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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): May 15, 1997
GREEN TREE FLOORPLAN RECEIVABLES MASTER TRUST 1996-2
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(Exact name of registrant as specified in its charter)
Minnesota 33-62433 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.)
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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 Norwest Bank Minnesota
(the "Trustee"), on May 15, 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 1.01 of the Servicing
Agreement attached hereto as Exhibit 99.1.
Item 7. Financial Statements and Exhibits
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(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
May 15, 1997.
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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: May 15, 1997
FLOORPLAN RECEIVABLES MASTER TRUST
1996-2
By GREEN TREE FINANCIAL CORPORATION
as Servicer with respect to the Trust
By: /s/Phyllis A. Knight
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Phyllis A. Knight
Vice President and Treasurer
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INDEX TO EXHIBITS
Exhibit
Number Page
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99.1 Monthly Report delivered to Certificateholders 5
on May 15, 1997.
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FORM OF MONTHLY STATEMENT
Green Tree Floorplan Receivables Master Trust
Series 1996-2
Pursuant to the Pooling and Servicing Agreement dated as of December 1, 1995,
(hereinafter as such agreement may have been or may be from time to time amended
or otherwise modified, the "Pooling and Servicing Agreement"), among Green Tree
Financial Corporation as servicer (the "Servicer"), Green Tree Floorplan Funding
Corp. as transferor (the "Transferor"), and Norwest Bank Minnesota as trustee
(the "Trustee), as supplemented by the Series 1996-2 Supplement dated as of June
1, 1996 (the "Supplement") among the Servicer, the Transferor and the Trustee,
as Servicer is required to prepare certain information each month regarding
current distributions to the Series 1996-2 Certificateholders and the
performance of the Green Tree Floorplan Receivables Master Trust (the "Trust")
during the previous month. The information which is required to be prepared
with respect to the performance of the Trust during the month of April 1997 is
set forth below. Certain of the information is presented on the basis of an
original principal amount of $1,000 per Series 1996-2 Certificate (a
"Certificate"). Certain other information is presented based on the aggregate
amounts for the Trust as a whole. Capitalized terms used in this Monthly
Statement have their respective meanings set fourth in the Pooling and Servicing
Agreement and the Supplement.
A) Information regarding distribution in respect of
the Class A Certificates per $1,000 original
certificate principal amount
(1) The total amount of the distribution in
respect of Class A Certificates, per $1,000
original certificate principal amount 4.65
(2) The amount of the distribution set forth
in paragraph 1 above in respect of interest
on the Class A Certificates, per $1,000
original certificate principal amount 4.65
(3) The amount of the distribution set forth in
paragraph 1 above in respect of principal of the
Class A Certificates,per $1,000 original certificate
principal amount 0.00
B) Class A Investor Charge Offs and Reimbursement of
Charge Offs
(1) The amount of Class A Investor Charge Offs 0.00
(2) The amount of Class A Investor Charge Offs
set forth in paragraph 1 above, per $1,000 original
certificate principal amount 0.00
(3) The total amount reimbursed in respect of
Class A Investor Charge Offs 0.00
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(4) The amount set forth in paragraph 3 above, per
$1,000 original certificate principal amount 0.00
(5) The amount, if any, by which the outstanding
principal balance of the Class A Certificates exceeds
the Class A Invested Amount after giving effect to all
transactions on such Distribution Date 0.00
C) Information regarding distribution in respect of the
Class B Certificates, per $1,000 original certificate
principal amount
(1) The total amount of the distribution in respect of
Class B Certificates, per $1,000 original certificate
principal amount 4.83
(2) The amount of the distribution set forth in
paragraph 1 above in respect of interest on the
Class B Certificates, per $1,000 original certificate
principal amount 4.83
(3) The amount of the distribution set forth in
paragraph 1 above in respect of principal of the
Class B Certificates, per $1,000 original certificate
principal amount 0.00
D) Amount of reductions in Class B Invested Amount
pursuant to clauses (c), (d), and (e) of the
definition of Class B Invested Amount
(1) The amount of reductions in Class B Invested
Amount pursuant to clauses (c), (d), and (e) of the
