------------------------------------
DSCR: 1.80x
- - ---------------------------------------------------------------------------------------------------------------
Lockbox Hard
- - ---------------------------------------------------------------------------------------------------------------
Reserves: Ongoing taxes, insurance, replacement reserves, tenant improvements, and leasing
commissions.
- - ---------------------------------------------------------------------------------------------------------------
- - ---------------------------------------------------------------------------------------------------------------
</TABLE>
Inland:
<TABLE>
- - ---------------------------------------------------------------------------------------------------------------
<S> <C>
Cut-Off Date Balance: $54,600,000
- - ---------------------------------------------------------------------------------------------------------------
Coupon: 6.36%
- - ---------------------------------------------------------------------------------------------------------------
Term: 120/IO
- - ---------------------------------------------------------------------------------------------------------------
Sponsor: Inland Real Estate Company
- - ---------------------------------------------------------------------------------------------------------------
Anchors: WalMart, The Gap, Dominick's, Pier One
- - ---------------------------------------------------------------------------------------------------------------
Properties: 12 Community Shopping Centers
- - ---------------------------------------------------------------------------------------------------------------
Size: 1,196,551 SF
- - ---------------------------------------------------------------------------------------------------------------
Location: IL, MN, IN, WI
- - ---------------------------------------------------------------------------------------------------------------
Appraised Value: $105,995,000
- - ---------------------------------------------------------------------------------------------------------------
LTV: 51.51%
- - ---------------------------------------------------------------------------------------------------------------
DSCR: 2.74x
- - ---------------------------------------------------------------------------------------------------------------
Lockbox Springing, If DSCR falls below 1.50x
- - ---------------------------------------------------------------------------------------------------------------
Reserves: Ongoing taxes. Tenant improvements and leasing commissions if lockbox triggered
- - ---------------------------------------------------------------------------------------------------------------
- - ---------------------------------------------------------------------------------------------------------------
</TABLE>
Page 9 of 15
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 LAW, 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 PREPAIRED
AND DISSEMINATED BY THE UNDERWRITERS. THIS INFORMATION WAS PREPARED ON THE BASIS
OF CERTAIN ASSUMPTIONS (INCLUDING, IN CERTAIN CASE 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. THE UNDERWRITERS, AND
ANY OF THEIR AFFILIATES, MAKE NO 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 1998-C4 Structural and Collateral Term Sheet (continued):
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.
SPECIAL SERVICER The Pooling and Servicing Agreement will generally
FLEXIBILITY: permit 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 10 of 15
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 LAW, 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 PREPAIRED
AND DISSEMINATED BY THE UNDERWRITERS. THIS INFORMATION WAS PREPARED ON THE BASIS
OF CERTAIN ASSUMPTIONS (INCLUDING, IN CERTAIN CASE 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. THE UNDERWRITERS, AND
ANY OF THEIR AFFILIATES, MAKE NO 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 1998-C4 Structural and Collateral Term Sheet (continued):
AGGREGATE POOL
<TABLE>
<CAPTION>
GENERAL CHARACTERISTICS
- - -------------------------------------------------------
- - -------------------------------------------------------
Characteristics
- - -------------------------------------------------------
- - -------------------------------------------------------
<S> <C>
Cut-Off Date Balance $2,040,231,734
- - -------------------------------------------------------
Number of Loans 286
- - -------------------------------------------------------
Gross WAC 6.84%
- - -------------------------------------------------------
Original WAM 124 months
- - -------------------------------------------------------
Remaining WAM 122 months
- - -------------------------------------------------------
Avg. Loan Balance $7,133,677
- - -------------------------------------------------------
WA DSCR* 1.66x
- - -------------------------------------------------------
WA Cut-off Date LTV Ratio* 65.52%
- - -------------------------------------------------------
Balloon or ARD Loans 97.75%
- - -------------------------------------------------------
- - -------------------------------------------------------
</TABLE>
- - ----------
* Excluding CTL loans
<TABLE>
<CAPTION>
PROPERTY TYPES
- - -------------------------------------------------------
Property % of Initial Pool
Types Balance
- - -------------------------------------------------------
<S> <C>
Retail 40.6%
- - -------------------------------------------------------
Multifamily 18.1%
- - -------------------------------------------------------
Hotel 17.8%
- - -------------------------------------------------------
Office 9.4%
