<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): MARCH 17, 1997
MANUFACTURED HOUSING CONTRACT SENIOR/SUBORDINATE
------------------------------------------------
PASS-THROUGH CERTIFICATE TRUST 1996-5
-------------------------------------
(Exact name of registrant as specified in its charter)
DELAWARE 33-55855 39-1859117
- ------------------------------------------------------------------------------
(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
- -----------------------------------------------------------------------------
(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code: (612) 293-3400
--------------
NOT APPLICABLE
- ------------------------------------------------------------------------------
(Former name or former address, if changed since last report.)
<PAGE>
ITEM 5. OTHER EVENTS.
------------
Pursuant to the Pooling and Servicing Agreement between Green Tree
Financial Corporation (the "Servicer") and Firstar Trust Company (the
"Trustee"), on March 17, 1997, 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.
<TABLE>
<CAPTION>
Exhibit No. Description
----------- -----------
<S> <C>
99.1 Monthly Report delivered to Certificateholders on
March 17, 1997.
</TABLE>
<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: March 17, 1997
MANUFACTURED HOUSING CONTRACT
SENIOR/SUBORDINATE PASS-THROUGH
CERTIFICATE TRUST 1996-5
By GREEN TREE FINANCIAL CORPORATION
as Servicer with respect to the Trust
By: /s/Phyllis A. Knight
----------------------------------
PHYLLIS A. KNIGHT
Vice President and Treasurer
<PAGE>
INDEX TO EXHIBITS
<TABLE>
<CAPTION>
EXHIBIT
NUMBER PAGE
- ------ ----
<C> <S> <C>
99.1 Monthly Report delivered to Certificateholders 5
on March 17, 1997.
</TABLE>
<PAGE>
GREEN TREE FINANCIAL CORP.
CERTIFICATE OF SERVICING OFFICER
The undersigned certifies that she is Vice President and Treasurer of Green Tree
Financial Corp., a Delaware corporation (the "Company"), and that as such she 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 June 1, 1996 96-5 between the Company and Firstar Trust
Company, 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 February 1, 1997 to February 28, 1997
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 12th day of March,
1997.
GREEN TREE FINANCIAL CORP.
BY: /s/ Phyllis A. Knight
---------------------------
Phyllis A. Knight
Vice President and Treasurer
<PAGE>
GREEN TREE FINANCIAL CORPORATION
MANUFACTURED HOUSING CONTRACT SENIOR/SUBORDINATE 6.05%, 6.65%, 6.85%, 7.15%,
7.45%, 7.75%, 8.25%
PASS-THROUGH CERTIFICATES, SERIES 1996-5
CLASS A1, A2, A3, A4, A5, A6,CERTIFICATES
MONTHLY REPORT
FEBRUARY 1997
CUSIP#'S 393505-MV1,MW9,MX7,MY5,MZ2,NA6,NB4
TRUST ACCOUNT #80-4141300
REMITTANCE DATE: 3/17/97
<TABLE>
<CAPTION>
Total $ Per $1,000
Amount Original
------- ----------
<S> <C> <C>
Class A Certificates
- --------------------
(1a) Amount available (including Monthly
Servicing Fee) $6,442,835.87
(b) Class M-1 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
withdrawal of Class M-1 Interest
Deficiency Amount and B-1 Interest
Deficiency Amount for prior Remittance
Date 6,442,835.87
A. Interest
(2) Aggregate Interest
a. Class A-1 Remittance Rate(6.05%) 6.05%
b. Class A-1 Interest 122,676.42 2.66687870
c. Class A-2 Remittance Rate(6.65%) 6.65%
d. Class A-2 Interest 310,333.33 5.54166661
e. Class A-3 Remittance Rate(6.85%) 6.85%
f. Class A-3 Interest 251,166.67 5.70833341
g. Class A-4 Remittance Rate(7.15%) 7.15%
h. Class A-4 Interest 476,666.67 5.95833338
i. Class A-5 Remittance Rate(7.45%) 7.45%
j. Class A-5 Interest 266,958.33 6.20833326
k. Class A-6 Remittance Rate(7.75%) 7.75%
