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Previous: GREEN TREE FINANCIAL CORP, 8-K, 1998-11-23 |
Next: DREYFUS BALANCED FUND INC, 485BPOS, 1998-11-23 |
<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 16, 1998
MANUFACTURED HOUSING CONTRACT SENIOR/SUBORDINATE
------------------------------------------------
PASS-THROUGH CERTIFICATE TRUST 1998-7
-------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 33-55855 applied for
- --------------------------------------------------------------------------------
(State or other jurisdiction (Commission (IRS employee
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 November 16, 1998, 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 6.02 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 16, 1998.
<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:November 16, 1998
MANUFACTURED HOUSING CONTRACT
SENIOR/SUBORDINATE PASS-THROUGH
CERTIFICATE TRUST 1998-7
By GREEN TREE FINANCIAL CORPORATION
as Servicer with respect to the Trust
By: /s/Phyllis A. Knight
---------------------
PHYLLIS A. KNIGHT
Senior Vice Presidnt and Treasurer
<PAGE>
INDEX TO EXHIBITS
EXHIBIT
NUMBER PAGE
- ------ ----
99.1 Monthly Report delivered to Certificateholders 5
on November 16, 1998.
<PAGE>
GREEN TREE FINANCIAL CORP.
CERTIFICATE OF SERVICING OFFICER
The undersigned certifies that she is Senior 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 August 1, 1998, (98-7), between the Company and First Trust
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 September 16, 1998 to October 15,
1998 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 29th day of
October, 1998.
GREEN TREE FINANCIAL CORP.
BY: /s/Phyllis A. Knight
-----------------------
Phyllis A. Knight
Senior Vice President and
Treasurer
<PAGE>
GREEN TREE FINANCIAL CORPORATION
MANUFACTURED HOUSING CONTRACT SENIOR/SUBORDINATE
PASS-THROUGH CERTIFICATES, SERIES 1998-7
CLASS A-1 CERTIFICATES
MONTHLY REPORT
Oct-1998
CUSIP NO. 393505N40
TRUST ACCOUNT #3336877-0
REMITTANCE DATE 11/02/98
<TABLE>
<CAPTION>
Total $ Per $1,000
Amount Original
--------------- ---------------
<S> <C> <C>
1. (a) Amount Available( including Monthly Servicing Fee) 17,601,466.08
--------------
(b) Class M-1 & M-2 Interest Deficiency Amounts (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 & M-2 Interest
Deficiency Amounts and Class B-1 Interest Deficiency Amount for prior
Remittance Date 17,601,466.08
--------------
(d) Amount withdrawn from Capitalized Interest Account 0.00
--------------
2. Interest
a. Class A-1 Remittance Rate 6.32%
--------------
b. Class A-1 Interest 3,908,876.11 5.44222222
-------------- --------------
3. Amount applied to:
a. Unpaid Class A-1 Interest Shortfall 0.00 0
-------------- --------------
4. Remaining:
a. Unpaid Class A-1 Interest Shortfall 0.00 0
-------------- --------------
5. Formula Principal Distribution Amount 9,527,520.74 N/A
-------------- --------------
a. Scheduled Principal 1,343,557.80 N/A
-------------- --------------
b. Principal Prepayments 6,792,876.70 N/A
-------------- --------------
c. Liquidated Contracts 4,055.84 N/A
-------------- --------------
d. Repurchases 0.00 N/A
-------------- --------------
e. Current Month 10-Day Advanced Principal 1,387,030.40 N/A
-------------- --------------
f. Prior Month 10-Day Advanced Principal 0.00 N/A
-------------- --------------
6. Pool Scheduled Principal Balance 841,859,509.66
--------------
7. Adjusted Pool Principal Balance 840,472,479.26 988.79115207
-------------- --------------
8. Pool Factor 0.98879115
--------------
9. Unpaid Class A Principal Shortfall
(if any) following prior Remittance Date 0.00
--------------
10. Class A-1 Percentage for such Remittance Date 93.00%
--------------
11. Class A-1 Percentage for the following Remittance Date 92.92%
--------------
12. Class A-1 Principal distribution 9,527,520.74 13.26490879
-------------- --------------
13. Class A-1 Principal Balance 708,722,479.26
--------------
14. Class A-1 Pool Factor 0.98673509 986.73509121
-------------- --------------
