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Previous: DENTALCO INC, RW, 1998-11-09 |
Next: PARK N VIEW INC, S-4/A, 1998-11-09 |
<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 and Exchange Act of 1934
Date of Report (Date of earliest event reported): June 8, 1998
Vanderbilt Mortgage and Finance, Inc.
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Tennessee
- --------------------------------------------------------------------------------
(State or other jurisdiction of incorporation or organization)
333-14033-05 62-0997810
- --------------------------------------------------------------------------------
(Commission File Number) (IRS Employer Identification No.)
Vanderbilt Mortgage and Finance, Inc.
500 Alcoa Trail
Maryville, TN 37804
- --------------------------------------------------------------------------------
(Address of principal executive offices and zip code)
Registrant's telephone number, including area code: 423-380-3000
4726 Airport Highway
Louisville, TN 37777
- --------------------------------------------------------------------------------
(Former name or former address, if changed since last report)
<PAGE> 2
Item 5. Other Events
For each of the following Remittance Dates, The Chase Manhattan Bank,
as Trustee, made the monthly distributions to the holders of the Vanderbilt
Mortgage and Finance, Inc. Manufactured Housing Contract Senior/Subordinate
Pass-Through Certificates, Series 1997C:
Remittance Dates
----------------
June 8, 1998 January 7, 1998
May 7, 1998 December 8, 1997
April 7, 1998 November 7, 1997
March 9, 1998 October 7, 1997
February 9, 1998 September 8, 1997
Item 7. Financial Statements and Exhibits
(c) Exhibits.
The following are filed herewith. The exhibit numbers correspond with
Item 601(b) of Regulation S-K.
Exhibit No. Description Page
----------- ----------- ----
20 Monthly Reports delivered by 3
the Trustee to Certificateholders in
connection with the distributions on the
Remittance Dates specified in Item 5 above.
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 hereunto duly authorized.
VANDERBILT MORTGAGE AND FINANCE, INC.,
as Servicer
By: /s/ David R. Jordan
--------------------------------
Name: David R. Jordan
Title: Vice President and Controller
Dated: June 8, 1998
<PAGE> 1
<TABLE>
<CAPTION>
CHEMICAL BANK, TRUSTEE DETERMINATION DATE: 04-SEP-97
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 08-SEP-97
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1997C FOR THE PERIOD ENDED: 25-AUG-97
Information for Clauses (a) through (s), Section 7.01 - GROUP I
Class I A-1 Class I A-2 Class I A-3
<S> <C> <C> <C>
(a) Class I A and Class I B Distribution Amounts 1,434,737.39 155,520.00 132,883.33
(b) Formula Principal Distribution Amount
(a) Scheduled Principal Due 712,590.85
(b) Partial Prepayments Received 55,324.31
(c) Principal Payments in Full (Scheduled Balance) 608,668.90
(d) Liquidated Contract Scheduled Balance 0.00
(e) Section 3.05 Purchase Scheduled Balance 0.00
(f) Previously Undistributed Shortfalls in (a) through (e) 0.00
------------- -------------- --------------
Total Principal Distribution 1,376,584.06 0.00 0.00
(c) Interest Distribution 58,153.33 155,520.00 132,883.33
Unpaid Interest Shortfall 0.00 0.00 0.00
------------- -------------- --------------
Total Interest Distribution 58,153.33 155,520.00 132,883.33
(d) Beginning Class I A and Class I B Principal Balance 36,600,000.00 28,800,000.00 23,800,000.00
Less: Principal Distribution 1,376,584.06 0.00 0.00
------------- -------------- --------------
Remaining Class A and Class B Principal Balance 35,223,415.94 28,800,000.00 23,800,000.00
(e) Fees Due Servicer
Monthly Servicing Fee 0.00 (h) Pool Factor
Section 8.06 Reimbursement Amount 0.00 Class I A-1 0.96238841
Section 6.02 Reimbursement Amount 0.00 Class I A-2 1.00000000
Reimburseable Fees 0.00 Class I A-3 1.00000000
------------ Class I A-4 1.00000000
Total Fees Due Servicer 0.00 Class I A-5 1.00000000
Class I A-6 1.00000000
No. of Unpaid Principal Class I B-1 1.00000000
(f) Delinquency Contracts Balance Class I B-2 1.00000000
31-59 Days Delinquent 33 784,924
60-89 Days Delinquent 5 151,555
90+ Days Delinquent 0 0
(g) Section 3.05 Repurchases 0.00
(i) Class R Distribution Amount 0.00
Reposession Profits 0.00
(j) Principal Balance of Contracts in Repossession 34,209.17
(k) Aggregate Net Liquidation Losses 0.00
(l) (x) Class B-2 Formula Distribution Amount 37,538.33
(y) Remaining Amount Available 413,806.35
-----------
Amount of (x) over (y) 0.00
(m) Class B-2 Liquidation Loss Amount 0.00
(n) Guarantee Payment 0.00
(o) Unadvanced Shortfalls 0.00
No $
(p) Units repossessed 0 0.00
(q) Principal Prepayments paid 663,993.21
(r) Scheduled Principal Payments 712,590.85
(s) Weighted Average Interest Rate 11.34%
<CAPTION>
Information for Clauses (a) through (s), Section 7.01 -
Class I A-4 Class I A-5 Class I A-6
<S> <C> <C> <C>
(a) Class I A and Class I B Distribution Amounts 58,243.33 114,815.93 69,419.53
(b) Formula Principal Distribution Amount
(a) Scheduled Principal Due
(b) Partial Prepayments Received
(c) Principal Payments in Full (Scheduled Balance)
(d) Liquidated Contract Scheduled Balance
(e) Section 3.05 Purchase Scheduled Balance
(f) Previously Undistributed Shortfalls in (a) through (e)
------------- --------------- ---------------
Total Principal Distribution 0.00 0.00 0.00
(c) Interest Distribution 58,243.33 114,815.93 69,419.53
Unpaid Interest Shortfall 0.00 0.00 0.00
------------- --------------- ---------------
Total Interest Distribution 58,243.33 114,815.93 69,419.53
(d) Beginning Class I A and Class I B Principal Balance 10,100,000.00 19,351,000.00 11,506,000.00
Less: Principal Distribution 0.00 0.00 0.00
------------- --------------- ---------------
Remaining Class A and Class B Principal Balance 10,100,000.00 19,351,000.00 11,506,000.00
(e) Fees Due Servicer
Monthly Servicing Fee
Section 8.06 Reimbursement Amount Original Balance Rate
Section 6.02 Reimbursement Amount 36,600,000.00 5.7200%
Reimburseable Fees 28,800,000.00 6.4800%
23,800,000.00 6.7000%
10,100,000.00 6.9200%
19,351,000.00 7.1200%
11,506,000.00 7.2400%
7,911,000.00 7.2400%
5,753,000.00 7.8300%
<CAPTION>
Information for Clauses (a) through (s), Section 7.01 - GROUP 1
<S> <C> <C>
Class I B-1 Class I B-2
(a) Class I A and Class I B Distribution Amounts 47,729.70 37,538.33
(b) Formula Principal Distribution Amount
(a) Scheduled Principal Due
(b) Partial Prepayments Received
(c) Principal Payments in Full (Scheduled Balance)
(d) Liquidated Contract Scheduled Balance
(e) Section 3.05 Purchase Scheduled Balance
(f) Previously Undistributed Shortfalls in (a) through (e
--------------- ---------------
Total Principal Distribution 0.00 0.00
(c) Interest Distribution 47,729.70 37,538.33
Unpaid Interest Shortfall 0.00 0.00
--------------- ---------------
Total Interest Distribution 47,729.70 37,538.33
(d) Beginning Class I A and Class I B Principal Balance 7,911,000.00 5,753,000.00
Less: Principal Distribution 0.00 0.00
--------------- ---------------
Remaining Class A and Class B Principal Balance 7,911,000.00 5,753,000.00
5.62 Libor
0.09 Spread
</TABLE>
<PAGE> 2
<TABLE>
<S> <C> <C> <C>
CHEMICAL BANK, TRUSTEE DETERMINATION DATE: 04-SEP-97
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 08-SEP-97
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1997C FOR THE PERIOD ENDED: 25-AUG-97
Computation of Available Distribution Amount
(i) Certificate Account Balance at Monthly Cutoff-Vanderbilt 1,773,481.82
Certificate Account Balance at Monthly Cutoff-SubServicer 717,434.56
(ii) Monthly Advance made 0.00
(iii)Section 5.05 Certificate Fund Income-Vanderbilt 0.00
(iii)Section 5.05 Certificate Fund Income-SubServicer 0.00
(v) Principal due Holders 0.00
Less:
(i) Scheduled Payments of principal and interest
due subsequent to the Due Period-Vanderbilt 47,472.65
(i) Scheduled Payments of principal and interest
due subsequent to the Due Period-SubServicer 16,288.17
(ii) Due to the Servicer Pursuant to Section 6.02:
(i) Section 3.05 Purchases (Due Seller) 0.00
(ii) Reimbursement for taxes from Liquidation Proceeds 0.00
(iii) Monthly Servicing Fee 0.00
(iv) Reimburseable Liquidation Expenses 0.00
(v) Section 6.04 (c) reimbursement 0.00
(vi) Section 8.06 reimbursement 0.00
(vii) Amounts not required to be deposited-SubServicer 0.00
Total Due Servicer 0.00
Available Distribution Amount-Vanderbilt 1,726,009.17
Available Distribution Amount-SubServicer 701,146.39
To Class A and B 2,050,887.54
Monthly Excess Cashflow 376,268.02
Weighted Average Remaining Term (months) 200.70
Scheduled Balance Computation
Prior Month Balance 143,821,359.24
Current Balance 142,477,292.40
Adv Principal 15,501.54
Del Principal 48,018.76
Pool Scheduled Balance 142,444,775.18
Principal Payments in Full 608,668.90
Partial Prepayments 55,324.31
Scheduled Principal 712,590.85
Collateral Balance 142,477,292.40
</TABLE>
<PAGE> 3
<TABLE>
<S> <C> <C>
CHEMICAL BANK, TRUSTEE DETERMINATION DATE: 04-SEP-97
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 08-SEP-97
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1997C FOR THE PERIOD ENDED: 25-AUG-97
Information for Clauses (v) through (ap), Section 7.01 - GROUP II
Class II A-1 Class II B-1
(v) Class II A and Class II B Distribution Amounts 1,431,736.28 16,340.75
(w) Formula Principal Distribution Amount
(a) Scheduled Principal Due 213,683.78
(b) Partial Prepayments Received 26,291.74
(c) Principal Payments in Full (Scheduled Balance) 389,957.38
(d) Liquidated Contract Scheduled Balance 0.00
(e) Section 3.05 Purchase Scheduled Balance 0.00
(f) Previously Undistributed Shortfalls in (a) through (e) 0.00
(g) Accelerated Principal Payment 699,284.05
-------------- ------------
Total Principal Distribution 1,329,216.95 0.00
(x) Interest Distribution 102,519.33 16,340.75
Unpaid Interest Shortfall 0.00 0.00
-------------- ------------
Total Interest Distribution 102,519.33 16,340.75
(y) Beginning Class I A and Class I B Principal Balance 63,251,000.00 9,780,000.00
Less: Principal Distribution 1,329,216.95 0.00
-------------- ------------
Remaining Class A and Class B Principal Balance 61,921,783.05 9,780,000.00
(z) Fees Due Servicer
Monthly Servicing Fee 0.00 (ac)
Section 8.06 Reimbursement Amount 0.00 Class II A-1
Section 6.02 Reimbursement Amount 0.00 Class II B-1
Reimburseable Fees 0.00 Class II B-2
Class II B-3
-------------- ------------
Total Fees Due Servicer 0.00
No. of Unpaid Principal
(aa) Delinquency Contracts Balance
31-59 Days Delinquent 15 515,912
60-89 Days Delinquent 2 50,024
90+ Days Delinquent 0 0
(ab) Section 3.05 Repurchases 0.00
(ad) Class R Distribution Amount 0.00
Reposession Profits 0.00
(ae) Principal Balance of Contracts in Repossession 0.00
(af) Aggregate Net Liquidation Losses 0.00
(ag) (x) Class B-3 Formula Distribution Amount 10,964.21
(y) Remaining Amount Available 323,016.03
----------
Amount of (x) over (y) 0.00
(ah) Class B-2 Liquidation Loss Amount 0.00
(ai) Guarantee Payment 0.00
(aj) Unadvanced Shortfalls 0.00
No. $
(ak) Units repossessed
(al) Principal Prepayments paid 416,249.12
(am) Scheduled Principal Payments 213,683.78
(an) Weighted Average Interest Rate 10.82%
Information for Clauses (v) through (ap), Section 7.01 -
<CAPTION>
Information for Clauses (v) through (ap), Section 7.01 - GROUP II
<S> <C> <C>
Class II B-2 Class II B-3
(v) Class II A and Class II B Distribution Amounts 7,981.32 10,964.21
(w) Formula Principal Distribution Amount
(a) Scheduled Principal Due
(b) Partial Prepayments Received
(c) Principal Payments in Full (Scheduled Balance)
(d) Liquidated Contract Scheduled Balance
(e) Section 3.05 Purchase Scheduled Balance
(f) Previously Undistributed Shortfalls in (a) through (e)
(g) Accelerated Principal Payment
------------ ------------
Total Principal Distribution 0.00 0.00
(x) Interest Distribution 7,981.32 10,964.21
Unpaid Interest Shortfall 0.00 0.00
------------ ------------
Total Interest Distribution 7,981.32 10,964.21
(y) Beginning Class I A and Class I B Principal Balance 4,370,000.00 5,826,000.00
Less: Principal Distribution 0.00 0.00
------------ ------------
Remaining Class A and Class B Principal Balance 4,370,000.00 5,826,000.00
(z) Fees Due Servicer
Monthly Servicing Fee
Section 8.06 Reimbursement Amount Pool Factor Original Balance Rate
Section 6.02 Reimbursement Amount 0.97898504 63,251,000.00 5.8350%
Reimburseable Fees 1.00000000 9,780,000.00 6.0150%
1.00000000 4,370,000.00 6.5750%
Total Fees Due Servicer 1.00000000 5,826,000.00 6.7750%
</TABLE>
<PAGE> 4
<TABLE>
<CAPTION>
CHEMICAL BANK, TRUSTEE DETERMINATION DATE: 04-SEP-97
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 08-SEP-97
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1997C FOR THE PERIOD ENDED: 25-AUG-97
Computation of Available Distribution Amount
<S> <C> <C>
(i) Certificate Account Balance at Monthly Cutoff-Vanderbilt 1,110,081.05
(ii) Monthly Advance made 0.00
(iii)Section 5.05 Certificate Fund Income-Vanderbilt 0.00
(v) Principal due Holders 0.00
Less:
(i) Scheduled Payments of principal and interest
due subsequent to the Due Period-Vanderbilt 19,326.51
(ii) Due to the Servicer Pursuant to Section 6.02:
(i) Section 3.05 Purchases (Due Seller) 0.00
(ii) Reimbursement for taxes from Liquidation Proceeds 0.00
(iii) Monthly Servicing Fee 0.00
(iv) Reimburseable Liquidation Expenses 0.00
(v) Section 6.04 (c) reimbursement 0.00
(vi) Section 8.06 reimbursement 0.00
(vii) Amounts not required to be deposited-SubServicer 0.00
Total Due Servicer 0.00
Available Distribution Amount 1,090,754.54
To Class A and B - Scheduled Principal and Interest 767,738.51
Monthly Excess Cashflow Class II 323,016.03
Monthly Excess Cashflow Class I 376,268.02
Accelerated Principal Payment 699,284.05
Weighted Average Remaining Term (months) 193.06
Scheduled Balance Computation
Prior Month Balance 83,227,736.09
Current Balance 82,617,194.60
Adv Principal 4,824.06
Del Principal 24,215.47
Pool Scheduled Balance 82,597,803.19
Principal Payments in Full 389,957.38
Partial Prepayments 26,291.74
Scheduled Principal 213,683.78
Collateral Balance 82,617,194.60
Overcollateralization Amount 700,020
Required Overcollateralization Amount 3,121,040
</TABLE>
<PAGE> 5
<TABLE>
<CAPTION>
CHEMICAL BANK, TRUSTEE DETERMINATION DATE: 03-OCT-97
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 07-OCT-97
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1997C FOR THE PERIOD ENDED: 25-SEP-97
Information for Clauses (a) through (s), Section 7.01 - GROUP I
<S> <C> <C> <C>
Class I A-1 Class I A-2 Class I A-3
(a) Class I A and Class I B Distribution Amounts 1,730,794.67 155,520.00 132,883.33
(b) Formula Principal Distribution Amount
(a) Scheduled Principal Due 414,520.01
(b) Partial Prepayments Received 20,588.42
(c) Principal Payments in Full (Scheduled Balance) 1,132,496.45
(d) Liquidated Contract Scheduled Balance 0.00
(e) Section 3.05 Purchase Scheduled Balance 0.00
(f) Previously Undistributed Shortfalls in (a) through (e) 0.00
------------- ------------- -------------
Total Principal Distribution 1,567,604.88 0.00 0.00
(c) Interest Distribution 163,189.79 155,520.00 132,883.33
Unpaid Interest Shortfall 0.00 0.00 0.00
------------- ------------- -------------
Total Interest Distribution 163,189.79 155,520.00 132,883.33
(d) Beginning Class I A and Class I B Principal Balance 35,223,415.94 28,800,000.00 23,800,000.00
Less: Principal Distribution 1,567,604.88 0.00 0.00
------------- ------------- -------------
Remaining Class A and Class B Principal Balance 33,655,811.06 28,800,000.00 23,800,000.00
(e) Fees Due Servicer
Monthly Servicing Fee 0.00 (h) Pool Factor
Section 8.06 Reimbursement Amount 0.00 Class I A-1 0.91955768
Section 6.02 Reimbursement Amount 6,000.00 Class I A-2 1.00000000
Reimburseable Fees 0.00 Class I A-3 1.00000000
------------- Class I A-4 1.00000000
Total Fees Due Servicer 6,000.00 Class I A-5 1.00000000
Class I A-6 1.00000000
No. of Unpaid Principal Class I B-1 1.00000000
(f) Delinquency Contracts Balance Class I B-2 1.00000000
31-59 Days Delinquent 47 1,227,936
60-89 Days Delinquent 6 121,589
90+ Days Delinquent 3 94,706
(g) Section 3.05 Repurchases 0.00
(i) Class R Distribution Amount 0.00
Reposession Profits 0.00
(j) Principal Balance of Contracts in Repossession 182,221.19
(k) Aggregate Net Liquidation Losses 0.00
(l) (x) Class B-2 Formula Distribution Amount 37,538.33
(y) Remaining Amount Available 482,583.87
-------------
Amount of (x) over (y) 0.00
(m) Class B-2 Liquidation Loss Amount 0.00
(n) Guarantee Payment 0.00
(o) Unadvanced Shortfalls 0.00
No. $
(p) Units repossessed 1 18,355.39
(q) Principal Prepayments paid 1,153,084.87
(r) Scheduled Principal Payments 414,520.01
(s) Weighted Average Interest Rate 11.66%
<CAPTION>
Information for Clauses (a) through (s), Section 7.01 - GROUP I
<S> <C> <C> <C>
(a) Class I A and Class I B Distribution Amounts Class I A-4 Class I A-5 Class I A-6
58,243.33 114,815.93 69,419.53
(b) Formula Principal Distribution Amount
(a) Scheduled Principal Due
(b) Partial Prepayments Received
(c) Principal Payments in Full (Scheduled Balance)
(d) Liquidated Contract Scheduled Balance
(e) Section 3.05 Purchase Scheduled Balance
(f) Previously Undistributed Shortfalls in (a) through (e)
Total Principal Distribution ------------- ------------- -------------
0.00 0.00 0.00
(c) Interest Distribution
Unpaid Interest Shortfall 58,243.33 114,815.93 69,419.53
0.00 0.00 0.00
Total Interest Distribution -------------- ------------- -------------
58,243.33 114,815.93 69,419.53
(d) Beginning Class I A and Class I B Principal Balance
Less: Principal Distribution 10,100,000.00 19,351,000.00 11,506,000.00
0.00 0.00 0.00
Remaining Class A and Class B Principal Balance -------------- ------------- -------------
10,100,000.00 19,351,000.00 11,506,000.00
(e) Fees Due Servicer
Monthly Servicing Fee
Section 8.06 Reimbursement Amount Original Balance Rate
Section 6.02 Reimbursement Amount 36,600,000.00 5.7513%
Reimburseable Fees 28,800,000.00 6.4800%
23,800,000.00 6.7000%
Total Fees Due Servicer 10,100,000.00 6.9200%
19,351,000.00 7.1200%
No. of Unpaid Principal 11,506,000.00 7.2400%
(f) Delinquency Contracts Balance 7,911,000.00 7.2400%
5,753,000.00 7.8300%
31-59 Days Delinquent 47
60-89 Days Delinquent 6
90+ Days Delinquent 3
(g) Section 3.05 Repurchases
(i) Class R Distribution Amount
Reposession Profits
(j) Principal Balance of Contracts in Repossession
(k) Aggregate Net Liquidation Losses
(l) (x) Class B-2 Formula Distribution Amount
(y) Remaining Amount Available
Amount of (x) over (y)
(m) Class B-2 Liquidation Loss Amount
(n) Guarantee Payment
(o) Unadvanced Shortfalls
No.
