_____________________________________________________________________________
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): February 17, 1998
MORGAN STANLEY ABS CAPITAL II INC.
-----------------------------------------------------------------
(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
- ------------------- ----------
(Address of Principal (Zip Code)
Executive Offices)
Registrant's telephone number, including area code (212) 761-1817
-----------------
- ----------------------------------------------------------------------------
(Former Name or Former Address if Changed Since Last Report)
- ----------------------------------------------------------------------------
Item 5. Other Events
------------
Filing of Monthly Reports.
- --------------------------
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
--------------------------------
Exhibit 1: Monthly Distribution Statement to the Noteholders and
Certificateholders for February 17, 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
--------------------------
Name: James Fadel
Title: Authorized Signatory
Dated: March 3, 1998
Exhibit Index
-------------
Exhibit Page
- -------- ----
Exhibit 1: Monthly Distribution Statement to the Noteholders and
Certificateholders for February 17, 1998 Payment Date.
BANKBOSTON MARINE ASSET BACKED SERIES 1997-2
Accounting Date: 2/10/98
Determination Date: 2/13/98
Monthly Payment Date: 2/17/98
Collection Period Ending: 1/31/98
<TABLE>
<CAPTION>
I. COLLECTION ACCOUNT SUMMARY
<S> <C>
Total Available Funds
Principal and Interest Payments Received (including Prepayments) 9,016,172.83
Net Liquidation Proceeds (including Rebates/Insurance Amounts) 12,890.50
Current Monthly Interest Shortfall/Excess -7,523.64
Amount of Withdrawal, if any, from Reserve Account 0.00
Purchase Amounts for Repurchased Receivables 0.00
TOTAL AVAILABLE FUNDS 9,021,539.69
II. SIMPLE INTEREST EXCESS OR SHORTFALLS
Amount of Interest Payments Due During the Collection Period for Receivables 2,820,371.57
Amount of Interest Payments Received During the Collection Period 2,827,895.21
for Receivables
Amount of Current Month Simple Interest Excess/Shortfall -7,523.64
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
Interest Payments Received 2,827,895.21
Scheduled Principal Payments Received 1,427,014.83
Principal Prepayments Received 4,761,262.79
Total Interest and Principal Payments Received 9,016,172.83
b) Liquidation Proceeds
Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 14,200.00
minus Reasonable Expenses 1,309.50
Net Liquidation Proceeds 12,890.50
c) Purchase Amount - Loans Repurchased from Trust
Amount Allocable to Interest 0.00
Amount Allocable to Principal 0.00
TOTAL COLLECTED FUNDS 9,029,063.33
V. CALCULATION OF SERVICING FEES
Pool Balance of Receivables as of the First Day of Collection Period 374,086,387.73
multiplied by Servicer Fee Rate 0.50%
divided by Months per Year 12
SERVICING FEE AMOUNT 155,869.33
TRUSTEE FEE AMOUNT (CONSTANT MONTHLY FIGURE) 208.33
VI. POOL BALANCE AND PORTFOLIO PERFORMANCE
a) Pool Balance
Initial Pool Balance 415,168,787.00
Pool Balance as of Preceding Accounting Date 374,086,387.73
Pool Balance as of the Current Accounting Date 367,264,373.01
Age of Pool in Months 6
b) Default and Delinquency Performance (includes Repossessions and Bankruptcies)
Current Month Number of Loans Principal Balance Percentage
30-59 Days Delinquent 68 3,512,000.14 0.956%
60-89 Days Delinquent 15 846,762.07 0.231%
90-119 Days Delinquent 3 164,857.28 0.045%
120+ Days Delinquent 4 324,691.72 0.088%
Defaults for Current Period 5 402,107.18 0.109%
Schedule of Liquidated Loans **SEE ATTACHMENT
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
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
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
Current Month Realized Losses 13,422.54
Preceding Realized Losses 0.00
Second Preceding Realized Losses 0.00
VII. DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT
Total Pool Factor 884.61460620
Note Pool Factor 868.13028820
Certificate Pool Factor 1000.00000000
Class A-7 Interest and Principal Account 235,972.00
a) Noteholders Monthly Interest Distributable Amount
Class A-1 181,746.03
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-7 707,916.00
Noteholders Monthly Principal Distributable Amount
Class A-1 6,822,014.72
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) 9,021,539.69
minus: BKB Servicing Fee 155,869.33
plus: Trustee Fee 208.33
TOTAL WIRE TO CHASE 8,865,878.69
</TABLE>