15. Unpaid Class A-1 Principal Shortfall
(if any)following current Remittance Date 0.00
--------------
16. Aggregate Scheduled Balances of Delinquent Contracts as of Determination Date:
a. 31-59 days 523,740.01 17
-------------- --------------
b. 60 days or more 58,867.08 2
-------------- --------------
c. Current Month Repossessions 31,984.36 1
-------------- --------------
d. Repossession Inventory 31,984.36 1
-------------- --------------
</TABLE>
<PAGE>
GREEN TREE FINANCIAL CORPORATION
MANUFACTURED HOUSING CONTRACT SENIOR/SUBORDINATE
PASS-THROUGH CERTIFICATES, SERIES 1998-7
CLASS A-1 CERTIFICATES
MONTHLY REPORT
Oct-1998
PAGE 2
CUSIP NO. 393505N40
TRUST ACCOUNT #3336877-0
REMITTANCE DATE 11/02/98
<TABLE>
<CAPTION>
<S> <C>
Class M-1 Distribution Test, Class M-2 Distribution Test, and Class B-1
Distribution Test (applicable on and after the Remittance Date occurring in
November 2002)
17. Average Sixty - Day Delinquency Ratio Test
(a) Sixty - Day Delinquency Ratio for current Remittance Date 0.01%
--------------
(b) Average Sixty - Day Delinquency Ratio (arithmetic average of
ratios for this month and two preceding months;
may not exceed 4.0%) 0.01%
--------------
18. Average Thirty - Day Delinquency Ratio Test
(a) Thirty - Day Delinquency Ratio for current Remittance Date 0.07%
--------------
(b) Average Thirty - Day Delinquency Ratio (arithmetic average
of ratios for this month and two preceding months;
may not exceed 6.0%) 0.07%
--------------
19. Cumulative Realized Losses Test
(a) Cumulative Realized Losses for current Remittance Date (as a
percentage of Cut-off Date Pool Principal Balance; to be
satisfied may not exceed 5.5% from November 1, 2002 to
October 31, 2003, 6.5% from November 1, 2003 to October 31,
2004, 8.5% from November 1, 2004 to October 31, 2005 and 9.5%
thereafter.) 0.00%
--------------
20. Current Realized Losses Test
(a) Current Realized Losses for current Remittance Date 3,665.14
--------------
(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;
to be satisfied, may not exceed 2.50%) 0.00%
--------------
21. Class M-1 & M-2 Principal Balance Tests
(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 23.25%) 12.50%
--------------
(b) The sum of Class M-2 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 15.00%) 10.00%
--------------
22. Class B Principal Balance Test
(a) Class B Principal Balance (before any distributions on current
Remittance Date) as of such Remittance date is greater than
$17,000,000.00 59,500,000.00
--------------
(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 10.50%. 7.00%
--------------
</TABLE>
<PAGE>
GREEN TREE FINANCIAL CORPORATION
MANUFACTURED HOUSING CONTRACT SENIOR/SUBORDINATE
PASS-THROUGH CERTIFICATES, SERIES 1998-7
CLASS M1 CERTIFICATES
MONTHLY REPORT
Oct-1998
Page 3
CUSIP NO. #393505N57
TRUST ACCOUNT #3336877-0
REMITTANCE DATE 11/02/98
<TABLE>
<CAPTION>
Total $ Per $1,000
Amount Original
--------------- ---------------
<S> <C> <C>
CLASS M-1 CERTIFICATES
- ------------------------------------------------------------------------
23. Amount available( including Monthly Servicing Fee) 4,165,069.23
---------------
24. Interest
(a) Class M-1 Adjusted Principal Balance 46,750,000.00
---------------
(b) Class M-1 Remittance Rate 6.40%, unless
Weighted Average Contract Rate is less than 6.40%) 6.40%
---------------
(c) Class M-1 Interest 257,644.44 5.51111102
--------------- ---------------
25. Amount applied to Unpaid Class M-1 Interest Shortfall 0.00
---------------
26. Remaining Unpaid Class M-1 Interest Shortfall 0.00
---------------
27. Formula Principal Distribution Amount 0.00 N/A
--------------- ---------------
a. Scheduled Principal 0.00 N/A
--------------- ---------------
b. Principal Prepayments 0.00 N/A
--------------- ---------------
c. Liquidated Contracts 0.00 N/A
--------------- ---------------
d. Repurchases 0.00 N/A
--------------- ---------------
28. Class M-1 Principal Distribution:
a. Class M-1 (current) 0.00 0.00000000
--------------- ---------------
b. Unpaid Class M-1 Principal Shortfall
