<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): June 4, 1999
GREEN TREE FINANCIAL CORPORATION
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(Exact name of registrant as specified in its charter)
Delaware 01-08916 41-1807858
- ---------------------------- ------------------------ -------------------
(State or other Jurisdiction (Commission File Number) (I.R.S. Employer
of incorporation) Identification No.)
1100 Landmark Towers, 345 St. Peter Street, Saint Paul, Minnesota 55102-1639
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(Address of principal executive offices)
Registrant's telephone number, including area code: (651) 293-3400
--------------
Not Applicable
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(Former name or former address, if changed since last report)
<PAGE>
ITEM 1. Changes in Control of Registrant.
- ------- --------------------------------
Not applicable.
ITEM 2. Acquisition or Disposition of Assets.
- ------- ------------------------------------
Not applicable
ITEM 3. Bankruptcy or Receivership.
- ------- --------------------------
Not applicable
ITEM 4. Changes in Registrant's Certifying Accounting.
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Not applicable
ITEM 5. Other Events.
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Not applicable.
ITEM 6. Resignations of Registrant's Directors.
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Not applicable
ITEM 7. Financial Statements and Exhibits.
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(a) Financial statements of businesses acquired.
Not applicable
(b) Pro forma financial information.
Not applicable
2
<PAGE>
(c) Exhibits.
The following is filed herewith. The exhibit numbers correspond
with Item 601(b) of Regulation S-K.
Exhibit No. Description
----------- -----------
99.1 Term Sheet dated June 4, 1999,
distributed in connection with $600,000,000
Recreational, Equipment and Consumer Trust
1999-A, issued by Green Tree Financial
Corporation, as Seller and Servicer.
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.
Date: June 7, 1999 GREEN TREE FINANCIAL CORPORATION
By: /s/ Scott T. Young
_____________________________
Scott T. Young
Senior Vice President and Controller
3
<PAGE>
INDEX TO EXHIBITS
Exhibit
-------
Number
------
99.1 Term Sheet dated June 4, 1999,
distributed in connection with $600,000,000
Recreational, Equipment and Consumer Trust 1999-A,
issued by Green Tree Financial Corporation, as
Seller and Servicer.
4
<PAGE>
TERM SHEET DATED JUNE 4, 1999
$600,000,000 (Approximate)
Green Tree Recreational, Equipment & Consumer Trust 1999-A (Issuer)
Green Tree Financial Corporation (Seller and Servicer)
To 10% Call:
- ------------
<TABLE>
<CAPTION>
Approx. Avg. Life Exp. Ratings
Class Class Size to Call Type Day Count Expected Final (S&P/Fitch)
----- ---------- ------- ---- --------- -------------- -----------
<S> <C> <C> <C> <C> <C> <C>
Class A-1 $45,000,000 0.17 Fixed Actual/360 10/99 A-1+/F-1+
Class A-2 61,500,000 0.50 Fixed Actual/360 3/00 AAA/AAA
Class A-3 84,500,000 1.00 Fixed Actual/360 10/00 AAA/AAA
Class A-4 155,000,000 2.00 Fixed 30/360 4/02 AAA/AAA
Class A-5 35,000,000 3.00 Fixed 30/360 9/02 AAA/AAA
Class A-6 111,000,000 4.11 Fixed 30/360 9/04 AAA/AAA
Class M-1 31,500,000 5.68 Fixed 30/360 9/05 AA/AA
Class M-2 30,000,000 6.75 Fixed 30/360 6/06 A/A
Class B-1 21,000,000 6.97 Fixed 30/360 6/06 BBB/BBB
Class B-2 25,500,000 6.97 Fixed 30/360 6/06 BBB-/BBB+
</TABLE>
To Maturity:
- ------------
<TABLE>
<CAPTION>
Approx. Avg. Life Exp. Ratings
Class Class Size to Maturity Type Day Count Expected Final (S&P/Fitch)
----- ---------- ----------- ---- --------- -------------- -----------
<S> <C> <C> <C> <C> <C> <C>
Class M-2 30,000,000 6.90 Fixed 30/360 2/07 A/A
Class B-1 21,000,000 8.34 Fixed 30/360 8/08 BBB/BBB
Class B-2 25,500,000 10.69 Fixed 30/360 5/13 BBB-/BBB+
</TABLE>
SELLER/SERVICER: Green Tree Financial Corporation
TRANSACTION: Green Tree Recreational, Equipment & Consumer Trust 1999-A
INDENTURE TRUSTEE: U.S. Bank Trust National Association
OWNER TRUSTEE: Wilmington Trust Company
UNDERWRITERS: Banc of America Securities LLC (Lead Manager)
Chase Securities Inc. (Co-Manager)
J.P. Morgan & Co. (Co-Manager)
CUT-OFF DATE: May 31, 1999 (or the date of origination, if later)
for all Initial and Additional
Contracts.
EXP. PRICING: On or about June 8, 1999
EXP. SETTLEMENT: June 25, 1999
DISTRIBUTION DATE: The 15th day of each month (or if such 15th day is not
a business day, the next succeeding business day),
commencing on July 15, 1999
MONEY
MARKET ELIGIBILITY The Class A-1 Notes are
expected to be eligible securities for
purchase by money market funds under Rule
2a-7 under the Investment Company Act of
1940, as amended. A fund should consult
with its advisors regarding the eligibility
of the Class A-1 Notes under Rule 2a-7 and
the fund's investment policies and
objectives.
