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Previous: CWABS INC ASSET BACKED CERTIFICATES SERIES 1998-3, 10-K, 1999-03-31 |
Next: NUVEEN TAX FREE UNIT TRUST SERIES 1070, 487, 1999-03-31 |
<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): March 15, 1999
GREEN TREE LEASE FINANCE 1998-1
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Minnesota 33-3715171 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 U.S. Bank National of
Minnesota (the "Trustee"), on March 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
March 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: March 15, 1999
Lease Finance 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
<PAGE>
INDEX TO EXHIBITS
Exhibit
Number Page
- ------- ----
99.1 Monthly Report delivered to Certificateholders 5
on March 15, 1999.
<PAGE>
GREEN TREE FINANCIAL CORPORATION
LEASE FINANCE 1998-1, LLC
CLASS A1, A2, A3, A4, B, C NOTES
MONTHLY REPORT
Feb-1999
CUSIP # 393512-AG3,AH1,AJ7,AK4,AL2,AM0
TRUST ACCOUNT #33-371571
REMITTANCE DATE: 3/22/99
<TABLE>
<CAPTION>
<S> <C>
I. Transaction Cash Flow $ Amount
- ------------------------- ---------------------
a. Beginning Lease Pool Principal Balance $ 394,619,948.00
------------------
b. Less: Lease receivables for current month - 11,987,876.79
------------------
c. Add: Interest Payment and Servicing Fee @ 6.539% + 1,935,314.88
------------------
d. Less: Current month's charge-offs (Liquidated Leases) - 6,215.70
------------------
e. Less: Current month's payoffs (Early Terminations) - 0.00
------------------
f. Add: Amounts due to Substitutions + 0.00
------------------
g. Ending Lease Pool Principal Balance $ 384,561,170.39
==================
II. Overdue Lease Payments
- ---------------------------
a. Beginning Balance $ 0.00
------------------
b. Less: Reimbursement of Overdue Payments Received - 0.00
------------------
c. Less: Past due payments on payoffs (Early Terminations) - 0.00
------------------
d. Less: Past due payments on charge-offs (Nonperforming) - 0.00
------------------
e. Add: Net New Advance for Current month's Overdue Payments + 265,118.26
------------------
f. Ending Balance $ 265,118.26
==================
III. Advance Lease Payments
- ----------------------------
a. Beginning Balance $ 0.00
------------------
b. Less: Payments applied to current month from Prepaid - 0.00
------------------
c. Less: Advance payments on charge-offs and payoffs - 0.00
------------------
d. Add: Advance payments received this month + 2,700,249.76
------------------
e. Add: Advance payments on replacement leases + 0.00
------------------
f. Ending Balance $ 2,700,249.76
==================
IV. Residual Event Calculation
- -------------------------------
a. Green Tree Vendor Services as Servicer (Yes/No) YES
------------------
b. 3-Month Average Servicer Realization Percentage 100.00 %
------------------
(Must equal at least 100%)
c. 3-Month Average Delinquency Percentage 2.08 %
------------------
(Must not exceed 6.0%)
d. 3-Month Average Loss Percentage 0.00 %
------------------
(must not exceed 4.0%)
e. Cumulative Loss Percentage 0.00 %
------------------
(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) $ 6,215.70
------------------
</TABLE>
<PAGE>
GREEN TREE FINANCIAL CORPORATION
LEASE FINANCE 1998-1, LLC
CLASS A1,A2,A3,A4,B,C NOTES
MONTHLY REPORT
Feb-1999
page 2
CUSIP # 393512-AG3,AH1,AJ7,AK4,AL2,AM0
TRUST ACCOUNT #33-371571
REMITTANCE DATE: 3/22/99
<TABLE>
<CAPTION>
<S> <C>
V. Reserve Account $ Amount
- -------------------- --------------------
a. Beginning Balance $ 9,865,499.00
------------------
b. Less: Current Draw - 0.00
------------------
c. Add: Interest Earned + 9,658.53
------------------
d. Ending Balance $ 9,875,157.53
==================
e. Required Reserve Amount (Lesser of $9,865,499.00 or - 9,865,499.00
------------------
Outstanding Note Balance)
f. Excess/(Shortfall) in Reserve account $ 9,658.53
==================
g. Amount distributable to Green Tree - 9,658.53
------------------
h. Ending Balance $ 9,865,499.00
==================
VI. Residual Account
- ----------------------
a. Beginning Balance $ 0.00
------------------
b. Add: Current month's additions + 54,880.02
------------------
c. Less: Current month draws - 0.00
------------------
d. Less: Current month's disbursement to Servicer - 0.00
------------------
e. Ending Balance $ 54,880.02
==================
VII. Liquidated Leases
- -----------------------
a. Beginning Balance $ 0.00
------------------
b. Add: Current Month's Additions + 6,215.70
------------------
c. Less: Current Month's Recoveries - 0.00
------------------
d. Ending Balance (Net Losses) $ 6,215.70
==================
