<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) May 11, 1999
Structured Asset Securities Corporation
- --------------------------------------------------------------------------------
(Exact Name of Registrant as Specified in Its Charter)
Delaware 333-49129 74-2440858
- --------------------------------------------------------------------------------
(State or Other Jurisdiction (Commission (IRS Employer
of Incorporation) File Number) Identification No.)
200 Vesey Street, New York, New York 10285
- --------------------------------------------------------------------------------
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code (212) 526-7000
- --------------------------------------------------------------------------------
(Former Name or Former Address, if Changed Since Last Report)
================================================================================
<PAGE>
ITEM 5. OTHER EVENTS.
It is expected that during June 1999, a single series of
certificates, entitled LB Commercial Mortgage Trust 1999-C1, Commercial
Mortgage Pass-Through Certificates, Series 1999-C1 (the "Certificates"), will
be issued pursuant to a pooling and servicing agreement (the "Pooling and
Servicing Agreement"), to be entered into by and among Structured Asset
Securities Corporation (the "Registrant") and a master servicer, a special
servicer and a trustee. Certain classes of the Certificates (the
"Underwritten Certificates") will be registered under the Registrant's
registration statement on Form S-3 (no. 333-49129) and sold to Lehman
Brothers Inc. ("Lehman Brothers") and Merrill Lynch, Pierce, Fenner & Smith
Incorporated ("Merrill"; and Merrill, together with Lehman Brothers, the
"Underwriters") pursuant to an underwriting arrangement between the
Registrant and the Underwriters.
In connection with the expected sale of the Underwritten
Certificates, the Registrant has been advised that prospective investors have
been furnished with certain materials attached hereto as Exhibit 99.1 that
constitute "Computational Materials" (as defined in the no-action letter
dated May 20, 1994 issued by the Division of Corporation Finance of the
Securities and Exchange Commission (the "Commission") to Kidder, Peabody
Acceptance Corporation I, Kidder, Peabody & Co. Incorporated, and Kidder
Structured Asset Corporation and the no-action letter dated May 27, 1994
issued by the Division of Corporation Finance of the Commission to the Public
Securities Association) and/or "ABS Term Sheets" (as defined in the no-action
letter dated February 17, 1995 issued by the Division of Corporation Finance
of the Commission to the Public Securities Association).
The materials attached hereto have been prepared and provided to the
Registrant with respect to the Underwritten Certificates. The information in
such materials is preliminary and will be superseded by the final Prospectus
Supplement relating to the Underwritten Certificates and by any other similar
information subsequently filed with the Commission.
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
99.1 Certain materials constituting Computational Materials and/or
ABS Term Sheets, dated May 11, 1999, prepared and disseminated
in connection with the expected sale of the Underwritten
Certificates.
-2-
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
Date: May 11, 1999
STRUCTURED ASSET SECURITIES CORPORATION
By:
-----------------------------------
Name: James Blakemore
Title: Vice President
-3-
<PAGE>
EXHIBIT INDEX
The following exhibits are filed herewith:
EXHIBIT NO. PAGE NO.
99.1 Certain materials constituting Computational Materials
and/or ABS Term Sheets, dated May 11, 1999, in connection
with the expected sale of the Underwritten Certificates.
<PAGE>
LBCMT 1999-C1 Structural and Collateral Term Sheet (continued):
LB Commercial Mortgage Trust
Commercial Mortgage Pass-Through Certificates
Series 1999-C1
$1,600,000,000
(Approximate)
Offered Certificates
[GRAPHIC OMITTED]
% of Initial Pool by Cut-off Date Balance
LEHMAN BROTHERS
Merrill Lynch & Co.
Page 1 of 17
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR A SOLICITATION
OF AN OFFER TO BUY ANY OF THE SECURITIES REFERRED TO HEREIN. OFFERS TO SELL AND
SOLICITATIONS OF OFFERS TO BUY SECURITIES ARE MADE ONLY BY, AND THIS INFORMATION
MUST BE READ IN CONJUNCTION WITH, THE FINAL PROSPECTUS SUPPLEMENT AND THE
RELATED PROSPECTUS OR, IF NOT REGISTERED UNDER THE SECURITIES ACT OF 1933, THE
FINAL OFFERING MEMORANDUM (THE "OFFERING DOCUMENT"). INFORMATION CONTAINED
HEREIN DOES NOT PURPORT TO BE COPMPLETE AND IS SUBJECT TO THE SAME
QUALIFICATIONS AND ASSUMPTIONS, AND SHOULD BE CONSIDERED BY INVESTORS ONLY IN
THE LIGHT OF THE SAME WARNINGS, LACK OF ASSURANCES AND REPRESENTATIONS AND OTHER
PRECAUTIONARY MATTERS, AS DISCLOSED IN THE OFFERING DOCUMENT. INFORMATION
REGARDING THE UNDERLYING ASSETS HAS BEEN PROVIDED BY THE ISSUER OF THE
SECURITIES OR AN AFFILIATE THEREOF AND HAS NOT BEEN INDEPENDENTLY VERIFIED BY
THE UNDERWRITERS OR THEIR RESPECTIVE AFFILIATES. THE ANALYSES CONTAINED HEREIN
HAVE BEEN PREPARED AND DISSEMINATED BY THE UNDERWRITERS. THIS INFORMATION WAS
PREPARED ON THE BASIS OF CERTAIN ASSUMPTIONS (INCLUDING, IN CERTAIN CASES,
ASSUMPTIONS SPECIFIED BY THE RECIPIENT HEREOF) REGARDING PAYMENTS, INTEREST
RATES, WEIGHTED AVERAGE LIVES AND WEIGHTED AVERAGE LOAN AGE, LOSS AND OTHER
MATTERS, INCLUDING, BUT NOT LIMITED TO, THE ASSUMPTIONS DESCRIBED IN THE
OFFERING DOCUMENT. NEITHER THE UNDERWRITERS, NOR ANY OF THEIR AFFILIATES MAKE
ANY REPRESENTATION OR WARRANTY AS TO THE ACTUAL RATE OR TIMING OF PAYMENTS ON
ANY OF THE UNDERLYING ASSETS OR THE PAYMENTS OR YIELD ON THE SECURITIES. THIS
INFORMATION SUPERSEDES ANY PRIOR VERSIONS HEREOF AND WILL BE DEEMED TO BE
SUPERSEDED BY ANY SUBSEQUENT VERSIONS (INCLUDING, WITH RESPECT TO ANY
DESCRIPTION OF THE SECURITIES OR THE UNDERLYING ASSETS, THE INFORMATION
CONTAINED IN THE OFFERING DOCUMENT).
<PAGE>
LBCMT 1999-C1 Structural and Collateral Term Sheet (continued):
LB Commercial Mortgage Trust
Commercial Mortgage Pass-Through Certificates
Series 1999-C1
-------------------------------------
Class A-1 Class X
-------------------------------------
Class A-2
-------------------------------------
Class B
-------------------------------------
Class C
-------------------------------------
Class D
-------------------------------------
Class E
-------------------------------------
Class F
-------------------------------------
Class G
-------------------------------------
Class H
-------------------------------------
Class J
-------------------------------------
Class K
-------------------------------------
Class L
-------------------------------------
Class M
-------------------------------------
================================================================================
Avg
Original Life(2) Principal Legal
Class Face ($) Rating(1) Description Coupon (years) Window(2) Status
- --------------------------------------------------------------------------------
A-1 Aaa/AAA Fixed Public
- --------------------------------------------------------------------------------
A-2 Aaa/AAA Fixed Public
- --------------------------------------------------------------------------------
X Aaa/AAA WAC I/O (4) Public
- --------------------------------------------------------------------------------
B Aa2/AA Fixed Public
- --------------------------------------------------------------------------------
C A2/A Fixed Public
- --------------------------------------------------------------------------------
D Baa2/BBB Fixed Public
- --------------------------------------------------------------------------------
E Baa3/BBB- Fixed Public
- --------------------------------------------------------------------------------
F (5) Fixed Private 144A
- --------------------------------------------------------------------------------
G (5) Fixed Private 144A
- --------------------------------------------------------------------------------
H (5) Fixed Private 144A
- --------------------------------------------------------------------------------
J (5) Fixed Private 144A
- --------------------------------------------------------------------------------
K (5) Fixed Private 144A
- --------------------------------------------------------------------------------
L (5) Fixed Private 144A
- --------------------------------------------------------------------------------
M (5) Fixed Private 144A
- --------------------------------------------------------------------------------
Total -- -- -- -- -- --
================================================================================
(1) Anticipated ratings of Moody's and Duff & Phelps.
(2) Assuming among other things, 0% CPR, no losses and that ARD loans pay off
on their Anticipated Repayment Date.
(3) Represents notional amount on Class X.
(4) Represents average life of notional amount of Class X.
(5) Not offered hereby.
Page 2 of 17
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR A SOLICITATION
OF AN OFFER TO BUY ANY OF THE SECURITIES REFERRED TO HEREIN. OFFERS TO SELL AND
SOLICITATIONS OF OFFERS TO BUY SECURITIES ARE MADE ONLY BY, AND THIS INFORMATION
MUST BE READ IN CONJUNCTION WITH, THE FINAL PROSPECTUS SUPPLEMENT AND THE
RELATED PROSPECTUS OR, IF NOT REGISTERED UNDER THE SECURITIES ACT OF 1933, THE
FINAL OFFERING MEMORANDUM (THE "OFFERING DOCUMENT"). INFORMATION CONTAINED
HEREIN DOES NOT PURPORT TO BE COPMPLETE AND IS SUBJECT TO THE SAME
QUALIFICATIONS AND ASSUMPTIONS, AND SHOULD BE CONSIDERED BY INVESTORS ONLY IN
THE LIGHT OF THE SAME WARNINGS, LACK OF ASSURANCES AND REPRESENTATIONS AND OTHER
PRECAUTIONARY MATTERS, AS DISCLOSED IN THE OFFERING DOCUMENT. INFORMATION
REGARDING THE UNDERLYING ASSETS HAS BEEN PROVIDED BY THE ISSUER OF THE
SECURITIES OR AN AFFILIATE THEREOF AND HAS NOT BEEN INDEPENDENTLY VERIFIED BY
THE UNDERWRITERS OR THEIR RESPECTIVE AFFILIATES. THE ANALYSES CONTAINED HEREIN
HAVE BEEN PREPARED AND DISSEMINATED BY THE UNDERWRITERS. THIS INFORMATION WAS
PREPARED ON THE BASIS OF CERTAIN ASSUMPTIONS (INCLUDING, IN CERTAIN CASES,
ASSUMPTIONS SPECIFIED BY THE RECIPIENT HEREOF) REGARDING PAYMENTS, INTEREST
RATES, WEIGHTED AVERAGE LIVES AND WEIGHTED AVERAGE LOAN AGE, LOSS AND OTHER
MATTERS, INCLUDING, BUT NOT LIMITED TO, THE ASSUMPTIONS DESCRIBED IN THE
OFFERING DOCUMENT. NEITHER THE UNDERWRITERS, NOR ANY OF THEIR AFFILIATES MAKE
ANY REPRESENTATION OR WARRANTY AS TO THE ACTUAL RATE OR TIMING OF PAYMENTS ON
ANY OF THE UNDERLYING ASSETS OR THE PAYMENTS OR YIELD ON THE SECURITIES. THIS
INFORMATION SUPERSEDES ANY PRIOR VERSIONS HEREOF AND WILL BE DEEMED TO BE
SUPERSEDED BY ANY SUBSEQUENT VERSIONS (INCLUDING, WITH RESPECT TO ANY
DESCRIPTION OF THE SECURITIES OR THE UNDERLYING ASSETS, THE INFORMATION
CONTAINED IN THE OFFERING DOCUMENT).
