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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, as amended
Date of Report (Date of earliest event reported): December 21, 1998
SALOMON BROTHERS MORTGAGE SECURITIES VII, INC.
(AS DEPOSITOR UNDER THE POOLING AND SERVICING AGREEMENT,
DATED AS OF DECEMBER 1, 1998, PROVIDING FOR THE ISSUANCE OF
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1998-NC7)
Salomon Brothers Mortgage Securities VII, Inc.
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(Exact name of registrant as specified in its charter)
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Delaware 333-62737 13-3439681
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(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification Number)
Seven World Trade Center
New York, New York 10048
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(Address of Principal (Zip Code)
Executive Offices)
Registrant's telephone number, including area code: (212) 783-5659
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Item 5. OTHER EVENTS
Description of the Certificates and the Mortgage Pool
As of the date hereof, Salomon Brothers Mortgage Securities VII, Inc.
(the "Registrant") has caused to be filed with the Securities and Exchange
Commission (the "Commission") pursuant to the Commission's Rule 424 a Prospectus
Supplement to its Prospectus, dated November 13, 1998, in connection with the
Registrant's issuance of a series of certificates, entitled Salomon Brothers
Mortgage Securities VII, Inc., Mortgage Pass-Through Certificates, Series
1998-NC7 (the "Certificates"), to be issued pursuant to a pooling and servicing
agreement, dated as of December 1, 1998, among the Registrant as depositor, New
Century Mortgage Corporation as master servicer and servicer, Option One
Mortgage Corporation as servicer, Firstar Bank Milwaukee, N.A. as trustee and
U.S. Bank National Association as trust administrator. The Certificates
designated as the Series 1998-NC7 Certificates will represent in the aggregate
the entire beneficial ownership interest in a trust fund (the "Trust Fund")
consisting primarily of a segregated pool (the "Mortgage Pool") of conventional,
one- to four-family, first lien and second lien mortgage loans having original
terms to maturity up to 30 years (the "Mortgage Loans").
Computational Materials
Salomon Smith Barney Inc. (the "Underwriter") has advised the
Registrant that it has furnished to certain prospective purchasers of
Certificates certain materials, herein referred to as "Computational Materials",
in written form, which Computational Materials are in the nature of data tables
and term sheet information relating to the Mortgage Loans or other assets of the
Trust Fund, the structure of the Certificates and terms of certain classes of
Certificates, and the hypothetical characteristics and hypothetical performance
of certain classes of Certificates under certain assumptions and scenarios.
The Computational Materials have been provided by the Underwriter. The
information in the Computational Materials is preliminary and will be superseded
by the Prospectus Supplement relating to the Certificates and by any other
information subsequently filed with the Commission.
The Computational Materials were prepared by the Underwriter at the
request of certain prospective investors. The Computational Materials may be
based on information that differs from the information set forth in the
Prospectus Supplement.
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Item 7. FINANCIAL STATEMENTS AND EXHIBITS
(a) Not applicable
(b) Not applicable
(c) Exhibits
Exhibit No. Description
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99.5 Computational Materials (as defined
in Item 5) that have been provided
by Salomon Smith Barney Inc. to
certain prospective purchasers of
Salomon Brothers Mortgage Securities
VII, Inc., Mortgage Pass-Through
Certificates, Series 1998-NC7.
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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.
Dated: December 22, 1998
SALOMON BROTHERS MORTGAGE
SECURITIES VII, INC.
By: /s/ Vincent J. Varca
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Name: Vincent J. Varca
Title: Assistant Vice President
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INDEX TO EXHIBITS
Sequentially
Exhibit No. Description Numbered Page
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99.5 Computational Materials (as defined in Item 5) P
that have been provided by Salomon Smith
Barney Inc. to certain prospective purchasers of
Salomon Brothers Mortgage Securities VII,
Inc., Mortgage Pass-Through Certificates,
Series 1998-NC7.
