<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 2, 2000
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 May 2000, a single series of certificates,
expected to be titled LB-UBS Commercial Mortgage Pass-Through Certificates,
Series 2000-C3 (the "Certificates"), will be issued pursuant to a pooling and
servicing agreement to be entered into by and among Structured Asset Securities
Corporation (the "Registrant") and a master servicer, a special servicer, a
trustee and a fiscal agent. It is expected that 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., Morgan Stanley & Co. Incorporated and Deutsche Bank
Securities Inc. (collectively, the "Underwriters") pursuant to an underwriting
agreement to be entered into by and among 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
certain information, attached hereto as Exhibits 99.1 and 99.2, that may be
considered "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 a final prospectus
relating to the Underwritten Certificates and by any other 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.
<PAGE>
(c) EXHIBITS:
Exhibit No. Description
99.1 Certain materials constituting Computational Materials and/or ABS
Term Sheets and disseminated in connection with the expected sale of
the Underwritten Certificates.
99.2 Certain materials constituting Computational Materials and/or ABS
Term Sheets and disseminated in connection with the expected sale of
the Underwritten Certificates.
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: May 2, 2000
STRUCTURED ASSET SECURITIES CORPORATION
By: /s/ Paul A. Hughson
------------------------------------
Name: Paul A. Hughson
Title: Senior Vice President
<PAGE>
EXHIBIT INDEX
The following exhibits are filed herewith:
EXHIBIT NO.
99.1 Certain materials constituting Computational Materials and/or ABS
Term Sheets and disseminated in connection with the expected sale of
the Underwritten Certificates.
99.2 Certain materials constituting Computational Materials and/or ABS
Term Sheets and disseminated in connection with the expected sale of
the Underwritten Certificates.
5
<PAGE>
Exhibit 99.1
[LOGO]UBS Warburg [LOGO] LEHMAN BROTHERS
ANNEX B
LB-UBS COMMERCIAL MORTGAGE TRUST 2000-C3
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,
SERIES 2000-C3
$1,306,897,052
(APPROXIMATE)
INITIAL MORTGAGE POOL BALANCE
[GRAPHIC OMITTED]
% OF INITIAL POOL BY CUT-OFF DATE BALANCE
LEHMAN BROTHERS
MORGAN STANLEY DEAN WITTER DEUTSCHE BANC ALEX.BROWN
Page 1 of 16
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 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 SELLERS OF THOSE UNDERLYING ASSETS,
THE ISSUER OF THE SECURITIES OR THEIR RESPECTIVE AFFILIATES 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 AND NOT BY THE ISSUER. 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 RESPECTIVE AFFILIATES MAKES 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 HEROF AND BY THE OFFERING DOCUMENT.
<PAGE>
LB-UBS 2000-C3 Structural and Collateral Term Sheet (continued):
LB-UBS Commercial Mortgage Trust 2000-C3
Commercial Mortgage Pass-Through Certificates,
Series 2000-C3
Credit
Support
---------------------------------------------
20.25% Class A-1
-------------------------------
20.25% Class A-2
-------------------------------
14.75% Class B
-------------------------------
11.00% Class C
-------------------------------
9.50% Class D
-------------------------------
8.50% Class E
-------------------------------
7.50% Class F
-------------------------------
6.60% Class G Class X
-------------------------------
5.00% Class H
-------------------------------
3.75% Class J
-------------------------------
3.00% Class K
-------------------------------
2.20% Class L
-------------------------------
1.30% Class M
-------------------------------
1.00% Class N
-------------------------------
N/A Class P
---------------------------------------------
<TABLE>
<CAPTION>
===========================================================================================================
Original Face Ratings Coupon Initial Wtd Avg Life Principal Legal
Class Amount (Moody's/Fitch) Description(1) Coupon (years) (2) Window(2) Status
===========================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 $ 385,000,000 Aaa/AAA Capped WAC 5.767 04/00 - 05/09 Public
- - ---------------------------------------------------------------------------------------------------------------
A-2 657,250,000 Aaa/AAA Capped WAC 9.620 05/09 - 01/10 Public
- - ---------------------------------------------------------------------------------------------------------------
B 71,879,000 Aa2/AA Capped WAC 9.825 01/10 - 01/10 Public
- - ---------------------------------------------------------------------------------------------------------------
C 49,009,000 A2/A Capped WAC 9.848 01/10 - 02/10 Public
- - ---------------------------------------------------------------------------------------------------------------
D 19,603,000 A3/A- Capped WAC 9.908 02/10 - 02/10 Public
- - ---------------------------------------------------------------------------------------------------------------
E 13,069,000 Baa1/BBB+ Capped WAC 9.908 02/10 - 02/10 Public
- - ---------------------------------------------------------------------------------------------------------------
F 13,069,000 Baa2/BBB Capped WAC 9.908 02/10 - 02/10 Public
- - ---------------------------------------------------------------------------------------------------------------
G 11,762,000 Baa3/BBB- Capped WAC 9.908 02/10 - 02/10 Public
- - ---------------------------------------------------------------------------------------------------------------
H 20,911,000 (6) Capped WAC 9.908 02/10 - 02/10 Private 144A
- - ---------------------------------------------------------------------------------------------------------------
J 16,336,000 (6) Capped WAC 9.908 02/10 - 02/10 Private 144A
- - ---------------------------------------------------------------------------------------------------------------
K 9,802,000 (6) Capped WAC 9.951 02/10 - 03/10 Private 144A
- - ---------------------------------------------------------------------------------------------------------------
L 10,455,000 (6) Capped WAC 10.046 03/10 - 04/10 Private 144A
- - ---------------------------------------------------------------------------------------------------------------
M 11,762,000 (6) Capped WAC 10.367 04/10 - 09/11 Private 144A
- - ---------------------------------------------------------------------------------------------------------------
N 3,921,000 (6) Capped WAC 12.927 09/11 - 06/14 Private 144A
- - ---------------------------------------------------------------------------------------------------------------
P 13,069,052 (6) Capped WAC 17.457 06/14 - 03/20 Private 144A
- - ---------------------------------------------------------------------------------------------------------------
X 1,306,897,052(3) Aaa/AAA WAC I/O 8.626 (4) 04/00 - 03/20 (5) Public
===============================================================================================================
Total $1,306,897,052 -- -- -- -- -- --
===============================================================================================================
</TABLE>
(1) "Capped WAC" describes a variable coupon equal to the lesser of the
initial coupon for the subject class and a weighted average of certain net
mortgage interest rates on the underlying mortgage loans.
(2) Expected 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 weighted average life of notional amount of Class X.
(5) Represents period over which the notional amount of the Class X
Certificates will be reduced to zero.
(6) Not offered hereby.
Page 2 of 16
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 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 SELLERS OF THOSE UNDERLYING ASSETS,
THE ISSUER OF THE SECURITIES OR THEIR RESPECTIVE AFFILIATES 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 AND NOT BY THE ISSUER. 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 RESPECTIVE AFFILIATES MAKES 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 HEROF AND BY THE OFFERING DOCUMENT.
<PAGE>
LB-UBS 2000-C3 Structural and Collateral Term Sheet (continued):
CERTAIN OFFERING POINTS
o CMBS "E-BOND" OFFERING BY LEHMAN BROTHERS INC. This CMBS transaction
will be offered by Lehman Brothers Inc. over the Internet. Subject
to approval, investors will have access to the Internet site through
Lehman Brothers' Client Access Site at: www.client.lehman.com. The
Client Access Site will also allow investors to place orders over
the Internet if they so desire. On the site, investors will be
provided with: 1) General details of the offering (summary of terms,
structural highlights, parties involved in the transaction, etc.),
2) Informational materials such as the transaction summary book,
structural and collateral term sheets and links to the Bloomberg
slide show, 3) Preliminary/Final Prospectus Supplement and 4) Base
Prospectus.
o NEWLY ORIGINATED COLLATERAL. The collateral consists of 173 mortgage
loans (the "Mortgage Loans") with a principal balance, as of March
11, 2000 (date used as the cut-off date for the purposes of
presenting statistical information), of approximately $1.31 billion.
All of the mortgage loans were originated by affiliates of Lehman
Brothers Inc. as well as affiliates of UBS Principal Finance LLC,
directly or through conduit correspondents.
o CALL PROTECTION. 100% of the Mortgage Loans contain call protection
provisions. As of the Cut-Off Date, 100.0% of the Mortgage Loans
provide for an initial lockout period. The weighted average initial
lockout period for all loans is 3.2 years. Following their initial
lockout periods, 140 Mortgage Loans prohibit voluntary prepayments
but permit defeasance for some part of their remaining terms. The
Mortgage Loans are generally prepayable without penalty between zero
to six months from Mortgage Loan maturity or anticipated repayment
date ("ARD"), with a weighted average open period of 2.5 months.
o WEIGHTED AVERAGE REMAINING LOCK-OUT AND TREASURY DEFEASANCE(FOR
DEFEASANCE LOANS ONLY) OF 9.3 YEARS.
o NO LOAN DELINQUENT 30 DAYS OR MORE AS OF THE CUT-OFF DATE.
o $7,554,318 AVERAGE LOAN BALANCE AS OF THE CUT-OFF DATE.
o 1.45x WEIGHTED AVERAGE DEBT SERVICE COVERAGE RATIO ("DSCR"), BASED
ON UNDERWRITTEN NET CASH FLOW, AS OF THE CUT-OFF DATE (EXCLUDING CTL
LOANS).
o 63.0% WEIGHTED AVERAGE LOAN TO VALUE ("LTV") AS OF THE CUT-OFF DATE
(EXCLUDING CTL LOANS BUT INCLUDING OTHER FULLY AMORTIZING LOANS).
o 57.1% WEIGHTED AVERAGE LTV AT BALLOON (EXCLUDING CTL LOANS BUT
INCLUDING OTHER FULLY AMORTIZING LOANS).
o THE FOUR LARGEST LOANS CONTRIBUTED TO THE TRUST ARE: 1) Cherry Creek
Mall with a 47.6% LTV and 1.71x DSCR, 2) Annapolis Mall with a 58.3%
LTV and 1.50x DSCR, 3) Westfield Portfolio with a 43.0% LTV and
1.94x DSCR and 4) Sangertown Square with a 40.9% LTV and 1.76x DSCR.
o PROPERTY TYPE DIVERSIFICATION (BY BALANCE). 50.9% Retail (33.1%
Regional Mall, 14.2% Anchored, and 3.6% Unanchored), 21.9% Office,
14.0% Multifamily (includes Senior Housing), 4.3%
Industrial/Warehouse, 2.9% Mobile Home Park, 2.4% Credit Tenant
Lease ("CTL"), 2.0% Hotel (0.9% Full Service and 1.2% Limited
Service), 1.1% Self Storage, and 0.5% Mixed Use.
o GEOGRAPHIC DISTRIBUTION (BY BALANCE). The properties are distributed
throughout 30 states. California (15.2%); New York (14.5%); Maryland
(14.5%); Colorado (12.6%); Texas (7.7%); New Jersey (5.7%); Georgia
(5.0%), Mississippi (3.1%), North Carolina (3.0%), all other states
less than 3.0% 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 Certificateholders.
o CASH FLOWS WILL BE MODELED ON BLOOMBERG.
