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Previous: VANDERBILT MORT & FIN INC MAN HS CT SR SB PS TH CT SR 1996C, 8-K, 1997-09-30 |
Next: LEXINGTON HEALTHCARE GROUP INC, 10-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): June 7, 1997
Vanderbilt Mortgage & Finance, Inc.
- ------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Tennessee
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(State or other jurisdiction of incorporation or organization)
333-14033-02 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
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(Former name or former address, if changed since last report)
<PAGE> 2
Item 5. Other Events
On June 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 June 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: June 7, 1997
<PAGE> 1
<TABLE>
<CAPTION>
CHEMICAL BANK, TRUSTEE DETERMINATION DATE: 05-JUN-97
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 09-JUN-97
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1996C FOR THE PERIOD ENDED: 25-MAY-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 1,077,120.88 145,600.00 106,641.67
(B) FORMULA PRINCIPAL DISTRIBUTION AMOUNT
(A) SCHEDULED PRINCIPAL DUE 324,990.23
(B) PARTIAL PREPAYMENTS RECEIVED 40,279.83
(C) PRINCIPAL PAYMENTS IN FULL (SCHEDULED BALANCE) 603,877.09
(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 969,147.15 0.00 0.00
(C) INTEREST DISTRIBUTION 107,973.73 145,600.00 106,641.67
UNPAID INTEREST SHORTFALL 0.00 0.00 0.00
---------------- ---------------- ----------------
TOTAL INTEREST DISTRIBUTION 107,973.73 145,600.00 106,641.67
(D) BEGINNING CLASS A AND CLASS B PRINCIPAL BALANCE 20,317,296.52 27,300,000.00 19,100,000.00
LESS: PRINCIPAL DISTRIBUTION 969,147.15 0.00 0.00
---------------- ---------------- ----------------
REMAINING CLASS A AND CLASS B PRINCIPAL BALANCE 19,348,149.37 27,300,000.00 19,100,000.00
(E) FEES DUE SERVICER
MONTHLY SERVICING FEE 120,561.67 (H) FACTOR
SECTION 8.06 REIMBURSEMENT AMOUNT 0.00 CLASS A-1 0.67181074
SECTION 6.02 REIMBURSEMENT AMOUNT 30,021.00 CLASS A-2 1.00000000
REIMBURSEABLE FEES 0.00 CLASS A-3 1.00000000
---------------- CLASS A-4 1.00000000
TOTAL FEES DUE SERVICER 150,582.67 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 156 5,036,471
60-89 DAYS DELINQUENT 16 830,512
90+ DAYS DELINQUENT 20 678,273
(G) SECTION 3.05 REPURCHASES 0.00
(I) CLASS R DISTRIBUTION AMOUNT 109,380.24
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 142,506.91
----------------
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 644,156.92
(R) SCHEDULED PRINCIPAL PAYMENTS 324,990.23
(S) WEIGHTED AVERAGE INTEREST RATE 11.58%
<CAPTION>
<S> <C> <C> <C>
INFORMATION FOR CLAUSES (A) THROUGH (S), SECTION 7.01
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 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 5.798%
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
(R) SCHEDULED PRINCIPAL PAYMENTS
(S) WEIGHTED AVERAGE INTEREST RATE
<CAPTION>
<S> <C> <C> <C>
INFORMATION FOR CLAUSES (A) THROUGH (S), SECTION 7.01
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 5.68 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
(R) SCHEDULED PRINCIPAL PAYMENTS
(S) WEIGHTED AVERAGE INTEREST RATE
</TABLE>
<PAGE> 2
<TABLE>
<CAPTION>
CHEMICAL BANK, TRUSTEE DETERMINATION DATE: 05-JUN-97
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 09-JUN-97
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1996C FOR THE PERIOD ENDED: 25-MAY-97
COMPUTATION OF AVAILABLE DISTRIBUTION AMOUNT
<S> <C> <C>
(I) CERTIFICATE ACCOUNT BALANCE AT MONTHLY CUTOFF-VANDERBILT 1,752,298.03
CERTIFICATE ACCOUNT BALANCE AT MONTHLY CUTOFF-SUBSERVICER 207,531.77
(II) MONTHLY ADVANCE MADE 0.00
(III)SECTION 5.05 CERTIFICATE FUND INCOME-VANDERBILT 5,633.18
(III)SECTION 5.05 CERTIFICATE FUND INCOME-SUBSERVICER 768.13
(V) PRINCIPAL DUE HOLDERS 0.00
LESS:
(I) SCHEDULED PAYMENTS OF PRINCIPAL AND INTEREST
DUE SUBSEQUENT TO THE DUE PERIOD-VANDERBILT 70,449.12
(I) SCHEDULED PAYMENTS OF PRINCIPAL AND INTEREST
DUE SUBSEQUENT TO THE DUE PERIOD-SUBSERVICER 6,663.75
(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 120,561.67
(IV) REIMBURSEABLE LIQUIDATION EXPENSES 30,021.00
(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 150,582.67
AVAILABLE DISTRUBUTION AMOUNT-VANDERBILT 1,536,899.42
AVAILABLE DISTRUBUTION AMOUNT-SUBSERVICER 201,636.15
TO CLASS A AND B 1,629,155.33
MONTHLY EXCESS CASHFLOW 109,380.24
WEIGHTED AVERAGE REMAINING TERM (MONTHS) 169.05
SCHEDULED BALANCE COMPUTATION
PRIOR MONTH BALANCE 115,739,203.52
CURRENT BALANCE 114,838,426.89
ADV PRINCIPAL 24,675.57
DEL PRINCIPAL 93,046.09
POOL SCHEDULED BALANCE 114,770,056.37
PRINCIPAL PAYMENTS IN FULL 603,877.09
PARTIAL PREPAYMENTS 40,279.83
SCHEDULED PRINCIPAL 324,990.23
COLLATERAL BALANCE 114,838,426.89
</TABLE>
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