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Previous: PORTAL SOFTWARE INC, 424B4, 1999-09-29 |
Next: MIDAMERICAN ENERGY HOLDINGS CO /NEW/, 8-K, 1999-09-29 |
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): September 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 September 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 September 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 Garcia
----------------------------
Name: Frank Garcia
Title: Vice President
Dated: September 29, 1999
<PAGE>
INDEX TO EXHIBITS
Exhibit No. Description
- ---------- ------------
20.1 Monthly Reports with respect to the
September 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 August 1, 1999 to August 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 September 1999.
THE CIT GROUP/SALES FINANCING, INC.
By: /s/ Frank Garcia
--------------------------------
Name: Frank Garcia
Title: Vice President
<TABLE>
<CAPTION>
CIT MARINE TRUST 1999-A
MONTHLY SERVICER'S REPORT
Due Period 8/31/99
Determination Date 9/10/99
Distribution Date 9/15/99
<S> <C> <C> C>
I. All Payments on the Contracts 17,831,705.62
II. All Liquidation Proceeds on the Contracts with respect to Principal 83,624.07
III. Repurchased Contracts 0.00
IV. Investment Earnings on Collection Account 9,263.78
V. Servicer Monthly Advances 527,501.52
VI. Reimbursement of prior Monthly Advances -424,549.04
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 $18,027,545.95
================
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 $18,027,545.95
DISTRIBUTION AMOUNTS Cost per $1000
- -------------------------------- -----------------
1. (a) Class A-1 Note Interest Distribution 982,737.52
(b) Class A-1 Note Primary Principal Distribution 12,865,359.76
(c) Class A-1 Additional Principal Distribution Amount 74,248.80
Aggregate Class A-1 Note Distribution 42.83798794 13,922,346.08
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 51,800.47
(b) Certificate Primary Principal Distribution 129,953.13
(c) Certificate Additional Principal Amount 0.00
Aggregate Certificate Distribution 16.48086951 181,753.60
6. Insurance Fee, including accrued and unpaid amounts 70,373.53
7. Reimbursement of Insurance Policy Draws
(a) Note Insurance Policy 0.00
(b) Certificate Insurance Policy 0.00
8. Lender Fees 21,401.18
9. Servicing Fee 273,735.45
10. Deposits to the Additional Enhancement Sub-Account 196,300.91
11. Deposits to the Reserve Account 1,388,937.28
Total Distribution $18,027,545.95
================
<PAGE>
INTEREST
- --------------------------------
1. Current Interest Requirement
(a) Class A-1 Notes @5.450% 982,737.52
(b) Class A-2 Notes @5.800% 865,166.67
(c) Class A-3 Notes @5.850% 570,375.00
(d) Class A-4 Notes @6.250% 537,156.25
Aggregate Interest on Class A Notes 2,955,435.44
(e) Certificate @ 6.200% 51,800.47
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 3.02380775 982,737.52
(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 2,955,435.44
(e) Certificate 4.69711074 51,800.47
PRINCIPAL
- --------------------------------
No. of Contracts
-----------------
1. Stated Principal Collected 3,818,098.75
2. Principal Prepayments 321 9,093,590.07
3. Liquidation Proceeds 9 83,624.07
4. Repurchased Contracts 0 0.00
Total Primary Principal Distribution Amount 12,995,312.89
5. Additional Principal Distribution Amount 74,248.80
6. Principal Balance before giving effect to Principal Distributions Pool Factor
-----------
(a) Class A-1 Notes 0.66579253 216,382,573.57
(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 0.90911826 10,025,897.96
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 39.81418018 12,939,608.56
(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 11.78375877 129,953.13
9. Principal Balance after giving effect to Principal Distributions Pool Factor
-----------
(a) Class A-1 Notes 0.62597835 203,442,965.01
(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 0.89733450 9,895,944.83
<PAGE>
RESERVE ACCOUNT
- -------------------------------- Additional
Loan Excess Enhancement
1. Activity Sub-Account Sub-Account Sub-Account
----------------------------------------------------
(a) Opening Balance 26,038,098.92 0.00 333,482.32
(b) Deposits 0.00 1,388,937.28 196,300.91
(c) Investment Earnings 121,845.25 0.00 892.53
(d) Distributions -847,205.93 -1,388,937.28 0.00
----------------------------------------------------
(e) Ending Balance 25,312,738.24 0.00 530,675.76
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 847,205.93 0.00 0.00
(e) Distribution to Affiliated Owner 0.00 1,388,937.28 0.00
----------------------------------------------------
Total Distributions from the Reserve Account 847,205.93 1,388,937.28 0.00
POOL DATA
- --------------------------------
Aggregate
No. of Contracts Pool Balance
---------------- ------------
1. Pool Stated Principal Balance as of 8/31/99 20,400 621,662,436.84
2. Delinquency Information % of Pool Balance
-----------------
(a) 31-59 Days 305 6,559,060.12 1.055%
(b) 60-89 Days 58 1,351,500.28 0.217%
(c) 90-119 Days 28 664,757.36 0.107%
(d) 120-180 Days 37 673,544.21 0.108%
(d) 181 Days + 23 1,045,661.09 0.168%
3. Contracts Repossessed during the Due Period 13 417,745.53
4. Current Repossession Inventory 17 538,520.97
5. Net Liquidation Losses for the related Due Period
(a) Principal Balance of Liquidated Contracts 9 157,872.87
(b) Net Liquidation Proceeds on any Liquidated Contracts 83,624.07
-------------------
Total Net Liquidation Losses for the related Due Period 74,248.80
7. Cumulative Net Losses on all Liquidated Receivables 25 278,602.09
8. Weighted Average Contract Rate of all Outstanding Contracts 9.483%
9. Weighted Average Remaining Term to Maturity of all Outstanding Contracts 161.267
10. Weighted Average Remaining Original Term to Maturity of all Outstanding Contracts 184.580
TRIGGER ANALYSIS
- --------------------------------
Due Periods Excess Collections Pool Balance
Current Aug-99 1,463,186.08 621,662,436.84
Prior Month Jul-99 1,529,483.15 634,731,998.53
Second Prior Month Jun-99 1,697,824.95 653,034,376.11
Sum of Excess Collections 4,690,494.18
Annualized (x4) 18,761,976.72
Average Pool Balance 636,476,270.49
Net Yield 2.9478%
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.) 25,312,738.24
Overcollateralization after the application of all the Principal Distributions
(Initially zero to be increased to 9,189,527. 9,189,527.00
-------------------
Credit enhancement available for the next Distribution Date 34,502,265.24 5.55%
Required Enhancement (5.55% of the current Pool Balance
to a floor of 16,541,149.) 34,502,265.24 5.55%
Additional Credit Enhancement Balance Enhancement Percentage
More than 180 days delinquent 1,045,661.09 261,415.27 25%
Repossession Inventory 538,520.97 269,260.49 50%
------------------------------------
Total Additional Enhancement 530,675.76
Amount on deposits in the Additional Enhancement Sub-Account 530,675.76
MISCELLANEOUS
- --------------------------------
1. Monthly Servicing Fees 273,735.45
2. Servicer Advances 527,501.52
3. Reserve Account Loan Activity
(a) Distribution on Loan:
Interest 143,246.43
Principal 725,360.68
Total P&I 868,607.11
(b) Beginning Loan Balance 26,038,098.92
(c) Principal Payment 725,360.68
(d) Ending Loan Balance 25,312,738.24
</TABLE>
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