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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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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): May 17, 1999
GREEN TREE FLOORPLAN RECEIVABLES MASTER TRUST 1998-1
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(Exact name of registrant as specified in its charter)
Minnesota 33-62433 Applied for
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(State or other jurisdiction (Commission (IRS employer
of incorporation) file numbers) identification no.)
1100 Landmark Towers, 345 St. Peter Street, Saint Paul, Minnesota 55102-1639
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(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code: (612) 293-3400
Not Applicable
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(Former name or former address, if changed since last report.)
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Item 5. Other Events.
Pursuant to the Pooling and Servicing Agreement between Green Tree
Financial Corporation (the "Servicer") and Norwest Bank Minnesota (the
"Trustee"), on May 17, 1999 the Trustee made distributions to the
holders of the certificates representing interests in the Trust (the
"Certificateholders") and delivered to the Certificateholders the
Monthly Report required by Section 1.01 of the Servicing Agreement
attached hereto as Exhibit 99.1.
Item 7. Financial Statements and Exhibits
(c) Exhibits.
The following is filed herewith. The exhibit number
corresponds with Item 601(b) of Regulation S-K.
Exhibit No. Description
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99.1 Monthly Report delivered to
Certificateholders on
May 17, 1999.
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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.
Dated: May 17, 1999
FLOORPLAN RECEIVABLES MASTER TRUST
1998-1
By GREEN TREE FINANCIAL CORPORATION
as Servicer with respect to the Trust
By: /s/ Phyllis A. Knight
-----------------------------------
Phyllis A. Knight
Senior Vice President and Treasurer
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INDEX TO EXHIBITS
Exhibit
Number Page
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99.1 Monthly Report delivered to Certificateholders 5
on May 17, 1999.
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FORM OF MONTHLY STATEMENT
GreenTree Floorplan Receivables Master Trust
Series 1998-1
Pursuant to the Pooling and Servicing Agreement dated as of December 1,
1995 (hereinafter as such agreement may have been or may be from time to time
amended or otherwise modified, the "Pooling and Servicing Agreement"), among
Green Tree Financial Corporation as servicer (the "Servicer"), Green Tree
Floorplan Funding Corp. as transferor (the "Transferor"), and Norwest Bank
Minnesota as trustee (the "Trustee"), as supplemented by the Series 1998-1
Supplement dated as of March 1, 1998 (the Supplement") among the Servicer, the
Transferor and the Trustee, as Servicer is required to prepare certain
information each month regarding current distributions to the Series 1998-1
Certificateholders and the performance of the Green Tree Floorplan Receivables
Master Trust (the "Trust") during the previous month. The information which is
required to be prepared with respect to the performance of the Trust during the
month of April 1999 is set forth below. Certain of the information is presented
on the basis of an original principal amount of $1,000 per Series 1998-1
Certificate (a "Certificate"). Certain other information is presented based on
the aggregate amounts for the Trust as a whole. Capitalized terms used in this
Monthly Statement have their respective meanings set forth in the Pooling and
Servicing Agreement and the Supplement.
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A) Information regarding distribution in respect of the Class A Certificates
per $1,000 original certificate principal amount
(1) The total amount of the distribution in respect of Class A
Certificates, per $1,000 original certificate principal amount 4.15
----------
(2) The amount of the distribution set forth in paragraph 1 above in
respect of interest on the Class A Certificates, per $1,000 original
certificate principal amount 4.15
----------
(3) The amount of the distribution set forth in paragraph 1 above in
