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Previous: AMERITRUCK DISTRIBUTION CORP, 8-K, 1997-07-11 |
Next: SDC INTERNATIONAL INC DE, NT 10-Q, 1997-07-11 |
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)
JUNE 15, 1997
NATIONSCREDIT GRANTOR TRUST 1996 - 1
(Exact name of registrant as specified in charter)
DELAWARE 33-80837 75-2655744
(State or other (Commission File (IRS Employer Identification
jurisdiction of Number) Number)
incorporation)
225 E. JOHN CARPENTER FREEWAY, IRVING TEXAS 75062-2731
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (972) 506-5026
NOT APPLICABLE
(Former name or former address, if changed since last report.)
<PAGE>
Item 5. Other Events
This Current Report on Form 8-K is being filed to file a copy of the
Certificateholders Statements relating to the Collection Period ending May 30,
1997.
Capitalized terms not defined herein have the meanings assigned in the
Pooling and Servicing Agreement dated as of January 31, 1996 among NationsCredit
Securitization Corporation, NationsCredit Commercial Corporation of America and
Bankers Trust Company, as Trustee, which was previously filed as an exhibit to
the Current Report on Form 8-K filed on behalf of the Trust by NationsCredit
Commercial Corporation of America on April 5, 1996.
<PAGE>
Item 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
(c) Exhibits
EXHIBIT NO.
19.1 Certificateholders Statements
<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.
NATIONSCREDIT GRANTOR TRUST 1996 - 1
(Registrant)
By: NationsCredit Commercial
Corporation of America, as Servicer
of NationsCredit Grantor Trust
1996-1
Date: July 11, 1997 By:: /s/ Lawrence Angelilli
-------------------------------
Name: Lawrence Angelilli
Title: Vice President
<PAGE>
EXHIBIT INDEX
EXHIBIT NUMBER DESCRIPTION
19.1 Certificateholders Statements
EXHIBIT 19.1
STATEMENT TO CERTIFICATEHOLDERS
NATIONSCREDIT GRANTOR TRUST 1996-1
Pooling and Servicing Agreement, dated as of January 31, 1996 among
NationsCredit Securitization Corporation (as "Seller"), NationsCredit
Corporation of America (as "Servicer") and Bankers Trust Company (as
"Trustee" and "Collateral Agent"), the Servicer is required to prepare
certain information each month regarding distribution to
Certificateholders and the performance of the Trust. The
information with respect to the applicable Distribution
Date is set forth below.
Month Jun-97
Collection Period 01-May-97
Determination Date 11-Jun-97
Deposit Date 13-Jun-97
Distribution Date 16-Jun-97
<TABLE>
<CAPTION>
POOL BALANCE
Pool Balance on the close of the last day of
<S> <C>
the Collection Period (Record Date) 154,198,732.20
Pool Factor 69.0872781%
Ending Pool Balance (per $1,000 certificate) 690.87
Liquidation Proceeds 223,627.27
Purchase Amounts 71,612.70
AMOUNTS DISTRIBUTED ON THE DISTRIBUTION DATE
(PER $1,000 CERTIFICATE)
Interest Payments:
Monthly Interest Payment 3.47
Carry-Over Monthly Interest Payment -
Total Interest Payment 3.47
Principal Payments:
Monthly Principal Payment 21.60
Carry-Over Monthly Principal Payment -
Total Principal Payment 21.60
Servicing Fee:
Servicing Fee 0.45
Carry-Over Monthly Servicing Fee -
Total Servicing Fee 0.45
Surety Bond
Surety Bond Amount for the current Distribution Date 39,754,906.66
Surety Bond Amount as a % of the Pool Balance 25.7816%
</TABLE>
<PAGE>
MONTHLY SERVICERS CERTIFICATE
NATIONSCREDIT GRANTOR TRUST 1996-1
Pursuant to Pooling and Servicing Agreement, dated as of January 31,
1996 among NationsCredit Securitization Corporation (as "Seller"),
NattionsCredit Corporation of America (as "Servicer") and Bankers
Trust Company (as "Trustee" and "Collateral Agent"), the Servicer
is required to prepare certain information each month
regarding distribution to Certificateholders and the performance
of the Trust. The information with respect to the applicable
Distribution Date is set forth below.