Except as otherwise indicated, percentages (%) represent the scheduled
principal balance of the subject loan or loans as of the Cut-Off Date (as
to each loan, the "Cut-Off Date Balance") compared to aggregate mortgage
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.
Page 3 of 16
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 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>
LB-UBS 2000-C3 Structural and Collateral Term Sheet (continued):
PRIORITY AND TIMING OF CASH FLOWS*
[GRAPHIC OMITTED]
*Assuming 0% CPR and No Losses
RATING AGENCIES: Moody's Investors Service, Inc. and Fitch IBCA, Inc.
TRUSTEE: LaSalle Bank National Association
MASTER SERVICER: First Union National Bank
SPECIAL SERVICER: Lennar Partners, Inc.
CLOSING DATE: Week of May 15, 2000
CUT-OFF DATE: May 11, 2000. (Please note that although the actual Cut-Off
Date will be May 11, 2000, the statistical information with
respect to the mortgage loans and the underlying properties
is presented as if March 11, 2000 is the Cut-Off Date.
Therefore, the actual individual principal balances of any
mortgage loans and the actual aggregate principal balances
of any groups of mortgage loans identified in this term
sheet will in each case on the closing date be less than the
amounts shown here, reflecting the principal payments on
such mortgage loans in April and May 2000.
ERISA: Classes A-1, A-2, and X are expected to be eligible for each
of the underwriters' individual prohibited transaction
exemptions.
DETERMINATION DATE: 11th day of each month or, if such day is not a business
day, then the following business day.
PAYMENT: Pays on 4th business day after Determination Date of each
month, commencing in June 2000.
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.
Page 4 of 16
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 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 SELLERS OF THOSE UNDERLYING ASSETS,
THE ISSUER OF THE SECURITIES OR THEIR RESPECTIVE AFFILIATES 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 AND NOT BY THE ISSUER. 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 RESPECTIVE AFFILIATES MAKES 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 HEROF AND BY THE OFFERING DOCUMENT.
<PAGE>
LB-UBS 2000-C3 Structural and Collateral Term Sheet (continued):
MORTGAGE LOANS: All of the mortgage loans were originated by UBS Principal
Finance LLC, affiliates of UBS Principal Finance LLC or
Lehman Brothers Inc. or by the approved conduit
correspondents of those affiliates. As of the Cut-off Date,
the Mortgage Loans have a weighted average coupon ("WAC") of
8.336% and a weighted average remaining term to maturity
("WAM") of 110 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.
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 up to the Principal Distribution Amount
to the A-1 Class until such class is retired,*
3) After the A-1 Class is retired, Principal up to
the Principal Distribution Amount to the Class A-2
until such Class is retired,*
4) Interest to Class B, then Principal up to the
Principal Distribution Amount to Class B until
such Class is retired,
5) Interest to Class C, then Principal up to the
Principal Distribution Amount to Class C until
such Class is retired,
6) Interest to Class D, then Principal up to the
Principal Distribution Amount to Class D until
such Class is retired,
7) Interest to Class E, then Principal up to the
Principal Distribution Amount to Class E until
such Class is retired,
8) Interest to Class F, then Principal up to the
Principal Distribution Amount to Class F until
such Class is retired,
9) Interest to Class G, then Principal up to the
Principal Distribution Amount to Class G until
such Class is retired
10) Interest and Principal up to the Principal
Distribution Amount to the Private Classes,
sequentially.
*A-1 and A-2 Classes are pro rata if Classes B through P are
retired.
REALIZED LOSSES: Realized Losses from any Mortgage Loan will be allocated in
reverse sequential order (i.e. Classes P, N, M, L, K, J, H,
G, F, E, D, C and B, in that order). If Classes B through P
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 P&I Advance for that 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 a specified number of 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>
Minimum Increments
Classes Denomination Thereafter Delivery
- - ---------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
A-1, A-2, B, C, D, E, F and G $ 10,000 $1 DTC
- - ---------------------------------------------------------------------------------------------------
X $250,000 $1 DTC
</TABLE>
Page 5 of 16
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 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>
LB-UBS 2000-C3 Structural and Collateral Term Sheet (continued):
PREPAYMENT RESTRICTION*
<TABLE>
<CAPTION>
===============================================================================================================
Prepayment
Restriction 3/00 3/01 3/02 3/03 3/04 3/05 3/06 3/07 3/08 3/09 3/10
- - ---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Lock-Out / Def. 100.0% 100.0% 100.0% 71.2% 69.3% 67.0% 67.1% 76.3% 76.3% 73.4% 100.0%
- - ---------------------------------------------------------------------------------------------------------------
Yield Maintenance - - - 28.8% 30.7% 32.5% 32.5% 23.7% 23.7% 23.7% -
===============================================================================================================
Sub Total: 100.0% 100.0% 100.0% 100.0% 100.0% 99.6% 99.6% 100.0% 100.0% 97.1% 100.0%
===============================================================================================================
<CAPTION>
% Prepayment Premium
===============================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
5% - - - - - - - - - - -
- - ---------------------------------------------------------------------------------------------------------------
4% - - - - - - - - - - -
- - ---------------------------------------------------------------------------------------------------------------
3% - - - - - - - - - - -
- - ---------------------------------------------------------------------------------------------------------------
2% - - - - - 0.4% - - - - -
- - ---------------------------------------------------------------------------------------------------------------
1% - - - - - - 0.4% - - - -
- - ---------------------------------------------------------------------------------------------------------------
Open - - - - - - - - - 2.9% -
===============================================================================================================
Total: 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,
assuming no prepayments or defaults.
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 26 10.33%
--------------------------------------------------------------
1 Month 28 9.93
--------------------------------------------------------------
2 Months 10 8.22
--------------------------------------------------------------
3 Months 100 69.07
--------------------------------------------------------------
4 Months 1 0.69
--------------------------------------------------------------
6 Months 8 1.76
==============================================================
Total: 173 100.00%
==============================================================
* Weighted average open period at end of loan is 2.5 months.
Page 6 of 16
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 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>
LB-UBS 2000-C3 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 Certificateholders
will have the benefit of certain non-cancelable
credit lease enhancement policies obtained to
cover certain casualty and/or condemnation risks.
Approximately 2.4% of the Mortgage Loans are Credit Tenant
Lease Loans.
<TABLE>
<CAPTION>
======================================================================================================
Credit
Number Cut-Off Date Credit Rating Rating
Tenant / Guarantor Of Loans Balance ($) Lease Type(1) (S&P) (Moody's)
======================================================================================================
<S> <C> <C> <C> <C> <C>
Super Stop & Shop(2) 1 $14,300,000 NNN A- A3
- - ------------------------------------------------------------------------------------------------------
CVS 4 8,502,001 NN A A3
- - ------------------------------------------------------------------------------------------------------
Bellsouth 1 5,962,636 Bond AAA Aa2
- - ------------------------------------------------------------------------------------------------------
Walgreens 1 3,226,473 NN A+(3) Aa3
======================================================================================================
Total: 7 $31,991,110 -- A+ A2
======================================================================================================
</TABLE>
(1) "Bond" means bondable lease, "NNN" means triple net lease and "NN"
means double net lease.
(2) Ahold Guaranty.
(3) Issuer Credit Rating.
RESERVES: The table below relates only to conventional conduit loans
and excludes: (i) all CTL loans; and (ii) the four loans
with Cut-Off Date Balances of more than $50 million that
were originated by UBS Principal Finance's or Lehman's Large
Loan Program.
<TABLE>
<CAPTION>
===================================================================================================
% of Conduit Loans
w/Annual Escrows Current Balance Annual Deposit
===================================================================================================
<S> <C> <C> <C>
Replacement Reserves 89.8% $750,572 $3,235,566
- - ---------------------------------------------------------------------------------------------------
Taxes 98.0% N/A $13,311,062
- - ---------------------------------------------------------------------------------------------------
Insurance 91.1% N/A $1,939,629
- - ---------------------------------------------------------------------------------------------------
T1 & LC Commercial 73.3% $2,517,266 $3,736,406
===================================================================================================
</TABLE>
CASH MANAGEMENT: Mortgage Loans representing 79.5% of the Initial Pool
Balance employ cash management systems.
====================================================
Mortgage Pool
====================================================
Springing Lockbox 49.7% of Initial Pool Balance
----------------------------------------------------
Hard Lockbox 29.8% of Initial Pool Balance
====================================================
Page 7 of 16
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 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>
LB-UBS 2000-C3 Structural and Collateral Term Sheet (continued):
SIGNIFICANT
MORTGAGE LOANS: There are four loans with a Cut-Off Date principal balance
in excess of $50 million. Each of the large loans has been
bifurcated into an A Note and a B Note. The A Note has been
deposited into the Trust and will pay principal and interest
to the Trust, with the B Note, paying interest only until
the A Note is retired. Each B Note or securities backed
thereby will be rated investment grade by Fitch. The
following table provides a summary of the four largest
loans:
<TABLE>
<CAPTION>
====================================================================================================================================
Property # of Cut-Off Date % of Term to Amortization
Cherry Creek Mall Type Prop. Balance Loan Coupon ARD Term(2) DSCR LTV
====================================================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Retail
A Note (Regional Mall) 1 $148,497,918 83.9% 7.680% 7 years 25 years(3) 1.71x 47.6%
- - ------------------------------------------------------------------------------------------------------------------------------------
Retail
B Note(1) (Regional Mall) 1 $ 28,502,082 16.1% 7.680% 7 years 25 years(3) - -
====================================================================================================================================
Total / Weighted Average: 1 $177,000,000 100.0% 7.680% 7 years 25 years(3) 1.47x 56.8%
====================================================================================================================================
<CAPTION>
====================================================================================================================================
Property # of Cut-Off Date % of Term to Amortization
Annapolis Mall Type Prop. Balance Loan Coupon ARD Term(2) DSCR LTV
====================================================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Retail
A Note (Regional Mall) 1 $123,031,572 85.4% 8.251% 10 years 30 years 1.50x 58.3%(4)
- - ------------------------------------------------------------------------------------------------------------------------------------
Retail
B Note(1) (Regional Mall) 1 $ 21,099,647 14.6% 7.744% 10 years 30 years - -
====================================================================================================================================
Total / Weighted Average: 1 $144,131,219 100.0% 8.177% 10 years 30 years 1.31x 68.2%(4)
====================================================================================================================================
<CAPTION>
====================================================================================================================================
Property # of Cut-Off Date % of Term to Amortization
Westfield Portfolio Type Prop. Balance Loan Coupon ARD Term(2) DSCR LTV
====================================================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Retail
A Note (Regional Mall) 2 $ 99,000,000 76.6% TBD 10 years 30 years 1.94x 43.0%
- - ------------------------------------------------------------------------------------------------------------------------------------
Retail
B Note(1) (Regional Mall) 2 $ 30,208,037 24.4% TBD 10 years 30 years - -
====================================================================================================================================
Total / Weighted Average: 2 $129,208,037 100.0% 8.177% 10 years 30 years 1.52x 56.1%
====================================================================================================================================
<CAPTION>
====================================================================================================================================
Sangertown Property # of Cut-Off Date % of Term to Amortization
Square Mall Type Prop. Balance Loan Coupon ARD Term(2) DSCR LTV
====================================================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Retail
A Note (Regional Mall) 1 $62,145,749 81.4% TBD 10 years 30 years 1.76x 40.9%
- - ------------------------------------------------------------------------------------------------------------------------------------
Retail
B Note(1) (Regional Mall) 1 $14,204,280 18.6% TBD 10 years 30 years - -
====================================================================================================================================
Total / Weighted Average: 1 $76,350,029 100.0% 8.820% 10 years 30 years 1.45x 50.2%
====================================================================================================================================
</TABLE>
(1) Privately placed.
