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Previous: GREEN TREE FINANCIAL CORP, 8-K, 1998-11-23 |
Next: GREEN TREE FINANCIAL CORP, 8-K, 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 1998-1
-------------------------------------
(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 1998-1
By GREEN TREE FINANCIAL CORPORATION
as Servicer with respect to the Trust
By: /s/Phyllis A. Knight
-----------------------
PHYLLIS A. KNIGHT
Senior Vice President 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 January 1, 1998, (98-1), between the Company and Firstar
Bank, Minnesota, 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 5.575%, 5.85%,
5.95%, 6.04%, 6.68%, 6.33%
PASS-THROUGH CERTIFICATES, SERIES 1998-1
CLASS A1,A2,A3,A4,A5,A6 CERTIFICATES
MONTHLY REPORT
Oct-98
CUSIP NO.#393505-YZ9, ZA3, ZB1, ZC9, ZD7, ZE5
TRUST ACCOUNT #3336258-0
REMITTANCE DATE 11/02/98
<TABLE>
<CAPTION>
Total $ Per $1,000
Amount Original
-------------- ------------
CLASS A CERTIFICATES
- ----------------------------------------------------------------------------
<S> <C> <C>
(1a) Amount available( including Monthly Servicing Fee) 6,783,271.92
--------------
(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 Class B-1 Interest Deficiency Amount for prior
Remittance Date 6,783,271.92
--------------
A. Interest
(2) Aggregate interest
a. Class A-1 Remittance Rate (5.575%) 5.575%
--------------
b. Class A-1 Interest 0.00 0.00000000
-------------- ------------
c. Class A-2 Remittance Rate (5.85%) 5.85%
--------------
d. Class A-2 Interest 468,186.33 4.52353942
-------------- ------------
e. Class A-3 Remittance Rate (5.95%) 5.95%
--------------
f. Class A-3 Interest 96,687.50 4.95833333
-------------- ------------
g. Class A-4 Remittance Rate (6.04%, unless
the Weighted Average Contract Rate is
less than 6.04%) 6.04%
--------------
h. Class A-4 Interest 279,350.00 5.03333333
-------------- ------------
i. Class A-5 Remittance Rate (6.83%, unless
the Weighted Average Contract Rate is
less than 6.68%) 6.68%
--------------
j. Class A-5 Interest 762,633.33 5.56666664
-------------- ------------
k. Class A-6 Remittance Rate 7.30%, (unless
the Weighted Average Contract Rate is
less than 6.33%) 6.33%
--------------
l. Class A-6 Interest 237,375.00 5.27500000
-------------- ------------
(3) Amount applied to:
a. Unpaid Class A Interest Shortfall 0.00 0
-------------- ------------
(4) Remaining:
a. Unpaid Class A Interest Shortfall 0.00 0
-------------- ------------
B. Principal
(5) Formula Principal Distribution Amount 3,612,217.86 N/A
-------------- ------------
a. Scheduled Principal 584,808.84 N/A
-------------- ------------
b. Principal Prepayments 2,432,904.28 N/A
-------------- ------------
c. Liquidated Contracts 285,584.72 N/A
-------------- ------------
d. Repurchases 0.00 N/A
-------------- ------------
e. Current Month Advanced Principal 1,020,953.04 N/A
-------------- ------------
f. Prior Month Advanced Principal (712,033.02) N/A
