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Previous: AMERICAN SKIING CO /ME, 8-K, 1998-09-29 |
Next: NORWEST ASSET SECURITIES CORP MOR PAS TH CERT SER 1997-11 TR, 10-K/A, 1998-09-29 |
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): SEPTEMBER 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 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 AUGUST 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 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>
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: SEPTEMBER 15 , 1998 BY: /S/ SUZANNE CASTLEBERRY
-------------------------
NAME: SUZANNE CASTLEBERRY
TITLE: VICE PRESIDENT
<PAGE>
EXHIBIT INDEX
EXHIBIT NUMBER DESCRIPTION
--------------- -----------
19.1 CERTIFICATEHOLDERS STATEMENTS
<PAGE>
<TABLE>
<CAPTION>
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.
<S> <C>
Month Aug-98
Collection Period 8/1/98
Determination Date 9/11/98
Deposit Date 9/14/98
Distribution Date 9/15/98
MARINE POOL BALANCE
Marine Pool Balance on the close of the last day of the Collection Period (Record Date) 90,393,704.35
Marine Certificate Factor 74.8269212%
Marine Ending Certificate Balance (per $1,000 certificate) 748.27
Liquidation Proceeds 76,650.21
Purchase Amounts -
AMOUNTS DISTRIBUTED ON THE DISTRIBUTION DATE (PER $1,000 CERTIFICATE)
Interest Payments:
Monthly Interest Payment 4.06647
Carry-Over Monthly Interest Payment -
Total Marine Interest Payment 4.06647
Marine Principal Payments:
Monthly Marine Principal Payment 20.19300
Carry-Over Monthly Marine Principal Payment -
Total Marine Principal Payment 20.19300
Marine Servicing Fee:
Marine Servicing Fee 0.48029
Carry-Over Monthly Marine Servicing Fee -
Total Marine Servicing Fee 0.48029
</TABLE>
<TABLE>
<CAPTION>
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.
<S> <C>
Month Aug-98
Collection Period 8/1/98
Determination Date 9/11/98
Deposit Date 9/14/98
Distribution Date 9/15/98
RV POOL BALANCE
RV Pool Balance on the close of the last day of t he Collection Period (Record Date) 35,443,059.52
RV Certificate Factor 73.2498397%
RV Ending Certificate Balance (per $1,000 certificate) 732.50
Liquidation Proceeds 30,599.53
Purchase Amounts -
AMOUNTS DISTRIBUTED ON THE DISTRIBUTION DATE (PER $1,000 CERTIFICATE) RV
Interest Payments:
Monthly RV Interest Payment 3.94129
Carry-Over Monthly RV Interest Payment -
Total RV Interest Payment 3.94129
RV Principal Payments:
Monthly RV Principal Payment 24.22998
Carry-Over Monthly RV Principal Payment -
Total RV Principal Payment 24.22998
RV Servicing Fee:
RV Servicing Fee 0.47296
Carry-Over Monthly RV Servicing Fee -
Total RV Servicing Fee 0.47296
</TABLE>
<TABLE>
<CAPTION>
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.