(2) Loan has a hyper-amortization feature after ARD.
(3) First five years interest only then 25 year amortization schedule
thereafter.
(4) There is also additional collateral in the form of $15 million letter of
credit, except that it is subject to release or reduction upon
satisfaction of certain considerations.
Page 8 of 16
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 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 SELLERS OF THOSE UNDERLYING ASSETS,
THE ISSUER OF THE SECURITIES OR THEIR RESPECTIVE AFFILIATES 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 AND NOT BY THE ISSUER. 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 RESPECTIVE AFFILIATES MAKES 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 HEROF AND BY THE OFFERING DOCUMENT.
<PAGE>
LB-UBS 2000-C3 Structural and Collateral Term Sheet (continued):
<TABLE>
<CAPTION>
=========================================================================================================
CHERRY CREEK MALL LOAN
=========================================================================================================
<S> <C>
A Note Cut-Off Date Balance: $148,497,918
- - ---------------------------------------------------------------------------------------------------------
A Note Coupon: 7.680% (weighted average of A & B Note is 7.680%)
- - ---------------------------------------------------------------------------------------------------------
Anticipated Repayment Date: August 11,2006
- - ---------------------------------------------------------------------------------------------------------
Term to ARD: 7 years
- - ---------------------------------------------------------------------------------------------------------
Amortization: First five years interest only; 25 year schedule thereafter;
hyper-amortization commencing after the ARD
- - ---------------------------------------------------------------------------------------------------------
Sponsor: Taubman Centers Inc.
- - ---------------------------------------------------------------------------------------------------------
Anchors: Foley's, Lord & Taylor, Saks Fifth Avenue and Neiman Marcus
- - ---------------------------------------------------------------------------------------------------------
Property: 1,316,485 square foot, two-level enclosed regional mall
- - ---------------------------------------------------------------------------------------------------------
Location: Denver, Colorado
- - ---------------------------------------------------------------------------------------------------------
1999 In-Line Sales/SF: $450
- - ---------------------------------------------------------------------------------------------------------
In-Line Cost of Occupancy: 12.5%
- - ---------------------------------------------------------------------------------------------------------
Occupancy: 97.5%(1)
- - ---------------------------------------------------------------------------------------------------------
Value: $311.8 million
- - ---------------------------------------------------------------------------------------------------------
LTV (A Note): 47.6%
- - ---------------------------------------------------------------------------------------------------------
DSCR (A Note): 1.71x
- - ---------------------------------------------------------------------------------------------------------
Reserves: Springing (if DSCR falls below 1.30x or an event of default occurs on
combined A & B Notes, monthly reserve of real estate taxes, insurance,
capital improvements, leasing commissions and ground lease payments)
- - ---------------------------------------------------------------------------------------------------------
Lockbox: Borrower has access to account until DSCR falls below 1.30x or an event
of default occurs or ARD
=========================================================================================================
</TABLE>
(1) Based on 12/31/99 rent roll.
<TABLE>
<CAPTION>
=========================================================================================================
ANNAPOLIS MALL LOAN
=========================================================================================================
<S> <C>
A Note Cut-Off Date Balance: $123,031,572
- - ---------------------------------------------------------------------------------------------------------
A Note Coupon: 8.251% (weighted average of A & B Note is 8.177%)
- - ---------------------------------------------------------------------------------------------------------
Anticipated Repayment Date: December 11, 2009
- - ---------------------------------------------------------------------------------------------------------
Term to ARD: 10 years
- - ---------------------------------------------------------------------------------------------------------
Amortization: 30 years; hyper-amortization commencing after the ARD
- - ---------------------------------------------------------------------------------------------------------
Sponsor: Westfield America, Inc.
- - ---------------------------------------------------------------------------------------------------------
Anchors: Hecht's, Nordstrom, Lord & Taylor, JC Penney and Montgomery Ward
- - ---------------------------------------------------------------------------------------------------------
Property: 1,116,630 square foot regional shopping center
- - ---------------------------------------------------------------------------------------------------------
Location: Annapolis, Maryland
- - ---------------------------------------------------------------------------------------------------------
1999 In-Line Sales/SF: $435
- - ---------------------------------------------------------------------------------------------------------
In-Line Cost of Occupancy: 12.3%
- - ---------------------------------------------------------------------------------------------------------
Occupancy: 98.9%(1)
- - ---------------------------------------------------------------------------------------------------------
Value: $211.2 million(2)
- - ---------------------------------------------------------------------------------------------------------
LTV (A Note): 58.3%
- - ---------------------------------------------------------------------------------------------------------
DSCR (A Note): 1.50x
- - ---------------------------------------------------------------------------------------------------------
Reserves: Springing (if DSCR falls below 1.25x or an event of default occurs, lockbox
will be established for tenant improvements, leasing commissions, operating
expenses and replacement reserves)
- - ---------------------------------------------------------------------------------------------------------
Lockbox: Hard for debt service, tax and insurance; Springing for reserves
=========================================================================================================
</TABLE>
(1) Based on 2/1/00 rent roll.
(2) There is also additional collateral in the form of $15 million letter of
credit, except that it is subject to release or reduction upon
satisfaction of certain conditions.
Page 9 of 16
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 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>
LB-UBS 2000-C3 Structural and Collateral Term Sheet (continued):
<TABLE>
<CAPTION>
=========================================================================================================
WESTFIELD PORTFOLIO LOAN
=========================================================================================================
<S> <C>
A Note Cut-Off Date Balance: $99,000,000
- - ---------------------------------------------------------------------------------------------------------
A Note Coupon: TBD (weighted average of A & B Note is 8.177%)
- - ---------------------------------------------------------------------------------------------------------
Anticipated Repayment Date: December 11, 2009
- - ---------------------------------------------------------------------------------------------------------
Term to ARD: 10 years
- - ---------------------------------------------------------------------------------------------------------
Amortization: 30 years; hyper-amortization commencing after the ARD
- - ---------------------------------------------------------------------------------------------------------
Sponsor: Westfield America, Inc,
- - ---------------------------------------------------------------------------------------------------------
Anchors: Macy's, Macy's Men's & Furniture, Target, Burlington Coat Factory and
Mervyn's
- - ---------------------------------------------------------------------------------------------------------
Property: Downtown Plaza, a 1,191,347 square foot regional shopping mall, and
Eastland Center, an 860,322 square foot power center. Total GLA: 2,051,669
square feet of GLA
- - ---------------------------------------------------------------------------------------------------------
Location: California
- - ---------------------------------------------------------------------------------------------------------
1999 In-Line Sales/SF: Overall: $312; Downtown Plaza: $331; Eastland Center: $207
- - ---------------------------------------------------------------------------------------------------------
In-Line Cost of Occupancy: Overall: 11.9%; Downtown Plaza: 13.4%; Eastland Center: 3.7%
- - ---------------------------------------------------------------------------------------------------------
Overall Occupancy(1): Overall: 95.9 %; Downtown Plaza: 94.2%; Eastland Center: 100.0%
- - ---------------------------------------------------------------------------------------------------------
Value: $230.2 million
- - ---------------------------------------------------------------------------------------------------------
LTV (A Note): 43.0%
- - ---------------------------------------------------------------------------------------------------------
DSCR (A Note): 1.94x
- - ---------------------------------------------------------------------------------------------------------
Reserves: Springing (if DSCR falls below 1.25x or if an event of default occurs,
lockbox will be established for replacement reserves, leasing commissions,
tenant improvements, and operating expenses)
- - ---------------------------------------------------------------------------------------------------------
Lockbox: Hard for debt service, tax and insurance; Springing for reserves
=========================================================================================================
</TABLE>
(1) Based on 2/1/00 rent roll and including new lease with Home Life dated
April 2000.
<TABLE>
<CAPTION>
=========================================================================================================
SANGERTOWN SQUARE MALL LOAN
=========================================================================================================
<S> <C>
A Note Cut-Off Date Balance: $62,145,749
- - ---------------------------------------------------------------------------------------------------------
A Note Coupon: TBD (weighted average of A & B Note is 8.820%)
- - ---------------------------------------------------------------------------------------------------------
Anticipated Repayment Date: December 1, 2009
- - ---------------------------------------------------------------------------------------------------------
Term to ARD: 10 years
- - ---------------------------------------------------------------------------------------------------------
Amortization: 30 years; hyper-amortization commencing after the ARD
- - ---------------------------------------------------------------------------------------------------------
Sponsor: The Pyramid Companies
- - ---------------------------------------------------------------------------------------------------------
Anchors: Sears, Kaufmann's, JC Penney and Bradlees
- - ---------------------------------------------------------------------------------------------------------
Property: 855,360 square foot, fully enclosed regional mall
- - ---------------------------------------------------------------------------------------------------------
Location: New Hartford, New York
- - ---------------------------------------------------------------------------------------------------------
1999 In-Line Sales/SF: $370
- - ---------------------------------------------------------------------------------------------------------
In-Line Cost of Occupancy: 11.6%
- - ---------------------------------------------------------------------------------------------------------
Occupancy: 93.7%(1)
- - ---------------------------------------------------------------------------------------------------------
Value: $152.0 million
- - ---------------------------------------------------------------------------------------------------------
LTV (A Note): 40.9%
- - ---------------------------------------------------------------------------------------------------------
DSCR (A Note): 1.76x
- - ---------------------------------------------------------------------------------------------------------
Replacement: $175,000/year; Tenant Rollover: $200,000/year; Renovation:
$2,000,000(2); Tax & Insurance: Funded monthly based on estimated annual
Reserves: expenses; Debt Service: One month of debt service(3)
- - ---------------------------------------------------------------------------------------------------------
Lockbox: Hard
=========================================================================================================
</TABLE>
(1) Based on 2/00 rent roll.
