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Previous: GOLDEN STATE PETROLEUM TRANSPORT CORP, F-4/A, 1997-07-16 |
Next: CLEARVIEW CINEMA GROUP INC, 8-A12B, 1997-07-16 |
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
__________________
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (date of earliest event reported)
July 15, 1997
NATIONSCREDIT GRANTOR TRUST 1997 - 1
(Exact name of registrant as specified in charter)
Delaware 333-22327 75-2655744
(State or other (Commission File (IRS Employer Identification
jurisdiction of Number) Number)
incorporation)
225 E. John Carpenter Freeway, Irving Texas 75062-2731
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (972) 506-5026
Not Applicable
(Former name or former address, if changed since last report.)
<PAGE>
Item 5. Other Events
This Current Report on Form 8-K is being filed to file a copy of the
Certificateholders Statements relating to the Collection Period ending June 30,
1997.
Capitalized terms not defined herein have the meanings assigned in the
Pooling and Servicing Agreement (with Standard Terms and Conditions attached
thereto) dated as of April 30, 1997 among NationsCredit Securitization
Corporation, NationsCredit Commercial Corporation of America and Bankers Trust
Company, as Trustee, which was previously filed as an exhibit to the Current
Report on Form 8-K filed on behalf of the Trust by NationsCredit Commercial
Corporation of America on June 4, 1997.
<PAGE>
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(c) Exhibits
Exhibit No.
19.1 Certificateholders Statements
<PAGE>
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 thereunto duly authorized.
NATIONSCREDIT GRANTOR TRUST 1997 - 1
(Registrant)
By: NationsCredit Commercial
Corporation of America, as Servicer
of NationsCredit Grantor Trust
1997-1
Date: July 16, 1997 By: /s/ Lawrence Angelilli
Name: Lawrence Angelilli
Title: Vice President
EXHIBIT INDEX
Exhibit Number Description
19.1 Certificateholders Statements
EXHIBIT 19.1
STATEMENT TO CERTIFICATEHOLDERS
NATIONSCREDIT GRANTOR TRUST 1997-1
Pursuant to the Pooling and Servicing Agreement, dated as of May 22, 1997
among NationsCredit Securitization Corporation (as "Seller"), NationsCredit
Corporation of America (as "Servicer") and Bankers Trust Company (as "Trustee"
and "Collateral Agent"), the Servicer is required to prepare certain information
each month regarding distribution to Certificateholders and the performance of
the Trust. The information with respect to the applicable Distribution Date is
set forth below.
<TABLE>
<CAPTION>
Month Jun-97
<S> <C>
Collection Period 6/1/97
Determination Date 7/11/97
Deposit Date 7/14/97
Distribution Date 7/15/97
Pool Balance
Pool Balance on the close of the last day of the Collection Period (Record Date) 172,991,051
Pool Factor 95.1644735%
Ending Pool Balance (per $1,000 certificate) 952
Liquidation Proceeds 106,214
Purchase Amounts 42,196
Amounts Distributed on the Distribution Date (per $1,000 certificate)
Interest Payments:
Monthly Interest Payment 5.470
Carry-Over Monthly Interest Payment -
Total Interest Payment 5.470
Principal Payments:
Monthly Principal Payment 20.742
Carry-Over Monthly Principal Payment -
Total Principal Payment 20.742
Servicing Fee:
Servicing Fee 0.608
Carry-Over Monthly Servicing Fee -
Total Servicing Fee 0.608
Surety Bond
Surety Bond Amount for the current Distribution Date 176,761,622
Surety Bond Amount as a % of the Pool Balance 102.1796%
</TABLE>
MONTHLY SERVICERS CERTIFICATE
NATIONSCREDIT GRANTOR TRUST 1997-1
Pursuant to the Pooling and Servicing Agreement, dated as of May 31, 1997
among NationsCredit Securitization Corporation (as "Seller"), NationsCredit
Corporation of America (as "Servicer") and Bankers Trust Company (as "Trustee"
and "Collateral Agent"), the Servicer is required to prepare certain information
each month regarding distribution to Certificateholders and the performance of
the Trust. The information with respect to the applicable Distribution Date is
set forth below.
