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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): March 16, 1998
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
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(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
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Filing of Monthly Reports.
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Reference is made to BankBoston Marine Asset Backed Trust 1997-2 (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
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Exhibit 1: Monthly Distribution Statement to the Noteholders and
Certificateholders for March 16, 1998 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 MARINE ASSET
BACKED TRUST 1997-2
BY: Morgan Stanley ABS Capital II Inc.,
as Depositor
By: /s/James Fadel
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Name: James Fadel
Title: Authorized Signatory
Dated: March 31, 1998
Exhibit Index
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Exhibit Page
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Exhibit 1: Monthly Distribution Statement to the Noteholders and
Certificateholders for March 16, 1998 Payment Date.
BANKBOSTON MARINE ASSET BACKED SERIES 1997-2
Accounting Date: 3/10/98
Determination Date: 3/13/98
Monthly Payment Date: 3/16/98
Collection Period Ending: 2/28/98
I. COLLECTION ACCOUNT SUMMARY
Total Available Funds
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Principal and Interest Payments Received
(including Prepayments) 9,850,199.07
Net Liquidation Proceeds (including
Rebates/Insurance Amounts) 153,619.27
Current Monthly Interest Shortfall/Excess -86,715.27
Amount of Withdrawal, if any, from
Reserve Account 0.00
Purchase Amounts for Repurchased Receivables 0.00
TOTAL AVAILABLE FUNDS 9,917,103.07
II. SIMPLE INTEREST EXCESS OR SHORTFALLS
Amount of Interest Payments Due During the
Collection Period for Receivables 2,493,776.29
Amount of Interest Payments Received
During the Collection Period 2,580,491.56
for Receivables
Amount of Current Month Simple
Interest Excess/Shortfall -86,715.27
III. CALCULATION OF RESERVE ACCOUNT DEPOSIT/WITHDRAWALS
Specified Reserve Account
Balance (lesser of 3% of the Initial
Pool Balance and the Outstanding 12,455,063.62
Principal Balance of the Notes and Certificates)
Deposits to Reserve Account (only if
Reserve Account is less than the
Specified Reserve Account Balance) 0.00
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) 12,455,063.62
IV. COLLECTIONS ON RECEIVABLES
a) Interest and Principal Payments Received
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Interest Payments Received 2,580,491.56
Scheduled Principal Payments Received 1,419,945.70
Principal Prepayments Received 5,849,761.81
Total Interest and Principal Payments Received 9,850,199.07
b) Liquidation Proceeds
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Gross Recovery Proceeds of Liquidated
Receivables (including Rebates/Insurance) 180,000.00
minus Reasonable Expenses 26,380.73
Net Liquidation Proceeds 153,619.27
c) Purchase Amount - Loans Repurchased from Trust
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Amount Allocable to Interest 0.00
Amount Allocable to Principal 0.00
TOTAL COLLECTED FUNDS 10,003,818.34
V. CALCULATION OF SERVICING FEES
Pool Balance of Receivables as of the
First Day of Collection Period 367,264,373.01
multiplied by Servicer Fee Rate 0.50%
divided by Months per Year 12
SERVICING FEE AMOUNT 153,026.82
TRUSTEE FEE AMOUNT (CONSTANT MONTHLY FIGURE) 208.33
VI. POOL BALANCE AND PORTFOLIO PERFORMANCE
a) Pool Balance
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Initial Pool Balance 415,168,787.00
Pool Balance as of Preceding Accounting Date 367,264,373.01
Pool Balance as of the Current Accounting Date 359,507,397.77
Age of Pool in Months 7
b) Default and Delinquency Performance (includes Repossessions and
Bankruptcies)
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Number of Principal
Current Month Loans Balance Percentage
30-59 Days Delinquent 53 2,498,745.28 0.695%
60-89 Days Delinquent 9 305,047.68 0.085%
90-119 Days Delinquent 8 401,272.99 0.112%
120+ Days Delinquent 4 94,994.20 0.026%
Defaults for Current Period 2 126,405.94 0.035%
Schedule of Liquidated Loans **SEE ATTACHMENT
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Description of Boat
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
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Description of Boat
Account Number
Original Principal Balance of the Defaulted Loan
Outstanding Principal Balance of the Defaulted Loan
Recovery Net of Expenses
Realized Loss
Chargeoff Date
Schedule of Repossession Inventory **SEE ATTACHMENT
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Description of Boat
Account Number
Original Principal Balance of the Defaulted Loan
Outstanding Principal Balance of the Defaulted Loan
Recovery Net of Expenses
Realized Loss
Chargeoff Date
Repossession Date
Current Period Realized Losses
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Current Month Realized Losses 62,596.97
Preceding Realized Losses 13,422.54
Second Preceding Realized Losses 0.00
VII. DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT
Total Pool Factor 865.93069860
Note Pool Factor 846.77713920
Certificate Pool Factor 1000.00000000
Class A-7 Interest and Principal Account 235,972.00
a) Noteholders Monthly Interest Distributable Amount
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Class A-1 145,191.40
Class A-2 369,668.75
Class A-3 263,333.33
Class A-4 355,220.83
Class A-5 191,625.00
Class A-6 135,566.67
Class A-7 0.00
Noteholders Monthly Principal Distributable Amount
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Class A-1 7,756,975.24
Class A-2 0.00
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
b) Certificateholders' Monthly Interest
Distributable Amount 310,523.03
Certificateholders' Monthly Principal
Distributable Amount 0.00
TOTAL DISTRIBUTION AMOUNT (Serv Fee+Note
Int+Note Prin+Cert Int+Cert Prin) 9,917,103.07
minus: BKB Servicing Fee 153,026.82
plus: Trustee Fee 208.33
TOTAL WIRE TO CHASE 9,764,284.58
