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Previous: LOGILITY INC, S-8, 1998-08-31 |
Next: JAMES FUNDS, NSAR-B, 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 - 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) 506-5026
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 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: 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>
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 Jul-98
Collection Period 7/1/98
Determination Date 8/12/98
Deposit Date 8/14/98
Distribution Date 8/17/98
MARINE POOL BALANCE
Marine Pool Balance on the close of the last day of the Collection Period (Record Date) 92,833,079.74
Marine Certificate Factor 76.8462095%
Marine Ending Certificate Balance (per $1,000 certificate) 768.46
Liquidation Proceeds 120,431.94
Purchase Amounts -
AMOUNTS DISTRIBUTED ON THE DISTRIBUTION DATE (PER $1,000 CERTIFICATE)
Interest Payments:
Monthly Interest Payment 4.19813
Carry-Over Monthly Interest Payment -
Total Marine Interest Payment 4.19813
Marine Principal Payments:
Monthly Marine Principal Payment 24.88002
Carry-Over Monthly Marine Principal Payment -
Total Marine Principal Payment 24.88002
Marine Servicing Fee:
Marine Servicing Fee 0.49584
Carry-Over Monthly Marine Servicing Fee -
Total Marine Servicing Fee 0.49584
</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 Jul-98
Collection Period 7/1/98
Determination Date 8/12/98
Deposit Date 8/14/98
Distribution Date 8/17/98
RV POOL BALANCE
RV Pool Balance on the close of the last day of t he Collection Period (Record Date) 36,615,464.33
RV Certificate Factor 75.6728378%
RV Ending Certificate Balance (per $1,000 certificate) 756.73
Liquidation Proceeds 65,470.00
Purchase Amounts -
AMOUNTS DISTRIBUTED ON THE DISTRIBUTION DATE (PER $1,000 CERTIFICATE) RV
Interest Payments:
Monthly RV Interest Payment 4.09697
Carry-Over Monthly RV Interest Payment -
Total RV Interest Payment 4.09697
RV Principal Payments:
Monthly RV Principal Payment 29.88899
Carry-Over Monthly RV Principal Payment -
Total RV Principal Payment 29.88899
RV Servicing Fee:
RV Servicing Fee 0.49164
Carry-Over Monthly RV Servicing Fee -
Total RV Servicing Fee 0.49164
</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 Jul-98
Collection Period 1-Jul-98
Determination Date 12-Aug-98
Deposit Date 14-Aug-98
Distribution Date 17-Aug-98
MARINE POOL BALANCE
Marine Pool Balance on the close of the last day of the preceding Collection Period 95,838,661.14
Marine Principal Collections 2,758,022.92
Purchase Amounts with respect to Marine Receivables allocable to Principal -
Defaulted Marine Receivables 247,558.48
Marine Pool Balance on the close of the last day of the Collection Period 92,833,079.74
Original Marine Pool Balance 120,803,719.92
Marine Pool Factor 76.8462095%
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 987,165.38
Purchase Amounts with respect to Marine Receivables allocable to interest -
Liquidation Proceeds with respect to Marine Receivables 120,431.94
Marine Collections allocable to principal 2,758,022.92
Purchase Amounts with respect to Marine Receivables allocable to principal -
Other Marine Available Funds -
Total Marine Available Funds 3,865,620.24
MARINE INTEREST PAYMENT
Monthly Marine Interest Payment 507,146.25
Carry-Over Monthly Marine Interest -
Total 507,146.25
MARINE PRINCIPAL PAYMENT
Monthly Marine Principal Payment 3,005,581.40
Carry-Over Monthly Marine Principal -
Total 3,005,581.40
MARINE SERVICING FEE
Servicing Marine Fee 59,899.16
Carry-Over Monthly Marine Servicing Fee -
Total 59,899.16
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 3,865,620.24
Marine Reserve Account Withdrawal Deposit -
RV Reserve Account Cross Collateral Withdrawal Amount -
Surety Bond Drawing Deposit -
