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Previous: SOUTHERN PACIFIC SECURED ASSETS CORP, S-3, 1998-09-02 |
Next: EMBRYO DEVELOPMENT CORP, SC 13D, 1998-09-02 |
UNITED STATES
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): August 25, 1998
SOUTHERN PACIFIC SECURED ASSETS CORPORATION
Collateralized Asset-Backed Notes, Series 1998-H01 Trust
New York (governing law of 333-52577 PENDING
Pooling and Servicing Agreement) (Commission IRS EIN
(State or other File Number)
jurisdiction
c/o Norwest Bank Minnesota, N.A.
7485 New Horizon Way 21703
Frederick, MD (Zip Code)
(Address of principal executive offices)
Registrant's telephone number, including area code: (301) 696-7900
Former name or former address, if changed since last report)
ITEM 5. Other Events
On August 25, 1998 a distribution was made to holders of SOUTHERN PACIFIC
SECURED ASSETS CORPORATION, Collateralized Asset-Backed Notes, Series 1998-
H01 Trust.
ITEM 7. Financial Statements and Exhibits
(c) Exhibits furnished in accordance with Item 601(a) of Regulation S-K
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of
Collateralized Asset-Backed Notes, Series 1998-H01
Trust, relating to the August 25, 1998 distribution.
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.
SOUTHERN PACIFIC SECURED ASSETS CORPORATION
Collateralized Asset-Backed Notes, Series 1998-H01 Trust
By: Norwest Bank Minnesota, N.A., as Trustee
By: /s/ Sherri J. Sharps, Vice president
By: Sherri J. Sharps, Vice president
Date: 8/26/1998
INDEX TO EXHIBITS
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of Collateralized Asset-
Backed Notes, Series 1998-H01 Trust, relating to the August 25,
1998 distribution.
<TABLE>
<CAPTION>
Southern Pacific Secured Assets Corporation
Collateralized Asset-Backed Notes
Record Date: 7/31/1998
Distribution Date: 8/25/1998
SPSAC Series: 1998-H01
Contact: Customer Service - Columbia, MD
Norwest Bank Minnesota, N.A.
Securities Administration Services
11000 Broken Land Parkway
Columbia, MD 21044
Telephone: (301) 815-6600
Fax: (410) 884-2369
Certificateholder Distribution Summary
Certificate Certificate Beginning
Class Pass-Through Certificate Interest Principal
Class CUSIP Description Rate Balance Distribution Distribution
<S> <C> <C> <C> <C> <C> <C>
A-1 843590CT5 SEQ 5.74625% 26,188,917.76 121,226.50 1,528,752.54
A-2 843590CU2 SEQ 6.31000% 10,800,000.00 56,790.00 0.00
A-3 843590CV0 SEQ 6.41000% 16,000,000.00 85,466.67 0.00
A-4 843590CW8 SEQ 6.61000% 10,000,000.00 55,083.33 0.00
A-5 843590CX6 SEQ 7.13000% 5,527,000.00 32,839.59 0.00
A-6 843590CY4 IO 0.50000% 0.00 43,978.82 0.00
M-1 843590CZ1 SEQ 7.49000% 10,555,000.00 65,880.79 0.00
M-2 843590DA5 SEQ 7.63000% 7,916,000.00 50,332.57 0.00
B-1 843590DB3 SEQ 9.01000% 11,346,000.00 85,189.55 0.00
B-2 SPS98H1B2 SEQ 11.01000% 5,541,000.00 50,838.68 0.00
X SPS98H01X CE 0.00000% 0.00 0.00 0.00
Totals 103,873,917.76 647,626.50 1,528,752.54
</TABLE>
<TABLE>
<CAPTION>
Certificateholder Distribution Summary (continued)
Current Ending Cumulative
Realized Certificate Total Realized
Class Loss Balance Distribution Losses
<S> <C> <C> <C> <C>
A-1 0.00 24,660,165.22 1,649,979.04 0.00
A-2 0.00 10,800,000.00 56,790.00 0.00
A-3 0.00 16,000,000.00 85,466.67 0.00
A-4 0.00 10,000,000.00 55,083.33 0.00
A-5 0.00 5,527,000.00 32,839.59 0.00
A-6 0.00 0.00 43,978.82 0.00
M-1 0.00 10,555,000.00 65,880.79 0.00
M-2 0.00 7,916,000.00 50,332.57 0.00
B-1 0.00 11,346,000.00 85,189.55 0.00
B-2 0.00 5,541,000.00 50,838.68 0.00
X 0.00 0.00 0.00 0.00
Totals 0.00 102,345,165.22 2,176,379.04 0.00
<FN>
All distributions required by the Pooling and Servicing Agreement have been calculated by the
Certificate Administrator on behalf of the Trustee.