<PAGE>
LBCMT 1999-C1 Structural and Collateral Term Sheet (continued):
Certain Offering Points
o Newly Originated Collateral. The collateral consists of 198 Mortgage
Loans with a principal balance (as of the Cut-off Date) of
approximately $1.75 billion. All the Mortgage Loans were
originated by affiliates of Lehman Brothers or its approved
conduit originators.
o Call Protection. 100% of the Mortgage Loans contain call protection
provisions. As of the Cut-off Date, 99.17% of the Mortgage
Loans provide for initial lockout period. The weighted average
lockout and defeasance period for all loans is 117 months. The
Mortgage Loans are generally prepayable without penalty
between zero to three months from Mortgage Loan maturity or
Anticipated Repayment Date ("ARD"), with a weighted average
open period of 1 month.
o Weighted average lock-out and treasury defeasance of 9.75 years.
o No loan delinquent 30 days or more as of the Cut-off Date.
o $8,822,698 average loan balance as of the Cut-off Date.
o 1.53x Weighted Average Debt Service Coverage Ratio ("DSCR") as of
the Cut-off Date.(1)
o 62.7% Weighted Average Loan to Value ("LTV") as of the Cut-off
Date.(1)
54.3% Weighted Average Loan to Value ("LTV") at Balloon.
o Property Type Diversification. 47.9% Retail (40.5% Anchored,
19.7% Super Regional Mall, 30.8% Regional Mall, and 9.0%
Unanchored), 20.4% Office, 12.4% Multifamily, 11.9% Hotel,
3.2% Industrial/Warehouse, 2.9% Credit Tenant Lease ("CTL"),
0.7% Self Storage, 0.6% Other.
o Geographic Distribution. The properties are distributed throughout
38 states, Washington D.C. (0.2%) and Puerto Rico (0.9%).
California (22.9%); New York (11.4%); Oklahoma (10.4%); Texas
(7.1%); Michigan (5.9%); Florida (5.2%), all other states less
than 5% each.
o Monthly Investor Reporting. Updated collateral summary information
will be part of the monthly remittance report in addition to
detailed P&I payment and delinquency information. Quarterly
NOI and Occupancy information to the extent delivered by
borrowers, will be available to Certificate- holders.
o Cash Flows will be Modeled on BLOOMBERG.
(Except as otherwise indicated, percentages (%) represent the principal amount
of loan or loans as of the Cut-off Date (as to each loan the "Cut-off Date
Balance") compared to aggregate pool balance as of the Cut-off Date (the
"Initial Pool Balance"); weighted averages are weighted using Cut-off Date
Balance; loans with properties in multiple states have been allocated to certain
states based upon "allocated loan amounts" or appraisal amount if the loan did
not have allocated loan amounts.)
(1) Weighted Averages for Cut-off Date LTV and DSC Ratio do not include Credit
Tenant Lease Loans.
Page 3 of 17
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR A SOLICITATION
OF AN OFFER TO BUY ANY OF THE SECURITIES REFERRED TO HEREIN. OFFERS TO SELL AND
SOLICITATIONS OF OFFERS TO BUY SECURITIES ARE MADE ONLY BY, AND THIS INFORMATION
MUST BE READ IN CONJUNCTION WITH, THE FINAL PROSPECTUS SUPPLEMENT AND THE
RELATED PROSPECTUS OR, IF NOT REGISTERED UNDER THE SECURITIES ACT OF 1933, THE
FINAL OFFERING MEMORANDUM (THE "OFFERING DOCUMENT"). INFORMATION CONTAINED
HEREIN DOES NOT PURPORT TO BE COPMPLETE AND IS SUBJECT TO THE SAME
QUALIFICATIONS AND ASSUMPTIONS, AND SHOULD BE CONSIDERED BY INVESTORS ONLY IN
THE LIGHT OF THE SAME WARNINGS, LACK OF ASSURANCES AND REPRESENTATIONS AND OTHER
PRECAUTIONARY MATTERS, AS DISCLOSED IN THE OFFERING DOCUMENT. INFORMATION
REGARDING THE UNDERLYING ASSETS HAS BEEN PROVIDED BY THE ISSUER OF THE
SECURITIES OR AN AFFILIATE THEREOF AND HAS NOT BEEN INDEPENDENTLY VERIFIED BY
THE UNDERWRITERS OR THEIR RESPECTIVE AFFILIATES. THE ANALYSES CONTAINED HEREIN
HAVE BEEN PREPARED AND DISSEMINATED BY THE UNDERWRITERS. THIS INFORMATION WAS
PREPARED ON THE BASIS OF CERTAIN ASSUMPTIONS (INCLUDING, IN CERTAIN CASES,
ASSUMPTIONS SPECIFIED BY THE RECIPIENT HEREOF) REGARDING PAYMENTS, INTEREST
RATES, WEIGHTED AVERAGE LIVES AND WEIGHTED AVERAGE LOAN AGE, LOSS AND OTHER
MATTERS, INCLUDING, BUT NOT LIMITED TO, THE ASSUMPTIONS DESCRIBED IN THE
OFFERING DOCUMENT. NEITHER THE UNDERWRITERS, NOR ANY OF THEIR AFFILIATES MAKE
ANY REPRESENTATION OR WARRANTY AS TO THE ACTUAL RATE OR TIMING OF PAYMENTS ON
ANY OF THE UNDERLYING ASSETS OR THE PAYMENTS OR YIELD ON THE SECURITIES. THIS
INFORMATION SUPERSEDES ANY PRIOR VERSIONS HEREOF AND WILL BE DEEMED TO BE
SUPERSEDED BY ANY SUBSEQUENT VERSIONS (INCLUDING, WITH RESPECT TO ANY
DESCRIPTION OF THE SECURITIES OR THE UNDERLYING ASSETS, THE INFORMATION
CONTAINED IN THE OFFERING DOCUMENT).
<PAGE>
LBCMT 1999-C1 Structural and Collateral Term Sheet (continued):
Priority and Timing of Cash Flows*
[Intentionally Left Blank]
Assuming 0% Cpr and No Losses
Rating Agencies: Moody's Investor Services, Inc. and Duff & Phelps Credit
Rating Co.
Trustee: Norwest Minnesota Bank, National Association
Master Servicer: First Union National Bank
Special Servicer: GMAC Commercial Mortgage Corporation
Co-manager: Merrill Lynch
Closing Date: On or about June 10, 1999.
Cut-off Date: June 1, 1999 (or for loans with due dates other than the
first, their due date).
ERISA: Classes A-1, A-2, and X are expected to be eligible for
Lehman's individual prohibited transaction exemption.
SMMEA: Classes A-1, A-2, B and X are "mortgage related
securities" for purposes of SMMEA.
Payment: Pays on 15th of each month or, if such date is not a
business day, then the following business day,
commencing July 15, 1999.
Class X: The Class X is comprised of multiple components, one
relating to each class of Principal Balance
Certificates.
Optional Call: 1% Clean-up Call.
Mortgage Loans: The mortgage loans were originated by an affiliate of
Lehman Brothers, or its approved conduit originators. As
of the Cut-off Date, the Mortgage Loans have a weighted
average coupon ("WAC") of 7.477% and a remaining
weighted average maturity ("WAM") of 117 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.
Page 4 of 17
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR A SOLICITATION
OF AN OFFER TO BUY ANY OF THE SECURITIES REFERRED TO HEREIN. OFFERS TO SELL AND
SOLICITATIONS OF OFFERS TO BUY SECURITIES ARE MADE ONLY BY, AND THIS INFORMATION
MUST BE READ IN CONJUNCTION WITH, THE FINAL PROSPECTUS SUPPLEMENT AND THE
RELATED PROSPECTUS OR, IF NOT REGISTERED UNDER THE SECURITIES ACT OF 1933, THE
FINAL OFFERING MEMORANDUM (THE "OFFERING DOCUMENT"). INFORMATION CONTAINED
HEREIN DOES NOT PURPORT TO BE COPMPLETE AND IS SUBJECT TO THE SAME
QUALIFICATIONS AND ASSUMPTIONS, AND SHOULD BE CONSIDERED BY INVESTORS ONLY IN
THE LIGHT OF THE SAME WARNINGS, LACK OF ASSURANCES AND REPRESENTATIONS AND OTHER
PRECAUTIONARY MATTERS, AS DISCLOSED IN THE OFFERING DOCUMENT. INFORMATION
REGARDING THE UNDERLYING ASSETS HAS BEEN PROVIDED BY THE ISSUER OF THE
SECURITIES OR AN AFFILIATE THEREOF AND HAS NOT BEEN INDEPENDENTLY VERIFIED BY
THE UNDERWRITERS OR THEIR RESPECTIVE AFFILIATES. THE ANALYSES CONTAINED HEREIN
HAVE BEEN PREPARED AND DISSEMINATED BY THE UNDERWRITERS. THIS INFORMATION WAS
PREPARED ON THE BASIS OF CERTAIN ASSUMPTIONS (INCLUDING, IN CERTAIN CASES,
ASSUMPTIONS SPECIFIED BY THE RECIPIENT HEREOF) REGARDING PAYMENTS, INTEREST
RATES, WEIGHTED AVERAGE LIVES AND WEIGHTED AVERAGE LOAN AGE, LOSS AND OTHER
MATTERS, INCLUDING, BUT NOT LIMITED TO, THE ASSUMPTIONS DESCRIBED IN THE
OFFERING DOCUMENT. NEITHER THE UNDERWRITERS, NOR ANY OF THEIR AFFILIATES MAKE
ANY REPRESENTATION OR WARRANTY AS TO THE ACTUAL RATE OR TIMING OF PAYMENTS ON
ANY OF THE UNDERLYING ASSETS OR THE PAYMENTS OR YIELD ON THE SECURITIES. THIS
INFORMATION SUPERSEDES ANY PRIOR VERSIONS HEREOF AND WILL BE DEEMED TO BE
SUPERSEDED BY ANY SUBSEQUENT VERSIONS (INCLUDING, WITH RESPECT TO ANY
DESCRIPTION OF THE SECURITIES OR THE UNDERLYING ASSETS, THE INFORMATION
CONTAINED IN THE OFFERING DOCUMENT).
<PAGE>
LBCMT 1999-C1 Structural and Collateral Term Sheet (continued):
Distributions: Principal and interest payments will generally be made
to Certificateholders in the following order:
1) Interest to the A Classes and X Class pro rata,
2) Principal to the A-1 Class until all Class A-1
Certificates are retired,
3) After the A-1 Class is retired Principal to the
Class A-2 until all Class A-2 Certificates are
retired,
4) Interest to Class B, then Principal to Class B
until such Class is retired,
5) Interest to Class C, then Principal to Class C
until such Class is retired,
6) Interest to Class D, then Principal to Class D
until such Class is retired,
7) Interest to Class E, then Principal to Class E
until such Class is retired,
8) Interest and Principal to the Private Classes,
sequentially.
*Pro rata if Classes B through M are retired.
