|
|
|
|
|
|
|
|
|
|
|
|
|
|
Previous: BOSTON BEER CO INC, 5/A, 2000-02-28 |
Next: VANDERBILT MORT & FIN INC SEN SUB PAS THR CERT SER 1999C, 15-15D, 2000-02-28 |
<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities and Exchange Act of 1934
Date of Report (Date of earliest event reported): February 7, 2000
Vanderbilt Mortgage and Finance, Inc.
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Tennessee
- --------------------------------------------------------------------------------
(State or other jurisdiction of incorporation or organization)
333-75405-03 62-0997810
- --------------------------------------------------------------------------------
(Commission File Number) (IRS Employer Identification No.)
Vanderbilt Mortgage and Finance, Inc.
500 Alcoa Trail
Maryville, TN 37804
- --------------------------------------------------------------------------------
(Address of principal executive offices and zip code)
Registrant's telephone number, including area code: 423-380-3000
- --------------------------------------------------------------------------------
(Former name or former address, if changed since last report)
<PAGE> 2
Item 5. Other Events
For the Remittance Date of February 7, 2000, The Chase Manhattan Bank,
as Trustee, made the monthly distributions to the holders of the Vanderbilt
Mortgage and Finance, Inc. Manufactured Housing Contract Senior/Subordinate
Pass-Through Certificates, Series 1999C.
Item 7. Financial Statements and Exhibits
(c) Exhibits.
The following are filed herewith. The exhibit numbers correspond
with Item 601(b) of Regulation S-K.
<TABLE>
<CAPTION>
Exhibit No. Description Page
------------------------------------------------------------------
<S> <C> <C>
20 Monthly Report delivered by 3
the Trustee to Certificateholders
in connection with the distributions
on the Remittance Date specified
in Item 5 above.
</TABLE>
SIGNATURES
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.
VANDERBILT MORTGAGE AND FINANCE, INC.,
as Servicer
By: /s/ David R. Jordan
------------------------------
Name: David R. Jordan
Title: Secretary
Dated: February 7, 2000
<PAGE> 1
<TABLE>
<CAPTION>
F123 F28 H28 J28 L28
CHASE BANK, TRUSTEE DETERMINATION DATE: 03-FEB-00
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 07-FEB-00
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1999C FOR THE PERIOD ENDED: 25-JAN-00
LOCK-OUT DATE: SEP-03
<S> <C> <C> <C> <C>
INFORMATION FOR CLAUSES (A) THROUGH (S), SECTION 7.01 - GROUP I
CLASS I A-1 CLASS I A-2 CLASS I A-3 CLASS I A-4
(a) Class I A and Class I B Distribution Amounts 2,113,861.61 271,783.33 264,629.17 202,916.70
(b) Formula Principal Distribution Amount
(a) Scheduled Principal Due 827,589.81
(b) Partial Prepayments Received 26,013.40
(c) Principal Payments in Full (Scheduled Balance) 969,403.43
(d) Liquidated Contract Scheduled Balance 0.00
(e) Section 3.05 Purchase Scheduled Balance 0.00
(f) Previously Undistributed Shortfalls in
(a) through (e) 0.00
------------- ------------- ------------- -------------
Total Principal Distribution 1,823,006.64 0.00 0.00 0.00
(c) Interest Distribution 290,854.97 271,783.33 264,629.17 202,916.70
Unpaid Interest Shortfall 0.00 0.00 0.00 0.00
------------- ------------- ------------- --------------
Total Interest Distribution 290,854.97 271,783.33 264,629.17 202,916.70
(d) Beginning Class I A and Class I B
Principal Balance 56,177,473.08 46,000,000.00 43,000,000.00 32,209,000.00
Less: Principal Distribution 1,823,006.64 0.00 0.00 0.00
