<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, 1994
HOME IMPROVEMENT LOAN TRUST 1994-A
----------------------------------
(Exact name of registrant as specified in its charter)
MINNESOTA 33-52177 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
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(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code: (612) 293-3400
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NOT APPLICABLE
- -------------------------------------------------------------------------------
(Former name or former address, if changed since last report.)
1
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ITEM 5. OTHER EVENTS.
------------
Pursuant to the Pooling and Servicing Agreement between Green Tree
Financial Corporation (the "Servicer") and First Trust (N.A.) (the
"Trustee"), on April 15, 1994, 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 6.05 of
the Pooling and 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, 1994.
2
<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, 1994
HOME IMPROVEMENT LOAN TRUST 1994-A
By GREEN TREE FINANCIAL CORPORATION
as Servicer with respect to the Trust
By: /s/Robley D. Evans
----------------------------------
ROBLEY D. EVANS
Vice President and Controller
3
<PAGE>
INDEX TO EXHIBITS
EXHIBIT
NUMBER PAGE
------ ----
99.1 Monthly Report delivered to Certificateholders 5
on April 15, 1994.
4
<PAGE>
GREEN TREE FINANCIAL CORP.
CERTIFICATE OF SERVICING OFFICER
The undersigned certifies that he is a vice president and controller of Green
Tree Financial Corp., a Minnesota corporation (the "Company"), and that as such
he is duly authorized to execute and deliver this certificate on behalf of the
Company pursuant to Section 6.02 of the Pooling and Servicing Agreement (the
"Agreement") dated as of March 1, 1993 between the Company and First Trust
(N.A), as Trustee of Home Improvement Loan Trust 1994-A (all capitalized terms
used herein without definition having the respective meanings specified in the
Agreement), and further certifies that:
1. The Monthly Report for the period from March 1, 1994 to March 31, 1994
attached to this certificate is complete and accurate in accordance with
the requirements of Sections 6.01 and 6.02 of the Agreement; and
2. As of the date hereof, no Event of Termination or event that with notice or
lapse of time or both would become an Event of Termination has occurred.
IN WITNESS WHEREOF, I have affixed hereunto my signature this 12 day of April,
1994.
GREEN TREE FINANCIAL CORP.
BY: /s/Robley D. Evans
-----------------------------
Robley D. Evans
Vice President and Controller
<PAGE>
GREEN TREE FINANCIAL CORP.
CERTIFICATE REGARDING REPURCHASED CONTRACTS
The undersigned certifies that his is a Vice President and Controller of Green
Tree Financial Corp., a Minnesota corporation (the "Company"), and that as such
he is duly authorized to execute and deliver this certificate on behalf of the
Company pursuant to Section 8.08 of the Pooling and Servicing Agreement (the
"Agreement") dated as of March 1, 1994 between the Company and First Bank
(N.A.), Milwaukee, Wisconsin, as Trustee of Green Tree Trust 1994-A (all
capitalized terms used herein without definition having the respective meanings
specified in the Agreement), and further certifies that:
1. The contracts on the attached schedule are to be repurchased by the
Company on the date hereof pursuant to Sections 8.04 or 8.07 of the
Agreement.
2. Upon deposit of the Repurchase Price for such Contracts, such Contracts
may, pursuant to Section 8.08 of the Agreement, be assigned by the Trustee
to the Company.
IN WITNESS WHEREOF, I have affixed hereunto my signature this 12 day of April,
1994.
GREEN TREE FINANCIAL CORP.
BY: /s/Robley D. Evans
-----------------------------
Robley D. Evans
Vice President and Controller
<PAGE>
HOME IMPROVEMENT
CERTIFICATES FOR HOME IMPROVEMENT CONTRACTS 7.05%
GREEN TREE TRUST
1994-A
MONTHLY REPORT
March 1994
Distribution Date: 4/15/94
Trust Account: 3331790-0
<TABLE>
<CAPTION>
<S> <C> <C>
A. Monthly Principal
(1) Regular Principal Payments $ 581,555.17
(2) Principal Prepayments 1,761,140.83
(3) Delinquent Payments Advanced 50,625.97
(4) FHA Claims .00
(5) Net Loss Advanced 13,481.27
(6) Contracts Repurchased due to
Breach of Representations
and Warranties (see attached) 139,270.67
(7) Bankruptcy Write-down .00
(8) Delinquent Payments Recovered .00
Total Principal $2,546,073.91
B. Monthly Interest $ 787,818.91
C. Remaining Principal Balance 131,550,761.96
D. Collected Amount 3,576,856.82
E. Monthly Servicing Fee 83,810.52
F. Advances Reimbursed
(1) Prior Advances that have
been recovered .00
(2) Uncollectible Advances .00
G. Excess Cashflow 159,153.48
H. Shortfall .00
I. Subordinated Certificateholder Payment 159,153.48
J. Pool Factor
Previous Month Pool Factor 1.00000000
Current Month Pool Factor .98101317
K. Aggregate Scheduled Balances and Number of
Delinquent Contracts
