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Previous: GREEN TREE LEASE FINANCE II INC, RW, 1998-12-11 |
Next: GREEN TREE LEASE FINANCE 1997-1 LLC, 10-K, 1998-12-11 |
<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_________________________________
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 20, 1998
GREEN TREE LEASE FINANCE 1997-1, LLC
(Exact name of registrant as specified in its charter)
333-38687-02
Delaware (No 1934 Act number) 41-1892359
- --------------------------------------------------------------------------------
(State or other jurisdiction (Commission (IRS employer
of incorporation) file number) identification No.)
1100 Landmark Towers, 345 St. Peter Street, Saint Paul, Minnesota 55102-1639
- --------------------------------------------------------------------------------
(Address of principal executive offices)
Registrant's telephone number, including area code: (651) 293-3400
--------------------------
Not Applicable
- --------------------------------------------------------------------------------
(Former name or former address, if changed since last report)
<PAGE>
Item 1. Changes in Control of Registrant.
--------------------------------
Not applicable.
Item 2. Acquisition or Disposition of Assets.
------------------------------------
Not applicable.
Item 3. Bankruptcy or Receivership.
-------------------------
Not applicable.
Item 4. Changes in Registrant's Certifying Accountant.
----------------------------------------------
Not applicable.
Item 5. Other Events.
------------
Pursuant to Section 3.9 of the Contribution and Servicing Agreement
dated as of December 1, 1997 (the "Agreement"), among Green Tree
Lease Finance 1997-1, LLC, as Issuer, Green Tree Lease Finance II,
Inc., as Contributor, Green Tree Vendor Services Corporation in its
individual capacity and as Servicer, and U.S. Bank Trust National
Association (fka First Trust National Association), as Trustee, the
Servicer delivered to the Trustee the Servicer's Certificate attached
hereto as Exhibit 99.1, summarizing collection activity on the Leases
for the months of December 1997 and January 1998, and based on the
information contained in the Servicer's Certificate, the Trustee made
distributions on February 20, 1998, to the holders of notes
representing indebtedness of the Issuer.
Item 6. Resignations of Registrant's Directors.
--------------------------------------
Not applicable.
Item 7. Financial Statements and Exhibits.
---------------------------------
(a) Financial statements of businesses acquired.
Not applicable.
(b) Pro forma financial information.
Not applicable.
2
<PAGE>
(c) Exhibits.
The following is filed herewith. The exhibit numbers correspond
with Item 601(b) of Regulation S-K.
Exhibit No. Description
----------- -----------
99.1 Servicer's Certificate, dated February 20, 1998,
delivered to the Trustee.
3
<PAGE>
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.
GREEN TREE LEASE FINANCE 1997-1, LLC
Date: December 10, 1998 By: /s/ Joel H. Gottesman
-------------------------------
Joel H. Gottesman
Senior Vice President and Secretary
4
<PAGE>
INDEX TO EXHIBITS
Exhibit Number Page
- -------------- ----
99.1 Servicer's Certificate, dated February 20, Filed Electronically
1998, delivered to the Trustee.
<PAGE>
GREEN TREE FINANCIAL CORPORATION
LEASE FINANCE 1997-1, LLC
CLASS A1, A2, A3, A4, B, C NOTES
MONTHLY REPORT
Jan-1998
CUSIP # 393512-AA6,AB4,AC2,AD0,AE8,AF5
TRUST ACCOUNT #33-362101
REMITTANCE DATE: 2/20/98
<TABLE>
<CAPTION>
I. TRANSACTION CASH FLOW $ Amount
---------------------
<S> <C>
a. Beginning Lease Pool Principal Balance $ 550,799,352.00
---------------------
b. Less: Lease receivables for current month - 42,142,987.55
---------------------
c. Add: Interest Payment and Servicing Fee @ 7.0508% + 6,148,995.45
---------------------
d. Less: Current month's charge-offs (Nonperforming Leases) - 2,758,202.49
---------------------
e. Less: Current month's payoffs (Early Terminations) - 3,204,449.98
---------------------
f. Add: Amounts due to Substitutions + 0.00
---------------------
g. Ending Lease Pool Principal Balance $ 508,842,707.43
=====================
II. OVERDUE LEASE PAYMENTS
a. Beginning Balance $ 441,792.86
---------------------
