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Previous: NEWPORT NEWS SHIPBUILDING INC, DEF 14A, 1997-04-09 |
Next: VANDERBILT MORT & FIN INC MAN HS CT SR SB PS TH CT SR 1996C, 8-K, 1997-04-09 |
<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 and Exchange Act of 1934
Date of Report (Date of earliest event reported): November 7, 1996
Vanderbilt Mortgage & Finance, Inc.
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Tennessee
- --------------------------------------------------------------------------------
(State or other jurisdiction of incorporation or organization)
333-14033 62-0997810
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(Commission File Number) (IRS Employer Identification No.)
Vanderbilt Mortgage & Finance, Inc.
4726 Airport Highway
Louisville, TN 37777
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(Address of principal executive offices and zip code)
Registrant's telephone number, including area code: 423-970-7200
Not Applicable
- --------------------------------------------------------------------------------
(Former name or former address, if changed since last report)
<PAGE> 2
Item 5. Other Events
On November 7, 1996, The Chase Manhattan Bank, as Trustee,
made the monthly distribution to the holders of the Vanderbilt Mortgage &
Finance, Inc. Manufactured Housing Contract Senior/Subordinated Pass Through
Certificates, Series 1996C.
Item 7. Financial Statements and Exhibits
(c) Exhibits.
The following are filed herewith. The exhibit numbers
correspond with Item 601(b) of Regulation S-K.
<TABLE>
<CAPTION>
Exhibit No. Description Page
----------- ----------- ----
<S> <C> <C>
99 Monthly Report delivered by 3
the Trustee to Certificateholders
in connection with distribution
on November 7, 1996.
</TABLE>
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 hereunto duly authorized.
VANDERBILT MORTGAGE & FINANCE, INC.
as Servicer
By: /s/ David R. Jordan
Name: David R. Jordan
Title: Controller
Dated: November 7, 1996
<PAGE> 1
Exhibit 99
<TABLE>
<CAPTION>
Chemical Bank, Trustee Determination Date:
Manufactured Housing Contracts Remittance Date:
Senior/Subordinated Pass-Through Certificates Series 1996C For the Period Ended:
Information for Clauses (a) through (e), Section 7.01
Class A-1 Class A-2
<S> <C> <C>
(a) Class A and Class B Distribution Amounts 1,639,558.02 145,600.00
(b) Formula Principal Distribution Amount
(a) Scheduled Principal Due 450,444.99
(b) Partial Prepayments Received 168,638.23
(c) Principal Payments in Full (Scheduled Balance) 786,834.80
(d) Liquidated Contract Scheduled Balance 0.00
(e) Section 3.05 Purchase Scheduled Balance 0.00
(f) Previously Undistributed Shortfalls in (a) through (e) 0.00
---------------- ----------------
Total Principal Distribution 1,408,918.02 0.00
(c) Interest Distribution 131,840.00 145,600.00
Unpaid Interest Shortfall 0.00 0.00
---------------- ----------------
Total Interest Distribution 131,840.00 145,600.00
(d) Beginning Class A and Class B Principal Balance 28,800,000.00 27,300,000.00
Less: Principal Distribution 1,408,916.02 0.00
---------------- ----------------
Remaining Class A and Class B Principal Balance 27,383,083.93 27,300,000.00
(e) Fees Due Servicer Pool Factor
Monthly Servicing Fee 129,397.82 (h)
Section 8.06 Reimbursement Amount 0.00 Class A-1
Section 8.02 Reimbursement Amount 0.00 Class A-2
Reimburseable Fees 0.00 Class A-3
---------------- Class A-4
Total Fees Due Servicer 129,397.82 Class A-5
Class A-6
No. of Unpaid Principal Class B-1
(f) Delinquency Contracts Balance Class B-2
31-59 Days Delinquent 61 1,486,965
60-89 Days Delinquent 13 271,513
90+ Days Delinquent 2 81,707
(g) Section 3.05 Repurchases 0.00
(i) Class R Distribution Amount 258,652.84
Reposession Profits 0.00
(j) Principal Balance of Contracts in Repossession 0.00
(k) Aggregate Net Liquidation Losses 0.00
(l) (x) Class B-2 Formula Distribution Amount 33,126.67
(y) Remaining Amount Available 289,778.51
----------------
