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Previous: WASHINGTON TRUST CO, 13F-HR, 1999-10-27 |
Next: IMH ASSETS CORP IMPAC CMB TRUST SERIES 1999-1, 8-K, 1999-10-27 |
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): October 15, 1999
-----------------------
CIT Marine Trust 1999-A
-----------------------------------------------------------------
Exact name of registrant as specified in its charter)
Delaware
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(State or other jurisdiction of incorporation)
000-25495 22-3636314
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(Commission File Number) (IRS Employer Identification No.)
c/o The CIT Group/Sales Financing, Inc.
650 CIT Drive, Livingston, New Jersey 07039
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(Address of principal executive offices and zip code)
Registrant's telephone number, including area code: (973) 740-5000
----------------------
N/A
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(Former name or former address, if changed since last report.)
<PAGE>
Item 5. Other Events.
------------
On October 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 October 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: October 27, 1999
<PAGE>
INDEX TO EXHIBITS
Exhibit No. Description
- -----------
20.1 Monthly Reports with respect to the October 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 September 1, 1999 to September
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 12th day of October 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 9/30/99
Determination Date 10/12/99
Distribution Date 10/15/99
<S> <C> <C> <C>
I. All Payments on the Contracts 16,552,915.46
II. All Liquidation Proceeds on the Contracts with respect to Principal 145,055.72
III. Repurchased Contracts 0.00
IV. Investment Earnings on Collection Account 2,474.66
V. Servicer Monthly Advances 632,156.52
VI. Reimbursement of prior Monthly Advances -521,305.12
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 $16,811,297.24
================
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 $16,811,297.24
DISTRIBUTION AMOUNTS Cost per $1000
- -------------------------------- -----------------
1. (a) Class A-1 Note Interest Distribution 923,970.13
(b) Class A-1 Note Primary Principal Distribution 11,794,661.93
(c) Class A-1 Additional Principal Distribution Amount 69,019.21
Aggregate Class A-1 Note Distribution 39.34661929 12,787,651.27
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 51,129.05
(b) Certificate Primary Principal Distribution 119,138.00
(c) Certificate Additional Principal Amount 0.00
Aggregate Certificate Distribution 15.43930372 170,267.05
6. Insurance Fee, including accrued and unpaid amounts 68,903.20
7. Reimbursement of Insurance Policy Draws
(a) Note Insurance Policy 0.00
(b) Certificate Insurance Policy 0.00
8. Lender Fees 20,804.99
9. Servicing Fee 261,500.68
10. Deposits to the Additional Enhancement Sub-Account 92,087.70
11. Deposits to the Reserve Account 1,437,384.43
Total Distribution $16,811,297.24
================
INTEREST
- --------------------------------
1. Current Interest Requirement
(a) Class A-1 Notes @5.450% 923,970.13
(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 2,896,668.05
(e) Certificate @ 6.200% 51,129.05
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 2.84298502 923,970.13
(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 2,896,668.05
(e) Certificate 4.63622840 51,129.05
PRINCIPAL
- --------------------------------
No. of Contracts
-----------------
1. Stated Principal Collected 3,810,207.70
2. Principal Prepayments 276 7,958,536.51
3. Liquidation Proceeds 8 145,055.72
4. Repurchased Contracts 0 0.00
Total Primary Principal Distribution Amount 11,913,799.93
5. Additional Principal Distribution Amount 69,019.21
6. Principal Balance before 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
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 36.50363428 11,863,681.14
(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 10.80307533 119,138.00
9. Principal Balance after giving effect to Principal Distributions Pool Factor
-----------
(a) Class A-1 Notes 0.58947472 191,579,283.87
(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 0.88653142 9,776,806.83
<PAGE>
RESERVE ACCOUNT Additional
- --------------------------------
Loan Excess Enhancement
1. Activity Sub-Account Sub-Account Sub-Account
----------------------------------------------------
(a) Opening Balance 25,312,738.24 0.00 530,675.76
(b) Deposits 0.00 1,437,384.43 92,087.70
(c) Investment Earnings 113,784.22 0.00 1,797.05
(d) Distributions -778,830.68 -1,437,384.43 0.00
----------------------------------------------------
(e) Ending Balance 24,647,691.78 0.00 624,560.51
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 778,830.68 0.00 0.00
(e) Distribution to Affiliated Owner 0.00 1,437,384.43 0.00
----------------------------------------------------
Total Distributions from the Reserve Account 778,830.68 1,437,384.43 0.00
POOL DATA
- --------------------------------
Aggregate
No. of Contracts Pool Balance
---------------- -------------
1. Pool Stated Principal Balance as of 9/30/99 20,116 609,679,617.70
2. Delinquency Information % of Pool Balance
-----------------
(a) 31-59 Days 371 8,370,755.64 1.373%
(b) 60-89 Days 86 2,278,084.20 0.374%
(c) 90-119 Days 38 980,724.72 0.161%
(d) 120-180 Days 45 1,081,813.34 0.177%
(d) 181 Days + 24 576,408.58 0.095%
3. Contracts Repossessed during the Due Period 6 505,152.47
4. Current Repossession Inventory 21 960,916.71
5. Net Liquidation Losses for the related Due Period
(a) Principal Balance of Liquidated Contracts 8 214,074.93
(b) Net Liquidation Proceeds on any Liquidated Contracts 145,055.72
-------------------
Total Net Liquidation Losses for the related Due Period 69,019.21
6. Cumulative Net Losses on all Liquidated Receivables 33 347,621.30
7. Weighted Average Contract Rate of all Outstanding Contracts 9.476%
8. Weighted Average Remaining Term to Maturity of all Outstanding Contracts 160.390
9. Weighted Average Remaining Original Term to Maturity of all Outstanding Contracts 184.659
TRIGGER ANALYSIS
- --------------------------------
Due Periods Excess Collections Pool Balance
Current Sep-99 1,506,403.64 609,679,617.70
Prior Month Aug-99 1,463,186.08 621,662,436.84
Second Prior Month Jul-99 1,529,483.15 634,731,998.53
Sum of Excess Collections 4,499,072.87
Annualized (x4) 17,996,291.48
Average Pool Balance 622,024,684.36
Net Yield 2.8932%
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.) 24,647,691.78
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 33,837,218.78 5.55%
Required Enhancement (5.55% of the current Pool Balance
to a floor of 16,541,149.) 33,837,218.78 5.55%
Additional Credit Enhancement Balance Enhancement Percentage
More than 180 days delinquent 576,408.58 144,102.15 25%
Repossession Inventory 960,916.71 480,458.36 50%
------------------------------------
Total Additional Enhancement 624,560.51
Amount on deposits in the Additional Enhancement Sub-Account 624,560.51
MISCELLANEOUS
- --------------------------------
1. Monthly Servicing Fees 261,500.68
2. Servicer Advances 632,156.52
3. Reserve Account Loan Activity
(a) Distribution on Loan:
Interest 134,589.21
Principal 665,046.46
Total P&I 799,635.67
(b) Beginning Loan Balance 25,312,738.24
(c) Principal Payment 665,046.46
(d) Ending Loan Balance 24,647,691.78
</TABLE>
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