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Previous: GREEN TREE FINANCIAL CORP, 8-K, 1998-05-26 |
Next: GREEN TREE FINANCIAL CORP, 8-K, 1998-05-26 |
<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): MAY 15, 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 May 15, 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 May 15, 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: May 15, 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 May 15, 1998.
<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 January 1, 1998 between the Company and First Trust
National Association, as Trustee of Green Tree Trust 1998-1 (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 March 16, 1998 to April 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 27th day of April,
1998.
GREEN TREE FINANCIAL CORPORATION
BY /s/ Phyllis A. Knight
-----------------------------
Phyllis A. Knight
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
Apr-98
CUSIP NO.#393505-YZ9, ZA3, ZB1, ZC9, ZD7, ZE5
TRUST ACCOUNT #3336258-0
REMITTANCE DATE 5/01/98
<TABLE>
<CAPTION>
Total $ Per $1,000
Amount Original
---------------- ---------------
CLASS A CERTIFICATES
- --------------------------------------
<S> <C> <C>
(1a) Amount available( including Monthly Servicing Fee) 6,509,551.83
----------------
(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 6,509,551.83
----------------
A. Interest
(2) Aggregate interest
a. Class A-1 Remittance Rate (5.575%) 5.575%
----------------
b. Class A-1 Interest 61,518.47 2.79629409
---------------- ---------------
c. Class A-2 Remittance Rate (5.85%) 5.85%
----------------
d. Class A-2 Interest 504,562.50 4.87500000
---------------- ---------------
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 2,726,690.88 N/A
---------------- ---------------
a. Scheduled Principal 156,239.18 N/A
---------------- ---------------
b. Principal Prepayments 3,106,520.15 N/A
---------------- ---------------
c. Liquidated Contracts 0.00 N/A
---------------- ---------------
d. Repurchases 0.00 N/A
---------------- ---------------
e. Current Month Advanced Principal 855,935.92 N/A
---------------- ---------------
f. Prior Month Advanced Principal (1,392,004.37) N/A
---------------- ---------------
(6) Pool Scheduled Principal Balance 439,370,888.07
----------------
(6b) Adjusted Pool Principal Balance 438,514,952.15 974.47767144
---------------- ---------------
(6c) Pool Factor 0.97447767
----------------
</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
Apr-98
PAGE 2
CUSIP NO.#393505-YZ9, ZA3, ZB1, ZC9, ZD7, ZE5
TRUST ACCOUNT #3336258-0
REMITTANCE DATE 5/01/98
<TABLE>
<CAPTION>
<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 92.35%
---------------
(9) Class A Percentage for the following Remittance Date 92.30%
---------------
(10) Class A Principal Distribution:
a. Class A-1 2,726,690.88 123.94049455
--------------- ---------------
b. Class A-2 0.00 0.00000000
--------------- ---------------
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 10,514,952.15 477.95237045
--------------- ---------------
(11a) Class A-1 Pool Factor 0.47795237
---------------
(12) Class A-2 Principal Balance 103,500,000.00 1000.0000000
--------------- ---------------
(12a) Class A-2 Pool Factor 1.00000000
---------------
(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 1,532,413.37 49
--------------- ---------------
(19) 60 days or more 305,935.95 6
--------------- ---------------
(20) Current Month Repossessions 0.00 0
--------------- ---------------
(21) Repossession Inventory 0.00 0
--------------- ---------------
</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
Apr-98
PAGE 3
CUSIP NO.#393505-YZ9, ZA3, ZB1, ZC9, ZD7, ZE5
TRUST ACCOUNT #3336258-0
REMITTANCE DATE 5/01/98
<TABLE>
<CAPTION>
<S> <C>
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
(a) Sixty - Day Delinquency Ratio for current Remittance Date 0.07%
-----------
(b) Average Sixty - Day Delinquency Ratio (arithmetic average
of ratios for this month and two preceding months;
may not exceed 3.5%) N/A %
-----------
(23) Average Thirty - Day Delinquency Ratio Test
(a) Thirty - Day Delinquency Ratio for current Remittance Date 0.35%
-----------
(b) Average Thirty - Day Delinquency Ratio (arithmetic average
of ratios for this month and two preceding months;
may not exceed 5.5%) N/A %
-----------
(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, 2001 to February 28, 2002,
6.5% from March 1, 2002 to February 28, 2003; 8.5% from 0.00%
March 1, 2003 to February 28, 2004 and 9.5% thereafter) -----------
(25) Current Realized Losses Test
(a) Current Realized Losses for current Remittance Date 0.00
-----------
(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%) 0.00%
-----------
(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% 15.30%
-----------
(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 0.00
-----------
(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%. 7.65%
-----------
</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
Apr-98
PAGE 4
CUSIP NO. #393505-ZF2, ZG0, ZH8
TRUST ACCOUNT #3336258-0
REMITTANCE DATE 5/01/98
<TABLE>
<CAPTION>
Total $ Per $1,000
Amount Original
-------------- -------------
CLASS M-1 CERTIFICATES
- -------------------------
<S> <C> <C>
(28) Amount available (including Monthly Servicing Fee) 1,840,734.15
--------------
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
Apr-98
CUSIP NO. #393505-ZF2, ZG0, ZH8
REMITTANCE DATE 5/01/98
<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) 1,650,327.90
---------------
(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
Apr-98
PAGE 2
CUSIP NO. #393505-ZF2, ZG0, ZH8
REMITTANCE DATE 5/01/98
<TABLE>
<CAPTION>
Total $ Per $1,000
CLASS B2 CERTIFICATES Amount Original
- -------------------------- --------------- ---------------
<S> <C> <C>
(14) Remaining Amount Available 1,546,527.90
---------------
(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) 0.00 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) 184,430.69
---------------
(25) Class B-3I Guarantee Fee 1,255,653.46
---------------
(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 0.00
---------------
(34) Repossessed Contracts Remaining in Inventory 0.00
---------------
(35) Weighted Average Contract Rate 9.69657
---------------
Please contact Bondholder Services Department of U.S. Bank National Association,
1-800-934-6802 with any questions regarding this statement or your Distribution.
</TABLE>
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