l. Class A-6 Interest 432,708.33 6.45833328
m. Class A-7 Remittance Rate (8.25%,
unless Weighted Average Contract Rate 8.25%
is below 8.25%) 696,843.13 6.87500005
(3) Amount applied to:
a. Unpaid Class A Interest
Shortfall .00 .00
</TABLE>
<PAGE>
GREEN TREE FINANCIAL CORPORATION
MANUFACTURED HOUSING CONTRACT SENIOR/SUBORDINATE 6.05%, 6.65%, 6.85%, 7.15%,
7.45%, 7.75%, 8.25%
PASS-THROUGH CERTIFICATES, SERIES 1996-5
CLASS A1, A2, A3, A4, A5, A6,CERTIFICATES
MONTHLY REPORT
FEBRUARY 1997
Page 2
CUSIP#'S 393505-MV1,MW9,MX7,MY5,MZ2,NA6,NB4
TRUST ACCOUNT #80-4141300
REMITTANCE DATE: 3/17/97
<TABLE>
<CAPTION>
Total $ Per $1,000
Amount Original
------- ----------
<S> <C> <C>
(4)Remaining:
a. Unpaid Class A Interest
Shortfall .00 .00
B. Principal
(5) Formula Principal Distribution
Amount 2,323,965.73 N/A
a. Scheduled Principal 585,692.51 N/A
b. Principal Prepayments 1,457,964.44 N/A
c. Liquidated Contracts 262,078.31 N/A
d. Repurchases .00 N/A
e. Current Month Advanced Principal 559,848.61 N/A
f. Prior Month Advanced Principal (541,618.14) N/A
(6) Pool Scheduled Principal Balance 494,153,054.28
(6b) Adjusted Pool Principal Balance 493,593,205.67 953.64728666
(6c) Pool Factor 0.95364729
(7) Unpaid Class A Principal Shortfall
(if any) following prior Remittance date .00
(8) Class A Percentage for such Remittance
Date 92.17%
(9) Class A Percentage for the following
Remittance Date 92.14%
(10) Class A Principal Distribution:
a. Class A-1 2,323,965.73 50.52099413
b. Class A-2 .00 .00
c. Class A-3 .00 .00
d. Class A-4 .00 .00
e. Class A-5 .00 .00
f. Class A-6 .00 .00
</TABLE>
<PAGE>
GREEN TREE FINANCIAL CORPORATION
MANUFACTURED HOUSING CONTRACT SENIOR/SUBORDINATE 6.05%, 6.65%, 6.85%, 7.15%,
7.45%, 7.75%, 8.25%
PASS-THROUGH CERTIFICATES, SERIES 1996-5
CLASS A1, A2, A3, A4, A5, A6,CERTIFICATES
MONTHLY REPORT
FEBRUARY 1997
Page 3
CUSIP#'S 393505-
MV1,MW9,MX7,MY5,MZ2,NA6,NB4
TRUST ACCOUNT #80-4141300
REMITTANCE DATE: 3/17/97
<TABLE>
<CAPTION>
Total $ Per $1,000
Amount Original
------- ----------
<S> <C> <C>
(11) Class A-1 Principal Balance 22,008,546.67 478.44666674
(11a) Class A-1 Pool Factor .47844667
(12) Class A-2 Principal Balance 56,000,000.00 1000.0000000
(12a) Class A-2 Pool Factor 1.00000000
(13) Class A-3 Principal Balance 44,000,000.00 1000.0000000
(13a) Class A-3 Pool Factor 1.00000000
(14) Class A-4 Principal Balance 80,000,000.00 1000.0000000
(14a) Class A-4 Pool Factor 1.00000000
(15) Class A-5 Principal Balance 43,000,000.00 1000.0000000
(15a) Class A-5 Pool Factor 1.00000000
(16) Class A-6 Principal Balance 67,000,000.00 1000.0000000
(16a) Class A-6 Pool Factor 1.00000000
(17) Class A-7 Principal Balance 101,359,000.00 1000.0000000
(17a) Class A7 Pool Factor 1.00000000
(18) Unpaid Class A Principal Shortfall
(if any) following current Remittance
Date .00
</TABLE>
<PAGE>
GREEN TREE FINANCIAL CORPORATION
MANUFACTURED HOUSING CONTRACT SENIOR/SUBORDINATE 6.05%, 6.65%, 6.85%, 7.15%,
7.45%, 7.75%, 8.25%
PASS-THROUGH CERTIFICATES, SERIES 1996-5
CLASS A1, A2, A3, A4, A5, A6, CERTIFICATES
MONTHLY REPORT
FEBRUARY 1997
Page 4
CUSIP#'S 393505-
MV1,MW9,MX7,MY5,MZ2,NA6,NB4
TRUST ACCOUNT #80-4141300
REMITTANCE DATE: 3/17/97
<TABLE>
<CAPTION>
<S> <C> <C>
C. Aggregate Scheduled Balances and Number of
Delinquent Contracts as of Determination
Date
(19) 31-59 days 4,582,384.27 141
(20) 60 days or more 4,101,196.07 123
(21) Current Month Repossessions 966,827.31 40
(22) Repossession Inventory 3,114,836.24 108
</TABLE>
Class M-1 Distribution Test and Class B Distribution Test (applicable on and
after the Remittance Date occurring in May 2000)
