-----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, LLKqsw0Y5HLWPinLiIh88jUAOtsx9xgIuEwFKM/V+dP8bvqdfP1rnnwhAr0hOPEQ brYLPUKRNcBy/IlvTrBQZw== 0001056404-98-000244.txt : 19980903 0001056404-98-000244.hdr.sgml : 19980903 ACCESSION NUMBER: 0001056404-98-000244 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19980825 ITEM INFORMATION: FILED AS OF DATE: 19980902 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: SOUTHERN PACIFIC SECURED ASSETS CORP CENTRAL INDEX KEY: 0000944743 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] IRS NUMBER: 330659688 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 033-91756 FILM NUMBER: 98702747 BUSINESS ADDRESS: STREET 1: 4949 MEADOWS ROAD STREET 2: SUITE 600 CITY: LAKE OSWEGO STATE: OR ZIP: 97035 BUSINESS PHONE: 5033035400 MAIL ADDRESS: STREET 1: ONE CENTERPOINTE DRIVE STREET 2: SUITE 500 CITY: LAKE OSWEGO STATE: OR ZIP: 97035 8-K 1 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. EX-99.1 2
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 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
Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses 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 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.
Principal Distribution Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Realized Class Amount Balance Distribution Distribution Accretion Loss (1) 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 (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.
Principal Distribution Statement (continued) Total Ending Ending Total Principal Certificate Certificate Principal Class Reduction Balance Percentage Distribution 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
Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion 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 (2) All classes are per $1000 denominations.
Principal Distribution Factors Statement (continued) Total Ending Ending Total Realized Principal Certificate Certificate Principal Class Loss (3) Reduction Balance Percentage Distribution 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 (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.
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 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
Interest Distribution Statement (continued) Remaining Ending Non-Supported Total Unpaid Certificate/ Interest Realized Interest Interest Notional Class Shortfall Losses (4) Distribution Shortfall Balance 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 (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.
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 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 (5) All classes are per $1000 denominations.
Interest Distribution Factors Statement (continued) Remaining Ending Non-Supported Total Unpaid Certificate/ Interest Realized Interest Interest Notional Class Shortfall Losses (6) Distribution Shortfall Balance 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 (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.
CERTIFICATE ACCOUNT 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
PREPAYMENT/CURTAILMENT INTEREST SHORTFALL Total Prepayment/Curtailment Interest Shortfall 0.00 Servicing Fee Support 0.00 Non-Supported Prepayment/Curtailment Interest Shortfall 0.00
SERVICING FEES 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
DELINQUENCY STATUS Percentage Delinquent Based On Current Unpaid Number Principal Number Unpaid Of Loans Balance Of Loans Balance 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%
OTHER INFORMATION 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
COLLATERAL STATEMENT 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
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