VIII. Cash Receipts
- -------------------
a. Regular Monthly Payments + 9,802,418.86
------------------
b. Overdue payments collected + 16,303.25
------------------
c. Advance payments + 2,700,249.76
------------------
d. Recoveries on Defaulted Leases + 0.00
------------------
e. Casualty and termination payments + 0.00
------------------
f. Servicer Advance for Overdue payments + 265,118.26
------------------
g. Servicer Advance for Early Terminations + 0.00
------------------
h. Interest Earned + 8,688.66
------------------
i. Total Cash Receipts $ 12,792,778.79
==================
</TABLE>
<PAGE>
GREEN TREE FINANCIAL CORPORATION
LEASE FINANCE 1998-1, LLC
CLASS A1,A2,A3,A4,B,C NOTES
MONTHLY REPORT
Feb-1999
page 3
CUSIP # 393512-AG3,AH1,AJ7,AK4,AL2,AM0
TRUST ACCOUNT #33-371571
REMITTANCE DATE: 3/22/99
<TABLE>
<CAPTION>
<S> <C> <C>
Per $1000
IX. Disbursement Requirements $ Amount Original
- ------------------------------ --------------------- ---------------
a. Past due payments collected, due Servicer + 0.00
------------------
b. Unreimbursed nonrecoverable servicer advances + 0.00
------------------
c. Servicing Fee @ .75% + 246,637.47
------------------
d. Advance payments on disqualified leases + 0.00
------------------
e. Total due Servicer $ 246,637.47
==================
f. Shortfall $ 0.00
------------------
g. Draw on Reserve Account + 0.00
------------------
h. Draw on Residual Account + 0.00
------------------
------------------
I. Excess Funds from previous distribution date + 0.00
------------------
j. Total Funds Available $ 12,546,141.32
==================
X. Distributions to Noteholders:
- ---------------------------------
A.) Aggregate Interest
1. Class A-1 Interest 5.20100% $ 496,457.19 4.04522218
------------------ ---------------
2. Class A-1 Interest Carryover Shortfall 0.00
------------------
3. Class A-2 Interest 5.55% $ 215,181.32 4.16249992
------------------ ---------------
4. Class A-2 Interest Carryover Shortfall 0.00
------------------
5. Class A-3 Interest 5.60% $ 513,795.17 4.19999998
------------------ ---------------
6. Class A-3 Interest Carryover Shortfall 0.00
------------------
7. Class A-4 Interest 5.74% $ 251,428.15 4.30499996
------------------ ---------------
8. Class A-4 Interest Carryover Shortfall 0.00
------------------
9. Class B Interest 6.66% $ 128,123.23 4.99499986
------------------ ---------------
10. Class B Interest Carryover Shortfall 0.00
------------------
11. Class C Interest 7.63% $ 79,037.44 5.72249987
------------------ ---------------
12. Class C Interest Carryover Shortfall 0.00
------------------
B.) Aggregate Principal
1. Class A-1 Principal Distribution $ 10,058,777.61 81.96072318
------------------ ---------------
2. Class A-1 Note Principal Balance after distribution $ 112,668,026.39 918.03927682
------------------ ---------------
3. Class A-1 Note Principal Balance Factor 0.91803928
------------------
</TABLE>
<PAGE>
GREEN TREE FINANCIAL CORPORATION
LEASE FINANCE 1998-1, LLC
CLASS A1,A2,A3,A4,B,C NOTES
MONTHLY REPORT
Feb-1999
page 4
CUSIP # 393512-AG3,AH1,AJ7,AK4,AL2,AM0
TRUST ACCOUNT #33-371571
REMITTANCE DATE: 3/22/99
<TABLE>
<CAPTION>
<S> <C> <C>
Per $1000
$ Amount Original
-------------------- ---------------
4. Class A-2 Principal Distribution $ 0.00 0.00000000
------------------ ---------------
5. Class A-2 Note Principal Balance after distribution $ 51,695,213.00 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 $ 122,332,184.00 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 $ 58,403,752.00 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 $ 25,650,297.00 1000.00000000
------------------ ---------------
15. Class B Note Principal Balance Factor 1.00000000
------------------
16. Class B Target Investor Principal Amount $ 36,279,500.81
------------------
17. Class B Floor ( 4.25% of $394,619,948 + 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 $ 13,811,698.00 1000.00000000
------------------ ---------------
20. Class C Note Principal Balance Factor 1.00000000
------------------
21. Class C Target Investor Principal Amount $ 19,534,938.33
------------------
22. Class C Floor ( 2.75% of $394,619,948 + cummulative losses - $ 992,765.27
------------------
- Reserve Fund balance)
XI. Aggregate Principal Balances of Delinquent Contracts as of Determination Date
- ----------------------------------------------------------------------------------
a. 31 - 60 days delinquent 6,361,270.04 859
------------------ ---------------
b. 61 days or more delinquent 1,844,112.25 243
------------------ ---------------
</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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