|
|
|
|
|
|
|
|
|
|
Previous: EOP OPERATING LTD PARTNERSHIP, 10-K, 1999-03-30 |
Next: SEPARATE ACCOUNT VA 7 OF TRANSAMERICA LIFE INS & ANNUITY CO, 24F-2NT, 1999-03-30 |
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): March 15, 1999
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 February
28, 1999.
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: March 29, 1999 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 Feb-99
Collection Period 02/01/1999
Determination Date 03/10/1999
Deposit Date 03/12/1999
Distribution Date 03/15/1999
MARINE POOL BALANCE
Marine Pool Balance on the close of the last day of the Collection Period (Record Date) 77,950,208.97
Marine Certificate Factor 64.5263317%
Marine Ending Certificate Balance (per $1,000 certificate) 645.26
Liquidation Proceeds 101,266.33
Purchase Amounts 0.00
AMOUNTS DISTRIBUTED ON THE DISTRIBUTION DATE (PER $1,000 CERTIFICATE)
Interest Payments:
Monthly Interest Payment 3.51
Carry-Over Monthly Interest Payment 0.00
Total Marine Interest Payment 3.51
Marine Principal Payments:
Monthly Marine Principal Payment 17.71
Carry-Over Monthly Marine Principal Payment 0.00
Total Marine Principal Payment 17.71
Marine Servicing Fee:
Marine Servicing Fee 0.41
Carry-Over Monthly Marine Servicing Fee 0.00
Total Marine Servicing Fee 0.41
</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 Feb-99
Collection Period 02/01/1999
Determination Date 03/10/1999
Deposit Date 03/12/1999
Distribution Date 03/15/1999
RV POOL BALANCE
RV Pool Balance on the close of the last day of t he Collection Period (Record Date) 29,783,164.74
RV Certificate Factor 61.5525881%
RV Ending Certificate Balance (per $1,000 certificate) 615.53
Liquidation Proceeds 27,776.34
Purchase Amounts 0.00
AMOUNTS DISTRIBUTED ON THE DISTRIBUTION DATE (PER $1,000 CERTIFICATE) RV
Interest Payments:
Monthly RV Interest Payment 3.30
Carry-Over Monthly RV Interest Payment 0.00
Total RV Interest Payment 3.30
RV Principal Payments:
Monthly RV Principal Payment 17.18
Carry-Over Monthly RV Principal Payment 0.00
Total RV Principal Payment 17.18
RV Servicing Fee:
RV Servicing Fee 0.40
Carry-Over Monthly RV Servicing Fee 0.00
Total RV Servicing Fee 0.40
</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 Feb-99
Collection Period 01-Feb-99
Determination Date 10-Mar-99
Deposit Date 12-Mar-99
Distribution Date 15-Mar-99
MARINE POOL BALANCE
Marine Pool Balance on the close of the last day of the preceding Collection Period 80,090,126.35
Marine Principal Collections 1,868,238.04
Purchase Amounts with respect to Marine Receivables allocable to Principal 0.00
Defaulted Marine Receivables 271,679.34
Marine Pool Balance on the close of the last day of the Collection Period 77,950,208.97
Original Marine Pool Balance 120,803,719.92
Marine Pool Factor 64.5263317%
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 688,154.95
Purchase Amounts with respect to Marine Receivables allocable to interest 0.00
Liquidation Proceeds with respect to Marine Receivables 101,266.33
Marine Collections allocable to principal 1,868,238.04
Purchase Amounts with respect to Marine Receivables allocable to principal 0.00
Other Marine Available Funds 0.00
Total Marine Available Funds 2,657,659.32
MARINE INTEREST PAYMENT
Monthly Marine Interest Payment 423,810.25
Carry-Over Monthly Marine Interest 0.00
Total 423,810.25
MARINE PRINCIPAL PAYMENT
Monthly Marine Principal Payment 2,139,917.38
Carry-Over Monthly Marine Principal 0.00
Total 2,139,917.38
MARINE SERVICING FEE
Servicing Marine Fee 50,056.33
Carry-Over Monthly Marine Servicing Fee 0.00
Total 50,056.33
MARINE RESERVE ACCOUNT CROSS SUPPORT