Edward M. Frere, Jr.
Vice President, Norwest Bank Minnesota, N.A.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Principal Distribution Statement
Original Beginning Scheduled Unscheduled
Face Certificate Principal Principal Realized
Class Amount Balance Distribution Distribution Accretion Loss (1)
<S> <C> <C> <C> <C> <C> <C>
A-1 27,600,000.00 26,188,917.76 213,965.01 1,314,787.53 0.00 0.00
A-2 10,800,000.00 10,800,000.00 0.00 0.00 0.00 0.00
A-3 16,000,000.00 16,000,000.00 0.00 0.00 0.00 0.00
A-4 10,000,000.00 10,000,000.00 0.00 0.00 0.00 0.00
A-5 5,527,000.00 5,527,000.00 0.00 0.00 0.00 0.00
A-6 0.00 0.00 0.00 0.00 0.00 0.00
M-1 10,555,000.00 10,555,000.00 0.00 0.00 0.00 0.00
M-2 7,916,000.00 7,916,000.00 0.00 0.00 0.00 0.00
B-1 11,346,000.00 11,346,000.00 0.00 0.00 0.00 0.00
B-2 5,541,000.00 5,541,000.00 0.00 0.00 0.00 0.00
X 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00
Totals 105,285,000.00 103,873,917.76 213,965.01 1,314,787.53 0.00 0.00
<FN>
(1) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed.
Please Refer to the Prospectus Supplement for a Full Description.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Principal Distribution Statement (continued)
Total Ending Ending Total
Principal Certificate Certificate Principal
Class Reduction Balance Percentage Distribution
<S> <C> <C> <C> <C>
A-1 1,528,752.54 24,660,165.22 0.89348425 1,528,752.54
A-2 0.00 10,800,000.00 1.00000000 0.00
A-3 0.00 16,000,000.00 1.00000000 0.00
A-4 0.00 10,000,000.00 1.00000000 0.00
A-5 0.00 5,527,000.00 1.00000000 0.00
A-6 0.00 0.00 0.00000000 0.00
M-1 0.00 10,555,000.00 1.00000000 0.00
M-2 0.00 7,916,000.00 1.00000000 0.00
B-1 0.00 11,346,000.00 1.00000000 0.00
B-2 0.00 5,541,000.00 1.00000000 0.00
X 0.00 0.00 0.00000000 0.00
X 0.00 0.00 0.00000000 0.00
Totals 1,528,752.54 102,345,165.22 0.97207736 1,528,752.54
</TABLE>
<TABLE>
<CAPTION>
Principal Distribution Factors Statement
Original Beginning Scheduled Unscheduled
Face Certificate Principal Principal
Class (2) Amount Balance Distribution Distribution Accretion
<S> <C> <C> <C> <C> <C>
A-1 27,600,000.00 948.87383188 7.75235543 47.63722935 0.00000000
A-2 10,800,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-3 16,000,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-4 10,000,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-5 5,527,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-6 0.00 0.00000000 0.00000000 0.00000000 0.00000000
M-1 10,555,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-2 7,916,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
B-1 11,346,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
B-2 5,541,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
X 0.00 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(2) All classes are per $1000 denominations.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Principal Distribution Factors Statement (continued)
Total Ending Ending Total
Realized Principal Certificate Certificate Principal
Class Loss (3) Reduction Balance Percentage Distribution
<S> <C> <C> <C> <C> <C>
A-1 0.00000000 55.38958478 893.48424710 0.89348425 55.38958478
A-2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
A-3 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
A-4 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
A-5 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
A-6 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
M-1 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
M-2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
B-1 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
B-2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
X 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(3) Amount Does Not Include Excess Special Hazard, Bankrupcy, or Fraud Losses
Unless Otherwise Disclosed.
