GREEN TREE FLOORPLAN RECIEVABLES MASTER TRUST
8-K, 1999-04-22
ASSET-BACKED SECURITIES
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<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):April 15, 1999


              GREEN TREE FLOORPLAN RECEIVABLES MASTER TRUST 1998-2
              ----------------------------------------------------
             (Exact name of registrant as specified in its charter)



          Minnesota                  33-62433              Applied for
- --------------------------------------------------------------------------------
(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
- --------------------------------------------------------------------------------
  (Address of principal executive offices)                       (Zip code)


       Registrant's telephone number, including area code: (612) 293-3400


                                 Not Applicable
         (Former name or former address, if changed since last report.)
<PAGE>
 
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 April 15, 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
                  -----------     -----------

                     99.1         Monthly Report delivered to
                                  Certificateholders on
                                  April 15, 1999.
<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.

Dated: April 15, 1999


                                     FLOORPLAN RECEIVABLES MASTER TRUST
                                     1998-2

                                     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
<PAGE>
 
                                INDEX TO EXHIBITS



Exhibit
Number                                                                     Page
- ------                                                                     ----

 99.1     Monthly Report delivered to Certificateholders                    5
          on April 15, 1999.

<PAGE>
 
                            FORM OF MONTHLY STATEMENT

                  GreenTree Floorplan Receivables Master Trust
                                  Series 1998-2

         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 1998-2
Supplement dated as of September 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 1998-2
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 March 1999 is set forth below. Certain of the information is presented
on the basis of an original principal amount of $1,000 per Series 1998-2
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.

<TABLE>
<CAPTION>

<S>                                                                              <C> 
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                  4.02

    (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                                                    4.02

    (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

    (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

    (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
</TABLE>
<PAGE>
 
<TABLE>
<CAPTION>

<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                  4.16

    (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                                           4.16

    (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

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                  4.54

    (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                                                    4.54

    (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

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
</TABLE>
<PAGE>
 
<TABLE>
<CAPTION>

<S>                                                                              <C> 
    (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 C Certificates exceeds the Class C Invested Amount
    after giving effect to all transactions on such Distribution Date               0.00
</TABLE>


              Green Tree Financial Corporation, as Servicer

              By: /s/ Phyllis A. Knight
                  ------------------------------------------
                  Name:  Phyllis A. Knight
                  Title: Sr. Vice President and Treasurer




<TABLE>
<CAPTION>

<S>                                                     <C>              <C> 
RECEIVABLES  ---

Beginning of the Month Principal Receivables:                            1,885,376,703.36
Removed Principal Receivables:                                                       0.00
Additional Principal Receivables:                                                    0.00
End of the Month Principal Receivables:                                  1,912,109,175.86
End of the Month Total Receivables:                                      1,912,109,175.86

Excess Funding Account Balance                                                       0.00
Aggregate Invested Amount (all Master Trust Series)                      1,739,100,000.00

End of the Month Transferor Amount                                          29,168,571.62

DELINQUENCIES AND LOSSES ---
                                                                         RECEIVABLES
End of the Month Delinquencies:
   30-60 Days Delinquent                                                     1,182,028.97

</TABLE>
<PAGE>
 
<TABLE>
<CAPTION>

<S>                                                     <C>              <C> 
   61-90 Days Delinquent                                                       502,814.12
   90+ Days Delinquent                                                         935,531.11

   Total 30+ Days Delinquent                                                 2,620,374.20


Defaulted Accounts During the Month                                            207,524.21


 INVESTED AMOUNTS ---

Class A Initial Invested Amount                         440,000,000.00
Class B Initial Invested Amount                          22,500,000.00
Class C Initial Invested Amount                          21,250,000.00
Class D Initial Invested Amount                          16,250,000.00
INITIAL INVESTED AMOUNT                                                    500,000,000.00
                                                  
Class A Invested Amount                                 440,000,000.00
Class B Invested Amount                                  22,500,000.00
Class C Invested Amount                                  21,250,000.00
Class D Invested Amount                                  16,250,000.00
INVESTED AMOUNT                                                            500,000,000.00
                                                  
Class A Adjusted Invested Amount                        440,000,000.00
Class B Adjusted Invested Amount                         22,500,000.00
Class C Invested Amount                                  21,250,000.00
Class D Invested Amount                                  36,822,436.91
ADJUSTED INVESTED AMOUNT                                                   520,572,436.91
                                                  
MONTHLY SERVICING FEE                                                          867,620.73
                                                  
INVESTOR DEFAULT AMOUNT                                                         55,901.96
                                                 

SERIES 1998-2 INFORMATION

SERIES 1998-2 ALLOCATION PERCENTAGE                                                 28.75%
SERIES 1998-2 ALLOCABLE FINANCE CHARGE                                       3,713,302.92
SERIES 1998-2 UNREIMBURSED CHARGE-OFFS                                               0.00
SERIES 1998-2 ALLOCABLE DEFAULTED AMOUNT                                        59,664.25
SERIES 1998-2 MONTHLY FEES                                                     867,620.73
SERIES 1998-2 ALLOCABLE PRINCIPAL COLLECTIONS                              130,709,293.01
SERIES 1998-2 REQUIRED TRANSFEROR AMOUNT                                    20,822,897.48
FLOATING ALLOCATION PERCENTAGE                                                      27.61%
                                                                   
INVESTOR FINANCE CHARGE COLLECTIONS                                          3,522,331.05
INVESTOR DEFAULT AMOUNT                                                         55,901.96
PRINCIPAL ALLOCATION PERCENTAGE                                                     27.61%
AVAILABLE PRINCIPAL COLLECTIONS                                            123,551,713.00
                                                                  
CLASS A FLOATING ALLOCATION                                                         23.34%
CLASS A REQUIRED AMOUNT                                                              0.00

CLASS B FLOATING ALLOCATION                                                          1.19%
CLASS B REQUIRED AMOUNT                                                              0.00

CLASS C FLOATING ALLOCATION                                                          1.13%
CLASS D FLOATING ALLOCATION                                                          1.95%

TOTAL EXCESS SPREAD                                                          1,498,856.57

</TABLE>
<PAGE>
 
<TABLE>
<CAPTION>

<S>                                                     <C>              <C> 
YIELD AND BASE RATE---

Base Rate (Current Month)                                         7.05%
Base Rate (Prior Month)                                           7.05%
Base Rate (Two Months Ago)                                        7.12%
THREE MONTH AVERAGE BASE RATE                                                        7.07%

Series Adjusted Portfolio Yield (Current Month)                   7.99%
Series Adjusted Portfolio Yield (Prior Month)                     8.60%
Series Adjusted Portfolio Yield (Two Months Ago)                  8.91%
THREE MONTH AVERAGE SERIES ADJUSTED PORTFOLIO                                        8.50%
YIELD

PRINCIPAL COLLECTIONS---

CLASS A PRINCIPAL PERCENTAGE                                                        23.34%
   Class A Principal Collections                        104,428,797.74

CLASS B PRINCIPAL PERCENTAGE                                                         1.19%
   Class B Principal Collections                          5,340,108.98

CLASS C PRINCIPAL PERCENTAGE                                                         1.13%
   Class C Principal Collections                          5,043,436.25

CLASS D PRINCIPAL PERCENTAGE                                                         1.95%
   Class D Principal Collections                          8,739,370.04

AVAILABLE PRINCIPAL COLLECTIONS                         123,551,713.00

REALLOCATED PRINCIPAL COLLECTIONS                                                   $0.00

SERIES 1998-2 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                           $123,607,614.96
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>
<PAGE>
 
            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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