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Previous: GLOBAL DECISIONS GROUP LLC, S-4/A, 1998-01-29 |
Next: GAMETECH INTERNATIONAL INC, 10-K405, 1998-01-29 |
<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)
January 15, 1998
NATIONSCREDIT GRANTOR TRUST 1997 - 2
(Exact name of registrant as specified in charter)
Delaware 333-22327 75-2655744
(State or other (Commission File (IRS Employer
jurisdiction of incorporation) Number) Identification Number)
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
December 31, 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 September 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 October 10, 1997.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(c) Exhibits
Exhibit No.
19.1 Certificateholders Statements
<PAGE> 3
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 - 2
(Registrant)
By: NationsCredit Commercial Corporation
of America, as Servicer of
NationsCredit Grantor Trust 1997 - 2
Date: January 29, 1998
By: /s/ LAWRENCE ANGELILLI
--------------------------------
Name: Lawrence Angelilli
Title: Vice President
<PAGE> 4
EXHIBIT INDEX
<TABLE>
<CAPTION>
EXHIBIT
NUMBER DESCRIPTION
- ------- -----------
<S> <C>
19.1 Certificate Holders Statements
</TABLE>
<PAGE> 1
EXHIBIT 19.1
STATEMENT TO MARINE CERTIFICATEHOLDERS
NATIONSCREDIT GRANTOR TRUST 1997 - 2
Pursuant to the Pooling and Servicing Agreement, dated as of September 30,
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 Marine Certificateholders and the
performance of the Trust. The information with respect to the applicable
Distribution Date is set forth below.
<TABLE>
<S> <C>
Month Dec-97
Collection Period 12/1/97
Determination Date 1/13/98
Deposit Date 1/14/98
Distribution Date 1/15/98
MARINE POOL BALANCE
Marine Pool Balance on the close of the last day of the Collection
Period (Record Date) 112,838,671.89
Marine Certificate Factor 93.4066202%
Marine Ending Certificate Balance (per $1,000 certificate) 934.07
Liquidation Proceeds 27,400.00
Purchase Amounts --
AMOUNTS DISTRIBUTED ON THE DISTRIBUTION DATE (PER $1,000 CERTIFICATE)
Interest Payments:
Monthly Interest Payment 5.04367
Carry-Over Monthly Interest Payment --
Total Marine Interest Payment 5.04367
Marine Principal Payments:
Monthly Marine Principal Payment 19.06255
Carry-Over Monthly Marine Principal Payment --
Total Marine Principal Payment 19.06255
Marine Servicing Fee:
Marine Servicing Fee 0.59571
Carry-Over Monthly Marine Servicing Fee --
Total Marine Servicing Fee 0.59571
SURETY BOND
Surety Bond Amount for the current Distribution Date 115,141,484.57
Surety Bond Amount as a % of the Pool Balance 102.04%
</TABLE>
<PAGE> 2
STATEMENT TO RV CERTIFICATEHOLDERS
NATIONSCREDIT GRANTOR TRUST 1997 - 2
Pursuant to the Pooling and Servicing Agreement, dated as of September 30,
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 RV Certificateholders and the performance
of the Trust. The information with respect to the applicable Distribution Date
is set forth below.
