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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 1998-5
-------------------------------------
(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 1998-5
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 June 1, 1998, (98-5), 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 November 16,
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 6.54%
PASS-THROUGH CERTIFICATES, SERIES 1998-5
CLASS A-1 CERTIFICATES
MONTHLY REPORT
Oct-1998
CUSIP NO. 393505-H70
TRUST ACCOUNT #3336677-0
REMITTANCE DATE 11/02/98
<TABLE>
<CAPTION>
Total $ Per $1,000
Amount Original
--------------- ---------------
<S> <C> <C>
A. (1a) Amount available( including Monthly Servicing
Fee) 4,119,375.95
---------------
(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 4,119,375.95
---------------
2. Interest
a. Class A-1 Remittance Rate (6.54%) 6.54%
---------------
b. Class A-1 Interest 1,569,399.13 5.21054038
--------------- ---------------
(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
--------------- ---------------
B. Principal
(5) Formula Principal Distribution Amount 1,763,070.94 N/A
--------------- ---------------
a. Scheduled Principal 144,187.52 N/A
--------------- ---------------
b. Principal Prepayments 1,372,986.13 N/A
--------------- ---------------
c. Liquidated Contracts 42,646.74 N/A
--------------- ---------------
d. Repurchases 0.00 N/A
--------------- ---------------
e. Current Month Advanced Principal 731,430.31 N/A
--------------- ---------------
f. Prior Month Advanced Principal (528,179.76) N/A
--------------- ---------------
(6) Pool Scheduled Principal Balance 342,181,676.33
---------------
(7) Adjusted Pool Principal Balance 341,450,246.02 957.92664643
--------------- ---------------
(8) Pool Factor 0.95792665
---------------
(10) Unpaid Class A Principal Shortfall
(if any) following prior Remittance Date 0.00
---------------
(11) Class A-1 Percentage for such Remittance Date 91.17%
---------------
(12) Class A-1 Percentage for the following
Remittance Date 91.13%
---------------
(13) Class A-1 Principal distribution 1,763,070.94 5.85354748
--------------- ---------------
(14) Class A-1 Principal Balance 286,200,072.02
---------------
(14a) Class A-1 Pool Factor 0.92263972 950.20890653
--------------- ---------------
(15) Unpaid Class A-1 Principal Shortfall
(if any)following current Remittance Date 0.00
---------------
C. Aggregate Scheduled Balances and Number of Delinquent
Contracts as of Determination Date
(16) 31-59 days 2,128,821.16 56
--------------- ---------------
(17) 60 days or more 1,475,961.09 28
--------------- ---------------
(18) Current Month Repossessions 75,418.85 3
--------------- ---------------
(19) Repossession Inventory 161,554.55 6
--------------- ---------------
(20) Weighted Average Contract Rate 9.09377
---------------
</TABLE>
<PAGE>
GREEN TREE FINANCIAL CORPORATION
MANUFACTURED HOUSING CONTRACT SENIOR/SUBORDINATE 6.54%
PASS-THROUGH CERTIFICATES, SERIES 1998-5
CLASS A-1 CERTIFICATES
MONTHLY REPORT
Oct-1998
PAGE 2
CUSIP NO. 393505-H70
TRUST ACCOUNT #3336677-0
REMITTANCE DATE 11/02/98
CLASS M-1 DISTRIBUTION TEST AND CLASS B DISTRIBUTION TEST
(APPLICABLE ON AND AFTER THE REMITTANCE DATE OCCURRING IN JANUARY 2002)
(21) Average Sixty - Day Delinquency Ratio Test
(a) Sixty - Day Delinquency Ratio for current
Remittance Date 0.48%
---------------
(b) Average Sixty - Day Delinquency Ratio
(arithmetic average of ratios for this month
and two preceding months; may not exceed
3.5%) 0.21%
---------------
(22) AverageThirty - Day Delinquency Ratio Test
(a) Thirty - Day Delinquency Ratio for current
Remittance Date 1.10%
---------------
(b) Average Thirty - Day Delinquency Ratio
(arithmetic average of ratios for this month
and two preceding months; to be satisfied may
not exceed 5.5%) 0.66%
---------------
(23) 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 January 1, 2002 to
December 31, 2002, 6.5% from January 1, 2003
to December 31, 2003, 8.5% from January 1,
2004 to December 31, 2004 and 9.5%
thereafter) 0.00%
---------------
(24) Current Realized Losses Test
(a) Current Realized Losses for current
Remittance Date 18,674.44
---------------
(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 2.25%) 0.02%
---------------
(25) 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 22.5%) 16.10%
---------------
(26) Class B Principal Balance Test
(a) Class B Principal Balance (before any
distributions on current Remittance Date) as
of such Remittance date greater than
