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Previous: BUILDERS PROLOAN FUND INC, NSAR-A, 1998-08-31 |
Next: SANTA FE INTERNATIONAL CORP/, 6-K/A, 1998-08-31 |
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): AUGUST 17, 1998
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>
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 JULY 31, 1998.
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.
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: AUGUST 17, 1998 BY: /S/ SUZANNE CASTLEBERRY
--------------------------
NAME: SUZANNE CASTLEBERRY
TITLE: VICE PRESIDENT
<PAGE>
EXHIBIT INDEX
-------------
EXHIBIT NUMBER DESCRIPTION
- --------------- -----------
19.1 CERTIFICATEHOLDERS STATEMENTS
<PAGE>
[TYPE] EX-99
<TABLE>
<CAPTION>
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.
<S> <C>
Month Jul-98
Collection Period 7/1/98
Determination Date 8/12/98
Deposit Date 8/14/98
Distribution Date 8/17/98
POOL BALANCE
Pool Balance on the close of the last day of t he Collection Period (Record Date) 129,587,645.00
Pool Factor 71.2877338%
Ending Pool Balance (per $1,000 certificate) 713
Liquidation Proceeds 137,219
Purchase Amounts -
AMOUNTS DISTRIBUTED ON THE DISTRIBUTION DATE (PER $1,000 CERTIFICATE)
Interest Payments:
Monthly Interest Payment 4.125
Carry-Over Monthly Interest Payment -
Total Interest Payment 4.125
Principal Payments:
Monthly Principal Payment 20.381
Carry-Over Monthly Principal Payment -
Total Principal Payment 20.381
Servicing Fee:
Servicing Fee 0.458
Carry-Over Monthly Servicing Fee -
Total Servicing Fee 0.458
</TABLE>
<TABLE>
<CAPTION>
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.
<S> <C>
Month Jul-98
Collection Period 1-Jul-98
Determination Date 12-Aug-98
Deposit Date 14-Aug-98
Distribution Date 17-Aug-98
POOL BALANCE
Pool Balance on the close of the last day of the preceding Collection Period 133,292,542.30
Principal Collections 3,496,053.54
Purchase Amounts Allocable to Principal -
Defaulted Receivables 208,843.76
Pool Balance on the close of the last day of the Collection Period 129,587,645.00
Original Pool Balance 181,781,125.63
Certificate Factor 71.28773%
Preference Amounts -
Certificate Pass-Through Rate 6.75%
Servicing Fee Rate 0.75%
AVAILABLE FUNDS
Collections allocable to interest 1,276,944.60
Purchase Amounts allocable to interest -
Liquidation Proceeds 137,219.33
Collections allocable to principal 3,496,053.54
Purchase Amounts allocable to principal -
Other Available Funds - Interest on Collection or Certificate Account -
Total Available Funds 4,910,217.47
INTEREST PAYMENT
Monthly Interest Payment 749,770.55
Carry-Over Monthly Interest -
Total 749,770.55
PRINCIPAL PAYMENT
Monthly Principal Payment 3,704,897.30
Carry-Over Monthly Principal -
Total 3,704,897.30
SERVICING FEE
Servicing Fee 83,307.84
Carry-Over Servicing Fee -
Total 83,307.84
DEPOSIT TO THE CERTIFICATE ACCOUNT
Available Funds 4,910,217.47
Reserve Account Withdrawal Amount -
Surety Drawing Amount -
Total Deposit to the Certificate Account 4,910,217.47
DISTRIBUTIONS FROM THE CERTIFICATE ACCOUNT
Monthly Interest Payment and any Carry-Over Monthly Interest 749,770.55
Monthly Principal Payment and any Carry-Over Monthly Principal 3,704,897.30
Servicing Fee and any Carry-Over Servicing Fee 83,307.84
Distributions to the Surety Bond Provider 13,329.25
Distributions to the Reserve Account -
Distributions to the Seller 358,912.53
Carry-Over Monthly Interest to the next Distribution Date -