Realized Losses: Realized Losses from any Mortgage Loan will be allocated
in reverse sequential order (i.e. Classes M, L, K, J, H,
G, F, E, D, C and B, in that order). If Classes B
through M have been retired by losses, Realized Losses
shall be applied to the then existing A Classes
pro-rata.
Appraisal
Reductions: With respect to certain specially serviced Mortgage
Loans as to which an appraisal is required; (including
any Mortgage Loan that becomes 60 days delinquent), an
Appraisal Reduction Amount may be created, generally in
the amount, if any, by which the Stated Principal
Balance of such Mortgage Loan, together with unadvanced
interest, unreimbursed P&I advances and certain other
items, exceeds 90% of the appraised value of the related
Mortgaged Property. The Appraisal Reduction Amount will
reduce proportionately the interest portion of any P&I
Advance for such loan, which reduction may result in a
shortfall of interest to the most subordinate class of
Principal Balance Certificates outstanding. The
Appraisal Reduction Amount will be reduced to zero as of
the date the related Mortgage Loan has been brought
current for twelve months, paid in full, repurchased or
otherwise liquidated, and any shortfalls borne by the
subordinate classes may be paid from amounts recovered
from the related borrower.
Minimum Denominations:
Minimum Increments
Classes Denomination Thereafter Delivery
- --------------------------------------------------------------------------------
A-1, A-2, B, C, D, and E $10,000 $1 DTC
- --------------------------------------------------------------------------------
X $250,000 $1 DTC
Page 5 of 17
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR A SOLICITATION
OF AN OFFER TO BUY ANY OF THE SECURITIES REFERRED TO HEREIN. OFFERS TO SELL AND
SOLICITATIONS OF OFFERS TO BUY SECURITIES ARE MADE ONLY BY, AND THIS INFORMATION
MUST BE READ IN CONJUNCTION WITH, THE FINAL PROSPECTUS SUPPLEMENT AND THE
RELATED PROSPECTUS OR, IF NOT REGISTERED UNDER THE SECURITIES ACT OF 1933, THE
FINAL OFFERING MEMORANDUM (THE "OFFERING DOCUMENT"). INFORMATION CONTAINED
HEREIN DOES NOT PURPORT TO BE COPMPLETE AND IS SUBJECT TO THE SAME
QUALIFICATIONS AND ASSUMPTIONS, AND SHOULD BE CONSIDERED BY INVESTORS ONLY IN
THE LIGHT OF THE SAME WARNINGS, LACK OF ASSURANCES AND REPRESENTATIONS AND OTHER
PRECAUTIONARY MATTERS, AS DISCLOSED IN THE OFFERING DOCUMENT. INFORMATION
REGARDING THE UNDERLYING ASSETS HAS BEEN PROVIDED BY THE ISSUER OF THE
SECURITIES OR AN AFFILIATE THEREOF AND HAS NOT BEEN INDEPENDENTLY VERIFIED BY
THE UNDERWRITERS OR THEIR RESPECTIVE AFFILIATES. THE ANALYSES CONTAINED HEREIN
HAVE BEEN PREPARED AND DISSEMINATED BY THE UNDERWRITERS. THIS INFORMATION WAS
PREPARED ON THE BASIS OF CERTAIN ASSUMPTIONS (INCLUDING, IN CERTAIN CASES,
ASSUMPTIONS SPECIFIED BY THE RECIPIENT HEREOF) REGARDING PAYMENTS, INTEREST
RATES, WEIGHTED AVERAGE LIVES AND WEIGHTED AVERAGE LOAN AGE, LOSS AND OTHER
MATTERS, INCLUDING, BUT NOT LIMITED TO, THE ASSUMPTIONS DESCRIBED IN THE
OFFERING DOCUMENT. NEITHER THE UNDERWRITERS, NOR ANY OF THEIR AFFILIATES MAKE
ANY REPRESENTATION OR WARRANTY AS TO THE ACTUAL RATE OR TIMING OF PAYMENTS ON
ANY OF THE UNDERLYING ASSETS OR THE PAYMENTS OR YIELD ON THE SECURITIES. THIS
INFORMATION SUPERSEDES ANY PRIOR VERSIONS HEREOF AND WILL BE DEEMED TO BE
SUPERSEDED BY ANY SUBSEQUENT VERSIONS (INCLUDING, WITH RESPECT TO ANY
DESCRIPTION OF THE SECURITIES OR THE UNDERLYING ASSETS, THE INFORMATION
CONTAINED IN THE OFFERING DOCUMENT).
<PAGE>
LBCMT 1999-C1 Structural and Collateral Term Sheet (continued):
Prepayment Premiums*
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
============================================================================================================================
Prepayment
Premium 6/1/99 6/1/00 6/1/01 6/1/02 6/1/03 6/1/04 6/1/05 6/1/06 6/1/07 6/1/08 6/1/09 6/1/10
- ----------------------------------------------------------------------------------------------------------------------------
Lock-out/Def. 99.17 99.17 99.17 98.21 98.00 98.14 98.15 97.98 96.05 94.47 88.46 88.52
- ----------------------------------------------------------------------------------------------------------------------------
YM 0.83 0.83 0.83 1.79 1.79 1.86 1.85 1.45 1.44 0.95 11.54 11.48
============================================================================================================================
Sub Total: 100.0% 100.0% 100.0% 100.0% 99.79% 100.0% 100.0% 99.43% 97.49% 95.41% 100.00% 100.00%
============================================================================================================================
============================================================================================================================
5% - - - - - - - - - - - -
- ----------------------------------------------------------------------------------------------------------------------------
4% - - - - - - - - - - - -
- ----------------------------------------------------------------------------------------------------------------------------
3% - - - - - - - - - - - -
- ----------------------------------------------------------------------------------------------------------------------------
2% - - - - - - - 0.57 - - - -
- ----------------------------------------------------------------------------------------------------------------------------
1% - - - - - - - - - - - -
- ----------------------------------------------------------------------------------------------------------------------------
Open - - - - 0.21 - - - 2.51 4.59 - -
============================================================================================================================
Total: 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.00% 100.00%
============================================================================================================================
</TABLE>
* % represents % of then outstanding balance as of the date shown utilizing
Cut-off Date balances.
Open Prepayment Period at end of Loan (i.e. Prior to Maturity Date or ARD, as
applicable):
================================================================================
Open Period at End % of Initial
Of Loan* Number of Loans Pool Balance
================================================================================
None 72 54.4%
1 Month 41 20.4%
2 Months 1 0.5%
- --------------------------------------------------------------------------------
3 Months 77 21.5%
- --------------------------------------------------------------------------------
6 Months 6 2.8%
- --------------------------------------------------------------------------------
12 Months 1 0.5%
================================================================================
Total: 198 100.00%
================================================================================
* Weighted average open period at end of loan is 1 month.
Page 6 of 17
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR A SOLICITATION
OF AN OFFER TO BUY ANY OF THE SECURITIES REFERRED TO HEREIN. OFFERS TO SELL AND
SOLICITATIONS OF OFFERS TO BUY SECURITIES ARE MADE ONLY BY, AND THIS INFORMATION
MUST BE READ IN CONJUNCTION WITH, THE FINAL PROSPECTUS SUPPLEMENT AND THE
RELATED PROSPECTUS OR, IF NOT REGISTERED UNDER THE SECURITIES ACT OF 1933, THE
FINAL OFFERING MEMORANDUM (THE "OFFERING DOCUMENT"). INFORMATION CONTAINED
HEREIN DOES NOT PURPORT TO BE COPMPLETE AND IS SUBJECT TO THE SAME
QUALIFICATIONS AND ASSUMPTIONS, AND SHOULD BE CONSIDERED BY INVESTORS ONLY IN
THE LIGHT OF THE SAME WARNINGS, LACK OF ASSURANCES AND REPRESENTATIONS AND OTHER
PRECAUTIONARY MATTERS, AS DISCLOSED IN THE OFFERING DOCUMENT. INFORMATION
REGARDING THE UNDERLYING ASSETS HAS BEEN PROVIDED BY THE ISSUER OF THE
SECURITIES OR AN AFFILIATE THEREOF AND HAS NOT BEEN INDEPENDENTLY VERIFIED BY
THE UNDERWRITERS OR THEIR RESPECTIVE AFFILIATES. THE ANALYSES CONTAINED HEREIN
HAVE BEEN PREPARED AND DISSEMINATED BY THE UNDERWRITERS. THIS INFORMATION WAS
PREPARED ON THE BASIS OF CERTAIN ASSUMPTIONS (INCLUDING, IN CERTAIN CASES,
ASSUMPTIONS SPECIFIED BY THE RECIPIENT HEREOF) REGARDING PAYMENTS, INTEREST
RATES, WEIGHTED AVERAGE LIVES AND WEIGHTED AVERAGE LOAN AGE, LOSS AND OTHER
MATTERS, INCLUDING, BUT NOT LIMITED TO, THE ASSUMPTIONS DESCRIBED IN THE
OFFERING DOCUMENT. NEITHER THE UNDERWRITERS, NOR ANY OF THEIR AFFILIATES MAKE
ANY REPRESENTATION OR WARRANTY AS TO THE ACTUAL RATE OR TIMING OF PAYMENTS ON
ANY OF THE UNDERLYING ASSETS OR THE PAYMENTS OR YIELD ON THE SECURITIES. THIS
INFORMATION SUPERSEDES ANY PRIOR VERSIONS HEREOF AND WILL BE DEEMED TO BE
SUPERSEDED BY ANY SUBSEQUENT VERSIONS (INCLUDING, WITH RESPECT TO ANY
DESCRIPTION OF THE SECURITIES OR THE UNDERLYING ASSETS, THE INFORMATION
CONTAINED IN THE OFFERING DOCUMENT).
<PAGE>
LBCMT 1999-C1 Structural and Collateral Term Sheet (continued):
Credit Tenant 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 2.9% of the Mortgage Loans are Credit Tenant Lease Loans.
Credit Tenant Lease Loans:
================================================================================
Credit
Number of Cut-off Date Lease Credit Rating Rating
Tenant/Guarantor Loans Balance ($) Type(4) (Moody's) (S&P)
================================================================================
Eckerd (1) 5 $14,986,978 NN/NNN A3 A
- --------------------------------------------------------------------------------
CVS 6 9,927,541 NN A3 A
- --------------------------------------------------------------------------------
Kmart 2 8,375,876 NNN Ba1 BB+
- --------------------------------------------------------------------------------
Bed, Bath &
Beyond 1 4,809,593 B NR BBB-(2)
- --------------------------------------------------------------------------------
Rite Aid 2 3,927,320 NN/NNN Baa1 BBB+
- --------------------------------------------------------------------------------
Walgreen 1 3,918,245 NN Aa3 A+(2)
- --------------------------------------------------------------------------------
Winn Dixie 1 3,815,935 NNN P2(3) A2(3)
- --------------------------------------------------------------------------------
Amoco 1 972,782 NNN Aa1 AA+
================================================================================
Total: 19 $50,734,269 -- -- --
================================================================================
(1) Based upon the rating of Eckerd's parent, JC Penney Corporation, although
it has made no explicit guaranty of Eckerd's obligations.
(2) Issuer Credit Rating.
(3) Commercial paper rating.
(4) "NNN" means triple net lease; "NN" means double net lease; and "B" means
bond-type lease.