- - -------------------------------------------------------
Office/Industrial 5.5%
- - -------------------------------------------------------
CTL 3.9%
- - -------------------------------------------------------
Industrial/Warehouse 3.3%
- - -------------------------------------------------------
Self Storage 0.8%
- - -------------------------------------------------------
Health Care 0.7%
- - -------------------------------------------------------
Other 0.2%
- - -------------------------------------------------------
Total: 100.0%
- - -------------------------------------------------------
</TABLE>
- - ----------
* Includes Manufactured Housing
DEAL SUMMARY BY PROPERTY TYPE
<TABLE>
<CAPTION>
- - ------------------------------------------------------------------------------------------------------------------------------------
- - ------------------------------------------------------------------------------------------------------------------------------------
Property Type # of Aggregate % of Average Gross Rem. WA WA WA Balloon
Loans Cut-off Date Initial Pool Cut-off Date WAC WAM LTV DSCR(1) Occupancy %
Balance ($) Balance Balance ($) (%) (mos) Ratio(1) Rate(%)(2)
- - ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Retail 109 $827,367,408 40.6% $7,590,527 6.84% 124 65.91% 1.61x 96.83% 40.06%
- - ------------------------------------------------------------------------------------------------------------------------------------
Anchored 56 $422,149,182 20.7% $7,538,378 6.82% 127 67.37% 1.64x 96.53% 20.69%
- - ------------------------------------------------------------------------------------------------------------------------------------
Unanchored 50 $143,574,532 7.0% $2,871,491 7.13% 138 71.71% 1.43x 95.51% 6.55%
- - ------------------------------------------------------------------------------------------------------------------------------------
Regional Mall 3 $261,643,694 12.8% $87,214,565 6.70% 112 60.37% 1.66x 98.05% 12.82%
- - ------------------------------------------------------------------------------------------------------------------------------------
Multifamily 67 $368,421,857 18.1% $5,498,834 6.89% 109 75.28% 1.39x 94.23% 18.06%
- - ------------------------------------------------------------------------------------------------------------------------------------
Conventional 64 $363,314,293 17.8% $5,676,786 6.89% 109 75.26% 1.39x 94.28% 17.81%
- - ------------------------------------------------------------------------------------------------------------------------------------
Manufactured Housing 3 $5,107,564 0.3% $1,702,521 7.11% 118 76.12% 1.32x 90.87% 0.25%
- - ------------------------------------------------------------------------------------------------------------------------------------
Hotel 16 $362,572,302 17.8% $22,660,769 6.60% 118 54.88% 2.09x N/A 17.60%
- - ------------------------------------------------------------------------------------------------------------------------------------
Full Service 4 $276,807,731 13.6% $69,201,933 6.32% 118 50.81% 2.27x N/A 13.57%
- - ------------------------------------------------------------------------------------------------------------------------------------
Limited Service 12 $85,764,571 4.2% $7,147,048 7.48% 116 67.99% 1.51x N/A 4.04%
- - ------------------------------------------------------------------------------------------------------------------------------------
Office 44 $191,679,298 9.4% $4,356,348 7.13% 108 72.60% 1.36x 96.50% 9.39%
- - ------------------------------------------------------------------------------------------------------------------------------------
Office/Industrial 1 $111,200,000 5.5% $111,200,000 6.61% 114 47.32% 2.35x 93.99% 5.45%
- - ------------------------------------------------------------------------------------------------------------------------------------
CTL 26 $78,758,624 3.9% $3,029,178 7.15% 228 N/A N/A 100.00% 2.40%
- - ------------------------------------------------------------------------------------------------------------------------------------
Industrial/Warehouse 16 $67,464,779 3.3% $4,216,549 7.09% 108 72.41% 1.37x 96.00% 3.18%
- - ------------------------------------------------------------------------------------------------------------------------------------
Self Storage 5 $15,393,022 0.8% $3,078,604 7.13% 134 69.23% 1.51x 95.55% 0.75%
- - ------------------------------------------------------------------------------------------------------------------------------------
Health Care 1 $14,138,000 0.7% $14,138,000 7.15% 116 74.8% 1.37x 90.80% 0.69%
- - ------------------------------------------------------------------------------------------------------------------------------------
Assisted Living 1 $14,138,000 0.7% $14,138,000 7.15% 116 74.80% 1.37x 90.80% 0.69%
- - ------------------------------------------------------------------------------------------------------------------------------------
Other 1 $3,236,444 0.2% $3,236,444 7.26% 116 51.37% 1.49x 94.07% 0.16%
- - ------------------------------------------------------------------------------------------------------------------------------------
- - ------------------------------------------------------------------------------------------------------------------------------------
Total/Avg/ 286 $2,040,231,734 100.0% $7,133,677 6.84% 122 65.52% 1.66x 96.08% 97.75%
Min/Max Wtd.Avg:
- - ------------------------------------------------------------------------------------------------------------------------------------
- - ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
- - ----------
(1) Excludes credit tenant lease properties.