(p) Units repossessed 1
(q) Principal Prepayments paid
(r) Scheduled Principal Payments
(s) Weighted Average Interest Rate
<CAPTION>
<S> <C> <C>
(a) Class I A and Class I B Distribution Amounts Class I B-1 Class I B-2
47,729.70 37,538.33
(b) Formula Principal Distribution Amount
(a) Scheduled Principal Due
(b) Partial Prepayments Received
(c) Principal Payments in Full (Scheduled Balance)
(d) Liquidated Contract Scheduled Balance
(e) Section 3.05 Purchase Scheduled Balance
(f) Previously Undistributed Shortfalls in (a) through (e)
Total Principal Distribution ------------ ------------
0.00 0.00
(c) Interest Distribution
Unpaid Interest Shortfall 47,729.70 37,538.33
0.00 0.00
Total Interest Distribution ------------ ------------
47,729.70 37,538.33
(d) Beginning Class I A and Class I B Principal Balance
Less: Principal Distribution 7,911,000.00 5,753,000.00
0.00 0.00
Remaining Class A and Class B Principal Balance ------------ ------------
7,911,000.00 5,753,000.00
(e) Fees Due Servicer
Monthly Servicing Fee
Section 8.06 Reimbursement Amount
Section 6.02 Reimbursement Amount 5.6563% Libor
Reimburseable Fees 0.095% Spread
Total Fees Due Servicer
No. of
(f) Delinquency Contracts
31-59 Days Delinquent 47
60-89 Days Delinquent 6
90+ Days Delinquent 3
(g) Section 3.05 Repurchases
(i) Class R Distribution Amount
Repossession Profits
(j) Principal Balance of Contracts in Repossession
(k) Aggregate Net Liquidation Losses
(l) (x) Class B-2 Formula Distribution Amount
(y) Remaining Amount Available
Amount of (x) over (y)
(m) Class B-2 Liquidation Loss Amount
(n) Guarantee Payment
(o) Unadvanced Shortfalls
No.
(p) Units repossessed 1
(q) Principal Prepayments paid
(r) Scheduled Principal Payments
(s) Weighted Average Interest Rate
</TABLE>
<PAGE> 6
<TABLE>
<CAPTION>
CHEMICAL BANK, TRUSTEE DETERMINATION DATE: 03-OCT-97
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 07-OCT-97
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1997C FOR THE PERIOD ENDED: 25-SEP-97
Computation of Available Distribution Amount
<S> <C> <C> <C>
(i) Certificate Account Balance at Monthly Cutoff-Vanderbilt 2,266,102.18
Certificate Account Balance at Monthly Cutoff-SubServicer 609,146.78
(ii) Monthly Advance made 0.00
(iii)Section 5.05 Certificate Fund Income-Vanderbilt 7,292.34
(iii)Section 5.05 Certificate Fund Income-SubServicer 2,081.86
(v) Principal due Holders 0.00
Less:
(i) Scheduled Payments of principal and interest
due subsequent to the Due Period-Vanderbilt 60,746.16
(i) Scheduled Payments of principal and interest
due subsequent to the Due Period-SubServicer 25,886.64
(ii) Due to the Servicer Pursuant to Section 6.02:
(i) Section 3.05 Purchases (Due Seller) 0.00
(ii) Reimbursement for taxes from Liquidation Proceeds 0.00
(iii) Monthly Servicing Fee 0.00
(iv) Reimburseable Liquidation Expenses 6,000.00
(v) Section 6.04 (c) reimbursement 0.00
(vi) Section 8.06 reimbursement 0.00
(vii) Amounts not required to be deposited-SubServicer 0.00
Total Due Servicer 6,000.00
Available Distrubution Amount-Vanderbilt 2,206,648.36
Available Distrubution Amount-SubServicer 585,342.00
To Class A and B 2,346,944.82
Monthly Excess Cashflow 445,045.54
Weighted Average Remaining Term (months) 199.70
Scheduled Balance Computation
Prior Month Balance 142,444,775.18
Current Balance 140,917,556.03
Adv Principal 20,910.02
Del Principal 61,295.75
Pool Scheduled Balance 140,877,170.30
Principal Payments in Full 1,132,496.45
Partial Prepayments 20,588.42
Scheduled Principal 414,520.01
Collateral Balance 140,917,556.03
</TABLE>
<PAGE> 7
<TABLE>
<S> <C> <C> <C> <C>
CHEMICAL BANK, TRUSTEE DETERMINATION DATE: 03-OCT-97
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 07-OCT-97
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1997C FOR THE PERIOD ENDED: 25-SEP-97
Information for Clauses (v) through (ap), Section 7.01
GROUP II
Class II A-1
Class II B-1 Class II B-2 Class II B-3
(v) Class II A and Class II B Distribution Amounts 1,881,748.50 47,634.77 23,256.01 31,943.10
(w) Formula Principal Distribution Amount
(a) Scheduled Principal Due 181,387.12
(b) Partial Prepayments Received 76,528.16
(c) Principal Payments in Full (Scheduled Balance) 673,058.17
(d) Liquidated Contract Scheduled Balance 0.00
(e) Section 3.05 Purchase Scheduled Balance 0.00
(f) Previously Undistributed Shortfalls in (a) through (e) 0.00
(g) Accelerated Principal Payment 658,155.58
------------- ------------- ------------- -------------
Total Principal Distribution 1,589,129.03 0.00 0.00 0.00
(x) Interest Distribution 292,619.47 47,634.77 23,256.01 31,943.10
Unpaid Interest Shortfall 0.00 0.00 0.00 0.00
------------- ------------- ------------- -------------
Total Interest Distribution 292,619.47 47,634.77 23,256.01 31,943.10
(y) Beginning Class I A and Class I B Principal Balance 61,921,783.05 9,780,000.00 4,370,000.00 5,826,000.00
Less: Principal Distribution 1,589,129.03 0.00 0.00 0.00
------------- ------------- ------------- -------------
Remaining Class A and Class B Principal Balance 60,332,654.02 9,780,000.00 4,370,000.00 5,826,000.00
(z) Fees Due Servicer
Monthly Servicing Fee 0.00 (ac) Pool Factor Original Balance
Section 8.06 Reimbursement Amount 0.00 Class II A-1 0.95386087 63,251,000.00
Section 6.02 Reimbursement Amount 6,000.00 Class II B-1 1.00000000 9,780,000.00
Reimburseable Fees 0.00 Class II B-2 1.00000000 4,370,000.00
-------------- Class II B-3 1.00000000 5,826,000.00
Total Fees Due Servicer 6,000.00
No. of Unpaid Principal
(aa)Delinquency Contracts Balance
31-59 Days Delinquent 32 1,073,174
60-89 Days Delinquent 3 137,049
90+ Days Delinquent 1 33,023
(ab)Section 3.05 Repurchases 0.00
(ad)Class R Distribution Amount 0.00
Reposession Profits 0.00
(ae)Principal Balance of Contracts in Repossession 53,844.19
(af)Aggregate Net Liquidation Losses 0.00
(ag)(x) Class B-3 Formula Distribution Amount 31,943.10
(y) Remaining Amount Available 213,110.04
-------------
Amount of (x) over (y) 0.00
(ah)Class B-2 Liquidation Loss Amount 0.00
(ai)Guarantee Payment 0.00
(aj)Unadvanced Shortfalls 0.00
No. $
(ak)Units repossessed 0 0.00
(al)Principal Prepayments paid 749,586.33
(am)Scheduled Principal Payments 181,387.12
(an)Weighted Average Interest Rate 10.82%
</TABLE>
<PAGE> 8
<TABLE>
<S> <C>
CHEMICAL BANK, TRUSTEE DETERMINATION DATE: 03-OCT-97
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 07-OCT-97
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1997C FOR THE PERIOD ENDED: 25-SEP-97
Computation of Available Distribution Amount
(i) Certificate Account Balance at Monthly Cutoff-Vanderbilt 1,569,205.04
(ii) Monthly Advance made 0.00
(iii)Section 5.05 Certificate Fund Income-Vanderbilt 4,721.69
(v) Principal due Holders 0.00
Less:
(i) Scheduled Payments of principal and interest
due subsequent to the Due Period-Vanderbilt 28,389.89
(ii) Due to the Servicer Pursuant to Section 6.02:
(i) Section 3.05 Purchases (Due Seller) 0.00
(ii) Reimbursement for taxes from Liquidation Proceeds 0.00
(iii) Monthly Servicing Fee 0.00
(iv) Reimburseable Liquidation Expenses 6,000.00
(v) Section 6.04 (c) reimbursement 0.00
(vi) Section 8.06 reimbursement 0.00
(vii) Amounts not required to be deposited-SubServicer 0.00
Total Due Servicer 6,000.00
Available Distrubution Amount 1,539,536.84
To Class A and B - Scheduled Principal and Interest 1,326,426.80
Monthly Excess Cashflow Class II 213,110.04
Monthly Excess Cashflow Class I 445,045.54
Accelerated Principal Payment 658,155.58
Weighted Average Remaining Term (months) 192.11
Scheduled Balance Computation
Prior Month Balance 82,597,603.19
Current Balance 81,688,600.63
Adv Principal 7,487.59
Del Principal 29,258.48
Pool Scheduled Balance 81,666,829.74
Principal Payments in Full 673,058.17
Partial Prepayments 76,528.16
Scheduled Principal 181,387.12
Collateral Balance 81,688,600.63
Overcollateralization Amount 1,358,176
Required Overcollateralization Amount 3,121,040
</TABLE>
<PAGE> 9
<TABLE>
<S> <C> <C> <C> <C>
CHEMICAL BANK, TRUSTEE DETERMINATION DATE: 04-NOV-97
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 07-NOV-97
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1997C FOR THE PERIOD ENDED: 25-OCT-97
Information for Clauses (a) through (s), Section 7.01 GROUP I
Class I A-1 Class I A-2 Class I A-3 Class I A-4
(a) Class I A and Class I B Distribution Amounts 1,750,163.97 155,520.00 132,883.33 58,243.33
(b) Formula Principal Distribution Amount
(a) Scheduled Principal Due 451,740.84
(b) Partial Prepayments Received 34,591.89
(c) Principal Payments in Full (Scheduled Balance) 1,097,379.51
(d) Liquidated Contract Scheduled Balance 0.00
(e) Section 3.05 Purchase Scheduled Balance 0.00
(f) Previously Undistributed Shortfalls in (a) through (e) 0.00
---------------- ------------- ------------- -------------
Total Principal Distribution 1,583,712.24 0.00 0.00 0.00
(c) Interest Distribution 166,451.73 155,520.00 132,883.33 58,243.33
Unpaid Interest Shortfall 0.00 0.00 0.00 0.00
---------------- ------------- ------------- -------------
Total Interest Distribution 166,451.73 155,520.00 132,883.33 58,243.33
(d) Beginning Class I A and Class I B Principal Balance 33,655,811.06 28,800,000.00 23,800,000.00 10,100,000.00
Less: Principal Distribution 1,583,712.24 0.00 0.00 0.00
---------------- ------------- ------------- -------------
Remaining Class A and Class B Principal Balance 32,072,098.82 28,800,000.00 23,800,000.00 10,100,000.00
(e) Fees Due Servicer
Monthly Servicing Fee 0.00 (h) Pool Factor
Section 8.06 Reimbursement Amount 0.00 Class I A-1 0.87628685
Section 6.02 Reimbursement Amount 14,990.00 Class I A-2 1.00000000
Reimburseable Fees 0.00 Class I A-3 1.00000000
---------------- Class I A-4 1.00000000
Total Fees Due Servicer 14,990.00 Class I A-5 1.00000000
Class I A-6 1.00000000
No. of Unpaid Principal Class I B-1 1.00000000
(f) Delinquency Contracts Balance Class I B-2 1.00000000
31-59 Days Delinquent 51 1,293,312
60-89 Days Delinquent 10 329,674
90+ Days Delinquent 6 155,944
(g) Section 3.05 Repurchases 0.00
(i) Class R Distribution Amount 0.00
Reposession Profits 0.00
(j) Principal Balance of Contracts in Repossession 119,336.81
(k) Aggregate Net Liquidation Losses 0.00
(l) (x) Class B-2 Formula Distribution Amount 37,538.33
(y) Remaining Amount Available 533,743.23
----------------
Amount of (x) over (y) 0.00
(m) Class B-2 Liquidation Loss Amount 0.00
(n) Guarantee Payment 0.00
(o) Unadvanced Shortfalls 0.00
No. $
(p) Units repossessed 2 20,835.65
(q) Principal Prepayments paid 1,131,971.40
(r) Scheduled Principal Payments 451,740.84
(s) Weighted Average Interest Rate 11.65%
<CAPTION>
Information for Clauses (a) through (s), Section 7.01 GROUP I
<S> <C> <C> <C> <C>
Class I A-5 Class I A-6 Class I B-1 Class I B-2
(a) Class I A and Class I B Distribution Amounts 114,815.93 69,419.53 47,729.70 37,538.33
(b) Formula Principal Distribution Amount
(a) Scheduled Principal Due
(b) Partial Prepayments Received
(c) Principal Payments in Full (Scheduled Balance)
(d) Liquidated Contract Scheduled Balance
(e) Section 3.05 Purchase Scheduled Balance
(f) Previously Undistributed Shortfalls in (a) through (e)
------------- ------------- ------------ ------------
Total Principal Distribution 0.00 0.00 0.00 0.00
(c) Interest Distribution 114,815.93 69,419.53 47,729.70 37,538.33
Unpaid Interest Shortfall 0.00 0.00 0.00 0.00
------------- ------------- ------------ ------------
Total Interest Distribution 114,815.93 69,419.53 47,729.70 37,538.33
(d) Beginning Class I A and Class I B Principal Balance 19,351,000.00 11,506,000.00 7,911,000.00 5,753,000.00
Less: Principal Distribution 0.00 0.00 0.00 0.00
------------- ------------- ------------ ------------
Remaining Class A and Class B Principal Balance 19,351,000.00 11,506,000.00 7,911,000.00 5,753,000.00
(e) Fees Due Servicer
Monthly Servicing Fee Original Balance Rate
Section 8.06 Reimbursement Amount 36,600,000.00 5.7434% 5.6484% Libor
Section 6.02 Reimbursement Amount 28,800,000.00 6.4800% 0.095% Spread
Reimburseable Fees 23,800,000.00 6.7000%
10,100,000.00 6.9200%
Total Fees Due Servicer 19,351,000.00 7.1200%
11,506,000.00 7.2400%
No. of 7,911,000.00 7.2400%
(f) Delinquency Contracts 5,753,000.00 7.8300%
31-59 Days Delinquent 51
60-89 Days Delinquent 10
90+ Days Delinquent 6
(g) Section 3.05 Repurchases
(i) Class R Distribution Amount
Reposession Profits
(j) Principal Balance of Contracts in Repossession
(k) Aggregate Net Liquidation Losses
(l) (x) Class B-2 Formula Distribution Amount
(y) Remaining Amount Available
Amount of (x) over (y)
(m) Class B-2 Liquidation Loss Amount
(n) Guarantee Payment
(o) Unadvanced Shortfalls
No. $
(p) Units repossessed 2
(q) Principal Prepayments paid
(r) Scheduled Principal Payments
(s) Weighted Average Interest Rate
</TABLE>
<PAGE> 10
<TABLE>
<CAPTION>
CHEMICAL BANK, TRUSTEE DETERMINATION DATE: 04-NOV-97
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 07-NOV-97
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1997C FOR THE PERIOD ENDED: 25-OCT-97
<S> <C> <C>
Computation of Available Distribution Amount
(i) Certificate Account Balance at Monthly Cutoff-Vanderbilt 2,304,969.16
Certificate Account Balance at Monthly Cutoff-SubServicer 643,012.69
(ii) Monthly Advance made 0.00
(iii) Section 5.05 Certificate Fund Income-Vanderbilt 4,163.00
(iii) Section 5.05 Certificate Fund Income-SubServicer 1,192.47
(v) Principal due Holders 0.00
Less:
(i) Scheduled Payments of principal and interest
due subsequent to the Due Period-Vanderbilt 49,098.65
(i) Scheduled Payments of principal and interest
due subsequent to the Due Period-SubServicer 26,729.65
(ii) Due to the Servicer Pursuant to Section 6.02:
(i) Section 3.05 Purchases (Due Seller) 0.00
(ii) Reimbursement for taxes from Liquidation Proceeds 0.00
(iii) Monthly Servicing Fee 0.00
(iv) Reimburseable Liquidation Expenses 14,990.00
(v) Section 6.04 (c) reimbursement 0.00
(vi) Section 8.06 reimbursement 0.00
(vii) Amounts not required to be deposited-SubServicer 0.00
Total Due Servicer 14,990.00
Available Distrubution Amount-Vanderbilt 2,245,043.51
Available Distrubution Amount-SubServicer 617,475.51
To Class A and B 2,366,314.12
Monthly Excess Cashflow 496,204.90
Weighted Average Remaining Term (months) 198.75
Scheduled Balance Computation