<TABLE>
<S> <C>
Month Dec-97
Collection Period 12/1/97
Determination Date 1/12/98
Deposit Date 1/14/98
Distribution Date 1/15/98
RV POOL BALANCE
RV Pool Balance on the close of the last day of the Collection Period
(Record Date) 45,296,756.25
RV Certificate Factor 93.6143826%
RV Ending Certificate Balance (per $1,000 certificate) 936.14
Liquidation Proceeds 31,350.00
Purchase Amounts --
AMOUNTS DISTRIBUTED ON THE DISTRIBUTION DATE (PER $1,000 CERTIFICATE) RV
Interest Payments:
Monthly RV Interest Payment 4.98449
Carry-Over Monthly RV Interest Payment --
Total RV Interest Payment 4.98449
RV Principal Payments:
Monthly RV Principal Payment 20.87772
Carry-Over Monthly RV Principal Payment --
Total RV Principal Payment 20.87772
RV Servicing Fee:
RV Servicing Fee 0.59814
Carry-Over Monthly RV Servicing Fee --
Total RV Servicing Fee 0.59814
SURETY BOND
Surety Bond Amount for the current Distribution Date 46,306,956.89
Surety Bond Amount as a % of the Pool Balance 102.23%
</TABLE>
<PAGE> 3
MONTHLY MARINE SERVICERS CERTIFICATE
NATIONSCREDIT GRANTOR TRUST 1997 - 2
Pursuant to the Pooling and Servicing Agreement, dated as of September 30,
1997 among NationsCredit Securitization Corporation (as "Depositor"),
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 Marine
Certificateholders and the performance of the Trust. The information with
respect to the applicable Distribution Date is set forth below.
<TABLE>
<S> <C>
Month Dec-97
Collection Period 1-Dec-97
Determination Date 13-Jan-98
Deposit Date 14-Jan-98
Distribution Date 15-Jan-98
MARINE POOL BALANCE
Marine Pool Balance on the close of the last day of the preceding
Collection Period 115,141,484.57
Marine Principal Collections 2,250,282.96
Purchase Amounts with respect to Marine Receivables allocable to Principal --
Defaulted Marine Receivables 52,529.72
Marine Pool Balance on the close of the last day of the Collection Period 112,838,671.89
Original Marine Pool Balance 120,803,719.92
Marine Pool Factor 93.4066202%
Preference Amounts with respect to Marine Receivables --
Marine Pass-Through Rate 6.3500%
Marine Servicing Fee Rate 0.7500%
MARINE AVAILABLE FUNDS
Marine Collections allocable to interest 1,091,445.60
Purchase Amounts with respect to Marine Receivables allocable to interest --
Liquidation Proceeds with respect to Marine Receivables 27,400.00
Marine Collections allocable to principal 2,250,282.96
Purchase Amounts with respect to Marine Receivables allocable to principal --
Other Marine Available Funds --
Total Marine Available Funds
3,369,128.56
MARINE INTEREST PAYMENT
Monthly Marine Interest Payment 609,290.36
Carry-Over Monthly Marine Interest --
Total 609,290.36
MARINE PRINCIPAL PAYMENT
Monthly Marine Principal Payment 2,302,812.68
Carry-Over Monthly Marine Principal --
Total 2,302,812.68
MARINE SERVICING FEE
Servicing Marine Fee 71,963.43
Carry-Over Monthly Marine Servicing Fee --
Total 71,963.43
MARINE RESERVE ACCOUNT CROSS SUPPORT
Marine Reserve Account Cross Collateral Withdrawal Amounts from prior
Distribution Dates --
Amount required to fully fund Marine Reserve Account 1,595,087.38
Total Owed to Reimburse Marine Cross Collateral Withdrawal Account --
DEPOSIT TO MARINE CERTIFICATE ACCOUNT
Marine Available Funds 3,369,128.56
RV Available Funds distributable to Marine Certificates --
Marine Reserve Account Withdrawal Deposit --
RV Reserve Account Cross Collateral Withdrawal Amount --
Surety Bond Drawing Deposit --
Total Deposit to the Marine Certificate Account 3,369,128.56
DISTRIBUTIONS FROM THE MARINE CERTIFICATE ACCOUNT
Monthly Marine Interest Payment and any Carry-Over Monthly Marine Interest 609,290.36
Monthly Marine Principal Payment and any Carry-Over Monthly Marine Principal 2,302,812.68
Preference Amounts with respect to Marine Receivables --
Marine Servicing Fee and any Carry-Over Marine Servicing Fee 71,963.43
Distributions to the Surety Bond Provider 11,514.15
Shortfall in RV Certificate Account --
Distributions to shortfall in RV Certificate Account --
Distribution to reimburse RV Reserve Account Cross Collateral Withdrawal