Amount of (x) over (y) 0.00
(m) Class B-2 Liquidation Loss Amount 0.00
(n) Guarantee Payment 0.00
(o) Unadvanced Shortfalls 0.00
(p) Number of units repossessed 0
(q) Principal Prepayments paid 956,471.03
(r) Scheduled Principal Payments 450,444.99
(s) Weighted Average Interest Rate 11.50%
</TABLE>
<TABLE>
<CAPTION>
Chemical Bank, Trustee 02-Nov-96
Manufactured Housing Contracts 07-Nov-96
Senior/Subordinated Pass-Through Certificates Series 1996C 25-Oct-96
Information for Clauses (a) through (s), Section 7.01
Class A-3 Class A-4 Class A-5
<S> <C> <C> <C>
(a) Class A and Class B Distribution Amounts 106,541.67 68,587.50 93,337.83
(b) Formula Principal Distribution Amount
(a) Scheduled Principal Due
(b) Partial Prepayments Received
(c) Principal Payments in Full (Scheduled Balance)
(d) Liquidated Contract Scheduled Balance
(e) Section 3.05 Purchase Scheduled Balance
(f) Previously Undistributed Shortfalls in (a) through (e)
----------------- ----------------- ----------------
Total Principal Distribution 0.00 0.00 0.00
(c) Interest Distribution 108,641.67 68,567.60 93,337.83
Unpaid Interest Shortfall 0.00 0.00 0.00
----------------- ----------------- ----------------
Total Interest Distribution 108,641.67 68,567.60 93,337.83
(d) Beginning Class A and Class B Principal Balance 19,100,000.00 11,800,000.00 15,481,000.00
Less: Principal Distribution 0.00 0.00 0.00
----------------- ----------------- ----------------
Remaining Class A and Class B Principal Balance 19,100,000.00 11,800,000.00 15,481,000.00
(e) Fees Due Servicer
Monthly Servicing Fee Pool Factor Original Balance
Section 8.06 Reimbursement Amount 0.95114876 28,800,000.00
Section 8.02 Reimbursement Amount 1.00000000 27,300,000.00
Reimburseable Fees 1.00000000 19,100,000.00
1.00000000 11,800,000.00
Total Fees Due Servicer 1.00000000 16,481,000.00
1.00000000 9,938,000.00
1.00000000 8,833,000.00
(f) Delinquency 1.00000000 4,968,000.00
31-59 Days Delinquent
60-89 Days Delinquent
90+ Days Delinquent
(g) Section 3.05 Repurchases
(i) Class R Distribution Amount
Reposession Profits
(j) Principal Balance of Contracts in Repossession
(k) Aggregate Net Liquidation Losses
(l) (x) Class B-2 Formula Distribution Amount
(y) Remaining Amount Available
Amount of (x) over (y)
(m) Class B-2 Liquidation Loss Amount
(n) Guarantee Payment
(o) Unadvanced Shortfalls
(p) Number of units repossessed
(q) Principal Prepayments paid
(r) Scheduled Principal Payments
(s) Weighted Average Interest Rate
</TABLE>
<TABLE>
<CAPTION>
Chemical Bank, Trustee
Manufactured Housing Contracts
Senior/Subordinated Pass-Through Certificates Series 1996C
Information for Clauses (a) through (e), Section 7.01
Class A-6 Class B-1 Class B-2
<S> <C> <C> <C>
(a) Class A and Class B Distribution Amounts 52,319.54 42,421.54 33,126.67
(b) Formula Principal Distribution Amount
(a) Scheduled Principal Due
(b) Partial Prepayments Received
(c) Principal Payments in Full (Scheduled Balance)
(d) Liquidated Contract Scheduled Balance
(e) Section 3.05 Purchase Scheduled Balance
(f) Previously Undistributed Shortfalls in (a) through (e)
----------------- ----------------- ----------------
Total Principal Distribution 0.00 0.00 0.00
(c) Interest Distribution 52,319.54 42,421.54 33,126.67
Unpaid Interest Shortfall 0.00 0.00 0.00
----------------- ----------------- ----------------
Total Interest Distribution 52,319.54 42,421.54 33,126.67
(d) Beginning Class A and Class B Principal Balance 9,938,000.00 8,833,000.00 4,989,000.00
Less: Principal Distribution 0.00 0.00 0.00
----------------- ----------------- ----------------
Remaining Class A and Class B Principal Balance 9,938,000.00 8,833,000.00 4,989,000.00
(e) Fees Due Servicer
Monthly Servicing Fee Rate
Section 8.06 Reimbursement Amount 6.485%
Section 8.02 Reimbursement Amount 6.400%
Reimburseable Fees 6.700%
6.975%
Total Fees Due Servicer 7.235%
7.525%
7.450%
(f) Delinquency 8.000%
31-59 Days Delinquent
60-89 Days Delinquent
90+ Days Delinquent