Carry-Over Monthly Principal to the next Distributions Date -
Carry-Over Servicing Fee to the next Distribution Date -
RESERVE ACCOUNT
Reserve Account Balance as of the end of the preceding Collection Period 5,331,701.69
Earnings from investments on the Reserve Account 24,134.16
Reserve Account Withdrawal Amount -
Deposits to the Reserve Account -
Reserve Account Balance 5,355,835.85
Distributions of any excess amounts on deposit in the Reserve Account 172,330.05
Ending Reserve Account Balance 5,183,505.80
Reserve Account Balance as a % of the Pool Balance 4.00%
Specified Reserve Account Requirement 5,183,505.80
Amount needed to fully fund Reserve Account -
SURETY BOND
Outstanding Reimbursement Obligations at the end of the preceding Collection Period -
Preference Amounts -
Surety Drawing Amount -
Surety Bond Fee 13,329.25
Interest on Outstanding Reimbursement Obligations at the end of the preceding Collection Period -
Amounts due to Surety Bond Provider 13,329.25
Distributions to the Surety Bond Provider 13,329.25
Remaining Reimbursement Obligations Owed to the Surety Bond Provider -
NET CREDIT LOSS RATIO
Net Credit Losses 71,624.43
For the current Collection Period 0.65%
For the preceding Collection Period 1.15%
For the second preceding Collection Period 0.90%
Average Net Credit Loss Ratio 0.90%
DELINQUENCY ANALYSIS
Number of Loans
30 to 59 days past due 185
60 to 89 days past due 43
90 or more days past due 79
Total 307
Principal Balance
30 to 59 days past due 1,999,431.07
60 to 89 days past due 534,745.64
90 or more days past due 789,700.32
Total 3,323,877.03
Delinquency Ratio
For the current Collection Period 2.56%
For the preceding Collection Period 2.50%
For the second preceding Collection Period 2.63%
Average Delinquency Ratio 2.56%
REPOSSESSION ANALYSIS
Current Balance of Contracts where Repossession occurred in the Current Month 211,690.84
Number of Contracts where Repossession occurred in the Current Month 20
WEIGHTED AVERAGE COMPUTATIONS
Weighted Average Coupon 10.89%
Weighted Average Original Term (months) 122.00
Weighted Average Remaining Term (months) 99.33
Number of Outstanding Accounts - End of Period 11,891
CASH SETTLEMENT FOR THE TRUSTEE
Total Deposit to the Certificate Account 4,910,217.47
Servicing Fee 83,307.84
Interest allocable to the Seller's Certificate 0.52
Principal amount allocable to the Seller's Certificate 2.56
Wire Funds to the Surety Bond Provider 13,329.25
Net Deposit to the Certificate Account - Excluding Amounts Due to Seller 4,813,577.30
Wire Funds to the Certificateholders - Interest Amounts 749,770.03
Wire Funds to the Certificateholders - Principal Amounts 3,704,894.74
Deposit Funds into the Reserve Account -
Wire Funds to NationsCredit 358,912.53
<FN>
Approved by: /s/ SUZANNE CASTLEBERRY ------------------------------------ Authorized Signer
[NATIONSCREDIT GRANTOR TRUST LETTERHEAD]
August 17, 1998
BY EDGAR
Securities and Exchange Commission Judiciary Plaza 450 Fifth Street, N.W. Washington, D.C. 20549
Re: NationsCredit Grantor Trust 1997 - 1
Ladies and Gentlemen:
On behalf of NationsCredit Grantor Trust 1997 - 1 (the "Trust") filed herewith via EDGAR is the Trust's Current Report on
Form 8-K.
Should you have any questions with regard to the filing, please call the undersigned at (972) 506-5026.
Very truly yours,
/s/ SUZANNE CASTLEBERRY ----------------------------- Suzanne Castleberry Vice President
</TABLE>
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