<S> <C>
Month Aug-98
Collection Period 1-Aug-98
Determination Date 11-Sep-98
Deposit Date 14-Sep-98
Distribution Date 15-Sep-98
MARINE POOL BALANCE
Marine Pool Balance on the close of the last day of the preceding Collection Period 92,833,079.74
Marine Principal Collections 2,320,977.37
Purchase Amounts with respect to Marine Receivables allocable to Principal -
Defaulted Marine Receivables 118,398.02
Marine Pool Balance on the close of the last day of the Collection Period 90,393,704.35
Original Marine Pool Balance 120,803,719.92
Marine Pool Factor 74.8269212%
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 893,547.26
Purchase Amounts with respect to Marine Receivables allocable to interest -
Liquidation Proceeds with respect to Marine Receivables 76,650.21
Marine Collections allocable to principal 2,320,977.37
Purchase Amounts with respect to Marine Receivables allocable to principal -
Other Marine Available Funds -
Total Marine Available Funds 3,291,174.84
MARINE INTEREST PAYMENT
Monthly Marine Interest Payment 491,241.71
Carry-Over Monthly Marine Interest -
Total 491,241.71
MARINE PRINCIPAL PAYMENT
Monthly Marine Principal Payment 2,439,375.39
Carry-Over Monthly Marine Principal -
Total 2,439,375.39
MARINE SERVICING FEE
Servicing Marine Fee 58,020.67
Carry-Over Monthly Marine Servicing Fee -
Total 58,020.67
MARINE RESERVE ACCOUNT CROSS SUPPORT
Marine Reserve Account Cross Collateral Withdrawal Amounts from prior Distribution Dates -
Marine Reserve Account Cross Collateral Withdrawal Amounts -
Distribution to reimburse Marine Reserve Account Cross Collateral Withdrawal Amounts -
Total Owed to Reimburse Marine Cross Collateral Withdrawal Account -
DEPOSIT TO MARINE CERTIFICATE ACCOUNT
Marine Available Funds 3,291,174.84
Marine Reserve Account Withdrawal Deposit -
RV Reserve Account Cross Collateral Withdrawal Amount -
Surety Bond Drawing Deposit -
Total Deposit to the Marine Certificate Account 3,291,174.84
DISTRIBUTIONS FROM THE MARINE CERTIFICATE ACCOUNT
Monthly Marine Interest Payment and any Carry-Over Monthly Marine Interest 491,241.71
Monthly Marine Principal Payment and any Carry-Over Monthly Marine Principal 2,439,375.39
Marine Servicing Fee and any Carry-Over Marine Servicing Fee 58,020.67
Distributions to the Surety Bond Provider 9,283.31
Shortfall in RV Certificate Account -
Distributions to meet shortfall in RV Certificate Account -
Distribution to reimburse RV Reserve Account Cross Collateral Withdrawal Amounts -
Distribution to the Marine Reserve Account -
Distribution to the RV Reserve Account -
Distributions to the Depositor 293,253.75
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 -
MARINE RESERVE ACCOUNT
Marine Reserve Account Balance as of the end of the preceding Collection Period 2,784,992.39
Earnings from investments on the Marine Reserve Account 11,800.68
Marine Reserve Account Withdrawals -
Marine Reserve Account Cross Collateral Withdrawal Amounts -
Deposits to the Marine Reserve Account -
Reimbursement of Marine Reserve Account Cross Collateral Withdrawal Amounts -
Deposits to Marine Reserve Account from RV Available Funds -
Marine Reserve Account Balance 2,796,793.07
Distributions of any excess amounts on deposit in the Marine Reserve Account 84,981.94
Ending Marine Reserve Account Balance 2,711,811.13
Marine Reserve Account Balance as a % of the Marine Pool Balance 3.0000%
Specified Marine Reserve Account Requirement 2,711,811.13
Amount needed to fully fund Marine Reserve Account -
SURETY BOND
Outstanding Reimbursement Obligations at the end of the preceding Collection Period -
Preference Amounts -
Surety Bond Drawing Amount -
Surety Bond Fee 9,283.31
Interest on Outstanding Reimbursement Obligations at the end of the preceding Collection Period -
Amount Owed to Surety Bond Provider 9,283.31
Distributions made to the Surety Bond Provider 9,283.31
