<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): NOVEMBER 15, 1994
MANUFACTURED HOUSING CONTRACT SENIOR/SUBORDINATE
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PASS-THROUGH CERTIFICATE TRUST 1994-5
-------------------------------------
(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 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
----------- -----------
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
MANUFACTURED HOUSING CONTRACT
SENIOR/SUBORDINATE PASS-THROUGH
CERTIFICATE TRUST 1994-5
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
<TABLE>
<CAPTION>
EXHIBIT
NUMBER PAGE
- ------ ----
<S> <C> <C>
99.1 Monthly Report delivered to Certificateholders 5
on November 15, 1994.
</TABLE>
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 August 1, 1994 94-5 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 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
<PAGE>
GREEN TREE FINANCIAL CORPORATION
MANUFACTURED HOUSING CONTRACT SENIOR/SUBORDINATE 6.60%, 7.30%, 7.60%,
7.95%, 8.30%
PASS-THROUGH CERTIFICATES, SERIES 1994-5
CLASS A1, A2, A3, A4, A5 CERTIFICATES
MONTHLY REPORT
October, 1994
CUSIP#'S 393505-DD1, DE9, DF7, DG4, DH2
TRUST ACCOUNT #3332031-0
REMITTANCE DATE: 11/15/94
<TABLE>
<CAPTION>
Total $ Per $1,000
Amount Original
-------------- ------------
<S> <C> <C>
Class A Certificates
- --------------------
(1) Amount available (including Monthly
Servicing Fee) $6,645,159.73
A. Interest
(2) Aggregate Interest
a. Class A-1 Interest 578,482.03 5.25892755
b. Class A-2 Interest 334,583.33 6.08333327
c. Class A-3 Interest 285,000.00 6.33333333
d. Class A-4 Interest 410,750.00 6.62500000
e. Class A-5 Remittance Rate
(8.30%,unless Weighted Average
Contract Rate is below 8.30%) 8.30%
f. Class A-5 Interest 501,623.86 6.91666663
(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 3,318,375.86 N/A
a. Scheduled Principal 692,848.94 N/A
b. Principal Prepayments 1,881,345.66 N/A
c. Liquidated Contracts .00 N/A
d. Repurchases 744,181.26 N/A
(6) Pool Scheduled Principal
Balance 376,803,114.54 978.85446227
(6a) Pool Factor .97885446
(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) 89.37%
</TABLE>
<PAGE>
GREEN TREE FINANCIAL CORPORATION
MANUFACTURED HOUSING CONTRACT SENIOR/SUBORDINATE 6.60%, 7.30%, 7.60%,
7.95%, 8.40%
PASS-THROUGH CERTIFICATES, SERIES 1994-5
CLASS A1, A2, A3, A4, A5 CERTIFICATES
MONTHLY REPORT
October, 1994
CUSIP#'S 393505-DD1, DE9, DF6, DG4, DH2
TRUST ACCOUNT #3332031-0
REMITTANCE DATE: 11/15/94
<TABLE>
<CAPTION>
Total $ Per $1,000
Amount Original
-------------- ------------
<S> <C> <C>
(9) Class A Percentage for the following
Remittance Date 89.27%
(10) Class A Principal Distribution:
a. Class A-1 3,318,375.86 30.16705327
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 101,860,174.54 926.00158673
(11a) Class A-1 Pool Factor .92600159
(12) Class A-2 Principal Balance 55,000,000.00 1000.0000000
(12a) Class A-2 Pool Factor 1.00000000
(13) Class A-3 Principal Balance 45,000,000.00 1000.0000000
(13a) Class A-3 Pool Factor 1.00000000
(14) Class A-4 Principal Balance 62,000,000.00 1000.0000000
(14a) Class A-4 Pool Factor 1.00000000
(15) Class A-5 Principal Balance 72,523,932.00 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 1,891,575.10 67
(18) 60 days or more 431,936.57 15
(19) Current Month Repossessions 95,622.53 4
(20) Repossession Inventory 154,548.43 7
</TABLE>
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GREEN TREE FINANCIAL CORPORATION
MANUFACTURED HOUSING CONTRACT SENIOR/SUBORDINATE 6.60%, 7.30%, 7.60%,
7.95%, 8.30%
PASS-THROUGH CERTIFICATES, SERIES 1994-5
