<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): DECEMBER 15, 1994
MANUFACTURED HOUSING CONTRACT SENIOR/SUBORDINATE
------------------------------------------------
PASS-THROUGH CERTIFICATE TRUST 1994-1
-------------------------------------
(Exact name of registrant as specified in its charter)
MINNESOTA 33-50527 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
- ------------------------------------------------------------------------------
(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 Bank
National Association (the "Trustee"), on December 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 December 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: December 15, 1994
MANUFACTURED HOUSING CONTRACT
SENIOR/SUBORDINATE PASS-THROUGH
CERTIFICATE TRUST 1994-1
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
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INDEX TO EXHIBITS
EXHIBIT
NUMBER PAGE
------ ----
99.1 Monthly Report delivered to Certificateholders 5
on December 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 94-1 between the Company and First Bank
National Association, as Trustee (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 November 1, 1994 to November 30,
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
December, 1994.
GREEN TREE FINANCIAL CORP.
BY: /s/Robley D. Evans
-----------------------------
Robley D. Evans
Vice President and Controller
<PAGE>
GREEN TREE FINANCIAL CORPORATION
MANUFACTURED HOUSING CONTRACT SENIOR/SUBORDINATE 5.60%, 6.50%, 6.90%,
7.20%, 7.65%
PASS-THROUGH CERTIFICATES, SERIES 1994-1
CLASS A1, A2, A3, A4, A5 CERTIFICATES
MONTHLY REPORT
November, 1994
<TABLE>
<CAPTION>
CUSIP#'S 393505-BU5, BV3, BW1, BX9, BY7
TRUST ACCOUNT #3331875-0
REMITTANCE DATE: 12/15/94
Total $ Per $1,000
Amount Original
--------- -------------
<S> <C> <C>
Class A Certificates
- --------------------
(1) Amount available (including Monthly
Servicing Fee) 7,890,916.71
A. Interest
(2) Aggregate Interest
a. Class A-1 Interest 682,739.83 3.90137046
b. Class A-2 Interest 487,500.00 5.41666667
c. Class A-3 Interest 316,250.00 5.75000000
d. Class A-4 Interest 405,078.00 6.00000000
e. Class A-5 Interest 716,062.56 6.37499999
(3) Amount applied to:
a. Unpaid Class A Interest
Shortfall .00 .00
(4) Remaining:
a. Unpaid Class A Interest
Shortfall .00 .00
B. Principal
(5) Formula Principal Distribution
Amount 3,756,065.01 N/A
a. Scheduled Principal 1,424,674.84 N/A
b. Principal Prepayments 1,965,426.91 N/A
c. Liquidated Contracts 365,963.26 N/A
d. Repurchases .00 N/A
(6) Pool Scheduled Principal
Balance 529,159,486.89 942.21179696
(6a) Pool Factor .94221180
(7) Unpaid Class A Principal Shortfall
(if any) following prior Remittance
date .00
(8) Class A 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
Class A Principal Balance divided by
pool Scheduled Principal Balance) 88.41%
</TABLE>
<PAGE>
GREEN TREE FINANCIAL CORPORATION
MANUFACTURED HOUSING CONTRACT SENIOR/SUBORDINATE 5.60%, 6.50%, 6.90%,
7.20%, 7.65%
PASS-THROUGH CERTIFICATES, SERIES 1994-1
CLASS A1, A2, A3, A4, A5 CERTIFICATES
MONTHLY REPORT
November, 1994
Page 2
<TABLE>
<CAPTION>
CUSIP#'S 393505-BU5, BV3, BW1, BX9, BY7
TRUST ACCOUNT #3331875-0
REMITTANCE DATE: 12/15/94
Total $ Per $1,000
Amount Original
------- ----------
<S> <C> <C>
(9) Class A Percentage for the following
Remittance Date 88.33%
(10) Class A Principal Distribution:
a. Class A-1 3,756,065.01 21.46322863
b. Class A-2 .00 .00
c. Class A-3 .00 .00
d. Class A-4 .00 .00
e. Class A-5 .00 .00
(11) Class A-1 Principal Balance 142,545,326.89 814.54472509
(11a) Class A-1 Pool Factor .81454473
(12) Class A-2 Principal Balance 90,000,000.00 1000.0000000
(12a) Class A-2 Pool Factor 1.00000000
(13) Class A-3 Principal Balance 55,000,000.00 1000.0000000
(13a) Class A-3 Pool Factor 1.00000000
(14) Class A-4 Principal Balance 67,513,000.00 1000.0000000
(14a) Class A-4 Pool Factor 1.00000000
(15) Class A-5 Principal Balance 112,323,539.00 1000.0000000
(15a) Class A-5 Pool Factor 1.00000000
(16) Unpaid Class A Principal Shortfall
(if any)following current Remittance
Date .00
C. Aggregate Scheduled Balances and Number of Delinquent
Contracts as of Determination Date
(17) 31-59 days 3,880,953.20 161
(18) 60 days or more 2,519,160.35 94
(19) Current Month Repossessions 504,060.50 25
(20) Repossession Inventory 1,766,442.97 76
</TABLE>
<PAGE>
GREEN TREE FINANCIAL CORPORATION
MANUFACTURED HOUSING CONTRACT SENIOR/SUBORDINATE 5.60%, 6.50%, 6.90%,
7.20%, 7.65%
PASS-THROUGH CERTIFICATES, SERIES 1994-1
CLASS A1, A2, A3, A4, A5 CERTIFICATES
MONTHLY REPORT
November, 1994
Page 3
CUSIP#'S 393505-BU5, BV3, BW1, BX9, BY7
TRUST ACCOUNT #3331875-0
REMITTANCE DATE: 12/15/94
Class B Principal Distribution Tests (test must be satisfied on and after the
Remittance Date occurring in April 2000)
(21) Average Sixty-Day Delinquency Ratio Test
(a) Sixty-Day Delinquency Ratio for current
Remittance Date .48%
(b) Average Sixty-Day Delinquency Ratio (arithmetic
average of ratios for this month and two preceding
months; may not exceed 4%) .42%
(22) Average Thirty-Day Delinquency Ratio Test
(a) Thirty-Day Delinquency Ratio for current
Remittance Date .73%
(b) Average Thirty-Day Delinquency Ratio (arithmetic
average of ratios for this month and two preceding
months; may not exceed 6%) .67%
(23) Cumulative Realized Losses Test
(a) Cumulative Realized Losses for the current Remittance
Date (as a percentage of Cut-off Date Pool Principal
Balance; may not exceed 7% from April 1, 1999 to
March 31, 2000, 9% from April 1, 2000 to
March 31, 2001 and 10% thereafter) 0.06%
(24) Current Realized Losses Test
(a) Current Realized Losses for current Remittance
Date 121,136.79
(b) Current Realized Loss Ratio (total Realized Losses for
the most recent three months, divided by arithmetic
average of Pool Scheduled Principal Balances for third
preceding Remittance and for current Remittance Date;
may not exceed 2.75%) 0.15%
(25) Class B Principal Balance Test
(a) Class B Principal Balance (before any distributions
on current Remittance Date) divided by pool Scheduled
Principal Balance for prior Remittance date (must
equal or exceed 22%) and the Class B Principal Balance
as of such Remittance Date is greater than or equal
to $11,232,283.00 11.59%
<PAGE>
GREEN TREE FINANCIAL CORPORATION
MANUFACTURED HOUSING CONTRACT SENIOR/SUBORDINATE 7.60%, 7.85%
PASS-THROUGH CERTIFICATES, SERIES 1994-1
CLASS B and C CERTIFICATES
MONTHLY REPORT
November, 1994
CUSIP#'S 393505BZ4, CA8
REMITTANCE DATE: 12/15/94
<TABLE>
<CAPTION>
Total $ Per $1,000
Amount Original
------- ----------
<S> <C> <C>
CLASS B1 CERTIFICATES
- ---------------------
(1) Amount Available less the Class A
Distribution Amount (including Monthly
Servicing Fee) 1,527,221.31
