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______________________________________________
File No. 333-56303
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
___________________
FORM T-1
STATEMENT OF ELIGIBILITY
UNDER THE TRUST INDENTURE ACT OF 1939 OF
A CORPORATION DESIGNATED TO ACT AS TRUSTEE
_____________________________________
[X] - CHECK IF AN APPLICATION TO DETERMINE ELIGIBILITY OF
A TRUSTEE PURSUANT TO SECTION 305(b)(2)
_____________________________________
THE CHASE MANHATTAN BANK
(Exact name of trustee as specified in its charter)
NEW YORK 13-4994650
(State of incorporation (I.R.S. employer
if not a national bank) identification No.)
270 PARK AVENUE
NEW YORK, NEW YORK 10017
(Address of principal executive offices) (Zip Code)
William H. McDavid
General Counsel
270 Park Avenue
New York, New York 10017
Tel: (212) 270-2611
(Name, address and telephone number of agent for service)
______________________________________________________
DISTRIBUTION FINANCIAL SERVICES MARINE TRUST 1999-2
(Exact name of obligor as specified in its charter)
DEUTSCHE RECREATIONAL ASSET FUNDING CORPORATION
(REGISTRANT)
NEVADA 41-1592157
(State or other jurisdiction of (I.R.S. employer
incorporation or organization) identification No.)
c/o Norwest Bank Minnesota,
National Association
Sixth & Marquette
Minneapolis, Minnesota 55479-0070
(Address of principal executive offices) (Zip Code)
_____________________________________
(Title of the indenture securities)
ASSET BACKED NOTES
(this application relates to the Asset Backed Notes issued by the above
referenced trust and registered pursuant to the registration statement, the file
number of which is referred to above.)
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GENERAL
Item 1. General Information.
Furnish the following information as to the trustee:
(a) Name and address of each examining or supervising authority to
which it is subject.
New York State Banking Department, State House, Albany, New York
12110.
Board of Governors of the Federal Reserve System, Washington, D.C.,
20551.
Federal Reserve Bank of New York, District No. 2, 33 Liberty
Street, New York, N.Y.
Federal Deposit Insurance Corporation, Washington, D.C., 20429.
(b) Whether it is authorized to exercise corporate trust powers.
Yes.
Item 2. Affiliations with the Obligor.
If the obligor is an affiliate of the trustee, describe each such
affiliation.
None.
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Item 16. List of Exhibits
List below all exhibits filed as a part of this Statement of
Eligibility.
1. A copy of the Articles of Association of the Trustee as now in
effect, including the Organization Certificate and the
Certificates of Amendment dated February 17, 1969, August 31,
1977, December 31, 1980, September 9, 1982, February 28, 1985,
December 2, 1991 and July 10, 1996 (see Exhibit 1 to Form T-1
filed in connection with Registration Statement No. 333-06249,
which is incorporated by reference).
2. A copy of the Certificate of Authority of the Trustee to Commence
Business (see Exhibit 2 to Form T-1 filed in connection with
Registration Statement No. 33-50010, which is incorporated by
reference. On July 14, 1996, in connection with the merger of
Chemical Bank and The Chase Manhattan Bank (National Association),
Chemical Bank, the surviving corporation, was renamed The Chase
Manhattan Bank).
3. None, authorization to exercise corporate trust powers being
contained in the documents identified above as Exhibits 1 and 2.
4. A copy of the existing By-Laws of the Trustee (see Exhibit 4 to
Form T-1 filed in connection with Registration Statement No. 333-
06249, which is incorporated by reference).
5. Not applicable
6. The consent of the Trustee required by Section 321(b) of the Act
(see Exhibit 6 to Form T-1 filed in connection with Registration
Statement No. 33-50010, which is incorporated by reference. On
July 14, 1996, in connection with the merger of Chemical Bank and
The Chase Manhattan Bank (National Association), Chemical Bank,
the surviving corporation, was renamed The Chase Manhattan Bank).
7. A copy of the latest report of condition of the Trustee, published
pursuant to law or the requirements of its supervising or
examining authority.