------------- ------------- ------------- --------------
Remaining Class A and Class B
Principal Balance 54,354,466.44 46,000,000.00 43,000,000.00 32,209,000.00
(e) Fees Due Servicer
Monthly Servicing Fee 235,600.49 (H) POOL FACTOR
Section 8.06 Reimbursement Amount 0.00 CLASS I A-1 0.79933039
Section 6.02 Reimbursement Amount 8,686.93 CLASS I A-2 1.00000000
Reimburseable Fees 0.00 CLASS I A-3 1.00000000
------------- CLASS I A-4 1.00000000
Total Fees Due Servicer 244,287.42 CLASS I A-5 1.00000000
CLASS I M-1 1.00000000
NO. OF UNPAID PRINCIPAL CLASS I B-1 1.00000000
(f) Delinquency CONTRACTS BALANCE CLASS I B-2 1.00000000
31-59 Days Delinquent 109 4,534,580
60-89 Days Delinquent 32 1,305,269
90+ Days Delinquent 41 1,491,545
3-Month Avg Thirty-Day Delinquency Ratio 3.55%
3-Month Avg Sixty-Day Delinquency Ratio 0.97%
(g) Section 3.05 Repurchases 0.00
(i) Class R Distribution Amount 0.00
Reposession Profits 0.00
(j) Principal Balance Of Contracts in Repossession 724,920.26
(k) Aggregate Net Liquidation Losses 0.00
(l) (x) Class B-2 Formula Distribution Amount 116,620.00
(y) Remaining Amount Available (216,047.18)
-------------
Amount of (x) Over (y) 332,667.18
(m) Class B-2 Liquidation Loss Amount 0.00
(n) Guarantee Payment 0.00
(o) Unadvanced Shortfalls 0.00
NO. $
(p) Units Repossessed 9 333,547.10
(q) Principal Prepayments Paid 995,416.83
(r) Scheduled Principal Payments 827,589.81
(s) Weighted Average Interest Rate 9.66%
<CAPTION>
N28 P28 R28
<S> <C> <C> <C>
INFORMATION FOR CLAUSES (A) THROUGH (S), SECTION 7.01 - GROUP I
CLASS I A-5 CLASS I M-1 CLASS I B-1
(a) Class I A and Class I B Distribution Amounts 87,321.21 65,212.00 66,640.00
(b) Formula Principal Distribution Amount
(a) Scheduled Principal Due
(b) Partial Prepayments Received
(c) Principal Payments in Full (Scheduled Balance)
(d) Liquidated Contract Scheduled Balance
(e) Section 3.05 Purchase Scheduled Balance
(f) Previously Undistributed Shortfalls in
(a) through (e)
------------- ------------ ------------
Total Principal Distribution 0.00 0.00 0.00
(c) Interest Distribution 87,321.21 65,212.00 66,640.00
Unpaid Interest Shortfall 0.00 0.00 0.00
------------- ------------ ------------
Total Interest Distribution 87,321.21 65,212.00 66,640.00
(d) Beginning Class I A and Class I B
Principal Balance 13,090,000.00 9,520,000.00 9,520,000.00
Less: Principal Distribution 0.00 0.00 0.00
Remaining Class A and Class B ------------- ------------ ------------
Principal Balance 13,090,000.00 9,520,000.00 9,520,000.00
(e) Fees Due Servicer
Monthly Servicing Fee ORIGINAL BALANCE RATE
Section 8.06 Reimbursement Amount 68,000,000.00 6.0125% 5.7925%
Section 6.02 Reimbursement Amount 46,000,000.00 7.0900% 0.22%
Reimburseable Fees 43,000,000.00 7.3850%
32,209,000.00 7.5600%
Total Fees Due Servicer 13,090,000.00 8.0050%
9,520,000.00 8.2200%
NO. OF UNPAID PRINCIPAL 9,520,000.00 8.4000%
(f) Delinquency CONTRACTS BALANCE 16,660,000.00 8.4000%
31-59 Days Delinquent
60-89 Days Delinquent
90+ Days Delinquent
3-Month Avg Thirty-Day Delinquency Ratio 3.55%
3-Month Avg Sixty-Day Delinquency Ratio 0.97%
(g) Section 3.05 Repurchases 0.00
<CAPTION>
T28
<S> <C> <C> <C> <C>
INFORMATION FOR CLAUSES (A) THROUGH (S), SECTION 7.01 - GROUP I
CLASS I B-2
(a) Class I A and Class I B Distribution Amounts 116,620.00
(b) Formula Principal Distribution Amount
(a) Scheduled Principal Due
(b) Partial Prepayments Received
(c) Principal Payments in Full (Scheduled Balance)
