-----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, QZw0upKkyPI3tYyO7iyk9984ogdvWv/UY0tjk8WvB5kRh3zY8aa2WS+7kETr4kWn +bMduYPo05YcIPlPXCRkPg== 0000905148-02-000558.txt : 20020415 0000905148-02-000558.hdr.sgml : 20020415 ACCESSION NUMBER: 0000905148-02-000558 CONFORMED SUBMISSION TYPE: 424B5 PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20020304 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SENIOR SUBORDINATE PASS THROUGH CERTIFICATES SERIES 2001-C CENTRAL INDEX KEY: 0001162631 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] STATE OF INCORPORATION: TN FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 424B5 SEC ACT: 1933 Act SEC FILE NUMBER: 333-57532-04 FILM NUMBER: 02565658 BUSINESS ADDRESS: STREET 1: 500 ALOCA TRAIL STREET 2: C/O VANDERBILT MORTGAGE & FINANCE INC CITY: MARYVILLE STATE: TN ZIP: 37804 MAIL ADDRESS: STREET 1: C/O VANDERBILT MORTGAGE & FINANCE INC STREET 2: 500 ALCOA TRAIL CITY: MARYVILLE STATE: TN ZIP: 37804 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VANDERBILT MORTGAGE & FINANCE INC CENTRAL INDEX KEY: 0000816512 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] IRS NUMBER: 620997810 STATE OF INCORPORATION: TN FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 424B5 SEC ACT: 1933 Act SEC FILE NUMBER: 333-57532 FILM NUMBER: 02565657 BUSINESS ADDRESS: STREET 1: 500 ALOCA TRAIL CITY: MARYVILLE STATE: TN ZIP: 37804 BUSINESS PHONE: 4233803000 MAIL ADDRESS: STREET 1: 500 ALOCA TRAIL CITY: MARYVILLE STATE: TN ZIP: 37804 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CLAYTON HOMES INC CENTRAL INDEX KEY: 0000719547 STANDARD INDUSTRIAL CLASSIFICATION: MOBILE HOMES [2451] IRS NUMBER: 621671360 STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 424B5 SEC ACT: 1933 Act SEC FILE NUMBER: 333-57532-01 FILM NUMBER: 02565659 BUSINESS ADDRESS: STREET 1: 5000 CLAYTON ROAD CITY: MARYVILLE STATE: TN ZIP: 37804 BUSINESS PHONE: 8653803000 MAIL ADDRESS: STREET 1: 5000 CLAYTON ROAD CITY: MARYVILLE STATE: TN ZIP: 37804 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VANDERBILT ABS CORP CENTRAL INDEX KEY: 0001141665 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] STATE OF INCORPORATION: DE FILING VALUES: FORM TYPE: 424B5 SEC ACT: 1933 Act SEC FILE NUMBER: 333-57532-02 FILM NUMBER: 02565660 BUSINESS ADDRESS: STREET 1: 500 ALCOA TRAIL CITY: MARYVILLE STATE: TN ZIP: 37804 BUSINESS PHONE: 8653803000 MAIL ADDRESS: STREET 1: 500 ALCOA TRAIL CITY: MARYVILLE STATE: TN ZIP: 37804 424B5 1 efc2-0219_5149852fm424b5.txt VANDERBILT Supplement to Prospectus Supplement dated November 13, 2001 (To Prospectus dated November 13, 2001) $9,117,749 Vanderbilt Mortgage and Finance, Inc. Seller and Servicer Manufactured Housing Contract Senior/Subordinate Pass-Through Certificates, Series 2001-C Class B-2 Certificates - ------------------------- Carefully consider The Certificates: the risk factors in the prospectus o This supplement relates to the supplement and the offering of the Class B-2 Certificates prospectus. of the Series referenced above. This supplement does not contain complete The offered information about the offering of the certificates represent Class B-2 Certificates. Additional obligations of the information is contained in the trust only and do not accompanying prospectus supplement represent an interest dated November 13, 2001 prepared in in or obligation of connection with the offering of Series Vanderbilt Mortgage 2001-C Certificates and in the related and Finance, Inc., prospectus dated November 13, 2001. JPMorgan Chase You are urged to read this supplement, Bank or any of their the prospectus supplement and the affiliates (except to prospectus in full. the extent of the limited guarantee of o On the issuance date, the Original the Class B-2 Class Principal Balance of the Class Certificates by B-2 Certificates was $20,117,749. As Clayton Homes, Inc.). of January 25, 2002, the Class Principal Balance of the Class B-2 This supplement to Certificates was $20,117,749. the prospectus $11,000,000 aggregate principal amount supplement may be of Class B-2 Certificates has used to offer and sell previously been sold pursuant to the the certificates only if accompanying prospectus and the accompanied by the prospectus supplement. prospectus supplement and the o Credit Suisse First Boston Corporation prospectus. has agreed to purchase and offer $9,117,749 aggregate principal amount - ------------------------- of the Class B-2 Certificates from time to time as provided herein in negotiated transactions or otherwise at varying prices to be determined at the time of sale. The aggregate proceeds to the Seller from the sale of the Class B-2 Certificates are expected to be $8,765,860.87. o It is expected that delivery of the Class B-2 Certificates will be made in book-entry form through the facilities of The Depository Trust Company. Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved these securities or determined if this prospectus supplement or the prospectus is accurate or complete. Any representation to the contrary is a criminal offense. Credit Suisse First Boston February 15, 2002 IMPORTANT NOTICE ABOUT INFORMATION IN THE PROSPECTUS, THE ACCOMPANYING PROSPECTUS SUPPLEMENT AND THIS SUPPLEMENT THERETO We tell you about the certificates in separate documents that progressively provide more detail: (a) the prospectus, which provides general information, some of which may not apply to a particular series of certificates, including your series; (b) the prospectus supplement related to the particular terms of your series of certificates and (c) this supplement to the prospectus supplement providing additional information with respect to your certificates. If the terms of your series of certificates described in the prospectus supplement and this supplement vary from the prospectus, you should rely on the information in the prospectus supplement and this supplement. If the terms of your certificates described in this supplement vary from the prospectus supplement and prospectus, you should rely on the information in this supplement. You should rely only on the information contained in this document or information to which we have referred you. We have not authorized anyone to provide you with information that is different. This document may only be used where it is legal to sell these securities. The information in this document may only be accurate on the date of this document. REPORTS TO HOLDERS OF THE CERTIFICATES We will provide to the holders of certificates of each series certain monthly and annual reports concerning the certificates and the related trust fund. For a more complete description of the reports you will receive, please read the section entitled "Description of the Certificates -- Reports to Certificateholders" in the prospectus supplement relating to your series. WHERE YOU CAN FIND MORE INFORMATION Federal securities law requires the filing of certain information with the Securities and Exchange Commission, including annual, quarterly and special reports, proxy statements and other information. Vanderbilt Mortgage and Finance, Inc. and Clayton Homes, Inc. have filed a registration statement with the Securities and Exchange Commission under the Securities Act of 1933, as amended. You can read and copy the registration statement, as well as other filed documents, at the Securities and Exchange Commission's public reference facilities located at Judiciary Plaza, 450 Fifth Street, N.W., Washington, D.C. 20549. You may obtain information on the operation of the public reference facilities by calling the Securities and Exchange Commission at 1-800-SEC-0330. You may also visit the Securities and Exchange Commission's web site at http://www.sec.gov to access available filings. Clayton Homes, Inc. has securities other than the certificates listed on the New York Stock Exchange. You may inspect reports and other information concerning those securities at the New York Stock Exchange. The Securities and Exchange Commission allows us to "incorporate by reference" some of the information we file with it, which means that we can disclose important information to you by referring you to those documents. The information that we incorporate by reference is considered to be part of the prospectus, and later information that we file with the Securities and Exchange Commission will automatically update and supersede this information. With respect to any class of certificates that is supported by a guarantee of Clayton Homes, Inc., we are incorporating by reference the following documents into the prospectus, the related prospectus supplement