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Previous: COMPS COM INC, 8-K, 1999-06-30 |
Next: NORWEST ASSET SEC CORP MORT PASS THR CERT SER 1999 1 TRUST, 8-K, 1999-06-30 |
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
F O R M 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): June 15, 1999
--------------------------------
CIT Marine Trust 1999-A
------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware
------------------------------------------------------------------------
(State or other jurisdiction of incorporation)
000-25495 22-3636314
------------------------------------------------------------------------
(Commission File Number) (IRS Employer Identification No.)
c/o The CIT Group/Sales Financing, Inc.
650 CIT Drive, Livingston, New Jersey 07039
------------------------------------------------------------------------
(Address of principal executive offices and zip code)
Registrant's telephone number, including area code: (973)740-5000
------------------------------
N/A
------------------------------------------------------------------------
(Former name or former address, if changed since last report.)
<PAGE>
Item 5. Other Events.
------------
On June 15, 1999, Bankers Trust (Delaware), as Owner Trustee, and
Harris Trust and Savings Bank, as Indenture Trustee, made the monthly
distribution to the holders of CIT Marine Trust 1999-A, Class A-1 5.45% Asset
Backed Notes, Class A-2 5.80% Asset Backed Notes, Class A-3 5.85% Asset
Backed Notes, Class A-4 6.25% Asset Backed Notes and 6.20% Asset Backed
Certificates.
Item 7. Financial Statements and Exhibits.
---------------------------------
(c) Exhibits.
The following are filed herewith. The exhibit numbers
correspond with Item 601(b) of Regulation S-K.
Exhibit No. Description Page
---------- ----------- ----
20.1 Monthly Report delivered by 4
the Trustees to Securityholders
in connection with distributions
on June 15, 1999
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.
THE CIT GROUP/SALES FINANCING,
INC., as servicer
By: /s/ Frank J. Madeira
---------------------------
Name: Frank J. Madeira
Title: Vice President
Dated: June , 1999
<PAGE>
INDEX TO EXHIBITS
Exhibit No. Description
- ---------- -----------
20.1 Monthly Reports with respect to the
June 15, 1999 distribution.
<PAGE>
THE CIT GROUP/SALES FINANCING, INC.
CERTIFICATE OF SERVICING OFFICER
The undersigned certifies that he is a Vice President of The CIT
Group/Sales Financing, Inc., a corporation organized under the laws of Delaware
("CITSF"), and that as such he is duly authorized to execute and deliver this
certificate on behalf of CITSF pursuant to Section 4.09 of the Sale and
Servicing Agreement, dated as of February 1, 1999 (the "Agreement"), among
CITSF, The CIT Group Securitization Corporation II, The CIT Marine Trust 1996-A
and CIT Marine Trust 1999-A, (all capitalized terms used herein without
definition having the respective meanings specified in the Agreement), and
further certifies that:
1. The Monthly Report for the period from May 1, 1999 to May 31, 1999
----------- ------------
attached to this certificate is complete and accurate in accordance with the
requirements of Sections 4.09 and 5.08 of the Agreement; and
2. As of the date hereof, no Event of Termination or event that with
notice or lapse of time or both would become an Event of Termination has
occurred.
IN WITNESS WHEREOF, the undersigned has affixed hereunto his signature
this 10th day of June 1999.
THE CIT GROUP/SALES FINANCING, INC.
