CENTRAL LIFE ASSURANCE
COMMERCIAL MORTGAGE PASS-THROUGH
DEPOSITS AND APPLICATION OF FUNDS
PURSUANT TO SECTION 4.01&4.02
Beginning Cerificate Account Balance 0.00
(4.01) Deposits:
(y) sub-Cerificate Account (from Schedule G) 0.00
(i) Collection Account 524,883.06
(ii) Reserve fund (From Schedule b) 4.07(iv) 0.00
(ii) Expense Reserve Fund (From Schedule C) 4.07(xvii) 0.00
(iii) Recoverable Voluntary Advances (From Schedule A3) 4.07(v) 0.00
(iv) Excess Substituted Mortgages (2.05)(b)(2) 0.00
(v) Sale of mortgage Loans as Providedin Article x 0.00
(vi) Reinvestment Income:
Certificate Account (4.01(b)) 794.07
Sub-Certificate Account 0.00
Reserve Fund (From schedule B) 2,096.89
Expense Reserve Fund (From Schedule c) 4.07(xvii) 17.57 2,908.53
Total Deposits Expected To be Available 527,791.59
(4.02) Withdrawals:
(i) Expense Reserve Fund Deficiency (From Schedule C) 4.07(xvii) 2,674.03
(ii) Servicer's Basic Fee (From Schedule E) 4.07(xviii) 5,039.00
(ii) Servicer's Re-Investment Income (From Schedule E) 2,908.53
(iii) Recoverable Delinquent Payments
Voluntary Advance Reimburesement 4.07(i) 0.00
Reserve Fund Replenishment (From Schedule B) 4.07(ii) 0.00 0.00
(iv) Non-Recoverable Delinquent Payments:
(first) Voluntary Advance Reimburesement 4.07(i) 0.00
(second) Reserve Fund Replenishment (From Schedule B) 4.07(ii) 0.00 0.00
-------------
Cash Flow Balance to Certificate Holders 517,170.03
(third) Total Senior Distribution-Interest (From Schedule A) 4.07(iii) 44,161.08
(fourth) Total Senior Distribution-Reduction in Outstanding Amounts 4.07(iii) 217,083.64
(fifth) Total Class B Distribution-Interest (From Schedule A) 4.07(iii) 157,406.92
(sixth) Total Class B Distribution-Reduction in Outstanding Amounts 4.07(iii) 0.00
Surplus Distribution:
(seventh) Class A Certificates reduction 4.07(iii) 98,518.39
(eighth) Class B Certificates Reduction (From Schedule A1) 4.07(iii) 0.00
-------------
Total Distribution to Certificate Holders 517,170.03
-------------
Remaining Balance Distributable (If negative, see Schedule H pg 11) 4.07(vi) 0.00
(ninth) Residual Certificates Holders 4.07(ix) 0.00
Ending Certificate Release 0.00
-------------
0.00
page 2 CENTRAL LIFE ASSURANCE DISTRIBUTION BY CLASS
COMMERCIAL MORTGAGE PASS-THROUGH (Schedule A1)
PURSUANT TO SECTION 4.02(iv) Page 2 of 10
----------------Senior----- ------------
Class A-1 Class A-2 Class A-3
Certificates Certificates Certificates
------------ ------------ ------------
Required Senior Distribution Amount by Class:
(third) Current Accrued Interest 0.00 0.00 0.00
(third) Past Due Accrued Interest 0.00 0.00 0.00
(fourth) Current Reduction in Outstanding Amount 0.00 0.00 0.00
(fourth) Past Due Reduction in Outstanding Amount 0.00 0.00
------------ ------------ ------------
Total Senior Distribution (To Schedule A) 0.00 0.00 0.00
Required Class B Distribution Amount by Class:
(fifth) Current Accrued Interest
(fifth) Past Due Accrued Interest
(sixth) Reduction in Outstanding Amount
Current Subordinate Amount Release
Past Due Subordinate Amount Release
Total Class B Distribution (To Schedule A)
(seventh)Additional Senior Participation Reduction (the Lessor of:)
(i) Surplus 0.00 0.00 0.00
(ii) Aggregate Outstanding Amount after clause fourth 0.00 0.00 0.00
Additional Senior Amount To Be Distributed 0.00 0.00 0.00