Prior Month Balance 140,877,170.30
Current Balance 139,349,058.02
Adv Principal 17,472.96
Del Principal 73,072.92
Pool Scheduled Balance 139,293,458.06
Principal Payments in Full 1,097,379.51
Partial Prepayments 34,591.89
Scheduled Principal 451,740.84
Collateral Balance 139,349,058.02
</TABLE>
<PAGE> 11
<TABLE>
<CAPTION>
CHEMICAL BANK, TRUSTEE DETERMINATION DATE: 04-NOV-97
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 07-NOV-97
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1997C FOR THE PERIOD ENDED: 25-OCT-97
<S> <C> <C> <C> <C>
Information for Clauses (v) through (ap), Section 7.01 - GROUP II
Class II A-1 Class II B-1 Class II B-2 Class II B-3
(v) Class II A and Class II B Distribution Amounts 1,866,491.24 50,853.39 24,830.15 34,106.44
(w) Formula Principal Distribution Amount
(a) Scheduled Principal Due 199,192.00
(b) Partial Prepayments Received 89,018.14
(c) Principal Payments in Full (Scheduled Balance) 501,431.94
(d) Liquidated Contract Scheduled Balance 0.00
(e) Section 3.05 Purchase Scheduled Balance 0.00
(f) Previously Undistributed Shortfalls in (a)
through (e) 0.00
(g) Accelerated Principal Payment 772,487.01
------------ ----------- ------------ -----------
Total Principal Distribution 1,562,129.09 0.00 0.00 0.00
(x) Interest Distribution 304,362.15 50,853.39 24,830.15 34,106.44
Unpaid Interest Shortfall 0.00 0.00 0.00 0.00
------------ ----------- ------------ -----------
Total Interest Distribution 304,362.15 50,853.39 24,830.15 34,106.44
(y) Beginning Class I A and Class I B Principal Balance 60,332,654.02 9,780,000.00 4,370,000.00 5,826,000.00
Less: Principal Distribution 1,562,129.09 0.00 0.00 0.00
------------ ----------- ------------ -----------
Remaining Class A and Class B Principal Balance 58,770,524.93 9,780,000.00 4,370,000.00 5,826,000.00
(z) Fees Due Servicer Pool Original
Monthly Servicing Fee 0.00 (ac) Factor Balance Rate
Section 8.06 Reimbursement Amount 0.00 Class II A-1 0.92916357 63,251,000.00 5.8584%
Section 6.02 Reimbursement Amount 4,000.00 Class II B-1 1.00000000 9,780,000.00 6.0384%
Reimburseable Fees 0.00 Class II B-2 1.00000000 4,370,000.00 6.5984%
------------- Class II B-3 1.00000000 5,826,000.00 6.7984%
Total Fees Due Servicer 4,000.00
No. of Unpaid Principal
(aa) Delinquency Contracts Balance
31-59 Days Delinquent 39 1,227,634
60-89 Days Delinquent 7 249,369
90+ Days Delinquent 1 43,995
(ab) Section 3.05 Repurchases 0.00
(ad) Class R Distribution Amount 0.00
Reposession Profits 0.00
(ae) Principal Balance of Contracts in Repossession 85,211.87
(af) Aggregate Net Liquidation Losses 0.00
(ag) (x) Class B-3 Formula Distribution Amount 34,106.44
(y) Remaining Amount Available 276,282.11
----------
Amount of (x) over (y) 0.00
(ah) Class B-2 Liquidation Loss Amount 0.00
(ai) Guarantee Payment 0.00
(aj) Unadvanced Shortfalls 0.00
No. $
(ak) Units repossessed 0 0.00
(al) Principal Prepayments paid 590,450.08
(am) Scheduled Principal Payments 199,192.00
(an) Weighted Average Interest Rate 10.83%
</TABLE>
<PAGE> 12
<TABLE>
<CAPTION>
CHEMICAL BANK, TRUSTEE DETERMINATION DATE: 04-NOV-97
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 07-NOV-97
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1997C FOR THE PERIOD ENDED: 25-OCT-97
<S> <C> <C> <C>
Computation of Available Distribution Amount
(i) Certificate Account Balance at Monthly Cutoff-Vanderbilt 1,506,151.05
(ii) Monthly Advance made 0.00
(iii) Section 5.05 Certificate Fund Income-Vanderbilt 2,178.87
(v) Principal due Holders 0.00
Less:
(i) Scheduled Payments of principal and interest
due subsequent to the Due Period-Vanderbilt 24,253.60
(ii) Due to the Servicer Pursuant to Section 6.02:
(i) Section 3.05 Purchases (Due Seller) 0.00
(ii) Reimbursement for taxes from Liquidation Proceeds 0.00
(iii) Monthly Servicing Fee 0.00
(iv) Reimburseable Liquidation Expenses 4,000.00
(v) Section 6.04 (c) reimbursement 0.00
(vi) Section 8.06 reimbursement 0.00
(vii) Amounts not required to be deposited-SubServicer 0.00
Total Due Servicer 4,000.00
Available Distrubution Amount 1,480,076.32
To Class A and B - Scheduled Principal and Interest 1,203,794.21
Monthly Excess Cashflow Class II 276,282.11
Monthly Excess Cashflow Class I 496,204.90
Accelerated Principal Payment 772,487.01
Weighted Average Remaining Term (months) 191.16
Scheduled Balance Computation
Prior Month Balance 81,666,829.74
Current Balance 80,911,022.27
Adv Principal 6,391.23
Del Principal 40,225.84
Pool Scheduled Balance 80,877,187.66
Principal Payments in Full 501,431.94
Partial Prepayments 89,018.14
Scheduled Principal 199,192.00
Collateral Balance 80,911,022.27
Overcollateralization Amount 2,130,663
Required Overcollateralization Amount 3,121,040
</TABLE>
<PAGE> 13
<TABLE>
<CAPTION>
Chemical Bank, Trustee Determination Date: 03-Dec-97
Manufactured Housing Contracts Remittance Date: 08-Dec-97
Senior/Subordinated Pass-Through Certificates Series 1997C For the Period Ended: 25-Nov-97
<S> <C> <C> <C> <C>
INFORMATION FOR CLAUSES (A) THROUGH (S), SECTION 7.01 - GROUP I
Class I A-1 Class I A-2 Class I A-3 Class I A-4
(a) Class I A and Class I B Distribution Amounts 1,730,154.55 155,520.00 132,883.33 58,243.33
(b) Formula Principal Distribution Amount
(a) Scheduled Principal Due 510,881.94
(b) Partial Prepayments Received 48,689.02
(c) Principal Payments in Full (Scheduled Balance) 1,011,747.63
(d) Liquidated Contract Scheduled Balance 0.00
(e) Section 3.05 Purchase Scheduled Balance 0.00
(f) Previously Undistributed Shortfalls in (a)
through (e) 0.00
------------- ------------- ------------- ------------
Total Principal Distribution 1,571,318.59 0.00 0.00 0.00
(c) Interest Distribution 158,835.96 155,520.00 132,883.33 58,243.33
Unpaid Interest Shortfall 0.00 0.00 0.00 0.00
------------- ------------- ------------- ------------
Total Interest Distribution 158,835.96 155,520.00 132,883.33 58,243.33
(d) Beginning Class I A and Class I B Principal Balance 32,072,098.82 28,800,000.00 23,800,000.00 10,100,000.00
Less: Principal Distribution 1,571,318.59 0.00 0.00 0.00
------------- ------------- ------------- ------------
Remaining Class A and Class B Principal Balance 30,500,780.23 28,800,000.00 23,800,000.00 10,100,000.00
(e) Fees Due Servicer Pool
Monthly Servicing Fee 0.00 (h) Factor
Section 8.06 Reimbursement Amount 0.00 Class I A-1 0.83335465
Section 6.02 Reimbursement Amount 24,000.00 Class I A-2 1.00000000
Reimburseable Fees 0.00 Class I A-3 1.00000000
----------- Class I A-4 1.00000000
Total Fees Due Servicer 24,000.00 Class I A-5 1.00000000
Class I A-6 1.00000000
No. of Unpaid Principal Class I B-1 1.00000000
(f) Delinquency Contracts Balance Class I B-2 1.00000000
31-59 Days Delinquent 54 1,396,701
60-89 Days Delinquent 8 231,726
90+ Days Delinquent 5 125,213
(g) Section 3.05 Repurchases 0.00
(i) Class R Distribution Amount 0.00
Reposession Profits 0.00
(j) Principal Balance of Contracts in Repossession 211,628.05
(k) Aggregate Net Liquidation Losses 0.00
(l) (x) Class B-2 Formula Distribution Amount 37,538.33
(y) Remaining Amount Available 531,822.99
--------------
Amount of (x) over (y) 0.00
(m) Class B-2 Liquidation Loss Amount 0.00
(n) Guarantee Payment 0.00
(o) Unadvanced Shortfalls 0.00
No. $
(p) Units repossessed 0 0.00
(q) Principal Prepayments paid 1,060,436.65
(r) Scheduled Principal Payments 510,881.94
(s) Weighted Average Interest Rate 11.65%
<CAPTION>
INFORMATION FOR CLAUSES (A) THROUGH (S), SECTION 7.01 - GROUP I
<S> <C> <C> <C> <C>
Class I A-5 Class I A-5 Class I B-1 Class I B-2
(a) Class I A and Class I B Distribution Amounts 114,815.93 69,419.53 47,729.70 37,538.33
(b) Formula Principal Distribution Amount
(a) Scheduled Principal Due
(b) Partial Prepayments Received
(c) Principal Payments in Full (Scheduled Balance)
(d) Liquidated Contract Scheduled Balance
(e) Section 3.05 Purchase Scheduled Balance
(f) Previously Undistributed Shortfalls in (a)
through (e)
------------- ------------- ------------ ------------
Total Principal Distribution 0.00 0.00 0.00 0.00
(c) Interest Distribution 114,815.93 69,419.53 47,729.70 37,538.33
Unpaid Interest Shortfall 0.00 0.00 0.00 0.00
------------- ------------- ------------ ------------
Total Interest Distribution 114,815.93 69,419.53 47,729.70 37,538.33
(d) Beginning Class I A and Class I B Principal Balance 19,351,000.00 11,506,000.00 7,911,000.00 5,753,000.00
Less: Principal Distribution 0.00 0.00 0.00 0.00
------------- ------------- ------------ ------------
Remaining Class A and Class B Principal Balance 19,351,000.00 11,506,000.00 7,911,000.00 5,753,000.00
(e) Fees Due Servicer Original
Monthly Servicing Fee Balance Rate
Section 8.06 Reimbursement Amount 36,600,000.00 5.7513% 5.6563% Libor
Section 6.02 Reimbursement Amount 28,800,000.00 6.4800% 0.095% Spread
Reimburseable Fees 23,800,000.00 6.7000%
10,100,000.00 6.9200%
Total Fees Due Servicer 19,351,000.00 7.1200%
11,506,000.00 7.2400%
No. of 7,911,000.00 7.2400%
(f) Delinquency Contracts 5,753,000.00 7.8300%
31-59 Days Delinquent 54
60-89 Days Delinquent 8
90+ Days Delinquent 5
(g) Section 3.05 Repurchases
(i) Class R Distribution Amount
Reposession Profits
(j) Principal Balance of Contracts in Repossession
(k) Aggregate Net Liquidation Losses
(l) (x) Class B-2 Formula Distribution Amount
(y) Remaining Amount Available
Amount of (x) over (y)
(m) Class B-2 Liquidation Loss Amount
(n) Guarantee Payment
(o) Unadvanced Shortfalls
(p) Units repossessed
(q) Principal Prepayments paid
(r) Scheduled Principal Payments
(s) Weighted Average Interest Rate
</TABLE>
<PAGE> 14
<TABLE>
Chemical Bank, Trustee Determination Date: 03-Dec-97
Manufactured Housing Contracts Remittance Date: 08-Dec-97
Senior/Subordinated Pass-Through Certificates Series 1997C For the Period Ended: 25-Nov-97
Computation of Available Distribution Amount
<S> <C> <C>
(i) Certificate Account Balance at Monthly Cutoff-Vanderbilt 2,231,863.23
Certificate Account Balance at Monthly Cutoff-SubServicer 712,559.14
(ii) Monthly Advance made 0.00
(iii) Section 6.05 Certificate Fund Income-Vanderbilt 7,455.11
(iii) Section 5.05 Certificate Fund Income-SubServicer 2,365.87
(v) Principal due Holders 0.00
Less:
(i) Scheduled Payments of principal and interest
due subsequent to the Due Period-Vanderbilt 62,006.28
(i) Scheduled Payments of principal and interest
due subsequent to the Due Period-SubServicer 27,647.71
(ii) Due to the Servicer Pursuant to Section 6.02:
(i) Section 3.05 Purchases (Due Seller) 0.00
(ii) Reimbursement for taxes from Liquidation Proceeds 0.00
(iii) Monthly Servicing Fee 0.00
(iv) Reimburseable Liquidation Expenses 24,000.00
(v) Section 6.04 (c) reimbursement 0.00
(vi) Section 8.06 reimbursement 0.00
(vii) Amounts not required to be deposited-SubServicer 0.00
Total Due Servicer 24,000.00
Available Distrubution Amount-Vanderbilt 2,153,312.06
Available Distrubution Amount-SubServicer 687,277.30
To Class A and B 2,346,304.70
Monthly Excess Cashflow 494,284.66
Weighted Average Remaining Term (months) 198.00
Scheduled Balance Computation
Prior Month Balance 139,293,458.06
Current Balance 137,774,336.55
Adv Principal 20,094.31
Del Principal 72,291.39
Pool Scheduled Balance 137,722,139.47
Principal Payments in Full 1,011,747.63
Partial Prepayments 48,689.02
Scheduled Principal 510,881.94
Collateral Balance 137,774,336.55
</TABLE>
<PAGE> 15
<TABLE>
CHEMICAL BANK, TRUSTEE DETERMINATION DATE: 03-DEC-97
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 08-DEC-97
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1997C FOR THE PERIOD ENDED: 25-NOV-97
Information for Clauses (v) through (ap), Section 7.01 - GROUP II
<S> <C> <C> <C> <C>
Class II A-1 Class II B-1 Class II B-2 Class II B-3
(v) Class II A and Class II B Distribution Amounts 2,164,492.91 50,919.50 24,859.69 34,145.82
(w) Formula Principal Distribution Amount
(a) Scheduled Principal Due 188,230.44
(b) Partial Prepayments Received 127,240.27
(c) Principal Payments in Full (Scheduled Balance) 731,468.33
(d) Liquidated Contract Scheduled Balance 0.00
(e) Section 3.05 Purchase Scheduled Balance 0.00
(f) Previously Undistributed Shortfalls in (a)
through (e) 0.00
(g) Accelerated Principal Payment 820,674.97
-------------- ------------ ------------ -------------
Total Principal Distribution 1,867,614.01 0.00 0.00 0.00
(x) Interest Distribution 296,878.90 50,919.50 24,859.69 34,145.82
Unpaid Interest Shortfall 0.00 0.00 0.00 0.00
-------------- ------------ ------------ -------------
Total Interest Distribution 296,878.90 50,919.50 24,859.69 34,145.82
(y) Beginning Class I A and Class I B Principal Balance 58,770,524.93 9,780,000.00 4,370,000.00 5,826,000.00
Less: Principal Distribution 1,867,614.01 0.00 0.00 0.00
-------------- ------------ ------------ -------------
Remaining Class A and Class B Principal Balance 56,902,910.92 9,780,000.00 4,370,000.00 5,826,000.00
(z) Fees Due Servicer Pool Original
Monthly Servicing Fee 0.00 (ac) Factor Balance Rate
Section 8.06 Reimbursement Amount 0.00 Class II A-1 0.89963654 63,251,000.00 5.8663%
Section 6.02 Reimbursement Amount 32,000.00 Class II B-1 1.00000000 9,780,000.00 6.0463%
Reimburseable Fees 0.00 Class II B-2 1.00000000 4,370,000.00 6.6063%
------------- Class II B-3 1.00000000 5,826,000.00 6.8063%
Total Fees Due Servicer 32,000.00
No. of Unpaid Principal
(aa) Delinquency Contracts Balance
31-59 Days Delinquent 41 1,216,406
60-89 Days Delinquent 6 254,983
90+ Days Delinquent 4 132,804
(ab) Section 3.05 Repurchases 0.00
(ad) Class R Distribution Amount 0.00
Reposession Profits 0.00
(ae) Principal Balance of Contracts in Repossession 73,284.35
(af) Aggregate Net Liquidation Losses 0.00
(ag) (x) Class B-3 Formula Distribution Amount 34,145.82
(y) Remaining Amount Available 326,390.31
-------------
Amount of (x) over (y) 0.00
(ah) Class B-2 Liquidation Loss Amount 0.00
(ai) Guarantee Payment 0.00
(aj) Unadvanced Shortfalls 0.00
No. $
(ak) Units repossessed 1 20,207.57
(al) Principal Prepayments paid 858,708.60
(am) Scheduled Principal Payments 188,230.44
(an) Weighted Average Interest Rate 10.82%
</TABLE>
<PAGE> 16
<TABLE>
CHEMICAL BANK, TRUSTEE DETERMINATION DATE: 03-DEC-97
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 08-DEC-97