ERISA: Class A-1 through M-2 are ERISA eligible.
Class B-1 and Class B-2 are NOT ERISA eligible.
OPTIONAL REDEMPTION: 10% Clean-up Call
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<PAGE>
Prepayment Assumptions:
Asset Type Base Case Prepayment Rate
---------- -------------------------
Horse Trailers 18% CPR
Keyboard Instruments 18% CPR
Recreational Vehicles 18% CPR
Marine Products 100% PPC(1)
Motorcycle 25% CPR
Sport Vehicles 25% CPR
(1) The 100% PPC assumes a conditional prepayment rate for the first month of
1.50% per annum of the then outstanding principal balance and an additional
1.50% (precisely, 18%/12) per annum in each month thereafter until the twelfth
month. Beginning in the twelfth month and in each month thereafter, the
conditional prepayment rate is 18%.
DESCRIPTION OF THE SECURITIES:
CREDIT ENHANCEMENT: Class A-1 through A-6: 18.0% subordination (Class M-1, M-2,
B-1, and B-2) plus Excess Spread
Class M-1: 12.75% subordination (Class M-2,
B-1 and B-2) plus Excess Spread
Class M-2: 7.75% subordination (Class B-1 and
B-2) plus Excess Spread
Class B-1: 4.25% subordination (Class B-2) plus
Excess Spread
Class B-2: Limited Guaranty plus Excess Spread
DISTRIBUTIONS: The Amount Available will generally consist of payments on
or in respect of the Contracts.
On each Distribution Date, the Servicer shall instruct the
Indenture Trustee to distribute from the Collection Account
the Amount Available in generally the following order of
priority.
1. If Green Tree or an affiliate is no longer the
Servicer, then to the Servicer, the Monthly Servicing
Fee for the related Monthly Period.
2. To the Servicer, reimbursement for advances made with
respect to delinquent payments that were recovered
during the prior Monthly Period.
3. All accrued interest on the Senior Notes (Class A-1,
Class A-2, Class A-3, Class A-4, Class A-5 and Class
A-6 Notes).
4. All accrued interest on the Class M-1 Notes.
5. All accrued interest on the Class M-2 Notes.
6. All accrued interest on the Class B-1 Certificates.
7. All principal due on the Class A Notes (Class A-1,
Class A-2, Class A-3, Class A-4, Class A-5 and Class
A-6 Notes to be paid sequentially).
8. All principal due on the Class M-1 Notes, if the Class
A Notes have been paid in full.
9. All principal due on the Class M-2 Notes, if the Class
A Notes and Class M-1 Notes have been paid in full.
10. All principal due on the Class B-1 Certificates, if the
Notes have been paid in full.
11. All accrued interest on the Class B-2 Certificates.
12. The principal due for payment to the Class B-2
Certificates, if the Notes and the Class B-1
Certificates have been paid in full.
13. To Green Tree, any remaining amount as the Monthly
Servicing and Guaranty Fee.
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<PAGE>
DESCRIPTION OF THE NOTES:
INTEREST: Interest on the outstanding Class A Principal Balance, the
Class M-1 Adjusted Principal Balance (defined below), and
the Class M-2 Adjusted Principal Balance (defined below)
will accrue from the Settlement Date, or from the most
recent Distribution Date on which interest has been paid, to
but excluding the following Distribution Date, at the
applicable interest rate for such Class. The "Principal
Balance" of any Class of Notes as of any Distribution Date
will be the initial Principal Balance of such Class minus
all amounts previously distributed to the Noteholders of
such Class in respect of principal. Interest on the Class
A-1, Class A-2, and Class A-3 Notes will be calculated on
the basis of actual days elapsed in a 360-day year. Interest
on all other Classes of Notes will be calculated on the
basis of 360-day year of twelve 30-day months.
Class A Notes: Interest will be paid on the Class A Notes on each
Distribution Date, to the extent of the Amount Available. In
the event the Amount Available is not sufficient to make a
full distribution of Interest on the Class A Notes, the
funds available will be applied pro rata to each of the
Class A Notes based on the amount payable to each such
Class, and the amount of the shortfall will be added pro
rata to the amount of interest payable on the Class A Notes
on the next Distribution Date. Any amount so carried forward
will bear interest at the applicable interest rate, to the
extent legally permissible.
Class M-1 Notes: Interest will be paid on the Class M-1 Notes on
each Distribution Date, to the extent of the Amount
Available on such Distribution Date after payment of
interest on the Class A Notes. The "Class M-1 Adjusted
Principal Balance" as of any Distribution Date is the Class
M-1 Principal Balance less any Class M-1 Liquidation Loss
Amount (defined below).
In the event the remaining Amount Available is not
sufficient to make a full distribution of interest on the
Class M-1 Notes, the amount of the shortfall will be carried
forward and added to the amount of interest payable on the
Class M-1 Notes on the next Distribution Date. Any amount so
carried forward will bear interest at the applicable
interest rate, to the extent legally permissible.