(2) In the event that the borrower has not substantially completed a major
renovation of the property by 12/1/08, borrower will be required to
establish such renovation reserve.
(3) Subject to release based on achievement of certain NOI tests (trailing 12
months NOI should at least be $11.3 million).
Page 10 of 16
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 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>
LB-UBS 2000-C3 Structural and Collateral Term Sheet (continued):
PREPAYMENT PREMIUM ALLOCATION EXAMPLE:
The yield maintenance charge due in connection with a prepayment
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, converting
from semi-annual to monthly pay, of a Treasury security of similar
maturity in most cases, assuming ARD loans mature on their
anticipated repayment dates.
A portion of any collected prepayment premium will be paid on the
Class of Principal Balance Certificates senior to the Class J
Certificates then receiving principal based on the Discount Rate
Fraction Methodology. The following example reflects that method.
The balance of the prepayment premium will be distributed to the
Class X Certificates.
DISCOUNT RATE FRACTION METHODOLOGY:
Mortgage Loan Characteristics of Mortgage Loan being prepaid:
Balance $10,000,000
Coupon 8.00%
Maturity 10 years
Treasury Rate (monthly) 6.50%
Certificate Characteristics
Class A-1 Coupon 7.50%
Discount Rate Fraction Example:
<TABLE>
<CAPTION>
=======================================================================================
Class A-1 Class X
Certificates Certificates
=======================================================================================
<S> <C> <C>
Principal Payment $10,000,000 N/A
---------------------------------------------------------------------------------------
Discount Rate Fraction Calculation
(Class A-1 Coupon - Reinvestment Yield) / (7.50% - 6.50%) / (100.0% - 66.7%) =
(Gross Mortgage Rate - Reinvestment Yield) = (8.00% - 6.50%) = 33.3%
Discount Rate Fraction = 66.7%
---------------------------------------------------------------------------------------
% of Premium Allocated to Classes: 66.7% 33.3%
=======================================================================================
</TABLE>
ANTICIPATED REPAYMENT DATE LOANS:
Mortgage Loans representing 53.8% 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 consideration 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.
Page 11 of 16
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 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>
LB-UBS 2000-C3 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 Certificateholders:
<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 Servicer Watch List Listing of loans in jeopardy of becoming Specially Serviced
----------------------------------------------------------------------------------------------------------------------
9 Loan Payment 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: The Controlling Class 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. A
majority of Certificateholders of the Controlling Class will,
subject to certain limitations, be entitled to replace the
Special Servicer. Such holders of the Controlling Class will
also have the right to direct or advise the Special Servicer
with respect to special servicing actions subject to the
servicing standards set in the Pooling and Servicing
Agreement. However, in the case of each Mortgage Loan with a
Cut-Off Date Balance in excess of $50 million, for so long as
the principal amount of the corresponding B Note, net of any
existing related Appraisal Reduction Amount, is at least 50%
of the original principal amount of such B Note, the holder
of such B Note will have the right to direct or advise the
Special Servicer with respect to special servicing actions
for such Mortgage Loan and the corresponding B Note.
Page 12 of 16
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 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>
LB-UBS 2000-C3 Structural and Collateral Term Sheet (continued):
GENERAL CHARACTERISTICS
==============================================
Characteristics
==============================================
Initial Pool Balance $1,306,897,052
- - ----------------------------------------------
Number of Loans 173
- - ----------------------------------------------
Gross WAC 8.336%
- - ----------------------------------------------
Original WAM(1) 114 months
- - ----------------------------------------------
Remaining WAM(1) 110 months
- - ----------------------------------------------
Average Loan Balance $7,554,318
- - ----------------------------------------------
Weighted Average DSCR(2) 1.45x
- - ----------------------------------------------
WA Cut-Off Date LTV Ratio(2) 63.0%
- - ----------------------------------------------
WA LTV at Maturity/ARD(2,3) 57.1%
- - ----------------------------------------------
Geographic Diversity 30 states
- - ----------------------------------------------
Balloon or ARD Loans 98.1%
==============================================
(1) Assumes ARD loans mature on their Anticipated Repayment Dates.
(2) Excludes CTL loans.
(3) Includes fully amortizing loans other than CTL loans.
PROPERTY TYPES
===========================================
% of Initial Pool
Property Types Balance
===========================================
Retail 50.9%
- - -------------------------------------------
Office 21.9
- - -------------------------------------------
Multifamily* 14.0
- - -------------------------------------------
Industrial/Warehouse 4.3
- - -------------------------------------------
Mobile Home Park 2.9
- - -------------------------------------------
CTL 2.4
- - -------------------------------------------
Hotel 2.0
- - -------------------------------------------
Self Storage 1.1
- - -------------------------------------------
Mixed Use 0.5
===========================================
Total: 100.0%
===========================================
* Includes Senior Housing.
<TABLE>
<CAPTION>
DEAL SUMMARY BY PROPERTY TYPE
====================================================================================================================================
% of
Aggregate Initial Average Gross Rem. WA
# of Cut-off Date Pool Cut-off Date WAC WAM WA WA Occupancy Balloon
Property Type Loans Balance ($) Balance Balance ($) (%) (mos)(1) LTV(2) DSCR(2) Rate (%)(3) %
====================================================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Retail 40 $665,479,743 50.9% $16,636,994 8.222% 107 56.8% 1.58x 97.22% 25.40%
- - ------------------------------------------------------------------------------------------------------------------------------------
Regional Mall 4 432,675,239 33.1 108,168,810 8.120 103 48.6 1.71 96.99 0.00
- - ------------------------------------------------------------------------------------------------------------------------------------
Anchored 24 185,521,585 14.2 7,730,066 8.372 118 72.8 1.33 97.56 65.61
- - ------------------------------------------------------------------------------------------------------------------------------------
Unanchored 12 47,282,920 3.6 3,940,243 8.567 102 69.4 1.32 97.96 100.00
- - ------------------------------------------------------------------------------------------------------------------------------------
Office 30 285,751,898 21.9 9,525,063 8.474 109 68.1 1.29 93.14 45.84
- - ------------------------------------------------------------------------------------------------------------------------------------
Multifamily(4) 54 182,480,304 14.0 3,379,265 8.365 110 74.3 1.31 95.96 79.99
- - ------------------------------------------------------------------------------------------------------------------------------------
Industrial/W'house 14 56,776,866 4.3 4,055,490 8.446 101 70.7 1.34 98.82 84.65
- - ------------------------------------------------------------------------------------------------------------------------------------
Mobile Home Park 17 37,331,228 2.9 2,195,955 8.195 105 67.5 1.40 95.75 100.00
- - ------------------------------------------------------------------------------------------------------------------------------------
CTL 7 31,991,110 2.4 4,570,159 8.521 217 N/A N/A 100.00 24.21
- - ------------------------------------------------------------------------------------------------------------------------------------
Hotel 6 26,727,140 2.0 4,454,523 8.870 102 59.3 1.58 N/A 91.31
- - ------------------------------------------------------------------------------------------------------------------------------------
Limited Service 5 15,356,169 1.2 3,071,234 8.937 118 55.7 1.72 N/A 84.87
- - ------------------------------------------------------------------------------------------------------------------------------------
Full Service 1 11,370,971 0.9 11,370,971 8.780 81 64.2 1.40 N/A 100.00
- - ------------------------------------------------------------------------------------------------------------------------------------
Self Storage 2 13,988,507 1.1 6,994,253 8.831 60 73.4 1.31 86.27 100.00
- - ------------------------------------------------------------------------------------------------------------------------------------
Mixed Use 3 6,370,255 0.5 2,123,418 8.814 84 48.3 1.37 77.35 42.38
====================================================================================================================================
Total/Avg/Wtd.Avg: 173 $1,306,897,052 100.0% $7,554,318 8.336% 110 63.0% 1.45x 96.01% 44.39%
====================================================================================================================================
</TABLE>
(1) Assumes ARD loans mature on their Anticipated Repayment Dates
(2) Excludes credit tenant lease loans.
(3) Excludes hotels.
(4) Includes Senior Housing.
Page 13 of 16
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 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>
LB-UBS 2000-C3 Structural and Collateral Term Sheet (continued):
LOAN SIZE DISTRIBUTION
=================================================
Cut-Off Date Balance # of % of Initial
Ranges ($) Loans Pool Balance
=================================================
0 - 2,000,000 49 4.01%
- - -------------------------------------------------
2,000,001 - 6,000,000 78 21.52
- - -------------------------------------------------
6,000,001 - 10,000,000 18 11.32
- - -------------------------------------------------
10,000,001 - 14,000,000 12 11.05
- - -------------------------------------------------
14,000,001 - 18,000,000 6 7.44
- - -------------------------------------------------
18,000,001 - 24,000,000 3 4.78
- - -------------------------------------------------
24,000,001 - 36,000,000 2 3.99
- - -------------------------------------------------
36,000,001 - 58,000,000 1 2.78
- - -------------------------------------------------
58,000,001 - 66,000,000 1 4.76
- - -------------------------------------------------
66,000,001 - 138,000,000 2 16.99
- - -------------------------------------------------
138,000,001 - 149,000,000 1 11.36
=================================================
Total: 173 100.00%
=================================================
Min.: $298,955
Max.: $148,497,918
Avg.: $7,554,318
GROSS RATE DISTRIBUTION
===============================================
Gross Rate Ranges # of % of Initial
(%) Loans Pool Balance
===============================================
7.251 - 7.500 3 1.59%
- - -----------------------------------------------
7.501 - 7.750 4 11.96
- - -----------------------------------------------
7.751 - 8.000 8 7.86
- - -----------------------------------------------
8.001 - 8.250 35 21.65
- - -----------------------------------------------
8.251 - 8.500 38 21.49
- - -----------------------------------------------
8.501 - 8.750 40 15.51
- - -----------------------------------------------
8.751 - 9.000 28 13.14
- - -----------------------------------------------
9.001 - 9.250 12 6.46
- - -----------------------------------------------
9.251 - 9.500 3 0.15
- - -----------------------------------------------
9.501 - 9.750 2 0.21
===============================================
Total: 173 100.00%
===============================================
Min.: 7.430%
Max.: 9.750%
Wtd. Avg.:8.336%
REMAINING TERM TO MATURITY(1)
=================================================
# of % of Initial
Months Loans Pool Balance
=================================================
49 - 60 12 5.50%
- - -------------------------------------------------
73 - 84 10 15.66
- - -------------------------------------------------
109 - 120 144 75.91
- - -------------------------------------------------
121 - 132 1 0.94
- - -------------------------------------------------
229 - 240 6 1.99
=================================================
Total: 173 100.00%
=================================================
(1) Assumes ARD Loans mature on their Anticipated Repayment Dates.