(d) Liquidated Contract Scheduled Balance
(e) Section 3.05 Purchase Scheduled Balance
(f) Previously Undistributed Shortfalls in
(a) through (e)
--------------
Total Principal Distribution 0.00
1,365,977.38
(c) Interest Distribution 116,620.00 1,535,061.33
Unpaid Interest Shortfall 0.00
--------------
Total Interest Distribution 116,620.00
When
(d) Beginning Class I A and Class I B
Principal Balance 16,660,000.00 224,353,466.44
Less: Principal Distribution 0.00 1,823,006.64 is less than
-------------- 237,999,000.00
Remaining Class A and Class B
Principal Balance 16,660,000.00 0.10
23,799,900.00
(e) Fees Due Servicer We can prepay
Monthly Servicing Fee Rate
Section 8.06 Reimbursement Amount LIBOR CLASS A-1 6.013% 56,177,473.08
Section 6.02 Reimbursement Amount SPREAD CLASS A-2 7.090% 46,000,000.00
Reimburseable Fees CLASS A-3 7.385% 43,000,000.00
CLASS A-4 7.560% 32,209,000.00
Total Fees Due Servicer CLASS A-5 8.005% 13,090,000.00
CLASS A-6 8.220% 9,520,000.00
NO. OF UNPAID PRINCIPAL CLASS B-1 8.400% 9,520,000.00
(f) Delinquency CONTRACTS BALANCE CLASS B-2 8.400% 16,660,000.00
31-59 Days Delinquent 109 226,176,473.08
60-89 Days Delinquent 32
90+ Days Delinquent 41
3-Month Avg Thirty-Day Delinquency Ratio 3.55%
3-Month Avg Sixty-Day Delinquency Ratio 0.97%
(g) Section 3.05 Repurchases 0.00
<CAPTION>
<S> <C> <C> <C>
INFORMATION FOR CLAUSES (A) THROUGH (S), SECTION 7.01 - GROUP I
(a) Class I A and Class I B Distribution Amounts
(b) Formula Principal Distribution Amount
(a) Scheduled Principal Due
(b) Partial Prepayments Received
(c) Principal Payments in Full (Scheduled Balance)
(d) Liquidated Contract Scheduled Balance
(e) Section 3.05 Purchase Scheduled Balance
(f) Previously Undistributed Shortfalls in
(a) through (e)
Total Principal Distribution
(c) Interest Distribution
Unpaid Interest Shortfall
Total Interest Distribution
(d) Beginning Class I A and Class I B
Principal Balance
Less: Principal Distribution
Remaining Class A and Class B
Principal Balance
(e) Fees Due Servicer
Monthly Servicing Fee
Section 8.06 Reimbursement Amount 3,377,671
Section 6.02 Reimbursement Amount 3,261,400
Reimburseable Fees 3,175,550
2,435,000
Total Fees Due Servicer 1,047,855
782,544
NO. OF UNPAID PRINCIPAL 799,680
(f) Delinquency CONTRACTS BALANCE 1,399,440
31-59 Days Delinquent
60-89 Days Delinquent 16,279,139 7.20%
90+ Days Delinquent
3-Month Avg Thirty-Day Delinquency 3.55%
3-Month Avg Sixty-Day Delinquency 0.97%
</TABLE>
<PAGE> 2
<TABLE>
<CAPTION>
CHASE BANK, TRUSTEE DETERMINATION DATE: 03-FEB-00
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 07-FEB-00
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1999C FOR THE PERIOD ENDED: 25-JAN-00
LOCK-OUT DATE: SEP-03
<S> <C> <C>
Computation Of Available Distribution Amount
(i) Certificate Account Balance at Monthly Cutoff-Vanderbilt 2,948,673.41
Certificate Account Balance at Monthly Cutoff-Subservicer-21st 266,721.28
Certificate Account Balance at Monthly Cutoff-Subservicer-CC 516,185.39
(ii) Monthly Advance Made 0.00
(iii) Section 5.05 Certificate Fund Income-Vanderbilt 9,306.79
(iii) Section 5.05 Certificate Fund Income-Subservicer-21st 758.83
(iii) Section 5.05 Certificate Fund Income-Subservicer-CC 1,139.67
(v) Principal Due Holders 0.00
Less:
(i) Scheduled Payments of Principal and Interest
Due Subsequent to the Due Period-Vanderbilt 115,852.29
(i) Scheduled Payments of Principal And Interest
Due Subsequent to the Due Period-Subservicer-21st 9,003.76