Class M-2 Notes: Interest will be paid on the Class M-2 Notes on each
Distribution Date, to the extent of the Amount Available on
such Distribution Date after payment of interest on the
Class A and Class M-1 Notes. The "Class M-2 Adjusted
Principal Balance" as of any Distribution Date is the Class
M-2 Principal Balance less any Class M-2 Liquidation Loss
Amount.
In the event the remaining Amount Available is not
sufficient to make a full distribution of interest on the
Class M-2 Notes, the amount of the shortfall will be carried
forward and added to the amount of interest payable on the
Class M-2 Notes on the next Distribution Date. Any amount so
carried forward will bear interest at the applicable
interest rate, to the extent legally permissible.
PRINCIPAL: Noteholders will be entitled to receive on each Distribution
Date as payment of principal, in the manner and order of
priority set forth below, an amount equal to the Formula
Principal Distribution Amount for such Distribution Date.
Such amount will be paid as principal on the Class A-1 Notes
until the Class A-1 Notes have been paid in full, then on
the Class A-2 Notes until the Class A-2 Notes have been paid
in full and so on until the Class M-2 Notes have been paid
in full.
The "Formula Principal Distribution Amount" with respect to
any Distribution Date will be an amount equal to the sum of
the following amounts with respect to the
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<PAGE>
related Monthly Period, in each case computed in accordance
with the method specified in each Contract.
(i) all scheduled payments of principal due on each
outstanding Contract during the related Monthly Period
(after adjustments for previous Partial Principal
Prepayments and after any adjustments to a contract's
amortization schedule as a result of a bankruptcy or
similar proceeding involving the related Obligor), plus
(ii) the Scheduled Principal Balance of each Contract which,
during the related Monthly Period, was purchased by
Green Tree pursuant to the Sale and Servicing Agreement
due to a breach of a representation or warranty, plus
(iii) all Partial Principal Prepayments applied and all
Principal Prepayments in Full received on Contracts
during the related Monthly Period, plus
(iv) the Scheduled Principal Balance of each Contract that
became a Liquidated Contract during the related Monthly
Period plus the amount of any reduction in the
outstanding principal balance of a Contract during such
Monthly Period ordered as a result of a bankruptcy or
similar proceeding involving the related Obligor, plus
(v) without duplicating the foregoing, all collections in
respect of principal on the Contracts received during
the current month up to and including the third
business day prior to such Distribution Date (but in no
event later than the 10th day of the month in which
such Distribution Date occurs), minus
(vi) the amount, if any, included in the Formula Principal
Distribution Amount for the preceding Distribution Date
by virtue of clause (v) above.
In the event the remaining Amount Available for such
Distribution Date after payment of interest on the Notes is
not sufficient to make a full distribution of the Formula
Principal Distribution Amount, the amount of such deficiency
will be added to the amount of principal payable for the
next Distribution Date.
A "Liquidated Contract" means any Defaulted Contract as to
which the Servicer has determined that all amounts which it
expects to recover from or on account of such Contract
through the date of disposition of the related Product have
been recovered or any Defaulted Contract in respect of which
the related Product has been realized upon and disposed of
and the proceeds of such disposition have been received. A
"Defaulted Contract" is any Contract as to which the
Servicer has commenced repossession procedures or assigned
such Contract to a third party for repossession or other
enforcement, but which has not become a Liquidated Contract.
DESCRIPTION OF THE CERTIFICATES:
DISTRIBUTIONS: Certificateholders will be entitled to receive on each
Distribution Date commencing in July 1999, to the extent
that the remaining Amount Available is sufficient therefor,
distributions of interest and principal in the manner and
order of priority set forth below. Interest will be
calculated on the Certificates on the basis of a 360-day
year of twelve 30-day months.
CLASS B-1 INTEREST: Interest on the outstanding Class B-1 Adjusted Principal
Balance (defined below) will accrue from the Settlement
Date, or the most recent Distribution Date on which interest
has been paid, to but excluding the following Distribution
Date at the pass-through rate applicable to such Class. The
"Class B-1 Principal Balance" is the initial Class B-1
Principal Balance less the sum of all principal amounts
previously distributed
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<PAGE>
on the Class B-1 Notes. The "Class B-1 Adjusted Principal
Balance" as of any Distribution Date is the Class B-1
Principal Balance less any Class B-1 Liquidation Loss
Amount.
Interest will be paid on the B-1 Certificates on each
Distribution Date to the extent of the Amount Available on
such Distribution Date, after payment of interest on the
Notes.
In the event the remaining Amount Available is not
sufficient to make a full distribution of interest on the
Class B-1 Certificates, the amount of the shortfall will be
carried forward and added to the amount of interest payable
on the Class B-1 Certificates on the next Distribution Date.
Any amount so carried forward will bear interest at the
applicable pass-through rate, to the extent legally
permissible.
CLASS B-1 PRINCIPAL:No distributions of principal on the Class B-1 Certificates
will be payable until all of the Notes have been paid in
full. On each Distribution Date commencing on the
Distribution Date on which the Notes are paid in full,
principal will be paid on the Class B-1 Certificates in an
amount equal to the Formula Principal Distribution Amount
for such Distribution Date, to the extent of the Amount
Available on such Distribution Date after payment of all
principal and interest on the Notes and interest on the
Class B-1 Certificates.