-------------- ------------
(6) Pool Scheduled Principal Balance 417,946,956.46
--------------
(6b) Adjusted Pool Principal Balance 416,926,003.42 926.50222982
-------------- ------------
(6c) Pool Factor 0.92650223
--------------
</TABLE>
<PAGE>
GREEN TREE FINANCIAL CORPORATION
MANUFACTURED HOUSING CONTRACT SENIOR/SUBORDINATE
5.575%, 5.85%, 5.95%, 6.04%, 6.68%, 6.33%
PASS-THROUGH CERTIFICATES, SERIES 1998-1
CLASS A1,A2,A3,A4,A5,A6 CERTIFICATES
MONTHLY REPORT
Oct-98
PAGE 2
CUSIP NO.#393505-YZ9, ZA3, ZB1, ZC9, ZD7, ZE5
TRUST ACCOUNT #3336258-0
REMITTANCE DATE 11/02/98
<TABLE>
<S> <C> <C>
(7) Unpaid Class A Principal Shortfall
(if any) following prior Remittance Date 0.00
--------------
(8) Class A Percentage for such Remittance Date 91.97%
--------------
(9) Class A Percentage for the following Remittance Date 91.91%
--------------
(10) Class A Principal Distribution:
a. Class A-1 0.00 0.00000000
-------------- -------------
b. Class A-2 3,612,217.86 34.90065565
-------------- -------------
c. Class A-3 0.00 0.00000000
-------------- -------------
d. Class A-4 0.00 0.00000000
-------------- -------------
e. Class A-5 0.00 0.00000000
-------------- -------------
g. Class A-6 0.00 0.00000000
-------------- -------------
(11) Class A-1 Principal Balance 0.00 0.00000000
-------------- -------------
(11a) Class A-1 Pool Factor 0.00000000
--------------
(12) Class A-2 Principal Balance 92,426,003.42 893.0048640
-------------- -------------
(12a) Class A-2 Pool Factor 0.89300486
--------------
(13) Class A-3 Principal Balance 19,500,000.00 1000.0000000
-------------- -------------
(13a) Class A-3 Pool Factor 1.00000000
--------------
(14) Class A-4 Principal Balance 55,500,000.00 1000.0000000
-------------- -------------
(14a) Class A-4 Pool Factor 1.00000000
--------------
(15) Class A-5 Principal Balance 137,000,000.00 1000.0000000
-------------- -------------
(15a) Class A-5 Pool Factor 1.00000000
--------------
(16) Class A-6 Principal Balance 45,000,000.00 1000.0000000
-------------- -------------
(16a) Class A-6 Pool Factor 1.00000000
--------------
(17) Unpaid Class A Principal Shortfall
(if any)following current Remittance Date 0.00
--------------
C. Aggregate Scheduled Balances and Number of Delinquent
Contracts as of Determination Date
(18) 31-59 days 3,805,131.94 105
-------------- -------------
(19) 60 days or more 5,213,095.21 136
-------------- -------------
(20) Current Month Repossessions 518,148.99 18
-------------- -------------
(21) Repossession Inventory 1,798,745.26 62
-------------- -------------
</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
5.575%, 5.85%, 5.95%, 6.04%, 6.68%, 6.33%
PASS-THROUGH CERTIFICATES, SERIES 1998-1
CLASS A1,A2,A3,A4,A5,A6 CERTIFICATES
MONTHLY REPORT
Oct-98
PAGE 3
CUSIP NO.#393505-YZ9, ZA3, ZB1, ZC9, ZD7, ZE5
TRUST ACCOUNT #3336258-0
REMITTANCE DATE 11/02/98
<TABLE>
<CAPTION>
Class M-1 Distribution Test and Class B Distribution test (applicable on and
after the Remittance Date occurring in March 2002.)
