SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_______________
FORM 10-K
CURRENT REPORT
Annual Report Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
For the fiscal year ended December 31, 1999
33-80837
(Commission File No.)
NATIONSCREDIT GRANTOR TRUST 1996 - 1
(Exact name of registrant as specified in charter)
Delaware 75-2655744
(State or other jurisdiction (IRS Employer
of incorporation or organization) Identification No.)
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
Securities registered pursuant to section 12(g) of the Act:
5.85% Marine Receivable-Backed Certificates
(Title of Class)
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the pas 90 days.
(x) yes ( ) no
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405
of Regulation S-K (229.405 of this chapter) is not contained herein, and will
not be contained, to the best of registrant's knowledge, in definitive proxy or
information statements incorporated by reference in Part III of this Form 10-K
or any amendment to this Form 10-K. (x)
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PART I
Item 1. Business.
The NationsCredit Grantor Trust 1996-1 (the "Trust") was formed pursuant to
a Pooling and Servicing Agreement (the "Pooling and Servicing Agreement") dated
as of January 31, 1996 among NationsCredit Securitization Corporation (the
"Seller"), NationsCredit Distribution Finance, Inc. (formerly known as
NationsCredit Commercial Corporation of America), as Servicer (the "Servicer")
and Bankers Trust Company, as trustee (the "Trustee"). The Trust's only
business is to act as a passive trust to permit investment in a pool of retail
installment sales contracts.
Item 2. Properties.
The assets of the Trust include a pool of marine retail installment sales
contracts (the "Receivables"), the security interests in the collateral securing
the Receivables and certain other property more specifically set forth in the
Pooling and Servicing Agreement.
Item 3. Legal Proceedings.
There are no pending legal proceedings with respect to the Trustee
involving the Trust, Bankers Trust Company, as Trustee, or NationsCredit
Distribution Finance, Inc., as Servicer.
Item 4. Submission of Matters to a Vote of Security Holders.
None.
PART II
Item 5. Market for Registrant's Common Equity and Related Stockholder Matters.
(a) Market Information. There is no established public trading
market for the Certificates.
(b) Holders. Since each of the Certificates was issued in book
entry form only, there is only one holder of record of
the Certificates. See Item 12 below.
(c) Dividends. Not applicable.
Item 9. Changes in and Disagreements With Accountants on Accounting and
Financial Disclosure.
None.
PART III
Item 12. Security Ownership of Certain Beneficial Owners and Management.
The Certificates are represented by one or more certificates registered in
the name of Cede & Co., the nominee of The Depository Trust Company ("DTC"). An
investor holding an interest in the Trust is not entitled to receive a
certificate representing such interest except in limited circumstances.
Accordingly, Cede & Co. is the sole holder of record of the Certificates, which
it holds on behalf of brokers, dealers, banks and other participants in the DTC
system. Such participants may hold certificates for their own accounts or for
the accounts of their customers. The address of Cede & Co. is
Cede & Co.
c/o The Depository Trust Company
Attention: Proxy Department
Seven Hanover Square
New York, New York 10004
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Item 13. Certain Relationships and Related Transactions.
None.
PART IV
Item 14. Exhibits, Financial Statement Schedules, and Reports on Form 8K.
(a) 1. Not applicable.
2. Not applicable.
3. Exhibits:
99.1 Annual Statement as to Compliance
99.2 Report of Independent Accountants
(b) Reports on Form 8-K
NationsCredit Grantor Trust 1996-1 filed a Current Report on Form 8-K
pursuant to Items 5 and 7 for the following monthly distribution dates during
1999, including the Servicer's Certificate for each due period provided to
Bankers Trust Company, as Trustee.
Date of Reports on Form 8-K
---------------------------
January 15, 1999
February 16, 1999
March 15, 1999
April 15, 1999
May 17, 1999
June 15, 1999
July 15, 1999
August 16, 1999
September 15, 1999
October 15, 1999
November 15, 1999
December 15, 1999
(c) The exhibits filed as a part of this report are listed in the
Index to Exhibits on Page 5
(d) Not applicable.
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SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, as amended, 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: March __, 2000 By /s/ JILL B. STEWART
--------------------------
Name: Jill B. Stewart
Title: Senior Vice President
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