respect of principal of the Class A Certificates, per $1,000 original
certificate principal amount 0.00
----------
B) Class A Investor Charge Offs and Reimbursement of Charge Offs
(1) The amount of Class A Investor Charge Offs 0.00
----------
(2) The amount of Class A Investor Charge Offs set forth in paragraph 1
above, per $1,000 original certificate principal amount 0.00
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(3) The total amount reimbursed in respect of Class A Investor Charge Offs 0.00
----------
(4) The amount set forth in paragraph 3 above, per $1,000 original
certificate principal amount 0.00
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(5) The amount, if any, by which the outstanding principal balance of the
Class A Certificates exceeds the Class A Invested Amount after giving
effect to all transactions on such Distribution Date 0.00
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<TABLE>
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<S> <C>
C) Information regarding distributions in respect of the Class B Certificates,
per $1,000 original certificate principal amount
(1) The total amount of the distribution in respect of Class B
Certificates, per $1,000 original certificate principal amount 4.33
----------
(2) The amount of the distribution set forth in paragraph 1 above in
respect of interest on the Class B Certificates, per $1,000 original
certificate principal amount 4.33
----------
(3) The amount of the distribution set forth in paragraph 1 above in
respect of principal of the Class B Certificates, per $1,000 original
certificate principal amount 0.00
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D) Amount of reductions in Class B Invested Amount pursuant to clauses (c),
(d), and (e) of the definition of Class B Invested Amount
(1) The amount of reductions in Class B Invested Amount pursuant to clauses
(c), (d), and (e) of the definition of Class B Invested Amount 0.00
----------
(2) The amount of reductions in the Class B Invested Amount set forth in
paragraph 1 above, per $1,000 original certificate principal amount 0.00
----------
(3) The total amount reimbursed in respect of such reductions in the Class
B Invested Amount 0.00
----------
(4) The amount set forth in paragraph 3 above, per $1,000 original
certificate principal amount 0.00
----------
(5) The amount, if any, by which the outstanding principal balance of the
Class B Certificates exceeds the Class B Invested Amount after giving
effect to all transactions on such Distribution Date 0.00
----------
E) Information regarding distributions in respect of the Class C Certificates,
per $1,000 original certificate principal amount
(1) The total amount of the distribution in respect of Class C
Certificates, per $1,000 original certificate principal amount 4.69
----------
(2) The amount of the distribution set forth in paragraph 1 above in
respect of interest on the Class C Certificates, per $1,000 original
certificate principal amount 4.69
----------
(3) The amount of the distribution set forth in paragraph 1 above in
respect of principal of the Class C Certificates, per $1,000 original
certificate principal amount 0.00
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F) Amount of reductions in Class C Invested Amount pursuant to clauses (c),
(d), and (e) of the definition of Class C Invested Amount
(1) The amount of reductions in Class C Invested Amount pursuant to clauses
(c), (d), and (e) of the definition of Class C Invested Amount 0.00
----------
(2) The amount of reductions in the Class C Invested Amount set forth in
paragraph 1 above, per $1,000 original certificate principal amount 0.00
----------
(3) The total amount reimbursed in respect of such reductions in the Class
C Invested Amount 0.00
----------
(4) The amount set forth in paragraph 3 above, per $1,000 original
certificate principal amount 0.00
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<S> <C>
(5) The amount, if any, by which the outstanding principal balance of the
Class C Certificates exceeds the Class C Invested Amount after giving
effect to all transactions on such Distribution Date 0.00
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</TABLE>
Green Tree Financial Corporation, as Servicer
By: /s/ Phyllis A. Knight
-----------------------------------------
Name: Phyllis A. Knight
