|
|
|
|
|
|
|
|
|
|
|
|
|
|
Previous: FIRST INDUSTRIAL LP, 424B2, 1997-05-07 |
Next: MANUFACTURED HOUSING CONT SEN SUB PASS THR CERT SERIES 1997A, 8-K, 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): February 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 62-0997810
- --------------------------------------------------------------------------------
(Commission File Number) (IRS Employer Identification No.)
Vanderbilt Mortgage & Finance, Inc.
4726 Airport Highway
Louisville, TN 37777
- --------------------------------------------------------------------------------
(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 February 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 1997A.
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 February 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: February 7, 1997
<PAGE> 1
EXHIBIT 99
<TABLE>
<S> <C> <C>
Chemical Bank, Trustee Determination Date: 03-Feb-97
Manufactured Housing Contracts Remittance Date: 07-Feb-97
Senior/Subordinated Pass-Through Certificates Series 1997A For the Period Ended: 25-Jan-97
</TABLE>
<TABLE>
<CAPTION>
Information for Clauses (a) through (s), Section 7.01 - GROUP I Class I A-1 Class I A-2 Class I A-3
<S> <C> <C> <C>
(a) Class I A and Class I B Distribution Amounts 996,198.38 135,393.75 103,133.33
(b) Formula Principal Distribution Amount
(a) Scheduled Principal Due 321,207.51
(b) Partial Prepayments Received 20,338.97
(c) Principal Payments in Full (Scheduled Balance) 650,283.88
(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 991,830.36 0.00 0.00
(c) Interest Distribution 4,368.02 135,393.75 103,133.33
Unpaid Interest Shortfall 0.00 0.00 0.00
------------- ------------- -------------
Total Interest Distribution 4,368.02 135,393.75 103,133.33
(d) Beginning Class I A and Class I B Principal Balance 28,500,000.00 24,900,000.00 18,200,000.00
Less: Principal Distribution 991,830.36 0.00 0.00
------------- ------------- -------------
Remaining Class A and Class B Principal Balance 27,508,169.64 24,900,000.00 18,200,000.00
(e) Fees Due Servicer
Monthly Servicing Fee 0.00 (h) Pool Factor
Section 8.06 Reimbursement Amount 0.00 Class I A-1 0.96519893
Section 6.02 Reimbursement Amount 0.00 Class I A-2 1.00000000
Reimburseable Fees 0.00 Class I A-3 1.00000000
------------- ------------- -------------
Total Fees Due Servicer 0.00 Class I A-5 1.00000000
Class I A-6 1.00000000
Class I B-1 1.00000000
Class I B-2 1.00000000
</TABLE>
<TABLE>
<CAPTION>
Information for Clauses (a) through (s), Section 7.01 - Class I A-4 Class I A-5 Class I A-6 Class I B-1 Class I B-2
<S> <C> <C> <C> <C> <C>
(a) Class I A and Class I B Distribution Amounts 63,085.42 78,590.58 58,475.67 39,668.75 31,267.71
(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) ------------- ------------- ------------ ------------ ------------
0.00
Total Principal Distribution 0.00 0.00 0.00 0.00 0.00
(c) Interest Distribution 63,085.42 78,590.58 58,475.67 39,668.75 31,267.71
Unpaid Interest Shortfall 0.00 0.00 0.00 0.00 0.00
------------- ------------- ------------ ------------ ------------
Total Interest Distribution 63,085.42 78,590.58 58,475.67 39,668.75 31,267.71
------------- ------------- ------------ ------------ ------------
(d) Beginning Class I A and Class I B Principal Balance 10,700,000.00 12,919,000.00 9,233,000.00 6,347,000.00 4,618,000.00
Less: Principal Distribution 0.00 0.00 0.00 0.00 0.00
------------- ------------- ------------ ------------ ------------
Remaining Class A and Class B Principal Balance 10,700,000.00 12,919,000.00 9,233,000.00 6,347,000.00 4,618,000.00
(e) Fees Due Servicer
Monthly Servicing Fee Original Balance Rate
Section 8.06 Reimbursement Amount 28,500,000.00 5.518%
Section 6.02 Reimbursement Amount 24,900,000.00 6.525%
Reimburseable Fees 18,200,000.00 6.800%
10,700,000.00 7.075%
Total Fees Due Servicer 12,919,000.00 7.300%
9,233,000.00 7.600%
6,347,000.00 7.500%
4,618,000.00 8.125%
</TABLE>
<TABLE>
<CAPTION> No. of Unpaid Principal
(f) Delinquency Contracts Balance
<S> <C> <C>
31-59 Days Delinquent 62 1,931,668
60-89 Days Delinquent 17 442,174
90+ Days Delinquent 0 0
(g) Section 3.05 Repurchases 0.00
(i) Class R Distribution Amount 0.00
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 31,267.71
(y) Remaining Amount Available 461,559.52
----------
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
</TABLE>
<PAGE> 2
<TABLE>
<S> <C> <C>
Chemical Bank, Trustee Determination Date: 03-Feb-97
Manufactured Housing Contracts Remittance Date: 07-Feb-97
Senior/Subordinated Pass-Through Certificates Series 1997A For the Period Ended: 25-Jan-97
</TABLE>
<TABLE>
<S> <C> <C>
No. $
(p) Units repossessed 0 0.00
(q) Principal Prepayments paid 670,622.85
(r) Scheduled Principal Payments 321,207.51
(s) Weighted Average Interest Rate 11.50%
Computation of Available Distribution Amount
