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Previous: OBIE MEDIA CORP, 8-K, 1997-09-30 |
Next: VANDERBILT MORT & FIN INC MAN HS CT SR SB PS TH CT SR 1996C, 8-K, 1997-09-30 |
<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): May 7, 1997
Vanderbilt Mortgage & Finance, Inc.
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Tennessee
- --------------------------------------------------------------------------------
(State or other jurisdiction of incorporation or organization)
333-14033-02 62-0997810
- --------------------------------------------------------------------------------
(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 May 7, 1997, 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.
Exhibit No. Description Page
----------- ----------- ----
99 Monthly Report delivered by 3
the Trustee to Certificateholders
in connection with distribution
on May 7, 1997.
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: May 7, 1997
<PAGE> 1
<TABLE>
<CAPTION>
CHEMICAL BANK, TRUSTEE DETERMINATION DATE: 05-MAY-97
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 07-MAY-97
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1996C FOR THE PERIOD ENDED: 25-APR-97
<S> <C> <C> <C>
INFORMATION FOR CLAUSES (A) THROUGH (S), SECTION 7.01
CLASS A-1 CLASS A-2 CLASS A-3
(A) CLASS A AND CLASS B DISTRIBUTION AMOUNTS 1,487,197.71 145,600.00 106,641.67
(B) FORMULA PRINCIPAL DISTRIBUTION AMOUNT
(A) SCHEDULED PRINCIPAL DUE 335,693.32
(B) PARTIAL PREPAYMENTS RECEIVED 41,010.07
(C) PRINCIPAL PAYMENTS IN FULL (SCHEDULED BALANCE) 1,011,283.09
(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 1,387,986.48 0.00 0.00
(C) INTEREST DISTRIBUTION 99,211.23 145,600.00 106,641.67
UNPAID INTEREST SHORTFALL 0.00 0.00 0.00
---------------- ------------- -------------
TOTAL INTEREST DISTRIBUTION 99,211.23 145,600.00 106,641.67
(D) BEGINNING CLASS A AND CLASS B PRINCIPAL BALANCE 21,705,283.00 27,300,000.00 19,100,000.00
LESS: PRINCIPAL DISTRIBUTION 1,387,986.48 0.00 0.00
---------------- ------------- -------------
REMAINING CLASS A AND CLASS B PRINCIPAL BALANCE 20,317,296.52 27,300,000.00 19,100,000.00
(E) FEES DUE SERVICER
MONTHLY SERVICING FEE 122,007.49 (H) POOL FACTOR
SECTION 8.06 REIMBURSEMENT AMOUNT 0.00 CLASS A-1 0.70546168
SECTION 6.02 REIMBURSEMENT AMOUNT 24,598.50 CLASS A-2 1.00000000
REIMBURSEABLE FEES 0.00 CLASS A-3 1.00000000
---------------- CLASS A-4 1.00000000
TOTAL FEES DUE SERVICER 146,605.99 CLASS A-5 1.00000000
CLASS A-6 1.00000000
NO. OF UNPAID PRINCIPAL CLASS B-1 1.00000000
(F) DELINQUENCY CONTRACTS BALANCE CLASS B-2 1.00000000
31-59 DAYS DELINQUENT 119 3,787,877
60-89 DAYS DELINQUENT 18 543,015
90+ DAYS DELINQUENT 20 783,032
(G) SECTION 3.05 REPURCHASES 0.00
(I) CLASS R DISTRIBUTION AMOUNT 404,270.47
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 437,397.14
------------
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 1,052,293.16
<CAPTION>
CHEMICAL BANK, TRUSTEE
MANUFACTURED HOUSING CONTRACTS
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1996C
INFORMATION FOR CLAUSES (A) THROUGH (S), SECTION 7.01 <C> <C> <C>
CLASS A-4 CLASS A-5 CLASS A-6
(A) CLASS A AND CLASS B DISTRIBUTION AMOUNTS 68,587.50 93,337.53 62,319.54
(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
(C) INTEREST DISTRIBUTION 68,587.50 93,337.53 62,319.54
UNPAID INTEREST SHORTFALL 0.00 0.00 0.00