Title: Sr. Vice President and Treasurer
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<S> <C> <C>
RECEIVABLES ---
Beginning of the Month Principal Receivables: 1,912,109,175.86
Removed Principal Receivables: 0.00
Additional Principal Receivables: 0.00
End of the Month Principal Receivables: 1,933,078,151.96
End of the Month Total Receivables: 1,933,078,151.96
Excess Funding / Prefunding Account Balance $0.00
Aggregate Invested Amount (all Master Trust Series) 1,779,100,000.00
End of the Month Transferor Amount 21,320,676.34
DELINQUENCIES AND LOSSES ---
RECEIVABLES
End of the Month Delinquencies:
30-60 Days Delinquent 1,226,746.98
61-90 Days Delinquent 534,242.11
90+ Days Delinquent 1,097,326.22
Total 30+ Days Delinquent 2,858,315.31
Defaulted Accounts During the Month 226,971.33
INVESTED AMOUNTS ---
Class A Initial Invested Amount 400,400,000.00
Class B Initial Invested Amount 20,475,000.00
Class C Initial Invested Amount 19,337,000.00
Class D Initial Invested Amount 14,788,000.00
INITIAL INVESTED AMOUNT 455,000,000.00
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<TABLE>
<CAPTION>
<S> <C> <C>
Class A Invested Amount 400,400,000.00
Class B Invested Amount 20,475,000.00
Class C Invested Amount 19,337,000.00
Class D Invested Amount 14,788,000.00
INVESTED AMOUNT 455,000,000.00
Class A Adjusted Invested Amount 400,400,000.00
Class B Adjusted Invested Amount 20,475,000.00
Class C Invested Amount 19,337,000.00
Class D Invested Amount 32,846,818.43
ADJUSTED INVESTED AMOUNT 473,058,818.43
MONTHLY SERVICING FEE 788,431.36
INVESTOR DEFAULT AMOUNT 55,061.26
SERIES 1998-1 INFORMATION
SERIES 1998-1 ALLOCATION PERCENTAGE 25.57%
SERIES 1998-1 ALLOCABLE FINANCE CHARGE 3,633,561.66
SERIES 1998-1 UNREIMBURSED CHARGE-OFFS 0.00%
SERIES 1998-1 ALLOCABLE DEFAULTED AMOUNT 58,047.30
SERIES 1998-1 MONTHLY FEES 788,431.36
SERIES 1998-1 ALLOCABLE PRINCIPAL COLLECTIONS 109,193,822.45
SERIES 1998-1 REQUIRED TRANSFEROR AMOUNT 18,922,352.74
FLOATING ALLOCATION PERCENTAGE 24.74%
INVESTOR FINANCE CHARGE COLLECTIONS 3,445,813.39
INVESTOR DEFAULT AMOUNT 55,061.26
PRINCIPAL ALLOCATION PERCENTAGE 24.74%
AVAILABLE PRINCIPAL COLLECTIONS 103,569,519.69
CLASS A FLOATING ALLOCATION 20.94%
CLASS A REQUIRED AMOUNT 0.00%
CLASS B FLOATING ALLOCATION 1.07%
CLASS B REQUIRED AMOUNT 0.00%
CLASS C FLOATING ALLOCATION 1.01%
CLASS D FLOATING ALLOCATION 1.72%
TOTAL EXCESS SPREAD 1,543,087.11
YIELD AND BASE RATE---
Base Rate (Current Month) 7.04%
Base Rate (Prior Month) 7.05%
Base Rate (Two Months Ago) 7.05%
THREE MONTH AVERAGE BASE RATE 7.05%
Series Adjusted Portfolio Yield (Current Month) 8.60%
Series Adjusted Portfolio Yield (Prior Month) 7.99%
Series Adjusted Portfolio Yield (Two Months Ago) 8.60%
THREE MONTH AVERAGE SERIES ADJUSTED PORTFOLIO 8.40%
YIELD
PRINCIPAL COLLECTIONS---
CLASS A PRINCIPAL PERCENTAGE 20.94%
Class A Principal Collections 87,661,901.79
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<TABLE>
<CAPTION>
<S> <C> <C>
CLASS B PRINCIPAL PERCENTAGE 1.07%
Class B Principal Collections 4,482,710.89
CLASS C PRINCIPAL PERCENTAGE 1.01%
Class C Principal Collections 4,233,561.93
CLASS D PRINCIPAL PERCENTAGE 1.72%
Class D Principal Collections 7,191,345.08
AVAILABLE PRINCIPAL COLLECTIONS 103,569,519.69
REALLOCATED PRINCIPAL COLLECTIONS $0.00
SERIES 1998-1 PRINCIPAL SHORTFALL $0.00
SHARED PRINCIPAL COLLECTIONS ALLOCABLE FROM OTHER $0.00
PRINCIPAL SHARING SERIES
ACCUMULATION ---
Controlled Accumulation Amount $0.00
Deficit Controlled Accumulation Amount $0.00
CONTROLLED DEPOSIT AMOUNT $0.00
PRINCIPAL FUNDING ACCOUNT BALANCE $0.00
SHARED PRINCIPAL COLLECTIONS ELIGIBLE FOR OTHER $103,624,580.95
PRINCIPAL SHARING SERIES
INVESTOR CHARGE OFFS AND REIMBURSEMENTS--
CLASS A INVESTOR CHARGE OFFS $0.00
REDUCTIONS IN CLASS B INVESTED AMOUNT (OTHER THAN $0.00
BY PRINCIPAL PAYMENTS)
REDUCTIONS IN CLASS C INVESTED AMOUNT (OTHER $0.00
THAN BY PRINCIPAL PAYMENTS)
REDUCTIONS IN CLASS D INVESTED AMOUNT (OTHER $0.00
THAN BY PRINCIPAL PAYMENTS)
PREVIOUS CLASS A CHARGE OFFS REIMBURSED $0.00
PREVIOUS CLASS B INVESTED AMOUNT REDUCTIONS REIMBURSED $0.00
PREVIOUS CLASS C INVESTED AMOUNT REDUCTIONS REIMBURSED $0.00
PREVIOUS CLASS D INVESTED AMOUNT REDUCTIONS REIMBURSED $0.00
</TABLE>
Green Tree Financial Corporation, as Servicer
By: /s/ Phyllis A. Knight
-----------------------------------------
Name: Phyllis A. Knight
Title: Sr. Vice President and Treasurer