Marine Reserve Account Cross Collateral Withdrawal Amounts from prior Distribution Dates 0.00
Marine Reserve Account Cross Collateral Withdrawal Amounts 0.00
Distribution to reimburse Marine Reserve Account Cross Collateral Withdrawal Amounts 0.00
Total Owed to Reimburse Marine Cross Collateral Withdrawal Account 0.00
DEPOSIT TO MARINE CERTIFICATE ACCOUNT
Marine Available Funds 2,657,659.32
Marine Reserve Account Withdrawal Deposit 0.00
RV Reserve Account Cross Collateral Withdrawal Amount 0.00
Surety Bond Drawing Deposit 0.00
Total Deposit to the Marine Certificate Account 2,657,659.32
DISTRIBUTIONS FROM THE MARINE CERTIFICATE ACCOUNT
Monthly Marine Interest Payment and any Carry-Over Monthly Marine Interest 423,810.25
Monthly Marine Principal Payment and any Carry-Over Monthly Marine Principal 2,139,917.38
Marine Servicing Fee and any Carry-Over Marine Servicing Fee 50,056.33
Distributions to the Surety Bond Provider 8,009.01
Shortfall in RV Certificate Account 0.00
Distributions to meet shortfall in RV Certificate Account 0.00
Distribution to reimburse RV Reserve Account Cross Collateral Withdrawal Amounts 0.00
Distribution to the Marine Reserve Account 0.00
Distribution to the RV Reserve Account 0.00
Distributions to the Depositor 35,866.35
Carry-Over Monthly Marine Interest to the next Distribution Date 0.00
Carry-Over Monthly Marine Principal to the next Distributions Date 0.00
Carry-Over Monthly Marine Servicing Fee to the next Distribution Date 0.00
MARINE RESERVE ACCOUNT
Marine Reserve Account Balance as of the end of the preceding Collection Period 2,402,703.79
Earnings from investments on the Marine Reserve Account 7,588.39
Marine Reserve Account Withdrawals 0.00
Marine Reserve Account Cross Collateral Withdrawal Amounts 0.00
Deposits to the Marine Reserve Account 0.00
Reimbursement of Marine Reserve Account Cross Collateral Withdrawal Amounts 0.00
Deposits to Marine Reserve Account from RV Available Funds 0.00
Marine Reserve Account Balance 2,410,292.18
Distributions of any excess amounts on deposit in the Marine Reserve Account 71,785.91
Ending Marine Reserve Account Balance 2,338,506.27
Marine Reserve Account Balance as a % of the Marine Pool Balance 3.0000%
Specified Marine Reserve Account Requirement 2,338,506.27
Amount needed to fully fund Marine Reserve Account 0.00
SURETY BOND
Outstanding Reimbursement Obligations at the end of the preceding Collection Period 0.00
Preference Amounts 0.00
Surety Bond Drawing Amount 0.00
Surety Bond Fee 8,009.01
Interest on Outstanding Reimbursement Obligations at the end of the preceding Collection Period 0.00
Amount Owed to Surety Bond Provider 8,009.01
Distributions made to the Surety Bond Provider 8,009.01
Remaining Amounts Owed to the Surety Bond Provider 0.00
NET CREDIT LOSS RATIO
Net Credit Losses 170,413.01
Average Net Credit Loss Ratio - Annualized 3.73%
DELINQUENCY ANALYSIS
Number of Loans
30 to 59 days past due 179.00
60 to 89 days past due 57.00
90 or more days past due 39.00
Total 275.00
Principal Balance
30 to 59 days past due 1,553,598.38
60 to 89 days past due 460,006.38
90 or more days past due 376,254.97
Total 2,389,859.73
Delinquency Ratio - 60+ Day Delinquent Accounts
For the current Collection Period 1.0728%
For the preceding Collection Period 1.1120%
For the second preceding Collection Period 0.9772%
For the third preceding Collection Period 1.4324%
Average 3 month 60 Day + Delinquency Ratio 1.0540%
Average 4 month 60 Day + Delinquency Ratio 1.1486%
REPOSSESSION ANALYSIS
Current Balance of Contracts where Repossession Occurred in the Current Month 92,417.96