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1997C FOR THE PERIOD ENDED: 25-NOV-97
Computation of Available Distribution Amount
<S> <C> <C> <C>
(i) Certificate Account Balance at Monthly Cutoff-Vanderbilt 1,835,002.16
(ii) Monthly Advance made 0.00
(iii) Section 5.05 Certificate Fund Income-Vanderbilt 5,712.24
(v) Principal due Holders 0.00
Less:
(i) Scheduled Payments of principal and interest
due subsequent to the Due Period-Vanderbilt 28,581.14
(ii) Due to the Servicer Pursuant to Section 6.02:
(i) Section 3.05 Purchases (Due Seller) 0.00
(ii) Reimbursement for taxes from Liquidation Proceeds 0.00
(iii) Monthly Servicing Fee 0.00
(iv) Reimburseable Liquidation Expenses 32,000.00
(v) Section 6.04 (c) reimbursement 0.00
(vi) Section 8.06 reimbursement 0.00
(vii) Amounts not required to be deposited-SubServicer 0.00
Total Due Servicer 32,000.00
Available Distrubution Amount 1,780,133.26
To Class A and B - Scheduled Principal and Interest 1,453,742.95
Monthly Excess Cashflow Class II 326,390.31
Monthly Excess Cashflow Class I 494,284.66
Accelerated Principal Payment 820,674.97
Weighted Average Remaining Term (months) 190.00
Scheduled Balance Computation
Prior Month Balance 80,877,187.66
Current Balance 79,860,701.37
Adv Principal 7,570.24
Del Principal 38,022.99
Pool Scheduled Balance 79,830,248.62
Principal Payments in Full 731,468.33
Partial Prepayments 127,240.27
Scheduled Principal 188,230.44
Collateral Balance 79,860,701.37
Overcollateralization Amount 2,951,338
Required Overcollateralization Amount 3,121,040
</TABLE>
<PAGE> 17
<TABLE>
<CAPTION>
CHEMICAL BANK, TRUSTEE DETERMINATION DATE: 05-JAN-98
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 07-JAN-98
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1997C FOR THE PERIOD ENDED: 25-DEC-97
Information for Clauses (a) through (s), Section 7.01 - GROUP I
Class I A-1 Class I A-2 Class I A-3 Class I A-4
<S> <C> <C> <C> <C>
(a) Class I A and Class I B Distribution Amounts 1,577,006.17 155,520.00 132,883.33 58,243.33
(b) Formula Principal Distribution Amount
(a) Scheduled Principal Due 458,661.92
(b) Partial Prepayments Received 39,742.25
(c) Principal Payments in Full (Scheduled Balance) 923,683.45
(d) Liquidated Contract Scheduled Balance 0.00
(e) Section 3.05 Purchase Scheduled Balance 0.00
(f) Previously Undistributed Shortfalls in (a) through (e) 0.00
------------- ------------- ------------- -------------
Total Principal Distribution 1,422,087.62 0.00 0.00 0.00
(c) Interest Distribution 154,918.55 155,520.00 132,883.33 58,243.33
Unpaid Interest Shortfall 0.00 0.00 0.00 0.00
------------- ------------- ------------- -------------
Total Interest Distribution 154,918.55 155,520.00 132,883.33 58,243.33
(d) Beginning Class I A and Class I B Principal Balance 30,500,780.23 28,800,000.00 23,800,000.00 10,100,000.00
Less: Principal Distribution 1,422,087.62 0.00 0.00 0.00
------------- ------------- ------------- -------------
Remaining Class A and Class B Principal Balance 29,078,692.61 28,800,000.00 23,800,000.00 10,100,000.00
(e) Fees Due Servicer
Monthly Servicing Fee 143,460.56 (h) Pool Factor
Section 8.06 Reimbursement Amount 0.00 Class I A-1 0.79449980
Section 6.02 Reimbursement Amount 10,129.61 Class I A-2 1.00000000
Reimbursable Fees 0.00 Class I A-3 1.00000000
------------- Class I A-4 1.00000000
Total Fees Due Servicer 153,590.17 Class I A-5 1.00000000
Class I A-6 1.00000000
No. of Unpaid Principal Class I B-1 1.00000000
(f) Delinquency Contracts Balance Class I B-2 1.00000000
31-59 Days Delinquent 71 1,891,413
60-89 Days Delinquent 12 326,185
90+ Days Delinquent 6 142,933
(g) Section 3.05 Repurchases 0.00
(i) Class R Distribution Amount 0.00
Repossession Profits 0.00
(j) Principal Balance of Contracts in Repossession 358,358.23
(k) Aggregate Net Liquidation Losses 0.00
(l) (x) Class B-2 Formula Distribution Amount 37,538.33
(y) Remaining Amount Available 586,732.47
----------
Amount of (x) over (y) 0.00
(m) Class B-2 Liquidation Loss Amount 0.00
(n) Guarantee Payment 0.00
(o) Unadvanced Shortfalls 0.00
No. $
(p) Units repossessed 4 149,868.81
(q) Principal Prepayments paid 963,425.70
(r) Scheduled Principal Payments 458,661.92
(s) Weighted Average Interest Rate 11.65%
<CAPTION>
Information for Clauses (a) through (s), Section 7.01 - GROUP I
Class I A-5 Class I A-6 Class I B-1 Class I B-2
<S> <C> <C> <C> <C>
(a) Class I A and Class I B Distribution Amounts 114,815.93 69,419.53 47,729.70 37,538.33
(b) Formula Principal Distribution Amount
(a) Scheduled Principal Due
(b) Partial Prepayments Received
(c) Principal Payments in Full (Scheduled Balance)
(d) Liquidated Contract Scheduled Balance
(e) Section 3.05 Purchase Scheduled Balance
(f) Previously Undistributed Shortfalls in (a) through (e)
------------- ------------- ------------ ------------
Total Principal Distribution 0.00 0.00 0.00 0.00
(c) Interest Distribution 114,815.93 69,419.53 47,729.70 37,538.33
Unpaid Interest Shortfall 0.00 0.00 0.00 0.00
------------- ------------- ------------ ------------
Total Interest Distribution 114,815.93 69,419.53 47,729.70 37,538.33
(d) Beginning Class I A and Class I B Principal Balance 19,351,000.00 11,506,000.00 7,911,000.00 5,753,000.00
Less: Principal Distribution 0.00 0.00 0.00 0.00
------------- ------------- ------------ ------------
Remaining Class A and Class B Principal Balance 19,351,000.00 11,506,000.00 7,911,000.00 5,753,000.00
(e) Fees Due Servicer
Monthly Servicing Fee Original Balance Rate
Section 8.06 Reimbursement Amount 36,600,000.00 6.0950% 6.0000% Libor
Section 6.02 Reimbursement Amount 28,800,000.00 6.4800% 0.095% Spread
Reimbursable Fees 23,800,000.00 6.7000%
10,100,000.00 6.9200%
Total Fees Due Servicer 19,351,000.00 7.1200%
11,506,000.00 7.2400%
No. of 7,911,000.00 7.2400%
(f) Delinquency Contracts 5,753,000.00 7.8300%
31-59 Days Delinquent 71
60-89 Days Delinquent 12
90+ Days Delinquent 6
(g) Section 3.05 Repurchases
(i) Class R Distribution Amount
Repossession Profits
(j) Principal Balance of Contracts in Repossession
(k) Aggregate Net Liquidation Losses
(l) (x) Class B-2 Formula Distribution Amount
(y) Remaining Amount Available
Amount of (x) over (y)
(m) Class B-2 Liquidation Loss Amount
(n) Guarantee Payment
(o) Unadvanced Shortfalls
No.
(p) Units repossessed 4
(q) Principal Prepayments paid
(r) Scheduled Principal Payments
(s) Weighted Average Interest Rate
</TABLE>
<PAGE> 18
<TABLE>
<CAPTION>
CHEMICAL BANK, TRUSTEE DETERMINATION DATE: 05-JAN-98
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 07-JAN-98
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1997C FOR THE PERIOD ENDED: 25-DEC-97
Computation of Available Distribution Amount
<S> <C> <C>
(i) Certificate Account Balance at Monthly Cutoff-Vanderbilt 2,209,705.72
Certificate Account Balance at Monthly Cutoff-SubServicer 762,905.63
(ii) Monthly Advance made 0.00
(iii) Section 5.05 Certificate Fund Income-Vanderbilt 7,235.96
(iii) Section 5.05 Certificate Fund Income-SubServicer 2,284.04
(v) Principal due Holders 0.00
Less:
(i) Scheduled Payments of principal and interest
due subsequent to the Due Period-Vanderbilt 61,824.57
(i) Scheduled Payments of principal and interest
due subsequent to the Due Period-SubServicer 24,366.15
(ii) Due to the Servicer Pursuant to Section 6.02:
(i) Section 3.05 Purchases (Due Seller) 0.00
(ii) Reimbursement for taxes from Liquidation Proceeds 0.00
(iii) Monthly Servicing Fee 143,460.56
(iv) Reimbursable Liquidation Expenses 10,129.61
(v) Section 6.04 (c) reimbursement 0.00
(vi) Section 8.06 reimbursement 0.00
(vii) Amounts not required to be deposited-SubServicer 0.00
Total Due Servicer 153,590.17
Available Distribution Amount-Vanderbilt 2,001,526.94
Available Distribution Amount-SubServicer 740,823.52
To Class A and B 2,193,156.32
Monthly Excess Cashflow 549,194.14
Weighted Average Remaining Term (months) 197.00
Scheduled Balance Computation
Prior Month Balance 137,722,139.47
Current Balance 136,363,141.82
Adv Principal 20,541.88
Del Principal 83,631.85
Pool Scheduled Balance 136,300,051.85
Principal Payments in Full 923,683.45
Partial Prepayments 39,742.25
Scheduled Principal 458,661.92
Collateral Balance 136,363,141.82
</TABLE>
<PAGE> 19
<TABLE>
<CAPTION>
CHEMICAL BANK, TRUSTEE DETERMINATION DATE: 05-JAN-98
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 07-JAN-98
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1997C FOR THE PERIOD ENDED: 25-DEC-97
Information for Clauses (v) through (ap), Section 7.01 - GROUP II
Class II A-1 Class II B-1 Class II B-2 Class II B-3
<S> <C> <C> <C> <C>
(v) Class II A and Class II B Distribution Amounts 1,282,981.49 52,078.50 25,309.58 34,713.25
(w) Formula Principal Distribution Amount
(a) Scheduled Principal Due 186,338.75
(b) Partial Prepayments Received 24,275.33
(c) Principal Payments in Full (Scheduled Balance) 608,192.85
(d) Liquidated Contract Scheduled Balance 0.00
(e) Section 3.05 Purchase Scheduled Balance 0.00
(f) Previously Undistributed Shortfalls in (a) through (e) 0.00
(g) Accelerated Principal Payment 169,702.00
------------- ------------ ------------ -------------
Total Principal Distribution 988,508.93 0.00 0.00 0.00
(x) Interest Distribution 294,472.56 52,078.50 25,309.58 34,713.25
Unpaid Interest Shortfall 0.00 0.00 0.00 0.00
------------- ------------ ------------ -------------
Total Interest Distribution 294,472.56 52,078.50 25,309.58 34,713.25
(y) Beginning Class I A and Class I B Principal Balance 56,902,910.92 9,780,000.00 4,370,000.00 5,826,000.00
Less: Principal Distribution 988,508.93 0.00 0.00 0.00
------------- ------------ ------------ -------------
Remaining Class A and Class B Principal Balance 55,914,401.99 9,780,000.00 4,370,000.00 5,826,000.00
(z) Fees Due Servicer
Monthly Servicing Fee 53,944.82 (ac) Pool Factor Original Balance Rate
Section 8.06 Reimbursement Amount 0.00 Class II A-1 0.88400819 63,251,000.00 6.2100%
Section 6.02 Reimbursement Amount 24,000.00 Class II B-1 1.00000000 9,780,000.00 6.3900%
Reimburseable Fees 0.00 Class II B-2 1.00000000 4,370,000.00 6.9500%
Class II B-3 1.00000000 5,826,000.00 7.1500%
-------------
Total Fees Due Servicer 77,944.82
No. of Unpaid Principal
(aa) Delinquency Contracts Balance
31-59 Days Delinquent 53 1,744,338
60-89 Days Delinquent 5 179,480
90+ Days Delinquent 3 113,112
(ab) Section 3.05 Repurchases 0.00
(ad) Class R Distribution Amount 549,194.14
Repossession Profits 0.00
(ae) Principal Balance of Contracts in Repossession 0.00
(af) Aggregate Net Liquidation Losses 0.00
(ag) (x) Class B-3 Formula Distribution Amount 34,713.25
(y) Remaining Amount Available 169,702.00
-------------
Amount of (x) over (y) 0.00
(ah) Class B-2 Liquidation Loss Amount 0.00
(ai) Guarantee Payment 0.00
(aj) Unadvanced Shortfalls 0.00
No. $
(ak) Units repossessed 0 0.00
(al) Principal Prepayments paid 632,468.18
(am) Scheduled Principal Payments 186,338.75
(an) Weighted Average Interest Rate 10.82%
</TABLE>
<PAGE> 20
<TABLE>
<CAPTION>
CHEMICAL BANK, TRUSTEE DETERMINATION DATE: 05-JAN-98
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 07-JAN-98
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1997C FOR THE PERIOD ENDED: 25-DEC-97
<S> <C> <C>
Computation of Available Distribution Amount
(i) Certificate Account Balance at Monthly Cutoff-Vanderbilt 1,492,822.28
(ii) Monthly Advance made 0.00
(iii) Section 5.05 Certificate Fund Income-Vanderbilt 5,424.85
(v) Principal due Holders 0.00
Less:
(i) Scheduled Payments of principal and interest
due subsequent to the Due Period-Vanderbilt 25,219.49
(ii) Due to the Servicer Pursuant to Section 6.02:
(i) Section 3.05 Purchases (Due Seller) 0.00
(ii) Reimbursement for taxes from Liquidation Proceeds 0.00
(iii) Monthly Servicing Fee 53,944.82
(iv) Reimbursable Liquidation Expenses 24,000.00
(v) Section 6.04 (c) reimbursement 0.00
(vi) Section 8.06 reimbursement 0.00
(vii) Amounts not required to be deposited-SubServicer 0.00
Total Due Servicer 77,944.82
Available Distribution Amount 1,395,082.82
To Class A and B - Scheduled Principal and Interest 1,225,380.82
Monthly Excess Cashflow Class II 169,702.00
Monthly Excess Cashflow Class I 549,194.14
Accelerated Principal Payment 169,702.00
Weighted Average Remaining Term (months) 189.00
Scheduled Balance Computation
Prior Month Balance 79,830,248.62
Current Balance 79,048,101.12
Adv Principal 6,859.02
Del Principal 43,518.45
Pool Scheduled Balance 79,011,441.69
Principal Payments in Full 608,192.85
Partial Prepayments 24,275.33
Scheduled Principal 186,338.75
Collateral Balance 79,048,101.12
Overcollateralization Amount 3,121,040
Required Overcollateralization Amount 3,121,040
</TABLE>
<PAGE> 21
<TABLE>
<CAPTION>
CHASE BANK, TRUSTEE DETERMINATION DATE: 05-FEB-98
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 09-FEB-98
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1997C FOR THE PERIOD ENDED: 25-JAN-98
Information for Clauses (a) through (s), Section 7.01 - GROUP I
Class I A-1 Class I A-2 Class I A-3
<S> <C> <C> <C>
(a) Class I A and Class I B Distribution Amounts 1,533,559.93 155,520.00 132,883.33
(b) Formula Principal Distribution Amount
(a) Scheduled Principal Due 572,992.67
(b) Partial Prepayments Received 43,437.91
(c) Principal Payments in Full (Scheduled Balance) 763,149.15
(d) Liquidated Contract Scheduled Balance 0.00
(e) Section 3.05 Purchase Scheduled Balance 0.00
(f) Previously Undistributed Shortfalls in (a) through (e) 359.00
------------- -------------- --------------
Total Principal Distribution 1,379,320.73 0.00 0.00
(c) Interest Distribution 154,239.20 155,520.00 132,883.33
Unpaid Interest Shortfall 0.00 0.00 0.00
------------- -------------- --------------
Total Interest Distribution 154,239.20 155,520.00 132,883.33
(d) Beginning Class I A and Class I B Principal Balance 29,078,692.61 28,800,000.00 23,800,000.00
Less: Principal Distribution 1,379,320.73 0.00 0.00
------------- -------------- --------------
Remaining Class A and Class B Principal Balance 27,699,271.88 28,800,000.00 23,800,000.00
(e) Fees Due Servicer
Monthly Servicing Fee 41,979.22 (h) Pool Factor
Section 8.06 Reimbursement Amount 0.00 Class I A-1 0.75681344
Section 6.02 Reimbursement Amount 16,000.00 Class I A-2 1.00000000
Reimbursable Fees 0.00 Class I A-3 1.00000000
------------ Class I A-4 1.00000000