Min.: 50 months
Max.: 240 months
Wtd. Avg.: 110 months
REMAINING AMORTIZATION TERM(1)
===============================================
# of % of Initial
Months Loans Pool Balance
===============================================
0 - 156 4 1.39%
- - -----------------------------------------------
229 - 276 11 3.77
- - -----------------------------------------------
289 - 300 30 17.45
- - -----------------------------------------------
313 - 336 2 0.97
- - -----------------------------------------------
349 - 360 126 76.42
===============================================
Total: 173 100.00%
===============================================
(1) Assumes ARD Loans mature on their Anticipated Repayment Dates
Min.: 0 months
Max.: 360 months
Wtd. Avg.: 341 months
Page 14 of 16
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 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>
LB-UBS 2000-C3 Structural and Collateral Term Sheet (continued):
DEBT SERVICE COVERAGE RATIOS (DSCR)(1)
=================================================
Cut-Off Date # of % of Initial
DSCR Ranges (x) Loans Pool Balance
=================================================
1.20 - 1.24 24 17.00%
- - -------------------------------------------------
1.25 - 1.29 47 20.09
- - -------------------------------------------------
1.30 - 1.34 27 10.83
- - -------------------------------------------------
1.35 - 1.39 21 8.52
- - -------------------------------------------------
1.40 - 1.49 20 13.79
- - -------------------------------------------------
1.50 - 1.69 17 2.68
- - -------------------------------------------------
1.70 - 1.79 6 18.72
- - -------------------------------------------------
1.80 - 2.59 4 8.38
=================================================
Total: 166 100.00%
=================================================
(1) Excludes CTL loans.
Min.: 1.20x
Max.: 2.43x
Wtd. Avg.:1.45x
LOAN TO VALUE RATIOS (LTV)(1)
===============================================
Cut-Off Date # of % of Initial
LTV Ranges (%) Loans Pool Balance
===============================================
30.001 - 45.000 4 12.99%
- - -----------------------------------------------
45.001 - 50.000 5 12.37
- - -----------------------------------------------
50.001 - 55.000 7 1.42
- - -----------------------------------------------
55.001 - 60.000 15 15.27
- - -----------------------------------------------
60.001 - 65.000 9 6.64
- - -----------------------------------------------
65.001 - 70.000 27 8.20
- - -----------------------------------------------
70.001 - 75.000 61 25.32
- - -----------------------------------------------
75.001 - 80.000 38 17.78
===============================================
Total: 166 100.00%
===============================================
(1) Excludes CTL loans.
Min.: 33.4%
Max.: 79.9%
Wtd. Avg.: 63.0%
OCCUPANCY RATES(1)
=================================================
Cut-Off Date Occupancy # of % of Initial
Ranges (%) Loans Pool Balance
=================================================
70.01 - 75.00 1 0.17%
- - -------------------------------------------------
75.01 - 80.00 2 1.58
- - -------------------------------------------------
80.01 - 85.00 4 2.48
- - -------------------------------------------------
85.01 - 90.00 6 3.06
- - -------------------------------------------------
90.01 - 95.00 37 23.57
- - -------------------------------------------------
95.01 >= 117 69.14
=================================================
Total: 167 100.00%
=================================================
(1) Excluding hotels.
Min.:71.9%
Max.: 100.0%
Wtd. Avg.:96.0%
MATURITY DATE/ARD LOAN TO VALUE(1)
===============================================
Cut-Off Date Balloon # of % of Initial
LTV Ranges (%) Loans Pool Balance
===============================================
30.001 - 40.000 5 13.09%
- - -----------------------------------------------
40.001 - 45.000 1 0.19
- - -----------------------------------------------
45.001 - 50.000 15 15.19
- - -----------------------------------------------
50.001 - 55.000 13 14.91
- - -----------------------------------------------
55.001 - 60.000 19 8.46
- - -----------------------------------------------
60.001 - 65.000 28 9.04
- - -----------------------------------------------
65.001 - 70.000 57 26.68
- - -----------------------------------------------
70.001 - 75.000 27 11.30
- - -----------------------------------------------
75.001 - 80.000 1 1.16
===============================================
Total: 166 100.00%
===============================================
(1) Excludes CTL loans but includes other fully amortizing loans.
Min.: 30.6%
Max.:75.0 %
Wtd. Avg.: 57.1%
Page 15 of 16
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 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>
LB-UBS 2000-C3 Structural and Collateral Term Sheet (continued):
GEOGRAPHIC DISTRIBUTION
=================================================
# of % of Initial
State Loans Pool Balance
=================================================
California 17 15.19%
- - -------------------------------------------------
New York 25 14.47
- - -------------------------------------------------
Maryland 9 14.46
- - -------------------------------------------------
Colorado 3 12.62
- - -------------------------------------------------
Texas 26 7.74
- - -------------------------------------------------
New Jersey 13 5.75
- - -------------------------------------------------
Georgia 6 5.00
- - -------------------------------------------------
Mississippi 3 3.15
- - -------------------------------------------------
North Carolina 6 3.04
- - -------------------------------------------------
Florida 14 2.68
- - -------------------------------------------------
Illinois 3 2.39
- - -------------------------------------------------
Connecticut 7 2.36
- - -------------------------------------------------
Louisiana 2 1.72
- - -------------------------------------------------
Massachusetts 3 1.34
- - -------------------------------------------------
Pennsylvania 9 1.09
=================================================
===============================================
# of % of Initial
State Loans Pool Balance
===============================================
Arizona 6 1.07
- - -----------------------------------------------
Alabama 2 0.89
- - -----------------------------------------------
Nevada 1 0.83
- - -----------------------------------------------
Minnesota 1 0.82
- - -----------------------------------------------
Arkansas 2 0.62
- - -----------------------------------------------
Indiana 2 0.60
- - -----------------------------------------------
South Carolina 3 0.45
- - -----------------------------------------------
New Hampshire 2 0.28
- - -----------------------------------------------
Utah 1 0.26
- - -----------------------------------------------
Oklahoma 1 0.25
- - -----------------------------------------------
Michigan 1 0.25
- - -----------------------------------------------
Washington 2 0.19
- - -----------------------------------------------
Tennessee 1 0.18
- - -----------------------------------------------
Oregon 1 0.18
- - -----------------------------------------------
Ohio 1 0.14
===============================================
Total: 173 100.00%
===============================================
AMORTIZATION
=======================================================
Number % of Initial
Loan Type Of Loans Pool Balance
=======================================================
ARD Loan 30 53.8%
-------------------------------------------------------
Balloon 138 44.4
-------------------------------------------------------
Fully Amortizing 5 1.9
=======================================================
Total: 173 100.0%
=======================================================
Page 16 of 16
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 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>
Exhibit 99.2
[UBS WARBURG LOGO] [LEHMAN BROS. LOGO]
LB-UBS COMMERCIAL
MORTGAGE TRUST 2000-C3
COMMERCIAL MORTGAGE PASS-THROUGH
CERTIFICATES, SERIES 2000-C3
INITIAL MORTGAGE POOL BALANCE
APPROXIMATELY $1.31 BILLION
LEHMAN BROTHERS
MORGAN STANLEY DEAN WITTER DEUTSCHE BANC ALEX.BROWN
<PAGE>
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 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 SELLERS OF THOSE UNDERLYING ASSETS,
THE ISSUER OF THE SECURITIES OR THEIR RESPECTIVE AFFILIATES 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 AND NOT BY THE ISSUER. 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 RESPECTIVE AFFILIATES MAKES 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 HEROF AND BY THE OFFERING DOCUMENT.
<PAGE>
TRANSACTION HIGHLIGHTS
================================================================================
<TABLE>
<CAPTION>
<S> <C>
Initial Mortgage Pool Balance: Approximately $1.31 billion
Public Certificates: Approximately $1.22 billion
Private Certificates: Approximately $86.3 million
Lead Manager/Sole Book Runner: Lehman Brothers Inc.
Co-Managers: Morgan Stanley & Co. Incorporated and Deutsche Bank Securities Inc.
Rating Agencies: Moody's Investor's Service, Inc. & Fitch IBCA, Inc.
E-Bond Offering: The transaction will be offered by Lehman Brothers Inc. over the
Internet. Investors with Lehman accounts will be able to place
orders online.
Trustee: LaSalle Bank National Association
Fiscal Agent: ABN AMRO Bank N.V.
Master Servicer: First Union National Bank
Special Servicer: Lennar Partners, Inc.
1
<PAGE>
TRANSACTION HIGHLIGHTS
================================================================================
Determination Date: 11th day of each month or if such day is not a business day, then
the following business day
Distribution Date: 4th business day after the Determination Date of each month,
commencing in June 2000
Eligibility for Underwriters' Classes A-1, A-2, and X
Prohibited Transaction Exemption for
ERISA Purposes:
DTC: All public certificates
Bloomberg: Cash flows will be modeled on Bloomberg
Denominations: Class Minimum Denomination*
--------------------------------------------- ---------------------
A Classes, B, C, D, E, F and G $10,000
X $250,000
*Increments $1 thereafter.
</TABLE>
2
<PAGE>
TRANSACTION HIGHLIGHTS
================================================================================
CMBS "E-BOND" OFFERING
o LB-UBS 2000-C3 will be offered by Lehman Brothers Inc. over the Internet.
o Subject to approval, investors will have access to the Internet site
through Lehman Brothers' Client Access Site at: www.client.lehman.com
o The Client Access Site will also allow investors to place orders over the
Internet if they so desire.
o On the site, investors will be provided with:
-- General details of the offering (summary of terms, structural
highlights, parties involved in the transaction, etc.)