Amounts --
Distribution to the Marine Reserve Account 373,547.95
Distribution to the RV Reserve Account --
Distributions to the Depositor --
Carry-Over Monthly Marine Interest to the next Distribution Date --
Carry-Over Monthly Marine Principal to the next Distributions Date --
Carry-Over Monthly Marine Servicing Fee to the next Distribution Date --
</TABLE>
<PAGE> 4
<TABLE>
<S> <C>
MARINE RESERVE ACCOUNT
Marine Reserve Account Balance as of the end of the preceding Collection
Period 1,412,827.68
Earnings from investments on the Marine Reserve Account 3,697.15
Marine Reserve Account Withdrawals --
Marine Reserve Account Cross Collateral Withdrawal Amounts --
Deposits to the Marine Reserve Account 373,547.95
Reimbursement of Marine Reserve Account Cross Collateral Withdrawal Amounts --
Deposits to Marine Reserve Account from RV Available Funds --
Marine Reserve Account Balance 1,790,072.78
Distributions of any excess amounts on deposit in the Marine Reserve Account --
Ending Marine Reserve Account Balance 1,790,072.78
Marine Reserve Account Balance as a % of the Marine Pool Balance 1.5864%
Specified Marine Reserve Account Requirement 3,385,160.16
Amount needed to fully fund Marine Reserve Account 1,595,087.38
Required Surety Bond Amount 115,141,484.57
Surety Bond amount on the previous Distribution 117,303,608.97
Payments made with respect Surety Principal Draws --
Payments received with respect to unreimbursed Surety Principal Draws --
Surety Bond Amount for the current Distribution Date 115,141,484.57
SURETY BOND
Total Surety Draws --
Surety Bond Fee 11,514.15
Amount Owed to Surety Bond Provider 11,514.15
Surety Bond Fee Paid 11,514.15
Payments made to the Surety Bond Provider 11,514.15
Surety Bond Fee Outstanding --
Remaining Amounts Owed to the Surety Bond Provider --
NET CREDIT LOSS RATIO
Net Credit Losses 25,129.72
Average Net Credit Loss Ratio - Annualized .16%
DELINQUENCY ANALYSIS
Number of Loans
30 to 59 days past due 220
60 to 89 days past due 61
90 or more days past due 67
Total 348
Principal Balance
30 to 59 days past due 1,959,260.97
60 to 89 days past due 671,551.16
90 or more days past due 757,151.18
Total 3,387,963.31
Delinquency Ratio - 60+ Day Delinquent Accounts
For the current Collection Period 1.2661%
For the preceding Collection Period 0.6999%
For the second preceding Collection Period 0.3836%
For the third preceding Collection Period N/A
Average 3 month 60 Day + Delinquency Ratio 0.7832%
Average 4 month 60 Day + Delinquency Ratio 0.7832%
REPOSSESSION ANALYSIS
Current Balance of Contracts where Repossession Occurred in the
Current Month 85,698.64
Number of Contracts where Repossession Occurred in the Current Month 9.00
WEIGHTED AVERAGE COMPUTATIONS-MARINE CONTRACTS
Weighted Average Coupon 11.5520%
Weighted Average Original Term (months) 128.71
Weighted Average Remaining Term (months) 99
Number of Outstanding Accounts-End of Period 10,490
CASH SETTLEMENT FOR THE TRUSTEE
Total Deposit to the Marine Collection Account 3,369,128.56
Marine Servicing Fee 71,963.43
Marine Interest allocable to the Seller's Certificate 3.63
Marine Principal amount allocable to the Seller's Certificate 13.72
Wire Funds to the Surety Bond Provider 11,514.15
Net Deposit to the Marine Certificate Account - Excluding Amounts
Due to Seller 3,285,633.63
Wire Funds to the Marine Certificateholders - Interest Amounts 609,286.72
Wire Funds to the Marine Certificateholders - Interest Amounts 2,302,798.96
Deposit Funds into the Marine Reserve Account 373,547.95
Wire Funds to NationsCredit --
</TABLE>
Approved by: /s/ LAWRENCE ANGELILLI
------------------------------
Authorized Signer
<PAGE> 5
MONTHLY RV SERVICERS CERTIFICATE
NATIONSCREDIT GRANTOR TRUST 1997 - 2
Pursuant to the Pooling and Servicing Agreement, dated as of September 30,
1997 among NationsCredit Securitization Corporation (as "Depositor"),
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 RV Certificateholders
and the performance of the Trust. The information with respect to the applicable
Distribution Date is set forth below.