Page 7 of 17
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR A SOLICITATION
OF AN OFFER TO BUY ANY OF THE SECURITIES REFERRED TO HEREIN. OFFERS TO SELL AND
SOLICITATIONS OF OFFERS TO BUY SECURITIES ARE MADE ONLY BY, AND THIS INFORMATION
MUST BE READ IN CONJUNCTION WITH, THE FINAL PROSPECTUS SUPPLEMENT AND THE
RELATED PROSPECTUS OR, IF NOT REGISTERED UNDER THE SECURITIES ACT OF 1933, THE
FINAL OFFERING MEMORANDUM (THE "OFFERING DOCUMENT"). INFORMATION CONTAINED
HEREIN DOES NOT PURPORT TO BE COPMPLETE AND IS SUBJECT TO THE SAME
QUALIFICATIONS AND ASSUMPTIONS, AND SHOULD BE CONSIDERED BY INVESTORS ONLY IN
THE LIGHT OF THE SAME WARNINGS, LACK OF ASSURANCES AND REPRESENTATIONS AND OTHER
PRECAUTIONARY MATTERS, AS DISCLOSED IN THE OFFERING DOCUMENT. INFORMATION
REGARDING THE UNDERLYING ASSETS HAS BEEN PROVIDED BY THE ISSUER OF THE
SECURITIES OR AN AFFILIATE THEREOF AND HAS NOT BEEN INDEPENDENTLY VERIFIED BY
THE UNDERWRITERS OR THEIR RESPECTIVE AFFILIATES. THE ANALYSES CONTAINED HEREIN
HAVE BEEN PREPARED AND DISSEMINATED BY THE UNDERWRITERS. THIS INFORMATION WAS
PREPARED ON THE BASIS OF CERTAIN ASSUMPTIONS (INCLUDING, IN CERTAIN CASES,
ASSUMPTIONS SPECIFIED BY THE RECIPIENT HEREOF) REGARDING PAYMENTS, INTEREST
RATES, WEIGHTED AVERAGE LIVES AND WEIGHTED AVERAGE LOAN AGE, LOSS AND OTHER
MATTERS, INCLUDING, BUT NOT LIMITED TO, THE ASSUMPTIONS DESCRIBED IN THE
OFFERING DOCUMENT. NEITHER THE UNDERWRITERS, NOR ANY OF THEIR AFFILIATES MAKE
ANY REPRESENTATION OR WARRANTY AS TO THE ACTUAL RATE OR TIMING OF PAYMENTS ON
ANY OF THE UNDERLYING ASSETS OR THE PAYMENTS OR YIELD ON THE SECURITIES. THIS
INFORMATION SUPERSEDES ANY PRIOR VERSIONS HEREOF AND WILL BE DEEMED TO BE
SUPERSEDED BY ANY SUBSEQUENT VERSIONS (INCLUDING, WITH RESPECT TO ANY
DESCRIPTION OF THE SECURITIES OR THE UNDERLYING ASSETS, THE INFORMATION
CONTAINED IN THE OFFERING DOCUMENT).
<PAGE>
LBCMT 1999-C1 Structural and Collateral Term Sheet (continued):
Reserves:
The below table relates only to conventional Conduit loans and excludes
all CTL loans as well as the loans originated by Lehman's Large Loan
Program.
================================================================================
% of Conduit Loans Current
w/Annual Escrows Balance Annual Deposit
- --------------------------------------------------------------------------------
Replacement Reserves 94.27% $3,087,467 $4,513,880
- --------------------------------------------------------------------------------
Taxes 98.56% $5,215,693 $14,612,689
- --------------------------------------------------------------------------------
Insurance 91.62% $2,090,563 $2,185,376
- --------------------------------------------------------------------------------
T1 & LC (Retail) 81.91% $1,891,707 $2,100,926
- --------------------------------------------------------------------------------
TI & LC (Office) 83.58% $3,492,432 $1,666,407
- --------------------------------------------------------------------------------
TI & LC (Industrial/Warehouse) 100.00% $287,632 $396,869
================================================================================
Cash Management: Mortgage Loans representing 95.54% of the Initial Pool Balance
employ cash management systems.
=======================================================
Mortgage Pool
-------------------------------------------------------
Hard Lockbox 27.29% of Initial Pool Balance
-------------------------------------------------------
Springing Lockbox 68.25% of Initial Pool Balance
-------------------------------------------------------
N/A 4.46% of Initial Pool Balance
=======================================================
Page 8 of 17
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR A SOLICITATION
OF AN OFFER TO BUY ANY OF THE SECURITIES REFERRED TO HEREIN. OFFERS TO SELL AND
SOLICITATIONS OF OFFERS TO BUY SECURITIES ARE MADE ONLY BY, AND THIS INFORMATION
MUST BE READ IN CONJUNCTION WITH, THE FINAL PROSPECTUS SUPPLEMENT AND THE
RELATED PROSPECTUS OR, IF NOT REGISTERED UNDER THE SECURITIES ACT OF 1933, THE
FINAL OFFERING MEMORANDUM (THE "OFFERING DOCUMENT"). INFORMATION CONTAINED
HEREIN DOES NOT PURPORT TO BE COPMPLETE AND IS SUBJECT TO THE SAME
QUALIFICATIONS AND ASSUMPTIONS, AND SHOULD BE CONSIDERED BY INVESTORS ONLY IN
THE LIGHT OF THE SAME WARNINGS, LACK OF ASSURANCES AND REPRESENTATIONS AND OTHER
PRECAUTIONARY MATTERS, AS DISCLOSED IN THE OFFERING DOCUMENT. INFORMATION
REGARDING THE UNDERLYING ASSETS HAS BEEN PROVIDED BY THE ISSUER OF THE
SECURITIES OR AN AFFILIATE THEREOF AND HAS NOT BEEN INDEPENDENTLY VERIFIED BY
THE UNDERWRITERS OR THEIR RESPECTIVE AFFILIATES. THE ANALYSES CONTAINED HEREIN
HAVE BEEN PREPARED AND DISSEMINATED BY THE UNDERWRITERS. THIS INFORMATION WAS
PREPARED ON THE BASIS OF CERTAIN ASSUMPTIONS (INCLUDING, IN CERTAIN CASES,
ASSUMPTIONS SPECIFIED BY THE RECIPIENT HEREOF) REGARDING PAYMENTS, INTEREST
RATES, WEIGHTED AVERAGE LIVES AND WEIGHTED AVERAGE LOAN AGE, LOSS AND OTHER
MATTERS, INCLUDING, BUT NOT LIMITED TO, THE ASSUMPTIONS DESCRIBED IN THE
OFFERING DOCUMENT. NEITHER THE UNDERWRITERS, NOR ANY OF THEIR AFFILIATES MAKE
ANY REPRESENTATION OR WARRANTY AS TO THE ACTUAL RATE OR TIMING OF PAYMENTS ON
ANY OF THE UNDERLYING ASSETS OR THE PAYMENTS OR YIELD ON THE SECURITIES. THIS
INFORMATION SUPERSEDES ANY PRIOR VERSIONS HEREOF AND WILL BE DEEMED TO BE
SUPERSEDED BY ANY SUBSEQUENT VERSIONS (INCLUDING, WITH RESPECT TO ANY
DESCRIPTION OF THE SECURITIES OR THE UNDERLYING ASSETS, THE INFORMATION
CONTAINED IN THE OFFERING DOCUMENT).
<PAGE>
LBCMT 1999-C1 Structural and Collateral Term Sheet (continued):
Significant
Mortgage Loans: There are 5 loans with a Cut-off Date principal balance in
excess of $60 million. The following table provides a summary
of the 5 largest loans:
<TABLE>
<CAPTION>
============================================================================================================
Mortgage Property # of Cut-off Date Term to Amortization
Loan Type Properties Balance Coupon ARD Term DSCR LTV
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Century City Regional 1 $160,000,000 7.250% 120 360 1.42x 58.8%
Mall
- ------------------------------------------------------------------------------------------------------------
Starwood Hotels 17 $154,954,659 7.438% 120 262 2.12x 46.1%
Financial-
Promus Loan
EAB Plaza Office 1 $139,367,162 7.330% 120 300 1.79x 49.8%
- ------------------------------------------------------------------------------------------------------------
Woodland Super 1 $89,644,244 7.000% 120 360 1.67x 52.2%
Hills Regional Mall
- ------------------------------------------------------------------------------------------------------------
Penn Square Super 1 $74,844,822 7.025% 120 360 1.67x 55.4%
Regional Mall
============================================================================================================
Total/
Weighted Ave.: -- 21 $618,810,886 7.252% 120 322 1.74x 52.2%
============================================================================================================
</TABLE>
Century City Shopping Center and Marketplace:
================================================================================
Cut-Off Date Balance: $160,000,000
- --------------------------------------------------------------------------------
Coupon: 7.250% (anticipated)
- --------------------------------------------------------------------------------
Term/Am: 10 years/First year IO then amortization on a 30 year
schedule.
- --------------------------------------------------------------------------------
Sponsors: Urban Shopping Centers, Inc. & Eagle Investment
Management Company (advised by Lend Lease Real Estate
Investments, Inc.)
- --------------------------------------------------------------------------------
Property: 784,002 SF regional mall
- --------------------------------------------------------------------------------
Anchors: Bloomingdale's and Macy's
- --------------------------------------------------------------------------------
In-Line Sales: $588 per square foot
- --------------------------------------------------------------------------------
Cost of Occupancy: 15.2%
- --------------------------------------------------------------------------------
Location: Los Angeles, California
- --------------------------------------------------------------------------------
Value: $272 million based upon May 1999 purchase price
- --------------------------------------------------------------------------------
LTV: 58.8%
- --------------------------------------------------------------------------------
DSCR: 1.42x
- --------------------------------------------------------------------------------
Lockbox: Springing lockbox based upon the maintenance of a
minimum 1.25x DSCR
- --------------------------------------------------------------------------------
Reserves: Springing reserves based upon the maintenance of a
minimum 1.25x DSCR
================================================================================
Page 9 of 17
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR A SOLICITATION
OF AN OFFER TO BUY ANY OF THE SECURITIES REFERRED TO HEREIN. OFFERS TO SELL AND
SOLICITATIONS OF OFFERS TO BUY SECURITIES ARE MADE ONLY BY, AND THIS INFORMATION
MUST BE READ IN CONJUNCTION WITH, THE FINAL PROSPECTUS SUPPLEMENT AND THE
RELATED PROSPECTUS OR, IF NOT REGISTERED UNDER THE SECURITIES ACT OF 1933, THE
FINAL OFFERING MEMORANDUM (THE "OFFERING DOCUMENT"). INFORMATION CONTAINED
HEREIN DOES NOT PURPORT TO BE COPMPLETE AND IS SUBJECT TO THE SAME
QUALIFICATIONS AND ASSUMPTIONS, AND SHOULD BE CONSIDERED BY INVESTORS ONLY IN
THE LIGHT OF THE SAME WARNINGS, LACK OF ASSURANCES AND REPRESENTATIONS AND OTHER
PRECAUTIONARY MATTERS, AS DISCLOSED IN THE OFFERING DOCUMENT. INFORMATION
REGARDING THE UNDERLYING ASSETS HAS BEEN PROVIDED BY THE ISSUER OF THE
SECURITIES OR AN AFFILIATE THEREOF AND HAS NOT BEEN INDEPENDENTLY VERIFIED BY
THE UNDERWRITERS OR THEIR RESPECTIVE AFFILIATES. THE ANALYSES CONTAINED HEREIN
HAVE BEEN PREPARED AND DISSEMINATED BY THE UNDERWRITERS. THIS INFORMATION WAS
PREPARED ON THE BASIS OF CERTAIN ASSUMPTIONS (INCLUDING, IN CERTAIN CASES,
ASSUMPTIONS SPECIFIED BY THE RECIPIENT HEREOF) REGARDING PAYMENTS, INTEREST
RATES, WEIGHTED AVERAGE LIVES AND WEIGHTED AVERAGE LOAN AGE, LOSS AND OTHER
MATTERS, INCLUDING, BUT NOT LIMITED TO, THE ASSUMPTIONS DESCRIBED IN THE
OFFERING DOCUMENT. NEITHER THE UNDERWRITERS, NOR ANY OF THEIR AFFILIATES MAKE
ANY REPRESENTATION OR WARRANTY AS TO THE ACTUAL RATE OR TIMING OF PAYMENTS ON
ANY OF THE UNDERLYING ASSETS OR THE PAYMENTS OR YIELD ON THE SECURITIES. THIS
INFORMATION SUPERSEDES ANY PRIOR VERSIONS HEREOF AND WILL BE DEEMED TO BE
SUPERSEDED BY ANY SUBSEQUENT VERSIONS (INCLUDING, WITH RESPECT TO ANY
DESCRIPTION OF THE SECURITIES OR THE UNDERLYING ASSETS, THE INFORMATION
CONTAINED IN THE OFFERING DOCUMENT).
