<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-K
ANNUAL REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
For the fiscal year ended December 31, 1995
Commission file number: 33-96500
Access Financial Manufactured Housing Contract Trust 1995-1,
------------------------------------------------------------
by Cargill Financial Services Corporation, as Sponsor
-----------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 41-1492786
-------- ----------
(State or other jurisdiction (IRS employer
of incorporation) identification number)
c/o Cargill, Incorporated
Attention: Phillip M. Fantle, Esq., 6000
Clearwater Drive, Minnetonka, Minnesota 55343-9497
- --------------------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (612)984-3444
Securities registered pursuant to Section 12(b) of the Act: None
Securities registered pursuant to Section 12(g) of the Act: None
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. YES NO X
--- ---
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405
of Regulation S-K is not contained herein, and will not be contained, to the
best of registrant's knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K or any amendment to this
Form 10-K. [ X ]
The Registrant has no voting stock or class of common stock held by a
non-affiliate as of the date of this report.
<PAGE>
PART I
The Manufactured Housing Contract Senior/Subordinate Pass-Through Certificates,
Series 1995-1 (the "Certificates") represent interests in a pool of actuarial
manufactured housing installments sales contracts and installment loan
agreements (the "Contracts") and certain related property held by the Access
Financial Manufactured Housing Contract Trust 1995-1 (the "Trust"). The
Contracts were conveyed to the Trust by Cargill Financial Services Corporation
(the "Sponsor").
The Registrant has prepared this Form 10-K in reliance upon various no-action
letters issued by the Securities and Exchange Commission (the "Commission") to
other trusts which are substantially similar to the Trust. Items designated
herein as "not applicable" have been omitted as a result of this reliance.
ITEM 1 BUSINESS
Not applicable
ITEM 2 PROPERTIES
The Trust's sole asset is a pool of actuarial manufactured housing installments
sales contracts and installment loan agreements originated or acquired by Access
Financial Lending Corp. (formerly Access Financial Corp.).
ITEM 3 LEGAL PROCEEDINGS
Cargill Financial Services Corporation is not aware of any material pending
litigation involving the Registrant, the Trustee, the Seller or the Servicer
with respect to the Certificates or the Registrant's Property.
ITEM 4 SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
No vote or consent of holders of any class of certificate was solicited for any
purpose during the year ended December 31, 1995.
PART II
ITEM 5 MARKET FOR THE REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDERS
MATTERS
Each Class of the Certificates representing investors' interests in the Trust is
represented by a single Certificate of such Class registered in the name of Cede
& Co. ("Cede"), the nominee of The Depository Trust Company ("DTC"). To the
best knowledge of the Registrant, there is no established public trading market
for the Certificates.
ITEM 6 SELECTED FINANCIAL DATA
Not applicable.
ITEM 7 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS
Not applicable.
ITEM 8 FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
Not applicable.
ITEM 9 CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
FINANCIAL DISCLOSURE
None.
<PAGE>
PART III
ITEM 10 DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT
Not applicable.
ITEM 11 EXECUTIVE COMPENSATION
Not applicable.
ITEM 12 SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
The Certificates representing the investors' interests in the Trust are
represented by a single Certificate registered in the name of Cede, the nominee
of DTC, and an investor holding an interest in the Trust is not entitled to
receive a Certificate representing such interest except in certain limited
circumstances. Accordingly, Cede is the sole holder of record of Certificates
which it holds on behalf of brokers, dealers, banks and other direct
participants in the DTC system. Such direct participants may hold Certificates
for their own accounts or for the accounts of their customers. The name and
address of Cede is:
Cede & Co.
c/o The Depository Trust Company
Seven Hanover Square
New York, New York 10004
The Seller is not aware of any Schedule 13D or 13G filed with Commission in
respect of the Certificates.
ITEM 13 CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
Not applicable.
PART IV
ITEM 14 EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON FORM 8-K
(a) 1. Financial Statements
Not applicable.
2. Financial Statement Schedules
Not applicable.
3. See Exhibit 99 below
(b) The following reports on Form 8-K were filed for fiscal 1995.
Date of Report Item Covered
May 27, 1998 Monthly Reports to Certificate Holders
(c) Exhibit 99
99.1 Summary of Monthly Reports (November 1995 through December
1995)
99.2 Uniform Single Attestation Program for Mortgage Bankers
(d) Not applicable.
<PAGE>
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange
Act of 1934, the Registrant has duly caused this report to be signed on its
behalf by the undersigned, thereunto duly authorized.