Total Fees Due Servicer 157,979.22 Class I A-5 1.00000000
Class I A-6 1.00000000
No. of Unpaid Principal Class I B-1 1.00000000
(f) Delinquency Contracts Balance Class I B-2 1.00000000
31-59 Days Delinquent 62 1,629,043
60-89 Days Delinquent 19 555,796
90+ Days Delinquent 11 276,613
(g) Section 3.05 Repurchases 0.00
(i) Class R Distribution Amount 0.00
Repossession Profits 0.00
(j) Principal Balance of Contracts in Repossession 363,982.06
(k) Aggregate Net Liquidation Losses 0.00
(l) (x) Class B-2 Formula Distribution Amount 37,538.33
(y) Remaining Amount Available 178,144.28
-----------
Amount of (x) over (y) 0.00
(m) Class B-2 Liquidation Loss Amount 0.00
(n) Guarantee Payment 0.00
(o) Unadvanced Shortfalls 0.00
No. $
(p) Units repossessed 1 12,493.80
(q) Principal Prepayments paid 806,687.06
(r) Scheduled Principal Payments 572,992.67
(s) Weighted Average Interest Rate 11.64%
<CAPTION>
Information for Clauses (a) through (s), Section 7.01 -
Class I A-4 Class I A-5 Class I A-6
<S> <C> <C> <C>
(a) Class I A and Class I B Distribution Amounts 58,243.33 114,815.93 69,419.53
(b) Formula Principal Distribution Amount
(a) Scheduled Principal Due
(b) Partial Prepayments Received
(c) Principal Payments in Full (Scheduled Balance)
(d) Liquidated Contract Scheduled Balance
(e) Section 3.05 Purchase Scheduled Balance
(f) Previously Undistributed Shortfalls in (a) through (e)
------------- --------------- ---------------
Total Principal Distribution 0.00 0.00 0.00
(c) Interest Distribution 58,243.33 114,815.93 69,419.53
Unpaid Interest Shortfall 0.00 0.00 0.00
------------- --------------- ---------------
Total Interest Distribution 58,243.33 114,815.93 69,419.53
(d) Beginning Class I A and Class I B Principal Balance 10,100,000.00 19,351,000.00 11,506,000.00
Less: Principal Distribution 0.00 0.00 0.00
------------- --------------- ---------------
Remaining Class A and Class B Principal Balance 10,100,000.00 19,351,000.00 11,506,000.00
(e) Fees Due Servicer
Monthly Servicing Fee
Section 8.06 Reimbursement Amount Original Balance Rate
Section 6.02 Reimbursement Amount 36,600,000.00 5.7864%
Reimbursable Fees 28,800,000.00 6.4800%
23,800,000.00 6.7000%
10,100,000.00 6.9200%
19,351,000.00 7.1200%
11,506,000.00 7.2400%
7,911,000.00 7.2400%
5,753,000.00 7.8300%
<CAPTION>
Information for Clauses (a) through (s), Section 7.01 - GROUP 1
<S> <C> <C>
Class I B-1 Class I B-2
(a) Class I A and Class I B Distribution Amounts 47,729.70 37,538.33
(b) Formula Principal Distribution Amount
(a) Scheduled Principal Due
(b) Partial Prepayments Received
(c) Principal Payments in Full (Scheduled Balance)
(d) Liquidated Contract Scheduled Balance
(e) Section 3.05 Purchase Scheduled Balance
(f) Previously Undistributed Shortfalls in (a) through (e
--------------- ---------------
Total Principal Distribution 0.00 0.00
(c) Interest Distribution 47,729.70 37,538.33
Unpaid Interest Shortfall 0.00 0.00
--------------- ---------------
Total Interest Distribution 47,729.70 37,538.33
(d) Beginning Class I A and Class I B Principal Balance 7,911,000.00 5,753,000.00
Less: Principal Distribution 0.00 0.00
--------------- ---------------
Remaining Class A and Class B Principal Balance 7,911,000.00 5,753,000.00
5.6914% Libor
0.095% Spread
</TABLE>
<PAGE> 22
<TABLE>
<CAPTION>
CHASE BANK, TRUSTEE DETERMINATION DATE: 05-FEB-98
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 09-FEB-98
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1997C FOR THE PERIOD ENDED: 25-JAN-98
Computation of Available Distribution Amount
<S> <C> <C>
(i) Certificate Account Balance at Monthly Cutoff-Vanderbilt 1,893,232.54
Certificate Account Balance at Monthly Cutoff-SubServicer 613,418.23
(ii) Monthly Advance made 0.00
(iii)Section 5.05 Certificate Fund Income-Vanderbilt 7,476.59
(iii)Section 5.05 Certificate Fund Income-SubServicer 2,139.54
(v) Principal due Holders 0.00
Less:
(i) Scheduled Payments of principal and interest
due subsequent to the Due Period-Vanderbilt 44,247.28
(i) Scheduled Payments of principal and interest
due subsequent to the Due Period-SubServicer 23,724.37
(ii) Due to the Servicer Pursuant to Section 6.02:
(i) Section 3.05 Purchases (Due Seller) 0.00
(ii) Reimbursement for taxes from Liquidation Proceeds 0.00
(iii) Monthly Servicing Fee 141,979.22
(iv) Reimburseable Liquidation Expenses 16,000.00
(v) Section 6.04 (c) reimbursement 0.00
(vi) Section 8.06 reimbursement 0.00
(vii) Amounts not required to be deposited-SubServicer 0.00
Total Due Servicer 157,979.22
Available Distribution Amount-Vanderbilt 1,698,482.63
Available Distribution Amount-SubServicer 591,833.40
To Class A and B 2,149,710.08
Monthly Excess Cashflow 140,605.95
Weighted Average Remaining Term (months) 196.00
Scheduled Balance Computation
Prior Month Balance 136,300,051.85
Current Balance 135,003,143.75
Adv Principal 16,461.52
Del Principal 99,233.15
Pool Scheduled Balance 134,902,372.12
Principal Payments in Full 763,249.15
Partial Prepayments 43,437.91
Scheduled Principal 572,992.67
Collateral Balance 135,003,143.75
</TABLE>
<PAGE> 23
<TABLE>
<CAPTION>
CHASE BANK, TRUSTEE DETERMINATION DATE: 05-FEB-98
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 09-FEB-98
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1997C FOR THE PERIOD ENDED: 25-JAN-98
Information for Clauses (v) through (ap), Section 7.01
GROUP II
Class II A-1 Class II B-1 Class II B-2 Class II B-3
<S> <C> <C> <C> <C>
(v) Class II A and Class II B Distribution Amounts 788,509.16 54,519.75 26,604.34 36,536.50
(w) Formula Principal Distribution Amount
(a) Scheduled Principal Due 197,018.02
(b) Partial Prepayments Received 15,855.29
(c) Principal Payments in Full (Scheduled Balance) 273,160.37
(d) Liquidated Contract Scheduled Balance 0.00
(e) Section 3.05 Purchase Scheduled Balance 0.00
(f) Previously Undistributed Shortfalls in (a) through (e) 0.00
(g) Accelerated Principal Payment 0.00
------------- ------------ ------------ ------------
Total Principal Distribution 486,033.68 0.00 0.00 0.00
(x) Interest Distribution 302,475.48 54,519.75 26,604.34 36,536.50
Unpaid Interest Shortfall 0.00 0.00 0.00 0.00
------------- ------------ ------------ ------------
Total Interest Distribution 302,475,48 54,519.75 26,604.34 36,536.50
(y) Beginning Class I A and Class I B Principal Balance 55,914,401.99 9,780,000.00 4,370,000.00 5,826,000.00
Less: Principal Distribution 486,033.68 0.00 0.00 0.00
------------- ------------ ------------ ------------
Remaining Class A and Class B Principal Balance 55,428,368.31 9,780,000.00 4,370,000.00 5,826,000.00
(z) Fees Due Servicer
Monthly Servicing Fee 82,303.59 (ac) Pool Factor Original Balance Rate
Section 8.06 Reimbursement Amount 0.00 Class II A-1 0.87632398 63,251,000.00 5.9014%
Section 6.02 Reimbursement Amount 10,000.00 Class II B-1 1.00000000 9,780,000.00 6.0814%
Reimbursable Fees 0.00 Class II B-2 1.00000000 4,370,000.00 6.6414%
-------------- Class II B-3 1.00000000 5,826,000.00 6.8414%
Total Fees Due Servicer 92,303.59
No. of Unpaid Principal
(aa)Delinquency Contracts Balance
31-59 Days Delinquent 68 2,049,195
60-89 Days Delinquent 10 423,166
90+ Days Delinquent 5 207,086
(ab)Section 3.05 Repurchases 0.00
(ad)Class R Distribution Amount 333,208.76
Repossession Profits 0.00
(ae)Principal Balance of Contracts in Repossession 28,636.69
(af)Aggregate Net Liquidation Losses 0.00
(ag)(x) Class B-3 Formula Distribution Amount 36,536.50
(y) Remaining Amount Available 192,602.81
-------------
Amount of (x) over (y) 0.00
(ah)Class B-2 Liquidation Loss Amount 0.00
(ai)Guarantee Payment 0.00
(aj)Unadvanced Shortfalls 0.00
No. $
(ak)Units repossessed 0 0.00
(al)Principal Prepayments paid 289,015.66
(am)Scheduled Principal Payments 197,018.02
(an)Weighted Average Interest Rate 10.82%
</TABLE>
<PAGE> 24
<TABLE>
<CAPTION>
CHASE BANK, TRUSTEE DETERMINATION DATE: 05-FEB-98
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 09-FEB-98
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1997C FOR THE PERIOD ENDED: 25-JAN-98
Computation of Available Distribution Amount
<S> <C> <C>
(i) Certificate Account Balance at Monthly Cutoff-Vanderbilt 1,207,627.40
(ii) Monthly Advance made 0.00
(iii)Section 5.05 Certificate Fund Income-Vanderbilt 4,766.32
(v) Principal due Holders 0.00
Less:
(i) Scheduled Payments of principal and interest
due subsequent to the Due Period-Vanderbilt 21,317.57
(ii) Due to the Servicer Pursuant to Section 6.02:
(i) Section 3.05 Purchases (Due Seller) 0.00
(ii) Reimbursement for taxes from Liquidation Proceeds 0.00
(iii) Monthly Servicing Fee 82,303.59
(iv) Reimburseable Liquidation Expenses 10,000.00
(v) Section 6.04 (c) reimbursement 0.00
(vi) Section 8.06 reimbursement 0.00
(vii) Amounts not required to be deposited-SubServicer 0.00
Total Due Servicer 92,303.59
Available Distribution Amount 1,098,772.56
To Class A and B - Scheduled Principal and Interest 906,169.75
Monthly Excess Cashflow Class II 192,602.81
Monthly Excess Cashflow Class I 140,605.95
Accelerated Principal Payment 0.00
Weighted Average Remaining Term (months) 188.00
Scheduled Balance Computation
Prior Month Balance 79,011,441.69
Current Balance 78,576,008.19
Adv Principal 6,440.03
Del Principal 57,040.21
Pool Scheduled Balance 78,525,408.01
Principal Payments in Full 273,160.37
Partial Prepayments 15,855.29
Scheduled Principal 197,018.02
Collateral Balance 78,576,008.19
Overcollateralization Amount 3,121,040
Required Overcollateralization Amount 3,121,040
</TABLE>
<PAGE> 25
<TABLE>
<CAPTION>
CHASE BANK, TRUSTEE DETERMINATION DATE: 05-MAR-98
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 09-MAR-98
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1997C FOR THE PERIOD ENDED: 25-FEB-98
Information for Clauses (a) through (s), Section 7.01 - GROUP I
Class I A-1 Class I A-2 Class I A-3 Class I A-4
<S> <C> <C> <C> <C> <C>
(a) Class I A and Class I B Distribution Amounts 1,918,405.67 155,520.00 132,883.33 58,243.33
(b) Formula Principal Distribution Amount
(a) Scheduled Principal Due 585,984.07
(b) Partial Prepayments Received 42,383.93
(c) Principal Payments in Full (Scheduled Balance) 1,166,806.24
(d) Liquidated Contract Scheduled Balance 0.00
(e) Section 3.05 Purchase Scheduled Balance 0.00
(f) Previously Undistributed Shortfalls in
(a) through (e) 0.00
----------------- -------------- -------------- --------------
Total Principal Distribution 1,795,174.24 0.00 0.00 0.00
(c) Interest Distribution 123,231.43 155,520.00 132,883.33 58,243.33
Unpaid Interest Shortfall 0.00 0.00 0.00 0.00
----------------- -------------- -------------- --------------
Total Interest Distribution 123,231.43 155,520.00 132,883.33 58,243.33
(d) Beginning Class I A and Class I B Principal Balance 27,699,371.88 28,800,000.00 23,800,000.00 10,100,000.00
Less: Principal Distribution 1,795,174.24 0.00 0.00 0.00
----------------- -------------- -------------- --------------
Remaining Class A and Class B Principal Balance 25,904,197.64 28,800,000.00 23,800,000.00 10,100,000.00
(e) Fees Due Servicer
Monthly Servicing Fee 140,542.05 (h) Pool Factor
Section 8.06 Reimbursement Amount 0.00 Class I A-1 0.70776496
Section 6.02 Reimbursement Amount 15,608.91 Class I A-2 1.00000000
Reimburseable Fees 0.00 Class I A-3 1.00000000
---------------- Class I A-4 1.00000000
Total Fees Due Servicer 156,150.96 Class I A-5 1.00000000
Class I A-6 1.00000000
No. of Unpaid Principal Class I B-1 1.00000000
(f) Delinquency Contracts Balance Class I B-2 1.00000000
31-59 Days Delinquent 46 1,114,334
60-89 Days Delinquent 12 328,224
90+ Days Delinquent 14 426,725
(g) Section 3.05 Repurchases 0.00
(i) Class R Distribution Amount 0.00
Reposession Profits 0.00
(j) Principal Balance of Contracts in
Repossession 491,193.79
(k) Aggregate Net Liquidation Losses 0.00
(l) (x) Class B-2 Formula Distribution Amount 37,538.33
(y) Remaining Amount Available 426,006.22
-----------------
Amount of (x) over (y) 0.00
(m) Class B-2 Liquidation Loss Amount 0.00
(n) Guarantee Payment 0.00
(o) Unadvanced Shortfalls 0.00
No. $
(p) Units repossessed 4 110,072.12
(q) Principal Prepayments paid 1,209,190.17
(r) Scheduled Principal Payments 585,984.07
(s) Weighted Average Interest Rate 11.65%
<CAPTION>
Information for Clauses (a) through (s), Section 7.01 - GROUP I
Class I A-5 Class I A-6 Class I B-1 Class I B-2
<S> <C> <C> <C> <C> <C>
(a) Class I A and Class I B Distribution Amounts 114,815.93 69,419.53 47,729.70 37,538.33
(b) Formula Principal Distribution Amount
(a) Scheduled Principal Due
(b) Partial Prepayments Received
(c) Principal Payments in Full (Scheduled Balance)
(d) Liquidated Contract Scheduled Balance
(e) Section 3.05 Purchase Scheduled Balance
(f) Previously Undistributed Shortfalls in
(a) through (e)
-------------- -------------- ------------- -------------
Total Principal Distribution 0.00 0.00 0.00 0.00
(c) Interest Distribution 114,815.93 69,419.53 47,729.70 37,538.33
Unpaid Interest Shortfall 0.00 0.00 0.00 0.00
-------------- -------------- ------------- -------------
Total Interest Distribution 114,815.93 69,419.53 47,729.70 37,538.33
(d) Beginning Class I A and Class I B Principal Balance 19,351,000.00 11,506,000.00 7,911,000.00 5,753,000.00
Less: Principal Distribution 0.00 0.00 0.00 0.00
-------------- -------------- ------------- -------------
Remaining Class A and Class B Principal Balance 19,351,000.00 11,506,000.00 7,911,000.00 5,753,000.00
(e) Fees Due Servicer
Monthly Servicing Fee Original Balance Rate
Section 8.06 Reimbursement Amount 36,600,000.00 5.7200% 5.6250% Libor
Section 6.02 Reimbursement Amount 28,800,000.00 6.4800% 0.095% Spread
Reimburseable Fees 23,800,000.00 6.7000%
10,100,000.00 6.9200%
Total Fees Due Servicer 19,351,000.00 7.1200%
11,506,000.00 7.2400%
No. of 7,911,000.00 7.2400%
(f) Delinquency Contracts 5,753,000.00 7.8300%
31-59 Days Delinquent 46
60-89 Days Delinquent 12
90+ Days Delinquent 14
(g) Section 3.05 Repurchases
(i) Class R Distribution Amount
Reposession Profits
(j) Principal Balance of Contracts in Repossession
(k) Aggregate Net Liquidation Losses
(l) (x) Class B-2 Formula Distribution Amount
(y) Remaining Amount Available
Amount of (x) over (y)
(m) Class B-2 Liquidation Loss Amount
(n) Guarantee Payment
(o) Unadvanced Shortfalls
No.