(i) Scheduled Payments of Principal and Interest
Due Subsequent to the Due Period-Subservicer-CC 15,573.93
(ii) Due to the Servicer Pursuant To Section 6.02:
(i) Section 3.05 Purchases (Due Seller) 0.00
(ii) Reimbursement for Taxes from Liquidation Proceeds 0.00
(iii) Monthly Servicing Fee 235,600.49
(iv) Reimburseable Liquidation Expenses 8,686.93
(v) Section 6.04 (C) Reimbursement 0.00
(vi) Section 8.06 Reimbursement 0.00
(Vii) Amounts Not Required to Be Deposited-Subservicer-21st 0.00
Total Due Servicer 244,287.42
Available Distribution Amount-Vanderbilt 2,597,840.49
Available Distribution Amount-Subservicer-21st 258,476.35
Available Distribution Amount-Subservicer-CC 501,751.13
To Class A And B 3,188,984.02
Monthly Excess Cashflow 169,083.95
Weighted Average Remaining Term (Months) 221.00
Scheduled Balance Computation
Prior Month Balance 226,176,473.08
Current Balance 224,420,470.42
Adv Principal 32,424.17
Del Principal 99,428.15
Pool Scheduled Balance 224,353,466.44
Principal Payments in Full 969,403.43
Partial Prepayments 26,013.40
Scheduled Principal 827,589.81
Collateral Balance 224,420,470.42
</TABLE>
<PAGE> 3
<TABLE>
<CAPTION>
F130 F29 H29 J29 L29
CHASE BANK, TRUSTEE DETERMINATION DATE: 03-FEB-00
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 07-FEB-00
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1999C FOR THE PERIOD ENDED: 25-JAN-00
LOCK-OUT DATE: SEP-03
<S> <C> <C> <C> <C>
INFORMATION FOR CLAUSES (V) THROUGH (AP), SECTION 7.01 - GROUP II
CLASS II A-1 CLASS II B-1 CLASS II B-2 CLASS II B-3
(v) Class II A and Class II B Distribution Amounts 2,845,250.15 85,291.13 65,681.20 76,629.32
(w) Formula Principal Distribution Amount
(a) Scheduled Principal Due 254,654.65
(b) Partial Prepayments Received 92,518.36
(c) Principal Payments in Full (Scheduled Balance) 1,359,994.44
(d) Liquidated Contract Scheduled Balance 0.00
(e) Section 3.05 Purchase Scheduled Balance 0.00
(f) Previously Undistributed Shortfalls in
(A) through (E) 0.00
(g) Accelerated Principal Payment 621,995.44
------------- ------------- ------------ -------------
Total Principal Distribution 2,329,162.89 0.00 0.00 0.00
(x) Interest Distribution 516,087.26 85,291.13 65,681.20 76,629.32
Unpaid Interest Shortfall 0.00 0.00 0.00 0.00
------------- ------------- ------------ -------------
Total Interest Distribution 516,087.26 85,291.13 65,681.20 76,629.32
(y) Beginning Class I A and Class I B
Principal Balance 96,939,286.41 15,543,000.00 8,675,000.00 10,121,000.00
Less: Principal Distribution 2,329,162.89 0.00 0.00 0.00
------------- ------------- ------------ -------------
Remaining Class A and Class B Principal Balance 94,610,123.52 15,543,000.00 8,675,000.00 10,121,000.00
(z) Fees Due Servicer
Monthly Servicing Fee 0.00 (AC) Pool Factor Original Balance
Section 8.06 Reimbursement Amount 0.00 Class II A-1 0.85821955 110,240,000.00
Section 6.02 Reimbursement Amount 24,000.00 Class II B-1 1.00000000 15,543,000.00
Reimburseable Fees 0.00 Class II B-2 1.00000000 8,675,000.00
Class II B-3 1.00000000 10,121,000.00
-------------
Total Fees Due Servicer 24,000.00
<CAPTION>
<S> <C> <C> <C> <C> <C>
INFORMATION FOR CLAUSES (V) THROUGH (AP), SECTION 7.01 - GROUP II
(v) Class II A and Class II B Distribution Amounts
(w) Formula Principal Distribution Amount
(a) Scheduled Principal Due
(b) Partial Prepayments Received
(c) Principal Payments in Full (Scheduled Balance)
(d) Liquidated Contract Scheduled Balance
(e) Section 3.05 Purchase Scheduled Balance
