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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 December 15, 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
December 15, 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
December 15, 1997 distribution
<PAGE>
<TABLE>
CHASE MANHATTAN RV OWNER TRUST 1997-A
MONTHLY SERVICER'S REPORT
Settlement Date 11/30/97
Determination Date 12/10/97
Distribution Date 12/15/97
I. All Payments on the Contract 25,756,074.47
II. All Liquidation Proceeds on the Contract with respect to Principal 94,104.58
III. Repurchased Contracts 0.00
IV. Investment Earnings on Collection Account 0.00
V. Servicer Monthly Advances 958,742.95
VI. Distribution from the Reserve Account 0.00
VII. Deposits from the Pay-Ahead Account (including Investment Earnings) 505,312.86
VIII. Transfers to the Pay-Ahead Account 268,384.13)
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 $27,045,850.73
===================
DISTRIBUTION AMOUNTS Cost per $1000
- ------------------------------- ----------------
<S> <C>
1. (a) Class A-1 Note Interest Distribution 60,899.57
(b) Class A-1 Note Principal Distribution 13,987,039.62
Aggregate Class A-1 Note Distribution 236.09981833 14,047,939.19
2. (a) Class A-2 Note Interest Distribution 580,323.33
(b) Class A-2 Note Principal Distribution 5,941,954.88
Aggregate Class A-2 Note Distribution 54.80906062 6,522,278.21
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 354,950.97
(b) Reimbursement of prior Monthly Advances 271,809.92
Total Servicer Payment 626,760.89
13. Deposits to the Reserve Account 2,166,320.63
Total Distribution Amount $27,045,850.73
===================
Reserve Account distributions:
- -----------------------------------------
(a) Amounts to the Sellers (Chase USA) from Excess Collections 277,938.94
(b) Amounts to the Sellers (Chase Manhattan Bank) from Excess Collections 1,888,381.69
(c) Distribution from the Reserve Account to the Sellers(Chase USA) 61,107.41
(d) Distribution from the Reserve Account to the Sellers(Chase Manhattan Bank) 415,177.94
Total Amounts to Sellers(Chase USA & Chase Manhattan Bank) = $2,642,605.98
===================
INTEREST
- -------------------------------
1. Current Interest Requirement
(a) Class A-1 Notes 5.598% 60,899.57
(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 4,079,095.40
(k) Class B Certificate6.540% 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 1.02352219 60,899.57
(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 4,079,095.40
(k) Class B Certificates 5.45000000 244,679.31
PRINCIPAL
- -------------------------------
No. of Contracts
----------------
1. Amount of Stated Principal Collected 6,150,731.87
2. Amount of Principal Prepayment Collected 464 13,626,674.96
3. Amount of Liquidated Contract 5 151,587.67
4. Amount of Repurchased Contract 0 0.00
Total Formula Principal Distribution Amount 19,928,994.50
5. Principal Balance before 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
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 235.07629613 13,987,039.62
(b) Class A-2 Notes 49.93239395 5,941,954.88
(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 0.0000000 0.00
(b) Class A-2 Notes 0.9500676 113,058,045.12
(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 ContractsPrincipal Balance
1. Pool Stated Principal Balance as of 11/30/97 26,782 831,953,330.66
2. Delinquency Information % Delinquent
(a) 31-59 Days 309 8,379,179.37 1.007%
(b) 60-89 Days 100 3,280,544.06 0.394%
(c) 90-119 Days 45 1,492,209.52 0.179%
(d) 120 Days + 33 1,006,741.10 0.121%
3. Contracts Repossessed during the Due Period 11 529,312.31
4. Current Repossession Inventory 19 727,371.54
5. Aggregate Net Losses for the preceding Collection Period
(a) Aggregate Principal Balance of Liquidated Receivables 5 151,587.67
(b) Net Liquidation Proceeds on any Liquidated Receivables 94,104.58
-------------------
Total Aggregate Net Losses for the preceding Collection Period 57,483.09
6. Aggregate Losses on all Liquidated Receivables (Year-To-Date) 57,483.09
7. Aggregate Net Losses on all Liquidated Receivables (Life-To-Date) 5 57,483.09
8. Weighted Average Contract Rate of all Outstanding Contracts 9.292%
9. Weighted Average Remaining Term to Maturity of all Outstanding Contracts 127.951
TRIGGER ANALYSIS
- -------------------------------
1. (a) Average Delinquency Percentage 0.575%
(b) Delinquency Percentage Trigger in effect ? NO
2. (a) Average Net Loss Ratio 0.027%
(b) Net Loss Ratio Trigger in effect ? NO
(c) Net Loss Ratio (using ending Pool Balance) 0.028%
3. (a) Servicer Replacement Percentage 0.027%
(b) Servicer Replacement Trigger in effect ? NO
MISCELLANEOUS
- -------------------------------
1. Monthly Servicing Fees 354,950.97
2. Servicer Advances 958,742.95
3. (a) Opening Balance of the Reserve Account 17,037,646.50
(b) Deposits to the Reserve Account 2,166,320.63
(c) Investment Earnings in the Reserve Account 77,705.46
(d) Distribution from the Reserve Account (2,642,605.98)
(e) Ending Balance of the Reserve Account 16,639,066.61
4. Specified Reserve Account Balance 16,639,066.61
5. (a) Opening Balance in the Pay-Ahead Account 1,022,765.33
(b) Deposits to the Pay-Ahead Account from the Collection Account 268,384.13
(c) Investment Earnings in the Pay-Ahead Account 0.00
(d) Transfers from the Pay-Ahead Account to the Collection Account (505,312.86)
(e) Ending Balance in the Pay-Ahead Account 785,836.60
</TABLE>
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