Remaining Amounts Owed to the Surety Bond Provider -
NET CREDIT LOSS RATIO
Net Credit Losses 41,747.81
Average Net Credit Loss Ratio - Annualized 1.16%
DELINQUENCY ANALYSIS
Number of Loans
30 to 59 days past due 173
60 to 89 days past due 31
90 or more days past due 50
Total 254
Principal Balance
30 to 59 days past due 1,636,293.10
60 to 89 days past due 238,588.36
90 or more days past due 492,821.31
Total 2,367,702.77
Delinquency Ratio - 60+ Day Delinquent Accounts
For the current Collection Period 0.8091%
For the preceding Collection Period 0.8689%
For the second preceding Collection Period 0.9577%
For the third preceding Collection Period 0.9141%
Average 3 month 60 Day + Delinquency Ratio 0.8786%
Average 4 month 60 Day + Delinquency Ratio 0.8875%
REPOSSESSION ANALYSIS
Current Balance of Contracts where Repossession Occurred in the Current Month 134,434.14
Number of Contracts where Repossession Occurred in the Current Month 13.00
WEIGHTED AVERAGE COMPUTATIONS-MARINE CONTRACTS
Weighted Average Coupon 11.4699%
Weighted Average Original Term (months) 128.71
Weighted Average Remaining Term (months) 95
Number of Outstanding Accounts-End of Period 8,743
CASH SETTLEMENT FOR THE TRUSTEE
Total Deposit to the Marine Collection Account 3,291,174.84
Marine Servicing Fee 58,020.67
Marine Interest allocable to the Seller's Certificate 2.93
Marine Principal amount allocable to the Seller's Certificate 14.54
Wire Funds to the Surety Bond Provider 9,283.31
Net Deposit to the Marine Certificate Account - Excluding Amounts Due to Seller 3,223,853.39
Wire Funds to the Marine Certificateholders - Interest Amounts 491,238.79
Wire Funds to the Marine Certificateholders - Interest Amounts 2,439,360.85
Deposit Funds into the Marine Reserve Account -
Deposit Funds into the RV Reserve Account -
Wire Funds to NationsCredit 293,253.75
<FN>
Approved by: /s/ SUZANNE CASTLEBERRY ----------------------------------- Authorized Signer
</TABLE>
<TABLE>
<CAPTION>
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.
<S> <C>
Month Aug-98
Collection Period 1-Aug-98
Determination Date 11-Sep-98
Deposit Date 14-Sep-98
Distribution Date 15-Sep-98
RV POOL BALANCE
RV Pool Balance on the close of the last day of the preceding Collection Period 36,615,464.33
RV Principal Collections 1,109,115.40
Purchase Amounts with respect to RV Receivables allocable to Principal -
Defaulted RV Receivables 63,289.41
RV Pool Balance on the close of the last day of the Collection Period 35,443,059.52
Original RV Pool Balance 48,386,535.24
RV Pool Factor 73.2498397%
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 354,387.06
Purchase Amounts with respect to RV Receivables allocable to interest -
Liquidation Proceeds with respect to RV Receivables 30,599.53
RV Collections allocable to principal 1,109,115.40
Purchase Amounts with respect to RV Receivables allocable to principal -
Other RV Available Funds -
Total RV Available Funds 1,494,101.99
RV INTEREST PAYMENT
Monthly RV Interest Payment 190,705.54
Carry-Over Monthly RV Interest -
Total 190,705.54
RV PRINCIPAL PAYMENT
Monthly RV Principal Payment 1,172,404.81
Carry-Over Monthly RV Principal -
Total 1,172,404.81
RV SERVICING FEE
RV Servicing Fee 22,884.67
Carry-Over Monthly RV Servicing Fee -
Total 22,884.67
RV RESERVE ACCOUNT CROSS SUPPORT
RV Reserve Account Cross Collateral Withdrawal Amounts from prior Distribution Dates -
RV Reserve Account Cross Collateral Withdrawal Amounts -
Distribution to reimburse RV Reserve Account Cross Collateral Withdrawal Amounts -
Total Owed to Reimburse RV Cross Collateral Withdrawal Account -
DEPOSIT TO RV CERTIFICATE ACCOUNT
RV Available Funds 1,494,101.99
RV Reserve Account Withdrawal Deposit -
Marine Reserve Account Cross Collateral Withdrawal Amount -
Surety Bond Drawing Deposit -
Total Deposit to the RV Certificate Account 1,494,101.99
DISTRIBUTIONS FROM THE RV CERTIFICATE ACCOUNT