TOTAL INTEREST DISTRIBUTION 68,587.50 93,337.53 62,319.54
------------- ------------- ------------
(D) BEGINNING CLASS A AND CLASS B PRINCIPAL BALANCE 11,800,000.00 15,481,000.00 9,938,000.00
LESS: PRINCIPAL DISTRIBUTION 0.00 0.00 0.00
------------- ------------- ------------
REMAINING CLASS A AND CLASS B PRINCIPAL BALANCE 11,800,000.00 15,481,000.00 9,938,000.00
(E) FEES DUE SERVICER
MONTHLY SERVICING FEE ORIGINAL BALANCE RATE
SECTION 8.06 REIMBURSEMENT AMOUNT 28,800,000.00 5.485%
SECTION 6.02 REIMBURSEMENT AMOUNT 27,300,000.00 6.400%
REIMBURSEABLE FEES 19,100,000.00 6.700%
11,800,000.00 6.975%
TOTAL FEES DUE SERVICER 15,481,000.00 7.235%
9,938,000.00 7.525%
6,833,000.00 7.450%
(F) DELINQUENCY 4,969,000.00 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
<CAPTION>
CHEMICAL BANK, TRUSTEE
MANUFACTURED HOUSING CONTRACTS
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1996C
INFORMATION FOR CLAUSES (A) THROUGH (S), SECTION 7.01
<S> <C> <C>
CLASS B-1 CLASS B-2
(A) CLASS A AND CLASS B DISTRIBUTION AMOUNTS 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
(C) INTEREST DISTRIBUTION 42,421.54 33,126.67
UNPAID INTEREST SHORTFALL 0.00 0.00
------------ ------------
TOTAL INTEREST DISTRIBUTION 42,421.54 33,126.67
(D) BEGINNING CLASS A AND CLASS B PRINCIPAL BALANCE 6,833,000.00 4,969,000.00
LESS: PRINCIPAL DISTRIBUTION 0.00 0.00
------------ ------------
REMAINING CLASS A AND CLASS B PRINCIPAL BALANCE 6,833,000.00 4,969,000.00
(E) FEES DUE SERVICER
MONTHLY SERVICING FEE
SECTION 8.06 REIMBURSEMENT AMOUNT 5.375% LIBOR
SECTION 6.02 REIMBURSEMENT AMOUNT 0.11% SPREAD
REIMBURSEABLE FEES
TOTAL FEES DUE SERVICER
(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
</TABLE>
<PAGE> 2
<TABLE>
<CAPTION>
CHEMICAL BANK, TRUSTEE DETERMINATION DATE: 05-MAY-97
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 07-MAY-97
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1996C FOR THE PERIOD ENDED: 25-APR-97
<S> <C> <C>
(R) SCHEDULED PRINCIPAL PAYMENTS 335,693.32
(S) WEIGHTED AVERAGE INTEREST RATE 11.58%
COMPUTATION OF AVAILABLE DISTRIBUTION AMOUNT
(I) CERTIFICATE ACCOUNT BALANCE AT MONTHLY CUTOFF-VANDERBILT 2,511,760.30
CERTIFICATE ACCOUNT BALANCE AT MONTHLY CUTOFF-SUBSERVICER 164,513.26
(II) MONTHLY ADVANCE MADE 0.00
(III)SECTION 5.05 CERTIFICATE FUND INCOME-VANDERBILT 6,132.18
(III)SECTION 5.05 CERTIFICATE FUND INCOME-SUBSERVICER 550.70
(V) PRINCIPAL DUE HOLDERS 0.00
LESS:
(I) SCHEDULED PAYMENTS OF PRINCIPAL AND INTEREST
DUE SUBSEQUENT TO THE DUE PERIOD-VANDERBILT 83,857.24
(I) SCHEDULED PAYMENTS OF PRINCIPAL AND INTEREST
DUE SUBSEQUENT TO THE DUE PERIOD-SUBSERVICER 8,990.58
(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 122,007.49
(IV) REIMBURSEABLE LIQUIDATION EXPENSES 24,598.50
(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 146,605.99
AVAILABLE DISTRUBUTION AMOUNT-VANDERBILT 2,287,429.25
AVAILABLE DISTRUBUTION AMOUNT-SUBSERVICER 156,073.38
TO CLASS A AND B 2,039,232.16
MONTHLY EXCESS CASHFLOW 404,270.47
WEIGHTED AVERAGE REMAINING TERM (MONTHS) 170.05
SCHEDULED BALANCE COMPUTATION
PRIOR MONTH BALANCE 117,127,190.00
CURRENT BALANCE 115,781,433.07
ADV PRINCIPAL 27,712.76
DEL PRINCIPAL 69,942.31
POOL SCHEDULED BALANCE 115,739,203.52
PRINCIPAL PAYMENTS IN FULL 1,011,283.09
PARTIAL PREPAYMENTS 41,010.07
SCHEDULED PRINCIPAL 35,693.32
COLLATERAL BALANCE 115,781,433.07
</TABLE>
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