(2) Excludes hotels.
Page 11 of 15
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 LAW, 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 PREPAIRED
AND DISSEMINATED BY THE UNDERWRITERS. THIS INFORMATION WAS PREPARED ON THE BASIS
OF CERTAIN ASSUMPTIONS (INCLUDING, IN CERTAIN CASE 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. THE UNDERWRITERS, AND
ANY OF THEIR AFFILIATES, MAKE NO 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 1998-C4 Structural and Collateral Term Sheet (continued):
AGGREGATE POOL
<TABLE>
<CAPTION>
LOAN SIZE DISTRIBUTION
- - ---------------------------------------------------------------------
- - ---------------------------------------------------------------------
Balance Ranges # of % of Initial
($) Loans Pool Balance
- - ---------------------------------------------------------------------
<S> <C> <C>
0.01 - 2,000,000 68 4.95%
- - ---------------------------------------------------------------------
2,000,000.01 - 4,000,000.00 110 15.69%
- - ---------------------------------------------------------------------
4,000,000.01 - 6,000,000.00 48 11.87%
- - ---------------------------------------------------------------------
6,000,000.01 - 8,000,000.00 18 6.20%
- - ---------------------------------------------------------------------
8,000,000.01 - 10,000,000.00 10 4.32%
- - ---------------------------------------------------------------------
10,000,000.01 - 15,000,000.00 14 8.51%
- - ---------------------------------------------------------------------
15,000,000.01 - 20,000,000.00 7 5.97%
- - ---------------------------------------------------------------------
20,000,000.01 - 30,000,000.00 2 2.47%
- - ---------------------------------------------------------------------
30,000,000.01 - 40,000,000.00 1 1.51%
- - ---------------------------------------------------------------------
40,000,000.01 - 50,000,000.00 2 4.58%
- - ---------------------------------------------------------------------
50,000,000.01 - 60,000,000.00 1 2.68%
- - ---------------------------------------------------------------------
60,000,000.01 - 70,000,000.00 2 6.47%
- - ---------------------------------------------------------------------
110,000,000.01 - 112,000,000.00 1 5.45%
- - ---------------------------------------------------------------------
144,000,000.01 - 248,000,000.00 1 7.11%
- - ---------------------------------------------------------------------
248,000,000.01 Greater than or Equal 1 12.22%
- - ---------------------------------------------------------------------
- - ---------------------------------------------------------------------
Total: 286 100.00%
- - ---------------------------------------------------------------------
- - ---------------------------------------------------------------------
</TABLE>
<TABLE>
<S> <C>
Minimum Cut-off Date Balance: $598,212
Maximum Cut-off Date Balance: $249,347,355
Average Cut-off Date Balance: $7,133,677
</TABLE>
<TABLE>
<CAPTION>
GROSS RATE DISTRIBUTION
- - -------------------------------------------------
- - -------------------------------------------------
Gross Rate % of Initial
(%) Pool Balance
- - -------------------------------------------------
<S> <C>
5.751 - 6.000 3.17%
- - -------------------------------------------------
6.001 - 6.250 12.62%
- - -------------------------------------------------
6.251 - 6.500 4.44%
- - -------------------------------------------------
6.501 - 6.750 22.75%
- - -------------------------------------------------
6.751 - 7.000 21.37%
- - -------------------------------------------------
7.001 - 7.250 23.69%
- - -------------------------------------------------
7.251 - 7.500 6.02%
- - -------------------------------------------------
7.501 - 7.750 2.70%
- - -------------------------------------------------
7.751 - 8.000 2.38%
- - -------------------------------------------------
8.001 - 8.250 0.36%
- - -------------------------------------------------
8.751 - 9.000 0.51%
- - -------------------------------------------------