Number of Contracts where Repossession Occurred in the Current Month 9.00
WEIGHTED AVERAGE COMPUTATIONS-MARINE CONTRACTS
Weighted Average Coupon 11.4037%
Weighted Average Original Term (months) 128.71
Weighted Average Remaining Term (months) 91.99
Number of Outstanding Accounts-End of Period 7,726.00
CASH SETTLEMENT FOR THE TRUSTEE
Available Funds in the Collection Account 2,657,659.32
Servicing Fee 50,056.33
Marine Interest allocable to the Seller's Certificate 2.53
Marine Principal amount allocable to the Seller's Certificate 12.75
Wire Funds to the Surety Bond Provider 8,009.01
Net Deposit From Collection Account to the Certificate Account 2,599,578.70
Reserve Account deposit to Certificate Account 0.00
RV Reserve Account Cross Collateral Amount 0.00
Surety Bond deposit to Certificate Account 0.00
Total Deposit to the Certificate Account 2,599,578.70
Wire Funds to the Marine Certificateholders - Interest Amounts 423,807.73
Wire Funds to the Marine Certificateholders - Principal Amounts 2,139,904.63
Deposit Funds into the Marine Reserve Account 0.00
Deposit Funds into the RV Reserve Account 0.00
Wire Funds to NationsCredit 35,866.35
<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 Feb-99
Collection Period 01-Feb-99
Determination Date 10-Mar-99
Deposit Date 12-Mar-99
Distribution Date 15-Mar-99
RV POOL BALANCE
RV Pool Balance on the close of the last day of the preceding Collection Period 30,614,460.45
RV Principal Collections 784,643.07
Purchase Amounts with respect to RV Receivables allocable to Principal 0.00
Defaulted RV Receivables 46,652.64
RV Pool Balance on the close of the last day of the Collection Period 29,783,164.74
Original RV Pool Balance 48,386,535.24
RV Pool Factor 61.5525881%
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 265,363.23
Purchase Amounts with respect to RV Receivables allocable to interest 0.00
Liquidation Proceeds with respect to RV Receivables 27,776.34
RV Collections allocable to principal 784,643.07
Purchase Amounts with respect to RV Receivables allocable to principal 0.00
Other RV Available Funds 0.00
Total RV Available Funds 1,077,782.64
RV INTEREST PAYMENT
Monthly RV Interest Payment 159,450.31
Carry-Over Monthly RV Interest 0.00
Total 159,450.31
RV PRINCIPAL PAYMENT
Monthly RV Principal Payment 831,295.71
Carry-Over Monthly RV Principal 0.00
Total 831,295.71
RV SERVICING FEE
RV Servicing Fee 19,134.04
Carry-Over Monthly RV Servicing Fee 0.00
Total 19,134.04
RV RESERVE ACCOUNT CROSS SUPPORT
RV Reserve Account Cross Collateral Withdrawal Amounts from prior Distribution Dates 0.00
RV Reserve Account Cross Collateral Withdrawal Amounts 0.00
Distribution to reimburse RV Reserve Account Cross Collateral Withdrawal Amounts 0.00
Total Owed to Reimburse RV Cross Collateral Withdrawal Account 0.00
DEPOSIT TO MARINE CERTIFICATE ACCOUNT
Marine Available Funds 1,077,782.64
Marine Reserve Account Withdrawal Deposit 0.00
RV Reserve Account Cross Collateral Withdrawal Amount 0.00
Surety Bond Drawing Deposit 0.00
Total Deposit to the Marine Certificate Account 1,077,782.64
DISTRIBUTIONS FROM THE RV CERTIFICATE ACCOUNT
Monthly RV Interest Payment and any Carry-Over Monthly RV Interest 159,450.31
Monthly RV Principal Payment and any Carry-Over Monthly RV Principal 831,295.71
RV Servicing Fee and any Carry-Over RV Servicing Fee 19,134.04
Distributions to the Surety Bond Provider 3,061.45
Shortfall in Marine Certificate Account 0.00
Distribution to meet shortfall in Marine Certificate Account 0.00
Distribution to reimburse Marine Reserve Account Cross Collateral Withdrawal Amounts 0.00
Distributions to the RV Reserve Account 0.00
Distribution to the Marine Reserve Account 0.00
