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Previous: VANDERBILT MORT & FIN INC MAN HS CT SR SB PS TH CT SR 1996C, 8-K, 1997-05-07 |
Next: ELLER MEDIA CORP, RW, 1997-05-07 |
<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): March 7, 1997
Vanderbilt Mortgage & Finance, Inc.
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(Exact name of registrant as specified in its charter)
Tennessee
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(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
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(Former name or former address, if changed since last report)
<PAGE> 2
Item 5. Other Events
On March 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.
<TABLE>
<CAPTION>
Exhibit No. Description Page
----------- ----------- ----
<S> <C> <C>
99 Monthly Report delivered by 3
the Trustee to Certificateholders
in connection with distribution
on March 7, 1997.
</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: March 7, 1997
<PAGE> 1
EXHIBIT 99
<TABLE>
<S> <C>
Chemical Bank, Trustee Determination Date: 05-Mar-97
Manufactured Housing Contracts Remittance Date: 07-Mar-97
Senior/Subordinated Pass-Through Certificates Series 1996C For the Period Ended: 25-Feb-97
</TABLE>
<TABLE>
<CAPTION>
Information for Clauses (a) through (s), Section 7.01
Class A-1 Class A-2 Class A-3
<S> <C> <C> <C>
(a) Class A and Class B Distribution Amounts 1,264,127.21 145,600.00 106,641.67
(b) Formula Principal Distribution Amount
(a) Scheduled Principal Due 319,515.80
(b) Partial Prepayments Received 33,026.28
(c) Principal Payments in Full (Scheduled Balance) 807,531.24
(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 1,160,073.32 0.00 0.00
(c) Interest Distribution 104,053.89 145,600.00 106,641.67
Unpaid Interest Shortfall 0.00 0.00 0.00
------------- ------------- -------------
Total Interest Distribution 104,053.89 145,600.00 106,641.67
(d) Beginning Class A and Class B Principal Balance 24,113,838.16 27,300,000.00 19,100,000.00
Less: Principal Distribution 1,160,073.32 0.00 0.00
------------- ------------- -------------
Remaining Class A and Class B Principal Balance 22,953,764.84 27,300,000.00 19,100,000.00
(e) Fees Due Servicer
Monthly Servicing Fee 124,516.40 (h) Pool Factor
Section 8.06 Reimbursement Amount 0.00 Class A-1 0.79700572
Section 6.02 Reimbursement Amount 28,000.00 Class A-2 1.00000000
Reimburseable Fees 0.00 Class A-3 1.00000000
------------- Class A-4 1.00000000
Total Fees Due Servicer 152,516.40 Class A-5 1.00000000
Class A-6 1.00000000
Class B-1 1.00000000
Class B-2 1.00000000
</TABLE>
<TABLE>
<CAPTION>
Information for Clauses (a) through (s), Section 7.01
Class A-4 Class A-5 Class A-6 Class B-1 Class B-2
<S> <C> <C> <C> <C> <C>
(a) Class A and Class B Distribution Amounts 68,587.50 93,337.53 62,319.54 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 0.00 0.00
(c) Interest Distribution 68,587.50 93,337.53 62,319.54 42,421.54 33,126.67
Unpaid Interest Shortfall 0.00 0.00 0.00 0.00 0.00
------------- ------------- ------------ ------------ ------------
Total Interest Distribution 68,587.50 93,337.53 62,319.54 42,421.54 33,126.67
(d) Beginning Class A and Class B Principal Balance 11,800,000.00 15,481,000.00 9,938,000.00 6,833,000.00 4,969,000.00
Less: Principal Distribution 0.00 0.00 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 6,833,000.00 4,969,000.00
(e) Fees Due Servicer
Monthly Servicing Fee Original Balance Rate
Section 8.06 Reimbursement Amount 28,800,000.00 5.548% 5.438% Libor
Section 6.02 Reimbursement Amount 27,300,000.00 6.400% 0.11% Spread
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%
4,969,000.00 8.000%
</TABLE>
<TABLE>
<CAPTION>
No. of Unpaid Principal
(f) Delinquency Contracts Balance
<S> <C> <C>
31-59 Days Delinquent 124 4,126,480
60-89 Days Delinquent 21 764,356
90+ Days Delinquent 14 385,955
(g) Section 3.05 Repurchases 0.00
(i) Class R Distribution Amount 335,855.00
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 368,981.67
-------------
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
</TABLE>
<PAGE> 2
<TABLE>
<S> <C> <C>
Chemical Bank, Trustee Determination Date: 05-Mar-97
Manufactured Housing Contracts Remittance Date: 07-Mar-97
Senior/Subordinated Pass-Through Certificates Series 1996C For the Period Ended: 25-Feb-97
</TABLE>
<TABLE>
<S> <C>
(q) Principal Prepayments paid 840,557.52
(r) Scheduled Principal Payments 319,515.80
(s) Weighted Average Interest Rate 11.59%
Computation of Available Distribution Amount
(i) Certificate Account Balance at Monthly Cutoff-Vanderbilt 2,154,264.83
Certificate Account Balance at Monthly Cutoff-SubServicer 234,759.12
(ii) Monthly Advance made 0.00
(iii)Section 5.05 Certificate Fund Income-Vanderbilt 6,044.21
(iii)Section 5.05 Certificate Fund Income-SubServicer 615.73
(v) Principal due Holders 0.00
Less:
(i) Scheduled Payments of principal and interest
due subsequent to the Due Period-Vanderbilt 82,818.27
(i) Scheduled Payments of principal and interest
due subsequent to the Due Period-SubServicer 8,332.56
(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 124,516.40
(iv) Reimburseable Liquidation Expenses 28,000.00
(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 152,516.40
Available Distrubution Amount-Vanderbilt 1,924,974.37
Available Distrubution Amount-SubServicer 227,042.29
To Class A and B 1,816,161.66
Monthly Excess Cashflow 335,855.00
Weighted Average Remaining Term (months) 170.46
Scheduled Balance Computation
Prior Month Balance 119,535,745.16
Current Balance 118,409,896.92
Adv Principal 24,250.23
Del Principal 58,475.31
Pool Scheduled Balance 118,375,671.84
Principal Payments in Full 807,531.24
Partial Prepayments 33,026.28
Scheduled Principal 319,515.80
Collateral Balance 118,409,896.92
</TABLE>
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