- - -------------------------------------------------
Total: 100.00%
- - -------------------------------------------------
- - -------------------------------------------------
</TABLE>
<TABLE>
<S> <C>
Minimum Rate: 5.920%
Maximum Rate: 8.940%
WAC: 6.844%
</TABLE>
Page 12 of 15
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 LAW, 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 PREPAIRED
AND DISSEMINATED BY THE UNDERWRITERS. THIS INFORMATION WAS PREPARED ON THE BASIS
OF CERTAIN ASSUMPTIONS (INCLUDING, IN CERTAIN CASE 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. THE UNDERWRITERS, AND
ANY OF THEIR AFFILIATES, MAKE NO 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 1998-C4 Structural and Collateral Term Sheet (continued):
AGGREGATE POOL
<TABLE>
<CAPTION>
MATURITY YEARS(1)
- - ---------------------------------------------
- - ---------------------------------------------
Months % of Initial
Pool Balance
- - ---------------------------------------------
<S> <C>
49 - 60 2.78%
- - ---------------------------------------------
73 - 84 8.88%
- - ---------------------------------------------
97 - 108 0.82%
- - ---------------------------------------------
109 - 120 78.39%
- - ---------------------------------------------
133 - 144 0.20%
- - ---------------------------------------------
169 - 180 3.21%
- - ---------------------------------------------
181 - 192 0.04%
- - ---------------------------------------------
205 - 216 0.57%
- - ---------------------------------------------
229 - 240 4.80%
- - ---------------------------------------------
289 - 300 0.32%
- - ---------------------------------------------
- - ---------------------------------------------
Total: 100.00%
- - ---------------------------------------------
- - ---------------------------------------------
</TABLE>
- - ----------
(1) Assumes ARD Loans payoff on their Anticipated
Repayment Date
<TABLE>
<S> <C>
Minimum Remaining 57
Term to Maturity:
Maximum Remaining 298
Term to Maturity:
Weighted Average 122
Remaining Term to Maturity:
</TABLE>
<TABLE>
<CAPTION>
REMAINING AMORTIZATION TERM(1)
- - ---------------------------------------------
Months % of Initial
Pool Balance
- - ---------------------------------------------
<S> <C>
I/O 2.68%
- - ---------------------------------------------
169 - 180 0.56%
- - ---------------------------------------------
181 - 192 0.04%
- - ---------------------------------------------
193 - 204 0.20%
- - ---------------------------------------------
217 - 228 0.13%
- - ---------------------------------------------
229 - 240 2.67%
- - ---------------------------------------------
253 - 264 0.06%
- - ---------------------------------------------
265 - 276 0.17%
- - ---------------------------------------------
277 - 288 0.93%
- - ---------------------------------------------
289 - 300 30.99%
- - ---------------------------------------------
313 - 324 0.35%
- - ---------------------------------------------
325 - 336 0.20%
- - ---------------------------------------------
337 - 348 0.82%
- - ---------------------------------------------
349 - 360 60.21%
- - ---------------------------------------------
- - ---------------------------------------------
Total: 100.00%
- - ---------------------------------------------
- - ---------------------------------------------
</TABLE>
(1) Assumes ARD Loans payoff on their Anticipated
Repayment Date
(2) Excludes interest only loans
<TABLE>
<S> <C>
Minimum Remaining 176
Amortization Term: (2)
Maximum Remaining 360
Amortization Term:(2)
Weighted Ave. Remaining. 333
Amortization Term:(2)
</TABLE>
Page 13 of 15
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 LAW, 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 PREPAIRED
AND DISSEMINATED BY THE UNDERWRITERS. THIS INFORMATION WAS PREPARED ON THE BASIS
OF CERTAIN ASSUMPTIONS (INCLUDING, IN CERTAIN CASE 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. THE UNDERWRITERS, AND
ANY OF THEIR AFFILIATES, MAKE NO 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 1998-C4 Structural and Collateral Term Sheet (continued):