(f) Previously Undistributed Shortfalls in
(A) through (E)
(g) Accelerated Principal Payment
Total Principal Distribution
(x) Interest Distribution 743,688.91
Unpaid Interest Shortfall
Total Interest Distribution When
128,949,123.52
(y) Beginning Class I A And Class I B
Principal Balance Is Less Than
Less: Principal Distribution 2,329,162.89 144,579,000.00
X
Remaining Class A And Class B Principal Balance 0.10
14,457,900.00
(z) Fees Due Servicer We Can Prepaid
Monthly Servicing Fee Rate Libor Spread
Section 8.06 Reimbursement Amount 6.1825% 5.7925% 0.39% 96,939,286 5,993,271
Section 6.02 Reimbursement Amount 6.3725% 0.58% 15,543,000 990,478
Reimburseable Fees 8.7925% 3.00% 8,675,000 762,749
8.7925% 3.00% 10,121,000 889,889
-----------------------
Total Fees Due Servicer 131,278,286 8,636,387 6.58%
<CAPTION>
No. Of Unpaid Principal
(aa) Delinquency Contracts Balance
<S> <C> <C> <C>
31-59 Days Delinquent 127 4,801,657
60-89 Days Delinquent 23 996,966
90+ Days Delinquent 26 967,015
3-Month Avg Thirty-Day Delinquency Ratio 3.27%
3-Month Avg Sixty-Day Delinquency Ratio 1.25%
(ab) Section 3.05 Repurchases 0.00
(ad) Class R Distribution Amount 0.00
Repossession Profits 0.00
(ae) Principal Balance Of Contracts in Repossession 69,460.64
(af) Aggregate Net Liquidation Losses 0.00
(ag) (X) Class B-3 Formula Distribution Amount 76,629.32
(Y) Remaining Amount Available 452,911.49
-------------
Amount Of (X) over (Y) 0.00
(ah) Class B-2 Liquidation Loss Amount 0.00
(ai) Guarantee Payment 0.00
(aj) Unadvanced Shortfalls 0.00
No. $
(ak) Units Repossessed 3 72,613.58
(al) Principal Prepayments Paid 1,452,512.80
(am) Scheduled Principal Payments 254,654.65
(an) Weighted Average Interest Rate 10.37%
</TABLE>
<PAGE> 4
<TABLE>
<CAPTION>
F130 F29 H29 J29 L29
CHASE BANK, TRUSTEE DETERMINATION DATE: 03-FEB-00
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 07-FEB-00
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1999C FOR THE PERIOD ENDED: 25-JAN-00
LOCK-OUT DATE: SEP-03
<S> <C> <C> <C> <C>
Computation Of Available Distribution Amount
(i) Certificate Account Balance at Monthly Cutoff-Vanderbilt 2,974,276.62
(ii) Monthly Advance Made 0.00
(iii) Section 5.05 Certificate Fund Income-Vanderbilt 9,107.78
(v) Principal Due Holders 0.00
Less:
(i) Scheduled Payments Of Principal and Interest
Due Subsequent to the Due Period-Vanderbilt 55,616.55
(ii) Due to the Servicer Pursuant to Section 6.02:
(i) Section 3.05 Purchases (Due Seller) 0.00
(ii) Reimbursement for Taxes from Liquidation Proceeds 0.00
(iii) Monthly Servicing Fee 0.00
(iv) Reimburseable Liquidation Expenses 24,000.00
(v) Section 6.04 (C) Reimbursement 0.00
(vi) Section 8.06 Reimbursement 0.00
(vii) Amounts not Required to Be Deposited-Subservicer 0.00
Total Due Servicer 24,000.00
Available Distribution Amount 2,903,767.85
To Class A and B - Scheduled Principal and Interest 2,450,856.36
Monthly Excess Cashflow Class II 452,911.49
Monthly Excess Cashflow Class I 169,083.95
Accelerated Principal Payment 621,995.44
Weighted Average Remaining Term (Months) 222.00
Scheduled Balance Computation
Prior Month Balance 135,716,574.97
Current Balance 134,074,207.62
Adv Principal 14,630.95
Del Principal 79,431.05
Pool Scheduled Balance 134,009,407.52
Principal Payments in Full 1,359,994.44
Partial Prepayments 92,518.36
Scheduled Principal 254,654.65
Collateral Balance 134,074,207.62
Overcollateralization Amount 5,060,284
Required Overcollateralization Amount 5,060,284
</TABLE>
|
|