$17,000,000.00 30,300,174.00
---------------
(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%. 8.83%
---------------
<PAGE>
GREEN TREE FINANCIAL CORPORATION
MANUFACTURED HOUSING CONTRACT SENIOR/SUBORDINATE 6.71%
PASS-THROUGH CERTIFICATES, SERIES 1998-5
CLASS M1 CERTIFICATES
MONTHLY REPORT
Oct-1998
Page 3
CUSIP NO. #393505 H96
TRUST ACCOUNT #3336677-0
REMITTANCE DATE 11/02/98
<TABLE>
<CAPTION>
Total $ Per $1,000
Amount Original
--------------- ---------------
<S> <C> <C>
CLASS M-1 CERTIFICATES
- ----------------------
(27) Amount available( including Monthly Servicing Fee) 786,905.88
---------------
A. Interest
(28) Aggregate interest
(a) Class M-1 Remittance Rate 6.71%, unless
Weighted Average Contract Rate is below
6.71%) 6.71%
---------------
(b) Class M-1 Interest 139,512.08 5.59166653
--------------- ---------------
(29) Amount applied to Class M-1 Interest Deficiency
Amount 0.00
---------------
(30) Remaining unpaid Class M-1 Interest Deficiency
Amount 0.00
---------------
(31) Amount applied to:
a. Unpaid Class M-1 Interest Shortfall 0.00 0
--------------- ---------------
(32) Remaining:
a. Unpaid Class M-1 Interest Shortfall 0.00 0
--------------- ---------------
B. Principal
(33) 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
--------------- ---------------
(34) Class M-1 Principal Balance 24,950,000.00 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%
---------------
</TABLE>
PLEASE CONTACT FIRST TRUST N.A., BONDHOLDER RELATIONS: (612) 973-5800
WITH ANY QUESTIONS REGARDING THIS STATEMENT OR YOUR DISTRIBUTION
<PAGE>
GREEN TREE FINANCIAL CORPORATION
MANUFACTURED HOUSING CONTRACT SENIOR/SUBORDINATE 7.18% 7.99%
PASS-THROUGH CERTIFICATES, SERIES 1998-5
CLASS B CERTIFICATES
MONTHLY REPORT
Oct-1998
CUSIP NO. # 393505-H88 J29
TRUST ACCOUNT #3336677-0
REMITTANCE DATE 11/02/98
CLASS B1 CERTIFICATES
- ---------------------
<TABLE>
<CAPTION>
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) 647,393.80
---------------
(2) Class B-1 Remittance Rate (7.18% unless
Weighted Average Contract Rate is below
7.18%) 7.18%
---------------
(3) Aggregate Class B1 Interest 95,972.67 5.98333354
--------------- ---------------
(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 30,300,174.00
---------------
(12) Class B1 Principal Balance 16,040,000.00
---------------
(12a) Class B1 Pool Factor 1.00000000
---------------
</TABLE>
PLEASE CONTACT FIRST TRUST N.A., BONDHOLDER RELATIONS: (612) 973-5800
WITH ANY QUESTIONS REGARDING THIS STATEMENT OR YOUR DISTRIBUTION
<PAGE>
GREEN TREE FINANCIAL CORPORATION
MANUFACTURED HOUSING CONTRACT SENIOR/SUBORDINATE 7.18% 7.99%
PASS-THROUGH CERTIFICATES, SERIES 1998-5
CLASS B CERTIFICATES
MONTHLY REPORT
Oct-1998
PAGE 2
CUSIP NO. # 393505-H88 J29
TRUST ACCOUNT #3336677-0
REMITTANCE DATE 11/02/98
<TABLE>
<CAPTION>
Total $ Per $1,000
Amount Original
--------------- ---------------
<S> <C> <C>
CLASS B2 CERTIFICATES
- ---------------------
(13) Remaining Amount Available 551,421.13
---------------
(14) Class B-2 Remittance Rate ( 7.99% unless
Weighted Average Contract Rate is less than
7.99%) 7.99%
---------------
(15) Aggregate Class B2 Interest 94,948.99 6.65833320
--------------- ---------------
(16) Amount applied to Unpaid Class B2 Interest
Shortfall 0.00 0.00
--------------- ---------------
(17) Remaining Unpaid Class B2 Interest Shortfall 0.00 0.00
--------------- ---------------
(18) Unpaid Class B2 Principal Shortfall (if any)
following prior Remittance Date 0.00
---------------
(19) Class B2 Principal Liquidation Loss Amount 0.00
---------------
(20) Class B2 Principal (zero until class B1 paid
down: thereafter, Class B Percentage of
formula Principal Distribution Amount) 0.00 0.00000000
--------------- ---------------
(21) Guarantee Payment 0.00
---------------
(22) Class B2 Principal Balance 14,260,174.00
---------------
(22a) Class B2 Pool Factor 1.00000000
---------------
Class B-3I Certificates
- -----------------------
(23) 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) 143,225.62
---------------
(24) Class B-3I Formula Distribution Amount (all
Excess Interest plus Unpaid Class B-3I
Shortfall) 313,246.52
---------------
(25) Class B-31 Distribution Amount (remaining
Amount Available) 0.00
---------------
(26) Class B-3I Shortfall (27-28) 0.00
---------------
(27) Unpaid Class B-3I Shortfall 0.00
---------------
(28) Class M-1 Interest Deficiency on such
Remittance Date 0.00
---------------
(29) Class B-1 Interest Deficiency on such
Remittance Date 0.00
---------------
</TABLE>
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