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Previous: CHASE MANHATTAN RV OWNER TRUST 1997-A, 8-K, 1998-01-30 |
Next: CHASE MANHATTAN RV OWNER TRUST 1997-A, 8-K, 1998-01-30 |
<PAGE>
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: January 30, 1998
CHASE MANHATTAN RV OWNER TRUST 1997-A
(Issuer of Securities)
CHASE MANHATTAN BANK USA, NATIONAL ASSOCIATION
(formerly known as "The Chase Manhattan Bank (USA)")
(Sponsor of the Trust)
(Exact name of registrant as specified in its charter)
United States 333-32263 22-2382028
--------------- ------------- ---------------
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
802 Delaware Avenue, Wilmington, Delaware 19801
----------------------------------------- ----------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (302) 575-5033
THE CHASE MANHATTAN BANK
(Sponsor of the Trust)
(Exact name of registrant as specified in its charter)
New York 333-32737 12-4994650
--------------- ------------- ---------------
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
270 Park Avenue, New York, New York 10017
----------------------------------------- ----------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (212) 270-6000
<PAGE>
Item 5. Other Events.
-------------
On or about November 17, 1997 Monthly Interest as defined in the Sale
and Servicing Agreement dated as of October 1, 1997 (the "Agreement")
between Chase Manhattan Bank, USA, as a Seller, The Chase Manhattan Bank as a
Seller, The CIT Group/Sales Financing, Inc. as Servicer and Chase Manhattan
Marine Owner Trust 1997-A as Issuer was distributed to holders
("Certificateholders") of participations in the Chase Manhattan Marine Owner
Trust 1997-A in accordance with the Agreement. Copies of the applicable
Monthly Reports, as defined in the Agreement, have been furnished to
Certificateholders in accordance with the Agreement.
Copies of those Monthly Reports are being filed as Exhibit 20.1 to this
Current Report on Form 8-K.
Item 7(c). Exhibits
--------
Exhibit No. Description
----------- -----------
20.1 Monthly Reports with respect to the
November 17, 1997 distribution
<PAGE>
SIGNATURES
----------
Pursuant to the requirements of the Securities and Exchange Act of
1934, the registrant has caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
THE CIT GROUP/FINANCING, INC.
AS SERVICER
By: /s/Frank Garcia
---------------------
Name: Frank Garcia
Title: Vice President
Dated: January 30, 1998
<PAGE>
INDEX TO EXHIBITS
-----------------
Exhibit No. Description
---------- -----------
20.1 Monthly Reports with respect to the
November 17, 1997 distribution
<PAGE>
<TABLE>
CHASE MANHATTAN RV OWNER TRUST 1997-A
MONTHLY SERVICER'S REPORT
Settlement Date 10/31/97
Determination Date 11/12/97
Distribution Date 11/17/97
I. All Payments on the Contract 30,027,411.12
II. All Liquidation Proceeds on the Contract with respect to Principal 0.00
III. Repurchased Contracts 883,626.62
IV. Investment Earnings on Collection Account 0.00
V. Servicer Monthly Advances 727,182.36
VI. Distribution from the Reserve Account 549,109.57
VII. Deposits from the Pay-Ahead Account (including Investment Earnings) 602,381.48
VIII. Transfers to the Pay-Ahead Account (445,686.64)
IX. Less: Investment Earnings distributions 0.00
(a) To Sellers with respect to the Collection Account 0.00
(b) To Sellers with respect to the Pay-Ahead Account
Total available amount in Collection Account $32,344,024.51
===============
DISTRIBUTION AMOUNTS Cost per $1000
- -------------------------------- ----------------
<S> <C>
1. (a) Class A-1 Note Interest Distribution 194,511.58
(b) Class A-1 Note Principal Distribution 23,918,365.02
Aggregate Class A-1 Note Distribution 405.25843032 24,112,876.60
2. (a) Class A-2 Note Interest Distribution 580,323.33
(b) Class A-2 Note Principal Distribution 0.00
Aggregate Class A-2 Note Distribution 4.87666667 580,323.33
3. (a) Class A-3 Note Interest Distribution 557,372.50
(b) Class A-3 Note Principal Distribution 0.00