(23) Average Sixty-Day Delinquency Ratio Test
<TABLE>
<CAPTION>
<S> <C>
(a) Sixty-Day Delinquency Ratio for current Remittance Date .83%
(b) Average Sixty-Day Delinquency Ratio (arithmetic
average of ratios for this month and two preceding
months; may not exceed 3.5%) .77%
(24) Average Thirty-Day Delinquency Ratio Test
(a) Thirty-Day Delinquency Ratio for current Remittance Date .93%
(b) Average Thirty-Day Delinquency Ratio (arithmetic
average of ratios for this month and two preceding
months; may not exceed 5.5%) .93%
</TABLE>
<PAGE>
GREEN TREE FINANCIAL CORPORATION
MANUFACTURED HOUSING CONTRACT SENIOR/SUBORDINATE 6.05%, 6.65%, 6.85%, 7.15%,
7.45%, 7.75%, 8.25%
PASS-THROUGH CERTIFICATES, SERIES 1996-5
CLASS A1, A2, A3, A4, A5, A6,CERTIFICATES
MONTHLY REPORT
FEBRUARY 1997
Page 5
CUSIP#'S 393505-
MV1,MW9,MX7,MY5,MZ2,NA6,NB4
TRUST ACCOUNT #80-4141300
REMITTANCE DATE: 3/17/97
(25) Cumulative Realized Losses Test
<TABLE>
<CAPTION>
<S> <C>
(a) Cumulative Realized Losses for the current Remittance
Date (as a percentage of Cut-off Date Pool Principal
Balance; may not exceed 5.5% from June 1, 2000 to
May 31, 2001, 6.5% from June 1, 2001 to May 31,
2002, 8.5% from June 1, 2002 to May 31, 2003 and
and 9.5% thereafter) .06%
(26) Current Realized Losses Test
(a) Current Realized Losses for current Remittance Date 89,038.33
(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 2.25%) .2%
(27) Class M-1 Principal Balance Test
(a) The sum of Class M-1 Principal Balance and Class B
Principal Balance (before distributions on current
Remittance Date) divided by Pool Scheduled Principal
Balance as of preceding Remittance Date (must equal
or exceed 25.5%) 16.18%
(28) Class B Principal Balance Test
(a) Class B Principal Balance (before any distributions
on current Remittance Date) as of such Remittance date
greater than $10,351,694.00 .00
(b) Class B Principal Balance (before any distributions
on current Remittance Date) divided by pool Scheduled
Principal Balance as of preceding Remittance Date is
equal to or greater than 11.25% 7.83%
</TABLE>
<PAGE>
GREEN TREE FINANCIAL CORPORATION
MANUFACTURED HOUSING CONTRACT SENIOR/SUBORDINATE 8.05%
PASS-THROUGH CERTIFICATES,SERIES 1996-5
CLASS M1 CERTIFICATES
MONTHLY REPORT
FEBRUARY 1997 CUSIP NO. 393505NC2
Page 6 TRUST ACCOUNT #80-414300
REMITTANCE DATE: 3/17/97
<TABLE>
<CAPTION>
Total $ Per $1,000
Amount Original
------------ -------------
<S> <C> <C>
CLASS M1 CERTIFICATES
- ---------------------
(29) Amount available (including Monthly
Servicing Fee) 1,561,517.26
A. Interest
(30) Aggregate interest
a. Class M-1 Remittance Rate (8.05%,
unless Weighted Average Contract
Rate is below 8.05%) 8.05%
b. Class M-1 Interest 277,758.54 6.70833329
(31) Amount applied to Class M-1 Interest
Deficiency Amount .00 0
(32) Remaining unpaid Class M-1 Interest
Deficiency Amount .00 0
(33) Amount Applied to:
a. Unpaid Class M-1 Interest Shortfall .00 0
(34) Remaining:
a. Unpaid Class M-1 Interest Shortfall .00 0
B. Principal
(35) Formula Principal Distribution Amount .00 N/A
a. Scheduled Principal .00 N/A
b. Principal Prepayments .00 N/A
c. Liquidated Contracts .00 N/A
d. Repurchases .00 N/A
(36) Class M-1 Principal Balance 41,405,000.00 1000.00000000
(36a) Class M-1 Pool Factor 1.00000000
(37) Class M-1 Percentage for such Remittance
Date .00%
</TABLE>
<PAGE>
GREEN TREE FINANCIAL CORPORATION
MANUFACTURED HOUSING CONTRACT SENIOR/SUBORDINATE 8.05%,8.10%
PASS-THROUGH CERTIFICATES, SERIES 1996-5
CLASS M1 CERTIFICATES
MONTHLY REPORT
FEBRUARY 1997 CUSIP NO. 393505NC2
Page 7 TRUST ACCOUNT #80-4141300
REMITTANCE DATE: 3/17/97
<TABLE>
<CAPTION>
