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Previous: MANUFACTURED HOUSING CONT SEN SUB PASS THR CERT SERIES 1997A, 8-K, 1997-05-07 |
Next: AMERICAN SKANDIA ADVISOR FUNDS INC, N-1A EL/A, 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.
- --------------------------------------------------------------------------------
(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 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 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 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> <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>
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 1,099,571.60 135,393.75 103,133.33
(b) Formula Principal Distribution Amount
(a) Scheduled Principal Due 301,261.31
(b) Partial Prepayments Received 64,322.23
(c) Principal Payments in Full (Scheduled Balance) 615,929.11
(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 981,512.65 0.00 0.00
(c) Interest Distribution 118,058.95 135,393.75 103,133.33
Unpaid Interest Shortfall 0.00 0.00 0.00
------------- ------------- -------------
Total Interest Distribution 118,058.95 135,393.75 103,133.33
(d) Beginning Class I A and Class I B Principal Balance 27,508,169.64 24,900,000.00 18,200,000.00
Less: Principal Distribution 981,512.65 0.00 0.00
------------- ------------- -------------
Remaining Class A and Class B Principal Balance 26,526,656.99 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 0.93075989
Section 6.02 Reimbursement Amount 18,000.00 Class I A-2 1.00000000
Reimburseable Fees 0.00 Class I A-3 1.00000000
------------- Class I A-4 1.00000000
Total Fees Due Servicer 18,000.00 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)
------------- ------------- ------------ ------------ ------------
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% 5.438% Libor
Section 6.02 Reimbursement Amount 24,900,000.00 6.525% 0.08% Spread
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 119 4,457,296
60-89 Days Delinquent 15 557,403
90+ Days Delinquent 2 45,993
(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 458,593.63
----------
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: 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>
No. $
<S> <C> <C>
(p) Units repossessed 0 0.00
(q) Principal Prepayments paid 680,251.34
(r) Scheduled Principal Payments 301,261.31
(s) Weighted Average Interest Rate 11.50%
Computation of Available Distribution Amount
(i) Certificate Account Balance at Monthly Cutoff-Vanderbilt 1,829,160.16
Certificate Account Balance at Monthly Cutoff-SubServicer 293,918.60
(ii) Monthly Advance made 0.00
(iii)Section 5.05 Certificate Fund Income-Vanderbilt 3,107.78
(iii)Section 5.05 Certificate Fund Income-SubServicer 346.98
(v) Principal due Holders 0.00
Less:
(i) Scheduled Payments of principal and interest
due subsequent to the Due Period-Vanderbilt 60,963.54
(i) Scheduled Payments of principal and interest
due subsequent to the Due Period-SubServicer 11,057.25
(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 18,000.00
(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 18,000.00
Available Distrubution Amount-Vanderbilt 1,753,304.40
Available Distrubution Amount-SubServicer 283,208.33
To Class A and B 1,609,186.81
Monthly Excess Cashflow 427,325.92
Weighted Average Remaining Term (months) 187.33
Scheduled Balance Computation
Prior Month Balance 114,425,869.59
Current Balance 113,468,062.87
Adv Principal 19,263.30
Del Principal 42,969.23
Pool Scheduled Balance 113,444,356.94
Principal Payments in Full 615,929.11
Partial Prepayments 64,322.23
Scheduled Principal 301,261.31
Collateral Balance 113,468,062.87
</TABLE>
<PAGE> 3
<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>
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 1,659,436.89 43,624.85 19,963.70 27,476.68
------------- ------------ ------------ ------------
(w) Formula Principal Distribution Amount
(a) Scheduled Principal Due 195,869.89
(b) Partial Prepayments Received 30,084.58
(c) Principal Payments in Full (Scheduled Balance) 448,822.57
(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 733,367.23
------------- ------------ ------------ ------------
Total Principal Distribution 1,408,144.27 0.00 0.00 0.00
(x) Interest Distribution 251,292.62 43,624.85 19,963.70 27,476.68
Unpaid Interest Shortfall 0.00 0.00 0.00 0.00
------------- ------------ ------------ ------------
Total Interest Distribution 251,292.62 43,624.85 19,963.70 27,476.68
(y) Beginning Class I A and Class I B Principal Balance 57,305,871.86 9,526,000.00 4,082,000.00 5,445,000.00
Less: Principal Distribution 1,408,144.27 0.00 0.00 0.00
------------- ------------ ------------ ------------
Remaining Class A and Class B Principal Balance 55,897,727.59 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 0.95203406 58,714,000.00
Section 6.02 Reimbursement Amount 12,000.00 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 12,000.00
</TABLE>
<TABLE>
<CAPTION>
No. of Unpaid Principal
(aa) Delinquency Contract Balance
<S> <C> <C>
31-59 Days Delinquent 27 868,220
60-89 Days Delinquent 5 151,692
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 27,476.68
(y) Remaining Amount Available 306,041.31
----------
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 478,907.15
(am) Scheduled Principal Payments 195,869.89
(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> <C>
(i) Certificate Account Balance at Monthly Cutoff-Vanderbilt 1,390,679.98
(ii) Monthly Advance made 0.00
(iii)Section 5.05 Certificate Fund Income-Vanderbilt 2,421.27
(v) Principal due Holders 0.00
Less:
(i) Scheduled Payments of principal and interest
due subsequent to the Due Period-Vanderbilt 57,925.05
(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 12,000.00
(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 12,000.00
Available Distrubution Amount 1,323,176.20
To Class A and B - Scheduled Principal and Interest 1,017,134.89
Monthly Excess Cashflow Class II 306,041.31
Monthly Excess Cashflow Class I 427,325.92
Accelerated Principal Payment 733,367.23
Weighted Average Remaining Term (months) 200.27
Scheduled Balance Computation
Prior Month Balance 77,176,862.60
Current Balance 76,528,239.90
Adv Principal 15,083.45
Del Principal 41,237.79
Pool Scheduled Balance 76,502,085.56
Principal Payments in Full 448,822.57
Partial Prepayments 30,084.58
Scheduled Principal 195,869.89
Collateral Balance 76,528,239.90
Overcollateralization Amount 1,551,358
Required Overcollateralization Amount 3,305,137
</TABLE>
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