By: /s/ Frank J. Madeira
--------------------------------
Name: Frank J. Madeira
Title: Vice President
<TABLE>
<CAPTION>
CIT MARINE TRUST 1999-A
MONTHLY SERVICER'S REPORT
Due Period 5/31/99
Determination 6/10/99
Distribution Date 6/15/99
<S> <C> <C> <C>
I. All Payments on the Contracts 18,575,784.99
II. All Liquidation Proceeds on the Contracts with respect to Principal 13,490.00
III. Repurchased Contracts 0.00
IV. Investment Earnings on Collection Account 8,857.70
V. Servicer Monthly Advances 694,500.78
VI. Reimbursement of prior Monthly Advances -338,289.58
VII. Insurer Deposits 0.00
VIII. Release of the Additional Enhancement Requirement Sub-Account 0.00
IX. Incorrect Deposits 0.00
Total available amount in Collection Account $18,954,343.89
==========
Draws from the Reserve Account $0.00
Draws on the Note Insurance Policy $0.00
Draws on the Certificate Insurance Policy $0.00
Total Distribution $18,954,343.89
DISTRIBUTION AMOUNTS Cost per $1000
- --------------------- -------------
1. (a) Class A-1 Note Interest Distribution 1,208,395.95
(b) Class A-1 Note Primary Principal Distribution 13,384,519.04
(c) Class A-1 Additional Principal Distribution Amount 1,774,994.77
Aggregate Class A-1 Note Distribution 50.36279926 16,367,909.76
2. (a) Class A-2 Note Interest Distribution 865,166.67
(b) Class A-2 Note Primary Principal Distribution 0.00
(c) Class A-2 Additional Principal Distribution Amount 0.00
Aggregate Class A-2 Note Distribution 4.83333335 865,166.67
3. (a) Class A-3 Note Interest Distribution 570,375.00
(b) Class A-3 Note Primary Principal Distribution 0.00
(c) Class A-3 Additional Principal Distribution Amount 0.00
Aggregate Class A-3 Note Distribution 4.87500000 570,375.00
4. (a) Class A-4 Note Interest Distribution 537,156.25
(b) Class A-4 Note Primary Principal Distribution 0.00
(c) Class A-4 Additional Principal Distribution Amount 0.00
Aggregate Class A-4 Note Distribution 5.20833333 537,156.25
5. (a) Certificate Interest Distribution 54,269.00
(b) Certificate Primary Principal Distribution 135,197.16
(c) Certificate Additional Principal Amount 0.00
Aggregate Certificate Distribution 17.18022124 189,466.16
6. Insurance Fee, including accrued and unpaid amounts 76,016.98
7. Reimbursement of Insurance Policy Draws
(a) Note Insurance Policy 0.00
(b) Certificate Insurance Policy 0.00
8. Lender Fees 21,903.80
9. Servicing Fee 293,303.58
10. Deposits to the Additional Enhancement Sub-Account 33,045.69
11. Deposits to the Reserve Account 0.00
Total Distribution $18,954,343.89
===============
<PAGE>
INTEREST
- ---------------------
1. Current Interest Requirement
(a) Class A-1 @ 5.450% 1,208,395.95
(b) Class A-2 @ 5.800% 865,166.67
(c) Class A-3 @ 5.850% 570,375.00
(d) Class A-4 @ 6.250% 537,156.25
Aggregate Interest on Class A Notes 3,181,093.87
(e) Certificate 6.200% 54,269.00
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) Certificate 0.00
3. Total Distribution of Interest Cost per $1000
--------------
(a) Class A-1 Notes 3.71814138 1,208,395.95
(b) Class A-2 Notes 4.83333335 865,166.67
(c) Class A-3 Notes 4.87500000 570,375.00
(d) Class A-4 Notes 5.20833333 537,156.25
Total Aggregate Interest on Class A Notes 3,181,093.87
(e) Certificate 4.92094961 54,269.00
PRINCIPAL
- ---------------------
No. of Contracts
----------------
1. Stated Principal Collected 3,435,209.40
2. Principal Prepayments 366 10,071,016.80
3. Liquidation Proceeds 1 13,490.00
4. Repurchased Contracts 0 0.00
Total Primary Principal Distribution Amount 13,519,716.20
5. Additional Principal Distribution Amount 1,774,994.77
6. Principal Balance before giving effect to Principal
Distributions
Pool Factor
-----------
(a) Class A-1 Notes 0.81867333 266,068,832.25
(b) Class A-2 Notes 1.00000000 179,000,000.00
(c) Class A-3 Notes 1.00000000 117,000,000.00
(d) Class A-4 Notes 1.00000000 103,134,000.00
(e) Certificate 0.95244181 10,503,676.82
7. 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) Certificate 0.00
8. Principal Distributions Cost per $1000
-----------
(a) Class A-1 Notes 46.64465788 15,159,513.81
(b) Class A-2 Notes 0.00000000 0.00
