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Previous: PRICE T ROWE TAX EFFICIENT BALANCED FUND INC, NSAR-A, 1997-10-31 |
Next: BRADLEY OPERATING L P, 10-12G/A, 1997-10-31 |
<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 Exchange Act of 1934
Date of Report (date of earliest event reported)
October 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
jurisdiction of Number) Identification 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> 2
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
September 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> 3
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(c) Exhibits
Exhibit No.
19.1 Certificateholders Statements
<PAGE> 4
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: October 30, 1997 By: /s/ Lawrence Angelilli
Name: Lawrence Angelilli
Title: Vice President
<PAGE> 5
EXHIBIT INDEX
Exhibit Number Description
19.1 Certificateholders Statements
<PAGE> 1
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>
<S> <C>
Month Sep-97
---------------
Collection Period 9/1/97
---------------
Determination Date 10/10/97
---------------
Deposit Date 10/14/97
---------------
Distribution Date 10/15/97
---------------
POOL BALANCE
---------------
Pool Balance on the close of the last day of the Collection Period (Record Date) 162,675,593
---------------
Pool Factor 89.4898150%
---------------
Ending Pool Balance (per $1,000 certificate) 895
---------------
Liquidation Proceeds 784
---------------
Purchase Amounts 38,511
---------------
AMOUNTS DISTRIBUTED ON THE DISTRIBUTION DATE (PER $1,000 CERTIFICATE)
---------------
Interest Payments:
---------------
Monthly Interest Payment 5.141
---------------
Carry-Over Monthly Interest Payment --
---------------
Total Interest Payment 5.141
---------------
Principal Payments:
---------------
Monthly Principal Payment 19.053
---------------
Carry-Over Monthly Principal Payment --
---------------
Total Principal Payment 19.053
---------------
Servicing Fee: --
---------------
Servicing Fee 0.571
---------------
Carry-Over Monthly Servicing Fee --
---------------
Total Servicing Fee 0.571
---------------
SURETY BOND
---------------
Surety Bond Amount for the current Distribution Date 166,138,989
---------------
Surety Bond Amount as a % of the Pool Balance 102.1290%
---------------
</TABLE>
<PAGE> 2
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>
<S> <C>
Month Sep-97
--------------
Collection Period 1-Sep-97
--------------
Determination Date 10-Oct-97
--------------
Deposit Date 14-Oct-97
--------------
Distribution Date 15-Oct-97
--------------
POOL BALANCE
Pool Balance on the close of the last day of the preceding Collection Period 166,138,988.83
--------------
Principal Collections 3,327,513.59
--------------
Purchase Amounts Allocable to Principal 38,511.42
--------------
Defaulted Receivables 97,370.84
--------------
Pool Balance on the close of the last day of the Collection Period 162,675,592.98
Original Pool Balance 181,781,125.63
Pool Factor 89.49%
--------------
Preference Amounts --
--------------
Certificate Pass-Through Rate 6.75%
Servicing Fee Rate 0.75%
AVAILABLE FUNDS
Collections allocable to interest 1,502,514.56
Purchase Amounts allocable to interest 1,995.81
Liquidation Proceeds 784.04
Collections allocable to principal 3,327,513.59
Purchase Amounts allocable to principal 38,511.42
Other Available Funds - Interest on Collection or Certificate Account --
Total Available Funds 4,871,319.42
INTEREST PAYMENT
Monthly Interest Payment 934,531.81
Carry-Over Monthly Interest --
Total 934,531.81
PRINCIPAL PAYMENT
Monthly Principal Payment 3,463,395.85
Carry-Over Monthly Principal --
Total 3,463,395.85
SERVICING FEE
Servicing Fee 103,836.87
Carry-Over Monthly Servicing Fee --
Total 103,836.87
DEPOSIT TO CERTIFICATE ACCOUNT
Available Funds 4,871,319.42
Reserve Account Withdrawal Deposit --
Surety Bond Drawing Deposit --
Total Deposit to the Certificate Account 4,871,319.42
</TABLE>
<PAGE> 3
<TABLE>
<S> <C>
DISTRIBUTIONS FROM THE CERTIFICATE ACCOUNT
Monthly Interest Payment and any Carry-Over Monthly Interest 934,531.81
Monthly Principal Payment and any Carry-Over Monthly Principal 3,463,395.85
Preference Amounts --
Servicing Fee and any Carry-Over Servicing Fee 103,836.87
Distributions to the Surety Bond Provider 16,613.90
Distributions to the Reserve Account --
Distributions to the Seller 352,940.99
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 6,645,559.55
--------------
Earnings from investments on the Reserve Account 26,022.97
--------------
Reserve Account Withdrawal --
Deposits to the Reserve Account --
Reserve Account Balance 6,671,582.52
Distributions of any excess amounts on deposit in the Reserve Account 164,558.80
Ending Reserve Account Balance 6,507,023.72
Reserve Account Balance as a % of the Pool Balance 4.00%
Specified Reserve Account Requirement 6,507,023.72
Amount needed to fully fund Reserve Account --
SURETY BOND
Required Surety Bond Amount 166,138,988.83
Surety Bond amount on the previous Distribution Date 166,138,988.83
Payments made with respect Surety Principal Draws --
Payments received with respect to unreimbursed Surety Principal Draws --
Surety Bond Amount for the current Distribution Date 166,138,988.83
Total Surety Bond Draws --
Surety Bond Fee 16,613.90
Amount Owed to Surety Bond Provider --
Surety Bond Fee Paid 16,613.90
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 96,586.80
--------------
For the Current Collection Period 0.06%
For the preceding Collection Period 0.07%
For the second preceding Collection Period 0.03%
Average Net Credit Loss Ratio 0.05%
DELINQUENCY ANALYSIS
Number of Loans
--------------
30 to 59 days past due 192.00
--------------
60 to 89 days past due 54.00
--------------
90 or more days past due 71.00
--------------
Total 317.00
Principal Balance
--------------
30 to 59 days past due 2,047,770.07
--------------
60 to 89 days past due 531,172.82
--------------
90 or more days past due 736,706.02
--------------
Total 3,315,648.91
</TABLE>
<PAGE> 4
<TABLE>
<S> <C>
Delinquency Ratio
For the current Collection Period 2.04%
For the preceding Collection Period 1.85%
For the second preceding Collection Period 1.58%
Average Delinquency Ratio 1.82%
REPOSSESSION ANALYSIS
Current Balance of Contracts where Repossession Occurred in the Current Month 150,366.73
Number of Contracts where Repossession Occurred in the Current Month 13
WEIGHTED AVERAGE COMPUTATIONS
------------
Weighted Average Coupon 10.93%
------------
Weighted Average Original Term (months) 123.00
------------
Weighted Average Remaining Term (months) 105.81
------------
Number of Outstanding Accounts - End of Period 14,424.00
CASH SETTLEMENT FOR THE TRUSTEE
Total Deposit to the Collection Account 4,871,319.42
Servicing Fee 103,836.87
Interest allocable to the Seller's Certificate 0.65
Principal amount allocable to the Seller's Certificate 2.39
Wire Funds to the Surety Bond Provider 16,613.90
Net Deposit to the Certificate Account - Excluding Amounts Due to Seller 4,750,865.61
Wire Funds to the Certificateholders - Interest Amounts 934,531.17
Wire Funds to the Certificateholders - Principal Amounts 3,463,393.46
Deposit Funds into the Reserve Account --
Wire Funds to NationsCredit 352,940.99
</TABLE>
Approved by: /s/ LAWRENCE ANGELILLI
---------------------------------------------------
Authorized Signer
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