CLASS B-2 INTEREST: Interest on the outstanding Class B-2 Principal Balance
(defined below) will accrue from the Settlement Date, or the
most recent Distribution Date on which interest has been
paid, to but excluding the following Distribution Date at
the pass-through rate applicable to such Class. The "Class
B-2 Principal Balance" is the initial Class B-2 Principal
Balance less the sum of all principal amounts previously
distributed on the Class B-2 Notes.
Interest will be paid on the Class B-2 Certificates on each
Distribution Date to the extent of funds available on such
Distribution Date, after payment of all interest and
principal on the Notes and the Class B-1 Certificates.
In the event the remaining funds available are not
sufficient to make a full distribution of interest on the
Class B-2 Certificates, the amount of the shortfall will be
carried forward and added to the amount of interest payable
on the next Distribution Date. Any amount so carried forward
will bear interest at the applicable pass-through rate, to
the extent legally permissible.
CLASS B-2 PRINCIPAL:No distributions of principal on the Class B-2 Certificates
will be payable until all of the Notes and Class B-1
Certificates have been paid in full (other than a Class B-2
Liquidation Loss Amount paid by Green Tree pursuant to the
Limited Guaranty). On each Distribution Date commencing on
the Distribution Date on which the Class B-1 Certificates
are paid in full, principal will be paid on the Class B-2
Certificates in an amount equal to the Formula Principal
Distribution Amount for such Distribution Date, to the
extent of funds available on such Distribution Date after
payment of interest on the Class B-2 Certificates.
LIMITED GUARANTY: In order to mitigate the effect of the subordination of the
Class B-2 Certificates and the effect of liquidation losses
and delinquencies on the Contracts, the Class B-2
Certificateholders are entitled to receive on each
Distribution Date the amount equal to the Guaranty Payment,
if any, under Green Tree's Limited Guaranty. The Guaranty
Payment for any Distribution Date will equal the difference,
if any, between the Class B-2 Distributable Amount and the
remaining funds available in the
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<PAGE>
Collection Account after payment of all interest and
principal on the Notes and Class B-1 Certificates. The
"Class B-2 Distributable Amount" equals the unpaid and
accrued interest on the Class B-2 Certificates, plus on each
Distribution Date commencing on the Distribution Date on
which the Class B-1 Certificates are paid in full, principal
in an amount equal to the Formula Principal Distribution
Amount for such Distribution Date (less, on the Distribution
Date on which the Class B-1 Certificates are paid in full,
the portion thereof payable on the Class B-1 Certificates),
plus any Class B-2 Liquidation Loss Amount for such
Distribution Date. If Green Tree should fail to pay such
amount or if the Limited Guaranty is exhausted by such
current and previous charges, however, the Class B-2
Principal Balance would not be reduced and interest would
continue to accrue on the full Class B-2 Principal Balance.
Class B-2 Certificateholder would, however, be entitled to
receive such unpaid amount as part of the Formula Principal
Distribution Amount prior to any payment of the Monthly
Servicing and Guaranty Fee to Green Tree on any subsequent
Distribution Date.
LOSSES ON
LIQUIDATED
CONTRACTS: In the event the Amount Available for any Distribution Date
is insufficient to distribute the full Formula Principal
Distribution Amount for such Distribution Date to the
Noteholders and the Certificateholders, the aggregate
outstanding Principal Balance of the Notes and Certificates
will be greater than the Pool Scheduled Principal Balance
for such Distribution Date. In such event, the amount of
such deficiency (the "Liquidation Loss Amount") would be
allocated first to the Class B-2 Certificates (a "Class B-2
Liquidation Loss Amount"), and Green Tree would be obligated
to pay the amount of such Class B-2 Liquidation Loss Amount
to the Class B-2 Certificateholders pursuant to the Limited
Guaranty (as described above).
If the Class B-2 Principal Balance were reduced to zero, any
further Liquidation Loss Amounts realized would be allocated
to reduce the Class B-1 Adjusted Principal Balance (a "Class
B-1 Liquidation Loss Amount").
If the Class B-1 Adjusted Principal Balance were reduced to
zero, any further Liquidation Loss Amounts realized would be
allocated to reduce the Class M-2 Adjusted Principal Balance
(a "Class M-2 Liquidation Loss Amount").
If the Class M-2 Adjusted Principal Balance were reduced to
zero, any further Liquidation Loss Amounts realized would be
allocated to reduce the Class M-1 Adjusted Principal Balance
(a "Class M-1 Liquidation Loss Amount").
Any such Liquidation Loss Amounts would be reduced on
subsequent Distribution Dates to the extent that the Amount
Available on such Distribution Dates is sufficient to permit
the distribution of principal due on the Notes or
Certificates on prior Distribution Dates but not paid. In
the event the Adjusted Principal Balance of a Class of Notes
or Certificates were reduced by a Liquidation Loss Amount,
interest accruing on such Class (other than the Class B-2
Certificates) would be calculated on the Adjusted Principal
Balance of such Class. The interest accruing on such Class
Liquidation Loss Amount each month (such Class "Liquidation
Loss Interest Amount"), plus interest at the applicable
interest or pass-through rate on any Liquidation Loss
Interest Amount due on a prior Distribution Date but not
paid, would be paid to the applicable holder of such Class
from the Amount Available after distribution of principal on
such Class but prior to any distribution of principal on a
subordinate Class.