Aggregate Class A-3 Note Distribution 4.93250000 557,372.50
4. (a) Class A-4 Note Interest Distribution 366,216.67
(b) Class A-4 Note Principal Distribution 0.00
Aggregate Class A-4 Note Distribution 5.01666667 366,216.67
5. (a) Class A-5 Note Interest Distribution 665,500.00
(b) Class A-5 Note Principal Distribution 0.00
Aggregate Class A-5 Note Distribution 5.04166667 665,500.00
6. (a) Class A-6 Note Interest Distribution 449,533.33
(b) Class A-6 Note Principal Distribution 0.00
Aggregate Class A-6 Note Distribution 5.10833333 449,533.33
7. (a) Class A-7 Note Interest Distribution 291,650.00
(b) Class A-7 Note Principal Distribution 0.00
Aggregate Class A-7 Note Distribution 5.11666667 291,650.00
8. (a) Class A-8 Note Interest Distribution 441,291.67
(b) Class A-8 Note Principal Distribution 0.00
Aggregate Class A-8 Note Distribution 5.19166667 441,291.67
9. (a) Class A-9 Note Interest Distribution 321,266.67
(b) Class A-9 Note Principal Distribution 0.00
Aggregate Class A-9 Note Distribution 5.26666667 321,266.67
10. (a) Class A-10 Note Interest Distribution 345,041.67
(b) Class A-10 Note Principal Distribution 0.00
Aggregate Class A-10 Note Distribution 5.30833333 345,041.67
11. (a) Class B Certificate Interest Distribution 244,679.31
(b) Class B Certificate Principal Distribution 0.00
Aggregate Class B Certificate Distribution 5.45000000 244,679.31
12. Servicer Payment
(a) Servicing Fee 364,916.95
(b) Reimbursement of prior Monthly Advances 399,005.38
Total Servicer Payment 763,922.33
13. Deposits to the Reserve Account 0.00
14. (a) Amounts to the Sellers (Chase USA) from Excess Collections 340,667.40
(b) Amounts to the Sellers (Chase Manhattan Bank) from Excess Collections 2,314,573.46
(c) Distribution from the Reserve Account to the Sellers(Chase USA) 70,450.76
(d) Distribution from the Reserve Account to the Sellers(Chase Manhattan Bank) 478,658.81
Total Amounts to Sellers(Chase USA & Chase Manhattan Bank) 3,204,350.43
Total Distribution Amount $32,344,024.51
===============
INTEREST
- --------------------------------
1. Current Interest Requirement
(a) Class A-1 Notes @5.598% 194,511.58
(b) Class A-2 Notes @5.852% 580,323.33
(c) Class A-3 Notes @5.919% 557,372.50
(d) Class A-4 Notes @6.020% 366,216.67
(e) Class A-5 Notes @6.050% 665,500.00
(f) Class A-6 Notes @6.130% 449,533.33
(g) Class A-7 Notes @ 6.140% 291,650.00
(h) Class A-8 Notes @ 6.230% 441,291.67
(i) Class A-9 Notes @6.320% 321,266.67
(j) Class A-10 Notes @6.370% 345,041.67
Aggregate Interest on Notes 4,212,707.42
(k) Class B Certificates6.540% 244,679.31
2. Remaining Interest Shortfall
(a) Class A-1 Notes 0.00
(b) Class A-2 Notes 0.00
(c) Class A-3 Notes 0.00
(d) Class A-4 Notes 0.00
(e) Class A-5 Notes 0.00
(f) Class A-6 Notes 0.00
(g) Class A-7 Notes 0.00
(h) Class A-8 Notes 0.00
(i) Class A-9 Notes 0.00
(j) Class A-10 Notes 0.00
(k) Class B Certificates 0.00
3. Total Distribution of Interest Cost per $1000
----------------
(a) Class A-1 Notes 3.26910225 194,511.58
(b) Class A-2 Notes 4.87666667 580,323.33
(c) Class A-3 Notes 4.93250000 557,372.50
(d) Class A-4 Notes 5.01666667 366,216.67
(e) Class A-5 Notes 5.04166667 665,500.00
(f) Class A-6 Notes 5.10833333 449,533.33
(g) Class A-7 Notes 5.11666667 291,650.00
(h) Class A-8 Notes 5.19166667 441,291.67
(i) Class A-9 Notes 5.26666667 321,266.67
(j) Class A-10 Notes 5.30833333 345,041.67
Total Aggregate Interest on Notes 4,212,707.42
(k) Class B Certificates 5.45000000 244,679.31
PRINCIPAL
- --------------------------------
No. of Contracts
----------------
1. Amount of Stated Principal Collected 6,759,907.41
2. Amount of Principal Prepayment Collected 612 16,281,844.40
3. Amount of Liquidated Contract 0 0.00
4. Amount of Repurchased Contract 42 876,613.21
Total Formula Principal Distribution Amount 23,918,365.02
5. Principal Balance before giving effect to Principal Distribution Pool Factor
(a) Class A-1 Notes 0.6370656 37,905,404.64
(b) Class A-2 Notes 1.0000000 119,000,000.00