(eighth) Additional Class B Certificate Reduction (The Lessor of:)
(i) Remainder
(ii) Aggregate Outstanding Amount
Additional Class B Amount To Be Distributed
------------------------------------------
Class A-4 Class B Total
Certificates Certificates
------------ ------------ ------------
Required Senior Distribution Amount by Class:
(third) Current Accrued Interest 44,161.08 44,161.08
(third) Past Due Accrued Interest 0.00 0.00
(fourth) Current Reduction in Outstanding Amount 217,083.64 217,083.64
(fourth) Past Due Reduction in Outstanding Amount 0.00 0.00
------------ ------------
Total Senior Distribution (To Schedule A) 261,244.72 261,244.72
Required Class B Distribution Amount by Class:
(fifth) Current Accrued Interest 157,406.92 157,406.92
(fifth) Past Due Accrued Interest 0.00 0.00
(sixth) Reduction in Outstanding Amount
Current Subordinate Amount Release 0.00 0.00
Past Due Subordinate Amount Release 0.00 0.00
------------
Total Class B Distribution (To Schedule A) 157,406.92
(seventh)Additional Senior Participation Reduction (the Lessor of:)
(i) Surplus 98,518.39 98,518.39
(ii) Aggregate Outstanding Amount after clause fourth 5,671,060.53 5,671,060.53
Additional Senior Amount To Be Distributed 98,518.39 0.00
(eighth) Additional Class B Certificate Reduction (The Lessor of:)
(i) Remainder 0.00 0.00
(II) Aggregate Outstanding Amount 20,987,589.00 20,987,589.00
Additional Class B Amount To Be Distributed 0.00 0.00
page 3 CENTRAL LIFE ASSURANCE DISTRIBUTION BY CERTIFICATE
COMMERCIAL MORTGAGE PASS-THROUGH (Schedule A2)
PURSUANT TO SECTION 4.07(vii) Page 3 of 10
------------------------------------------
Class A-1 Class A-2 Class A-3
Certificates Certificates Certificates
------------ ------------ ------------
Required Senior Distribution Amount by Class:
(third) Current Accrued Interest 0.00000000 0.00000000 0.00000000
(third) Past Due Accrued Interest 0.00000000 0.00000000 0.00000000
(fourth) Current Reduction in Outstanding Amount 0.00000000 0.00000000 0.00000000
(fourth) Past Due Reduction in Outstanding Amount 0.00000000 0.00000000 0.00000000
------------ ------------ ------------
Total Senior Distribution 0.00000000 0.00000000 0.00000000
Required Class B Distribution Amount by Class:
(fifth) Current Accrued Interest
(fifth) Past Due Accrued Interest
(sixth) Reduction in Outstanding Amount
Current Subordinate Amount Release
Past Due Subordinate Amount Release
Total Class B Distribution
(seventh)Additional Senior Part.Cert.Reduction (the Lessor of:)
(i) Surplus 0.00000000 0.00000000 0.0000
(ii) Aggregate Outstanding Amount after fourth clause 0.00000000 0.00000000 0.0000
Additional Senior Amount To Be Distributed 0.00000000 0.00000000 0.0000
(eighth) Additional Class B Certificate Reduction (The Lessor of:)
(i) Remainder
(II) Aggregate Outstanding Amount
Additional Class B Amount To Be Distributed
------------------------------------------
Class A-4 Class B Total
Certif. Certificates
------------ ------------ ------------
Required Senior Distribution Amount by Class:
(third) Current Accrued Interest 2.90629023 2.90629023
(third) Past Due Accrued Interest 0.00000000 0.00000000
(fourth) Current Reduction in Outstanding Amount 14.28651793 0.00000000
(fourth) Past Due Reduction in Outstanding Amount 0.00000000 0.00000000