(22) Average Sixty - Day Delinquency Ratio Test
<S> <C>
(a) Sixty - Day Delinquency Ratio for current Remittance Date 1.68%
-------------
(b) Average Sixty - Day Delinquency Ratio (arithmetic average
of ratios for this month and two preceding months;
may not exceed 3.5%) 1.45%
-------------
(23) Average Thirty - Day Delinquency Ratio Test
(a) Thirty - Day Delinquency Ratio for current Remittance Date 2.59%
-------------
(b) Average Thirty - Day Delinquency Ratio (arithmetic average
of ratios for this month and two preceding months;
may not exceed 5.5%) 2.29%
-------------
(24) Cumulative Realized Losses Test
(a) Cumulative Realized Losses for current Remittance Date (as
a percentage of Cut-off Date Pool Principal Balance; may
not exceed 5.5% from March 1, 2002 to February 28, 2003,
6.5% from March 1, 2003 to February 28, 2004; 8.5% from
March 1, 2004 to February 28, 2005 and 9.5% thereafter) 0.05%
-------------
(25) Current Realized Losses Test
(a) Current Realized Losses for current Remittance Date 99,559.71
-------------
(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%) 0.18%
-------------
(26) 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
is greater than 22.5% 16.05%
-------------
(27) 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 $9,000,000.00 33,750,000.00
-------------
(b) Class B Principal Balance (before distributions on current
Remittance Date) divided by pool Scheduled Principal
Balance as of preceding Remittance Date is equal to or
greater than 11.25%. 8.03%
-------------
</TABLE>
<PAGE>
GREEN TREE FINANCIAL CORPORATION
MANUFACTURED HOUSING CONTRACT SENIOR/SUBORDINATE 6.77%, 6.92%, 8.11%
PASS-THROUGH CERTIFICATES, SERIES 1998-1
CLASS M1 CERTIFICATES
MONTHLY REPORT
Oct-98
PAGE 4
CUSIP NO.#393505-ZF2, ZG0, ZH8
TRUST ACCOUNT #3336258-0
REMITTANCE DATE 11/02/98
<TABLE>
<CAPTION>
Total $ Per $1,000
Amount Original
------------- -------------
CLASS M-1 CERTIFICATES
- ----------------------------------------------------------------------------
<S> <C> <C>
(28) Amount available( including Monthly Servicing Fee) 1,326,821.90
-------------
A. Interest
(29) Aggregate interest
(a) Class M-1 Remittance Rate 6.77%, unless the
Weighted Average Contract Rate is less than 6.77%) 6.77%
-------------
(b) Class M-1 Interest 190,406.25 5.64166667
------------- -------------
(c) Interest on Class M-1 Adjusted Principal Balance 0.00
-------------
(30) Amount applied to Class M-1 Interest Deficiency Amount 0.00
-------------
(31) Remaining unpaid Class M-1 Interest Deficiency Amount 0.00
-------------
(32) Amount applied to:
a. Unpaid Class M-1 Interest Shortfall 0.00 0
------------- -------------
(33) Remaining:
a. Unpaid Class M-1 Interest Shortfall 0.00 0
------------- -------------
B. Principal
(34) 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
------------- -------------
(35) Class M-1 Principal Balance 33,750,000.00 1000.00000000
------------- -------------
(35a) Class M-1 Pool Factor 1.00000000
-------------
(36) Class M-1 Percentage for such Remittance Date 0.00%
-------------
(37) 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
-------------
(38) Unpaid Class M-1 Principal Shortfall
(if any) following current Remittance Date 0.00
-------------
(39) Class M-1 Percentage for the following Remittance Date 0.00%
-------------
(40) 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
-------------
</TABLE>
<PAGE>
GREEN TREE FINANCIAL CORPORATION
MANUFACTURED HOUSING CONTRACT SENIOR/SUBORDINATE 6.77%, 6.92%, 8.11%
PASS-THROUGH CERTIFICATES, SERIES 1998-1
CLASS B CERTIFICATES
MONTHLY REPORT
Oct-98
CUSIP NO. #393505-ZF2, ZG0, ZH8
REMITTANCE DATE 11/02/98
<TABLE>
<CAPTION>
CLASS BI CERTIFICATES
- ----------------------------------------------------------------------------
Total $ Per $1,000
Amount Original
------------- ----------
<S> <C> <C>
(1) Amount Available less the Class A
Distribution Amount and Class M-1 Distribution
Amount (including Monthly Servicing Fee) 1,136,415.65