and this supplement thereto: o Clayton Homes, Inc.'s Annual Report on Form 10-K for the year ended June 30, 2001. o Clayton Homes, Inc.'s Quarterly Report on Form 10-Q for the quarterly period ended December 31, 2001. SS-2 We are also incorporating by reference into the prospectus, the related prospectus supplement and this supplement thereto: o any document filed by Vanderbilt Mortgage and Finance, Inc. pursuant to Section 13(a), 13(c), 14 or 15(d) of the Securities and Exchange Act of 1934, as amended, after the date of the prospectus and prior to the termination of the offering of the certificates issued by the trust; and o any document: (i) that relates to a class of certificates supported by a guarantee of Clayton Homes, Inc. and (ii) that is filed by Clayton Homes, Inc. pursuant to Section 13(a), 13(c), 14 or 15(d) of the Securities and Exchange Act of 1934, as amended, after the date of the prospectus and prior to the termination of the offering of the certificates issued by the trust. We will provide to you, upon your written or oral request, without charge, a copy of any or all of the documents incorporated by reference in the prospectus (other than certain exhibits to such documents). Please direct your requests for copies of documents filed by Vanderbilt Mortgage and Finance, Inc. to its principal executive office at 500 Alcoa Trail, Maryville, Tennessee 37804, Attention: David Jordan, Secretary, telephone number: (865) 380-3515. Please direct your requests for copies of documents filed by Clayton Homes, Inc. to its principal executive office at 5000 Clayton Road, Maryville, Tennessee 37804, Attention: Kevin T. Clayton, President and Chief Executive Officer, telephone number: (865) 380-3000. SS-3 This supplement is qualified in its entirety by reference to the detailed information appearing in the accompanying prospectus supplement and prospectus. Certain capitalized terms used in this supplement are defined in the prospectus supplement or the prospectus. THE CONTRACT POOL As of January 25, 2002 (the "Reference Date"), the Contract Pool included approximately 10,951 Contracts having an aggregate outstanding principal balance of approximately $410,136,162. The following table summarizes the delinquency and foreclosure experience of the Contracts as of the Reference Date.
As of January 25, 2002 ---------------- Total Number of Contracts Outstanding................................................. 10,951 Total Delinquencies as a Percent of Contracts Outstanding at Period End (1)........... 31-59 days................................................................... 2.79% 60-89 days................................................................... 0.70% 90 days or more (excluding pending foreclosures)............................. 0.23% ---------------- Total Delinquencies................................................................... 3.72% ================ - ----------------- (1) As a percentage of the total number of Contracts as of the Reference Date.
DESCRIPTION OF THE CLASS B-2 CERTIFICATES The Class B-2 Certificates are Subordinate Certificates. See "Description of the Certificates--Senior/Subordinate Structure" in the prospectus supplement. To the extent funds are available therefor, the Class B-2 Certificates will be entitled to receive interest and principal in the amount of the Available Distribution Amount as described in the prospectus supplement under "Description of the Certificates--Distributions". It is unlikely that the holders of the Class B-2 Certificates will receive distributions of principal on any Remittance Date prior to the Remittance Date on which the Class M-1 and Class B Principal Distribution Test is met. Additional information relating to distributions of certain payments in respect of principal with respect to the Class B-2 Certificates are set forth in the prospectus supplement under "Description of the Certificates--Distributions". Losses on Liquidated Contracts will be allocated as described in the prospectus supplement under "Description of the Certificates--Losses on Liquidated Contracts." However, the Class B-2 Certificates will have the benefit of the limited guarantee from Clayton Homes, Inc. ("Clayton") or the alternate credit enhancement. See "Description of the Certificates--Limited Guarantee