<PAGE>
LBCMT 1999-C1 Structural and Collateral Term Sheet (continued):
Starwood Financial-Promus Loan:
================================================================================
Cut-Off Date Balance: $154,954,659
- --------------------------------------------------------------------------------
Coupon: 7.438%
- --------------------------------------------------------------------------------
Term/Am: 10 years/21 years and 10 months (co-terminous with
master lease to Promus Hotel Corporation)
- --------------------------------------------------------------------------------
Sponsor: Starwood Financial Trust
- --------------------------------------------------------------------------------
Flag: Double Tree and Red Lion
- --------------------------------------------------------------------------------
Properties: 17 full and limited service hotels with a total of 3,988
rooms master leased to Promus Hotel Corporation
(Baa2/BBB+)
- --------------------------------------------------------------------------------
Location: California, Oregon, Washington, Colorado, Utah, Idaho,
and Montana.
- --------------------------------------------------------------------------------
Appraised Value: $336.3 million
- --------------------------------------------------------------------------------
LTV: 46.1%
- --------------------------------------------------------------------------------
DSCR: 2.12x
- --------------------------------------------------------------------------------
Lockbox: Hard lockbox for master lease rent payments
- --------------------------------------------------------------------------------
Reserves: Approximately $400,000 environmental reserve; springing
in event of lease termination.
================================================================================
EAB Plaza:
================================================================================
Cut-Off Date Balance: $139,367,162
- --------------------------------------------------------------------------------
Coupon: 7.330%
- --------------------------------------------------------------------------------
Term/Am: 10 years/25 year amortization schedule
- --------------------------------------------------------------------------------
Sponsors: ABN-AMRO Bank, N.V. and The DeMatteis Organization
- --------------------------------------------------------------------------------
Property: Twin tower suburban office building, 64.9% leased to ABN
AMRO Bank, N.V.
- --------------------------------------------------------------------------------
Size: 1,083,511 square feet
- --------------------------------------------------------------------------------
Location: Uniondale, New York
- --------------------------------------------------------------------------------
Appraised Value: $280 million
- --------------------------------------------------------------------------------
LTV: 49.8%
- --------------------------------------------------------------------------------
DSCR: 1.79x
- --------------------------------------------------------------------------------
Lockbox: Hard lockbox
- --------------------------------------------------------------------------------
Reserves: Ongoing taxes and insurance; $75,000 per month TILC;
$200,000 capital expenditures; $850,000 for repairs;
$400,000 parking lot construction reserve; $634,460
ground rent reserve.
================================================================================
Page 10 of 17
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR A SOLICITATION
OF AN OFFER TO BUY ANY OF THE SECURITIES REFERRED TO HEREIN. OFFERS TO SELL AND
SOLICITATIONS OF OFFERS TO BUY SECURITIES ARE MADE ONLY BY, AND THIS INFORMATION
MUST BE READ IN CONJUNCTION WITH, THE FINAL PROSPECTUS SUPPLEMENT AND THE
RELATED PROSPECTUS OR, IF NOT REGISTERED UNDER THE SECURITIES ACT OF 1933, THE
FINAL OFFERING MEMORANDUM (THE "OFFERING DOCUMENT"). INFORMATION CONTAINED
HEREIN DOES NOT PURPORT TO BE COPMPLETE AND IS SUBJECT TO THE SAME
QUALIFICATIONS AND ASSUMPTIONS, AND SHOULD BE CONSIDERED BY INVESTORS ONLY IN
THE LIGHT OF THE SAME WARNINGS, LACK OF ASSURANCES AND REPRESENTATIONS AND OTHER
PRECAUTIONARY MATTERS, AS DISCLOSED IN THE OFFERING DOCUMENT. INFORMATION
REGARDING THE UNDERLYING ASSETS HAS BEEN PROVIDED BY THE ISSUER OF THE
SECURITIES OR AN AFFILIATE THEREOF AND HAS NOT BEEN INDEPENDENTLY VERIFIED BY
THE UNDERWRITERS OR THEIR RESPECTIVE AFFILIATES. THE ANALYSES CONTAINED HEREIN
HAVE BEEN PREPARED AND DISSEMINATED BY THE UNDERWRITERS. THIS INFORMATION WAS
PREPARED ON THE BASIS OF CERTAIN ASSUMPTIONS (INCLUDING, IN CERTAIN CASES,
ASSUMPTIONS SPECIFIED BY THE RECIPIENT HEREOF) REGARDING PAYMENTS, INTEREST
RATES, WEIGHTED AVERAGE LIVES AND WEIGHTED AVERAGE LOAN AGE, LOSS AND OTHER
MATTERS, INCLUDING, BUT NOT LIMITED TO, THE ASSUMPTIONS DESCRIBED IN THE
OFFERING DOCUMENT. NEITHER THE UNDERWRITERS, NOR ANY OF THEIR AFFILIATES MAKE
ANY REPRESENTATION OR WARRANTY AS TO THE ACTUAL RATE OR TIMING OF PAYMENTS ON
ANY OF THE UNDERLYING ASSETS OR THE PAYMENTS OR YIELD ON THE SECURITIES. THIS
INFORMATION SUPERSEDES ANY PRIOR VERSIONS HEREOF AND WILL BE DEEMED TO BE
SUPERSEDED BY ANY SUBSEQUENT VERSIONS (INCLUDING, WITH RESPECT TO ANY
DESCRIPTION OF THE SECURITIES OR THE UNDERLYING ASSETS, THE INFORMATION
CONTAINED IN THE OFFERING DOCUMENT).
<PAGE>
LBCMT 1999-C1 Structural and Collateral Term Sheet (continued):
Woodland Hills:
================================================================================
Cut-Off Date Balance: $89,644,244
- --------------------------------------------------------------------------------
Coupon: 7.000%
- --------------------------------------------------------------------------------
Term/Am: 10 years/30 years
- --------------------------------------------------------------------------------
Sponsors: Urban Shopping Centers, Inc. and J.P. Morgan Investment
Management Inc.
- --------------------------------------------------------------------------------
Anchors: Dillard's, Sears, Foley's, and JC Penney
- --------------------------------------------------------------------------------
In-Line Sales: $378 per square foot
- --------------------------------------------------------------------------------
Cost of Occupancy: 12.0%
- --------------------------------------------------------------------------------
Property: 1,093,514 square foot super-regional mall
- --------------------------------------------------------------------------------
Location: Tulsa, Oklahoma
- --------------------------------------------------------------------------------
Value: $171.6 million based upon December 1998 purchase price
- --------------------------------------------------------------------------------
LTV: 52.2%
- --------------------------------------------------------------------------------
DSCR: 1.67x
- --------------------------------------------------------------------------------
Lockbox: Springing lockbox based upon the maintenance of a
minimum 1.25x DSCR
- --------------------------------------------------------------------------------
Reserves: Springing reserves based upon the maintenance of a
minimum 1.25x DSCR
================================================================================
Penn Square Mall:
================================================================================
Cut-Off Date Balance: $74,844,822
- --------------------------------------------------------------------------------
Coupon: 7.025%
- --------------------------------------------------------------------------------
Term/Am: 10 years/30 years
- --------------------------------------------------------------------------------
Sponsor: Urban Shopping Centers, Inc.
- --------------------------------------------------------------------------------
Anchors: Dillard's, Foley's, JC Penney and Montgomery Ward
- --------------------------------------------------------------------------------
In-Line Sales: $398 per square foot
- --------------------------------------------------------------------------------
Cost of Occupancy: 10.2%
- --------------------------------------------------------------------------------
Property: 1,074,994 super-regional mall
- --------------------------------------------------------------------------------
Location: Oklahoma City, Oklahoma
- --------------------------------------------------------------------------------
Appraised Value: $135 million
- --------------------------------------------------------------------------------
LTV: 55.4%
- --------------------------------------------------------------------------------
DSCR: 1.67x
- --------------------------------------------------------------------------------
Lockbox Springing lockbox based upon the maintenance of a
minimum 1.25x DSCR
- --------------------------------------------------------------------------------
Reserves: Springing reserves based upon the maintenance of a
minimum 1.25x DSCR
================================================================================
Page 11 of 17
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR A SOLICITATION
OF AN OFFER TO BUY ANY OF THE SECURITIES REFERRED TO HEREIN. OFFERS TO SELL AND
SOLICITATIONS OF OFFERS TO BUY SECURITIES ARE MADE ONLY BY, AND THIS INFORMATION
MUST BE READ IN CONJUNCTION WITH, THE FINAL PROSPECTUS SUPPLEMENT AND THE
RELATED PROSPECTUS OR, IF NOT REGISTERED UNDER THE SECURITIES ACT OF 1933, THE
FINAL OFFERING MEMORANDUM (THE "OFFERING DOCUMENT"). INFORMATION CONTAINED
HEREIN DOES NOT PURPORT TO BE COPMPLETE AND IS SUBJECT TO THE SAME
QUALIFICATIONS AND ASSUMPTIONS, AND SHOULD BE CONSIDERED BY INVESTORS ONLY IN
THE LIGHT OF THE SAME WARNINGS, LACK OF ASSURANCES AND REPRESENTATIONS AND OTHER
PRECAUTIONARY MATTERS, AS DISCLOSED IN THE OFFERING DOCUMENT. INFORMATION
REGARDING THE UNDERLYING ASSETS HAS BEEN PROVIDED BY THE ISSUER OF THE
SECURITIES OR AN AFFILIATE THEREOF AND HAS NOT BEEN INDEPENDENTLY VERIFIED BY
THE UNDERWRITERS OR THEIR RESPECTIVE AFFILIATES. THE ANALYSES CONTAINED HEREIN
HAVE BEEN PREPARED AND DISSEMINATED BY THE UNDERWRITERS. THIS INFORMATION WAS
PREPARED ON THE BASIS OF CERTAIN ASSUMPTIONS (INCLUDING, IN CERTAIN CASES,
ASSUMPTIONS SPECIFIED BY THE RECIPIENT HEREOF) REGARDING PAYMENTS, INTEREST
RATES, WEIGHTED AVERAGE LIVES AND WEIGHTED AVERAGE LOAN AGE, LOSS AND OTHER
MATTERS, INCLUDING, BUT NOT LIMITED TO, THE ASSUMPTIONS DESCRIBED IN THE
OFFERING DOCUMENT. NEITHER THE UNDERWRITERS, NOR ANY OF THEIR AFFILIATES MAKE
ANY REPRESENTATION OR WARRANTY AS TO THE ACTUAL RATE OR TIMING OF PAYMENTS ON
ANY OF THE UNDERLYING ASSETS OR THE PAYMENTS OR YIELD ON THE SECURITIES. THIS
INFORMATION SUPERSEDES ANY PRIOR VERSIONS HEREOF AND WILL BE DEEMED TO BE
SUPERSEDED BY ANY SUBSEQUENT VERSIONS (INCLUDING, WITH RESPECT TO ANY
DESCRIPTION OF THE SECURITIES OR THE UNDERLYING ASSETS, THE INFORMATION
CONTAINED IN THE OFFERING DOCUMENT).