Month Jun-97
Collection Period 1-May-97
Determination Date 11-Jun-97
Deposit Date 13-Jun-97
Distribution Date 16-Jun-97
<TABLE>
<CAPTION>
POOL BALANCE
<S> <C>
Pool Balance on the close of the last day
of the preceding Collection Period 159,019,626.63
Principal Collections 4,327,506.79
Principal Collections Adjustment - Over Payment
Since Inception
Purchase Amounts Allocable to Principal 71,612.70
Defaulted Receivables 421,774.94
Defaulted Receivables Adjustment
Since Inception
Pool Balance on the close of the last day
of the Collection Period 154,198,732.20
Original Pool Balance 223,194,105.12
Pool Factor 69.0872781%
Preference Amounts -
Certificate Pass-Through Rate 5.8500%
Servicing Fee Rate 0.7500%
AVAILABLE INTEREST
Collections allocable to interest 1,414,061.82
Liquidation Proceeds 223,627.27
Purchase Amounts allocable to interest -
Reserve Account Interest Withdrawal -
Surety Interest Drawing -
Reserve Account Preference Withdrawal -
Surety Preference Withdrawal -
Total Interest 1,637,689.09
AVAILABLE PRINCIPAL
Collections allocable to principal 4,327,506.79
Purchase Amounts allocable to principal 71,612.70
Reserve Account Principal Withdrawal -
Surety Principal Drawing -
Total Principal 4,399,119.49
AVAILABLE FUNDS
Collections allocable to interest 1,414,061.82
Liquidation Proceeds 223,627.27
Purchase Amounts allocable to interest -
Collections allocable to principal 4,327,506.79
Purchase Amounts allocable to principal 71,612.70
Total Available Funds 6,036,808.58
DEPOSIT TO CERTIFICATE ACCOUNT
Available Funds allocable to interest 1,637,689.09
Available Funds allocable to principal 4,399,119.49
Reserve Account Interest Withdrawal -
Surety Interest Drawing -
Reserve Account Preference Withdrawal -
Surety Preference Withdrawal -
Reserve Account Principal Withdrawal -
Surety Principal Drawing -
Total Deposit to the Certificate Account 6,036,808.58
INTEREST PAYMENT
Monthly Interest Payment 775,220.68
Carry-Over Monthly Interest -
Total 775,220.68
PRINCIPAL PAYMENT
Monthly Principal Payment 4,820,894.43
Carry-Over Monthly Principal -
Total 4,820,894.43
SERVICING FEE
Servicing Fee 99,387.27
Carry-Over Monthly Servicing Fee -
Total 99,387.27
DISTRIBUTIONS FROM THE CERTIFICATE ACCOUNT
Interest distributions 775,220.68
Principal distribution 4,820,894.43
Preference Amounts -
Servicing Fee distribution 99,387.27
Distributions to the Surety Bond Provider 15,901.96
Distributions to the Reserve Account -
Distributions to the Seller 325,404.24
Carry-Over Monthly Interest to the next Distribution Date -
Carry-Over Monthly Principal to the next Distributions Date -
Carry-Over Monthly Servicing Fee to the next Distribution Date -
RESERVE ACCOUNT
Reserve Account Balance as of the end of the preceding Collection Period
Add: Ajustment to Reconcile to actual account balance
Reserve Account Balance as of the end of the preceding Collection Period 7,950,981.33
Earnings from investments on the Reserve Account 36,074.12
Reserve Account Interest Withdrawal -
Reserve Account Preference Withdrawal -
Reserve Account Principal Withdrawal -
Deposits to the Reserve Account -
Adjment
Reserve Account Balance 7,987,055.45
Distributions of any excess amounts on deposit in the Reserve Account 277,118.84
Ending Reserve Account Balance 7,709,936.61
Reserve Account Balance as a % of the Pool Balance 5.0000%
Specified Reserve Account Requirement 7,709,936.61
Amount needed to fully fund Reserve Account -
SURETY BOND
Required Surety Bond Amount (25% of the Pool Balance) 39,754,906.66
Surety Bond amount on the previous Distribution Date 41,010,093.73
Payments made with respect Surety Principal Draws -
Payments received with respect to unreimbursed Surety Principal Draws -
Surety Bond Amount for the current Distribution Date 39,754,906.66
Total Surety Interest Draws -
Total Surety Principal Draws -
Total Surety Preference Draws -
Total Draws -
Surety Bond Fee 15,901.96
Total unreimbursed Surety Interest Draws -
Total unreimbursed Surety Principal Draws -
Total unreimbursed Surety Preference Draws -
Amount Owed to Surety Bond Provider 15,901.96
Surety Bond Fee Paid 15,901.96
Total payments for Surety Interest Draws -
Total payments for Surety Principal Draws -
Total payments for Surety Preference Draws -
Payments made to the Surety Bond Provider 15,901.96
Surety Bond Fee Outstanding -
Remaining unreimbursed Surety Interest Draws -
Remaining unreimbursed Surety Principal Draws -
Remaining unreimbursed Surety Preference Draws -
Remaining Amounts Owed to the Surety Bond Provider -
NET CREDIT LOSS RATIO
Net Credit Losses 198,147.67
Adjustment for Defaulted Receivables Since Inception
For the Current Collection Period 0.1265%
For the preceding Collection Period -0.0393%
For the second preceding Collection Period 0.0561%
Average Net Credit Loss Ratio 0.0478%
DELINQUENCY ANALYSIS
Number of Loans
30 to 59 days past due 237
60 to 89 days past due 66
90 or more days past due 122
Total 425
Principal Balance
30 to 59 days past due 2,624,510.15
60 to 89 days past due 730,635.06
90 or more days past due 1,362,035.97
Total 4,717,181.18
Delinquency Ratio
For the current Collection Period 3.0592%
For the preceding Collection Period 3.1550%
For the second preceding Collection Period 3.2581%
Average Delinquency Ratio 3.1574%
WEIGHTED AVERAGE COMPUTATIONS
Weighted Average Coupon 10.6033%
Weighted Average Original Term (months) 123.00
Weighted Average Remaining Term (months) 95.15
CASH SETTLEMENT FOR THE TRUSTEE
Total Deposit to the Collection Account 6,036,808.58
Servicing Fee 99,387.27
Interest allocable to the Seller's Certificate 0.37
Principal amount allocable to the Seller's Certificate 2.27
Net Deposit to the Certificate Account 5,937,418.68
Wire Funds to the Certificateholders 5,596,112.47
Wire Funds to the Surety Bond Provider 15,901.96
Deposit Funds into the Reserve Account -
Wire Funds to NationsCredit 325,404.24
Approved by: /S/ LAWRENCE ANGELILLI
Lawrence Angelilli
Vice President & Treasurer
</TABLE>
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