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Previous: TECHNOLOGY SERVICE GROUP INC \DE\, 15-12G, 1997-12-22 |
Next: PUTNAM FUNDS TRUST, 485APOS, 1997-12-22 |
<PAGE> 1
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)
December 15, 1997
NATIONSCREDIT GRANTOR TRUST 1996 - 1
(Exact name of registrant as specified in charter)
Delaware 333-22327 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> 2
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
November 30, 1997.
Capitalized terms not defined herein have the meanings assigned in the
Pooling and Servicing Agreement (with Standard Terms and Conditions attached
thereto) 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> 3
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(c) Exhibits
Exhibit No.
19.1 Certificateholders Statements
<PAGE> 4
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: December 22, 1997 By: /s/ LAWRENCE ANGELILLI
Name: Lawrence Angelilli
Title: Vice President
<PAGE> 5
EXHIBIT INDEX
<TABLE>
<CAPTION>
Exhibit Number Description
- -------------- -----------
<S> <C>
19.1 Certificateholders Statements
</TABLE>
<PAGE> 1
EXHIBIT 19.1
STATEMENT TO CERTIFICATEHOLDERS
NATIONSCREDIT GRANTOR TRUST 1996 - 1
Pursuant to the 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.
<TABLE>
<S> <C>
Month Nov-97
----------------
Collection Period 01-Nov-97
----------------
Determination Date 10-Dec-97
----------------
Deposit Date 12-Dec-97
----------------
Distribution Date 15-Dec-97
----------------
POOL BALANCE
Pool Balance on the close of the last day of the Collection Period (Record Date) 132,360,529.52
----------------
Pool Factor 59.3028787%
----------------
Ending Pool Balance (per $1,000 certificate) 593.03
----------------
Liquidation Proceeds 139,057.93
----------------
Purchase Amounts 45,231.49
----------------
AMOUNTS DISTRIBUTED ON THE DISTRIBUTION DATE (PER $1,000 CERTIFICATE)
Interest Payments:
Monthly Interest Payment 2.95
----------------
Carry-Over Monthly Interest Payment -
----------------
Total Interest Payment 2.95
----------------
Principal Payments:
Monthly Principal Payment 12.20
----------------
Carry-Over Monthly Principal Payment -
----------------
Total Principal Payment 12.20
----------------
Servicing Fee:
Servicing Fee 0.38
----------------
Carry-Over Monthly Servicing Fee -
----------------
Total Servicing Fee 0.38
----------------
SURETY BOND
Surety Bond Amount for the current Distribution Date 33,770,856.28
----------------
Surety Bond Amount as a % of the Pool Balance 25.5143%
----------------
</TABLE>
<PAGE> 2
MONTHLY SERVICERS CERTIFICATE
NATIONSCREDIT GRANTOR TRUST 1996 - 1
Pursuant to the 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.
<TABLE>
<S> <C>
Month Nov-97
----------------
Collection Period 1-Nov-97
----------------
Determination Date 10-Dec-97
----------------
Deposit Date 12-Dec-97
----------------
Distribution Date 15-Dec-97
----------------
POOL BALANCE
Pool Balance on the close of the last day of the preceding Collection Period 135,083,425.13
----------------
Principal Collections 2,393,485.01
----------------
Principal Collections Adjustment - Over Payment Since Inception
Purchase Amounts Allocable to Principal 45,231.49
----------------
Defaulted Receivables 284,179.11
----------------
Defaulted Receivables Adjustment Since Inception
Pool Balance on the close of the last day of the Collection Period 132,360,529.52
----------------
Original Pool Balance 223,194,105.12
----------------
Pool Factor 59.3028787%
----------------
Preference Amounts --
----------------
Certificate Pass-Through Rate 5.8500%
----------------
Servicing Fee Rate 0.7500%
----------------
AVAILABLE INTEREST
Collections allocable to interest 1,092,032.00
----------------
Liquidation Proceeds 139,057.93
----------------
Purchase Amounts allocable to interest --
----------------
Reserve Account Interest Withdrawal --
----------------
Surety Interest Drawing --
----------------
Reserve Account Preference Withdrawal --
----------------
Surety Preference Withdrawal --
----------------
Total Interest 1,231,089.93
----------------
AVAILABLE PRINCIPAL
Collections allocable to principal 2,393,485.01
----------------
Purchase Amounts allocable to principal 45,231.49
----------------
Reserve Account Principal Withdrawal --
----------------
Surety Principal Drawing --
----------------
Total Principal 2,438,716.50
----------------
AVAILABLE FUNDS
Collections allocable to interest 1,092,032.00
----------------
Liquidation Proceeds 139,057.93
----------------
Purchase Amounts allocable to interest --
----------------
</TABLE>
<PAGE> 3
<TABLE>
<S> <C>
Collections allocable to principal 2,393,485.01
------------
Purchase Amounts allocable to principal 45,231.49
------------
Total Available Funds 3,669,806.43
------------
DEPOSIT TO CERTIFICATE ACCOUNT
Available Funds allocable to interest 1,231,089.93
------------
Available Funds allocable to principal 2,438,716.50
------------
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 3,669,806.43
------------
INTEREST PAYMENT
Monthly Interest Payment 658,531.70