<PAGE>
LBCMT 1999-C1 Structural and Collateral Term Sheet (continued):
Anticipated Repayment Date Loans:
Mortgage Loans representing 43.01% 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:
Name of Report Description (information provided)
- --------------------------------------------------------------------------------
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 Report Notification Listing of loans where borrower has
requested a pay-off statement
Advancing: The Master Servicer will be obligated to make advances
of scheduled principal and interest payments
(excluding balloon payments and subject to
reduction for Appraisal Reduction Amounts) and
certain servicing expenses ("Advances"), to the
extent that such Advances are deemed to be
recoverable out of collections on the related
loan. If the Master Servicer fails to make a
required Advance, the Trustee will be obligated
to make such advances.
Controlling Class: A majority of Certificate holders of the Controlling
Class, which will generally be the most
subordinate class with a Certificate Balance
outstanding that is at least 25% of the initial
Certificate Balance of such Class will, subject
to certain limitations, be entitled to replace
the Special Servicer.
Page 12 of 17
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR A SOLICITATION
OF AN OFFER TO BUY ANY OF THE SECURITIES REFERRED TO HEREIN. OFFERS TO SELL AND
SOLICITATIONS OF OFFERS TO BUY SECURITIES ARE MADE ONLY BY, AND THIS INFORMATION
MUST BE READ IN CONJUNCTION WITH, THE FINAL PROSPECTUS SUPPLEMENT AND THE
RELATED PROSPECTUS OR, IF NOT REGISTERED UNDER THE SECURITIES ACT OF 1933, THE
FINAL OFFERING MEMORANDUM (THE "OFFERING DOCUMENT"). INFORMATION CONTAINED
HEREIN DOES NOT PURPORT TO BE COPMPLETE AND IS SUBJECT TO THE SAME
QUALIFICATIONS AND ASSUMPTIONS, AND SHOULD BE CONSIDERED BY INVESTORS ONLY IN
THE LIGHT OF THE SAME WARNINGS, LACK OF ASSURANCES AND REPRESENTATIONS AND OTHER
PRECAUTIONARY MATTERS, AS DISCLOSED IN THE OFFERING DOCUMENT. INFORMATION
REGARDING THE UNDERLYING ASSETS HAS BEEN PROVIDED BY THE ISSUER OF THE
SECURITIES OR AN AFFILIATE THEREOF AND HAS NOT BEEN INDEPENDENTLY VERIFIED BY
THE UNDERWRITERS OR THEIR RESPECTIVE AFFILIATES. THE ANALYSES CONTAINED HEREIN
HAVE BEEN PREPARED AND DISSEMINATED BY THE UNDERWRITERS. THIS INFORMATION WAS
PREPARED ON THE BASIS OF CERTAIN ASSUMPTIONS (INCLUDING, IN CERTAIN CASES,
ASSUMPTIONS SPECIFIED BY THE RECIPIENT HEREOF) REGARDING PAYMENTS, INTEREST
RATES, WEIGHTED AVERAGE LIVES AND WEIGHTED AVERAGE LOAN AGE, LOSS AND OTHER
MATTERS, INCLUDING, BUT NOT LIMITED TO, THE ASSUMPTIONS DESCRIBED IN THE
OFFERING DOCUMENT. NEITHER THE UNDERWRITERS, NOR ANY OF THEIR AFFILIATES MAKE
ANY REPRESENTATION OR WARRANTY AS TO THE ACTUAL RATE OR TIMING OF PAYMENTS ON
ANY OF THE UNDERLYING ASSETS OR THE PAYMENTS OR YIELD ON THE SECURITIES. THIS
INFORMATION SUPERSEDES ANY PRIOR VERSIONS HEREOF AND WILL BE DEEMED TO BE
SUPERSEDED BY ANY SUBSEQUENT VERSIONS (INCLUDING, WITH RESPECT TO ANY
DESCRIPTION OF THE SECURITIES OR THE UNDERLYING ASSETS, THE INFORMATION
CONTAINED IN THE OFFERING DOCUMENT).
<PAGE>
LBCMT 1999-C1 Structural and Collateral Term Sheet (continued):
Special Servicer The Pooling and Servicing Agreement will generally
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 13 of 17
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR A SOLICITATION
OF AN OFFER TO BUY ANY OF THE SECURITIES REFERRED TO HEREIN. OFFERS TO SELL AND
SOLICITATIONS OF OFFERS TO BUY SECURITIES ARE MADE ONLY BY, AND THIS INFORMATION
MUST BE READ IN CONJUNCTION WITH, THE FINAL PROSPECTUS SUPPLEMENT AND THE
RELATED PROSPECTUS OR, IF NOT REGISTERED UNDER THE SECURITIES ACT OF 1933, THE
FINAL OFFERING MEMORANDUM (THE "OFFERING DOCUMENT"). INFORMATION CONTAINED
HEREIN DOES NOT PURPORT TO BE COPMPLETE AND IS SUBJECT TO THE SAME
QUALIFICATIONS AND ASSUMPTIONS, AND SHOULD BE CONSIDERED BY INVESTORS ONLY IN
THE LIGHT OF THE SAME WARNINGS, LACK OF ASSURANCES AND REPRESENTATIONS AND OTHER
PRECAUTIONARY MATTERS, AS DISCLOSED IN THE OFFERING DOCUMENT. INFORMATION
REGARDING THE UNDERLYING ASSETS HAS BEEN PROVIDED BY THE ISSUER OF THE
SECURITIES OR AN AFFILIATE THEREOF AND HAS NOT BEEN INDEPENDENTLY VERIFIED BY
THE UNDERWRITERS OR THEIR RESPECTIVE AFFILIATES. THE ANALYSES CONTAINED HEREIN
HAVE BEEN PREPARED AND DISSEMINATED BY THE UNDERWRITERS. THIS INFORMATION WAS
PREPARED ON THE BASIS OF CERTAIN ASSUMPTIONS (INCLUDING, IN CERTAIN CASES,
ASSUMPTIONS SPECIFIED BY THE RECIPIENT HEREOF) REGARDING PAYMENTS, INTEREST
RATES, WEIGHTED AVERAGE LIVES AND WEIGHTED AVERAGE LOAN AGE, LOSS AND OTHER
MATTERS, INCLUDING, BUT NOT LIMITED TO, THE ASSUMPTIONS DESCRIBED IN THE
OFFERING DOCUMENT. NEITHER THE UNDERWRITERS, NOR ANY OF THEIR AFFILIATES MAKE
ANY REPRESENTATION OR WARRANTY AS TO THE ACTUAL RATE OR TIMING OF PAYMENTS ON
ANY OF THE UNDERLYING ASSETS OR THE PAYMENTS OR YIELD ON THE SECURITIES. THIS
INFORMATION SUPERSEDES ANY PRIOR VERSIONS HEREOF AND WILL BE DEEMED TO BE
SUPERSEDED BY ANY SUBSEQUENT VERSIONS (INCLUDING, WITH RESPECT TO ANY
DESCRIPTION OF THE SECURITIES OR THE UNDERLYING ASSETS, THE INFORMATION
CONTAINED IN THE OFFERING DOCUMENT).
<PAGE>
LBCMT 1999-C1 Structural and Collateral Term Sheet (continued):
General Characteristics Property Types
========================================== ===============================
% of Initial
Property Pool
Characteristics Types Balance
========================================== ===============================
Initial Pool Balance $1,746,894,129 Retail 47.87%
- ------------------------------------------ -------------------------------
Number of Loans 198 Office 20.38%
- ------------------------------------------ -------------------------------
Gross WAC 7.477% Multifamily* 12.43%
- ------------------------------------------ -------------------------------
Original WAM 120 months Hotel 11.91%
- ------------------------------------------ -------------------------------
Remaining WAM 117 months Industrial/Warehouse 3.16%
- ------------------------------------------ -------------------------------
Avg. Loan Balance $8,822,698 CTL 2.90%
- ------------------------------------------ -------------------------------
WA DSCR* 1.53x Self Storage 0.72%
- ------------------------------------------ -------------------------------
WA Cut-off Date LTV Ratio* 62.68% Other 0.62%
- ------------------------------------------ -------------------------------
Balloon or ARD Loans 98.29% Total: 100.00%
========================================== ===============================
* Excludes CTL loans * Includes Manufactured Housing
<TABLE>
<CAPTION>
DEAL SUMMARY BY PROPERTY TYPE
==============================================================================================================================
% of Average
Aggregate Initial Cut-off Gross Rem. WA WA
# of Cut-off Date Pool Date WAC WAC LTV WA Occupancy Balloon
Property Type Loans Balance ($) Balance Balance ($) (%) (mos) Ratio(1) DSCR(1) Rate(%)(2) %
==============================================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Retail 76 $836,321,363 47.9% $11,004,228 7.452% 120 64.24% 1.45x 95.14% 99.66%
- ------------------------------------------------------------------------------------------------------------------------------
Anchored 49 $339,026,051 19. 4% $6,918,899 7.688% 121 70.97% 1.35x 93.91% 100.00%
- ------------------------------------------------------------------------------------------------------------------------------
Regional Mall 3 $257,332,103 14.7% $85,777,368 7.262% 119 61.37% 1.48x 95.50% 100.00%
- ------------------------------------------------------------------------------------------------------------------------------
Super Regn'l
Mall 2 $164,489,065 9.4% $82,244,533 7.011% 116 53.70% 1.67x 97.65% 100.00%
- ------------------------------------------------------------------------------------------------------------------------------
Unanchored 22 $75,474,144 4.3% $3,430,643 8.000% 122 66.80% 1.35x 93.98% 96.27%
- ------------------------------------------------------------------------------------------------------------------------------
Office 26 $355,935,220 20.4% $13,689,816 7.384% 115 56.22% 1.68x 94.32% 100.00%
- ------------------------------------------------------------------------------------------------------------------------------
Multifamily 46 $217,178,025 12.4% $4,721,261 7.454% 95 76.19% 1.29x 92.12% 100.00%
- ------------------------------------------------------------------------------------------------------------------------------
Manuf'd
Housing 19 $71,829,221 4.1% $3,780,485 7.430% 90 73.16% 1.33x 88.89% 100.00%
- ------------------------------------------------------------------------------------------------------------------------------
Conventional 27 $145,348,804 8.3% $5,383,289 7.466% 97 77.68% 1.27x 93.72% 100.00%
- ------------------------------------------------------------------------------------------------------------------------------
Hotel 8 $208,108,820 11.9% $26,013,602 7.721% 114 51.06% 1.94x NAP 100.00%
- ------------------------------------------------------------------------------------------------------------------------------
Full Service 5 $191,379,564 11.0% $38,275,913 7.670% 115 49.49% 1.98x NAP 100.00%
- ------------------------------------------------------------------------------------------------------------------------------
Limited
Service 3 $16,729,255 1.0% $5,576,418 8.313% 107 69.02% 1.49x NAP 100.00%
- ------------------------------------------------------------------------------------------------------------------------------
Industrial/W'hse 15 $55,199,415 3.2% $3,679,961 7.797% 88 70.99% 1.31x 98.09% 100.00%
- ------------------------------------------------------------------------------------------------------------------------------
CTL 19 $50,734,269 2.9% $2,670,225 7.103% 233 NAP NAP 100.00% 46.74%
- ------------------------------------------------------------------------------------------------------------------------------
Self Storage 5 $12,546,042 0.7% $2,509,208 7.754% 86 67.62% 1.39x 83.66% 100.00%
- ------------------------------------------------------------------------------------------------------------------------------
Other(3) 3 $10,870,976 0.6% $3,623,659 7.946% 116 57.99% 1.44x 94.85% 100.00%
==============================================================================================================================
Total / Avg /
Wtd.Avg: 198 $1,746,894,12 100.0% $8,822,698 7.477% 117 62.68% 1.53x 94.70% 98.29%
==============================================================================================================================
</TABLE>
(1) Excludes credit tenant lease loans.