<TABLE>
<S> <C>
Month Dec-97
Collection Period 1-Dec-97
Determination Date 12-Jan-98
Deposit Date 14-Jan-98
Distribution Date 15-Jan-98
RV POOL BALANCE
RV Pool Balance on the close of the last day of the preceding
Collection Period 46,306,956.89
RV Principal Collections 947,606.08
Purchase Amounts with respect to RV Receivables allocable to Principal --
Defaulted RV Receivables 62,594.56
RV Pool Balance on the close of the last day of the Collection Period 45,296,756.25
Original RV Pool Balance 48,386,535.24
RV Pool Factor 93.6143826%
Preference Amounts with respect to RV Receivables --
RV Pass-Through Rate 6.2500%
RV Servicing Fee Rate 0.7500%
RV AVAILABLE FUNDS
RV Collections allocable to interest 444,786.24
Purchase Amounts with respect to RV Receivables allocable to interest --
Liquidation Proceeds with respect to RV Receivables 31,350.00
RV Collections allocable to principal 947,606.08
Purchase Amounts with respect to RV Receivables allocable to principal --
Other RV Available Funds --
Total RV Available Funds 1,423,742.32
RV INTEREST PAYMENT
Monthly RV Interest Payment 241,182.07
Carry-Over Monthly RV Interest --
Total 241,182.07
RV PRINCIPAL PAYMENT
Monthly RV Principal Payment 1,010,200.64
Carry-Over Monthly RV Principal --
Total 1,010,200.64
RV SERVICING FEE
RV Servicing Fee 28,941.85
Carry-Over Monthly RV Servicing Fee --
Total 28,941.85
RV RESERVE ACCOUNT CROSS SUPPORT
RV Reserve Account Cross Collateral Withdrawal Amounts from prior
Distribution Dates --
Amount required to fully fund RV Reserve Account 812,276.12
Total Owed to Reimburse RV Cross Collateral Withdrawal Account --
DEPOSIT TO RV CERTIFICATE ACCOUNT
RV Available Funds 1,423,742.32
Marine Available Funds distributable to RV Certificates --
RV Reserve Account Withdrawal Deposit --
Marine Reserve Account Cross Collateral Withdrawal Amount --
Surety Bond Drawing Deposit --
Total Deposit to the RV Certificate Account 1,423,742.32
DISTRIBUTIONS FROM THE RV CERTIFICATE ACCOUNT
Monthly RV Interest Payment and any Carry-Over Monthly RV Interest 241,182.07
Monthly RV Principal Payment and any Carry-Over Monthly RV Principal 1,010,200.64
Preference Amounts with respect to RV Receivables --
RV Servicing Fee and any Carry-Over RV Servicing Fee 28,941.85
Distributions to the Surety Bond Provider 4,630.70
Shortfall in Marine Certificate Account --
Distribution to shortfall in Marine Certificate Account --
Distribution to reimburse Marine Reserve Account Cross Collateral --
Withdrawal Amounts --
Distributions to the RV Reserve Account 138,787.07
Distribution to the Marine Reserve Account --
Distributions to the Depositor --
Carry-Over Monthly RV Interest to the next Distribution Date --
Carry-Over Monthly RV Principal to the next Distributions Date --
Carry-Over Monthly RV Servicing Fee to the next Distribution Date --
RV RESERVE ACCOUNT
RV Reserve Account Balance as of the end of the preceding Collection
Period 1,532,210.96
Earnings from investments on the RV Reserve Account 8,047.44
RV Reserve Account Withdrawals --