------------ ------------ ------------
Total Senior Distribution 17.19280816 2.90629023
Required Class B Distribution Amount by Class:
(fifth) Current Accrued Interest 7.50000012 7.50000012
(fifth) Past Due Accrued Interest 0.00000000 0.00000000
(sixth) Reduction in Outstanding Amount 0.00000000
Current Subordinate Amount Release 0.00000000 0.00000000
Past Due Subordinate Amount Release 0.00000000 0.00000000
------------ ------------
Total Class B Distribution 7.50000012 7.50000012
(seventh)Additional Senior Part.Cert.Reduction (the Lessor of:)
(i) Surplus 6.4836
(ii) Aggregate Outstanding Amount after fourth clause 373.2189 373.21885686
Additional Senior Amount To Be Distributed 6.4836 0.00000000
(eighth) Additional Class B Certificate Reduction (The Lessor of:) 0.00000000
(i) Remainder 0.00000000
(II) Aggregate Outstanding Amount 0.00000000
Additional Class B Amount To Be Distributed 0.00000000
Page 4 CENTRAL LIFE ASSURANCE AGGREGATE BALANCES
COMMERCIAL MORTGAGE PASS-THROUGH (Schedule A3)
PURSUANT TO SECTION 4.07 Page 4 of 10
----------------------Senior---------------------------
Class A-1 Class A-2 Class A-3
Certificates Certificates Certificates
------------- ------------- -------------
Senior Participation Outstanding Amounts:
Before Distributions - by Class(To Schedule C) 0.00 0.00 0.00
by Certificate 0.00 0.00 0.00
After Distributions - by Class 0.00 0.00 0.00
by Certificate 0.00 0.00 0.00
Class B Participation Outstanding Amounts:
Before Distributions - by Class
by Certificate
After Distributions - by Class
by Certificate
Outstanding Amt./Initial Aggregate Amt. 0.00000% 0.00000% 0.00000%
Pool Values (excludes Residual)
Previous Adjusted Pool Value
This Month's Adjusted Pool Value
Subordinated Amount:
Before Distributions
After Distributions
Initial Outstanding Amount of Participation Cert.: 10,000,000.00 75,000,000.00 46,400,000.00
------------------------------------------------------
Class A-4 Class B Total
Certificates Certificates
------------ ------------ ------------
Senior Participation Outstanding Amounts:
Before Distributions - by Class(To Schedule C) 5,888,144.17 5,888,144.17
by Certificate 387.51 387.51
After Distributions - by Class 5,572,542.14 5,572,542.14
by Certificate 366.74 366.74
Class B Participation Outstanding Amounts:
Before Distributions - by Class 20,987,589.00 20,987,589.00
by Certificate 1,000.00 1,000.00
After Distributions - by Class 20,987,589.00 20,987,589.00
by Certificate 1,000.00 1,000.00
Outstanding Amt./Initial Aggregate Amt. 36.67353% 100.00%
Pool Values (excludes Residual)
Previous Adjusted Pool Value 12,878,488.00
This Month's Adjusted Pool Value 12,543,187.00
Subordinated Amount:
Before Distributions 20,987,589.00
After Distributions 20,987,589.00
Initial Outstanding Amount of Participation Cert.: 15,195,000.00 20,987,589.00 167,582,589.00
CENTRAL LIFE ASSURANCE RESERVE FUND
COMMERCIAL MORTGAGE PASS-THROUGH (Schedule B)
PURSUANT TO SECTION 4.03 Page 5 of 10
Beginning Balance 700,000.00
(b) Deposits:
(ii) From Certificate Account: (From Schedule A)
Recoverable Reserve Fund Replenishment 0.00 4.07(ii)
Non-Recoverable Reserve Fund Replenishment 0.00 0.00 4.07(ii)
(d) Investment Income Received 2,096.89
------------
Total Deposits 2,096.89
(c) Withdrawals:
(i) To Certificate Account: (To Schedule A)
Recoverable Late Payments Not Received 0.00 4.07(iv)
(ii) Excess of Reserve Fund Balance Requirement 0.00 4.07(iv)
(d) Investment Income Disbursed (To Schedule A) 2,096.89
------------
Total Withdrawals 2,096.89
------------
Ending Balance Before Other Provisions 700,000.00 4.07(viii)
------------
------------
page 6 CENTRAL LIFE ASSURANCE EXPENSE RESERVE FUND
COMMERCIAL MORTGAGE PASS-THROUGH (Schedule C)
PURSUANT TO SECTION 4.03A Page 6 of 10
EXPENSE RESERVE FUND DEFICIENCY: 4.07(xvi) Pool(Loan)
Balance
--------------
LESSER OF 35,653,742.34
(1) The productof (1/12*.09%) & the
Aggregate Pool (loan) Principal Bal. before payments
OR
(2) Expense Reserve Fund Balance(calculated below) 51,041.67
Less: Reserve Fund Begining Balance 5,872.17
EQUALS --------------
Expense Reserve Fund Deficiency(lesser of) 45,169.50
- --------------------------------------- ------------------------------------------------------------------
Begining Balance
Deposits:
(b) From Certificate Account:(From Schedule A)
Expense Reserve Fund Deficiency
(d) Investment Income Received
Total Deposits
(c) Whithdrawls:
(i) Pool Expenses (From Schedule E)
To Certificate Account: (Schedule A)
(ii) Excess providing Outstanding Amounts=0 0.00
(iii) Excess of Ending Balance over Expense Reserve Fund Balance 0.00
(d) Investment Income Disbursed
Total Withdrawls
Ending Balance
- --------------------------------------- ------------------------------------------------------------------
Expense Reserve Fund Balance:
Agggregate Outstanding Amount of Senior
Participation Certificates Before Distribution (From Schedule A3) 5,888,144.17
Aggregate outstanding Amount(above) Amount #of Months to 2008
------------------------------ ------------------------------------------------------------------
If >120,000,then 50,000.00 12.25 51,041.67
If 60,000 but < 120,000,then 40,000.00 0.00
EXPENSE RESERVE FUND DEFICIENCY: 4.07(xvi) 1/12 of.09%
of Pool Balance
--------------------
LESSER OF 2,674.03
(1) The productof (1/12*.09%) & the
Aggregate Pool (loan) Principal Bal. before payments
OR
(2) Expense Reserve Fund Balance(calculated below)
Less: Reserve Fund Begining Balance
EQUALS
Expense Reserve Fund Deficiency(lesser of) 2,674.03
- --------------------------------------- --------------------------------------------------------------------------------
Begining Balance
Deposits: 5,872.17
(b) From Certificate Account:(From Schedule A) 2,674.03
Expense Reserve Fund Deficiency
(d) Investment Income Received 17.57
--------------
2,691.60
Total Deposits
(c) Whithdrawls:
(i) Pool Expenses (From Schedule E) 3,000.00
To Certificate Account: (Schedule A)
(ii) Excess providing Outstanding Amounts=0
(iii) Excess of Ending Balance over Expense Reserve Fund Balance 0.00
(d) Investment Income Disbursed 17.57
--------------
Total Withdrawls 3,017.57
-------------
Ending Balance 5,546.20
- --------------------------------------- --------------------------------------------------------------------------------
Expense Reserve Fund Balance:
Agggregate Outstanding Amount of Senior
Participation Certificates Before Distribution (From Schedule A3)
Aggregate outstanding Amount(above)
------------------------------ --------------------------------------------------------------------------------