AGGREGATE POOL
<TABLE>
<CAPTION>
- - ---------------------------------------------
- - ---------------------------------------------
DEBT SERVICE COVERAGE RATIOS (DSCR)(1)
- - ---------------------------------------------
Cut-off Date % of Initial
DSCR Ranges (x) Pool Balance
- - ---------------------------------------------
<S> <C>
1.16 - 1.20 0.50%
- - ---------------------------------------------
1.21 - 1.25 1.44%
- - ---------------------------------------------
1.26 - 1.30 8.95%
- - ---------------------------------------------
1.31 - 1.35 16.34%
- - ---------------------------------------------
1.36 - 1.45 17.67%
- - ---------------------------------------------
1.46 - 1.50 10.17%
- - ---------------------------------------------
1.51 - 1.55 2.66%
- - ---------------------------------------------
1.56 - 1.60 3.30%
- - ---------------------------------------------
1.61 - 1.65 0.23%
- - ---------------------------------------------
1.66 - 1.70 8.00%
- - ---------------------------------------------
1.71 - 1.75 3.85%
- - ---------------------------------------------
1.76 - 1.80 3.21%
- - ---------------------------------------------
1.86 - 1.90 0.21%
- - ---------------------------------------------
1.91 - 2.05 1.40%
- - ---------------------------------------------
2.06 - 2.10 0.38%
- - ---------------------------------------------
2.11 - 2.20 0.17%
- - ---------------------------------------------
2.31 - 2.50 18.64%
- - ---------------------------------------------
2.51 - 3.00 2.78%
- - ---------------------------------------------
3.01 - 3.60 0.09%
- - ---------------------------------------------
- - ---------------------------------------------
Total: 100.00%
- - ---------------------------------------------
- - ---------------------------------------------
</TABLE>
- - ----------
(1) Excludes CTL Loans
<TABLE>
<S> <C>
Minimum DSC(1): 1.20x
Maximum DSC(1): 3.59x
Weighted Average DSC(1): 1.66x
</TABLE>
<TABLE>
<CAPTION>
- - ---------------------------------------------
- - ---------------------------------------------
LOAN TO VALUE RATIOS (LTV)(1)
- - ---------------------------------------------
Cut-off Date % of Initial
LTV Ranges (x) Pool Balance
- - ---------------------------------------------
<S> <C>
15.01 - 20.00 0.09%
- - ---------------------------------------------
25.01 - 30.00 0.11%
- - ---------------------------------------------
35.01 - 40.00 0.17%
- - ---------------------------------------------
40.01 - 45.00 0.25%
- - ---------------------------------------------
45.01 - 50.00 18.52%
- - ---------------------------------------------
50.01 - 55.00 6.62%
- - ---------------------------------------------
55.01 - 60.00 11.35%
- - ---------------------------------------------
60.01 - 65.00 5.64%
- - ---------------------------------------------
65.01 - 70.00 9.50%
- - ---------------------------------------------
70.01 - 75.00 22.26%
- - ---------------------------------------------
75.01 - 80.00 25.42%
- - ---------------------------------------------
80.01 - 85.00 0.08%(2)
- - ---------------------------------------------
- - ---------------------------------------------
Total: 100.00%
- - ---------------------------------------------
- - ---------------------------------------------
</TABLE>
- - ----------
(1) Excludes CTL Loans
(2) Section 42 multifamily property
<TABLE>
<S> <C>
Minimum LTV(1): 17.97%
Maximum LTV(1)(2): 82.33%
Weighted Average LTV(1): 65.52%
</TABLE>
Page 14 of 15
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 LAW, 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 PREPAIRED
AND DISSEMINATED BY THE UNDERWRITERS. THIS INFORMATION WAS PREPARED ON THE BASIS
OF CERTAIN ASSUMPTIONS (INCLUDING, IN CERTAIN CASE 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. THE UNDERWRITERS, AND
ANY OF THEIR AFFILIATES, MAKE NO 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 1998-C4 Structural and Collateral Term Sheet (continued):
AGGREGATE POOL
<TABLE>
<CAPTION>