of Clayton" and "Description of the Certificates--Alternate Credit Enhancement" in the prospectus supplement. As of the Reference Date, the Class Principal Balance of the Class B-2 Certificates was approximately $20,117,749.00, evidencing an undivided interest of approximately 4.90% in the then current principal balance of the Contracts. As of the Reference Date, the Senior Certificates had an aggregate principal balance of approximately $340,255,412.83 and evidenced in the aggregate a beneficial ownership interest of approximately 82.94% in the then current principal balance of the Contracts. Reports to Certificateholders The most recent monthly statement that has been furnished to Certificateholders of record on the most recent Remittance Date is included herein as Exhibit 1. SS-4 The Trustee JPMorgan Chase Bank, a New York banking corporation formerly known as The Chase Manhattan Bank, has its corporate trust offices at 450 West 33rd Street, 15th Floor, New York, New York 10001. Vanderbilt and its affiliates may engage in commercial transactions with the trustee from time to time. YIELD AND PREPAYMENT CONSIDERATIONS See "Yield and Prepayment Considerations" in the prospectus supplement for information related to the Class B-2 Certificates. The information set forth in the table in the prospectus supplement entitled "Percent of the Original Principal Balance of the Class B-2 Certificates at the Respective Percentages of the Prepayment Model Set Forth Below" is subject to the assumptions set forth in "Yield and Prepayment--Assumptions" in the prospectus supplement. CERTAIN FEDERAL INCOME TAX CONSEQUENCES Prospective purchasers of the Class B-2 Certificates should consider carefully the income tax consequences of an investment in the Class B-2 Certificates discussed under "Certain Federal Income Tax Consequences" in the prospectus supplement and in the prospectus. Such purchasers should also consult their own tax advisors with respect to those consequences. ERISA CONSIDERATIONS Prospective purchasers of the Class B-2 Certificates should consider carefully the ERISA consequences of an investment in the Class B-2 Certificates discussed under "ERISA Considerations" in the prospectus, the prospectus supplement and herein, and should consult their own advisors with respect to those consequences. RATINGS The Class B-2 Certificates are currently rated "Baa2" by Moody's Investors Service, Inc. and "BBB" by Standard and Poor's. See "Certificate Rating" in the prospectus supplement. USE OF PROCEEDS Substantially all of the net proceeds to be received from the sale of the Class B-2 Certificates will be added to the general funds of Vanderbilt. LEGAL INVESTMENT CONSIDERATIONS The Class B-2 Certificates will not constitute "mortgage related securities" under the Secondary Mortgage Market Enhancement Act of 1984. "See Legal Investment Considerations" in the prospectus supplement. SS-5 UNDERWRITING Subject to the terms and conditions set forth in an agreement (the "Underwriting Agreement") between the Company and the Credit Suisse First Boston Corporation (the "Underwriter"), the Company has agreed to sell to the Underwriter, and the Underwriter has agreed to purchase from the Company the Class B-2 Certificates. In the Underwriting Agreement, the Underwriter has agreed, subject to the terms and conditions set forth therein, to purchase all of the Class B-2 Certificates offered hereby if any Class B-2 Certificates are purchased. The distribution of the Class B-2 Certificates by the Underwriter may be effected from time to time in one or more negotiated transactions, or otherwise, at varying prices to be determined at the time of sale. The Underwriter may effect such transactions by selling the Class B-2 Certificates to or through dealers, and such dealers may receive compensation in the form of underwriting discounts, concessions or commissions from the Underwriter for whom they act as agent. In connection with the sale of the Class B-2 Certificates, the Underwriter may be deemed to have received compensation from the Seller in the form of underwriting compensation. The Underwriter and any dealers that participate with the Underwriter in the distribution of any Class B-2 Certificates may be deemed to be underwriters and any profit on the resale of the Class