(if any) following prior Remittance Date 0.00
---------------
29. Unpaid Class M-1 Principal Shortfall
(if any) following current Remittance Date 0.00
---------------
30. Class M-1 Liquidation Loss Interest
a. Class M-1 Liquidation Loss Amount 0.00
---------------
b. Amount applied to Class M-1 Liquidation Loss Interest Amount 0.00
---------------
c. Remaining Class M-1 Liquidation Loss Interest Amount 0.00
---------------
d. Amount applied to Unpaid Class M-1 Loss Interest Shortfall 0.00
---------------
e. Remaining Unpaid Class M-1 Liquidation Loss Interest Shortfalls 0.00
---------------
31. Class M-1 Principal Balance 46,750,000.00 1000.00000000
--------------- ---------------
32. Class M-1 Pool Factor 1.00000000
---------------
33. Class M-1 Percentage for such Remittance Date 0.00%
---------------
34. Class M-1 Percentage for the following Remittance Date 0.00%
---------------
</TABLE>
PLEASE CONTACT BONDHOLDER SERVICES DEPARTMENT OF U.S. BANK NATIONAL ASSOCIATION,
1-800-934-6802, WITH ANY QUESTIONS REGARDING THIS STATEMENT OR YOUR DISTRIBUTION
<PAGE>
GREEN TREE FINANCIAL CORPORATION
MANUFACTURED HOUSING CONTRACT SENIOR/SUBORDINATE
PASS-THROUGH CERTIFICATES, SERIES 1998-7
CLASS M2 CERTIFICATES
MONTHLY REPORT
Oct-1998
Page 4
CUSIP NO. #393505N65
TRUST ACCOUNT #3336877-0
REMITTANCE DATE 11/02/98
<TABLE>
<CAPTION>
Total $ Per $1,000
Amount Original
--------------- ---------------
<S> <C> <C>
CLASS M-2 CERTIFICATES
- ------------------------------------------------------------------------
35. Amount available( including Monthly Servicing Fee) 3,907,424.79
---------------
36. Interest
(a) Class M-2 Adjusted Principal Balance 25,500,000.00
---------------
(b) Class M-2 Remittance Rate 6.84%, unless
Weighted Average Contract Rate is less than 6.84%) 6.84%
---------------
(c) Class M-2 Interest 150,195.00 5.89000000
--------------- ---------------
37. Amount applied to Unpaid Class M-2 Interest Shortfall 0.00
---------------
38. Remaining Unpaid Class M-2 Interest Shortfall 0.00
---------------
39. Formula Principal Distribution Amount 0.00 N/A
--------------- ---------------
a. Scheduled Principal 0.00 N/A
--------------- ---------------
b. Principal Prepayments 0.00 N/A
--------------- ---------------
c. Liquidated Contracts 0.00 N/A
--------------- ---------------
d. Repurchases 0.00 N/A
--------------- ---------------
40. Class M-2 Principal Distribution:
a. Class M-2 (current) 0.00 0.00000000
--------------- ---------------
b. Unpaid Class M-2 Principal Shortfall
(if any) following prior Remittance Date 0.00
---------------
41. Unpaid Class M-2 Principal Shortfall
(if any) following current Remittance Date 0.00
---------------
42. Class M-2 Liquidation Loss Interest
a. Class M-2 Liquidation Loss Amount 0.00
---------------
b. Amount applied to Class M-2 Liquidation Loss Interest Amount 0.00
---------------
c. Remaining Class M-2 Liquidation Loss Interest Amount 0.00
---------------
d. Amount applied to Unpaid Class M-2 Loss Interest Shortfall 0.00
---------------
e. Remaining Unpaid Class M-2 Liquidation Loss Interest Shortfalls 0.00
---------------
43. Class M-2 Principal Balance 25,500,000.00 1000.00000000
--------------- ---------------
44. Class M-2 Pool Factor 1.00000000
---------------
45. Class M-2 Percentage for such Remittance Date 0.00%
---------------
46. Class M-2 Percentage for the following Remittance Date 0.00%
---------------
</TABLE>
<PAGE>
GREEN TREE FINANCIAL CORPORATION
MANUFACTURED HOUSING CONTRACT SENIOR/SUBORDINATE
PASS-THROUGH CERTIFICATES, SERIES 1998-7
CLASS B CERTIFICATES
MONTHLY REPORT
Oct-1998
Page 5
CUSIP NO. # 393505-N73,N81
TRUST ACCOUNT #3336877-0
REMITTANCE DATE 11/02/98
<TABLE>
<CAPTION>
CLASS B-1 CERTIFICATES Total $ Per $1,000
- ---------------------- Amount Original
--------------- ---------------
<S> <C> <C>
1. Amount Available less the Class A
Distribution Amount and Class M-1 & M-2 Distribution
Amounts (including Monthly Servicing Fee) 3,757,229.79
---------------
2. Class B-1 Remittance Rate (7.68%