(2) Excludes hotels.
(3) Includes Office/Industrial, Office/Retail, and Mixed Use
Page 14 of 17
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR A SOLICITATION
OF AN OFFER TO BUY ANY OF THE SECURITIES REFERRED TO HEREIN. OFFERS TO SELL AND
SOLICITATIONS OF OFFERS TO BUY SECURITIES ARE MADE ONLY BY, AND THIS INFORMATION
MUST BE READ IN CONJUNCTION WITH, THE FINAL PROSPECTUS SUPPLEMENT AND THE
RELATED PROSPECTUS OR, IF NOT REGISTERED UNDER THE SECURITIES ACT OF 1933, THE
FINAL OFFERING MEMORANDUM (THE "OFFERING DOCUMENT"). INFORMATION CONTAINED
HEREIN DOES NOT PURPORT TO BE COPMPLETE AND IS SUBJECT TO THE SAME
QUALIFICATIONS AND ASSUMPTIONS, AND SHOULD BE CONSIDERED BY INVESTORS ONLY IN
THE LIGHT OF THE SAME WARNINGS, LACK OF ASSURANCES AND REPRESENTATIONS AND OTHER
PRECAUTIONARY MATTERS, AS DISCLOSED IN THE OFFERING DOCUMENT. INFORMATION
REGARDING THE UNDERLYING ASSETS HAS BEEN PROVIDED BY THE ISSUER OF THE
SECURITIES OR AN AFFILIATE THEREOF AND HAS NOT BEEN INDEPENDENTLY VERIFIED BY
THE UNDERWRITERS OR THEIR RESPECTIVE AFFILIATES. THE ANALYSES CONTAINED HEREIN
HAVE BEEN PREPARED AND DISSEMINATED BY THE UNDERWRITERS. THIS INFORMATION WAS
PREPARED ON THE BASIS OF CERTAIN ASSUMPTIONS (INCLUDING, IN CERTAIN CASES,
ASSUMPTIONS SPECIFIED BY THE RECIPIENT HEREOF) REGARDING PAYMENTS, INTEREST
RATES, WEIGHTED AVERAGE LIVES AND WEIGHTED AVERAGE LOAN AGE, LOSS AND OTHER
MATTERS, INCLUDING, BUT NOT LIMITED TO, THE ASSUMPTIONS DESCRIBED IN THE
OFFERING DOCUMENT. NEITHER THE UNDERWRITERS, NOR ANY OF THEIR AFFILIATES MAKE
ANY REPRESENTATION OR WARRANTY AS TO THE ACTUAL RATE OR TIMING OF PAYMENTS ON
ANY OF THE UNDERLYING ASSETS OR THE PAYMENTS OR YIELD ON THE SECURITIES. THIS
INFORMATION SUPERSEDES ANY PRIOR VERSIONS HEREOF AND WILL BE DEEMED TO BE
SUPERSEDED BY ANY SUBSEQUENT VERSIONS (INCLUDING, WITH RESPECT TO ANY
DESCRIPTION OF THE SECURITIES OR THE UNDERLYING ASSETS, THE INFORMATION
CONTAINED IN THE OFFERING DOCUMENT).
<PAGE>
LBCMT 1999-C1 Structural and Collateral Term Sheet (continued):
Loan Size Distribution
=================================================================
Cut-off Date Balance Ranges # of % of Initial
($) Loans Pool Balance
=================================================================
0.01-2,000,000 47 3.98%
- -----------------------------------------------------------------
2,000,001-4,000,000 66 10.99%
- -----------------------------------------------------------------
4,000,001-6,000,000 30 8.40%
- -----------------------------------------------------------------
6,000,001-8,000,000 14 5.66%
- -----------------------------------------------------------------
8,000,001-10,000,000 11 5.48%
- -----------------------------------------------------------------
10,000,001-12,000,000 5 3.13%
- -----------------------------------------------------------------
12,000,001-14,000,000 4 2.94%
- -----------------------------------------------------------------
14,000,001-16,000,000 3 2.64%
- -----------------------------------------------------------------
16,000,001-18,000,000 1 1.01%
- -----------------------------------------------------------------
18,000,001-20,000,000 1 1.10%
- -----------------------------------------------------------------
20,000,001-22,000,000 1 1.23%
- -----------------------------------------------------------------
22,000,001-24,000,000 2 2.62%
- -----------------------------------------------------------------
24,000,001-26,000,000 3 4.33%
- -----------------------------------------------------------------
28,000,001-30,000,000 2 3.32%
- -----------------------------------------------------------------
36,000,001-38,000,000 1 2.17%
- -----------------------------------------------------------------
44,000,001-46,000,000 1 2.58%
- -----------------------------------------------------------------
52,000,001-54,000,000 1 3.00%
- -----------------------------------------------------------------
74,000,001-76,000,000 1 4.28%
- -----------------------------------------------------------------
88,000,001-90,000,000 1 5.13%
- -----------------------------------------------------------------
138,000,001-140,000,000 1 7.98%
- -----------------------------------------------------------------
154,000,001-156,000,000 1 8.87%
- -----------------------------------------------------------------
158,000,001-160,000,000 1 9.16%
=================================================================
Total: 198 100.00%
=================================================================
Min.: $795,220
Max.: $160,000,000
Avg.: $8,822,698
Gross Rate Distribution
===================================
Gross Rate Ranges % of Initial
(%) Pool Balance
===================================
6.251-6.500 0.06%
- -----------------------------------
6.501-6.750 1.51%
- -----------------------------------
6.751-7.000 7.56%
- -----------------------------------
7.001-7.250 25.60%
- -----------------------------------
7.251-7.500 32.23%
- -----------------------------------
7.501-7.750 10.55%
- -----------------------------------
7.751-8.000 11.16%
- -----------------------------------
8.001-8.250 6.71%
- -----------------------------------
8.251-8.500 1.03%
- -----------------------------------
8.501-8.750 2.70%
- -----------------------------------
8.751-9.000 0.77%
- -----------------------------------
9.001-9.250 0.11%
===================================
Total: 100.00%
===================================
Min.: 6.500%
Max.: 9.085%
Wtd. Avg.: 7.477%
Page 15 of 17
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR A SOLICITATION
OF AN OFFER TO BUY ANY OF THE SECURITIES REFERRED TO HEREIN. OFFERS TO SELL AND
SOLICITATIONS OF OFFERS TO BUY SECURITIES ARE MADE ONLY BY, AND THIS INFORMATION
MUST BE READ IN CONJUNCTION WITH, THE FINAL PROSPECTUS SUPPLEMENT AND THE
RELATED PROSPECTUS OR, IF NOT REGISTERED UNDER THE SECURITIES ACT OF 1933, THE
FINAL OFFERING MEMORANDUM (THE "OFFERING DOCUMENT"). INFORMATION CONTAINED
HEREIN DOES NOT PURPORT TO BE COPMPLETE AND IS SUBJECT TO THE SAME
QUALIFICATIONS AND ASSUMPTIONS, AND SHOULD BE CONSIDERED BY INVESTORS ONLY IN
THE LIGHT OF THE SAME WARNINGS, LACK OF ASSURANCES AND REPRESENTATIONS AND OTHER
PRECAUTIONARY MATTERS, AS DISCLOSED IN THE OFFERING DOCUMENT. INFORMATION
REGARDING THE UNDERLYING ASSETS HAS BEEN PROVIDED BY THE ISSUER OF THE
SECURITIES OR AN AFFILIATE THEREOF AND HAS NOT BEEN INDEPENDENTLY VERIFIED BY
THE UNDERWRITERS OR THEIR RESPECTIVE AFFILIATES. THE ANALYSES CONTAINED HEREIN
HAVE BEEN PREPARED AND DISSEMINATED BY THE UNDERWRITERS. THIS INFORMATION WAS
PREPARED ON THE BASIS OF CERTAIN ASSUMPTIONS (INCLUDING, IN CERTAIN CASES,
ASSUMPTIONS SPECIFIED BY THE RECIPIENT HEREOF) REGARDING PAYMENTS, INTEREST
RATES, WEIGHTED AVERAGE LIVES AND WEIGHTED AVERAGE LOAN AGE, LOSS AND OTHER
MATTERS, INCLUDING, BUT NOT LIMITED TO, THE ASSUMPTIONS DESCRIBED IN THE
OFFERING DOCUMENT. NEITHER THE UNDERWRITERS, NOR ANY OF THEIR AFFILIATES MAKE
ANY REPRESENTATION OR WARRANTY AS TO THE ACTUAL RATE OR TIMING OF PAYMENTS ON
ANY OF THE UNDERLYING ASSETS OR THE PAYMENTS OR YIELD ON THE SECURITIES. THIS
INFORMATION SUPERSEDES ANY PRIOR VERSIONS HEREOF AND WILL BE DEEMED TO BE
SUPERSEDED BY ANY SUBSEQUENT VERSIONS (INCLUDING, WITH RESPECT TO ANY
DESCRIPTION OF THE SECURITIES OR THE UNDERLYING ASSETS, THE INFORMATION
CONTAINED IN THE OFFERING DOCUMENT).