Total $ Per $1,000
Amount Original
----------- -------------
<S> <C> <C>
(38) Class M-1 Principal Distribution:
a. Class M-1 (current) .00 0.00000000
b. Unpaid Class M-1 Principal Shortfall
(if any) following prior Remittance
Date .00
(39) Unpaid Class M-1 Principal Shortfall
(if any) following current Remittance Date .00
(40) Class M-1 Percentage for the following
Remittance Date .00%
Class B1 Certificates
- -----------------------
(1) Amount Available less the Class A
Distribution Amount and Class M-1
Distribution amount (including Monthly
Servicing Fee) 1,283,758.72
(2) Class B-1 Remittance Rate (8.10% unless
Weighted Average Contract Rate is
below 8.10%) 8.10%
(3) Aggregate Class B1 Interest 139,758.75 6.75000000
(4) Amount applied to Unpaid Class
B1 Interest Shortfall .00 .00
(5) Remaining unpaid Class B1
Interest Shortfall .00 .00
(6) Amount applied to Class B1 Interest
Deficiency Amount .00
(7) Remaining Unpaid Class B-1 Interest
Deficiency Amount .00
</TABLE>
<PAGE>
GREEN TREE FINANCIAL CORPORATION
MANUFACTURED HOUSING CONTRACT SENIOR/SUBORDINATE 8.10%, 8.45%
PASS-THROUGH CERTIFICATES, SERIES 1996-5
CLASS M1 CERTIFICATES
MONTHLY REPORT
FEBRUARY 1997 CUSIP NO. 393505ND0,NE8
Page 8 TRUST ACCOUNT #80-4141300
REMITTANCE DATE: 3/17/97
<TABLE>
<CAPTION>
Total $ Per $1,000
Amount Original
---------- ----------
<S> <C> <C>
(8) Unpaid Class B1 Principal Shortfall
(if any) following prior Remittance Date .00
(8a) Class B Percentage for such Remittance Date .00
(9) Current Principal (Class B Percentage of
Formula Principal Distribution Amount) .00
(10a) Class B1 Principal Shortfall .00
(10b) Unpaid Class B1 Principal Shortfall .00
(11) Class B Principal Balance 38,820,659.00
(12) Class B1 Principal Balance 20,705,000.00
Class B2 Certificates
- ---------------------
(13) Remaining Amount Available 1,143,999.97
(14) Class B-2 Remittance Rate (8.45%
unless Weighted Average Contract
Rate is less than 8.45%) 8.45%
(15) Aggregate Class B2 Interest 127,564.43 7.04166655
(16) Amount applied to Unpaid Class
B2 Interest Shortfall .00 .00
(17) Remaining Unpaid Class B2 Interest Shortfall .00 .00
(18) Unpaid Class B2 Principal Shortfall
(if any) following prior Remittance Date .00
(19) Class B2 Principal Liquidation Loss Amount .00
(20) Class B2 Principal (zero until Class
B1 paid down; thereafter, Class B
Percentage of Formula Principal
Distribution Amount) .00
</TABLE>
<PAGE>
GREEN TREE FINANCIAL CORPORATION
MANUFACTURED HOUSING CONTRACT SENIOR/SUBORDINATE 8.10%, 8.45%
PASS-THROUGH CERTIFICATES, SERIES 1996-5
CLASS M1 CERTIFICATES
MONTHLY REPORT
FEBRUARY 1997 CUSIP NO. 393505-ND0,NE8
Page 9 TRUST ACCOUNT #80-4141300
REMITTANCE DATE: 3/17/97
<TABLE>
<CAPTION>
Total $ Per $1,000
Amount Original
-------------- ----------
<S> <C> <C>
(21) Guarantee Payment .00
(22) Class B2 Principal Balance 18,115,659.00
(23) Monthly Servicing Fee (Deducted from
Certificate Account balance to arrive at
Amount Available if the Company or Green
Tree Financial Corporation is not the
Servicer; deducted from funds remaining
after payment of Class A Distribution
Amount, Class M-1 Distribution Amount,
Class B-1 Distribution Amount and Class
B-2 Distribution Amount; if the Company
or Green Tree Financial Corporation
is the Servicer) 206,857.83
(24) 3% Guarantee Fee 809,577.71
(25) Class C Residual Payment .00
(26) Class M-1 Interest Deficiency on such
Remittance Date .00
(27) Class B-1 Interest Deficiency on such
Remittance Date .00
(28) Repossessed Contracts 966,827.31
(29) Repossessed Contracts Remaining
in Inventory 3,114,836.24
(30) Weighted Average Contract Rate 10.25640
</TABLE>