-- Informational materials such as this book, structural and collateral
term sheets and links to the Bloomberg slide show
-- Preliminary/Final Prospectus Supplement
-- Base Prospectus
3
<PAGE>
STRUCTURAL HIGHLIGHTS
================================================================================
CERTIFICATES
<TABLE>
<S> <C> <C>
CLASS A-1
CLASS A-2
CLASS B
OFFERED CLASS C
CERTIFICATES
CLASS D
CLASS E
CLASS F
CLASS G Class X
CLASS H
CLASS J
PRIVATE CLASS K
144A
CERTIFICATES CLASS L
CLASS M
CLASS N
CLASS P
</TABLE>
4
<PAGE>
STRUCTURAL HIGHLIGHTS
================================================================================
BOND STRUCTURE
o Sequential pay structure.
o Interest and principal to senior classes before subsequent classes receive
interest and principal.
o Credit enhancement for each class will be provided by the classes which are
subordinate.
o Losses allocated in reverse sequential order starting with the non-rated
principal balance class (Class P).
<TABLE>
<CAPTION>
Original Face Rating Credit Wtd. Avg. Life Principal
Class Amount($) (Moody's/Fitch) Support Description(1) (years)(2) Window(2)
- - ---------------- ----------------- --------------- --------- -------------- -------------- -------------
<S> <C> <C> <C> <C> <C> <C>
A-1 $385,000,000 Aaa / AAA 20.25% Capped WAC 5.767 04/00 - 05/09
A-2 657,250,000 Aaa / AAA 20.25% Capped WAC 9.620 05/09 - 01/10
B 71,879,000 Aa2 / AA 14.75% Capped WAC 9.825 01/10 - 01/10
C 49,009,000 A2 / A 11.00% Capped WAC 9.848 01/10 - 02/10
D 19,603,000 A3 / A- 9.50% Capped WAC 9.908 02/10 - 02/10
E 13,069,000 Baa1 / BBB+ 8.50% Capped WAC 9.908 02/10 - 02/10
F 13,069,000 Baa2 / BBB 7.50% Capped WAC 9.908 02/10 - 02/10
G 11,762,000 Baa3 / BBB- 6.60% Capped WAC 9.908 02/10 - 02/10
H 20,911,000 (5) 5.00% Capped WAC 9.908 02/10 - 02/10
J 16,336,000 (5) 3.75% Capped WAC 9.908 02/10 - 02/10
K 9,802,000 (5) 3.00% Capped WAC 9.951 02/10 - 03/10
L 10,455,000 (5) 2.20% Capped WAC 10.046 03/10 - 04/10
M 11,762,000 (5) 1.30% Capped WAC 10.367 04/10 - 09/11
N 3,921,000 (5) 1.00% Capped WAC 12.927 09/11 - 06/14
P 13,069,052 (5) N/A Capped WAC 17.457 06/14 - 03/20
X 1,306,897,052(3) Aaa / AAA N/A WAC I/O 8.626(4) 04/00 - 03/20
----------------- --------------- --------- -------------- -------------- -------------
TOTAL: $1,306,897,052 -- -- -- -- --
================= =============== ========= ============== ============== =============
</TABLE>
(1) "CAPPED WAC" DESCRIBES A COUPON EQUAL TO THE LESSER OF THE INITIAL COUPON
FOR THE SUBJECT CLASS AND A WEIGHTED AVERAGE OF NET MORTGAGE INTEREST RATES
ON THE UNDERLYING MORTGAGE LOANS.
(2) EXPECTED 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 WEIGHTED AVERAGE LIFE OF NOTIONAL AMOUNT ON CLASS X.
(5) NOT OFFERED HEREBY.
5
<PAGE>
STRUCTURAL HIGHLIGHTS
================================================================================
CALL PROTECTION
<TABLE>
<CAPTION>
% of Total Pool
---------------
<S> <C>
Total Loans With Lock-Out 100.0%
Loans With Initial Lock-Out & 69.1%
Defeasance Thereafter
Loans With Initial Lock-Out & 30.5%
Yield Maintenance Thereafter
Weighted Average Remaining 9.3 years
Lock-Out and Defeasance*
Weighted Average Open Period 2.5 months
</TABLE>
* ONLY FOR LOANS WITH DEFEASANCE.
<TABLE>
<CAPTION>
Open Period at End Number of % of Initial
Of Loan Loans Pool Balance
- - ------------------ --------- ------------
<S> <C> <C>
NONE 26 10.33%
1 MONTH 28 9.93
2 MONTHS 10 8.22
3 MONTHS 100 69.07
4 MONTHS 1 0.69
6 MONTHS 8 1.76
--------- ------------
TOTAL: 173 100.0%
========= ============
</TABLE>
6
<PAGE>
STRUCTURAL HIGHLIGHTS
================================================================================
PREPAYMENT PREMIUMS*
<TABLE>
<CAPTION>
PREPAYMENT 3/00 3/01 3/02 3/03 3/04 3/05 3/06 3/07 3/08 3/09 3/10
PREMIUM
- - ---------------- ------ ------ ------ ------ ------ ----- ----- ------ ------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
LOCK-OUT/DEF. 100.0% 100.0% 100.0% 71.2% 69.3% 67.0% 67.1% 76.3% 76.3% 73.4% 100.0%
YIELD MAINT. - - - 28.8% 30.7% 32.5% 32.5% 23.7% 23.7% 23.7% -
------ ------ ------ ------ ------ ----- ----- ------ ------ ----- ------
SUB-TOTAL 100.0% 100.0% 100.0% 100.0% 100.0% 99.6% 99.6% 100.0% 100.0% 97.1% 100.0%
====== ====== ====== ====== ====== ===== ===== ====== ====== ===== ======
</TABLE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
5% - - - - - - - - - - -
4% - - - - - - - - - - -
3% - - - - - - - - - - -
2% - - - - - 0.4% - - - - -
1% - - - - - - 0.4% - - - -
OPEN - - - - - - - - - 2.9% -
------ ------ ------ ------ ------ ------ ------ ------ ------ ------ ------
TOTAL 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, ASSUMING NO
PREPAYMENTS OR DEFAULTS.
7
<PAGE>
STRUCTURAL HIGHLIGHTS
================================================================================
PREPAYMENT PREMIUM ALLOCATION EXAMPLE:
The yield maintenance charge due in connection with a prepayment 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 (converted from semi-annual to monthly pay) of a Treasury security
of similar maturity in most cases, assuming ARD loans mature on their
Anticipated Repayment Dates.
A portion of any collected prepayment premium will be paid on the Class of
Principal Balance Certificates senior to the Class J Certificates then receiving
principal based on the Discount Rate Fraction Methodology. The following example
reflects that method. The balance of the prepayment premium will be distributed
to the Class X Certificates.
DISCOUNT RATE FRACTION METHODOLOGY:
<TABLE>
<CAPTION>
Mortgage Loan Characteristics of Mortgage Loan being prepaid:
<S> <C>
Balance: $10,000,000
Coupon: 8.00%
Maturity: 10 years
Treasury Rate (monthly): 6.50%
Certificate Characteristics:
Class A-1 Coupon: 7.50%
Discount Rate Fraction Example:
</TABLE>
<TABLE>
<CAPTION>
CLASS A-1 CLASS X
CERTIFICATES CERTIFICATES
-------------------- ---------------------
<S> <C> <C>
PRINCIPAL PAYMENT $10,000,000 N/A
DISCOUNT RATE FRACTION CALCULATION
(CLASS A-1 COUPON - REINVESTMENT YIELD) / (7.50% - 6.50%) / (100.0% - 66.7%) =
(GROSS MORTGAGE RATE - REINVESTMENT YIELD) = (8.00% - 6.50%) = 33.3%
DISCOUNT RATE FRACTION = 66.7%
-------------------- ---------------------
% OF PREMIUM ALLOCATED TO CLASSES 66.7% 33.3%
==================== =====================
</TABLE>
8
<PAGE>
POOL HIGHLIGHTS
================================================================================
o The pool is comprised of conventional conduit loans and investment grade
rated large loans:
<TABLE>
<CAPTION>
Number Total Principal Balance % of Total
of Loans as of Cut-Off Date Mortgage Pool
-------- ----------------------- -------------
<S> <C> <C> <C>
Conduit 169 $874,221,813 66.9%
Investment Grade 4 $432,675,239 33.1%
Rated Large Loans
-------- ----------------------- -------------
TOTAL MORTGAGE POOL: 173 $1,306,897,052 100.0%
======== ======================= =============
</TABLE>
* INCLUDES 7 CTL LOANS IN THE AGGREGATE AMOUNT OF $31,991,110 OR 2.4% OF THE
POOL BALANCE
o The investment grade loans have been further de-levered by utilizing the
A/B structure that Lehman developed in LBCMT 1999-C2.
[GRAPHIC OMITTED]
* FITCH HAS INDICATED TO THE DEPOSITOR THAT A PORTION OF THE A NOTE PROCEEDS
IS EXPECTED TO CONTRIBUTE TO AAA CASH FLOWS WHILE THE REMAINDER OF SUCH A
NOTE PROCEEDS WILL CONTRIBUTE TOWARDS AA CASH FLOWS OF THE LB-UBS 2000-C3
TRANSACTION.
o B Note receives no principal until the principal amount on the A Note has
been paid in full.
9
<PAGE>
POOL HIGHLIGHTS
================================================================================
The A Note DSCR and LTV is set forth below:
<TABLE>
<CAPTION>
A Note DSCR and LTV Characteristics
- - ------------------------------------------------------------------------------------------
Cherry Westfield Sangertown
Creek Mall Annapolis Mall Portfolio Square Mall
---------- -------------- --------- -----------
<S> <C> <C> <C> <C>
DSCR(1) 1.71x 1.50x 1.94x 1.76x
LTV 47.6% 58.3% 43.0% 40.9%
</TABLE>
(1) BASED ON UNDERWRITTEN NET CASH FLOW.
10
<PAGE>
POOL HIGHLIGHTS
================================================================================
<TABLE>
<CAPTION>
General Pool Characteristics as of the Cut-Off Date, March 11, 2000
- - --------------------------------------------------------------------------------
<S> <C>
Size of Pool $1,306,897,052
Contributor of Collateral UBS Principal Finance LLC ("UBS") 68.1%
Lehman 31.9%
Number of Loans 173
Weighted Average Gross WAC 8.336%
Weighted Average Remaining WAM(1) 110 months
Average Balance $7,554,318
Largest Loan $148,497,918
Largest Conduit Loan $36,312,585
WA DSCR(2) 1.45x
Min - Max DSCR(2) 1.20x - 2.43x
WA LTV(2) 63.0%
Min - Max LTV(2) 33.4% - 79.9%
WA LTV at Maturity(2) 57.1%
Geographic Diversity 30 states
Balloon or ARD Loans 98.1%
</TABLE>
(1) ASSUMES ARD LOANS MATURE ON THEIR ANTICIPATED REPAYMENT DATES.
(2) EXCLUDING CREDIT TENANT LEASE ("CTL") LOANS BUT INCLUDING OTHER FULLY
AMORTIZING LOANS.
