-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, MxsqQyvgx1MiAWOCXPnktXA8hlE7Np25ht1EjYdBwmyEIM3Atx9/the3my5/84IM x/ZAObqqCA70yc2y+dooOQ== 0000070858-01-500129.txt : 20010601 0000070858-01-500129.hdr.sgml : 20010601 ACCESSION NUMBER: 0000070858-01-500129 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20010510 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 20010531 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NATIONSCREDIT GRANTOR TRUST 1997-1 CENTRAL INDEX KEY: 0001038708 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] IRS NUMBER: 752655744 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 333-22327-01 FILM NUMBER: 1651299 BUSINESS ADDRESS: STREET 1: TRANSAMERICA SQUARE NC1 021 03 07 STREET 2: 401 N TRYAN STREET CITY: CHARLOTTE STATE: NC ZIP: 28255 BUSINESS PHONE: 9725065045 MAIL ADDRESS: STREET 1: 225 E JOHN CARPENTER FREEWAY CITY: IRVING STATE: TX ZIP: 75062-2731 8-K 1 c78k.txt 8-K 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 10, 2001 NATIONSCREDIT GRANTOR TRUST 1997 - 1 ------------------------------------ (EXACT NAME OF REGISTRANT AS SPECIFIED IN CHARTER) DELAWARE 333-22327 75-2655744 -------- --------- ---------- (STATE OR OTHER (COMMISSION FILE (IRS EMPLOYER JURISDICTION OF NUMBER) IDENTIFICATION NUMBER) INCORPORATION) 1355 WINDWARD CONCOURSE ALPHARETTA GEORGIA 30005 (ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) ---------------------------------------- REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE (678) 339-9343 NOT APPLICABLE (FORMER NAME OR FORMER ADDRESS, IF CHANGED SINCE LAST REPORT.) ITEM 5. OTHER EVENTS ------------- THIS CURRENT REPORT ON FORM 8-K IS BEING FILED TO FILE A COPY OF THE CERTIFICATEHOLDERS STATEMENTS RELATING TO THE COLLECTION PERIOD ENDING APRIL 30, 2001. CAPITALIZED TERMS NOT DEFINED HEREIN HAVE THE MEANINGS ASSIGNED IN THE POOLING AND SERVICING AGREEMENT (WITH STANDARD TERMS AND CONDITIONS ATTACHED THERETO) DATED AS OF APRIL 30, 1997 AMONG NATIONSCREDIT SECURITIZATION CORPORATION, NATIONSCREDIT COMMERCIAL CORPORATION OF AMERICA AND BANKERS TRUST COMPANY, AS TRUSTEE, WHICH WAS PREVIOUSLY FILED AS AN EXHIBIT TO THE CURRENT REPORT ON FORM 8-K FILED ON BEHALF OF THE TRUST BY NATIONSCREDIT COMMERCIAL CORPORATION OF AMERICA ON JUNE 4, 1997. ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND -------------------------------------------------------------- EXHIBITS. ---- (C) EXHIBITS EXHIBIT NO. 19.1 CERTIFICATEHOLDERS STATEMENTS 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 THEREUNTO DULY AUTHORIZED. NATIONSCREDIT GRANTOR TRUST 1997 - 1 ------------------------------------ (REGISTRANT) BY: NATIONSCREDIT COMMERCIAL CORPORATION OF AMERICA, AS SERVICER OF NATIONSCREDIT GRANTOR TRUST 1997 - 1 Date: May 10, 2001 BY: /S/ KEVIN CHURCH -------------- ------------------ NAME: KEVIN CHURCH TITLE: VICE PRESIDENT EXHIBIT INDEX ------------- EXHIBIT NUMBER DESCRIPTION - ------ ----------- 19.1 CERTIFICATEHOLDERS STATEMENTS EX-19 2 c7ex19.txt CERTIFICATEHOLDERS STATEMENTS
EXHIBIT 19.1 STATEMENT TO MARINE CERTIFICATEHOLDERS NATIONSCREDIT GRANTOR TRUST 1997 - 2 Pursuant to the Pooling and Servicing Agreement, dated as of September 30, 1997 among NationsCredit Securitization Corporation (as "Seller"), NationsCredit Corporation of America (as "Servicer") and Bankers Trust Company (as "Trustee" and "Collateral Agent"), the Servicer is required to prepare certain information each month regarding distribution to Marine Certificateholders and the performance of the Trust. The information with respect to the applicable Distribution Date is set forth below. Month . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr-01 Collection Period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 04/01/2001 Determination Date. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 05/10/2001 Deposit Date. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 05/14/2001 Distribution Date . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 05/15/2001 MARINE POOL BALANCE Marine Pool Balance on the close of the last day of the Collection Period (Record Date) 35,283,850.26 Marine Certificate Factor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29.2075859% Marine Ending Certificate Balance (per $1,000 certificate). . . . . . . . . . . . . . . 292.08 Liquidation Proceeds. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 95,550.96 Purchase Amounts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00 AMOUNTS DISTRIBUTED ON THE DISTRIBUTION DATE (PER $1,000 CERTIFICATE) Interest Payments: Monthly Interest Payment. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.61 Carry-Over Monthly Interest Payment . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00 Total Marine Interest Payment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.61 Marine Principal Payments: Monthly Marine Principal Payment. . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.74 Carry-Over Monthly Marine Principal Payment . . . . . . . . . . . . . . . . . . . . . . 0.00 Total Marine Principal Payment. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.74 Marine Servicing Fee: Marine Servicing Fee. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.19 Carry-Over Monthly Marine Servicing Fee . . . . . . . . . . . . . . . . . . . . . . . . 0.00 Total Marine Servicing Fee. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.19