------------
Carry-Over Monthly Interest --
------------
Total 658,531.70
------------
PRINCIPAL PAYMENT
Monthly Principal Payment 2,722,895.61
------------
Carry-Over Monthly Principal --
------------
Total 2,722,895.61
------------
SERVICING FEE
Servicing Fee 84,427.14
------------
Carry-Over Monthly Servicing Fee --
------------
Total 84,427.14
------------
DISTRIBUTIONS FROM THE CERTIFICATE ACCOUNT
Interest distributions 658,531.70
------------
Principal distribution 2,722,895.61
------------
Preference Amounts --
------------
Servicing Fee distribution 84,427.14
------------
Distributions to the Surety Bond Provider 13,508.34
------------
Distributions to the Reserve Account --
------------
Distributions to the Seller 190,443.64
------------
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: Adjustment to Reconcile to actual account balance
Reserve Account Balance as of the end of the preceding Collection Period 6,754,171.26
------------
Earnings from investments on the Reserve Account 25,276.08
------------
Reserve Account Interest Withdrawal --
------------
Reserve Account Preference Withdrawal --
------------
Reserve Account Principal Withdrawal --
------------
Deposits to the Reserve Account --
------------
Adjustment
------------
Reserve Account Balance 6,779,447.34
------------
</TABLE>
<PAGE> 4
<TABLE>
<S> <C>
Distributions of any excess amounts on deposit in the Reserve Account 161,420.86
---------------
Ending Reserve Account Balance 6,618,026.48
---------------
Reserve Account Balance as a % of the Pool Balance 5.0000%
---------------
Specified Reserve Account Requirement 6,618,026.48
---------------
Amount needed to fully fund Reserve Account --
---------------
SURETY BOND
Required Surety Bond Amount (25% of the Pool Balance) 33,770,856.28
---------------
Surety Bond amount on the previous Distribution Date 34,566,186.94
---------------
Payments made with respect Surety Principal Draws --
---------------
Payments received with respect to unreimbursed Surety Principal Draws --
---------------
Surety Bond Amount for the current Distribution Date 33,770,856.28
---------------
Total Surety Interest Draws --
---------------
Total Surety Principal Draws --
---------------
Total Surety Preference Draws --
---------------
Total Draws --
---------------
Surety Bond Fee 13,508.34
---------------
Total unreimbursed Surety Interest Draws --
---------------
Total unreimbursed Surety Principal Draws --
---------------
Total unreimbursed Surety Preference Draws --
---------------
Amount Owed to Surety Bond Provider 13,508.34
---------------
Surety Bond Fee Paid 13,508.34
---------------
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 13,508.34
---------------
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 145,121.18
---------------
Adjustment for Defaulted Receivables Since Inception
For the Current Collection Period 0.1085%
---------------
For the preceding Collection Period 0.7330%
---------------
For the second preceding Collection Period 0.1886%
---------------
Average Net Credit Loss Ratio 0.3434%
---------------
DELINQUENCY ANALYSIS
Number of Loans
30 to 59 days past due 266
---------------
60 to 89 days past due 81
---------------
90 or more days past due 130
---------------
Total 477
---------------
</TABLE>
<PAGE> 5
<TABLE>
<S> <C>
Principal Balance
30 to 59 days past due 2,569,294.33
--------------
60 to 89 days past due 766,828.02
--------------
90 or more days past due 1,591,608.43
--------------
Total 4,927,730.78
--------------
Delinquency Ratio
For the current Collection Period 3.7230%
--------------
For the preceding Collection Period 3.6684%
--------------
For the second preceding Collection Period 3.4971%
--------------
Average Delinquency Ratio 3.6295%
--------------
REPOSSESSION ANALYSIS
Current Balance of Contracts where Repossession Occurred in the Current Month 389,280.62
Number of Contracts where Repossession Occurred in the Current Month 30
WEIGHTED AVERAGE COMPUTATIONS
Weighted Average Coupon 10.5814%
--------------
Weighted Average Original Term (months) 123.00
--------------
Weighted Average Remaining Term (months) 90.81
--------------
CASH SETTLEMENT FOR THE TRUSTEE
Total Deposit to the Collection Account 3,669,806.43
--------------
Servicing Fee 84,427.14
--------------
Interest allocable to the Seller's Certificate 0.31
--------------
Principal amount allocable to the Seller's Certificate 1.28
--------------
Wire Funds to the Surety Bond Provider 13,508.34
--------------
Net Deposit to the Certificate Account - Excluding Amounts Due to Seller 3,571,869.35
--------------
Wire Funds to the Certificateholders - Interest 658,531.39
--------------
Wire Funds to the Certificateholders - Principal 2,722,894.33
--------------
Deposit Funds into the Reserve Account --
--------------
Wire Funds to NationsCredit 190,443.64
--------------
</TABLE>
Approved by: /s/ LAWRENCE ANGELILLI
----------------------------------------------------------
Lawrence Angelilli
Vice President & Treasurer
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