Dated: May 27, 1998
CARGILL FINANCIAL SERVICES
CORPORATION, as Sponsor
By: /s/ Robert D. Beach
-------------------------
ROBERT D. BEACH
Vice President
<PAGE>
INDEX TO EXHIBITS
<TABLE>
<CAPTION>
EXHIBIT
NUMBER DESCRIPTION PAGE
- ------ ------------------------------------------------------- ----
<S> <C> <C>
99.1 Summary of Monthly Reports (November 1995 through
December 1995)
99.2 Uniform Single Attestation Program for Mortgage Bankers
</TABLE>
<PAGE>
MANUFACTURED HOUSING CONTRACT SENIOR/SUBORDINATE
PASS-THROUGH CERTIFICATES, SERIES 1995-1
Distribution Date: 12/15/95 to 1/15/96
Month-end: 11/30/95 to 12/31/95
<TABLE>
<S> <C>
SENIOR CERTIFICATES
1 (a) Amount Available (including Monthly
Servicing Fee) 4,568,391.77
------------------
(b) Class A-4 Interest Deficiency Amount
(if any) and Class B-1 Interest Deficiency
Amount (if any) withdrawn for prior
Remittance Date 0.00
------------------
(c) Amount Available after giving effect to
withdrawl of Class A-4 Interest Deficiency
Amount and Class B-1 Interest Deficiency
Amount for prior Remittance Date 4,568,391.77
------------------
Interest
2 Aggregate Interest (total): 1,463,049.65
------------------
(a) Class A-1 Remittance Rate ( %) 6.100
------------------
(b) Class A-1 Interest 702,465.65
------------------
(c) Class A-2 Remittance Rate ( %) 6.375
------------------
(d) Class A-2 Interest 291,167.50
------------------
(e) Class A-3 Remittance Rate ( %) 7.100
------------------
(f) Class A-3 Interest 469,416.50
------------------
3 Amount applied to:
(a) Unpaid Senior Interest Shortfall 0.00
------------------
4 Remaining:
(a) Unpaid Senior Interest Shortfall 0.00
------------------
</TABLE>
Page 1
<PAGE>
<TABLE>
<S> <C>
Principal
Prior Period Ending Scheduled Balance 182,365,639.34
------------------
5 Formula Principal Distribution Amount: 2,492,691.41
------------------
(a) Scheduled principal 579,201.22
------------------
(b) Principal Prepayments (PIF & Curtailments) 491,203.43
------------------
(c) Liquidated Contracts 0.00
------------------
(d) Repurchases (Principal) 30,284.23
------------------
(e) Accelerated Principal 1,346,781.44
------------------
(f) Principal shortfall on substitutions 43,185.81
------------------
(g) Principal adjustment for cut-off extensions 2,035.28
------------------
6 Pool Count/Scheduled Principal Balance 181,219,729.37
------------------
7 Unpaid Senior Principal Shortfall (if any)
following prior Remittance Date 0.00
------------------
8 Senior Percentage for such Remittance Date
(Until Class B Cross-Over Date, and on each
Remittance Date thereafter unless each Class B
Principal Distribution Test is satisfied, equals
Senior Principal Balance divided by Pool
Scheduled Principal Balance) 100.00
------------------
9 Senior Percentage for the following
Remittance Date 100.00
------------------
10 Senior principal distribution:
(a) Class A-1 2,492,691.41
------------------
(b) Class A-2 0.00
------------------
(c) Class A-3 0.00
------------------
11 (a) Class A-1 Ending Principal Balance 67,208,308.59
------------------
(b) Class A-2 Ending Principal Balance 27,404,000.00
------------------
(c) Class A-3 Ending Principal Balance 39,669,000.00
------------------
12 Unpaid Senior Principal Shortfall (if any)
following current Remittance Date 0.00
------------------
</TABLE>
Page 2
<PAGE>
<TABLE>
<S> <C>
CLASS A-4 CERTIFICATES
13 Class A-4 Amount Available
612,650.71
------------------
Interest
14 Aggregate Interest
(a) Class A-4 Remittance Rate ( %
unless Weighted Average Contract
Rate is below %) 7.625
------------------
(b) Class A-4 Interest 185,401.88
------------------
15 Amount applied to Unpaid Class A-4
Interest Shortfall 0.00
------------------
16 Amount applied to Class A-4 Interest
Deficiency Amount 0.00
------------------
17 Remaining unpaid Class A-4 Interest
Deficiency Amount 0.00
------------------
18 Remaining Unpaid Class A-4 Interest
Shortfall 0.00
------------------
Principal
19 Formula Principal Distribution Amount (total): 0.00
------------------
(a) Scheduled principal 0.00
------------------
(b) Principal Prepayments 0.00
------------------
(c) Liquidated Contracts 0.00
------------------
(d) Repurchases 0.00
------------------
(e) Accelerated Principal 0.00
------------------
20 Pool Scheduled Principal Balance 181,219,729.37
------------------
21 Class A-4 Percentage after prior
Remittance Date 0.00
------------------
22 Class A-4 Percentage for such Remittance
Date 0.00
------------------
23 Class A-4 Percentage for the following
Remittance Date 0.00
------------------
24 Class A-4 principal distribution:
(a) Class A-4 (current) 0.00
------------------
(b) Unpaid Class A-4 Principal Shortfall
(if any) following prior Remittance Date 0.00
------------------