<PAGE>
LBCMT 1999-C1 Structural and Collateral Term Sheet (continued):
Remaining Term to Maturity (1)
==============================
% of Initial
Months Pool Balance
==============================
49-60 3.95%
- ------------------------------
61-72 0.29%
- ------------------------------
73-84 8.10%
- ------------------------------
97-108 4.55%
- ------------------------------
109-120 75.90%
- ------------------------------
157-168 2.07%
- ------------------------------
169-180 1.77%
- ------------------------------
205-216 0.08%
- ------------------------------
217-228 0.44%
- ------------------------------
229-240 2.40%
- ------------------------------
241-252 0.28%
- ------------------------------
289-300 0.16%
==============================
Total: 100.00%
==============================
(1) Assumes ARD Loans payoff on their Anticipated Repayment Date
Min.: 50
Max.: 289
Wtd. Avg.: 117
Remaining Amortization Term(1)
==============================
% of Initial
Months Pool Balance
==============================
157-168 0.06%
- ------------------------------
169-180 0.48%
- ------------------------------
205-216 0.08%
- ------------------------------
217-228 0.09%
- ------------------------------
229-240 1.16%
- ------------------------------
253-264 9.75%
- ------------------------------
265-276 1.14%
- ------------------------------
289-300 17.49%
- ------------------------------
313-324 0.94%
- ------------------------------
325-336 1.66%
- ------------------------------
337-348 3.91%
- ------------------------------
349-360 63.25%
==============================
Total: 100.00%
==============================
(1) Assumes ARD Loans payoff on their Anticipated Repayment Date
Min.: 162
Max.: 360
Wtd. Avg.: 332
Debt Service Coverage Ratios (DSCR)(1)
======================================
Cut-off Date % of Initial
DSCR Ranges (x) Pool Balance
======================================
1.20-1.24 6.98%
- --------------------------------------
1.25-1.29 13.43%
- --------------------------------------
1.30-1.34 14.03%
- --------------------------------------
1.35-1.39 5.88%
- --------------------------------------
1.40-1.44 14.48%
- --------------------------------------
1.45-1.49 3.94%
- --------------------------------------
1.50-1.54 5.45%
- --------------------------------------
1.55-1.59 0.53%
- --------------------------------------
1.60-1.64 4.40%
- --------------------------------------
1.65-1.69 9.70%
- --------------------------------------
1.75-1.84 8.22%
- --------------------------------------
2.05-2.20 12.90%
- --------------------------------------
2.21-2.24 0.07%
======================================
Total: 100.00%
======================================
(1) Excludes CTL Loans
Min.: 1.20x
Max.: 2.25x
Wtd. Avg.: 1.53x
Loan To Value Ratios (LTV)(1)
==================================
Cut-Off Date % of Initial
LTV Ranges (%) Pool Balance
==================================
35.01-40.00 0.08%
- ----------------------------------
40.01-45.00 0.62%
- ----------------------------------
45.01-50.00 21.27%
- ----------------------------------
50.01-55.00 5.68%
- ----------------------------------
55.01-60.00 18.62%
- ----------------------------------
60.01-65.00 7.41%
- ----------------------------------
65.01-70.00 13.96%
- ----------------------------------
70.01-75.00 15.18%
- ----------------------------------
75.01-80.00 17.19%
==================================
Total: 100.00%
==================================
(1) Excludes CTL Loans
Min.: 38.08%
Max.: 79.90%
Wtd. Avg.: 62.68%
Page 16 of 17
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR A SOLICITATION
OF AN OFFER TO BUY ANY OF THE SECURITIES REFERRED TO HEREIN. OFFERS TO SELL AND
SOLICITATIONS OF OFFERS TO BUY SECURITIES ARE MADE ONLY BY, AND THIS INFORMATION
MUST BE READ IN CONJUNCTION WITH, THE FINAL PROSPECTUS SUPPLEMENT AND THE
RELATED PROSPECTUS OR, IF NOT REGISTERED UNDER THE SECURITIES ACT OF 1933, THE
FINAL OFFERING MEMORANDUM (THE "OFFERING DOCUMENT"). INFORMATION CONTAINED
HEREIN DOES NOT PURPORT TO BE COPMPLETE AND IS SUBJECT TO THE SAME
QUALIFICATIONS AND ASSUMPTIONS, AND SHOULD BE CONSIDERED BY INVESTORS ONLY IN
THE LIGHT OF THE SAME WARNINGS, LACK OF ASSURANCES AND REPRESENTATIONS AND OTHER
PRECAUTIONARY MATTERS, AS DISCLOSED IN THE OFFERING DOCUMENT. INFORMATION
REGARDING THE UNDERLYING ASSETS HAS BEEN PROVIDED BY THE ISSUER OF THE
SECURITIES OR AN AFFILIATE THEREOF AND HAS NOT BEEN INDEPENDENTLY VERIFIED BY
THE UNDERWRITERS OR THEIR RESPECTIVE AFFILIATES. THE ANALYSES CONTAINED HEREIN
HAVE BEEN PREPARED AND DISSEMINATED BY THE UNDERWRITERS. THIS INFORMATION WAS
PREPARED ON THE BASIS OF CERTAIN ASSUMPTIONS (INCLUDING, IN CERTAIN CASES,
ASSUMPTIONS SPECIFIED BY THE RECIPIENT HEREOF) REGARDING PAYMENTS, INTEREST
RATES, WEIGHTED AVERAGE LIVES AND WEIGHTED AVERAGE LOAN AGE, LOSS AND OTHER
MATTERS, INCLUDING, BUT NOT LIMITED TO, THE ASSUMPTIONS DESCRIBED IN THE
OFFERING DOCUMENT. NEITHER THE UNDERWRITERS, NOR ANY OF THEIR AFFILIATES MAKE
ANY REPRESENTATION OR WARRANTY AS TO THE ACTUAL RATE OR TIMING OF PAYMENTS ON
ANY OF THE UNDERLYING ASSETS OR THE PAYMENTS OR YIELD ON THE SECURITIES. THIS
INFORMATION SUPERSEDES ANY PRIOR VERSIONS HEREOF AND WILL BE DEEMED TO BE
SUPERSEDED BY ANY SUBSEQUENT VERSIONS (INCLUDING, WITH RESPECT TO ANY
DESCRIPTION OF THE SECURITIES OR THE UNDERLYING ASSETS, THE INFORMATION
CONTAINED IN THE OFFERING DOCUMENT).
<PAGE>
LBCMT 1999-C1 Structural and Collateral Term Sheet (continued):
Geographic Distribution
==================================== =====================================
% of Initial % of Initial
State Pool Balance State Pool Balance
==================================== =====================================
California 22.86% Puerto Rico 0.91%
- ------------------------------------ -------------------------------------
New York 11.42% Maryland 0.89%
- ------------------------------------ -------------------------------------
Oklahoma 10.44% Oregon 0.84%
- ------------------------------------ -------------------------------------
Texas 7.09% Minnesota 0.80%
- ------------------------------------ -------------------------------------
Michigan 5.88% Tennessee 0.71%
- ------------------------------------ -------------------------------------
Florida 5.17% Louisiana 0.69%
- ------------------------------------ -------------------------------------
Illinois 4.04% Colorado 0.66%
- ------------------------------------ -------------------------------------
Washington 3.24% Connecticut 0.40%
- ------------------------------------ -------------------------------------
West Virginia 3.00% Kentucky 0.32%
- ------------------------------------ -------------------------------------
Pennsylvania 2.18% Kansas 0.24%
- ------------------------------------ -------------------------------------
Ohio 2.05% North Dakota 0.23%
- ------------------------------------ -------------------------------------
Massachusetts 2.01% Idaho 0.21%
- ------------------------------------ -------------------------------------
Indiana 1.91% Washington D.C. 0.20%
- ------------------------------------ -------------------------------------
Arizona 1.88% Mississippi 0.17%
- ------------------------------------ -------------------------------------
Utah 1.79% Vermont 0.12%
- ------------------------------------ -------------------------------------
Nevada 1.69% Alabama 0.10%
- ------------------------------------ -------------------------------------
Virginia 1.33% South Carolina 0.10%
- ------------------------------------ -------------------------------------
Hawaii 1.33% Montana 0.09%
- ------------------------------------ -------------------------------------
North Carolina 1.04% Maine 0.06%
- ------------------------------------ =====================================
New Jersey 0.98% Total: 100.00%
- ------------------------------------ =====================================
Georgia 0.96%
====================================
===================================
% of Initial
Loan Type Pool Balance
===================================
Balloon 55.28%
-----------------------------------
Fully Amortizing 1.71%
-----------------------------------
ARD Loan 43.01%
===================================
Total: 100.00%
===================================
Page 17 of 17
THIS INFORMATION DOES NOT CONSTITUTE EITHER AN OFFER TO SELL OR A SOLICITATION
OF AN OFFER TO BUY ANY OF THE SECURITIES REFERRED TO HEREIN. OFFERS TO SELL AND
SOLICITATIONS OF OFFERS TO BUY SECURITIES ARE MADE ONLY BY, AND THIS INFORMATION
MUST BE READ IN CONJUNCTION WITH, THE FINAL PROSPECTUS SUPPLEMENT AND THE
RELATED PROSPECTUS OR, IF NOT REGISTERED UNDER THE SECURITIES ACT OF 1933, THE
FINAL OFFERING MEMORANDUM (THE "OFFERING DOCUMENT"). INFORMATION CONTAINED
HEREIN DOES NOT PURPORT TO BE COPMPLETE AND IS SUBJECT TO THE SAME
QUALIFICATIONS AND ASSUMPTIONS, AND SHOULD BE CONSIDERED BY INVESTORS ONLY IN
THE LIGHT OF THE SAME WARNINGS, LACK OF ASSURANCES AND REPRESENTATIONS AND OTHER
PRECAUTIONARY MATTERS, AS DISCLOSED IN THE OFFERING DOCUMENT. INFORMATION
REGARDING THE UNDERLYING ASSETS HAS BEEN PROVIDED BY THE ISSUER OF THE
SECURITIES OR AN AFFILIATE THEREOF AND HAS NOT BEEN INDEPENDENTLY VERIFIED BY
THE UNDERWRITERS OR THEIR RESPECTIVE AFFILIATES. THE ANALYSES CONTAINED HEREIN
HAVE BEEN PREPARED AND DISSEMINATED BY THE UNDERWRITERS. THIS INFORMATION WAS
PREPARED ON THE BASIS OF CERTAIN ASSUMPTIONS (INCLUDING, IN CERTAIN CASES,
ASSUMPTIONS SPECIFIED BY THE RECIPIENT HEREOF) REGARDING PAYMENTS, INTEREST
RATES, WEIGHTED AVERAGE LIVES AND WEIGHTED AVERAGE LOAN AGE, LOSS AND OTHER
MATTERS, INCLUDING, BUT NOT LIMITED TO, THE ASSUMPTIONS DESCRIBED IN THE
OFFERING DOCUMENT. NEITHER THE UNDERWRITERS, NOR ANY OF THEIR AFFILIATES MAKE
ANY REPRESENTATION OR WARRANTY AS TO THE ACTUAL RATE OR TIMING OF PAYMENTS ON
ANY OF THE UNDERLYING ASSETS OR THE PAYMENTS OR YIELD ON THE SECURITIES. THIS
INFORMATION SUPERSEDES ANY PRIOR VERSIONS HEREOF AND WILL BE DEEMED TO BE
SUPERSEDED BY ANY SUBSEQUENT VERSIONS (INCLUDING, WITH RESPECT TO ANY
DESCRIPTION OF THE SECURITIES OR THE UNDERLYING ASSETS, THE INFORMATION
CONTAINED IN THE OFFERING DOCUMENT).
