____________________________________________________________________________
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): December 15, 1997
MORGAN STANLEY ABS CAPITAL II INC.
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(Exact name of registrant as specified in its charter)
Delaware 333-26581 Not Yet Available
- ------------------------------- ------------ ------------------
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
1585 Broadway
New York, New York 10036
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(Address of Principal (Zip Code)
Executive Offices)
Registrant's telephone number, including area code (212) 761-1817
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(Former Name or Former Address if Changed Since Last Report)
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Item 5. Other Events
------------
Filing of Monthly Reports.
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Reference is made to BankBoston Recreational Vehicle Asset Backed Trust
1997-1 (the "Trust") and to the Notes and Certificates issued thereby (the
"Securities"). Attached hereto are copies of certain monthly reports to the
holders of the Securities which were derived from the monthly information
compiled and submitted by the Servicer of the Trust.
Item 7. Financial Statement and Exhibits
--------------------------------
Exhibit 1: Monthly Distribution Statement to the Noteholders and
Certificateholders for December 15, 1997 Payment Date.
SIGNATURES
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.
BANKBOSTON RECREATIONAL VEHICLE
ASSET BACKED TRUST 1997-1
BY: Morgan Stanley ABS Capital II Inc.,
as Depositor
By: /s/James Fadel
--------------------------
Name: James Fadel
Title: Authorized Signatory
Dated: December 30, 1997
Exhibit Index
Exhibit Page
_______ ____
Exhibit 1: Monthly Distribution Statement to the Noteholders and
Certificateholders for December 15, 1997 Payment Date.
BANKBOSTON RECREATIONAL VEHICLE ASSET BACKED SERIES 1997-1
Accounting Date: 12/10/97
Determination Date: 12/12/97
Monthly Payment Date: 12/15/97
Collection Period Ending: 11/30/97
<TABLE>
<CAPTION>
I. COLLECTION ACCOUNT SUMMARY
<S> <C>
Total Available Funds
_____________________
Principal and Interest Payments Received (including Prepayments) 21,135,192.82
Net Liquidation Proceeds (including Rebates/Insurance Amounts) 10,709.75
Current Monthly Interest Shortfall/Excess 373,124.44
Amount of Withdrawal, if any, from Reserve Account 0.00
Purchase Amounts for Repurchased Receivables 0.00
TOTAL AVAILABLE FUNDS 21,519,027.01
II. SIMPLE INTEREST EXCESS OR SHORTFALLS
Amount of Interest Payments Due During the Collection Period for Receivables 6,112,071.14
Amount of Interest Payments Received During the Collection Period 5,738,946.70
for Receivables
Amount of Current Month Simple Interest Excess/Shortfall 373,124.44
III. CALCULATION OF RESERVE ACCOUNT DEPOSIT/WITHDRAWALS
Specified Reserve Account Balance (lesser of 1% of the Initial Pool
Balance and the Outstanding 8,523,274.21
Principal Balance of the Notes and Certificates)
Deposits to Reserve Account (only if Reserve Account is less than
the Specified Reserve Account Balance) 471,619.32
Withdrawals from Reserve Account (to the extent that there
are shortfalls on payments of Interest or Principal) 0.00
Amount in Reserve Account as of Determination Date (excluding
amount to be paid on next Payment Date) 8,051,654.89
IV. COLLECTIONS ON RECEIVABLES
a) Interest and Principal Payments Received
_______________________________________
Interest Payments Received 5,738,946.70
Scheduled Principal Payments Received 4,811,229.27
Principal Prepayments Received 10,585,016.85
Total Interest and Principal Payments Received 21,135,192.82
b) Liquidation Proceeds