(c) Class A-3 Notes 0.00000000 0.00
(d) Class A-4 Notes 0.00000000 0.00
(e) Certificate 12.25927163 135,197.16
<PAGE>
9. Principal Balance after giving effect to Principal
Distributions
PoolFactor
----------
(a) Class A-1 Notes 0.77202867 250,909,318.44
(b) Class A-2 Notes 1.00000000 179,000,000.00
(c) Class A-3 Notes 1.00000000 117,000,000.00
(d) Class A-4 Notes 1.00000000 103,134,000.00
(e) Certificate 0.94018253 10,368,479.66
RESERVE ACCOUNT
- --------------------- Additional
Loan Excess Enhancement
1. Activity Sub-Account Sub-Account Sub-Account
--------------------------------------------------
(a) Opening Balance 27,568,581.00 0.00 0.00
(b) Deposits 0.00 0.00 33,045.69
(c) Investment Earnings 114,947.59 0.00 0.00
(d) Distributions -114,947.59 0.00 0.00
--------------------------------------------------
(e) Ending Balance 27,568,581.00 0.00 33,045.69
Additional
Loan Excess Enhancement
Sub-Account Sub-Account Sub-Account
--------------------------------------------------
2. Distributions from the Reserve Account
(a) Draws to the Note Distribution Account 0.00 0.00 0.00
(b) Draws to the Certificate Distribution Account 0.00 0.00 0.00
(c) Release to the Collection Account 0.00 0.00 0.00
(d) Distribution to Lender 114,947.59 0.00 0.00
(e) Distribution to Affiliated Owner 0.00 0.00 0.00
-------------------------------------------------
Total Distributions from the Reserve Account 114,947.59 0.00 0.00
POOL DATA
- --------------------
Aggregate
No. of Contracts Pool Balance
---------------- -------------
1. Pool Stated Principal 5/31/99 as of 21,573 669,141,195.35
2. Delinquency Information % of Pool Balance
-----------------
(a) 31-59 Days 174 4,102,602.75 0.613%
(b) 60-89 Days 32 545,082.42 0.081%
(c) 90-119 Days 19 487,071.00 0.073%
(d) 120-180 Days 36 1,496,249.00 0.224%
(d) 181 Days + 0 0.00 0.000%
3. Contracts Repossessed during the Due Period 2 66,091.37
4. Current Repossession Inventory 2 66,091.37
5. Net Liquidation Losses for the related Due Period
(a) Principal Balance of Liquidated Contract 1 22,694.29
(b) Net Liquidation Proceeds on any Liquidated Contracts 13,490.00
------------
Total Net Liquidation Losses for the related Due Period 3 9,204.29
7. Cumulative Net Losses on all Liquidated Receivables 53,326.54
8. Weighted Average Contract Rate of all Outstanding Contracts 9.493%
9. Weighted Average Remaining Term to Maturity of all Outstanding Contracts 163.946
10. Weighted Average Remaining Original Term to Maturity of all Outstanding Contracts 184.279
TRIGGER ANALYSIS
- ---------------------
Due Periods Excess Collections Pool Balance
Current May-99 1,774,994.77 669,141,195.35
Prior Month Apr-99 1,924,805.93 682,670,115.84
Second Prior Month Mar-99 3,022,314.81 700,886,007.48
<PAGE>
Sum of Excess Collections 6,722,115.51
Annualized (x4) 26,888,462.04
Average Pool Balance 684,232,439.56
Net Yield 3.9297%
Net Yield trigger level. 1.0000%
Net Yield trigger in effect ? NO
CREDIT ENHANCEMENT
- ---------------------
Required Enhancement
Available Reserve Amount for the next Distribution Date (Initially 27,568,581
to a floor of 7,351,622.) 27,568,581.00
Overcollateralization after the application of all the Principal Distributions
(Initially zero to be increased to 9,189,527.) 8,729,397.25
--------------
Credit enhancement available for the next Distribution Date 36,297,978.25 5.42%
Required Enhancement (5.55% of the current Pool Balance to a floor
of 16,541,149) 37,137,336.34 5.55%
Additional Credit Enhancement Balance Enhancement Percentage
More than 180 days delinquent 0.00 0.00 25%
Repossession Inventory 66,091.37 33,045.69 50%
-----------------------------
Total Additional Enhancement 33,045.69
Amount on deposits in the Additional Enhancement Sub-Account 33,045.69
MISCELLANEOUS
- ---------------------
1. Monthly Servicing Fees 293,303.58
2. Servicer Advances 694,500.78
3. Reserve Account Loan Activity
(a) Distribution on Loan:
Interest 136,851.39
Principal 0.00
Total P&I 136,851.39
(b) Beginning Loan Balance 27,568,581.00
(c) Principal Payment 0.00
(d) Ending Loan Balance 27,568,581.00
</TABLE>
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