B-2 Certificates positioned by them may be deemed to be underwriting discounts and commissions under the Securities Act of 1933, as amended. Pursuant to the Underwriting Agreement, the Company has agreed to indemnify the Underwriter against certain liabilities including civil liabilities under the Securities Act of 1933, as amended, or contribute to payments which the Underwriter may be required to make in respect thereof. EXPERTS The consolidated financial statements of Clayton Homes, Inc. as of June 30, 2000 and 2001, and for each of the three years in the period ended June 30, 2001, incorporated by reference herein, have been incorporated herein in reliance on the report of PricewaterhouseCoopers LLP, independent accountants, given on the authority of that firm as experts in accounting and auditing. SS-6 $9,117,749 Vanderbilt Mortgage and Finance, Inc. Seller and Servicer Manufactured Housing Contract Senior/Subordinate Pass-Through Certificates, Series 2001-C Class B-2 Certificates --------------------- SUPPLEMENT TO PROSPECTUS SUPPLEMENT --------------------- Credit Suisse First Boston You should rely only on the information contained or incorporated by reference in this supplement to the prospectus supplement, the prospectus supplement and the accompanying prospectus. We have not authorized anyone to provide you with different information. We are not offering the Series 2001-C Manufactured Housing Contract Senior/Subordinate Pass-Through Certificates, Class B-2 Certificates in any state where the offer is not permitted. We do not claim that the information in this supplement to the prospectus supplement, the prospectus supplement and prospectus is accurate as of any date other than the dates stated on the respective covers. Dealers will deliver a supplement to the prospectus supplement, prospectus supplement and prospectus when acting as underwriters of the Series 2001-C Manufactured Housing Contract Senior/Subordinate Pass-Through Certificates, Class B-2 Certificates and with respect to their unsold allotments or subscriptions. In addition, all dealers selling the Series 2001-C Manufactured Housing Contract Senior/Subordinate Pass-Through Certificates, Class B-2 Certificates will be required to deliver a supplement to the prospectus supplement, prospectus supplement and prospectus for ninety days following the date of this supplement to the prospectus supplement. February 15, 2002 EXHIBIT 1
Chase Bank, Trustee Determination Date: 04-Feb-02 Manufactured Housing Contracts Remittance Date: 07-Feb-02 Senior/Subordinated Pass-Through Certificates Series 2001 C For the Period Ended: 25-Jan-02 Lock-Out Date: Dec-06 Information for Clauses (a) through (s), Section 7.01 - Class I A-1 Class I A-2 (a) Class I A and Class I B Distribution Amounts 5,333,037.82 353,516.63 (b) Formula Principal Distribution Amount (a) Scheduled Principal Due 738,799.05 (b) Partial Prepayments Received 381,217.72 (c) Principal Payments in Full (Scheduled Balance) 4,031,579.89 (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 5,151,596.66 0.00 (c) Interest Distribution 181,441.16 353,516.63 Unpaid Interest Shortfall 0.00 0.00 ----------------- ------------------ Total Interest Distribution 181,441.16 353,516.63 (d) Beginning Class I A and Class I B Principal Balance 101,975,009.49 100,170,000.00 Less: Principal Distribution 5,151,596.66 0.00 ----------------- ------------------ Remaining Class A and Class B Principal Balance 96,823,412.83 100,170,000.00 (e) Fees Due Servicer Monthly Servicing Fee 432,591.42 Section 8.06 Reimbursement Amount 0.00 Section 6.02 Reimbursement Amount 140.00 Reimburseable Fees 0.00 ----------------- Total Fees Due Servicer 432,731.42 Information for Clauses (a) through (s), Section 7.01 - Class I A-3 Class I A-4 Class I A-5 (a) Class I A and Class I B Distribution Amounts 240,771.67 427,937.93 97,875.00 (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 240,771.67 427,937.93 97,875.00 Unpaid Interest Shortfall 0.00 0.00 0.00 --------------- ---------------- -------------- Total Interest Distribution 240,771.67 427,937.93 97,875.00 (d) Beginning Class I A and Class I B Principal Balance 57,100,000.00 86,162,000.00 18,000,000.00 Less: Principal Distribution 0.00 0.00 0.00 --------------- ---------------- -------------- Remaining Class A