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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): NOVEMBER 15, 1994
HOME IMPROVEMENT LOAN TRUST 1994-A
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(Exact name of registrant as specified in its charter)
MINNESOTA 33-52177 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
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NOT APPLICABLE
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(Former name or former address, if changed since last report.)
1
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ITEM 5. OTHER EVENTS.
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Pursuant to the Pooling and Servicing Agreement between Green
Tree Financial Corporation (the "Servicer") and First Trust
(N.A.) (the "Trustee"), on November 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
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99.1 Monthly Report delivered to
Certificateholders on November 15, 1994.
2
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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: November 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
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ROBLEY D. EVANS
Vice President and Controller
3
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INDEX TO EXHIBITS
EXHIBIT
NUMBER PAGE
------ ----
99.1 Monthly Report delivered to Certificateholders 5
on November 15, 1994.
4
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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, 1994 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 October 1, 1994 to October 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 9 day of November,
1994.
GREEN TREE FINANCIAL CORP.
BY: /s/Robley D. Evans
-----------------------------
Robley D. Evans
Vice President and Controller
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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 8.06 of the Pooling and Servicing Agreement (the
"Agreement") dated as of March 1, 1994 between the Company and Trust National
Association, 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 contracts on the attached schedule are to be repurchased by the
Company on the date hereof pursuant to Sections 3.05 of the Agreement.
2. Upon deposit of the Repurchase Price for such Contracts, such Contracts
may, pursuant to Section 8.06 of the Agreement, be assigned by the Trustee
to the Company.
IN WITNESS WHEREOF, I have affixed hereunto my signature this 9 day of November,
1994.
GREEN TREE FINANCIAL CORP.
BY: /s/Robley D. Evans
-----------------------------
Robley D. Evans
Vice President and Controller
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HOME IMPROVEMENT
CERTIFICATES FOR HOME IMPROVEMENT CONTRACTS 7.05%
GREEN TREE TRUST
1994-A
MONTHLY REPORT
October 1994
Distribution Date: 11/15/94
Trust Account: 3331790-0
<TABLE>
<CAPTION>
<S> <C> <C>
A. Monthly Principal
(1) Regular Principal Payments $ 616,086.18
(2) Principal Prepayments 1,343,635.06
(3) Delinquent Payments Advanced 89,401.90
(4) FHA Claims 13,364.71
(5) Net Loss Advanced 109,177.18
(6) Contracts Repurchased due to
Breach of Representations
and Warranties (see attached) .00
(7) Bankruptcy Write-down .00
(8) Delinquent Payments Recovered (85,689.34)
Total Principal $ 2,085,975.69
B. Monthly Interest 697,175.67
C. Remaining Principal Balance 116,582,222.90
D. Collected Amount 3,200,392.24
E. Monthly Servicing Fee 74,167.62
F. Advances Reimbursed
(1) Prior Advances that have
been recovered 191,569.39
(2) Uncollectible Advances .00
G. Excess Cashflow 343,073.26
H. Shortfall .00
I. Subordinated Certficateholder Payment 343,073.26
J. Pool Factor
Previous Month Pool Factor .88494406
Current Month Pool Factor .86938832
K. Aggregate Scheduled Balances and Number of
Delinquent Contracts
(1) 31-59 550,591.56 60
(2) 60-89 144,626.01 16
(3) 90 days or more 193,223.95 15
</TABLE>
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HOME IMPROVEMENT
CERTIFICATES FOR HOME IMPROVEMENT CONTRACTS 7.05%
GREEN TREE TRUST
1994-A
MONTHLY REPORT
October 1994
Page 2
Distribution Date: 11/15/94
Trust Account: 3331790-0
<TABLE>
<CAPTION>
<S> <C> <C>
L. Liquidated Contracts $ 123,261.74
M. Number of Loans Remaining 12,014
N. Number and Principal Balance of Contracts
with FHA claims finally rejected, or no
FHA claim was submitted because FHA
Insurance was unavailable 57 428,052.31
CASH COLLATERAL ACCOUNT INFORMATION
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(1) Amount in the Cash Collateral Account
(before deposits or releases on current
Payment Date, but after covering any
Shortfall) 8,314,004.00
(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 109,169,506.82
(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 N/A
(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") .00
(a) Surplus to be applied to Daiwa Loan 343,073.26
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) 415,137.10
</TABLE>
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HOME IMPROVEMENT
CERTIFICATES FOR HOME IMPROVEMENT CONTRACTS 7.05%
GREEN TREE TRUST
1994-A
MONTHLY REPORT
October 1994
Page 3
Distribution Date: 11/15/94
Trust Account: 3331790-0
<TABLE>
<CAPTION>
<S> <C> <C>
(b) Principal Balance of all
Contracts $116,582,222.90
(c) Delinquent Ratio (a/b) .39%
(d) Average Sixty-Day Delinquency Ratio .48%
(3 month average)
(8) Cumulative Realized Loss Ratio
(a) Aggregate Realized Losses to date 451,343.38
(b) Initial Principal Amount 134,096,835.87
(c) Cumulative Realized Loss Ratio (a/b) .34
STEP-DOWN IS PERMITTED ONLY IF:
- - Trigger has never occurred (line 4); and
- - Line (7) (lesser than) 3.5% and line (8) (lesser than) 1.5%; or
- - Line (7) (lesser than) 2.5% and Line (8) (lesser 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)
</TABLE>
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HOME IMPROVEMENT
CERTIFICATES FOR HOME IMPROVEMENT CONTRACTS 7.05%
GREEN TREE TRUST
1994-A
MONTHLY REPORT
October 1994
Page 4
Distribution Date: 11/15/94
Trust Account: 3331790-0
<TABLE>
<CAPTION>
<S> <C> <C>
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) .00
(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.
</TABLE>
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GTHI
94-A
October, 1994
Defaulted Contracts
<TABLE>
<CAPTION>
Estimated
Repurchase Loss at
Account # Principal Interest Amount Sale Date
- --------- ----------- -------- ----------- -----------
<S> <C> <C> <C> <C>
15602504 8,329.24 48.93 8,378.17 9,122.72
15605405 13,800.31 81.07 13,881.38 1,308.86
15607546 12,005.52 70.53 12,076.05 13,038.99
15607556 14,561.11 85.54 14,646.65 15,322.43
15608688 8,876.59 52.14 8,928.73 9,534.92
15611074 7,846.62 46.09 7,892.71 8,179.23
15612455 5,691.43 33.43 5,724.86 6,233.96
15613826 9,614.40 56.48 9,670.88 10,315.07
15614525 9,476.58 55.67 9,532.25 10,199.80
15615595 2,500.38 14.68 2,515.06 2,766.45
15617298 15,632.24 91.83 15,724.07 16,175.65
15617402 14,207.47 83.46 14,290.93 15,862.08
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$122,541.89 $ 719.85 $123,261.74 $118,060.16
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</TABLE>