4
(p) Units repossessed
(q) Principal Prepayments paid
(r) Scheduled Principal Payments
(s) Weighted Average Interest Rate
</TABLE>
<PAGE> 26
<TABLE>
<CAPTION>
CHASE BANK, TRUSTEE DETERMINATION DATE: 05-MAR-98
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 09-MAR-98
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1997C FOR THE PERIOD ENDED: 25-FEB-98
Computation of Available Distribution Amount
<S> <C> <C> <C>
(i) Certificate Account Balance at Monthly Cutoff-Vanderbilt 2,354,602.69
Certificate Account Balance at Monthly Cutoff-SubServicer 816,480.67
(ii) Monthly Advance made 0.00
(iii)Section 5.05 Certificate Fund Income-Vanderbilt 7,023.73
(iii)Section 5.05 Certificate Fund Income-SubServicer 2,353.10
(v) Principal due Holders 0.00
Less:
(i) Scheduled Payments of principal and interest
due subsequent to the Due Period-Vanderbilt 71,756.56
(i) Scheduled Payments of principal and interest
due subsequent to the Due Period-SubServicer 29,528.96
(ii) Due to the Servicer Pursuant to Section 6.02:
(i) Section 3.05 Purchases (Due Seller) 0.00
(ii) Reimbursement for taxes from Liquidation Proceeds 0.00
(iii) Monthly Servicing Fee 140,542.05
(iv) Reimburseable Liquidation Expenses 15,608.91
(v) Section 6.04 (c) reimbursement 0.00
(vi) Section 8.06 reimbursement 0.00
(vii) Amounts not required to be deposited-SubServicer 0.00
Total Due Servicer 156,150.96
Available Distrubution Amount-Vanderbilt 2,133,718.90
Available Distrubution Amount-SubServicer 789,304.81
To Class A and B 2,534,555.82
Monthly Excess Cashflow 388,467.89
Weighted Average Remaining Term (months) 195.00
Scheduled Balance Computation
Prior Month Balance 134,920,372.12
Current Balance 133,180,547.97
Adv Principal 23,719.75
Del Principal 79,069.84
Pool Scheduled Balance 133,125,197.88
Principal Payments in Full 1,166,806.24
Partial Prepayments 42,383.93
Scheduled Principal 585,984.07
Collateral Balance 133,180,547.97
</TABLE>
<PAGE> 27
<TABLE>
<CAPTION>
CHASE BANK, TRUSTEE DETERMINATION DATE: 05-MAR-98
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 09-MAR-98
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1997C FOR THE PERIOD ENDED: 25-FEB-98
Information for Clauses (v) through (ap), Section 7.01- GROUP II
Class II A-1 Class II B-1 Class II B-2 Class II B-3
<S> <C> <C> <C> <C>
(v) Class II A and Class II B Distribution Amounts 1,376,775.85 45,754.10 22,347.69 30,699.78
(w) Formula Principal Distribution Amount
(a) Scheduled Principal Due 191,257.35
(b) Partial Prepayments Received 34,291.95
(c) Principal Payments in Full (Scheduled Balance) 899,674.14
(d) Liquidated Contract Scheduled Balance 0.00
(e) Section 3.05 Purchase Scheduled Balance 0.00
(f) Previously Undistributed Shortfalls in (a) through(e) 0.00
(g) Accelerated Principal Payment 0.00
-------------- ------------- ------------- -------------
Total Principal Distribution 1,125,223.44 0.00 0.00 0.00
(x) Interest Distribution 251,552.41 45,754.10 22,347.69 30,699.78
Unpaid Interest Shortfall 0.00 0.00 0.00 0.00
-------------- ------------- ------------- -------------
Total Interest Distribution 251,552.41 45,754.10 22,347.69 30,699.78
(y) Beginning Class I A and Class I B Principal Balance 55,428,368.31 9,780,000.00 4,370,000.00 5,826,000.00
Less: Principal Distribution 1,125,223.44 0.00 0.00 0.00
-------------- ------------- ------------- -------------
Remaining Class A and Class B Principal Balance 54,303,144.87 9,780,000.00 4,370,000.00 5,826,000.00
(z) Fees Due Servicer
Monthly Servicing Fee 81,797.30 (ac) Pool Factor Original Balance Rate
Section 8.06 Reimbursement Amount 0.00 Class II A-1 0.85853417 63,251,000.00 5.8350%
Section 6.02 Reimbursement Amount 22,000.00 Class II B-1 1.00000000 9,780,000.00 6.0150%
Reimburseable Fees 0.00 Class II B-2 1.00000000 4,370,000.00 6.5750%
------------- Class II B-3 1.00000000 5,826,000.00 6.7750%
Total Fees Due Servicer 103,797.30
No. of Unpaid Principal
(aa)Delinquency Contracts Balance
31-59 Days Delinquent 49 1,646,163
60-89 Days Delinquent 5 124,064
90+ Days Delinquent 9 379,228
(ab)Section 3.05 Repurchases 0.00
(ad)Class R Distribution Amount 668,719.75
Reposession Profits 0.00
(ae)Principal Balance of Contracts in Repossession 172,811.12
(af)Aggregate Net Liquidation Losses 0.00
(ag)(x) Class B-3 Formula Distribution Amount 30,699.78
(y) Remaining Amount Available 280,251.86
-------------
Amount of (x) over (y) 0.00
(ah)Class B-2 Liquidation Loss Amount 0.00
(ai)Guarantee Payment 0.00
(aj)Unadvanced Shortfalls 0.00
No. $
(ak)Units repossessed 0 0.00
(al)Principal Prepayments paid 933,966.09
(am)Scheduled Principal Payments 191,257.35
(an)Weighted Average Interest Rate 10.82%
</TABLE>
<PAGE> 28
<TABLE>
<CAPTION>
CHASE BANK, TRUSTEE DETERMINATION DATE: 05-MAR-98
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 09-MAR-98
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1997C FOR THE PERIOD ENDED: 25-FEB-98
Computation of Available Distribution Amount
<S> <C> <C>
(i) Certificate Account Balance at Monthly Cutoff-Vanderbilt 1,885,893.50
(ii) Monthly Advance made 0.00
(iii)Section 5.05 Certificate Fund Income-Vanderbilt 5,361.88
(v) Principal due Holders 0.00
Less:
(i) Scheduled Payments of principal and interest
due subsequent to the Due Period-Vanderbilt 31,628.80
(ii) Due to the Servicer Pursuant to Section 6.02:
(i) Section 3.05 Purchases (Due Seller) 0.00
(ii) Reimbursement for taxes from Liquidation Proceeds 0.00
(iii) Monthly Servicing Fee 81,797.30
(iv) Reimburseable Liquidation Expenses 22,000.00
(v) Section 6.04 (c) reimbursement 0.00
(vi) Section 8.06 reimbursement 0.00
(vii) Amounts not required to be deposited-SubServicer 0.00
Total Due Servicer 103,797.30
Available Distrubution Amount 1,755,829.28
To Class A and B - Scheduled Principal and Interest 1,475,577.42
Monthly Excess Cashflow Class II 280,251.86
Monthly Excess Cashflow Class I 388,467.89
Accelerated Principal Payment 0.00
Weighted Average Remaining Term (months) 187.00
Scheduled Balance Computation
Prior Month Balance 78,525,408.01
Current Balance 77,436,970.82
Adv Principal 8,537.39
Del Principal 45,323.64
Pool Scheduled Balance 77,400,184.57
Principal Payments in Full 899,674.14
Partial Prepayments 34,291.95
Scheduled Principal 191,257.35
Collateral Balance 77,436,970.82
Overcollateralization Amount 3,121,040
Required Overcollateralization Amount 3,121,040
</TABLE>
<PAGE> 29
<TABLE>
<CAPTION>
CHASE BANK, TRUSTEE DETERMINATION DATE: 03-APR-98
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 07-APR-98
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1997C FOR THE PERIOD ENDED: 25-MAR-98
Information for Clauses (a) through (s), Section GROUP I
Class I A-1 Class I A-2 Class I A-3 Class I A-4
<S> <C> <C> <C> <C>
(a) Class I A and Class I B Distribution Amounts 1,104,044.39 155,520.00 132,883.33 58,243.33
(b) Formula Principal Distribution Amount
(a) Scheduled Principal Due 510,992.54
(b) Partial Prepayments Received 28,731.21
(c) Principal Payments in Full (Scheduled Balance) 443,655.65
(d) Liquidated Contract Scheduled Balance 0.00
(e) Section 3.05 Purchase Scheduled Balance 0.00
(f) Previously Undistributed Shortfalls in (a) through (e) 0.00
--------------- ------------- ------------- -------------
Total Principal Distribution 983,379.40 0.00 0.00 0.00
(c) Interest Distribution 120,664.99 155,520.00 132,883.33 58,243.33
Unpaid Interest Shortfall 0.00 0.00 0.00 0.00
--------------- ------------- ------------- -------------
Total Interest Distribution 120,664.99 155,520.00 132,883.33 58,243.33
(d) Beginning Class I A and Class I B Principal Balance 25,904,197.64 28,800,000.00 23,800,000.00 10,100,000.00
Less: Principal Distribution 983,379.40 0.00 0.00 0.00
--------------- ------------- ------------- -------------
Remaining Class A and Class B Principal Balance 24,920,818.24 28,800,000.00 23,800,000.00 10,100,000.00
(e) Fees Due Servicer
Monthly Servicing Fee 138,672.08 (h) Pool Factor
Section 8.06 Reimbursement Amount 0.00 Class I A-1 0.68089667
Section 6.02 Reimbursement Amount 21,227.68 Class I A-2 1.00000000
Reimburseable Fees 0.00 Class I A-3 1.00000000
--------------- Class I A-4 1.00000000
Total Fees Due Servicer 159,899.76 Class I A-5 1.00000000
Class I A-6 1.00000000
No. of Unpaid Principal Class I B-1 1.00000000
(f) Delinquency Contracts Balance Class I B-2 1.00000000
31-59 Days Delinquent 50 1,286,267
60-89 Days Delinquent 7 181,102
90+ Days Delinquent 17 553,949
(g) Section 3.05 Repurchases 0.00
(i) Class R Distribution Amount 0.00
Reposession Profits 0.00
(j) Principal Balance of Contracts in Repossession 431,235.41
(k) Aggregate Net Liquidation Losses 0.00
(l) (x) Class B-2 Formula Distribution Amount 37,538.33
(y) Remaining Amount Available 329,962.80
---------------
Amount of (x) over (y) 0.00
(m) Class B-2 Liquidation Loss Amount 0.00
(n) Guarantee Payment 0.00
(o) Unadvanced Shortfalls 0.00
No.
$
(p) Units repossessed 10 311,935.18
(q) Principal Prepayments paid 472,386.86
(r) Scheduled Principal Payments 510,992.54
(s) Weighted Average Interest Rate 11.65%
<CAPTION>
CLASS I A-5 CLASS I A-6 CLASS I B-1 CLASS I B-2
<S> <C> <C> <C> <C>
(a) Class I A and Class I B Distribution Amounts 114,815.93 69,419.53 47,729.70 37,538.33
(b) Formula Principal Distribution Amount
(a) Scheduled Principal Due
(b) Partial Prepayments Received
(c) Principal Payments in Full (Scheduled Balance)
(d) Liquidated Contract Scheduled Balance
(e) Section 3.05 Purchase Scheduled Balance
(f) Previously Undistributed Shortfalls in (a) through (e)
------------- ------------- ------------- ------------
Total Principal Distribution 0.00 0.00 0.00 0.00
(c) Interest Distribution 114,815.93 69,419.53 47,729.70 37,538.33
Unpaid Interest Shortfall 0.00 0.00 0.00 0.00
------------- ------------- ------------- ------------
Total Interest Distribution 114,815.93 69,419.53 47,729.70 37,538.33
(d) Beginning Class I A and Class I B Principal Balance 19,351,000.00 11,506,000.00 7,911,000.00 5,753,000.00
Less: Principal Distribution 0.00 0.00 0.00 0.00
------------- ------------- ------------- ------------
Remaining Class A and Class B Principal Balance 19,351,000.00 11,506,000.00 7,911,000.00 5,753,000.00
(e) Fees Due Servicer
Monthly Servicing Fee Original Balance Rate
Section 8.06 Reimbursement Amount 36,600,000.00 5.7825% 5.6875% Libor
Section 6.02 Reimbursement Amount 28,800,000.00 6.4800% 0.095% Spread
Reimburseable Fees 23,800,000.00 6.7000%
10,100,000.00 6.9200%
Total Fees Due Servicer 19,351,000.00 7.1200%
11,506,000.00 7.2400%
No. of 7,911,000.00 7.2400%
(f) Delinquency Contracts 5,753,000.00 7.8300%
31-59 Days Delinquent 50
60-89 Days Delinquent 7
90+ Days Delinquent 17
(g) Section 3.05 Repurchases
(i) Class R Distribution Amount
Reposession Profits
(j) Principal Balance of Contracts in Repossession
(k) Aggregate Net Liquidation Losses
(l) (x) Class B-2 Formula Distribution Amount
(y) Remaining Amount Available
Amount of (x) over (y)
(m) Class B-2 Liquidation Loss Amount
(n) Guarantee Payment
(o) Unadvanced Shortfalls
No.