Distributions to the Depositor 64,841.13
Carry-Over Monthly RV Interest to the next Distribution Date 0.00
Carry-Over Monthly RV Principal to the next Distributions Date 0.00
Carry-Over Monthly RV Servicing Fee to the next Distribution Date 0.00
RV RESERVE ACCOUNT
RV Reserve Account Balance as of the end of the preceding Collection Period 1,683,795.32
Earnings from investments on the RV Reserve Account 5,336.04
RV Reserve Account Withdrawals 0.00
RV Reserve Account Cross Collateral Withdrawal Amounts 0.00
Deposits to the RV Reserve Account 0.00
Reimbursement of RV Reserve Account Cross Collateral Withdrawal Amounts 0.00
Deposits to RV Reserve Account from Marine Available Funds 0.00
RV Reserve Account Balance 1,689,131.36
Distributions of any excess amounts on deposit in the RV Reserve Account 51,057.30
Ending RV Reserve Account Balance 1,638,074.06
RV Reserve Account Balance as a % of the RV Pool Balance 5.5000%
Specified RV Reserve Account Requirement 1,638,074.06
Amount needed to fully fund RV Reserve Account 0.00
SURETY BOND
Outstanding Reimbursement Obligations at the end of the preceding Collection Period 0.00
Preference Amounts 0.00
Surety Bond Drawing Amount 0.00
Surety Bond Fee 3,061.45
Interest on Outstanding Reimbursement Obligations at the end of the preceding Collection Period 0.00
Amount Owed to Surety Bond Provider 3,061.45
Distributions made to the Surety Bond Provider 3,061.45
Remaining Amounts Owed to the Surety Bond Provider 0.00
NET CREDIT LOSS RATIO
Net Credit Losses 18,876.30
Average Net Credit Loss Ratio 2.86%
DELINQUENCY ANALYSIS
Number of Loans
30 to 59 days past due 65.00
60 to 89 days past due 14.00
90 or more days past due 14.00
Total 93.00
Principal Balance
30 to 59 days past due 754,246.12
60 to 89 days past due 153,160.57
90 or more days past due 263,648.89
Total 1,171,055.58
60 Day + Delinquency Ratio
For the current Collection Period 1.3995%
For the preceding Collection Period 1.3584%
For the second preceding Collection Period 0.8271%
For the third preceding Collection Period 1.7970%
Average 3 month 60 Day + Delinquency Ratio 1.1950%
Average 4 month 60 Day + Delinquency Ratio 1.3455%
REPOSSESSION ANALYSIS
Current Balance of Contracts where Repossession Occurred in the Current Month 163,788.23
Number of Contracts where Repossession Occurred in the Current Month 8.00
WEIGHTED AVERAGE COMPUTATIONS-RV CONTRACTS
Weighted Average Coupon 11.4172%
Weighted Average Original Term (months) 140.99
Weighted Average Remaining Term (months) 86.57
Number of Outstanding Accounts-End of Period 2,573.00
CASH SETTLEMENT FOR THE TRUSTEE
Available Funds in the Collection Account 1,077,782.64
Servicing Fee 19,134.04
Marine Interest allocable to the Seller's Certificate 0.00
Marine Principal amount allocable to the Seller's Certificate 0.00
Wire Funds to the Surety Bond Provider 3,061.45
Net Deposit From Collection Account to the Certificate Account 1,055,587.15
Reserve Account deposit to Certificate Account 0.00
RV Reserve Account Cross Collateral Amount 0.00
Surety Bond deposit to Certificate Account 0.00
Total Deposit to the Certificate Account 1,055,587.15
Wire Funds to the Marine Certificateholders - Interest Amounts 159,450.31
Wire Funds to the Marine Certificateholders - Principal Amounts 831,295.71
Deposit Funds into the Marine Reserve Account 0.00
Deposit Funds into the RV Reserve Account 0.00
Wire Funds to NationsCredit 64,841.13
<FN>
Approved by: /s/ SUZANNE CASTLEBERRY ------------------------------------ Authorized Signer
[NATIONSCREDIT GRANTOR TRUST LETTERHEAD]
March 15, 1999
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>
|
|