Monthly RV Interest Payment and any Carry-Over Monthly RV Interest 190,705.54
Monthly RV Principal Payment and any Carry-Over Monthly RV Principal 1,172,404.81
RV Servicing Fee and any Carry-Over RV Servicing Fee 22,884.67
Distributions to the Surety Bond Provider 3,661.55
Shortfall in Marine Certificate Account -
Distribution to meet shortfall in Marine Certificate Account -
Distribution to reimburse Marine Reserve Account Cross Collateral Withdrawal Amounts -
Distributions to the RV Reserve Account -
Distribution to the Marine Reserve Account -
Distributions to the Depositor 104,445.42
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 2,013,850.54
Earnings from investments on the RV Reserve Account 8,561.06
RV Reserve Account Withdrawals -
RV Reserve Account Cross Collateral Withdrawal Amounts -
Deposits to the RV Reserve Account -
Reimbursement of RV Reserve Account Cross Collateral Withdrawal Amounts -
Deposits to RV Reserve Account from Marine Available Funds -
RV Reserve Account Balance 2,022,411.60
Distributions of any excess amounts on deposit in the RV Reserve Account 73,043.33
Ending RV Reserve Account Balance 1,949,368.27
RV Reserve Account Balance as a % of the RV Pool Balance 5.5000%
Specified RV Reserve Account Requirement 1,949,368.27
Amount needed to fully fund RV Reserve Account -
SURETY BOND
Outstanding Reimbursement Obligations at the end of the preceding Collection Period -
Preference Amounts -
Surety Bond Drawing Amount -
Surety Bond Fee 3,661.55
Interest on Outstanding Reimbursement Obligations at the end of the preceding Collection Period -
Amount Owed to Surety Bond Provider 3,661.55
Distributions made to the Surety Bond Provider 3,661.55
Remaining Amounts Owed to the Surety Bond Provider -
NET CREDIT LOSS RATIO
Net Credit Losses 32,689.88
Average Net Credit Loss Ratio 2.03%
DELINQUENCY ANALYSIS
Number of Loans
30 to 59 days past due 59
60 to 89 days past due 14
90 or more days past due 16
Total 89
Principal Balance
30 to 59 days past due 674,727.68
60 to 89 days past due 144,980.67
90 or more days past due 262,248.16
Total 1,081,956.51
60 Day + Delinquency Ratio
For the current Collection Period 1.1490%
For the preceding Collection Period 0.9602%
For the second preceding Collection Period 0.6859%
For the third preceding Collection Period 0.8835%
Average 3 month 60 Day + Delinquency Ratio 0.9317%
Average 4 month 60 Day + Delinquency Ratio 0.9196%
REPOSSESSION ANALYSIS
Current Balance of Contracts where Repossession Occurred in the Current Month 137,019.45
Number of Contracts where Repossession Occurred in the Current Month 9.00
WEIGHTED AVERAGE COMPUTATIONS-RV CONTRACTS
Weighted Average Coupon 11.4710%
Weighted Average Original Term (months) 140.99
Weighted Average Remaining Term (months) 90
Number of Outstanding Accounts-End of Period 2,940
CASH SETTLEMENT FOR THE TRUSTEE
Total Deposit to the RV Collection Account 1,494,101.99
RV Servicing Fee 22,884.67
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 3,661.55
Net Deposit to the RV Certificate Account - Excluding Amounts Due to Seller 1,467,555.77
Wire Funds to the RV Certificateholders - Interest Amounts 190,705.54
Wire Funds to the RV Certificateholders - Principal Amounts 1,172,404.80
Deposit Funds into the RV Reserve Account -
Deposit Funds into the Marine Reserve Account -
Wire Funds to NationsCredit 104,445.42
<FN>
Approved by: /s/ SUZANNE CASTLEBERRY ------------------------------------ Authorized Signer
[NATIONSCREDIT GRANTOR TRUST LETTERHEAD]
September 15, 1998
BY EDGAR
Securities and Exchange Commission Judiciary Plaza 450 Fifth Street, N.W. Washington, D.C. 20549
Re: NationsCredit Grantor Trust 1997 - 2
Ladies and Gentlemen:
On behalf of NationsCredit Grantor Trust 1997 - 2 (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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