OPTIONAL REDEMPTION:The Securities will be redeemed in whole, but not in part,
on any Distribution Date on which Green Tree exercises its
option to purchase the Contracts. Green Tree may purchase
the Contracts when the Pool Scheduled Principal Balance has
declined to 10% or less of the Cutoff Date Pool Principal
Balance. Such redemption would effect early retirement of
the Class M-2 Notes, Class B-1 Certificates and Class B-2
Certificates.
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<PAGE>
THE CONTRACT POOL
General
These computational materials contain information regarding the Initial
Contracts and Additional Contracts that will be transferred to the Trust on the
Settlement Date. The information for each Initial Contract is as of the Cutoff
Date. The Initial Contracts had an aggregate principal balance as of the Cutoff
Date of $508,071,812.36. The Sale and Servicing Agreement provides that certain
Additional Contracts originated prior to the Settlement Date will be purchased
by the Trust on the Settlement Date. As of the Cutoff Date, the Initial
Contracts
(i) had a remaining maturity, as of the Cutoff Date, of at least 5 months,
but not more than 240 months;
(ii) had an original maturity of at least 12 months, but not more than 240
months;
(iii) had an original principal balance of at least $1,434.81 and not more
than $514,625.20;
(iv) had a remaining principal balance as of the Cutoff Date of at least
$1,002.36 and not more than $504,673.07; and
(v) had a contractual rate of interest ("Initial Contract Rate") of at
least 3.99% and not more than 21.99%.
Neither Green Tree nor the Servicer may substitute other contracts for the
Initial Contracts at any time during the term of the Sale and Servicing
Agreement. Additional Contracts will have the assumed characteristics shown
below.
Characteristics of Initial Contracts
<TABLE>
<CAPTION>
Weighted Weighted
% of Average Average
Cutoff Date Original Remaining Weighted Weighted
% of Scheduled Pool Average Term to Term to Average Average
Number of Contract Principal Principal Principal Maturity Maturity Contract Loan-To-Value
Asset Type Contracts Pool Balance Balance Balance (Months) (Months)(1) Rate Ratio
---------- --------- ---- ------- ------- ------- -------- ----------- ---- -----
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Horse Trailer 4,592 10.68% $ 45,426,025.36 8.94% $ 9,892.43 123 120 10.850% 86%
Keyboard 1,542 3.59 17,579,494.57 3.46 11,400.45 103 99 10.941 84
Marine 5,517 12.83 88,976,722.31 17.51 16,127.74 146 143 10.683 86
Motorcycle 12,575 29.25 118,736,862.63 23.37 9,442.30 71 68 13.179 85
Recreational Vehicle 8,165 18.99 189,870,019.17 37.37 23,254.14 166 161 9.782 86
Sport Vehicle 10,604 24.66 47,482,688.32 9.35 4,477.81 53 49 15.069 88
------- ------ --------------- ------ ---------- --- --- ------- --
Total 42,995 100.00% $508,071,812.36 100.00% $11,817.00 124 120 11.364% 86%
======= ====== =============== ====== ========== === === ======= ==
</TABLE>
(1) Based on Scheduled payments due after the Cutoff Date and assuming no
prepayments on the Initial Contracts
Assumed Characteristics of Additional Contracts as of the Cutoff Date
<TABLE>
<CAPTION>
Aggregate Weighted
Principal Average Weighted Average Weighted Average
Balance Contract Original Term Remaining Term
Asset Type Outstanding Rate (Months) (Months)
- ----------------------- ------------------ ------------ -------------------- --------------------
<S> <C> <C> <C> <C>
Horse Trailer $ 8,219,177.06 10.850% 123 123
Keyboard 3,180,753.26 10.941 103 103
Marine 16,099,040.78 10.683 146 146
Motorcycle 21,483,704.32 13.179 71 71
Recreational Vehicle 34,354,211.99 9.782 166 166
Sport Vehicle 8,591,300.24 15.069 53 53
-------------- ------ --- ---
$91,928,187.64 11.364% 124 124
</TABLE>
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<PAGE>
Geographic Concentration of the Initial Contracts
<TABLE>
<CAPTION>
Aggregate
Number of Principal Balance % of Contracts by
Contracts as of % by Number of Outstanding as of Outstanding Principal