Total Deposit to the Marine Certificate Account 3,865,620.24
DISTRIBUTIONS FROM THE MARINE CERTIFICATE ACCOUNT
Monthly Marine Interest Payment and any Carry-Over Monthly Marine Interest 507,146.25
Monthly Marine Principal Payment and any Carry-Over Monthly Marine Principal 3,005,581.40
Marine Servicing Fee and any Carry-Over Marine Servicing Fee 59,899.16
Distributions to the Surety Bond Provider 9,583.87
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 283,409.56
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 2,875,159.83
Earnings from investments on the Marine Reserve Account 13,030.02
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 2,888,189.85
Distributions of any excess amounts on deposit in the Marine Reserve Account 103,197.46
Ending Marine Reserve Account Balance 2,784,992.39
Marine Reserve Account Balance as a % of the Marine Pool Balance 3.0000%
Specified Marine Reserve Account Requirement 2,784,992.39
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 9,583.87
Interest on Outstanding Reimbursement Obligations at the end of the preceding Collection Period -
Amount Owed to Surety Bond Provider 9,583.87
Distributions made to the Surety Bond Provider 9,583.87
Remaining Amounts Owed to the Surety Bond Provider -
NET CREDIT LOSS RATIO
Net Credit Losses 127,126.54
Average Net Credit Loss Ratio - Annualized 1.62%
DELINQUENCY ANALYSIS
Number of Loans
30 to 59 days past due 194
60 to 89 days past due 43
90 or more days past due 44
Total 281
Principal Balance
30 to 59 days past due 1,753,737.47
60 to 89 days past due 388,008.22
90 or more days past due 418,638.55
Total 2,560,384.24
Delinquency Ratio - 60+ Day Delinquent Accounts
For the current Collection Period 0.8689%
For the preceding Collection Period 0.9577%
For the second preceding Collection Period 0.9141%
For the third preceding Collection Period 1.0228%
Average 3 month 60 Day + Delinquency Ratio 0.9136%
Average 4 month 60 Day + Delinquency Ratio 0.9409%
REPOSSESSION ANALYSIS
Current Balance of Contracts where Repossession Occurred in the Current Month 169,814.81
Number of Contracts where Repossession Occurred in the Current Month 16.00
WEIGHTED AVERAGE COMPUTATIONS-MARINE CONTRACTS
Weighted Average Coupon 11.4800%
Weighted Average Original Term (months) 128.71
Weighted Average Remaining Term (months) 95
Number of Outstanding Accounts-End of Period 8,936
CASH SETTLEMENT FOR THE TRUSTEE
Total Deposit to the Marine Collection Account 3,865,620.24
Marine Servicing Fee 59,899.16
Marine Interest allocable to the Seller's Certificate 3.02
Marine Principal amount allocable to the Seller's Certificate 17.91
Wire Funds to the Surety Bond Provider 9,583.87
Net Deposit to the Marine Certificate Account - Excluding Amounts Due to Seller 3,796,116.28
Wire Funds to the Marine Certificateholders - Interest Amounts 507,143.23
Wire Funds to the Marine Certificateholders - Interest Amounts 3,005,563.49
Deposit Funds into the Marine Reserve Account -
Deposit Funds into the RV Reserve Account -
Wire Funds to NationsCredit 283,409.56
<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 Jul-98
Collection Period 1-Jul-98
Determination Date 12-Aug-98
Deposit Date 14-Aug-98
Distribution Date 17-Aug-98
RV POOL BALANCE
RV Pool Balance on the close of the last day of the preceding Collection Period 38,061,689.19
RV Principal Collections 1,324,101.47
Purchase Amounts with respect to RV Receivables allocable to Principal -
Defaulted RV Receivables 122,123.39
RV Pool Balance on the close of the last day of the Collection Period 36,615,464.33
Original RV Pool Balance 48,386,535.24
RV Pool Factor 75.6728378%
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 381,629.85
Purchase Amounts with respect to RV Receivables allocable to interest -
Liquidation Proceeds with respect to RV Receivables 65,470.00
