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Previous: EQUITY OFFICE PROPERTIES TRUST, 424B3, 1999-01-28 |
Next: ISI STRATEGY FUND INC, NSAR-A, 1999-01-28 |
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)
January 15, 1999
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) 506-5045
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 December
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: January 28, 1999 By: /s/SUZANNE CASTLEBERRY
------------------ -------------------------
Name: Suzanne Castleberry
Title: Vice President
<PAGE>
EXHIBIT INDEX
-------------
Exhibit Number Description
--------------- -----------
19.1 Certificateholders Statements
<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 Dec-98
Collection Period 12/1/98
Determination Date 1/11/99
Deposit Date 1/14/99
Distribution Date 1/15/99
POOL BALANCE
Pool Balance on the close of the last day of t he Collection Period (Record Date) 115,180,226.98
Pool Factor 63.3620386%
Ending Pool Balance (per $1,000 certificate) 634
Liquidation Proceeds 96,227
Purchase Amounts -
AMOUNTS DISTRIBUTED ON THE DISTRIBUTION DATE (PER $1,000 CERTIFICATE)
Interest Payments:
Monthly Interest Payment 3.653
Carry-Over Monthly Interest Payment -
Total Interest Payment 3.653
Principal Payments:
Monthly Principal Payment 15.767
Carry-Over Monthly Principal Payment -
Total Principal Payment 15.767
Servicing Fee:
Servicing Fee -
Carry-Over Monthly Servicing Fee -
Total Servicing Fee -
</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 Dec-98
Collection Period 1-Dec-98
Determination Date 11-Jan-99
Deposit Date 14-Jan-99
Distribution Date 15-Jan-99
POOL BALANCE
Pool Balance on the close of the last day of the preceding Collection Period 118,046,397.35
Principal Collections 2,238,345.59
Purchase Amounts Allocable to Principal -
Defaulted Receivables 627,824.78
Pool Balance on the close of the last day of the Collection Period 115,180,226.98
Original Pool Balance 181,781,125.63
Certificate Factor 63.36204%
Preference Amounts -
Certificate Pass-Through Rate 6.75%
Servicing Fee Rate 0.75%
AVAILABLE FUNDS
Collections allocable to interest 1,090,846.21
Purchase Amounts allocable to interest -
Liquidation Proceeds 96,227.48
Collections allocable to principal 2,238,345.59
Purchase Amounts allocable to principal -
Other Available Funds - Interest on Collection or Certificate Account -
Total Available Funds 3,425,419.28
INTEREST PAYMENT
Monthly Interest Payment 664,010.99
Carry-Over Monthly Interest -
Total 664,010.99
PRINCIPAL PAYMENT
Monthly Principal Payment 2,866,170.37
Carry-Over Monthly Principal -
Total 2,866,170.37
SERVICING FEE
Servicing Fee 73,779.00
Carry-Over Servicing Fee -
Total 73,779.00
DEPOSIT TO THE CERTIFICATE ACCOUNT
Available Funds 3,425,419.28
Reserve Account Withdrawal Amount 104,762.08
Surety Drawing Amount -
Total Deposit to the Certificate Account 3,530,181.36
DISTRIBUTIONS FROM THE CERTIFICATE ACCOUNT
Monthly Interest Payment and any Carry-Over Monthly Interest 664,010.99
Monthly Principal Payment and any Carry-Over Monthly Principal 2,866,170.37
Servicing Fee and any Carry-Over Servicing Fee -
Distributions to the Surety Bond Provider -
Distributions to the Reserve Account -
Distributions to the Seller -
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 73,779.00
RESERVE ACCOUNT
Reserve Account Balance as of the end of the preceding Collection Period 4,721,855.89
Earnings from investments on the Reserve Account 19,520.02
Reserve Account Withdrawal Amount 104,762.08
Deposits to the Reserve Account -
Reserve Account Balance 4,636,613.83
Distributions of any excess amounts on deposit in the Reserve Account 29,404.76
Ending Reserve Account Balance 4,607,209.08
Reserve Account Balance as a % of the Pool Balance 4.00%
Specified Reserve Account Requirement 4,607,209.08
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 11,804.64
Interest on Outstanding Reimbursement Obligations at the end of the preceding Collection Period -
Amounts due to Surety Bond Provider 11,804.64
Distributions to the Surety Bond Provider -
Remaining Reimbursement Obligations Owed to the Surety Bond Provider 11,804.64
NET CREDIT LOSS RATIO
Net Credit Losses 531,597.30
For the current Collection Period 5.47%
For the preceding Collection Period 1.22%
For the second preceding Collection Period 1.69%
Average Net Credit Loss Ratio 2.79%
DELINQUENCY ANALYSIS
Number of Loans
30 to 59 days past due 248
60 to 89 days past due 67
90 or more days past due 50
Total 365
Principal Balance
30 to 59 days past due 2,578,267.24
60 to 89 days past due 743,521.76
90 or more days past due 532,413.92
Total 3,854,202.92
Delinquency Ratio
For the current Collection Period 3.35%
For the preceding Collection Period 3.64%
For the second preceding Collection Period 2.92%
Average Delinquency Ratio 3.30%
REPOSSESSION ANALYSIS
Current Balance of Contracts where Repossession occurred in the Current Month 241,011.79
Number of Contracts where Repossession occurred in the Current Month 20
WEIGHTED AVERAGE COMPUTATIONS
Weighted Average Coupon 10.86%
Weighted Average Original Term (months) 122.00
Weighted Average Remaining Term (months) 96.06
Number of Outstanding Accounts - End of Period 10,851
CASH SETTLEMENT FOR THE TRUSTEE
Total Deposit to the Certificate Account 3,530,181.36
Servicing Fee -
Interest allocable to the Seller's Certificate -
Principal amount allocable to the Seller's Certificate -
Wire Funds to the Surety Bond Provider -
Net Deposit to the Certificate Account - Excluding Amounts Due to Seller 3,530,181.36
Wire Funds to the Certificateholders - Interest Amounts 664,010.99
Wire Funds to the Certificateholders - Principal Amounts 2,866,170.37
Deposit Funds into the Reserve Account -
Wire Funds to NationsCredit -
<FN>
Approved by: /s/ SUZANNE CASTLEBERRY ------------------------------------ Authorized Signer
[NATIONSCREDIT GRANTOR TRUST LETTERHEAD]
January 15, 1999
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 (704)-386-3863.
Very truly yours,
/s/ SUZANNE CASTLEBERRY ----------------------------- Suzanne Castleberry Vice President
</TABLE>
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