(i) Certificate Account Balance at Monthly Cutoff-Vanderbilt 1,763,472.56
Certificate Account Balance at Monthly Cutoff-SubServicer 230,002.08
(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 46,139.62
(i) Scheduled Payments of principal and interest
due subsequent to the Due Period-SubServicer 11,229.62
(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 0.00
(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 0.00
Available Distrubution Amount-Vanderbilt 1,717,332.94
Available Distrubution Amount-SubServicer 218,772.46
To Class A and B 1,505,813.59
Monthly Excess Cashflow 430,291.81
Weighted Average Remaining Term (months) 188.00
Scheduled Balance Computation
Prior Month Balance 115,417,699.95
Current Balance 114,458,321.90
Adv Principal 16,300.87
Del Principal 48,753.18
Pool Scheduled Balance 114,425,869.59
Principal Payments in Full 650,283.88
Partial Prepayments 20,338.97
Scheduled Principal 321,207.51
Collateral Balance 114,458,321.90
</TABLE>
<PAGE> 3
<TABLE>
<S> <C> <C>
Chemical Bank, Trustee Determination Date: 03-Feb-97
Manufactured Housing Contracts Remittance Date: 07-Feb-97
Senior/Subordinated Pass-Through Certificates Series 1997A For the Period Ended: 25-Jan-97
</TABLE>
<TABLE>
<CAPTION>
Information for Clauses (v) through (ap), Section 7.01 - GROUP II
Class II A-1 Class II B-1 Class II B-2 Class II B-3
<S> <C> <C> <C> <C>
(v) Class II A and Class II B Distribution Amounts 1,417,322.59 1,557.90 712.93
(w) Formula Principal Distribution Amount
(a) Scheduled Principal Due 286,217.71
(b) Partial Prepayments Received 24,840.83
(c) Principal Payments in Full (Scheduled Balance) 280,009.12
(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
(g) Accelerated Principal Payment 817,060.48
------------- ------------ ------------ ------------
Total Principal Distribution 1,408,128.14 0.00 0.00 0.00
(x) Interest Distribution 9,194.45 1,557.90 712.93 981.23
Unpaid Interest Shortfall 0.00 0.00 0.00 0.00
------------- ------------ ------------ ------------
Total Interest Distribution 9,194.45 1,557.90 712.93 981.23
(y) Beginning Class I A and Class I B Principal Balance 58,714,000.00 9,526,000.00 4,082,000.00 5,445,000.00
Less: Principal Distribution 1,408,128.14 0.00 0.00 0.00
------------- ------------ ------------ ------------
Remaining Class A and Class B Principal Balance 57,305,871.86 9,526,000.00 4,082,000.00 5,445,000.00
(z) Fees Due Servicer
Monthly Servicing Fee 0.00 (ac) Pool Factor Original Balance
Section 8.06 Reimbursement Amount 0.00 Class II A-1 0.97601717 58,714,000.00
Section 6.02 Reimbursement Amount 0.00 Class II B-1 1.00000000 9,526,000.00
Reimburseable Fees 0.00 Class II B-2 1.00000000 4,082,000.00
------------- Class II B-3 1.00000000 5,445,000.00
Total Fees Due Servicer 0.00
</TABLE>
<TABLE>
<CAPTION>
No. of Unpaid Principal
(aa) Delinquency Contracts Balance
<S> <C> <C>
31-59 Days Delinquent 30 922,441
60-89 Days Delinquent 0 0
90+ Days Delinquent 0 0
(ab) Section 3.05 Repurchases 0.00
(ad) Class R Distribution Amount 0.00
Reposession Profits 0.00
(ae) Principal Balance of Contracts in Repossession 0.00
(af) Aggregate Net Liquidation Losses 0.00
(ag) (x) Class B-3 Formula Distribution Amount 981.23
(y) Remaining Amount Available 386,768.67
----------
Amount of (x) over (y) 0.00
(ah) Class B-2 Liquidation Loss Amount 0.00
(ai) Guarantee Payment 0.00
(aj) Unadvanced Shortfalls 0.00
No. $
(ak) Units repossessed
(al) Principal Prepayments paid 304,849.95
(am) Scheduled Principal Payments 286,217.71
(an) Weighted Average Interest Rate 9.89%
</TABLE>
<PAGE> 4
<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 1997A For the Period Ended: 25-Feb-97
</TABLE>
<TABLE>
<CAPTION>
Computation of Available Distribution Amount
<S> <C>
(i) Certificate Account Balance at Monthly Cutoff-Vanderbilt 1,024,878.65
(ii) Monthly Advance made 0.00
(iii)Section 5.05 Certificate Fund Income-Vanderbilt 0.00
(v) Principal due Holders 0.00
Less:
(i) Scheduled Payments of principal and interest
due subsequent to the Due Period-Vanderbilt 34,595.81
(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 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 0.00
Available Distrubution Amount 990,282.84
To Class A and B - Scheduled Principal and Interest 603,514.17
Monthly Excess Cashflow Class II 386,768.67
Monthly Excess Cashflow Class I 430,291.81
Accelerated Principal Payment 817,060.48
Weighted Average Remaining Term (months) 201.00
Scheduled Balance Computation
Prior Month Balance 77,767,930.26
Current Balance 77,214,102.44
Adv Principal 8,737.59
Del Principal 45,977.43
Pool Scheduled Balance 77,176,862.60
Principal Payments in Full 280,009.12
Partial Prepayments 24,840.83
Scheduled Principal 286,217.71
Collateral Balance 77,214,102.44
Overcollateralization Amount 817,991
Required Overcollateralization Amount 3,305,137
</TABLE>
|
|