(1) 31-59 478,323.86 46
(2) 60-89 88,505.49 10
(3) 90 days or more .00 0
</TABLE>
<PAGE>
HOME IMPROVEMENT
CERTIFICATES FOR HOME IMPROVEMENT CONTRACTS 7.05%
GREEN TREE TRUST
1994-A
MONTHLY REPORT
March 1994
Page 2
Distribution Date: 4/15/94
Trust Account: 3331790-0
L. Liquidated Contracts $ 13,649.78
M. Number of Loans Remaining 13,236
N. Number and Principal Balance of Contracts
with FHA claims finally rejected, or no
FHA claim was submitted because FHA
Insurance was unavailable 13,481.27 2
CASH COLLATERAL ACCOUNT INFORMATION
- -----------------------------------
(1) Amount in the Cash Collateral Account
(before deposits or releases on current
Payment Date, but after covering any
Shortfall) 6,973,036.00
(2) Current Requisite Amount (initially
$8,314,004; may be lower after April 1997:
higher if Trigger occurs) 8,314,004.00
Trigger Calculation
(3) Green Tree FHA Insurance reserves 126,970,399.35
(4) If line (3) is less than $50,000,000,
or if Green Tree is no longer Servicer
(Event of Termination), then a Trigger
has occurred, and Requisite Amount is
automatically $10,593,651
(5) Requisite Amount (line (2), unless line
(4) or (11) applies) 8,314,004.00
(6) Cash Collateral Account Deposit (lesser
of (line (5) - line (1) or Excess Cashflow
(line G)) (See also "Subordinated
Certificateholder Payment") 159,153.48
Step-Down Test (tested April 1997 and each April (thereafter)
(7) Average Sixty-Day Delinquency Ratio
(a) Aggregate outstanding principal
balance of all Contracts delinquent
60+ days (including defaulted Contracts
not yet liquidated, but excluding
bankruptcies that are current) 97,369.34
<PAGE>
HOME IMPROVEMENT
CERTIFICATES FOR HOME IMPROVEMENT CONTRACTS 7.05%
GREEN TREE TRUST
1994-A
MONTHLY REPORT
March 1994
Page 3
Distribution Date: 4/15/94
Trust Account: 3331790-0
(b) Principal Balance of all
Contracts $131,550,761.96
(c) Delinquent Ratio (a/b) .07%
(d) Average Sixty-Day Delinquency Ratio .07%
(3 month average)
(8) Cumulative Realized Loss Ratio
(a) Aggregate Realized Losses to date
$14,074.73
(b) Initial Principal Amount
$134,096,835.87
(c) Cumulative Realized Loss Ratio (a/b) .01
STEP-DOWN IS PERMITTED ONLY IF:
- - Trigger has never occurred (line 4); and
- - Line (7) less than 3.5% and line (8) less than 1.5%; or
- - Line (7) less than 2.5% and line (8) less than 4.0%
If all of these conditions are satisfied this
April, calculate reduced Requisite Amount
(9) 12.4% of Principal Balance
(10) $421,208
(11) New Requisite Amount (greater of line (9)
or line (10))
(12) Cumulative Loss Coverage Ratio
(3 month average) 18.26%
<PAGE>
HOME IMPROVEMENT
CERTIFICATES FOR HOME IMPROVEMENT CONTRACTS 7.05%
GREEN TREE TRUST
1994-A
MONTHLY REPORT
March 1994
Page 4
Distribution Date: 4/15/94
Trust Account: 3331790-0
LIMITED GUARANTY INFORMATION
- ----------------------------
Perform following Limited Guaranty calculations only if the Available Cash
Collateral Amount (before deposits on current Payment Date) equals zero and a
Shortfall exists.
(1) Calculation of Limited Guaranty Amount
(a) $544,000 $544,000.00
(b) All Limited Guaranty payments
made prior to current Payment
Date
(c) (a) - (b)
(d) 1% of principal balance of
FHA-Insured Contracts at
current Payment Date
(e) Lesser of (c) or (d)
(2) Limited Guaranty to be paid
(a) Shortfall
(b) Guaranty Amount (from line 1(e))
(c) lesser of (a) or (b)
Please contact the Bondholder Relations Department of First Trust National
Association (612) 244-0444 with any questions regarding this statement of your
Distribution.
<PAGE>
GTHI
94-A
MARCH, 1994
Defaulted Contracts
<TABLE>
<CAPTION>
Estimated
Repurchase Loss at
Account # Principal Interest Amount Sale Date
- --------- ---------- -------- ---------- ----------
<S> <C> <C> <C> <C>
15600512 5,686.47 71.08 5,757.55 5,996.34
15600938 7,794.80 97.43 7,892.23 8,078.39
---------- ------- ---------- ----------
$13,481.27 $168.51 $13,649.78 $14,074.73
========== ======= ========== ==========
</TABLE>
<PAGE>
GTHI 94-A
MARCH, 1994
Contracts Repurchased Due to
Breach of Representation and Warranties*
<TABLE>
<CAPTION>
Repurchase
Account # Principal Interest Amount
- ----------- ----------- -------- -----------
<S> <C> <C> <C>
15601095 $ 8,984.71 $ 52.79 $ 9,037.50
15602102 6,979.71 41.01 7,020.72
15603150 3,627.42 21.31 3,648.73
15604818 4,726.26 27.77 4,754.03
15605028 5,341.36 31.38 5,372.74
15605034 14,615.90 85.87 14,701.77
15605413 7,297.40 42.87 7,340.27
15606485 11,957.83 70.25 12,028.08
15606679 2,625.61 15.43 2,641.04
15607054 9,946.07 58.43 10,004.50
15609289 2,995.47 17.60 3,013.07
15609774 22,532.93 132.38 22,665.31
15612441 3,478.18 20.43 3,498.61
15612586 2,716.40 15.96 2,732.36
15614866 11,929.47 70.09 11,999.56
15617155 6,749.95 39.66 6,789.61
15618876 12,766.00 75.00 12,841.00
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$139,270.67 $818.23 $140,088.90
=========== ======= ===========
</TABLE>
*Unable to locate original loan documents.