RV Reserve Account Cross Collateral Withdrawal Amounts --
Deposits to the RV Reserve Account 138,787.07
Reimbursement of RV Reserve Account Cross Collateral Withdrawal Amounts --
Deposits to RV Reserve Account from Marine Available Funds --
RV Reserve Account Balance 1,679,045.47
Distributions of any excess amounts on deposit in the RV Reserve Account --
Ending RV Reserve Account Balance 1,679,045.47
RV Reserve Account Balance as a % of the RV Pool Balance 3.7068%
Specified RV Reserve Account Requirement 2,491,321.59
Amount needed to fully fund RV Reserve Account 812,276.12
</TABLE>
Approved by: /s/ LAWRENCE ANGELILLI
------------------------------
Authorized Signer
<PAGE> 6
<TABLE>
<S> <C>
SURETY BOND
Required Surety Bond Amount 46,306,956.89
Surety Bond amount on the previous Distribution Date 47,276,610.03
Payments made with respect Surety Principal Draws --
Payments received with respect to unreimbursed Surety Principal Draws --
Surety Bond Amount for the current Distribution Date 46,306,956.89
Total Surety Draws --
Surety Bond Fee 4,630.70
Amount Owed to Surety Bond Provider 4,630.70
Surety Bond Fee Paid 4,630.70
Payments made to the Surety Bond Provider 4,630.70
Surety Bond Fee Outstanding --
Remaining Amounts Owed to the Surety Bond Provider --
NET CREDIT LOSS RATIO
Net Credit Losses 31,244.56
Average Net Credit Loss Ratio 0.38%
DELINQUENCY ANALYSIS
Number of Loans
30 to 59 days past due 59
60 to 89 days past due 13
90 or more days past due 15
Total 87
Principal Balance
30 to 59 days past due 780,524.70
60 to 89 days past due 155,192.97
90 or more days past due 149,416.35
Total 1,085,134.02
60 Day + Delinquency Ratio
For the current Collection Period 2.3956%
For the preceding Collection Period 1.7901%
For the second preceding Collection Period 1.9855%
For the third preceding Collection Period N/A
Average 3 month 60 Day + Delinquency Ratio 2.0571%
Average 4 month 60 Day + Delinquency Ratio 2.0571%
REPOSSESSION ANALYSIS
Current Balance of Contracts where Repossession Occurred in the Current
Month 114,133.10
Number of Contracts where Repossession Occurred in the Current Month 8.00
WEIGHTED AVERAGE COMPUTATIONS-RV CONTRACTS
Weighted Average Coupon 11.5210%
Weighted Average Original Term (months) 140.99
Weighted Average Remaining Term (months) 97
Number of Outstanding Accounts-End of Period 3,631
CASH SETTLEMENT FOR THE TRUSTEE
Total Deposit to the RV Collection Account 1,423,742.32
RV Servicing Fee 28,941.85
RV Interest allocable to the Seller's Certificate 0.00
RV Principal amount allocable to the Seller's Certificate 0.01
Wire Funds to the Surety Bond Provider 4,630.70
Net Deposit to the RV Certificate Account - Excluding Amounts Due to
Seller 1,390,169.77
Wire Funds to the RV Certificateholders - Interest Amounts 241,182.07
Wire Funds to the RV Certificateholders - Principal Amounts 1,010,200.63
Deposit Funds into the RV Reserve Account 138,787.07
Wire Funds to NationsCredit --
</TABLE>
Approved by: /s/ LAWRENCE ANGELILLI
------------------------------
Authorized Signer
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