STATE DISTRIBUTION
- - ----------------------------------------------
- - ----------------------------------------------
State % of Initial
Pool Balance
- - ----------------------------------------------
<S> <C>
Alabama 3.01%
- - ----------------------------------------------
Arizona 3.28%
- - ----------------------------------------------
California 19.66%
- - ----------------------------------------------
Colorado 1.02%
- - ----------------------------------------------
Connecticut 1.58%
- - ----------------------------------------------
Florida 8.24%
- - ----------------------------------------------
Georgia 2.92%
- - ----------------------------------------------
Illinois 9.38%
- - ----------------------------------------------
Indiana 3.65%
- - ----------------------------------------------
Kansas 0.24%
- - ----------------------------------------------
Kentucky 0.09%
- - ----------------------------------------------
Louisiana 0.13%
- - ----------------------------------------------
Massachusetts 0.55%
- - ----------------------------------------------
Maryland 0.92%
- - ----------------------------------------------
Michigan 1.58%
- - ----------------------------------------------
Minnesota 0.69%
- - ----------------------------------------------
Missouri 0.49%
- - ----------------------------------------------
Mississippi 0.13%
- - ----------------------------------------------
North Carolina 2.60%
- - ----------------------------------------------
- - ----------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
STATE DISTRIBUTION
- - ----------------------------------------------
- - ----------------------------------------------
State % of Initial
Pool Balance
- - ----------------------------------------------
<S> <C>
North Dakota 0.12%
- - ----------------------------------------------
New Jersey 0.68%
- - ----------------------------------------------
Nevada 1.29%
- - ----------------------------------------------
New York 10.44%
- - ----------------------------------------------
Ohio 1.10%
- - ----------------------------------------------
Oklahoma 0.91%
- - ----------------------------------------------
Oregon 0.46%
- - ----------------------------------------------
Pennsylvania 3.65%
- - ----------------------------------------------
Puerto Rico 0.27%
- - ----------------------------------------------
Rhode Island 0.27%
- - ----------------------------------------------
South Carolina 0.30%
- - ----------------------------------------------
Tennessee 2.48%
- - ----------------------------------------------
Texas 11.46%
- - ----------------------------------------------
Virginia 3.33%
- - ----------------------------------------------
Washington 2.31%
- - ----------------------------------------------
Wisconsin 0.69%
- - ----------------------------------------------
Wyoming 0.07%
- - ----------------------------------------------
- - ----------------------------------------------
Total: 100.00%
- - ----------------------------------------------
- - ----------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
------------------------------------------------
------------------------------------------------
Loan Type % of Initial
Pool Balance
------------------------------------------------
<S> <C>
Balloon 62.84%
------------------------------------------------
Fully Amortizing 2.25%
------------------------------------------------
ARD Loan 34.91%
------------------------------------------------
Total: 100.0%
------------------------------------------------
------------------------------------------------
</TABLE>
Page 15 of 15
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 LAW, 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 PREPAIRED
AND DISSEMINATED BY THE UNDERWRITERS. THIS INFORMATION WAS PREPARED ON THE BASIS
OF CERTAIN ASSUMPTIONS (INCLUDING, IN CERTAIN CASE 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. THE UNDERWRITERS, AND
ANY OF THEIR AFFILIATES, MAKE NO 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).