MONTHLY SERVICERS CERTIFICATE NATIONSCREDIT GRANTOR TRUST 1997 - 1 Pursuant to the Pooling and Servicing Agreement, dated as of May 31, 1997 among NationsCredit Securitization Corporation (as "Seller"), NationsCredit Corporation of America (as "Servicer") and Bankers Trust Company (as "Trustee" and "Collateral Agent"), the Servicer is required to prepare certain information each month regarding distribution to Certificateholders and the performance of the Trust. The information with respect to the applicable Distribution Date is set forth below. Month. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr-01 Collection Period. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 01-Apr-01 Determination Date . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10-May-01 Deposit Date . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14-May-01 Distribution Date. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15-May-01 POOL BALANCE Pool Balance on the close of the last day of the preceding Collection Period . . . . . . . . . . 54,891,436.26 Principal Collections. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,400,850.05 Purchase Amounts Allocable to Principal. . . . . . . . . . . . . . . . . . . . . . . . . . . . . - Defaulted Receivables. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 161,789.57 Pool Balance on the close of the last day of the Collection Period . . . . . . . . . . . . . . . 53,328,796.64 Original Pool Balance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 181,781,125.63 Certificate Factor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29.33682% Preference Amounts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - Certificate Pass-Through Rate. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.75% Servicing Fee Rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.75% AVAILABLE FUNDS Collections allocable to interest. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 460,599.60 Purchase Amounts allocable to interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - Liquidation Proceeds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 110,087.40 Collections allocable to principal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,400,850.05 Purchase Amounts allocable to principal. . . . . . . . . . . . . . . . . . . . . . . . . . . . . - Other Available Funds - Interest on Collection or Certificate Account. . . . . . . . . . . . . . - Total Available Funds. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,971,537.05 INTEREST PAYMENT Monthly Interest Payment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 308,764.33 Carry-Over Monthly Interest. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - Total. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 308,764.33 PRINCIPAL PAYMENT Monthly Principal Payment. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,562,639.62 Carry-Over Monthly Principal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - Total. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,562,639.62 SERVICING FEE Servicing Fee. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34,307.15 Carry-Over Servicing Fee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - Total. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34,307.15 DEPOSIT TO THE CERTIFICATE ACCOUNT Available Funds. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,971,537.05 Reserve Account Withdrawal Amount. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - Surety Drawing Amount. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - Total Deposit to the Certificate Account . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,971,537.05 DISTRIBUTIONS FROM THE CERTIFICATE ACCOUNT Monthly Interest Payment and any Carry-Over Monthly Interest . . . . . . . . . . . . . . . . . . 308,764.33 Monthly Principal Payment and any Carry-Over Monthly Principal . . . . . . . . . . . . . . . . . 1,562,639.62 Servicing Fee and any Carry-Over Servicing Fee . . . . . . . . . . . . . . . . . . . . . . . . . 34,307.15 Distributions to the Surety Bond Provider. . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,489.14 Distributions to the Reserve Account . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - Distributions to the Seller. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60,336.81 Carry-Over Monthly Interest to the next Distribution Date. . . . . . . . . . . . . . . . . . . . - Carry-Over Monthly Principal to the next Distributions Date. . . . . . . . . . . . . . . . . . . - Carry-Over Servicing Fee to the next Distribution Date . . . . . . . . . . . . . . . . . . . . . - RESERVE ACCOUNT Reserve Account Balance as of the end of the preceding Collection Period . . . . . . . . . . . . 3,635,622.51 Earnings from investments on the Reserve Account . . . . . . . . . . . . . . . . . . . . . . . . 12,832.65 Reserve Account Withdrawal Amount. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - Deposits to the Reserve Account. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - Reserve Account Balance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,648,455.16 Distributions of any excess amounts on deposit in the Reserve Account. . . . . . . . . . . . . . 12,832.65 Ending Reserve Account Balance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,635,622.51 Reserve Account Balance as a % of the Pool Balance . . . . . . . . . . . . . . . . . . . . . . . 6.82% Specified Reserve Account Requirement. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,635,622.51 Amount needed to fully fund Reserve Account. . . . . . . . . . . . . . . . . . . . . . . . . . . - SURETY BOND Outstanding Reimbursement Obligations at the end of the preceding Collection Period. . . . . . . (0.00) Preference Amounts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - Surety Drawing Amount. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - Surety Bond Fee. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,489.14 Interest on Outstanding Reimbursement Obligations at the end of the preceding Collection Period. (0.00) Amounts due to Surety Bond Provider. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,489.14 Distributions to the Surety Bond Provider. . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,489.14 Remaining Reimbursement Obligations Owed to the Surety Bond Provider . . . . . . . . . . . . . . (0.00) NET CREDIT LOSS RATIO Net Credit Losses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51,702.17 For the current Collection Period. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.15% For the preceding Collection Period. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.84% For the second preceding Collection Period . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.85% Average Net Credit Loss Ratio. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.28% DELINQUENCY ANALYSIS Number of Loans 30 to 59 days past due . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 153 60 to 89 days past due . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63 90 or more days past due . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30 Total. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 246 Principal Balance 30 to 59 days past due . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,581,721.32 60 to 89 days past due . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 596,599.42 90 or more days past due . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 335,014.63 Total. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,513,335.37 Delinquency Ratio For the current Collection Period. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.71% For the preceding Collection Period. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.71% For the second preceding Collection Period . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.20% Average Delinquency Ratio. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.88% REPOSSESSION ANALYSIS Current Balance of Contracts where Repossession occurred in the Current Month. . . . . . . . . . 129,516.09 Number of Contracts where Repossession occurred in the Current Month . . . . . . . . . . . . . . 10 WEIGHTED AVERAGE COMPUTATIONS Weighted Average Coupon. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.74% Weighted Average Original Term (months). . . . . . . . . . . . . . . . . . . . . . . . . . . . . 122.00 Weighted Average Remaining Term (months) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 78.83 Number of Outstanding Accounts - End of Period . . . . . . . . . . . . . . . . . . . . . . . . . 6,011 CASH SETTLEMENT FOR THE TRUSTEE Available Funds in the Collection Account. . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,971,537.05 Servicing Fee. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34,307.15 Interest allocable to the Seller's Certificate . . . . . . . . . . . . . . . . . . . . . . . . . 0.21 Principal amount allocable to the Seller's Certificate . . . . . . . . . . . . . . . . . . . . . 1.08 Wire Funds to the Surety Bond Provider . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,489.14 Net Deposit From Collection Account to the Certificate Account . . . . . . . . . . . . . . . . . 1,931,739.47 Reserve Account deposit to Certificate Account . . . . . . . . . . . . . . . . . . . . . . . . . - Surety Bond deposit to Certificate Account . . . . . . . . . . . . . . . . . . . . . . . . . . . - Total Deposit to the Certificate Account . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,931,739.47 Wire Funds to the Certificateholders - Interest Amounts. . . . . . . . . . . . . . . . . . . . . 308,764.12 Wire Funds to the Certificateholders - Principal Amounts . . . . . . . . . . . . . . . . . . . . 1,562,638.54 Deposit Funds into the Reserve Account . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - Wire Funds to NationsCredit. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60,336.81 Approved by: /s/ KEVIN CHURCH ----------------------------- Kevin Church Vice President
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