(p) Units repossessed 10
(q) Principal Prepayments paid
(r) Scheduled Principal Payments
(s) Weighted Average Interest Rate
</TABLE>
<PAGE> 30
<TABLE>
<CAPTION>
CHASE BANK, TRUSTEE DETERMINATION DATE: 03-APR-98
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 07-APR-98
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1997C FOR THE PERIOD ENDED: 25-MAR-98
Computation of Available Distribution Amount
<S> <C> <C>
(i) Certificate Account Balance at Monthly Cutoff-Vanderbilt 1,553,253.51
Certificate Account Balance at Monthly Cutoff-SubServicer 694,671.09
(ii) Monthly Advance made 0.00
(iii)Section 5.05 Certificate Fund Income-Vanderbilt 6,909.04
(iii)Section 5.05 Certificate Fund Income-SubServicer 2,545.66
(v) Principal due Holders 0.00
Less:
(i) Scheduled Payments of principal and interest
due subsequent to the Due Period-Vanderbilt 57,914.08
(i) Scheduled Payments of principal and interest
due subsequent to the Due Period-SubServicer 26,946.45
(ii) Due to the Servicer Pursuant to Section 6.02:
(i) Section 3.05 Purchases (Due Seller) 0.00
(ii) Reimbursement for taxes from Liquidation Proceeds 0.00
(iii) Monthly Servicing Fee 138,672.08
(iv) Reimburseable Liquidation Expenses 21,227.68
(v) Section 6.04 (c) reimbursement 0.00
(vi) Section 8.06 reimbursement 0.00
(vii) Amounts not required to be deposited-SubServicer 0.00
Total Due Servicer 159,899.76
Available Distrubution Amount-Vanderbilt 1,342,348.71
Available Distrubution Amount-SubServicer 670,270.30
To Class A and B 1,720,194.54
Monthly Excess Cashflow 292,424.47
Weighted Average Remaining Term (months) 194.00
Scheduled Balance Computation
Prior Month Balance 133,125,197.88
Current Balance 132,201,508.66
Adv Principal 21,197.49
Del Principal 80,887.67
Pool Scheduled Balance 132,141,818.48
Principal Payments in Full 443,655.65
Partial Prepayments 28,731.21
Scheduled Principal 510,992.54
Collateral Balance 132,201,508.66
</TABLE>
<PAGE> 31
<TABLE>
<CAPTION>
CHASE BANK, TRUSTEE DETERMINATION DATE: 03-APR-98
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 07-APR-98
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1997C FOR THE PERIOD ENDED: 25-MAR-98
Information for Clauses (v) through (ap), Sect GROUP II
Class II A-1 Class II B-1 Class II B-2 Class II B-3
<S> <C> <C> <C> <C>
(v) Class II A and Class II B Distribution Amounts 1,037,740.10 47,880.57 23,365.84 32,089.53
(w) Formula Principal Distribution Amount
(a) Scheduled Principal Due 184,755.73
(b) Partial Prepayments Received 35,015.47
(c) Principal Payments in Full (Scheduled Balance) 559,987.48
(d) Liquidated Contract Scheduled Balance 0.00
(e) Section 3.05 Purchase Scheduled Balance 0.00
(f) Previously Undistributed Shortfalls in (a) through (e) 0.00
(g) Accelerated Principal Payment 0.00
------------- ------------ ------------ -------------
Total Principal Distribution 779,758.68 0.00 0.00 0.00
(x) Interest Distribution 257,981.42 47,880.57 23,365.84 32,089.53
Unpaid Interest Shortfall 0.00 0.00 0.00 0.00
------------- ------------ ------------ -------------
Total Interest Distribution 257,981.42 47,880.57 23,365.84 32,089.53
(y) Beginning Class I A and Class I B Principal Balance 54,303,144.87 9,780,000.00 4,370,000.00 5,826,000.00
Less: Principal Distribution 779,758.68 0.00 0.00 0.00
------------- ------------ ------------ -------------
Remaining Class A and Class B Principal Balance 53,523,386.19 9,780,000.00 4,370,000.00 5,826,000.00
(z) Fees Due Servicer
Monthly Servicing Fee 80,625.19 (ac) Pool Factor Original Balance Rate
Section 8.06 Reimbursement Amount 0.00 Class II A-1 0.84620617 63,251,000.00 5.8975%
Section 6.02 Reimbursement Amount 24,000.00 Class II B-1 1.00000000 9,780,000.00 6.0775%
Reimburseable Fees 0.00 Class II B-2 1.00000000 4,370,000.00 6.6375%
------------- Class II B-3 1.00000000 5,826,000.00 6.8375%
Total Fees Due Servicer 104,625.19
No. of Unpaid Principal
(aa)Delinquency Contracts Balance
31-59 Days Delinquent 46 1,526,568
60-89 Days Delinquent 10 323,675
90+ Days Delinquent 9 397,676
(ab)Section 3.05 Repurchases 0.00
(ad)Class R Distribution Amount 492,547.48
Repossession Profits 0.00
(ae)Principal Balance of Contracts in Repossession 188,477.67
(af)Aggregate Net Liquidation Losses 0.00
(ag)(x) Class B-3 Formula Distribution Amount 32,089.53
(y) Remaining Amount Available 200,123.01
-------------
Amount of (x) over (y) 0.00
(ah)Class B-2 Liquidation Loss Amount 0.00
(ai)Guarantee Payment 0.00
(aj)Unadvanced Shortfalls 0.00
No. $
(ak)Units repossessed 0 0.00
(al)Principal Prepayments paid 595,002.95
(am)Scheduled Principal Payments 184,755.73
(an)Weighted Average Interest Rate 10.82%
</TABLE>
<PAGE> 32
<TABLE>
<CAPTION>
CHASE BANK, TRUSTEE DETERMINATION DATE: 03-APR-98
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 07-APR-98
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1997C FOR THE PERIOD ENDED: 25-MAR-98
Computation of Available Distribution Amount
<S> <C> <C>
(i) Certificate Account Balance at Monthly Cutoff-Vanderbilt 1,469,360.34
(ii) Monthly Advance made 0.00
(iii)Section 5.05 Certificate Fund Income-Vanderbilt 5,612.98
(v) Principal due Holders 0.00
Less:
(i) Scheduled Payments of principal and interest
due subsequent to the Due Period-Vanderbilt 29,149.08
(ii) Due to the Servicer Pursuant to Section 6.02:
(i) Section 3.05 Purchases (Due Seller) 0.00
(ii) Reimbursement for taxes from Liquidation Proceeds 0.00
(iii) Monthly Servicing Fee 80,625.19
(iv) Reimbursable Liquidation Expenses 24,000.00
(v) Section 6.04 (c) reimbursement 0.00
(vi) Section 8.06 reimbursement 0.00
(vii) Amounts not required to be deposited-SubServicer 0.00
Total Due Servicer 104,625.19
Available Distribution Amount 1,341,199.05
To Class A and B - Scheduled Principal and Interest 1,141,076.04
Monthly Excess Cashflow Class II 200,123.01
Monthly Excess Cashflow Class I 292,424.47
Accelerated Principal Payment 0.00
Weighted Average Remaining Term (months) 186.00
Scheduled Balance Computation
Prior Month Balance 77,400,184.57
Current Balance 76,659,003.48
Adv Principal 8,731.34
Del Principal 47,308.93
Pool Scheduled Balance 76,620,425.89
Principal Payments in Full 559,987.48
Partial Prepayments 35,015.47
Scheduled Principal 184,755.73
Collateral Balance 76,659,003.48
Overcollateralization Amount 3,121,040
Required Overcollateralization Amount 3,121,040
</TABLE>
<PAGE> 33
<TABLE>
<CAPTION>
CHASE BANK, TRUSTEE DETERMINATION DATE: 04-MAY-98
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 07-MAY-98
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1997C FOR THE PERIOD ENDED: 25-APR-98
Information for Clauses (A) through (S), Section 7.01 - GROUP I
Class I A-1 Class I A-2 Class I A-3
<S> <C> <C> <C>
(a) Class I A and Class I B Distribution Amounts 1,777,485.30 155,520.00 132,883.33
(b) Formula Principal Distribution Amount
(a) Scheduled Principal Due 690,977.70
(b) Partial Prepayments Received 61,154.62
(c) Principal Payments in Full (Scheduled Balance) 905,913.73
(d) Liquidated Contract Scheduled Balance 0.00
(e) Section 3.05 Purchase Scheduled Balance 0.00
(f) Previously Undistributed Shortfalls in (a) through (e) 0.00
-------------- --------------- -------------
Total Principal Distribution 1,658,046.05 0.00 0.00
(c) Interest Distribution 119,439.25 155,520.00 132,883.33
Unpaid Interest Shortfall 0.00 0.00 0.00
-------------- --------------- -------------
Total Interest Distribution 119,439.25 155,520.00 132,883.33
(d) Beginning Class I A and Class I B Principal Balance 24,920,818.24 28,800,000.00 23,800,000.00
Less: Principal Distribution 1,658,046.05 0.00 0.00
-------------- --------------- -------------
Remaining Class A and Class B Principal Balance 23,262,772.19 28,800,000.00 23,800,000.00
(e) Fees Due Servicer
Monthly Servicing Fee 137,647.73 (h) Pool Factor
Section 8.06 Reimbursement Amount 0.00 Class I A-1 0.63559487
Section 6.02 Reimbursement Amount 16,000.00 Class I A-2 1.00000000
Reimburseable Fees 0.00 Class I A-3 1.00000000
-------------- Class I A-4 1.00000000
Total Fees Due Servicer 153,647.73 Class I A-5 1.00000000
Class I A-6 1.00000000
No. of Unpaid Principal Class I B-1 1.00000000
(f) Delinquency Contracts Balance Class I B-2 1.00000000
31-59 Days Delinquent 55 1,435,983
60-89 Days Delinquent 6 163,753
90+ Days Delinquent 18 546,645
(g) Section 3.05 Repurchases 0.00
(i) Class R Distribution Amount 0.00
Reposession Profits 0.00
(j) Principal Balance of Contracts in Repossession 660,912.32
(k) Aggregate Net Liquidation Losses 0.00
(l) (x) Class B-2 Formula Distribution Amount 37,538.33
(y) Remaining Amount Available 470,415.36
--------------
Amount of (x) over (y) 0.00
(m) Class B-2 Liquidation Loss Amount 0.00
(n) Guarantee Payment 0.00
(o) Unadvanced Shortfalls 0.00
No. $
(p) Units repossessed 16 141,846.88
(q) Principal Prepayments paid 967,068.35
(r) Scheduled Principal Payments 690,977.70
(s) Weighted Average Interest Rate 11.64%
<CAPTION>
Class I A-4 Class I A-5 Class I A-6
<S> <C> <C> <C>
(a) Class I A and Class I B Distribution Amounts 58,243.33 114,815.93 69,419.53
(b) Formula Principal Distribution Amount
(a) Scheduled Principal Due
(b) Partial Prepayments Received
(c) Principal Payments in Full (Scheduled Balance)
(d) Liquidated Contract Scheduled Balance
(e) Section 3.05 Purchase Scheduled Balance
(f) Previously Undistributed Shortfalls in (a) through (e)
------------- ------------- -------------
Total Principal Distribution 0.00 0.00 0.00
(c) Interest Distribution 58,243.33 114,815.93 69,419.53
Unpaid Interest Shortfall 0.00 0.00 0.00
------------- ------------- -------------
Total Interest Distribution 58,243.33 114,815.93 69,419.53
(d) Beginning Class I A and Class I B Principal Balance 10,100,000.00 19,351,000.00 11,506,000.00
Less: Principal Distribution 0.00 0.00 0.00
------------- ------------- -------------
Remaining Class A and Class B Principal Balance 10,100,000.00 19,351,000.00 11,506,000.00
(e) Fees Due Servicer Original Balance Rate
Monthly Servicing Fee 36,600,000.00 5.7513%
Section 8.06 Reimbursement Amount 28,800,000.00 6.4800%
Section 6.02 Reimbursement Amount 23,800,000.00 6.7000%
Reimburseable Fees 10,100,000.00 6.9200%
19,351,000.00 7.1200%
Total Fees Due Servicer 11,506,000.00 7.2400%
7,911,000.00 7.2400%
5,753,000.00 7.8300%
<CAPTION>
Class I B-1 Class I B-2
<S> <C> <C>
(a) Class I A and Class I B Distribution Amounts 47,729.70 37,538.33
(b) Formula Principal Distribution Amount
(a) Scheduled Principal Due
(b) Partial Prepayments Received
(c) Principal Payments in Full (Scheduled Balance)
(d) Liquidated Contract Scheduled Balance
(e) Section 3.05 Purchase Scheduled Balance
(f) Previously Undistributed Shortfalls in (a) through (e)
------------- ------------
Total Principal Distribution 0.00 0.00
(c) Interest Distribution 47,729.70 37,538.33
Unpaid Interest Shortfall 0.00 0.00
------------- ------------
Total Interest Distribution 47,729.70 37,538.33
(d) Beginning Class I A and Class I B Principal Balance 7,911,000.00 5,753,000.00
Less: Principal Distribution 0.00 0.00
------------- ------------
Remaining Class A and Class B Principal Balance 7,911,000.00 5,753,000.00
5.6563% Libor
0.095% Spread
(e) Fees Due Servicer
Monthly Servicing
Section 8.06 Reimbursement Amount
Section 6.02 Reimbursement Amount
Reimburseable Fees
</TABLE>
<PAGE> 34
<TABLE>
<CAPTION>
CHASE BANK, TRUSTEE DETERMINATION DATE: 04-MAY-98
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 07-MAY-98
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1997C FOR THE PERIOD ENDED: 25-APR-98
Computation of Available Distribution Amount
<S> <C> <C>
(i) Certificate Account Balance at Monthly Cutoff-Vanderbilt 2,186,933.07
Certificate Account Balance at Monthly Cutoff-SubServicer 862,830.10
(ii) Monthly Advance made 0.00
(iii)Section 5.05 Certificate Fund Income-Vanderbilt 7,275.35
(iii)Section 5.05 Certificate Fund Income-SubServicer 2,653.78
(v) Principal due Holders 0.00
Less:
(i) Scheduled Payments of principal and interest
due subsequent to the Due Period-Vanderbilt 54,256.50
(i) Scheduled Payments of principal and interest
due subsequent to the Due Period-SubServicer 25,275.59
(ii) Due to the Servicer Pursuant to Section 6.02:
(i) Section 3.05 Purchases (Due Seller) 0.00
(ii) Reimbursement for taxes from Liquidation Proceeds 0.00
(iii) Monthly Servicing Fee 137,647.73
(iv) Reimbursable Liquidation Expenses 16,000.00
(v) Section 6.04 (c) reimbursement 0.00
(vi) Section 8.06 reimbursement 0.00
(vii) Amounts not required to be deposited-SubServicer 0.00
Total Due Servicer 153,647.73
Available Distribution Amount-Vanderbilt 1,986,304.19
Available Distribution Amount-SubServicer 840,208.29
To Class A and B 2,393,635.45
Monthly Excess Cashflow 432,877.03
Weighted Average Remaining Term (months) 193.00
Scheduled Balance Computation
Prior Month Balance 132,141,818.48
Current Balance 130,551,745.33
Adv Principal 19,664.77
Del Principal 87,637.67
Pool Scheduled Balance 130,483,772.43
Principal Payments in Full 905,913.73
Partial Prepayments 61,154.62
Scheduled Principal 690,977.70
Collateral Balance 130,551,745.33
</TABLE>
<PAGE> 35
<TABLE>
<CAPTION>
CHASE BANK, TRUSTEE DETERMINATION DATE: 04-MAY-98
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 07-MAY-98
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1997C FOR THE PERIOD ENDED: 25-APR-98
Information for Clauses (v) through (ap), Section 7.01- GROUP II
Class II A-1 Class II B-1 Class II B-2 Class II B-3
<S> <C> <C> <C> <C>
(v) Class II A and Class II B Distribution Amounts 1,371,497.56 49,277.35 24,057.69 33,044.59
(w) Formula Principal Distribution Amount
(a) Scheduled Principal Due 198,514.44
(b) Partial Prepayments Received 77,073.01
(c) Principal Payments in Full (Scheduled Balance) 834,256.58
(d) Liquidated Contract Scheduled Balance 0.00
(e) Section 3.05 Purchase Scheduled Balance 0.00
(f) Previously Undistributed Shortfalls in (a) through(e) 0.00
(g) Accelerated Principal Payment 0.00
------------- ------------ ------------ -------------
Total Principal Distribution 1,109,844.03 0.00 0.00 0.00
(x) Interest Distribution 261,653.53 49,277.35 24,057.94 33,044.59
Unpaid Interest Shortfall 0.00 0.00 0.00 0.00
------------- ------------ ------------ -------------
Total Interest Distribution 261,653.53 49,277.35 24,057.94 33,044.59
(y) Beginning Class I A and Class I B Principal Balance 53,523,386.19 9,780,000.00 4,370,000.00 5,826,000.00