25 Unpaid Class A-4 Principal Shortfall (if any)
following current Remittance Date 0.00
------------------
Class A-4 Principal Balance 14,589,000.00
------------------
Class B Principal Distribution Tests (tests must be satisfied on
or after the Remittance Date occurring in December 2000) n/a
------------------
</TABLE>
Page 3
<PAGE>
<TABLE>
<S> <C>
26 Average Sixty-Day Deliquency Ratio Test
(a) Sixty-Day Deliquency Ratio for
current Remittance Date (%) 0.811859%
------------------
(b) Average Sixty-Day Delinquency Ratio
(arithmetic average of ratios for this month
and two preceding months; may not
exceed 5* %) *re: Class B Prin. Distri. Test 0.670930%
------------------
27 Average Thirty-Day Delinquency Ratio Test
(a) Thirty-Day Delinquency Ratio for
current Remittance Date 2.992955%
------------------
(b) Average Thirty-Day Delinquency Ratio
(arithmetic average of ratios for this month
and two preceding months; may not
exceed 7 * %) *re: Class B Prin. Distri. Test 2.480978%
------------------
28 Cumulative Realized Losses Test
(a) Cumulative Realized Losses for current
Remittance Date (Dec. 1, 2000 to Nov. 30, 2001,
losses are less than 7% of cut-off principal balance,
if Dec. 1, 2001 to Nov. 30. 2002, losses are less
than 8% of cut-off principal balance, and if
after Dec. 1, 2002 the losses are less than 9%
of cut-off principal balance.) 0.00%
------------------
0.00
------------------
29 Current Realized Losses Test
(a) Current Realized Losses for current
Remittance Date 0.00
------------------
(b) Current Realized Loss Ratio (total Realized Losses
for most recent three months, multiplied by 4, divided
by arithmetic average of Pool Scheduled Principal
Balances for third preceding Remittance and for
current Remittance Date; may not exceed 2.75%) 0.00%
------------------
30 Class B Principal Balance Test
(a) Class B Principal Balance Test (Sum of the
Class B Principal Balance and the
Overcollateralization Amount as of such
Remittance Date is greater than or equal
to $3,647,313). 31,673,845.38
------------------
Overcollateralized Amount - Ending Pool Scheduled
Balance MINUS Sum of Principal Balances of A-1 to
B-2 after distributions.
</TABLE>
Page 4
<PAGE>
<TABLE>
<S> <C>
CLASS B-1 CERTIFICATES
31 Amount Available less the Senior Distribution
Amount and Class A-4 Distribution Amount 427,248.83
------------------
Interest
32 Class B-1 Remittance Rate ( %) 7.65
------------------
33 Class B-1 Interest 255,765.00
------------------
34 Current Interest 255,765.00
------------------
35 Amount applied to Unpaid Class B-1
Interest Shortfall 0.00
------------------
36 Amount applied to Class B-1 Interest Deficiency
Amount 0.00
------------------
37 Remaining unpaid Class B-1 Interest Deficiency
Amount 0.00
------------------
38 Remaining Unpaid Class B-1 Interst Shortfall 0.00
------------------
0.00
------------------
Principal
39 Unpaid Class B-1 Principal Shortfall (if any)
following prior Remittance Date 0.00
------------------
40 (a) Class B Percentage for such Remittance
Date (until Class B Cross-over Date, and on
each Remittance Date thereafter unless each
Class B Principal Distribution Test is
satisfied, equals zero. Thereafter, if each
Class B Principal Distribution Test is
satisfied, equals 100% minus Senior
Percentage) 0.00
------------------
(b) Class B Percentage for the following
Remittance Date 0.00
------------------
41 Current Principal (Class B Percentage of Formula
Principal Distribution Amount) 0.00
------------------
42 (a) Class B-1 Principal Shortfall 0.00
------------------
(b) Unpaid Class B-1 Principal Shortfall 0.00
------------------
43 Class B Principal Balance 31,002,639.00
------------------
44 Class B-1 Principal Balance 20,060,000.00
------------------
</TABLE>
Page 5
<PAGE>
<TABLE>
<S> <C>
CLASS B-2 CERTIFICATES
45 Remaining Amount Available 171,483.83
------------------
Interest
46 Class B-2 Remittance Rate ( %, unless
Weighted Average Contract Rate is less than %) 9.375
------------------
47 Class B-2 Interest 170,978.74
------------------
48 Current Interest 170,978.74
------------------
49 Amount applied to Unpaid Class B-2 Interest
Shortfall 0.00
------------------
50 Remaining Unpaid Class B-2 Interest Shortfall 0.00
------------------
Principal
51 Unpaid Class B-2 Principal Shortfall (if any)
following prior Remittance Date 0.00
------------------
52 Class B-2 Principal Liquidation Loss
Amount 0.00
------------------
53 Current principal (zero until Class B-1 paid
down; thereafter, Class B Percentage of
Forumal Principal Distribution Amount) 0.00
------------------
54 Class B-2 Principal Balance 10,942,639.00
------------------
SENIOR, CLASS A-4, CLASS B-1 AND CLASS B-2 CERTIFICATES
Aggregate Actual Balances of delinquent Contracts
as of month-end.