b. Less: Reimbursement of Overdue Payments Received - 755,302.21
---------------------
c. Less: Past due payments on payoffs (Early Terminations) - 7,910.48
---------------------
d. Less: Past due payments on charge-offs (Nonperforming) - 76,830.91
---------------------
e. Add: Net New Advance for Current month's Overdue Payments + 877,450.16
---------------------
f. Ending Balance $ 479,199.42
=====================
III. ADVANCE LEASE PAYMENTS
a. Beginning Balance $ 0.00
---------------------
b. Less: Payments applied to current month from Prepaid - 1,671,339.24
---------------------
c. Less: Advance payments on charge-offs and payoffs - 2,105,105.56
---------------------
d. Add: Advance payments received this month + 4,319,824.95
---------------------
e. Add: Advance payments on replacement leases + 0.00
---------------------
f. Ending Balance $ 543,380.15
=====================
IV. RESIDUAL EVENT CALCULATION
a. Green Tree Vendor Services as Servicer (Yes/No) YES
---------------------
b. 3-Month Average Servicer Realization Percentage N/A %
---------------------
(Must equal at least 100%)
c. 3-Month Average Delinquency Percentage 2.63%
---------------------
(Must not exceed 6.0%)
d. 3-Month Average Loss Percentage 2.97%
---------------------
(must not exceed 4.0%)
e. Cumulative Loss Percentage 2.97%
---------------------
(must not exceed 4.0% from December 23, 1997 to December 31,
1998, 5.0% from January 1, 1999 to December 31, 1999, and 6.0%
thereafter)
</TABLE>
<PAGE>
GREEN TREE FINANCIAL CORPORATION
LEASE FINANCE 1997-1, LLC
CLASS A1,A2,A3,A4,B,C NOTES
MONTHLY REPORT
Jan-1998
page 2
CUSIP # 393512-AA6,AB4,AC2,AD0,AE8,AF5
TRUST ACCOUNT #33-362100
REMITTANCE DATE: 2/20/98
<TABLE>
<CAPTION>
V. RESERVE ACCOUNT $ Amount
---------------------
<S> <C>
a. Beginning Balance $ 11,015,987.04
---------------------
b. Less: Current Draw - 0.00
---------------------
c. Add: Interest Earned + 61,257.56
---------------------
d. Ending Balance $ 11,077,244.60
=====================
e. Required Reserve Amount (Lesser of $11,015,987.00 or - 11,015,987.04
Outstanding Note Balance) ---------------------
f. Excess/(Shortfall) in Reserve account $ 61,257.56
=====================
g. Amount distributable to Green Tree - 61,257.56
---------------------
h. Ending Balance $ 11,015,987.04
=====================
VI. RESIDUAL ACCOUNT
a. Beginning Balance $ 0.00
---------------------
b. Add: Current month's additions + 46,909.25
---------------------
c. Less: Current month draws - 3,113.10
---------------------
d. Less: Current month's disbursement to Servicer - 0.00
---------------------
e. Ending Balance $ 43,796.15
=====================
VII. NONPERFORMING LEASES
a. Beginning Balance $ 0.00
---------------------
b. Add: Current Month's Additions + 2,758,202.49
---------------------
c. Less: Current Month's Recoveries - 36,061.17
---------------------
d. Ending Balance $ 2,722,141.32
=====================
VIII. Cash Receipts
a. Regular Monthly Payments + 36,082,300.05
---------------------
b. Overdue payments collected + 757,345.84
---------------------
c. Advance payments + 4,319,824.95
---------------------
d. Recoveries on Defaulted Leases + 36,061.17
---------------------
e. Casualty and termination payments + 2,105,105.56
---------------------
f. Servicer Advance for Overdue payments + 877,450.16
---------------------
g. Servicer Advance for Liquidated Leases + 3,204,449.98
---------------------
h. Interest Earned + 122,796.89
---------------------
i. Total Cash Receipts $ 47,505,334.60
=====================
</TABLE>
<PAGE>
GREEN TREE FINANCIAL CORPORATION
LEASE FINANCE 1997-1, LLC
CLASS A1,A2,A3,A4,B,C NOTES
MONTHLY REPORT
Jan-1998
page 3
CUSIP # 393512-AA6,AB4,AC2,AD0,AE8,AF5
TRUST ACCOUNT #33-362100
REMITTANCE DATE: 2/20/98
<TABLE>
<CAPTION>
Per $1000
IX. DISBURSEMENT REQUIREMENTS $ Amount Original
--------------------- ---------------------
<S> <C> <C>
a. Past due payments collected, due Servicer + 0.00
---------------------
b. Unreimbursed nonrecoverable servicer advances + 0.00
---------------------
c. Servicing Fee @ .75% + 344,249.60
---------------------
d. Advance payments on disqualified leases + 0.00
---------------------
e. Total due Servicer $ 344,249.60
=====================
f. Shortfall $ 0.00
---------------------