(c) Class A-3 Notes 1.0000000 113,000,000.00
(d) Class A-4 Notes 1.0000000 73,000,000.00
(e) Class A-5 Notes 1.0000000 132,000,000.00
(f) Class A-6 Notes 1.0000000 88,000,000.00
(g) Class A-7 Notes 1.0000000 57,000,000.00
(h) Class A-8 Notes 1.0000000 85,000,000.00
(i) Class A-9 Notes 1.0000000 61,000,000.00
(j) Class A-10 Notes 1.0000000 65,000,000.00
(k) Class B Certificates 1.0000000 44,895,285.54
6. Remaining Principal Shortfall
(a) Class A-1 Notes 0.00
(b) Class A-2 Notes 0.00
(c) Class A-3 Notes 0.00
(d) Class A-4 Notes 0.00
(e) Class A-5 Notes 0.00
(f) Class A-6 Notes 0.00
(g) Class A-7 Notes 0.00
(h) Class A-8 Notes 0.00
(i) Class A-9 Notes 0.00
(j) Class A-10 Notes 0.00
(k) Class B Certificates 0.00
7. Principal Distribution Cost per $1000
----------------
(a) Class A-1 Notes 401.98932807 23,918,365.02
(b) Class A-2 Notes 0.00000000 0.00
(c) Class A-3 Notes 0.00000000 0.00
(d) Class A-4 Notes 0.00000000 0.00
(e) Class A-5 Notes 0.00000000 0.00
(f) Class A-6 Notes 0.00000000 0.00
(g) Class A-7 Notes 0.00000000 0.00
(h) Class A-8 Notes 0.00000000 0.00
(i) Class A-9 Notes 0.00000000 0.00
(j) Class A-10 Notes 0.00000000 0.00
(k) Class B Certificates 0.00000000 0.00
8. Principal Balance after giving effect to Principal Distribution Pool Factor
(a) Class A-1 Notes 0.2350763 13,987,039.62
(b) Class A-2 Notes 1.0000000 119,000,000.00
(c) Class A-3 Notes 1.0000000 113,000,000.00
(d) Class A-4 Notes 1.0000000 73,000,000.00
(e) Class A-5 Notes 1.0000000 132,000,000.00
(f) Class A-6 Notes 1.0000000 88,000,000.00
(g) Class A-7 Notes 1.0000000 57,000,000.00
(h) Class A-8 Notes 1.0000000 85,000,000.00
(i) Class A-9 Notes 1.0000000 61,000,000.00
(j) Class A-10 Notes 1.0000000 65,000,000.00
(k) Class B Certificates 1.0000000 44,895,285.54
POOL DATA Aggregate
- --------------------------------
No. of Contracts Principal Balance
1. Pool Stated Principal Balance as of 10/31/97 27,251 851,882,325.16
2. Delinquency Information % Delinquent
(a) 31-59 Days 336 9,428,622.59 1.107%
(b) 60-89 Days 101 3,047,382.94 0.358%
(c) 90-119 Days 47 1,451,867.29 0.170%
(d) 120 Days + 1 18,366.33 0.002%
3. Contracts Repossessed during the Due Period 11 315,883.49
4. Current Repossession Inventory 12 339,363.21
5. Aggregate Net Losses for the preceding Collection Period
(a) Aggregate Principal Balance of Liquidated Receivables 0 0.00
(b) Net Liquidation Proceeds on any Liquidated Receivables 0.00
--------------------
Total Aggregate Net Losses for the preceding Collection Period 0.00
6. Aggregate Losses on all Liquidated Receivables (Year-To-Date) 0.00
7. Aggregate Net Losses on all Liquidated Receivables (Life-To-Date) 0 0.00
8. Weighted Average Contract Rate of all Outstanding Contracts 9.297%
9. Weighted Average Remaining Term to Maturity of all Outstanding Contracts 28.770
TRIGGER ANALYSIS
- --------------------------------
1. (a) Average Delinquency Percentage N/A
(b) Delinquency Percentage Trigger in effect ? NO
2. (a) Average Net Loss Ratio N/A
(b) Net Loss Ratio Trigger in effect ? NO
(c) Net Loss Ratio (using ending Pool Balance) N/A
3. (a) Servicer Replacement Percentage N/A
(b) Servicer Replacement Trigger in effect ? NO
MISCELLANEOUS
- --------------------------------
1. Monthly Servicing Fees 364,916.95
2. Servicer Advances 727,182.36
3. (a) Opening Balance of the Reserve Account 17,516,013.80
(b) Deposits to the Reserve Account 0.00
(c) Investment Earnings in the Reserve Account 70,742.27
(d) Distribution from the Reserve Account (549,109.57)
(e) Ending Balance of the Reserve Account 17,037,646.50
4. Specified Reserve Account Balance 17,037,646.50
5. (a) Opening Balance in the Pay-Ahead Account 1,179,460.17
(b) Deposits to the Pay-Ahead Account from the Collection Account 445,686.64
(c) Investment Earnings in the Pay-Ahead Account 0.00
(d) Transfers from the Pay-Ahead Account to the Collection Account (602,381.48)
(e) Ending Balance in the Pay-Ahead Account 1,022,765.33
</TABLE>
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