11
<PAGE>
POOL HIGHLIGHTS
================================================================================
ORIGINATION AND STRUCTURING
o Sponsors of properties securing loans in the LB-UBS 2000-C3 transaction
include the following:
-- Large Loan Sponsors
o Westfield America, Inc.
o Taubman Centers Inc.
o The Pyramid Companies
-- Conduit Sponsors
o Westfield America, Inc.
o Konover Properties
o W.P. Carey
o Capital Senior Living
o The Related Company
12
<PAGE>
POOL HIGHLIGHTS
================================================================================
ORIGINATION AND STRUCTURING (CONT'D)
o Conduit Origination
-- UBS and Lehman re-underwrite loans not directly originated by UBS or
Lehman, respectively--no secondary market loan purchases
-- Underwritten NCF either verified on conduit loans subject to a
variance of 2.5% or re-underwritten by third party service providers
(i.e., by Univest for UBS and by Deloitte & Touche for Lehman)
-- All hospitality loans have "agreed upon procedures" performed by a
"Big Five" accounting firm to verify revenue and expense items
-- Sponsor/principal due diligence performed for all loans using a
combination of either Lexis/Nexis, bank references, Equifax, TRW
reports, litigation searches or other types of credit history checks
-- Appraisals are prepared in accordance with USPAP standards by approved
vendors (all FIRREA appraisals)
-- Substantially all borrowers are single asset entities
-- Non-consolidation opinions
o Delivered for substantially all loans with principal balances
greater than $15 million
o Delivered for all hospitality loans
-- Cash management systems affecting approximately 79.5% of the Pool
balance.
o Springing lockbox - 49.7% of the Pool balance.
o Hard lockbox - 29.8% of the Pool balance.
13
<PAGE>
POOL HIGHLIGHTS
================================================================================
ORIGINATION AND STRUCTURING (CONT'D)
-- Fully Funded Escrows:
<TABLE>
<CAPTION>
% of Pool w/
Pool Funded Escrows* Current Balance* Annual Deposits*
- - -------------------- --------------- ---------------- ----------------
<S> <C> <C> <C>
Replacement Reserves 89.8% $750,572 $3,235,566
Taxes 98.0% N/A $13,311,062
Insurance 91.1% N/A $1,939,629
TI & LC Commercial 73.3% $2,517,266 $3,736,406
</TABLE>
* EXCLUDES CREDIT TENANT LEASE ("CTL") AND LARGE LOANS.
14
<PAGE>
POOL HIGHLIGHTS
================================================================================
ORIGINATION AND STRUCTURING (CONT'D)
o Large Loan Origination and Structuring
-- All borrowers are special purpose entities
-- All Large Loans have "agreed upon procedures" or audited statements
performed by a "Big Five" accounting firm to verify income and
expenses
-- All investment grade Large Loan proceeds have been sized to "AA"
leverage levels from Fitch (approximately 33.1% of the Mortgage Pool)
o Credit Tenant Lease Origination and Structuring
-- All CTL loans are self-amortizing or have the benefit of a residual
value insurance policy.
-- All CTL loans have hard lockboxes.
-- All non "bond" type CTL loans have the benefit of lease enhancement
policies issued by Chubb Custom Insurance
-- Weighted average credit rating of A+/A2 (no credit below A-/A3) by S&P
and Moody's, respectively
-- 2.4% of the Mortgage Pool
15
<PAGE>
POOL HIGHLIGHTS
================================================================================
PROPERTY TYPE: AGGREGATE POOL
o Multifamily(1), Office, Industrial/Warehouse, Mobile Home Parks, Anchored
Retail and standalone investment grade loans (all of which are Regional
Mall(2) loans) comprise approximately 90.3% of the Initial Pool Balance.
o Investment grade Regional Mall(2) loans sized to "AA" leverage from Fitch
comprise 33.1% of the Initial Pool Balance.
[GRAPHIC OMITTED]
(1) INCLUDES SENIOR HOUSING.
(2) REGIONAL MALL PROPERTY TYPE INCLUDES THE EASTLAND CENTER PROPERTY OF THE
WESTFIELD PORTFOLIO WHICH IS A POWER CENTER.
16
<PAGE>
POOL HIGHLIGHTS
================================================================================
PROPERTY TYPE: CONDUIT PORTION ONLY
o Multifamily, Mobile Home Park, Industrial/Warehouse, Office and Anchored
Retail comprise approximately 85.5% of the conduit portion of the Mortgage
Pool.
[GRAPHIC OMITTED]
(1) INCLUDES SENIOR HOUSING.
17
<PAGE>
POOL HIGHLIGHTS
================================================================================
GEOGRAPHIC DIVERSITY
o Loans are secured by properties located in 30 states.
[GRAPHIC OMITTED]
* ALL OTHER INDIVIDUAL STATES COMPRISE LESS THAN 4% OF THE INITIAL POOL
BALANCE.
18
<PAGE>
POOL HIGHLIGHTS
================================================================================
LOAN SIZE DIVERSITY
o 173 mortgage loans
o Average loan size (Aggregate Pool): $7,554,318
o Average loan size (conduit component): $5,172,910
o Largest loan is shadow rated "AA" by Fitch and comprises 11.4% of the
Initial Pool Balance (Cherry Creek Mall)
o Investment grade Large Loans sized to "AA" leverage by Fitch comprise 33.1%
of the Initial Pool Balance
[GRAPHIC OMITTED]
19
<PAGE>
POOL HIGHLIGHTS
==============================================================================
DEBT SERVICE COVERAGE RATIO(1)
o Weighted average debt service coverage of 1.45x
<TABLE>
<CAPTION>
Debt Service Coverage Ratio
- - ------------------------------------------------------------------------------
Property Type % of Pool WA DSCR Min-Max DSCR
- - ---------------------- --------- ------- --------------
<S> <C> <C> <C> <C>
RETAIL 50.9% 1.58X 1.20X - 1.94X
Regional(1,2) 33.1% 1.71x 1.50x - 1.94x
Anchored 14.2% 1.33x 1.20x - 1.78x
Unanchored 3.6% 1.32x 1.25x - 1.44x
OFFICE 21.9% 1.29X 1.22X - 1.47X
MULTIFAMILY(3) 14.0% 1.31X 1.20X - 1.82X
INDUSTRIAL/WAREHOUSE 4.3% 1.34X 1.20X - 1.52X
MOBILE HOME PARK 2.9% 1.40X 1.20X - 1.84X
CTL 2.4% N/A N/A
HOTEL 2.0% 1.58X 1.40X - 2.43X
Limited Service 1.2% 1.72x 1.40x - 2.43x
Full Service 0.9% 1.40x 1.40x - 1.40x
SELF STORAGE 1.1% 1.31X 1.30X - 1.38X
MIXED USE 0.5% 1.37X 1.25X - 1.59X
--------- ------- --------------
TOTAL: 100.0% 1.45X 1.20X - 2.43X
========= ======= ==============
</TABLE>
[GRAPHIC OMITTED]
(1) EXCLUDES CTL LOANS.
(2) ALL THE INVESTMENT GRADE REGIONAL MALL LOANS HAVE BEEN SIZED TO "AA"
LEVERAGE BY FITCH.
(3) REGIONAL MALL PORTION INCLUDES THE EASTLAND CENTER PROPERTY OF THE
WESTFIELD PORTFOLIO WHICH IS A POWER CENTER.
(4) INCLUDES SENIOR HOUSING.
20
<PAGE>
POOL HIGHLIGHTS
================================================================================
LOAN TO VALUE(1)
o Weighted Average Loan to Value of 63.0%
o Weighted Average Loan to Value at Balloon or ARD of 57.1% (including fully
amortizing loans other than CTL loans)
[GRAPHIC OMITTED]
(1) EXCLUDES CTL LOANS.
21
<PAGE>
POOL HIGHLIGHTS
================================================================================
CREDIT TENANT LEASE LOANS
o CTL loans comprise 2.4% of the Initial Pool Balance and have an approximate
weighted average credit rating of A+/A2 (S&P/Moody's).
<TABLE>
<CAPTION>
Tenants/Guarantors
- - -------------------------------------------------------------------------------
Tenant/Guarantor Current Balance S&P Rating Moody's Rating
- - ---------------- --------------- ---------- --------------
<S> <C> <C> <C>
Super Stop & Shop (Ahold Guaranty) $14,300,000 A- A3
CVS 8,502,001 A A3
BellSouth 5,962,636 AAA Aa2
Walgreens 3,226,473 A+(1) Aa3
--------------- ---------- --------------
TOTAL/WEIGHTED AVG.: $31,991,110 A+ A2
=============== ========== ==============
</TABLE>
(1) ISSUER CREDIT RATING.
22
<PAGE>
SIGNIFICANT LOANS
================================================================================
COMBINED LARGE LOAN CHARACTERISTICS:
<TABLE>
<CAPTION>
Cherry Creek Mall
- - ------------------------------------------------------------------------------------------------------------
Cut-Off Date % of Term to Amortization
Note Property Type Balance Loan Coupon ARD Term DSCR LTV
- - ---------- --------------- ------------ ----- ------ ------- ------------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A Note Retail $148,497,918 83.9% 7.680% 7 years 25 years(2) 1.71x 47.6%
(Regional Mall)
B Note(1) Retail $28,502,082 16.1% 7.680% 7 years 25 years(2) - -
(Regional Mall)
------------ ------ ------ ------- ------------ ----- ------
TOTAL / WEIGHTED AVERAGE: $177,000,000 100.0% 7.680% 7 YEARS 25 YEARS(2) 1.47X 56.8%
============ ====== ====== ======= ============ ===== ======
</TABLE>
(1) PLACED PRIVATELY.
<TABLE>
<CAPTION>
Annapolis Mall
- - ------------------------------------------------------------------------------------------------------------
Cut-Off Date % of Term to Amortization
Note Property Type Balance Loan Coupon ARD Term DSCR LTV
- - ---------- --------------- ------------ ----- ------ -------- ------------ ----- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A Note Retail $123,031,572 85.4% 8.251% 10 years 30 years 1.50x 58.3%(3)
(Regional Mall)
B Note(1) Retail $21,099,647 14.6% 7.744% 10 years 30 years - -
(Regional Mall)
------------ ------ ------ -------- ------------ ----- --------
TOTAL / WEIGHTED AVERAGE: $144,131,219 100.0% 8.177% 10 YEARS 30 YEARS 1.31X 68.2%(3)
============ ====== ====== ======== ============ ===== ========
</TABLE>
(1) PLACED PRIVATELY.
(2) FIRST FIVE YEARS INTEREST ONLY, THEN 25 YEAR AMORTIZATION SCHEDULE
THEREAFTER.