g. Draw on Reserve Account + 0.00
---------------------
h. Draw on Residual Account + 3,113.10
---------------------
I. Total Funds Available $ 47,164,198.11
=====================
X. DISTRIBUTIONS TO NOTEHOLDERS:
A.) Aggregate Interest
1. Class A-1 Interest 5.90625% $ 1,906,791.96 9.67968750
--------------------- ---------------------
2. Class A-1 Interest Carryover Shortfall 0.00
---------------------
3. Class A-2 Interest 6.20% $ 520,175.35 9.81666667
--------------------- ---------------------
4. Class A-2 Interest Carryover Shortfall 0.00
---------------------
5. Class A-3 Interest 6.17% $ 2,135,315.14 9.76916666
--------------------- ---------------------
6. Class A-3 Interest Carryover Shortfall 0.00
---------------------
7. Class A-4 Interest 6.27% $ 324,351.28 9.92750000
--------------------- ---------------------
8. Class A-4 Interest Carryover Shortfall 0.00
---------------------
9. Class B Interest 6.46% $ 309,857.13 10.22833333
--------------------- ---------------------
10. Class B Interest Carryover Shortfall 0.00
---------------------
11. Class C Interest 6.85% $ 209,089.79 10.84583319
--------------------- ---------------------
12. Class C Interest Carryover Shortfall 0.00
---------------------
B.) Aggregate Principal
1. Class A-1 Principal Distribution $ 41,956,644.57 212.98978407
--------------------- ---------------------
2. Class A-1 Note Principal Balance after distribution $ 155,032,355.43 787.01021593
--------------------- ---------------------
3. Class A-1 Note Principal Balance Factor 0.78701022
---------------------
</TABLE>
<PAGE>
GREEN TREE FINANCIAL CORPORATION
LEASE FINANCE 1997-1, LLC
CLASS A1,A2,A3,A4,B,C NOTES
MONTHLY REPORT
Jan-1998
page 4
CUSIP # 393512-AA6,AB4,AC2,AD0,AE8,AF5
TRUST ACCOUNT #33-362100
REMITTANCE DATE: 2/20/98
<TABLE>
<CAPTION>
Per $1000
$ Amount Original
--------------------- ---------------------
<S> <C> <C>
4. Class A-2 Principal Distribution $ 0.00 0.00000000
--------------------- ---------------------
5. Class A-2 Note Principal Balance after distribution $ 52,989,000.00 1000.00000000
--------------------- ---------------------
6. Class A-2 Note Principal Balance Factor 1.00000000
---------------------
7. Class A-3 Principal Distribution $ 0.00 0.00000000
--------------------- ---------------------
8. Class A-3 Note Principal Balance after distribution $ 218,577,000.00 1000.00000000
--------------------- ---------------------
9. Class A-3 Note Principal Balance Factor 1.00000000
---------------------
10. Class A-4 Principal Distribution $ 0.00 0.00000000
--------------------- ---------------------
11. Class A-4 Note Principal Balance after distribution $ 32,672,000.00 1000.00000000
--------------------- ---------------------
12. Class A-4 Note Principal Balance Factor 1.00000000
---------------------
13. Class B Principal Distribution $ 0.00 0.00000000
--------------------- ---------------------
14. Class B Note Principal Balance after distribution $ 30,294,000.00 1000.00000000
--------------------- ---------------------
15. Class B Note Principal Balance Factor 1.00000000
---------------------
16. Class B Target Investor Principal Amount $ 43,568,130.30
---------------------
17. Class B Floor (3% of $550,799,352 + cummulative losses - $ 0.00
- Class C Note balance - Reserve Fund ---------------------
balance)
18. Class C Principal Distribution $ 0.00 0.00000000
--------------------- ---------------------
19. Class C Note Principal Balance after distribution $ 19,278,352.00 1000.00000000
--------------------- ---------------------
20. Class C Note Principal Balance Factor 1.00000000
---------------------
21. Class C Target Investor Principal Amount $ 27,725,312.60
---------------------
22. Class C Floor (2% of $550,799,352 + cummulative losses - $ 152,491.31
- Reserve Fund balance) ---------------------
XI. AGGREGATE PRINCIPAL BALANCES OF DELINQUENT CONTRACTS AS OF DETERMINATION DATE
a. 31 - 60 days delinquent 10,211,727.02
--------------------- ---------------------
b. 61 days or more delinquent
--------------------- ---------------------
</TABLE>
PLEASE CONTACT U.S. BANK N.A., BONDHOLDER RELATIONS: (612) 973-5800
WITH ANY QUESTIONS REGARDING THIS STATEMENT OR YOUR DISTRIBUTION
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