8. Not applicable.
9. Not applicable.
SIGNATURE
Pursuant to the requirements of the Trust Indenture Act of 1939 the Trustee, The
Chase Manhattan Bank, a corporation organized and existing under the laws of the
State of New York, has duly caused this statement of eligibility to be signed on
its behalf by the undersigned, thereunto duly authorized, all in the City of New
York and State of New York, on the 6th day of May, 1999
THE CHASE MANHATTAN BANK
By /s/ Vada Haight
-----------------
/s/ Vada Haight
Vice President
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Exhibit 7 to Form T-1
Bank Call Notice
RESERVE DISTRICT NO. 2
CONSOLIDATED REPORT OF CONDITION OF
The Chase Manhattan Bank
of 270 Park Avenue, New York, New York 10017
and Foreign and Domestic Subsidiaries,
a member of the Federal Reserve System,
at the close of business December 31, 1998, in
accordance with a call made by the Federal Reserve Bank of this
District pursuant to the provisions of the Federal Reserve Act.
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<CAPTION>
Dollar Amounts
ASSETS in Millions
<S> <C>
Cash and balances due from depository institutions:
Noninterest-bearing balances and
currency and coin.......................................... $ 13,915
Interest-bearing balances.................................. 7,805
Securities: ..................................................
Held to maturity securities................................... 1,429
Available for sale securities................................. 56,327
Federal funds sold and securities purchased under
agreements to resell....................................... 21,733
Loans and lease financing receivables:
Loans and leases, net of unearned income $131,095
Less: Allowance for loan and lease losses 2,711
Less: Allocated transfer risk reserve.... 0
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Loans and leases, net of unearned income,
allowance, and reserve..................................... 128,384
Trading Assets................................................ 48,949
Premises and fixed assets (including capitalized
leases).................................................... 3,095
Other real estate owned....................................... 239
Investments in unconsolidated subsidiaries and
associated companies....................................... 199
Customers' liability to this bank on acceptances
outstanding................................................ 1,209
Intangible assets............................................. 2,081
Other assets.................................................. 11,352
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TOTAL ASSETS.................................................. $296,717
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LIABILITIES
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<CAPTION>
<S> <C>
Deposits
In domestic offices.................................... $105,879
Noninterest-bearing.............................$39,175
Interest-bearing................................ 66,704
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In foreign offices, Edge and Agreement,
subsidiaries and IBF's................................ 79,294
Noninterest-bearing.............................$ 4,082
Interest-bearing................................ 75,212
Federal funds purchased and securities sold under
agreements to repurchase................................. 32,546
Demand notes issued to the U.S. Treasury.................. 629
Trading liabilities....................................... 36,807
Other borrowed money (includes mortgage indebtedness
and obligations under capitalized leases):
With a remaining maturity of one year of less.......... 4,478
With a remaining maturity of more than one year
through three years................................ 213
With a remaining maturity of more than three years..... 115
Bank's liability on acceptances executed and outstanding.. 1,209
Subordinated notes and debentures......................... 5,408
Other liabilities......................................... 10,855
TOTAL LIABILITIES......................................... 277,433
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EQUITY CAPITAL
Perpetual preferred stock and related surplus............. 0
Common stock.............................................. 1,211
Surplus (exclude all surplus related to preferred stock).. 11,016
Undivided profits and capital reserves.................... 6,762
Net unrealized holding gains (losses)
on available-for-sale securities......................... 279
Cumulative foreign currency translation adjustments....... 16
TOTAL EQUITY CAPITAL...................................... 19,284
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TOTAL LIABILITIES AND EQUITY CAPITAL...................... $296,717
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I, Joseph L. Sclafani, E.V.P. & Controller of the above-named bank, do hereby
declare that this Report of Condition has been prepared in conformance with the
instructions issued by the appropriate Federal regulatory authority and is true
to the best of my knowledge and belief.
JOSEPH L. SCLAFANI
We, the undersigned directors, attest to the correctness of this Report of
Condition and declare that it has been examined by us, and to the best of our
knowledge and belief has been prepared in conformance with the instructions
issued by the appropriate Federal regulatory authority and is true and correct.
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WALTER V. SHIPLEY )
THOMAS G. LABRECQUE ) DIRECTORS
WILLIAM B. HARRISON, JR.)
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