unless Weighted Average Contract Rate
is below 7.68%) 7.68%
---------------
3. Aggregate Class B-1 Interest 168,640.00 6.61333333
--------------- ---------------
4. Amount applied to Unpaid
Class B-1 Interest Shortfall 0.00 0.00
--------------- ---------------
5. Remaining Unpaid Class B-1
Interest Shortfall 0.00 0.00
--------------- ---------------
6. Class B-1 Liquidation Loss Interest
a. Class B-1 Liquidation Loss Amount 0.00
---------------
b. Amount applied to Class B-1 Liquidation Loss Interest Amount 0.00
---------------
c. Remaining Class B-1 Liquidation Loss Interest Amount 0.00
---------------
d. Amount applied to Unpaid Class B-1 Loss Interest Shortfall 0.00
---------------
e. Remaining Unpaid Class B-1 Liquidation Loss Interest Shortfalls 0.00
---------------
7. Class B Percentage for such Remittance Date 0.00
---------------
8. Class B Percentage for the following Remittance Date 0.00
---------------
9. Current Principal (Class B Percentage of Formula Principal
Distribution Amount) 0.00 0.00000000
--------------- ---------------
10. Class B-1 Principal Shortfall 0.00
---------------
11. Unpaid Class B1 Principal Shortfall 0.00
---------------
12. Class B Principal Balance 59,500,000.00
---------------
13. Class B-1 Principal Balance 25,500,000.00
---------------
14. Class B-1 Pool Factor 1.00000000
---------------
CLASS B-2 CERTIFICATES
- ----------------------
15. Amount Available less the Class A, Class M-1, Class M-2,
and Class B-1 Distribution Amounts (including Monthly Servicing Fee) 3,588,589.79
---------------
16. Class B-2 Remittance Rate (8.24%
unless Weighted Average Contract Rate is less than 8.24%) 8.24%
---------------
17. Aggregate Class B-2 Interest 241,248.89 7.09555559
--------------- ---------------
18. Amount applied to Unpaid
Class B-2 Interest Shortfall 0.00 0.00
--------------- ---------------
19. Remaining Unpaid Class B-2
Interest Shortfall 0.00 0.00
--------------- ---------------
</TABLE>
<PAGE>
GREEN TREE FINANCIAL CORPORATION
MANUFACTURED HOUSING CONTRACT SENIOR/SUBORDINATE
PASS-THROUGH CERTIFICATES, SERIES 1998-7
CLASS B CERTIFICATES
MONTHLY REPORT
Oct-1998
Page 6
CUSIP NO. # 393505-N73,N81
TRUST ACCOUNT #3336877-0
REMITTANCE DATE 11/02/98
<TABLE>
<CAPTION>
Total $ Per $1,000
Amount Original
--------------- ---------------
<S> <C> <C>
20. Unpaid Class B-2 Principal Shortfall (if any)
following prior Remittance Date 0.00
---------------
21. Class B-2 Principal Liquidation Loss Amount 0.00
---------------
22. Current Principal (zero until Class B-1 paid down;
thereafter, Class B Percentage of Formula Principal
Distribution Amount) 0.00 0.00000000
--------------- ---------------
23. Guarantee Payment 0.00
---------------
24. Class B-2 Principal Balance 34,000,000.00 1000.00000000
--------------- ---------------
25. Remaining Amount Available (after payment of
Class B-2 Distribution Amount) 3,347,340.90
---------------
26. Monthly Servicing Fee 354,166.67
---------------
27. Excess Interest 2,993,174.23
---------------
28. Class B-3I Formula Distribution Amount (all Excess
Interest plus Unpaid Class B-3I Shortfall) 2,993,174.23
---------------
29. Class B-3I Distribution Amount (remaining Amount Available) 0.00
---------------
30. Class B-3I Shortfall 0.00
---------------
31. Unpaid Class B-3I Shortfall 0.00
---------------
32. Class M-1 Interest Deficiency on such Remittance Date 0.00
---------------
33. Class M-2 Interest Deficiency on such Remittance Date 0.00
---------------
34. Class B-1 Interest Deficiency on such Remittance Date 0.00
---------------
35. Class B-2 Interest Deficiency on such Remittance Date 0.00
---------------
36. Current Month's Repossessed Contracts 31,984.36
---------------
37. Repossessed Contracts Remaining in Inventory 31,984.36
---------------
38. Weighted Average Contract Rate 9.23262
---------------
</TABLE>
PLEASE CONTACT BONDHOLDER SERVICES DEPARTMENT OF U.S. BANK NATIONAL ASSOCIATION,
1-800-934-6802, WITH ANY QUESTIONS REGARDING THIS STATEMENT OR YOUR DISTRIBUTION
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