State Cutoff Date Contracts Cutoff Date Balance as of Cutoff Date
- ---------------------- ------------------- ---------------- ------------------- ---------------------------
<S> <C> <C> <C> <C>
Alabama 1,213 2.82% $13,077,923.54 2.57%
Alaska 57 0.13 1,882,709.11 0.37
Arizona 2,214 5.15 30,354,104.17 5.97
Arkansas 319 0.74 5,137,476.98 1.01
California 6,230 14.50 79,169,071.37 15.59
Colorado 644 1.50 10,535,937.79 2.07
Connecticut 503 1.17 4,268,950.36 0.84
Delaware 97 0.23 801,501.40 0.16
District of Columbia 19 0.04 310,426.57 0.06
Florida 4,414 10.28 51,011,481.10 10.05
Georgia 1,986 4.62 21,656,108.33 4.26
Hawaii 79 0.18 676,516.15 0.13
Idaho 66 0.15 1,351,496.07 0.27
Illinois 640 1.49 6,597,976.60 1.30
Indiana 522 1.21 4,976,598.87 0.98
Iowa 142 0.33 1,506,268.78 0.30
Kansas 193 0.45 2,845,931.13 0.56
Kentucky 611 1.42 4,601,055.10 0.91
Louisiana 541 1.26 7,201,914.06 1.42
Maine 67 0.16 622,834.90 0.12
Maryland 610 1.42 6,287,666.51 1.24
Massachusetts 719 1.67 6,176,221.23 1.22
Michigan 564 1.31 8,532,836.32 1.68
Minnesota 491 1.14 6,202,183.56 1.22
Mississippi 381 0.89 4,278,913.69 0.84
Missouri 881 2.05 9,773,370.90 1.92
Montana 58 0.13 911,694.00 0.18
Nebraska 64 0.15 934,308.75 0.18
Nevada 640 1.49 10,298,418.44 2.03
New Hampshire 117 0.27 1,586,276.65 0.31
New Jersey 1,188 2.76 8,688,711.46 1.71
New Mexico 399 0.93 4,761,232.06 0.94
New York 1,109 2.58 13,987,884.52 2.75
North Carolina 2,749 6.39 25,934,076.56 5.10
North Dakota 35 0.08 432,092.86 0.09
Ohio 609 1.42 8,732,782.05 1.72
Oklahoma 518 1.20 5,844,079.94 1.15
Oregon 816 1.90 11,353,680.58 2.23
Other 7 0.02 52,553.33 0.01
Pennsylvania 775 1.80 7,311,154.08 1.44
Rhode Island 181 0.42 1,447,621.44 0.28
South Carolina 959 2.23 10,933,335.17 2.15
South Dakota 51 0.12 826,699.19 0.16
Tennessee 766 1.78 9,650,965.50 1.90
Texas 5,061 11.78 60,477,311.69 11.91
Utah 88 0.20 1,543,925.86 0.30
Vermont 32 0.07 225,751.72 0.04
Virginia 1,106 2.57 10,203,653.16 2.01
Washington 1,105 2.57 16,937,867.91 3.33
West Virginia 101 0.23 906,327.36 0.18
Wisconsin 220 0.51 3,890,784.98 0.77
Wyoming 38 0.09 361,148.51 0.07
------ ------ --------------- ------
42,995 100.00% $508,071,812.36 100.00%
====== ====== =============== ======
</TABLE>
[LOGO OF BANC OF AMERICA SECURITIES]
8
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<PAGE>
Distribution of Original Contract Amount of the Initial Contracts
<TABLE>
<CAPTION>
Aggregate % of Contracts by
Number of Principal Balance Outstanding
Contracts as Outstanding as of Principal Balance as
Original Contract Amount of Cutoff Date % by Number of Contracts Cutoff Date of Cutoff Date
- ----------------------------- --------------- ------------------------ -------------------- ----------------------
<S> <C> <C> <C> <C>
Less than $ 10,000.01 25,499 59.31% $132,350,317.87 26.05%
10,000.01 - 20,000.00 12,046 28.02 167,321,568.96 32.93
20,000.01 - 30,000.00 2,831 6.58 66,140,195.25 13.02
30,000.01 - 40,000.00 1,010 2.35 34,102,446.85 6.71
40,000.01 - 50,000.00 508 1.18 22,337,449.73 4.40
50,000.01 - 60,000.00 354 0.82 19,066,854.96 3.75
60,000.01 - 70,000.00 217 0.50 13,800,154.13 2.72
70,000.01 - 80,000.00 165 0.38 12,234,027.16 2.41
80,000.01 - 90,000.00 138 0.32 11,571,356.13 2.28
90,000.01 - 100,000.00 67 0.16 6,308,003.04 1.24
100,000.01 - 110,000.00 31 0.07 3,209,725.99 0.63
110,000.01 - 120,000.00 30 0.07 3,360,879.15 0.66
120,000.01 - 130,000.00 22 0.05 2,715,681.44 0.53
130,000.01 - 140,000.00 13 0.03 1,704,355.66 0.34
140,000.01 - 150,000.00 19 0.04 2,711,682.12 0.53
150,000.01 - 160,000.00 9 0.02 1,371,194.96 0.27
160,000.01 - 170,000.00 4 0.01 644,947.42 0.13
170,000.01 - 180,000.00 7 0.02 1,114,936.12 0.22
180,000.01 - 190,000.00 4 0.01 736,403.39 0.14
190,000.01 - 200,000.00 3 0.01 565,578.73 0.11
200,000.01 - 250,000.00 11 0.03 2,376,355.29 0.47
250,000.01 - 300,000.00 3 0.01 840,751.23 0.17
300,000.01 - 350,000.00 3 0.01 982,273.71 0.19
500,000.01 - 550,000.00 1 0.00 504,673.07 0.10
------ ------ --------------- ------
42,995 100.00% $508,071,812.36 100.00%
====== ====== =============== ======
</TABLE>
