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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
Date of Report (Date of earliest event reported): March 30, 1998
IMPAC SECURED ASSETS CORP. (as depositor under an Amended and Restated Trust
Agreement, dated as of March 31, 1998, and pursuant to which an Indenture was
entered into, providing for, inter alia, the issuance of Collateralized
Asset-Backed Notes, Series 1998-1)
IMPAC SECURED ASSETS CORP.
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(Exact name of Registrant as specified in its charter)
California 333-40125 33-0705301
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(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
20371 Irvine Avenue
Santa Ana Heights, California 92707
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(Address of Principal (Zip Code)
Executive Offices)
Registrant's telephone number, including area code, is (714) 556-0122
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Item 2. ACQUISITION OR DISPOSITION OF ASSETS.
For a description of the Bonds and the Mortgage Pool, refer to
the Indenture.
Item 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
(a) Not applicable
(b) Not applicable
(c) Exhibits:
ITEM 601(A) OF
REGULATION S-K
EXHIBIT NO. EXHIBIT NO. DESCRIPTION
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1 99 Computational Materials--
Computational Materials (as
defined in Item 5) that have
been provided by the
Underwriter to certain
prospective purchasers of
Impace Secured Assets Corp.
Collateralized Asset-Backed
Notes, Series 1998-1 (filed
in paper pursuant to the
automatic SEC exemption
pursuant to Release 33-
7427, August 7, 1997)
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Item 5. OTHER EVENTS.
On or about March 31, 1998, the Registrant will cause the
issuance and sale of approximately $292,395,000 initial principal
amount of Collateralized Asset-Backed Notes, Series 1998-1, Class A-1,
Class A-2, Class A-3, Class A-4, Class A-5, Class M-1, Class M-2 and
Class B-1 (collectively, the "Underwritten Notes") pursuant to an
Indenture, to be dated as of March 31, 1998, between Impac Secured
Assets CMN Trust Series 1998-1, as issuer, and Bankers Trust Company of
California, N.A., as indenture trustee.
In connection with the sale of the Underwritten Notes, the
Registrant has been advised by Lehman Brothers, Inc. (the
"Underwriter"), that the Underwriter has furnished to prospective
investors certain yield tables and other computational materials (the
"Computational Materials") with respect to the Underwritten Notes
following the effective date of Registration Statement No. 333-40125,
which Computational Materials are being filed as exhibits to this
report.
The Computational Materials have been provided by the
Underwriter. The information in the Computational Materials is
preliminary and may be superseded by the Prospectus Supplement relating
to the Bonds and by any other information subsequently
filed with the Securities and Exchange Commission.
The Computational Materials were prepared by the Underwriter
at the request of certain prospective investors, based on assumptions
provided by, and satisfying the special requirements of, such
prospective investors. The Computational Materials may be based on
assumptions that differ from the assumptions set forth in the
Prospectus Supplement. The Computational Materials may not include, and
do not purport to include, information based on assumptions
representing a complete set of possible scenarios. Accordingly, the
Computational Materials may not be relevant to or appropriate for
investors other than those specifically requesting them.
In addition, the actual characteristics and performance of the
mortgage loans underlying the Underwritten Notes (the "Mortgage Loans")
may differ from the assumptions used in the Computational Materials,
which are hypothetical in nature and which were provided to certain
investors only to give a general sense of how the yield, average life,
duration, expected maturity, interest rate sensitivity and cash flow
characteristics of a particular class of Underwritten Notes might vary
under varying prepayment and other scenarios. Any difference between
such assumptions and the actual characteristics and performance of the
Mortgage Loans will affect the actual yield, average life, duration,
expected maturity, interest rate sensitivity and cash flow
characteristics of the Underwritten Notes.
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SIGNATURE
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 hereunto duly
authorized.
IMPAC SECURED ASSETS CORP.
By: /s/ Richard J. Johnson
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Name: Richard J. Johnson
Title: Chief Financial Officer
Dated: March 30, 1998
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EXHIBIT INDEX
Item 601 (a) of Sequentially
Exhibit Regulation S-K Numbered
Number Exhibit No. Description Page
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1 99 Computational Materials 6
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