RV Collections allocable to principal 1,324,101.47
Purchase Amounts with respect to RV Receivables allocable to principal -
Other RV Available Funds -
Total RV Available Funds 1,771,201.32
RV INTEREST PAYMENT
Monthly RV Interest Payment 198,237.96
Carry-Over Monthly RV Interest -
Total 198,237.96
RV PRINCIPAL PAYMENT
Monthly RV Principal Payment 1,446,224.86
Carry-Over Monthly RV Principal -
Total 1,446,224.86
RV SERVICING FEE
RV Servicing Fee 23,788.56
Carry-Over Monthly RV Servicing Fee -
Total 23,788.56
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 1,771,201.32
RV Reserve Account Withdrawal Deposit -
Marine Reserve Account Cross Collateral Withdrawal Amount -
Surety Bond Drawing Deposit -
Total Deposit to the RV Certificate Account 1,771,201.32
DISTRIBUTIONS FROM THE RV CERTIFICATE ACCOUNT
Monthly RV Interest Payment and any Carry-Over Monthly RV Interest 198,237.96
Monthly RV Principal Payment and any Carry-Over Monthly RV Principal 1,446,224.86
RV Servicing Fee and any Carry-Over RV Servicing Fee 23,788.56
Distributions to the Surety Bond Provider 3,806.17
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 99,143.77
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 2,093,392.91
Earnings from investments on the RV Reserve Account 9,496.65
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 2,102,889.56
Distributions of any excess amounts on deposit in the RV Reserve Account 89,039.02
Ending RV Reserve Account Balance 2,013,850.54
RV Reserve Account Balance as a % of the RV Pool Balance 5.5000%
Specified RV Reserve Account Requirement 2,013,850.54
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 3,806.17
Interest on Outstanding Reimbursement Obligations at the end of the preceding Collection Period -
Amount Owed to Surety Bond Provider 3,806.17
Distributions made to the Surety Bond Provider 3,806.17
Remaining Amounts Owed to the Surety Bond Provider -
NET CREDIT LOSS RATIO
Net Credit Losses 56,653.39
Average Net Credit Loss Ratio 2.05%
DELINQUENCY ANALYSIS
Number of Loans
30 to 59 days past due 56
60 to 89 days past due 14
90 or more days past due 11
Total 81
Principal Balance
30 to 59 days past due 630,583.38
60 to 89 days past due 215,944.92
90 or more days past due 135,636.93
Total 982,165.23
60 Day + Delinquency Ratio
For the current Collection Period 0.9602%
For the preceding Collection Period 0.6859%
For the second preceding Collection Period 0.8835%
For the third preceding Collection Period 0.9315%
Average 3 month 60 Day + Delinquency Ratio 0.8432%
Average 4 month 60 Day + Delinquency Ratio 0.8653%
REPOSSESSION ANALYSIS
Current Balance of Contracts where Repossession Occurred in the Current Month 35,134.08
Number of Contracts where Repossession Occurred in the Current Month 3.00
WEIGHTED AVERAGE COMPUTATIONS-RV CONTRACTS
Weighted Average Coupon 11.4712%
Weighted Average Original Term (months) 140.99
Weighted Average Remaining Term (months) 91
Number of Outstanding Accounts-End of Period 3,023
CASH SETTLEMENT FOR THE TRUSTEE
Total Deposit to the RV Collection Account 1,771,201.32
RV Servicing Fee 23,788.56
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 3,806.17
Net Deposit to the RV Certificate Account - Excluding Amounts Due to Seller 1,743,606.59
Wire Funds to the RV Certificateholders - Interest Amounts 198,237.96
Wire Funds to the RV Certificateholders - Principal Amounts 1,446,224.85
Deposit Funds into the RV Reserve Account -
Deposit Funds into the Marine Reserve Account -
Wire Funds to NationsCredit 99,143.77
<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 - 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 (972) 506-5026.
Very truly yours,
/s/ SUZANNE CASTLEBERRY ----------------------------- Suzanne Castleberry Vice President
</TABLE>
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