Less: Principal Distribution 1,109,844.03 0.00 0.00 0.00
------------- ------------ ------------ -------------
Remaining Class A and Class B Principal Balance 52,413,542.87 9,780,000.00 4,370,000.00 5,826,000.00
(z) Fees Due Servicer
Monthly Servicing Fee 79,812.94 (ac) Pool Factor Original Balance Rate
Section 8.06 Reimbursement Amount 0.00 Class II A-1 0.82865950 63,251,000.00 5.8663%
Section 6.02 Reimbursement Amount 26,000.00 Class II B-1 1.00000000 9,780,000.00 6.0463%
Reimbursable Fees 0.00 Class II B-2 1.00000000 4,370,000.00 6.6063%
------------- Class II B-3 1.00000000 5,826,000.00 6.8063%
Total Fees Due Servicer 105,812.94
No. of Unpaid Principal
(aa)Delinquency Contracts Balance
31-59 Days Delinquent 46 1,431,720
60-89 Days Delinquent 12 337,358
90+ Days Delinquent 12 452,514
(ab)Section 3.05 Repurchases 0.00
(ad)Class R Distribution Amount 726,390.57
Repossession Profits 0.00
(ae)Principal Balance of Contracts in Repossession 95,328.87
(af)Aggregate Net Liquidation Losses 0.00
(ag)(x) Class B-3 Formula Distribution Amount 33,044.59
(y) Remaining Amount Available 293,513.54
-------------
Amount of (x) over (y) 0.00
(ah)Class B-2 Liquidation Loss Amount 0.00
(ai)Guarantee Payment 0.00
(aj)Unadvanced Shortfalls 0.00
No. $
(ak)Units repossessed 0 0.00
(al)Principal Prepayments paid 911,329.59
(am)Scheduled Principal Payments 198,514.44
(an)Weighted Average Interest Rate 10.82%
</TABLE>
<PAGE> 36
<TABLE>
<CAPTION>
CHASE BANK, TRUSTEE DETERMINATION DATE: 04-MAY-98
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 07-MAY-98
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1997C FOR THE PERIOD ENDED: 25-APR-98
Computation of Available Distribution Amount
<S> <C> <C>
(i) Certificate Account Balance at Monthly Cutoff-Vanderbilt 1,896,034.29
(ii) Monthly Advance made 0.00
(iii)Section 5.05 Certificate Fund Income-Vanderbilt 6,297.59
(v) Principal due Holders 0.00
Less:
(i) Scheduled Payments of principal and interest
due subsequent to the Due Period-Vanderbilt 25,127.96
(ii) Due to the Servicer Pursuant to Section 6.02:
(i) Section 3.05 Purchases (Due Seller) 0.00
(ii) Reimbursement for taxes from Liquidation Proceeds 0.00
(iii) Monthly Servicing Fee 79,812.94
(iv) Reimbursable Liquidation Expenses 26,000.00
(v) Section 6.04 (c) reimbursement 0.00
(vi) Section 8.06 reimbursement 0.00
(vii) Amounts not required to be deposited-SubServicer 0.00
Total Due Servicer 105,812.94
Available Distribution Amount 1,771,390.98
To Class A and B - Scheduled Principal and Interest 1,477,877.44
Monthly Excess Cashflow Class II 293,513.54
Monthly Excess Cashflow Class I 432,877.03
Accelerated Principal Payment 0.00
Weighted Average Remaining Term (months) 185.00
Scheduled Balance Computation
Prior Month Balance 76,620,425.89
Current Balance 75,559,513.28
Adv Principal 7,669.56
Del Principal 56,600.98
Pool Scheduled Balance 75,510,581.86
Principal Payments in Full 834,256.58
Partial Prepayments 77,073.01
Scheduled Principal 198,514.44
Collateral Balance 75,559,513.28
Overcollateralization Amount 3,121,040
Required Overcollateralization Amount 3,121,040
</TABLE>
<PAGE> 37
<TABLE>
<CAPTION>
CHASE BANK, TRUSTEE DETERMINATION DATE: 04-JUN-98
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 08-JUN-98
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1997C FOR THE PERIOD ENDED: 25-MAY-98
Information for Clauses (a) through (s), Section 7.01 GROUP I
Class I A-1 Class I A-2 Class I A-3 Class I A-4
<S> <C> <C> <C> <C>
(a) Class I A and Class I B Distribution Amounts 2,007,155.57 155,520.00 132,883.33 58,243.33
(b) Formula Principal Distribution Amount
(a) Scheduled Principal Due 591,355.20
(b) Partial Prepayments Received 40,107.17
(c) Principal Payments in Full (Scheduled Balance) 1,256,850.66
(d) Liquidated Contract Scheduled Balance 0.00
(e) Section 3.05 Purchase Scheduled Balance 0.00
(f) Previously Undistributed Shortfalls in (a) through (e) (0.24)
------------- ------------- ------------- -------------
Total Principal Distribution 1,888,312.79 0.00 0.00 0.00
(c) Interest Distribution 118,842.78 155,520.00 132,883.33 58,243.33
Unpaid Interest Shortfall 0.00 0.00 0.00 0.00
------------- ------------- ------------- -------------
Total Interest Distribution 118,842.78 155,520.00 132,883.33 58,243.33
(d) Beginning Class I A and Class I B Principal Balance 23,262,772.19 28,800,000.00 23,800,000.00 10,100,000.00
Less: Principal Distribution 1,888,312.79 0.00 0.00 0.00
------------- ------------- ------------- -------------
Remaining Class A and Class B Principal Balance 21,374,459.40 28,800,000.00 23,800,000.00 10,100,000.00
(e) Fees Due Servicer
Monthly Servicing Fee 135,920.60 (h) Pool Factor
Section 8.06 Reimbursement Amount 0.00 Class I A-1 0.58400162
Section 6.02 Reimbursement Amount 14,010.00 Class I A-2 1.00000000
Reimburseable Fees 0.00 Class I A-3 1.00000000
------------- Class I A-4 1.00000000
Total Fees Due Servicer 149,930.60 Class I A-5 1.00000000
Class I A-6 1.00000000
No. of Unpaid Principal Class I B-1 1.00000000
(f) Delinquency Contracts Balance Class I B-2 1.00000000
31-59 Days Delinquent 95 2,664,635
60-89 Days Delinquent 13 360,521
90+ Days Delinquent 16 437,170
(g) Section 3.05 Repurchases 0.00
(i) Class R Distribution Amount 0.00
Reposession Profits 0.00
(j) Principal Balance of Contracts in Repossession 792,158.15
(k) Aggregate Net Liquidation Losses 0.00
(l) (x) Class B-2 Formula Distribution Amount 37,538.33
(y) Remaining Amount Available 338,945.66
-------------
Amount of (x) over (y) 0.00
(m) Class B-2 Liquidation Loss Amount 0.00
(n) Guarantee Payment 0.00
(o) Unadvanced Shortfalls 0.00
No. $
(p) Units repossessed 9 281,669.41
(q) Principal Prepayments paid 1,296,957.83
(r) Scheduled Principal Payments 591,355.20
(s) Weighted Average Interest Rate 11.65%
<CAPTION>
Information for Clauses (a) through (s), Section 7.01 GROUP I
<S> <C> <C> <C> <C>
Class I A-5 Class I A-6 Class I B-1 Class I B-2
(a) Class I A and Class I B Distribution Amounts 114,815.93 69,419.53 47,729.70 37,538.33
(b) Formula Principal Distribution Amount
(a) Scheduled Principal Due
(b) Partial Prepayments Received
(c) Principal Payments in Full (Scheduled Balance)
(d) Liquidated Contract Scheduled Balance
(e) Section 3.05 Purchase Scheduled Balance
(f) Previously Undistributed Shortfalls in (a) through (e)
-------------- -------------- ------------ ------------
Total Principal Distribution 0.00 0.00 0.00 0.00
(c) Interest Distribution 114,815.93 69,419.53 47,729.70 37,538.33
Unpaid Interest Shortfall 0.00 0.00 0.00 0.00
-------------- -------------- ------------ ------------
Total Interest Distribution 114,815.93 69,419.53 47,729.70 37,538.33
(d) Beginning Class I A and Class I B Principal Balance 19,351,000.00 11,506,000.00 7,911,000.00 5,753,000.00
Less: Principal Distribution 0.00 0.00 0.00 0.00
-------------- -------------- ------------ ------------
Remaining Class A and Class B Principal Balance 19,351,000.00 11,506,000.00 7,911,000.00 5,753,000.00
(e) Fees Due Servicer
Monthly Servicing Fee Original Balance Rate
Section 8.06 Reimbursement Amount 36,600,000.00 5.7473% 5.6523% Libor
Section 6.02 Reimbursement Amount 28,800,000.00 6.4800% 0.095% Spread
Reimburseable Fees 23,800,000.00 6.7000%
10,100,000.00 6.9200%
Total Fees Due Servicer 19,351,000.00 7.1200%
11,506,000.00 7.2400%
No. of 7,911,000.00 7.2400%
(f) Delinquency Contracts 5,753,000.00 7.8300%
31-59 Days Delinquent 95
60-89 Days Delinquent 13
90+ Days Delinquent 16
(g) Section 3.05 Repurchases
(i) Class R Distribution Amount
Reposession Profits
(j) Principal Balance of Contracts in Repossession
(k) Aggregate Net Liquidation Losses
(l) (x) Class B-2 Formula Distribution Amount
(y) Remaining Amount Available
Amount of (x) over (y)
(m) Class B-2 Liquidation Loss Amount
(n) Guarantee Payment
(o) Unadvanced Shortfalls
No.
(p) Units repossessed 9
(q) Principal Prepayments paid
(r) Scheduled Principal Payments
(s) Weighted Average Interest Rate
</TABLE>
<PAGE> 38
<TABLE>
<CAPTION>
CHASE BANK, TRUSTEE DETERMINATION DATE: 04-JUN-98
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 08-JUN-98
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1997C FOR THE PERIOD ENDED: 25-MAY-98
Computation of Available Distribution Amount
<S> <C> <C>
(i) Certificate Account Balance at Monthly Cutoff-Vanderbilt 2,369,908.08
Certificate Account Balance at Monthly Cutoff-SubServicer 753,337.40
(ii) Monthly Advance made 0.00
(iii) Section 5.05 Certificate Fund Income-Vanderbilt 8,322.32
(iii) Section 5.05 Certificate Fund Income-SubServicer 2,628.46
(v) Principal due Holders 0.00
Less:
(i) Scheduled Payments of principal and interest
due subsequent to the Due Period-Vanderbilt 41,485.34
(i) Scheduled Payments of principal and interest
due subsequent to the Due Period-SubServicer 18,067.27
(ii) Due to the Servicer Pursuant to Section 6.02:
(i) Section 3.05 Purchases (Due Seller) 0.00
(ii) Reimbursement for taxes from Liquidation Proceeds 0.00
(iii) Monthly Servicing Fee 135,920.60
(iv) Reimbursable Liquidation Expenses 14,010.00
(v) Section 6.04 (c) reimbursement 0.00
(vi) Section 8.06 reimbursement 0.00
(vii) Amounts not required to be deposited-SubServicer 0.00
Total Due Servicer 149,930.60
Available Distribution Amount-Vanderbilt 2,186,814.46
Available Distribution Amount-SubServicer 737,898.59
To Class A and B 2,623,305.72
Monthly Excess Cashflow 301,407.33
Weighted Average Remaining Term (months) 192.00
Scheduled Balance Computation
Prior Month Balance 130,483,772.43
Current Balance 128,692,974.12
Adv Principal 14,413.15
Del Principal 111,927.87
Pool Scheduled Balance 128,595,459.40
Principal Payments in Full 1,256,850.66
Partial Prepayments 40,107.17
Scheduled Principal 591,355.20
Collateral Balance 128,692,974.12
</TABLE>
<PAGE> 39
<TABLE>
<CAPTION>
CHASE BANK, TRUSTEE DETERMINATION DATE: 04-JUN-98
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 08-JUN-98
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1997C FOR THE PERIOD ENDED: 25-MAY-98
Information for Clauses (v) through (ap), Sect GROUP II
<S> <C> <C> <C> <C>
Class II A-1 Class II B-1 Class II B-2 Class II B-3
(v) Class II A and Class II B Distribution Amounts 1,105,932.03 52,527.73 25,646.27 35,226.84
(w) Formula Principal Distribution Amount
(a) Scheduled Principal Due 186,003.47
(b) Partial Prepayments Received 40,425.65
(c) Principal Payments in Full (Scheduled Balance) 606,379.44
(d) Liquidated Contract Scheduled Balance 0.00
(e) Section 3.05 Purchase Scheduled Balance 0.00
(f) Previously Undistributed Shortfalls in (a) through (e) 0.00
(g) Accelerated Principal Payment 0.00
--------------------------------------------------------
Total Principal Distribution 832,808.56 0.00 0.00 0.00
(x) Interest Distribution 273,123.47 52,527.73 25,646.27 35,226.84
Unpaid Interest Shortfall 0.00 0.00 0.00 0.00
--------------------------------------------------------
Total Interest Distribution 273,123.47 52,527.73 25,646.27 35,226.84
(y) Beginning Class I A and Class I B Principal Balance 52,413,542.16 9,780,000.00 4,370,000.00 5,826,000.00
Less: Principal Distribution 832,808.56 0.00 0.00 0.00
--------------------------------------------------------
Remaining Class A and Class B Principal Balance 51,580,733.60 9,780,000.00 4,370,000.00 5,826,000.00
(z) Fees Due Servicer
Monthly Servicing Fee 78,656.86 (ac) Pool Factor Original Balanc Rate
Section 8.06 Reimbursement Amount 0.00 Class II A-1 0.81549278 63,251,000.00 5.8623%
Section 6.02 Reimbursement Amount 18,016.00 Class II B-1 1.00000000 9,780,000.00 6.0423%
Reimburseable Fees 0.00 Class II B-2 1.00000000 4,370,000.00 6.6023%
------------- Class II B-3 1.00000000 5,826,000.00 6.8023%
Total Fees Due Servicer 96,672.86
No. of Unpaid Principal
(aa) Delinquency Contracts Balance
31-59 Days Delinquent 72 2,301,578
60-89 Days Delinquent 9 331,367
90+ Days Delinquent 15 539,167
(ab) Section 3.05 Repurchases 0.00
(ad) Class R Distribution Amount 498,693.26
Reposession Profits 0.00
(ae) Principal Balance of Contracts in Repossession 86,382.34
(af) Aggregate Net Liquidation Losses 0.00
(ag)(x) Class B-3 Formula Distribution Amount 35,226.84
(y) Remaining Amount Available 197,285.93
-------------
Amount of (x) over (y) 0.00
(ah) Class B-2 Liquidation Loss Amount 0.00
(ai) Guarantee Payment 0.00
(aj) Unadvanced Shortfalls 0.00
No. $
(ak) Units repossessed 0 0.00
(al) Principal Prepayments paid 646,805.09
(am) Scheduled Principal Payments 186,003.47
(an) Weighted Average Interest Rate 10.79%
</TABLE>
<PAGE> 40
<TABLE>
<CAPTION>
CHASE BANK, TRUSTEE DETERMINATION DATE: 04-JUN-98
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 08-JUN-98
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1997C FOR THE PERIOD ENDED: 25-MAY-98
Computation of Available Distribution Amount
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(i) Certificate Account Balance at Monthly Cutoff-Vanderbilt 1,528,533.63
(ii) Monthly Advance made 0.00
(iii)Section 5.05 Certificate Fund Income-Vanderbilt 5,484.93
(v) Principal due Holders 0.00
Less:
(i) Scheduled Payments of principal and interest
due subsequent to the Due Period-Vanderbilt 20,726.90
(ii) Due to the Servicer Pursuant to Section 6.02:
(i) Section 3.05 Purchases (Due Seller) 0.00
(ii) Reimbursement for taxes from Liquidation Proceeds 0.00
(iii) Monthly Servicing Fee 78,656.86
(iv) Reimbursable Liquidation Expenses 18,016.00
(v) Section 6.04 (c) reimbursement 0.00
(vi) Section 8.06 reimbursement 0.00
(vii) Amounts not required to be deposited-SubServicer 0.00
Total Due Servicer 96,672.86
Available Distribution Amount 1,416,618.80
To Class A and B - Scheduled Principal and Interest 1,219,332.87
Monthly Excess Cashflow Class II 197,285.93
Monthly Excess Cashflow Class I 301,407.33
Accelerated Principal Payment 0.00
Weighted Average Remaining Term (months) 184.00
Scheduled Balance Computation
Prior Month Balance 75,510,581.86
Current Balance 74,737,517.03
Adv Principal 6,163.33
Del Principal 65,907.06
Pool Scheduled Balance 74,677,773.30
Principal Payments in Full 606,379.44
Partial Prepayments 40,425.65
Scheduled Principal 186,003.47
Collateral Balance 74,737,517.03
Overcollateralization Amount 3,121,040
Required Overcollateralization Amount 3,121,040
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