(3) THERE IS ALSO ADDITIONAL COLLATERAL IN THE FORM OF A $15 MILLION LETTER OF
CREDIT, EXCEPT THAT IT IS SUBJECT TO RELEASE AND REDUCTION UPON THE
SATISFACTION OF CERTAIN CONDITIONS.
23
<PAGE>
SIGNIFICANT LOANS
================================================================================
COMBINED LARGE LOAN CHARACTERISTICS (CONT'D):
<TABLE>
<CAPTION>
Westfield Portfolio
- - -------------------------------------------------------------------------------------------------------------
Cut-Off Date % of Term to Amortization
Note Property Type Balance Loan Coupon ARD Term DSCR LTV
- - ---------- --------------- ------------ ----- ------ -------- ------------ ----- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A Note Retail $99,000,000 76.6% TBD 10 years 30 years 1.94x 43.0%
(Regional Mall)
B Note(1) Retail $30,208,037 24.4% TBD 10 years 30 years - -
(Regional Mall)
------------ ------ ------ -------- ------------ ------ -------
TOTAL / WEIGHTED AVERAGE: $129,208,037 100.0% 8.177% 10 YEARS 30 YEARS 1.52X 56.1%
============ ====== ====== ======== ============ ====== =======
</TABLE>
(1) PLACED PRIVATELY.
<TABLE>
<CAPTION>
Sangertown Square Mall
- - -------------------------------------------------------------------------------------------------------------
Cut-Off Date % of Term to Amortization
Note Property Type Balance Loan Coupon ARD Term DSCR LTV
- - ---------- --------------- ------------ ----- ------ -------- ------------ ----- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A Note Retail $62,145,749 81.4% TBD 10 years 30 years 1.76x 40.9%
(Regional Mall)
B Note(1) Retail $14,204,280 18.6% TBD 10 years 30 years - -
(Regional Mall)
------------ ------ ------ -------- ------------ ------ -------
TOTAL / WEIGHTED AVERAGE: $76,350,029 100.0% 8.820% 10 YEARS 30 YEARS 1.45X 50.2%
============ ====== ====== ======== ============ ===== =======
</TABLE>
(1) PLACED PRIVATELY.
24
<PAGE>
SIGNIFICANT LOANS
================================================================================
CHERRY CREEK MALL; DENVER, COLORADO:
[GRAPHIC OMITTED]
[GRAPHIC OMITTED]
25
<PAGE>
SIGNIFICANT LOANS
================================================================================
<TABLE>
<CAPTION>
CHERRY CREEK MALL:
<S> <C>
Principal Amount (A Note): $148,497,918
Interest Rate (A Note): 7.680% (weighted average of A & B Note is 7.680%)
Anticipated Repayment Date: August 11, 2006
Term to ARD: 7 years
Amortization: First five years interest only; 25 year schedule thereafter; hyper-amortization
commencing after the ARD
Sponsor: Taubman Centers Inc.
Anchors: Foley's, Lord & Taylor , Saks Fifth Avenue and Neiman Marcus
Property: 1,316,485 square foot, two-level enclosed regional mall
Location: Denver, Colorado
1999 In-Line Sales/SF: $450
In-Line Cost of Occupancy: 12.5%
Overall Occupancy: 97.5% (based on 12/31/99 rent rolls)
Value: $311.8 million
LTV (A Note): 47.6%
DSCR (A Note): 1.71x
Reserves: Springing (if DSCR falls below 1.30x or an event of default occurs on combined
A & B Notes, monthly reserve of real estate taxes, insurance, capital
improvements, leasing commissions and ground lease payments)
Lockbox: Borrower has access to account until DSCR falls below 1.30x or an event of
default occurs or ARD
</TABLE>
26
<PAGE>
SIGNIFICANT LOANS
================================================================================
ANNAPOLIS MALL; ANNAPOLIS, MARYLAND:
[GRAPHIC OMITTED]
[GRAPHIC OMITTED]
27
<PAGE>
SIGNIFICANT LOANS
================================================================================
<TABLE>
<CAPTION>
ANNAPOLIS MALL:
<S> <C>
Principal Amount (A Note): $123,031,572
Interest Rate (A Note): 8.251% (weighted average of A & B Note is 8.177%)
Anticipated Repayment Date: December 11, 2009
Term to ARD: 10 years
Amortization: 30 years; hyper-amortization commencing after the ARD
Sponsor: Westfield America, Inc.
Anchors: Hecht's, Nordstrom, Lord & Taylor, JC Penney and Montgomery Ward
Property: 1,116,630 square foot regional shopping center
Location: Annapolis, Maryland
1999 In-Line Sales/SF: $435
In-Line Cost of Occupancy: 12.3%
Overall Occupancy: 98.9% (based on 2/1/00 rent rolls)
Value: $211.2 million(1)
LTV: 58.3%
DSCR: 1.50x
Reserves: Springing (if DSCR falls below 1.25x or an event of default occurs, lockbox
will be established for tenant improvements, leasing commissions, operating
expenses and replacement reserves)
Lockbox: Hard for debt service, tax and insurance; Springing for reserves
</TABLE>
(1) There is also additional collateral in the form of a $15 million letter of
credit, except that it is subject to release or reduction upon satisfaction
of certain considerations.
28
<PAGE>
SIGNIFICANT LOANS
================================================================================
WESTFIELD PORTFOLIO (DOWNTOWN PLAZA; SACRAMENTO, CALIFORNIA):
[GRAPHIC OMITTED]
[GRAPHIC OMITTED]
29
<PAGE>
SIGNIFICANT LOANS
================================================================================
WESTFIELD PORTFOLIO (EASTLAND CENTER; WEST COVINA, CALIFORNIA):
[GRAPHIC OMITTED]
30
<PAGE>
SIGNIFICANT LOANS
================================================================================
<TABLE>
<CAPTION>
WESTFIELD PORTFOLIO:
<S> <C>
Principal Amount (A Note): $99,000,000
Interest Rate (A Note): TBD (weighted average of A & B Note is 8.177%)
Anticipated Repayment Date: December 11, 2009
Term to ARD: 10 years
Amortization: 30 years; hyper-amortization commencing after the ARD
Sponsor: Westfield America, Inc.
Anchors: Macy's, Macy's Men's & Furniture, Target, Mervyn's and Burlington Coat Factory
Property: Downtown Plaza, a 1,191,347 square foot regional shopping mall and Eastland Center,
an 860,322 square foot power center. Total GLA: 2,051,669 square feet
Location: California
Value: $230.2 million
LTV (A Note): 43.0%
DSCR (A Note): 1.94x
Reserves: Springing (if DSCR falls below 1.25x or if an event of default occurs, lockbox will
be established for replacement reserves, leasing commissions, tenant improvements,
and operating expenses)
Lockbox: Hard for debt service, tax and insurance; Springing for reserves
</TABLE>
31
<PAGE>
SIGNIFICANT LOANS
================================================================================
WESTFIELD PORTFOLIO (CONT'D):
<TABLE>
<CAPTION>
Property Characteristics
- - ----------------------------------------------------------------------------------------------------------------
1999 In-Line
Property Location Total In-Line In-Line Overall Cost of Anchors
GLA (SF) GLA (SF) Sales/SF Occupancy(1) Occupancy
---------------- -------------- --------- --------- -------- ------------ --------- ---------------------
<S> <C> <C> <C> <C> <C>
Downtown Plaza Sacramento, CA 1,191,347 405,258 $331 94.2% 13.4% Macy's and Macy's
Men's & Furniture
Target, Mervyn's,
Eastland Center West Covina, CA 860,322 558,522 $207 100.0% 3.7% and Burlington Coat
Factory
--------- --------- -------- ------------ --------- ---------------------
Total/Weighted Average: 2,051,669 963,780 $312 95.9% 11.9% --
========= ========= ======== ============ ========= =====================
</TABLE>
(1) Based on 2/1/00 rent rolls and including new lease with Home Life dated
April 2000.
32
<PAGE>
SIGNIFICANT LOANS
================================================================================
SANGERTOWN SQUARE MALL; NEW HARTFORD, NEW YORK:
[GRAPHIC OMITTED]
33
<PAGE>
SIGNIFICANT LOANS
================================================================================
<TABLE>
<CAPTION>
SANGERTOWN SQUARE MALL:
<S> <C>
Principal Amount (A Note): $62,145,749
Interest Rate (A Note): TBD (weighted average of A & B Note is 8.820%)
Anticipated Repayment Date: December 1, 2009
Term to ARD: 10 years
Amortization: 30 years; hyper-amortization commencing after the ARD
Sponsor: The Pyramid Companies
Anchors: Sears, Kaufmann's, JC Penney and Bradlees
Property: 855,360 square foot, fully enclosed regional mall
Location: New Hartford, New York
1999 In-Line Sales/PSF: $370
In-Line Cost of Occupancy: 11.6%
Overall Occupancy: 93.7% (based on 2/00 rent roll)
Value (A Note): $152.0 million
LTV (A Note): 40.9%
DSCR: 1.76x
Reserves: Replacement: $175,000/year; Tenant Rollover: $200,000/year;
Renovation: $2,000,000(1); Tax & Insurance: Funded monthly based on estimated
annual expenses; Debt Service: One month of debt service(2)
Lockbox: Hard
</TABLE>
(1) In the event that the borrower has not substantially completed a major
renovation of the property by 12/1/08, borrower will be required to
establish such renovation reserve.
(2) Subject to release based on achievement of certain NOI tests (trailing 12
months NOI should at least be $11.3 million)
34
<PAGE>
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 Certificateholders through the Trustee. The following is a list
of all the reports that will be available to Certificateholders.
<TABLE>
<CAPTION>
NAME OF REPORT DESCRIPTION (INFORMATION PROVIDED)
<S> <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 SERVICER WATCH LIST LISTING OF LOANS IN JEOPARDY OF BECOMING SPECIALLY SERVICED
9 LOAN PAYMENT NOTIFICATION REPORT LISTING OF LOANS THAT HAVE GIVEN NOTICE OF INTENT TO PAYOFF
</TABLE>
35
<PAGE>
TIMELINE
================================================================================
<TABLE>
<CAPTION>
DATE EVENT
- - --------------------- ---------------------------------------------
<S> <C>
Week of May 1st, 2000 Structural & Collateral Term Sheets Available
Red Herrings Available
Rating Agency Pre-Sale Reports Available
Internet Access Site Available
Road shows
- - --------------------- ---------------------------------------------
Week of May 8th, 2000 Road shows (cont'd)
Investor Calls
PRICING
- - --------------------- ---------------------------------------------
Week of May 15th, 2000 Closing
- - --------------------- ---------------------------------------------
</TABLE>