definition of Class B Invested Amount 0.00
(2) The amount of reductions in the Class B Invested
Amount set forth in paragraph 1 above, per $1,000
original certificate principal amount 0.00
(3) The total amount reimbursed in respect of such
reductions in the Class B Invested Amount 0.00
(4) The amount set forth in paragraph 3 above, per
$1,000 original certificate principal amount 0.00
(5) The amount, if any, by which the outstanding
principal balance of the Class B Certificates exceeds
the Class B Invested Amount after giving effect to
all transactions on such Distribution Date 0.00
Green Tree Financial Corporation, as Servicer
BY:/s/Phyllis A Knight
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Name: Phyllis A Knight
Title: Vice President and Treasurer
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RECEIVABLES--
Beginning of the Month Principal Receivables: 1,049,862,480.14
Removed Principal Receivables: 0.00
Additional Principal Receivables: .00
End of the Month Principal Receivables: 1,049,666,384.52
End of the Month Total Receivables: 1,049,666,384.52
Excess Funding Account Balance .00
Aggregate Invested Amount (all Master Trust Series) 998,000,000.00
End of the Month Transferor Amount 25,377,935.97
DELINQUENCIES AND LOSSES--
RECEIVABLES
End of the Month Delinquencies:
30-60 Days Delinquent 325,557.72
61-90 Days Delinquent 316,104.06
90+ Days Delinquent 349,715.28
Total 30+ Days Delinquent 991,377.06
Defaulted Accounts During the Month 0.00
INVESTED AMOUNTS--
Class A Initial Invested Amount 478,800,000.00
Class B Initial Invested Amount 21,500,000.00
Class C Initial Invested Amount 8,100,000.00
Class D Initial Invested Amount 29,600,000.00
INITIAL INVESTED AMOUNT 538,000,000.00
Class A Invested Amount 478,800,000.00
Class B Invested Amount 21,500,000.00
Class C Invested Amount 8,100,000.00
Class D Invested Amount 29,600,000.00
INVESTED AMOUNT 538,000,000.00
Class A Adjusted Invested Amount 478,800,000.00
Class B Adjusted Invested Amount 21,500,000.00
Class C Invested Amount 31,288,429.67
Class D Invested Amount
ADJUSTED INVESTED AMOUNT 539,688,429.67
MONTHLY SERVICING FEE 899,480.72
INVESTOR DEFAULT AMOUNT .00
SERIES 1996-2 INFORMATION
SERIES 1996-2 ALLOCATION PERCENTAGE 53.83%
SERIES 1996-2 ALLOCABLE FINANCE CHARGE 4,962,925.21
SERIES 1996-2 UNREIMBURSED CHARGE-OFFS 0.00
SERIES 1996-2 ALLOCABLE DEFAULTED AMOUNT 0.00
SERIES 1996-2 MONTHLY FEES 899,480.72
SERIES 1996-2 ALLOCABLE PRINCIPAL COLLECTIONS 137,167,181.56
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SERIES 1996-2 REQUIRED TRANSFEROR AMOUNT 21,587,537.19
FLOATING ALLOCATION PERCENTAGE 51.41%
INVESTOR FINANCE CHARGE COLLECTIONS 4,704,524.78
INVESTOR DEFAULT AMOUNT .00
PRINCIPAL ALLOCATION PERCENTAGE 51.41%
AVAILABLE PRINCIPAL COLLECTIONS 129,932,067.92
CLASS A FLOATING ALLOCATION 45.61%
CLASS A REQUIRED AMOUNT 0.00
CLASS B FLOATING ALLOCATION 2.05%
CLASS B REQUIRED AMOUNT 0.00
CLASS C FLOATING ALLOCATION .77%
CLASS D FLOATING ALLOCATION 2.98
TOTAL EXCESS SPREAD 2,370,132.03
YIELD AND BASE RATE--
Base Rate (Current Month) 7.37%
Base Rate (Prior Month) 7.20%
Base Rate (Two Months Ago) 7.14%
THREE MONTH AVERAGE BASE RATE 7.24%
Series Adjusted Portfolio Yield (Current Month) 10.46%
Series Adjusted Portfolio Yield (Prior Month) 8.70%
Series Adjusted Portfolio Yield (Two Months ago) 9.45%
THREE MONTH AVERAGE SERIES ADJUSTED PORTFOLIO
YIELD 9.54%
PRINCIPAL COLLECTIONS--
CLASS A PRINCIPAL PERCENTAGE 45.61%
Class A Principal Collections 115,272,943.98
CLASS B PRINCIPAL PERCENTAGE 2.05%
Class B Principal Collections 5,176,207.80
CLASS C PRINCIPAL PERCENTAGE .77%
Class C Principal Collections 1,950,106.20
CLASS D PRINCIPAL PERCENTAGE 2.98%
Class D Principal Collections 7,532,809.94
AVAILABLE PRINCIPAL COLLECTIONS 129,932,067.92
REALLOCATED PRINCIPAL COLLECTIONS 0.00
SERIES 1995-1 PRINCIPAL SHORTFALL 0.00
SHARED PRINCIPAL COLLECTIONS ALLOCABLE
FROM OTHER PRINCIPAL SHARING SERIES 0.00
ACCUMULATION--
Controlled Accumulation Amount 0.00
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Deficit Controlled Accumulation Amount 0.00
CONTROLLED DEPOSIT AMOUNT 0.00
PRINCIPAL FUNDING ACCOUNT BALANCE 0.00
SHARED PRINCIPAL COLLECTIONS ELIGIBLE FOR
OTHER PRINCIPAL SHARING SERIES 129,932,067.92
INVESTOR CHARGE OFFS AND REIMBURSEMENTS--
CLASS A INVESTOR CHARGE OFFS 0.00
REDUCTIONS IN CLASS B INVESTED AMOUNT (OTHER
THAN BY PRINCIPAL PAYMENTS) 0.00
REDUCTIONS IN CLASS C INVESTED AMOUNT (OTHER
THAN BY PRINCIPAL PAYMENTS) 0.00
REDUCTIONS IN CLASS D INVESTED AMOUNT (OTHER
THAN BY PRINCIPAL PAYMENTS) 0.00
PREVIOUS CLASS A CHARGE OFFS REIMBURSED 0.00
PREVIOUS CLASS B INVESTED AMOUNT REDUCTIONS
REIMBURSED 0.00
PREVIOUS CLASS C INVESTED AMOUNT REDUCTIONS
REIMBURSED 0.00
PREVIOUS CLASS D INVESTED AMOUNT REDUCTIONS
REIMBURSED 0.00
Green Tree Financial Corporation, as Servicer
BY:/s/ Phyllis A Knight
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Name: Phyllis A Knight
Title: Vice President and Treasurer