Distribution by Year of Origination of the Initial Contracts
<TABLE>
<CAPTION>
Aggregate % of Contracts by
Number of Principal Balance Outstanding
Year of Contracts as of % by Number of Outstanding as of Principal Balance
Origination Cutoff Date Contracts Cutoff Date as of Cutoff Date
- ---------------- ----------------- -------------- ---------------------- -------------------
<S> <C> <C> <C> <C>
Pre-1998 332 0.77% $ 8,624,353.33 1.70%
1998 19,932 46.36 253,872,917.56 49.97
1999 22,731 52.87 245,574,541.47 48.33
------- ------ --------------- ------
42,995 100.00% $508,071,812.36 100.00%
======= ====== ============== ======
</TABLE>
Distribution of the Loan-To-Value Ratios of the Initial Contracts
<TABLE>
<CAPTION>
Aggregate % of Contracts by
Number of Principal Balance Outstanding
Loan-To-Value Ratio Contracts as of % by Number of Outstanding as of Principal Balance
(%) Cutoff Date Contracts Cutoff Date as of Cutoff Date
- --------------------- ----------------- --------------- ---------------------- --------------------
<S> <C> <C> <C> <C> <C>
Less than 61% 3,087 7.18% $ 21,658,592.80 4.26%
61 - 65 1,134 2.64 10,807,792.67 2.13
66 - 70 1,674 3.89 16,765,378.55 3.30
71 - 75 2,875 6.69 29,577,129.29 5.82
76 - 80 3,999 9.30 46,422,950.99 9.14
81 - 85 5,520 12.84 68,090,671.74 13.40
86 - 90 11,713 27.25 136,381,198.76 26.84
91 - 95 5,944 13.82 79,807,222.07 15.71
96 - 100 7,049 16.39 98,560,875.49 19.40
------ ------ --------------- ------
42,995 100.00% $508,071,812.36 100.00%
====== ====== =============== ======
</TABLE>
[LOGO OF BANC OF AMERICA SECURITIES]
9
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materials. If you did not receive such a disclaimer please contact your
Financial Advisor at Banc of America Securities LLC.
<PAGE>
Distribution of the Contract Rates of the Initial Contracts
<TABLE>
<CAPTION>
Aggregate % of Contracts by
Number of Principal Balance Outstanding
Contracts as of % by Number of Outstanding as of Principal Balance
Contract Rate (%) Cutoff Date Contracts Cutoff Date as of Cutoff Date
- --------------------- ----------------- ---------------- ------------------- -------------------
<S> <C> <C> <C> <C>
Less than 7.001% 44 0.10% $502,000.17 0.10%
7.001 - 8.000 254 0.59 21,884,816.41 4.31
8.001 - 9.000 1,223 2.84 55,617,926.80 10.95
9.001 - 10.000 4,409 10.25 103,710,263.71 20.40
10.001 - 11.000 6,566 15.27 102,800,361.36 20.22
11.001 - 12.000 7,007 16.30 71,309,075.29 14.04
12.001 - 13.000 5,825 13.55 51,452,278.86 10.13
13.001 - 14.000 4,831 11.24 32,574,341.50 6.41
14.001 - 15.000 5,214 12.13 29,768,206.36 5.86
15.001 - 16.000 3,386 7.88 17,659,481.71 3.48
16.001 - 17.000 2,177 5.06 10,854,288.92 2.14
Over 17.000% 2,059 4.79 9,938,771.27 1.96
------ ------ --------------- ------
42,995 100.00% $508,071,812.36 100.00%
====== ====== =============== ======
</TABLE>
Distribution of the Remaining Months to Maturity of the Initial Contracts
<TABLE>
<CAPTION>
% of Contracts
Number of Aggregate by Outstanding
Contracts as Principal Balance Principal
Remaining Term to Maturity of Cutoff % by Number of Outstanding as of Balance as of
(Months) Date Contracts Cutoff Date Cutoff Date
- --------------------------- ------------- --------------- ----------------- ------------------
<S> <C> <C> <C> <C>
1 - 30 2,785 6.48% $ 8,699,562.79 1.71%
31 - 60 18,736 43.57 103,237,046.59 20.32
61 - 90 9,268 21.55 100,891,891.05 19.86
91 - 120 3,554 8.27 51,839,598.32 10.20
121 - 150 5,189 12.07 90,209,345.60 17.76
151 - 180 2,796 6.50 102,557,739.06 20.19
181 - 210 213 0.50 9,217,907.24 1.81
211 - 240 454 1.06 41,418,721.71 8.15
------ ------ --------------- ------
42,995 100.00% $508,071,812.36 100.00%
====== ====== =============== ======
</TABLE>
[LOGO OF BANC OF AMERICA SECURITIES]
10
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Financial Advisor at Banc of America Securities LLC.
<PAGE>
Average Life Sensitivities
Average Life Sensitivity (to call)
Prepayment Scenarios
<TABLE>
<CAPTION>
I II III IV V
--------- --------- --------- --------- ---------
Avg. life (yrs.)/Exp. final (mos.)
