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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 10-K
CURRENT REPORT
Annual Report Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
For the fiscal year ended December 31, 1997
333-22327
(Commission File)
NATIONSCREDIT GRANTOR TRUST 1997 - 2
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(Exact name of registrant as specified in charter)
Delaware 75-2655744
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(State or other jurisdiction (IRS Employer
of incorporation or organization) Identification No.)
225 E. John Carpenter Freeway, Irving Texas 75062-2731
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (972) 506-5026
Securities registered pursuant to section 12(g) of the Act:
6.35% Marine Receivable-Backed Certificates
6.25% Recreational Vehicle Certificates
(Title of Class)
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to
such filing requirements for the pas 90 days.
(x) yes ( ) no
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405
of Regulation S-K (229.405 of this chapter) is not contained herein, and will
not be contained, to the best of registrant's knowledge, in definitive proxy
or information statements incorporated by reference in Part III of this Form
10-K or any amendment to this Form 10-K. (x)
PART I
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Item 1. Business.
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The NationsCredit Grantor Trust 1997-2 (the "Trust") was formed pursuant to
a Pooling and Servicing Agreement (the "Pooling and Servicing Agreement")
dated as of September 30, 1997 among NationsCredit Securitization Corporation
(the "Seller"), NationsCredit Commercial Corporation of America, as Servicer
(the "Servicer") and Bankers Trust Company, as trustee (the "Trustee"). The
Trust's only business is to act as a passive trust to permit investment in a
pool of retail installment sales contracts.
Item 2. Properties.
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The assets of the Trust include a pool of marine and recreational vehicle
retail installment sales contracts (the "Receivables"), the security interests
in the collateral securing the Receivables and certain other property more
specifically set forth in the Pooling and Servicing Agreement.
Item 3. Legal Proceedings.
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There are no pending legal proceedings with respect to the Trustee
involving the Trust, Bankers Trust Company, as Trustee, or NationsCredit
Distribution Finance, Inc., as Servicer.
Item 4. Submission of Matters to a Vote of Security Holders.
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None.
PART II
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Item 5. Market for Registrant's Common Equity and Related Stockholder Matters.
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(a) Market Information. There is no established public trading
market for the Certificates.
(b) Holders. Since each of the Certificates was issued in book entry
form only, there is only one holder of record of the
Certificates. See Item 12 below.
(c) Dividends. Not applicable.
Item 9. Changes in and Disagreements With Accountants on Accounting and
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Financial Disclosure.
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None.
PART III
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Item 12. Security Ownership of Certain Beneficial Owners and Management.
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The Certificates are represented by one or more Certificates
registered in the name of Cede & Co., the nominee of The Depository
Trust Company ("DTC"). An investor holding an interest in the Trust
is not entitled to receive a Certificate representing such interest
except in limited circumstances. Accordingly, Cede & Co. is the
sole holder of record of the Certificates, which it holds on behalf
of brokers, dealers, banks and other participants in the DTC system.
Such participants may hold Certificates for their own accounts or
for the accounts of their customers. The address of Cede & Co. is
Cede & Co.
c/o The Depository Trust Company
Attention: Proxy Department
Seven Hanover Square
New York, New York 10004
Item 13. Certain Relationships and Related Transactions.
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None.
PART IV
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Item 14. Exhibits, Financial Statement Schedules, and Reports on Form 8K.
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(a)
1. Not applicable.
2. Not applicable.
3. Exhibits:
99.4 Annual Statement as to Compliance
99.5 Report of Independent Accountants
(b) Reports on Form 8-K
NationsCredit Grantor Trust 1997-2 filed a Current Report on Form 8-K
pursuant to Items 5 and 7 for the following monthly distribution dates during
1997, including the Servicer's Certificate for each due period provided to
Bankers Trust Company, as Trustee.
Date of Reports on Form 8-K
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October, 1997
November, 1997
December, 1997
(c) The exhibits filed as a part of this report are listed in the
Index to Exhibits on Page 5
(d) Not applicable.
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, as ammended, the registrant has duly caused this report
to be signed on its behalf by the undersigned, thereunto duly authorized.
NATIONSCREDIT GRANTOR TRUST 1997 - 2
(Registrant)
By: NationsCredit Commercial Corporation of America,
as Servicer of NationsCredit Grantor Trust 1997-2
Date: March 30, 1998 By: /s/ LAWRENCE ANGELILLI
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Name: Lawrence Angelilli
Title: Vice President