(2) Class B-1 Remittance Rate (7.60% unless
Weighted Average Contract Rate is
below 7.60%) 7.60%
(3) Aggregate Class B1 Interest 160,056.00 6.33333333
(4) Amount applied to Unpaid Class
B1 Interest Shortfall .00 .00
(5) Remaining unpaid Class B1
Interest Shortfall .00 .00
(6) Unpaid Class B1 Principal Shortfall
(if any) following prior Remittance Date .00
(7) 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 Class A Percentage) .00
(7a) Class B Percentage for the following
Remittance Date .00
(8) Class B1 Principal (Class B Percentage of
Formula Principal Distribution Amount) .00
(9a) Class B1 Principal Shortfall .00
(9b) Unpaid Class B1 Principal Shortfall .00
(10) Class B Principal Balance 61,777,621.00
(11) Class B1 Principal Balance 25,272,000.00
</TABLE>
<PAGE>
GREEN TREE FINANCIAL CORPORATION
MANUFACTURED HOUSING CONTRACT SENIOR/SUBORDINATE 7.60%, 7.85%
PASS-THROUGH CERTIFICATES, SERIES 1994-1
CLASS B and C CERTIFICATES
MONTHLY REPORT
November, 1994
Page 2
CUSIP#'S 393505BZ4, CA8
REMITTANCE DATE: 12/15/94
<TABLE>
<CAPTION>
Class B2 and C Certificates
- ---------------------------
<S> <C> <C>
(12) Remaining Amount Available 1,367,165.31
(13) Class B-2 Remittance Rate (7.85%
unless Weighted Average Contract
Rate is less than 7.85%) 7.85%
(14) Aggregate Class B2 Interest 238,807.60 6.54166656
(15) Amount applied to Unpaid Class
B2 Interest Shortfall .00 .00
(16) Remaining Unpaid Class B2
Interest Shortfall .00 .00
(17) Unpaid Class B2 Principal Shortfall
(if any) following prior Remittance Date .00
(18) Class B2 Principal Liquidation Loss Amount .00
(19) Class B2 Principal (zero until Class B1
paid down; thereafter, Class B Percentage
of Formula Principal Distribution Amount) .00
(20) Guarantee Payment .00
(21) Class B2 Principal Balance 36,505,621.00
(22) 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 Class A
Distribution Amount and Class B1 and B2
Distribution Amount; if the Company
is the Servicer) 222,048.15
(23) 2.60 Guarantee Fee 906,309.56
(24) Class C Residual Payment .00
(25) Repossessed Contracts 504,060.50
(26) Repossessed Contracts Remaining in
Inventory 1,766,442.97
(27) Weighted Average Contract Rate 9.79581
</TABLE>
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GTFC
94-1
November, 1994
Defaulted Contracts
<TABLE>
<CAPTION>
Estimated
Repurchase Loss at
Account # Principal Interest Amount Sale Date
- --------- ---------- --------- ---------- ---------
<S> <C> <C> <C> <C>
18306932 34,075.31 203.31 34,278.62 35,662.97
21314623 20,759.98 123.86 20,883.84 7,077.09
21314906 19,224.41 114.70 19,339.11 2,502.23
25320840 18,149.01 108.28 18,257.29 3,439.99
30313414 7,581.26 45.23 7,626.49 1,936.83
34305715 29,139.55 173.86 29,313.41 4,547.13
40310133 25,544.38 152.41 25,696.79 7,681.69
53312594 7,806.98 46.58 7,853.56 351.90
57311404 23,501.75 140.22 23,641.97 3,584.41
75318927 14,766.80 88.10 14,854.90 5,512.35
76311744 17,740.33 105.85 17,846.18 8,541.71
76311816 13,491.44 80.49 13,571.93 5,625.25
76311860 40,015.23 238.75 40,253.98 9,834.01
80311313 22,109.37 131.91 22,241.28 1,821.95
85312716 19,028.32 113.53 19,141.85 .00
90316770 27,807.97 165.92 27,973.89 6,027.75
90317012 9,317.28 55.59 9,372.87 3,213.62
96313148 15,903.89 94.89 15,998.78 5,349.24
----------- --------- ----------- -----------
$365,963.26 $2,183.48 $368,146.74 $112,710.12
=========== ========= =========== ===========
</TABLE>