Class
- -----
<S> <C> <C> <C> <C> <C>
Class A-1 .19 / 5 .18 / 4 .17 / 4 .16 / 4 .14 / 4
Class A-2 .59 / 10 .54 / 9 .50 / 9 .47 / 8 .44 / 8
Class A-3 1.18 / 19 1.08 / 17 1.00 / 16 .93 / 15 .87 / 14
Class A-4 2.33 / 39 2.16 / 36 2.00 / 34 1.87 / 32 1.74 / 30
Class A-5 3.45 / 45 3.22 / 42 3.00 / 39 2.81 / 37 2.63 / 34
Class A-6 4.68 / 71 4.38 / 67 4.11 / 63 3.86 / 59 3.63 / 56
Class M-1 6.50 / 86 6.06 / 80 5.68 / 75 5.34 / 70 5.04 / 66
Class M-2 7.66 / 95 7.18 / 89 6.75 / 84 6.34 / 79 5.95 / 74
Class B-1 7.89 / 95 7.39 / 89 6.97 / 84 6.56 / 79 6.14 / 74
Class B-2 7.89 / 95 7.39 / 89 6.97 / 84 6.56 / 79 6.14 / 74
</TABLE>
Average Life Sensitivity (to maturity)
Prepayment Scenarios
<TABLE>
<CAPTION>
I II III IV V
---------- ---------- ---------- ---------- ---------
Avg. life (yrs.)/Exp. final (mos.)
Class
- -----
<S> <C> <C> <C> <C> <C>
Class M-2 7.81 / 103 7.34 / 98 6.90 / 92 6.48 / 87 6.10 / 82
Class B-1 9.24 / 120 8.79 / 115 8.34 / 110 7.90 / 105 7.48 / 99
Class B-2 11.37 / 167 11.04 / 167 10.69 / 167 10.34 / 167 9.97 / 167
</TABLE>
Prepayment Scenarios
I II III IV V
----- ----- ----- ----- ------
Securities (1) 80% 90% 100% 110% 120%
(1) The 100% Base Case assumes 18% CPR with respect to Horse Trailers, Keyboard
Instruments and Recreational Vehicles; 25% CPR with respect to Motorcycles
and Sport Vehicles; and with respect to Marine Products, 100% Prepayment
Assumption, which assumes for the first month a conditional prepayment rate
of 1.50% per annum of the then outstanding principal balance and an
additional 1.50% (precisely, 18%/12) per annum in each month thereafter
until the twelfth month.
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materials. If you did not receive such a disclaimer please contact your
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<PAGE>
The information contained in the attached computational materials is preliminary
and will be replaced by the prospectus supplement and accompanying prospectus
applicable to the Green Tree Recreational, Equipment & Consumer Trust 1999-A and
any other information subsequently filed with the Securities and Exchange
Commission. You should make your investment decision with respect to the
securities described in the computational materials based solely upon the
information contained in the prospectus supplement and accompanying prospectus.
The computational materials do not constitute an offer to sell or the
solicitation of an offer to buy and we will not sell the securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of such jurisdiction.
The securities may not be sold and no offer to buy will be accepted prior to the
delivery of the prospectus supplement and accompanying prospectus relating to
the securities.
The information in the attached computational materials is preliminary, limited
in nature and subject to completion or amendment. We do not claim that the
securities will actually perform as described in any scenario presented.
The information in the computational materials has been prepared by the seller.
Banc of America Securities LLC ("Banc of America"), or any of their affiliates
do not make any representation as to the accuracy or completeness of the
information in the computational materials.
The information in the computational materials addresses only certain aspects of
the characteristics of the securities and does not provide a complete assessment
of the securities. As such, the information may not reflect the impact of all
structural characteristics of the securities. The assumptions underlying the
information, including structure, trust property and collateral, may be changed
from time to time to reflect changed circumstances.
The data supporting the information in the computational materials has been
obtained form sources that the underwriters believe to be reliable, but the
underwriters do not guarantee the accuracy of or computations based on such
data. The underwriters and their affiliates may engage in transactions with the
seller or its affiliates while the information is circulating. The underwriters
may act as principal in transactions with you, and accordingly, you must
determine the appropriateness for you of such transactions and address any
legal, tax, or accounting considerations applicable to you. The underwriters
shall not be a fiduciary or advisor, unless they have agreed in writing to
receive compensation specifically to act in such capacities. If you are subject
to ERISA, the information in the computational materials is being furnished on
the condition that it will not form a primary basis for any investment decision.
Although a registration statement (including a form of prospectus) relating to
the securities described in the information in the computational materials has
been filed with the Securities and Exchange Commission and is effective, the
prospectus supplement and accompanying prospectus relating to the securities
described in the information in the computational materials have not been filed
with the Securities and Exchange Commission. You must refer to the prospectus
supplement and accompanying prospectus for definitive information on any matter
described in the computational materials. Your investment decision should be
based only on the data in the prospectus supplement and accompanying prospectus.
The prospectus supplement and accompanying prospectus contain data that is
current as of the applicable publication dates and after publication may no
longer be complete or current. The prospectus supplement and accompanying
prospectus may be updated by information subsequently filed with the Securities
and Exchange Commission.
You may obtain the prospectus supplement and accompanying prospectus by
contacting the Banc of America Syndicate Desk at (704) 386-9690.
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