Please Refer to the Prospectus Supplement for a Full Description.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Interest Distribution Statement
Beginning Payment of
Original Current Certificate/ Current Unpaid Current
Face Certificate Notional Accrued Interest Interest
Class Amount Rate Balance Interest Shortfall Shortfall
<S> <C> <C> <C> <C> <C> <C>
A-1 27,600,000.00 5.74625% 26,188,917.76 121,226.50 0.00 0.00
A-2 10,800,000.00 6.31000% 10,800,000.00 56,790.00 0.00 0.00
A-3 16,000,000.00 6.41000% 16,000,000.00 85,466.67 0.00 0.00
A-4 10,000,000.00 6.61000% 10,000,000.00 55,083.33 0.00 0.00
A-5 5,527,000.00 7.13000% 5,527,000.00 32,839.59 0.00 0.00
A-6 0.00 0.50000% 105,549,157.47 43,978.82 0.00 0.00
M-1 10,555,000.00 7.49000% 10,555,000.00 65,880.79 0.00 0.00
M-2 7,916,000.00 7.63000% 7,916,000.00 50,332.57 0.00 0.00
B-1 11,346,000.00 9.01000% 11,346,000.00 85,189.55 0.00 0.00
B-2 5,541,000.00 11.01000% 5,541,000.00 50,838.67 0.00 0.00
X 0.00 0.00000% 0.00 0.00 0.00 0.00
Totals 105,285,000.00 647,626.49 0.00 0.00
</TABLE>
<TABLE>
<CAPTION>
Interest Distribution Statement (continued)
Remaining Ending
Non-Supported Total Unpaid Certificate/
Interest Realized Interest Interest Notional
Class Shortfall Losses (4) Distribution Shortfall Balance
<S> <C> <C> <C> <C> <C>
A-1 0.00 0.00 121,226.50 0.00 24,660,165.22
A-2 0.00 0.00 56,790.00 0.00 10,800,000.00
A-3 0.00 0.00 85,466.67 0.00 16,000,000.00
A-4 0.00 0.00 55,083.33 0.00 10,000,000.00
A-5 0.00 0.00 32,839.59 0.00 5,527,000.00
A-6 0.00 0.00 43,978.82 0.00 105,549,157.47
M-1 0.00 0.00 65,880.79 0.00 10,555,000.00
M-2 0.00 0.00 50,332.57 0.00 7,916,000.00
B-1 0.00 0.00 85,189.55 0.00 11,346,000.00
B-2 0.00 0.00 50,838.68 0.00 5,541,000.00
X 0.00 0.00 0.00 0.00 0.00
Totals 0.00 0.00 647,626.50 0.00
<FN>
(4) Amount Does Not Include Excess Special Hazard, Bankrupcy, or Fraud Losses Unless Otherwise Disclosed.
Please Refer to the Prospectus Supplement for a Full Description.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Interest Distribution Factors Statement
Beginning Payment of
Original Current Certificate/ Current Unpaid Current
Face Certificate Notional Accrued Interest Interest
Class (5) Amount Rate Balance Interest Shortfall Shortfall
<S> <C> <C> <C> <C> <C> <C>
A-1 27,600,000.00 5.74625% 948.87383188 4.39226449 0.00000000 0.00000000
A-2 10,800,000.00 6.31000% 1000.00000000 5.25833333 0.00000000 0.00000000
A-3 16,000,000.00 6.41000% 1000.00000000 5.34166687 0.00000000 0.00000000
A-4 10,000,000.00 6.61000% 1000.00000000 5.50833300 0.00000000 0.00000000
A-5 5,527,000.00 7.13000% 1000.00000000 5.94166637 0.00000000 0.00000000
A-6 0.00 0.50000% 999.99999498 0.41666671 0.00000000 0.00000000
M-1 10,555,000.00 7.49000% 1000.00000000 6.24166651 0.00000000 0.00000000
M-2 7,916,000.00 7.63000% 1000.00000000 6.35833375 0.00000000 0.00000000
B-1 11,346,000.00 9.01000% 1000.00000000 7.50833333 0.00000000 0.00000000
B-2 5,541,000.00 11.01000% 1000.00000000 9.17499910 0.00000000 0.00000000
X 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(5) All classes are per $1000 denominations.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Interest Distribution Factors Statement (continued)
Remaining Ending
Non-Supported Total Unpaid Certificate/
Interest Realized Interest Interest Notional
Class Shortfall Losses (6) Distribution Shortfall Balance
<S> <C> <C> <C> <C> <C>
A-1 0.00000000 0.00000000 4.39226449 0.00000000 893.48424710
A-2 0.00000000 0.00000000 5.25833333 0.00000000 1000.00000000
A-3 0.00000000 0.00000000 5.34166687 0.00000000 1000.00000000
A-4 0.00000000 0.00000000 5.50833300 0.00000000 1000.00000000
A-5 0.00000000 0.00000000 5.94166637 0.00000000 1000.00000000
A-6 0.00000000 0.00000000 0.41666671 0.00000000 999.99999498
M-1 0.00000000 0.00000000 6.24166651 0.00000000 1000.00000000
M-2 0.00000000 0.00000000 6.35833375 0.00000000 1000.00000000
B-1 0.00000000 0.00000000 7.50833333 0.00000000 1000.00000000
B-2 0.00000000 0.00000000 9.17500090 0.00000000 1000.00000000
X 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(6) Amount Does Not Include Excess Special Hazard, Bankrupcy,or Fraud Losses Unless
Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.