CLASS A1, A2, A3, A4, A5 CERTIFICATES
MONTHLY REPORT
October, 1994
CUSIP#'S 393505-DD1, DE9, DF6, DG4, DH2
TRUST ACCOUNT #3332031-0
REMITTANCE DATE: 11/15/94
Class B Principal Distribution Tests (test must be satisfied on and
after the Remittance Date occurring in September 2000)
<TABLE>
<S> <C>
(21) Average Sixty-Day Delinquency Ratio Test
(a) Sixty-Day Delinquency Ratio for current
Remittance Date .11%
(b) Average Sixty-Day Delinquency Ratio (arithmetic
average of ratios for this month and two preceding
months; may not exceed 4%) .06%
(22) Average Thirty-Day Delinquency Ratio Test
(a) Thirty-Day Delinquency Ratio for current
Remittance Date .5%
(b) Average Thirty-Day Delinquency Ratio (arithmetic
average of ratios for this month and two preceding
months; may not exceed 6%) .29%
(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 September 1, 1999 to
August 31, 2000, 9% from September 1, 2000 to
August 31, 2001 and 10% thereafter) 0
(24) Current Realized Losses Test
(a) Current Realized Losses for current Remittance
Date 0
(b) Current Realized Loss Ratio (total Realized Losses for
the 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 2.50%) 0
(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 21%) and the Class B Principal Balance
as of such Remittance Date is greater than or equal
to $7,698,859.00 10.63%
</TABLE>
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GREEN TREE FINANCIAL CORPORATION
MANUFACTURED HOUSING CONTRACT SENIOR/SUBORDINATE 8.25%, 8.55%
PASS-THROUGH CERTIFICATES, SERIES 1994-5
CLASS B AND C CERTIFICATES
MONTHLY REPORT
October, 1994
CUSIP#'S 393505-DJ8, DK5
REMITTANCE DATE: 11/15/94
<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) 1,216,344.65
(2) Class B-1 Remittance Rate (8.25% unless
Weighted Average Contract Rate is
below 8.25%) 8.25%
(3) Aggregate Class B1 Interest 105,859.31 6.87499992
(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 40,419,008.00
(11) Class B1 Principal Balance 15,397,718.00
</TABLE>
<PAGE>
GREEN TREE FINANCIAL CORPORATION
MANUFACTURED HOUSING CONTRACT SENIOR/SUBORDINATE 8.25%, 8.55%
PASS-THROUGH CERTIFICATES, SERIES 1994-5
CLASS B AND C CERTIFICATES
MONTHLY REPORT
October, 1994
Page 2
CUSIP#'S 393505-DJ8, DK5
REMITTANCE DATE: 11/15/94
<TABLE>
<S> <C> <C>
Class B2 and C Certificates
- ---------------------------
(12) Remaining Amount Available 1,110,485.34
(13) Class B-2 Remittance Rate (8.55%
unless Weighted Average Contract
Rate is less than 8.55%) 8.55%
(14) Aggregate Class B2 Interest 178,276.69 7.12499995
(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 25,021,290.00
(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) 158,383.95
(23) 3% Guarantee Fee 773,824.70
(24) Class C Residual Payment .00
(25) Repossessed Contracts 95,622.53
(26) Repossessed Contracts Remaining
in Inventory 154,548.43
(27) Weighted Average Contract Rate 11.14339
</TABLE>
<PAGE>
GTFC
1994-5
October, 1994
Contracts Repurchased Due to
Breach of Representation and Warranties
<TABLE>
<CAPTION>
Repurchase
Account# Principal Interest Amount
- -------- ----------- --------- -----------
<S> <C> <C> <C>
50416893 $ 95,629.98 $ 629.56 $ 96,259.54
50417021 47,021.35 309.56 47,330.91
50417133 53,810.91 354.26 54,165.17
50417176 38,193.06 251.44 38,444.50
50417313 91,247.49 600.72 91,849.21
50417342 61,106.72 402.29 61,509.01
50417358 81,233.76 534.79 81,768.55
52407019 69,312.45 456.31 69,768.76
53413127 78,989.82 520.02 79,509.84
98400153 69,007.16 454.30 69,461.46
98400326 58,627.56 385.96 59,013.52
----------- --------- -----------
TOTALS $744,181.26 $4,899.21 $749,080.47
=========== ========= ===========
</TABLE>