and Class B Principal Balance 57,100,000.00 86,162,000.00 18,000,000.00 Information for Clauses (a) through (s), Section 7.01 - Class I M-1 Class I B-1 Class I B-2 (a) Class I A and Class I B Distribution Amounts 95,428.67 84,058.76 132,190.38 (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 95,428.67 84,058.76 132,190.38 Unpaid Interest Shortfall 0.00 0.00 0.00 -------------- -------------- -------------- Total Interest Distribution 95,428.67 84,058.76 132,190.38 (d) Beginning Class I A and Class I B Principal Balance 16,940,000.00 14,823,000.00 20,117,749.00 Less: Principal Distribution 0.00 0.00 0.00 -------------- -------------- -------------- Remaining Class A and Class B Principal Balance 16,940,000.00 14,823,000.00 20,117,749.00
No. of Unpaid Principal (f) Delinquency as of the Due Period Contracts Balance 31-59 Days Delinquent 305 11,147,454 60-89 Days Delinquent 77 2,746,142 90+ Days Delinquent 25 992,387 3-Month Avg Thirty-Day Delinquency Ratio 2.80% 3-Month Avg Sixty-Day Delinquency Ratio 0.61% No. of Unpaid Principal Contracts Balance Delinquency as of Calendar Month End 31-59 Days Delinquent 131 4,498,122 60-89 Days Delinquent 53 1,827,924 90+ Days Delinquent 20 821,873 3-Month Avg Thirty-Day Delinquency Ratio 1.46% 3-Month Avg Sixty-Day Delinquency Ratio 0.44% Acquisition Loss Amount Current Month Acquisition Loss Amount 7,866 Cumulative Acquisition Loss Amount 7,866 Current Realized Loss Ratio 0.01% Cumulative Realized Loss Ratio 0.00% (g) Section 3.05 Repurchases 0.00 (h) Pool Factor Original Balance Rate Class I A-1 0.87861536 110,200,000.00 2.0663% Class I A-2 1.00000000 100,170,000.00 4.2350% Class I A-3 1.00000000 57,100,000.00 5.0600% Class I A-4 1.00000000 86,162,000.00 5.9600% Class I A-5 1.00000000 18,000,000.00 6.5250% Class I M-1 1.00000000 16,940,000.00 6.7600% Class I B-1 1.00000000 14,823,000.00 6.8050% Class I B-2 1.00000000 20,117,749.00 7.8850% (i) Class R Distribution Amount 1,700,489.46 Reposession Profits 0.00 (j) Principal Balance of Contracts in Repossession 414,899.10 (k) Aggregate Net Liquidation Losses 0.00 (l) (x) Class B-2 Formula Distribution Amount 132,190.38 (y) Remaining Amount Available 1,832,679.84 --------------- Amount of (x) over (y) 0.00 (m) Class B-2 Liquidation Loss Amount 0.00 (n) Guarantee Payment 0.00 (o) Unadvanced Shortfalls 0.00
Chase Bank, Trustee Determination Date: 4-Feb-02 Manufactured Housing Contracts Remittance Date: 7-Feb-02 Senior/Subordinated Pass-Through Certificates Series 2001 C For the Period Ended: 5-Jan-02 Lock-Out Date: Dec-06 No. $ (p) Units repossessed 11 322,368.59 (q) Principal Prepayments paid 4,412,797.61 (r) Scheduled Principal Payments 738,799.05 (s) Weighted Average Interest Rate 10.76%
Chase Bank, Trustee Determination Date: 4-Feb-02 Manufactured Housing Contracts Remittance Date: 7-Feb-02 Senior/Subordinated Pass-Through Certificates Series 2001 C For the Period Ended: 5-Jan-02 Lock-Out Date: Dec-06 Computation of Available Distribution Amount (i) Certificate Account Balance at Monthly Cutoff-Vanderbilt 8,439,549.92 Certificate Account Balance at Monthly Cutoff-SubServicer-21st 725,899.81 (ii) Monthly Advance made 0.00 (iii) Section 5.05 Certificate Fund Income-Vanderbilt 7,840.32 (iii) Section 5.05 Certificate Fund Income-SubServicer-21st 725.15 (v) Principal due Holders 0.00 Less: (i) Scheduled Payments of principal and interest due subsequent to the Due Period-Vanderbilt 245,658.53 (i) Scheduled Payments of principal and interest due subsequent to the Due Period-SubServicer-21st 30,318.93 (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 432,591.42 (iv) Reimburseable Liquidation Expenses 140.00 (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 432,731.42 Available Distrubution Amount-Vanderbilt 7,769,000.29 Available Distrubution Amount-SubServicer-21st 696,306.03 To Class A and B 6,764,816.86 Monthly Excess Cashflow 1,700,489.46 Weighted Average Remaining Term (months) 216.00 Scheduled Balance Computation Prior Month Balance 415,287,758.49 Current Balance 410,254,861.81 Adv Principal 59,021.02 Del Principal 177,721.00 Pool Scheduled Balance 410,136,161.83 Principal Payments in Full 4,031,579.89 Partial Prepayments 381,217.72 Scheduled Principal 738,799.05 Collateral Balance 410,254,861.81
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