</FN>
</TABLE>
<TABLE>
<CAPTION>
CERTIFICATE ACCOUNT
<S> <C>
Beginning Balance 0.00
Deposits
Payments of Interest and Principal 2,242,416.13
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 0.00
Realized Losses 0.00
Total Deposits 2,242,416.13
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 66,037.10
Payment of Interest and Principal 2,176,379.03
Total Withdrawals (Pool Distribution Amount) 2,242,416.13
Ending Balance 0.00
</TABLE>
<TABLE>
<CAPTION>
PREPAYMENT/CURTAILMENT INTEREST SHORTFALL
<S> <C>
Total Prepayment/Curtailment Interest Shortfall 0.00
Servicing Fee Support 0.00
Non-Supported Prepayment/Curtailment Interest Shortfall 0.00
</TABLE>
<TABLE>
<CAPTION>
SERVICING FEES
<S> <C>
Gross Servicing Fee 65,383.27
Certificate Administration Fee 0.00
Trustee Fee 653.83
Master Servicing Fee 0.00
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 66,037.10
</TABLE>
<TABLE>
<CAPTION>
DELINQUENCY STATUS
Percentage Delinquent
Based On
Current Unpaid
Number Principal Number Unpaid
Of Loans Balance Of Loans Balance
<S> <C> <C> <C> <C>
30 Days 20 640,849.88 0.630517% 0.618835%
60 Days 1 19,946.64 0.031526% 0.019261%
90+ Days 0 0.00 0.000000% 0.000000%
Foreclosure 0 0.00 0.000000% 0.000000%
REO 0 0.00 0.000000% 0.000000%
Totals 21 660,796.52 0.662043% 0.638096%
</TABLE>
<TABLE>
<CAPTION>
OTHER INFORMATION
<S> <C>
Current Period Realized Loss - Includes Interest Shortfall 0.00
Cumulative Realized Losses - Includes Interest Shortfall 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 0.00
</TABLE>
<TABLE>
<CAPTION>
COLLATERAL STATEMENT
<S> <C>
Collateral Description Mixed Fixed
Weighted Average Gross Coupon 13.612563%
Weighted AverageNet Coupon 12.862563%
Weighted Average Pass-Through Rate 12.855063%
Weighted Average Maturity(Stepdown Calculation ) 222
Begin Scheduled Collateral Loan Count 3,200
Number Of Loans Paid In Full 28
End Scheduled Collateral Loan Count 3,172
Begining Scheduled Collateral Balance 104,613,233.98
Ending Scheduled Collateral Balance 103,557,529.86
Ending Actual Collateral Balance at 31-Jul-1998 103,557,529.86
Monthly P &I Constant 1,346,601.58
Ending Scheduled Balance for Premium Loans 103,557,529.86
Required Overcollateralization Amount 0.00
Overcollateralization Increase Amount 473,048.42
Overcollateralization reduction Amount 0.00
Specified O/C Amount 4,749,712.10
Overcollateralized Amount 1,212,364.66
Overcollateralized Deficiency Amount 3,537,347.44
Base Overcollateralized Amount 0.00
Extra principal distribution Amount 473,048.42
Excess Cash Amount 473,048.42
</TABLE>
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