If >120,000,then
If 60,000 but < 120,000,then
Page 7
CENTRAL LIFE ASSURANCE
COMMERCIAL MORTGAGE PASS-THROUGH
PURSUANT TO SECTION 4.03A
Collection Account Period Covered: 24-JUL-96
01-AUG-96
Release To Certificate Account: 01-SEPT-96
Beginning Balance
Collection Account 0.00
Investment Income Received 0.00 0.00
(c)
Total Deposits
Withdrawals to Certificate Account:(To Sch. A)
Deposits 0.00
Re-investment Income 0.00 0.00
Ending Balance
page 7a
OTHER INPUTS & CALCULATIONS Page 7 of 10
Delinquent Payments determined not to be Recoverable:
1)Voluntary Advance Reimbursements 0.00 Total Past Int. Not Paid in Prev. Due Periods:
2) Reserve Fund Replenishment 0.00 Class A-1
Delinquent Payments Received during Due Period: Class A-2
1)Voluntary Advance Reimbursement 0.00 Class A-3
2) Recoverable Reserve Fund Replenishments 0.00 Class A-4
Delinquent Payments of this Due Period Class B
1)Recoverable Voluntary Advances 0.00 Total Past Reductions in Out. Amt. not Paid in
Prev. Due Periods:
2)Recoverable Late Payments to be credited from Res. Acct. 0.00 Class A-1
Sale of Mortgage Loans as provided in Article X: 0.00 Class A-2
Excess substituted Mortgages 0.00 Class A-3
Aggregate Prin Bal of the 3 largest Loans: 14,233,864.06 Class A-4
Total Funds Deposited in Sub-Certificate Account 0.00 Class B
The Preceding Subordinated Amount: 20,987,589.00 Past Subordinate Amount Release not Distrib.:
Preceding Adjusted Pool Value 12,878,488.00 Previous Outstanding:
The Aggregate Balloon Payment Deficiency: 0.00 Class A-1
Servicer' s Basic Fee 5,039.00 Class A-2
The sum of the Prin Bal.of each Mortg. loan Out.that was 60days 0.00 Class A-3
past due at any time during the last 6 mths ending this Due Per. Class A_4
Aggreg. Pool Prin.(loan) Bal.as of the beg. of this due per.:Due Per. 35,653,742.34 Class B
Current Month 's Number 9.00 Liquidating Loans:
The Current Year 1996 Loan 1
Aggregate Covered Losses of this Due Period: 0.00 Loan 2
Total Pool expenses as provided by CL: 3,000.00 Loan 3
This Month's Pool Value: 33,530,776.00 Investment Earnings:
The Sum of the Aggregate Covered Losses for this Due Period: 0.00 Reserve Account
Amount of Deposited into the Certificate a/c from the Sub/cert: 0.00 Expense Reserve Account
Amount Deposited into Cert. Acct.d into Cert. Acct. 524,883.06 Certificate Account
Begining Balance of Reserve Account: 700,000.00 Servicere's Reinvestment Income
Begining Balance of Expense Reserve Account: 5,872.17 Sub-Certificate
a1 CENTRAL LIFE ASSURANCE
COMMERCIAL MORTGAGE PASS-THROUGH
SUBORDINATED AMOUNT CALCULATIONS
Lesser of: (i)&(ii)
i) Preceding Subordinated Amount 20,987,589.00
Aggregate Covered Losses: 0.00
--------------
20,987,589.00
The result of i 20,987,589.00
ii) Equal to The Greater of X or Y 14,233,864.06
X) 19% * Aggregate Pool Prin Bal 6,774,211.04
Y) aggregate unpaid prin bal. of 14,233,864.06
the 3 largest Mortgage Loans
iii) The result of iii is i if iii>0: 0.00
x(a) The Aggregate Prin Bal of Mortg. 0.00
loans 60 days past due.
x(b) Sum of the liquidating Loans 0.00
X) Is iii x(a)&x(b) > 5% of the 0.00
Pool Prin Bal.
Y) The Aggregate Balloon Payment
Defficiency Amount 0.00
Z) Is the sum of the Agg.Cov. Losses 0.00
greater than $4,197,646
d) The Subordinated Amount: 20,987,589.00
e) The Subordinated Amount Release: 0.00