<TABLE>
<CAPTION>
Month Jun-97
<S> <C>
Collection Period 1-Jun-97
Determination Date 11-Jul-97
Deposit Date 14-Jul-97
Distribution Date 15-Jul-97
POOL BALANCE
Pool Balance on the close of the last day of the preceding Collection Period 176,761,622.38
Principal Collections 3,587,290.94
Purchase Amounts Allocable to Principal 42,195.95
Defaulted Receivables 141,084.32
Pool Balance on the close of the last day of the Collection Period 172,991,051.17
Original Pool Balance 181,781,125.63
Pool Factor 95.16%
Preference Amounts -
Certificate Pass-Through Rate 6.75%
Servicing Fee Rate 0.75%
Available Funds
Collections allocable to interest 1,571,106.48
Purchase Amounts allocable to interest 15,771.56
Liquidation Proceeds 106,214.12
Collections allocable to principal 3,587,290.94
Purchase Amounts allocable to principal 42,195.95
Other Available Funds - Interest on Collection or Certificate Account -
Total Available Funds 5,322,579.05
Interest Payment
Monthly Interest Payment 994,284.13
Carry-Over Monthly Interest -
Total 994,284.13
Principal Payment
Monthly Principal Payment 3,770,571.21
Carry-Over Monthly Principal -
Total 3,770,571.21
Servicing Fee
Servicing Fee 110,476.01
Carry-Over Monthly Servicing Fee -
Total 110,476.01
Deposit to Certificate Account
Available Funds 5,322,579.05
Reserve Account Withdrawal Deposit -
Surety Bond Drawing Deposit -
Total Deposit to the Certificate Account 5,322,579.05
Distributions from the Certificate Account
Monthly Interest Payment and any Carry-Over Monthly Interest 994,284.13
Monthly Principal Payment and any Carry-Over Monthly Principal 3,770,571.21
Preference Amounts -
Servicing Fee and any Carry-Over Servicing Fee 110,476.01
Distributions to the Surety Bond Provider 17,676.16
Distributions to the Reserve Account 429,571.54
Distributions to the Seller -
Carry-Over Monthly Interest to the next Distribution Date -
Carry-Over Monthly Principal to the next Distributions Date -
Carry-Over Monthly Servicing Fee to the next Distribution Date -
Reserve Account
Reserve Account Balance as of the end of the preceding Collection Period 5,839,893.94
Earnings from investments on the Reserve Account 22,027.15
Reserve Account Withdrawal -
Deposits to the Reserve Account 429,571.54
Reserve Account Balance 6,291,492.63
Distributions of any excess amounts on deposit in the Reserve Account -
Ending Reserve Account Balance 6,291,492.63
Reserve Account Balance as a % of the Pool Balance 3.64%
Specified Reserve Account Requirement 6,919,642.05
Amount needed to fully fund Reserve Account 628,149.42
Surety Bond
Required Surety Bond Amount 176,761,622.38
Surety Bond amount on the previous Distribution Date 176,761,622.38
Payments made with respect Surety Principal Draws -
Payments received with respect to unreimbursed Surety Principal Draws -
Surety Bond Amount for the current Distribution Date 176,761,622.38
Total Surety Bond Draws -
Surety Bond Fee 17,676.16
Amount Owed to Surety Bond Provider -
Surety Bond Fee Paid 17,676.16
Payments made to the Surety Bond Provider -
Surety Bond Fee Outstanding -
Remaining Amounts Owed to the Surety Bond Provider -
Net Credit Loss Ratio
Net Credit Losses 34,870.20
For the Current Collection Period 0.02%
For the preceding Collection Period 0.08%
For the second preceding Collection Period -
Average Net Credit Loss Ratio 0.05%
Delinquency Analysis
Number of Loans
30 to 59 days past due 155.00
60 to 89 days past due 32.00
90 or more days past due 67.00
Total 254.00
Principal Balance
30 to 59 days past due 1,429,359.93
60 to 89 days past due 295,416.74
90 or more days past due 582,187.60
Total 2,306,964.27
Delinquency Ratio
For the current Collection Period 1.33%
For the preceding Collection Period 1.31%
For the second preceding Collection Period 0.00%
Average Delinquency Ratio 1.32%
Weighted Average Computations
Weighted Average Coupon 10.94
Weighted Average Original Term (months) 123.00
Weighted Average Remaining Term (months) 108.00
Number of Outstanding Accounts - End of Period 15,210.00
Cash Settlement for the Trustee
Total Deposit to the Collection Account 5,322,579.05
Servicing Fee 110,476.01
Interest allocable to the Seller's Certificate 0.69
Principal amount allocable to the Seller's Certificate 2.61
Net Deposit to the Certificate Account 5,212,099.74
Wire Funds to the Certificateholders 4,764,852.04
Wire Funds to the Surety Bond Provider 17,676.16
Deposit Funds into the Reserve Account 429,571.54
Wire Funds to NationsCredit -
</TABLE>
Approved By: /s/ Lawrence Angelilli
Name: Lawrence Angelilli
Title: Vice President & Treasurer
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