____________________
Gross Recovery Proceeds of Liquidated Receivables (including
Rebates/Insurance) 12,200.00
minus Reasonable Expenses 1,490.25
Net Liquidation Proceeds 10,709.75
c) Purchase Amount - Loans Repurchased from Trust
______________________________________________
Amount Allocable to Interest 0.00
Amount Allocable to Principal 0.00
TOTAL COLLECTED FUNDS 21,145,902.57
V. CALCULATION OF SERVICING AND TRUSTEE FEES
Pool Balance of Receivables as of the First Day of Collection
Period 803,877,789.53
multiplied by Servicer Fee Rate 0.50%
divided by Months per Year 12
SERVICING FEE AMOUNT 334,949.08
TRUSTEE FEE AMOUNT (CONSTANT MONTHLY FIGURE) 208.33
VI. POOL BALANCE AND PORTFOLIO PERFORMANCE
a) Pool Balance
____________
Initial Pool Balance 852,327,421.00
Pool Balance as of Preceding Accounting Date 803,877,789.53
Pool Balance as of the Current Accounting Date 787,490,103.73
Age of Pool in Months 4
b) Default and Delinquency Performance (includes Repossessions and Bankruptcies)
_____________________________________________________________________________
Current Month Number of Loans Principal Balance Percentage
_____________ _______________ _________________ __________
30-59 Days Delinquent 187 4,179,252.19 0.531%
60-89 Days Delinquent 45 1,360,981.98 0.173%
90-119 Days Delinquent 28 695,187.48 0.088%
120+ Days Delinquent 27 898,302.64 0.114%
Defaults for Current Period 9 197,021.02 0.025%
Schedule of Liquidated Loans **SEE ATTACHMENT
_______________________________________________
Description of Vehicle
Account Number
Original Principal Balance of Liquidated Loans
Outstanding Principal Balance of the Liquidated Loan
Gross Recovery
Recovery Net of Expenses
Realized Loss
Chargeoff Date
Repossession Date
Liquidation Date
Current Period Defaulted Receivables **SEE ATTACHMENT
______________________________________________________
Description of Vehicle
Account Number
Original Principal Balance of the Defaulted Loan
Outstanding Principal Balance of the Defaulted Loan
Recovery Net of Expenses (prior to charge-off)
Chargeoff Date
Schedule of Repossession Inventory **SEE ATTACHMENT
___________________________________________________
Description of Vehicle
Account Number
Original Principal Balance of the Defaulted Loan
Outstanding Principal Balance of the Defaulted Loan
Recovery Net of Expenses (prior to charge-off)
Chargeoff Date
Repossession Date
Current Period Realized Losses
______________________________
Current Month Realized Losses 15,793.48
Preceding Realized Losses 0.00
Second Preceding Realized Losses 0.00
VII. DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT
Total Pool Factor 923.92909620
Note Pool Factor 919.07347070
Certificate Pool Factor 1000.00000000
Class A-9 Interest and Principal Account 469,625.00
a) Noteholders Monthly Interest Distributable Amount
Class A-1 58,559.51
Class A-2 548,616.46
Class A-3 696,854.17
Class A-4 474,750.00
Class A-5 608,541.67
Class A-6 375,666.67
Class A-7 486,000.00
Class A-8 202,195.00
Class A-9 0.00
Class A-10 106,500.00
Noteholders Monthly Principal Distributable Amount
Class A-1 13,450,789.53
Class A-2 2,936,896.27
Class A-3 0.00
Class A-4 0.00
Class A-5 0.00
Class A-6 0.00
Class A-7 0.00
Class A-8 0.00
Class A-9 0.00
Class A-10
b) Certificateholders' Monthly Interest Distributable Amount 297,464.33
Certificateholders' Monthly Principal Distributable Amount 0.00
TOTAL DISTRIBUTION AMOUNT (Serv Fee+Note Int+Note Prin+Cert Int+Cert Prin) 21,047,407.69
minus: BKB Servicing Fee 334,949.08
Plus: Trustee Fee 208.33
TOTAL WIRE TO CHASE 20,712,666.94
</TABLE>
<TABLE>
<CAPTION>
Accelerated Principal
RV Deal
Certificate Date System Month-End Date Accelerated Principal
<S> <C> <C>
12/15/97 11/30/97 794,418.66
TOTAL 794,418.66
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