(g) Section 3.05 Repurchases
(i) Class R Distribution Amount
Reposession Profits
(j) Principal Balance of Contracts in Repossession
(k) Aggregate Net Liquidation Losses
(l) (x) Class B-2 Formula Distribution Amount
(y) Remaining Amount Available
Amount of (x) over (y)
(m) Class B-2 Liquidation Loss Amount
(n) Guarantee Payment
(o) Unadvanced Shortfalls
(p) Number of units repossessed
(q) Principal Prepayments paid
(r) Scheduled Principal Payments
(s) Weighted Average Interest Rate
</TABLE>
<TABLE>
<CAPTION>
Chemical Bank, Trustee
Manufactured Housing Contracts
Senior/Subordinated Pass-Through Certificates Series 1996C
Information for Clauses (a) through (e), Section 7.01
<S> <C>
(a) Class A and Class B Distribution Amounts
(b) Formula Principal Distribution Amount
(a) Scheduled Principal Due
(b) Partial Prepayments Received
(c) Principal Payments in Full (Scheduled Balance)
(d) Liquidated Contract Scheduled Balance
(e) Section 3.05 Purchase Scheduled Balance
(f) Previously Undistributed Shortfalls in (a) through (e)
Total Principal Distribution
(c) Interest Distribution
Unpaid Interest Shortfall
Total Interest Distribution
(d) Beginning Class A and Class B Principal Balance
Less: Principal Distribution
Remaining Class A and Class B Principal Balance
(e) Fees Due Servicer
Monthly Servicing Fee Rate
Section 8.06 Reimbursement Amount Class A-1 5.49% 28,800,000.00 1,579,880
Section 8.02 Reimbursement Amount Class A-2 6.40% 27,300,000.00 1,747,200
Reimburseable Fees Class A-3 6.70% 19,100,000.00 1,279,700
Class A-4 6.96% 11,800,000.00 829,050
Total Fees Due Servicer Class A-5 7.24% 16,481,000.00 1,120,050
Class A-6 7.53% 9,938,000.00 747,835
Class B-1 7.45% 9,938,000.00 509,059
Class B-2 8.00% 4,989,000.00 397,570
124,221,000.00 8,204,083 6.60%
(f) Delinquency
31-59 Days Delinquent
60-89 Days Delinquent
90+ Days Delinquent
(g) Section 3.05 Repurchases
(i) Class R Distribution Amount
Reposession Profits
(j) Principal Balance of Contracts in Repossession
(k) Aggregate Net Liquidation Losses
(l) (x) Class B-2 Formula Distribution Amount
(y) Remaining Amount Available
Amount of (x) over (y)
(m) Class B-2 Liquidation Loss Amount
(n) Guarantee Payment
(o) Unadvanced Shortfalls
(p) Number of units repossessed
(q) Principal Prepayments paid
(r) Scheduled Principal Payments
(s) Weighted Average Interest Rate
</TABLE>
<PAGE> 2
<TABLE>
<CAPTION>
Computation of Available Distribution Amount
<S> <C>
(i) Certificate Account Balance at Monthly Cutoff-Vanderbilt 2,318,262.94
Certificate Account Balance at Monthly Cutoff-SubServicer 234,539.58
(ii) Monthly Advance made 0.00
(iii)Section 5.05 Certificate Fund Income-Vanderbilt 0.00
(iii)Section 5.05 Certificate Fund Income-SubServicer 0.00
(v) Principal due Holders 0.00
Less:
(i) Scheduled Payments of principal and interest
due subsequent to the Due Period-Vanderbilt 86,514.42
(i) Scheduled Payments of principal and interest
due subsequent to the Due Period-SubServicer 9,346.95
(ii) Due to the Servicer Pursuant to Section 6.02:
(i) Section 3.05 Purchases (Due Seller) 0.00
(ii) Reimbursement for taxes from Liquidation Proceeds 0.00
(iii) Monthly Servicing Fee 129,397,82
(iv) Reimburseable Liquidation Expenses 0.00
(v) Section 6.04 (c) reimbursement 0.00
(vi) Section 8.06 reimbursement 0.00
(vii) Amounts not required to be deposited-SubServicer 0.00
Total Due Servicer 129,397.82
Available Distrubution Amount-Vanderbilt 2,122,050.70
Available Distrubution Amount-SubServicer 225,182.61
To Class A and B 2,080,590.47
Monthly Excess Cashflow 256,652.84
Weighted Average Remaining Term (months) 173.28
Scheduled Balance Computation
Prior Month Balance 124,221,907.00
Current Balance 122,630,917.92
Adv Principal 19,399.01
Del Principal 35,325.95
Pool Scheduled Balance 122,514,990.98
Principal Payments in Full 789,834.80
Partial Prepayments 166,636.23
Scheduled Principal 450,444.99
Collateral Balance 122,830,917.92
</TABLE>
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