56 30-59 days 3,940,173.44
------------------
57 60 days or more 1,462,456.66
------------------
58 Manufactured Homes repossessed 15
------------------
59 Manufactured Homes repossessed but
remaining in inventory 15
------------------
60 Weighted Average Contract Rate of all
outstanding Contracts (Note: Does not include 10.27
1% servicing fee.) ------------------
</TABLE>
Page 6
<PAGE>
<TABLE>
<S> <C>
SERVICING
61 Monthly Servicing Fee (deducted from
Certificate Account balance to arrive at
Amount Available if the Company is not
the Servicer; deducted from funds remaining
after payment of Senior Distribution Amount,
Class A-4 Distribution Amount, Class B-1
Distribution Amount, and Class B-2
Distribution Amount, if the Company is
the Servicer) 0.00
------------------
Monthly interest on certificate account: 505.09
------------------
CLASS A-4 AND CLASS B-2 CERTIFICATES
64 Class A-4 Interest Deficiency on such
Remittance Date 0.00
------------------
65 Class B-1 Interest Deficiency on such
Remittance Date 0.00
------------------
REPOSSESSED CONTRACTS
66 Repossessed Contracts 363,851.16
------------------
67 Repossessed Contracts Remaining in
Inventory 363,851.16
------------------
ACCELERATED PRINCIPAL CALCULATION
68 Remaining Amount Available 0.00
------------------
69 Accelerated Principal 1,346,781.44
------------------
RESIDUAL CERTIFICATES
70 Class C Distribution Amount
(The lessor of the amount available or the excess, if any, 1/12
Weighted Net Contract Rate at beginning x pool scheduled balance
at beginning MINUS the Certificate Interest [A-1 to B-2]
Distribution Amount for date.) 0.00
------------------
71 Release Amount (if B-2 is zero) 0.00
------------------
72 Reimburse Residual Certificaticate Holder per 0.00
------------------
Section 10.06 (REMIC Tax Matters)
73 Remaining to Residual Holder 0.00
------------------
</TABLE>
Please contact the Bondholder Relations Department of the Bank of New York
at (212) 815 - 2793 with any questions regarding this Statement on your
Distribution.
Page 7
<PAGE>
[KPMG Peat Marwick LLP Letterhead]
Independent Accountants' Report
Board of Directors
Access Financial Corp.:
We have examined management's assertion about Access Financial Corp.'s
compliance with the minimum servicing standards identified in the Mortgage
Bankers Association of America's UNIFORM SINGLE ATTESTATION PROGRAM FOR
MORTGAGE BANKERS (USAP) as of and for the year ended May 31, 1995 included in
the accompanying management assertion. Management is responsible for Access
Financial Corp.'s compliance with those minimum servicing standards. Our
responsibility is to express an opinion on management's assertion about the
entity's compliance based on our examination.
Our examination was made in accordance with standards established by the
American Institute of Certified Public Accountants and, accordingly, included
examining, on a test basis, evidence about Access Financial Corp.'s
compliance with the minimum servicing standards and performing such other
procedures as we considered necessary in the circumstances. We believe that
our examination provides a reasonable basis for our opinion. Our examination
does not provide a legal determination on Access Financial Corp.'s compliance
with the minimum servicing standards.
In our opinion, management's assertion that Access Financial Corp. complied
with the aforementioned minimum servicing standards as of and for the year
ended May 31, 1995 is fairly stated, in all material respects.
This report is intended for the use of the Board of Directors and management
of Access Financial Corp. and investors in the contracts and mortgage loans
serviced for others by Access Financial Corp. and should not be used for any
other purpose.
KPMG Peat Marwick LLP
June 30, 1995