-------------
(2) Class B-1 Adjusted Principal Balance 0.00
-------------
(3) Class B-1 Remittance Rate (6.92%
unless Weighted Average Contract Rate
is below 6.92%) 6.92%
-------------
(4) Interest on Class B-1 Adjusted Principal Balance 0.00
-------------
(3) Aggregate Class B1 Interest 103,800.00 5.76666667
------------- ----------
(4) Amount applied to Unpaid
Class B1 Interest Shortfall 0.00 0.00
------------- ----------
(5) Remaining Unpaid Class B1
Interest Shortfall 0.00 0.00
------------- ----------
(6) Amount applied to Class B-1
Interest Deficiency Amount 0.00
-------------
(7) Remaining Unpaid Class B-1
Interest Deficiency Amount 0.00
-------------
(8) Unpaid Class B-1 Principal Shortfall
(if any) following prior Remittance Date 0.00
-------------
(8a) Class B Percentage for such Remittance Date 0.00
-------------
(9) Current Principal (Class B Percentage of Formula Principal
Distribution Amount) 0.00 0.00000000
------------- ----------
(10a) Class B1 Principal Shortfall 0.00
-------------
(10b) Unpaid Class B1 Principal Shortfall 0.00
-------------
(11) Class B Principal Balance 33,750,000.00
-------------
(12) Class B1 Principal Balance 18,000,000.00
-------------
(12a) Class B1 Pool Factor 1.00000000
-------------
(13) 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 Liquidation Loss Interest Shortfall 0.00
-------------
(e) Remaining Unpaid Class B-1 Liquidation Loss Interest Shortfall 0.00
-------------
</TABLE>
<PAGE>
GREEN TREE FINANCIAL CORPORATION
MANUFACTURED HOUSING CONTRACT SENIOR/SUBORDINATE 6.77%, 6.92%, 8.11%
PASS-THROUGH CERTIFICATES, SERIES 1998-1
CLASS B CERTIFICATES
MONTHLY REPORT
Oct-98
PAGE 2
CUSIP NO. #393505-ZF2, ZG0, ZH8
REMITTANCE DATE 11/02/98
<TABLE>
<CAPTION>
Total $ Per $1,000
CLASS B2 CERTIFICATES Amount Original
- ---------------------------------------------------------------------------- ------------- ----------
<S> <C> <C>
(14) Remaining Amount Available 1,032,615.65
-------------
(15) Class B-2 Remittance Rate ( 8.11%
unless Weighted Average Contract
Rate is less than 8.11%) 8.11%
-------------
(16) Aggregate Class B2 Interest 106,443.75 6.75833333
------------- ----------
(17) Amount applied to Unpaid
Class B2 Interest Shortfall 0.00 0.00
------------- ----------
(18) Remaining Unpaid Class B2
Interest Shortfall 0.00 0.00
------------- ----------
(19) Unpaid Class B2 Principal Shortfall
(if any) following prior Remittance Date 0.00
-------------
(20) Class B2 Principal Liquidation Loss Amount 0.00
-------------
(21) Class B2 Principal (zero until class B1 paid down:
thereafter, Class B Percentage of formula Principal
Distribution Amount) 0.00000000
------------- ----------
(22) Guarantee Payment 0.00
-------------
(23) Class B2 Principal Balance 15,750,000.00
-------------
(23a) Class B2 Pool Factor 1.00000000
-------------
(24) Monthly Servicing Fee (deducted from Certificate Account
balance to arrive at Amount Available if the Company or
Green Tree Financial Servicing 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
Servicing Corp. is the Servicer) 175,520.94
-------------
(25) Class B-3I Guarantee Fee 750,650.96
-------------
(26) Class B-3I Distribution Amount 0.00
-------------
(27) Class B-3I Formula Distribution Amount (all Excess
Interest plus Unpaid Class B-3I Shortfall) 0.00
-------------
(28) Class B-3I Distribution Amount (remaining Amount Available) 0.00
-------------
(29) Class B-3I Shortfall (26-27) 0.00
-------------
(30) Unpaid Class B-3I Shortfall 0.00
-------------
(31) Class M-1 Interest Deficiency on such Remittance Date 0.00
-------------
(32) Class B-1 Interest Deficiency on such Remittance Date 0.00
-------------
(33) Repossessed Contracts 518,148.99
-------------
(34) Repossessed Contracts Remaining in Inventory 1,798,745.26
-------------
(35) Weighted Average Contract Rate 9.68271
-------------
</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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