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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) November: 15, 1999
--------------------
CIT Marine Trust 1999-A
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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
------------------------------------------------------------------------
<PAGE>
Item 5. Other Events.
------------
On November 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 Bacled 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
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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: November 30, 1999
<PAGE>
INDEX TO EXHIBITS
Exhibit No. Description
----------
20.1 Monthly Reports with respect to the
November 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 October 1, 1999 to October
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 ;apse of time or both would become an Event of Termination
has occured.
IN WITNESS WHEREOF, the undersigned has affixed hereunto his signature this
9th day of November 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 10/31/99
Determination Date 11/9/99
Distribution Date 11/15/99
<S> <C> <C> <C>
I. All Payments on the Contracts 14,819,967.59
II. All Liquidation Proceeds on the Contracts with respect to Principal 77,738.64
III. Repurchased Contracts 0.00
IV. Investment Earnings on Collection Account 2,336.18
V. Servicer Monthly Advances 607,390.08
VI. Reimbursement of prior Monthly Advances -482,403.91
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 $15,025,028.58
=========================
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 $15,025,028.58
DISTRIBUTION AMOUNTS Cost per $1000
-------------------------------------- --------------------
1. (a) Class A-1 Note Interest Distribution 870,089.25
(b) Class A-1 Note Primary Principal Distribution 10,123,860.77
(c) Class A-1 Additional Principal Distribution Amount 83,752.75
Aggregate Class A-1 Note Distribution 34.08523929 11,077,702.77
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 50,513.50
(b) Certificate Primary Principal Distribution 102,261.22
(c) Certificate Additional Principal Amount 0.00
Aggregate Certificate Distribution 13.85315188 152,774.72
6. Insurance Fee, including accrued and unpaid amounts 67,555.14
7. Reimbursement of Insurance Policy Draws
(a) Note Insurance Policy 0.00
(b) Certificate Insurance Policy 0.00
8. Lender Fees 20,933.66
9. Servicing Fee 256,369.35
10. Deposits to the Additional Enhancement Sub-Account 228,913.62
11. Deposits to the Reserve Account 1,248,081.40
Total Distribution $15,025,028.58
=========================
<PAGE>
INTEREST
--------------
1. Current Interest Requirement
(a) Class A-1 Notes @ 5.450% 870,089.25
(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 2,842,787.17
(e) Certificate @ 6.200% 50,513.50
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 2.67719769 870,089.25
(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 2,842,787.17
(e) Certificate 4.58041217 50,513.50
PRINCIPAL
--------------------------
No. of Contracts
--------------------
1. Stated Principal Collected 3,624,660.92
2. Principal Prepayments 218 6,523,722.43
3. Liquidation Proceeds 9 77,738.64
4. Repurchased Contracts 0 0.00
Total Primary Principal Distribution Amount 10,226,121.99
5. Additional Principal Distribution Amount 83,752.75
6. Principal Balance before 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
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 31.40804160 10,207,613.52
(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 9.27273970 102,261.22
9. Principal Balance after giving effect to Principal Distributions Pool Factor
-----------
(a) Class A-1 Notes 0.55806668 181,371,670.35
(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 0.87725868 9,674,545.61
RESERVE ACCOUNT Additional
--------------------------------------
Loan Excess Enhancement
1. Activity Sub-Account Sub-Account Sub-Account
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(a) Opening Balance 24,647,691.78 0.00 624,560.51
(b) Deposits 0.00 1,248,081.40 228,913.62
(c) Investment Earnings 107,084.55 0.00 2,503.82
(d) Distributions -679,282.60 -1,248,081.40 0.00
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(e) Ending Balance 24,075,493.73 0.00 855,977.95
Additional
Loan Excess Enhancement
Sub-Account Sub-Account Sub-Account
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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 679,282.60 0.00 0.00
(e) Distribution to Affiliated Owner 0.00 1,248,081.40 0.00
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Total Distributions from the Reserve Account 679,282.60 1,248,081.40 0.00
POOL DATA
--------------------------
Aggregate
No. of Contracts Pool Balance
---------------- ------------
1. Pool Stated Principal as of 10/31/99 19,889 599,369,742.96
2. Delinquency Information % of Pool Balance
------------------
(a) 31-59 Days 343 8,423,314.52 1.405%
(b) 60-89 Days 121 2,581,881.17 0.431%
(c) 90-119 Days 54 1,792,976.78 0.299%
(d) 120-180 Days 46 1,334,364.52 0.223%
(d) 181 Days + 31 735,962.01 0.123%
3. Contracts Repossessed during the Due Period 18 419,436.19
4. Current Repossession Inventory 37 1,343,974.90
5. Net Liquidation Losses for the related Due Period
(a) Principal Balance of Liquidated Contracts 9 161,491.39
(b) Net Liquidation Proceeds on any Liquidated Contracts 77,738.64
-------------------
Total Net Liquidation Losses for the related Due Period 83,752.75
6. Cumulative Net Losses on all Liquidated Receivables 42 431,374.05
7. Weighted Average Contract Rate of all Outstanding Contracts 9.4680%
8. Weighted Average Remaining Term to Maturity of all Outstanding Contracts 159.50
9. Weighted Average Remaining Original Term to Maturity of all Outstanding Contracts 184.74
TRIGGER ANALYSIS
--------------------------
Due Periods Excess Collections Pool Balance
------------ ------------------ ------------
Current Oct-99 1,331,834.15 599,369,742.96
Prior Month Sep-99 1,506,403.64 609,679,617.70
Second Prior Month Aug-99 1,463,186.08 621,662,436.84
Sum of Excess Collections 4,301,423.87
Annualized (x4) 17,205,695.48
Average Pool Balance 610,237,265.83
Net Yield 2.8195%
Net Yield trigger level. 1.0000%
Net Yield trigger in effect ? NO
<PAGE>
CREDIT ENHANCEMENT
--------------------------------------
Required Enhancement
Available Reserve Amount for the next Distribution Date
(Initially 27,568,581 to a floor of 7,351,622.) 24,075,493.73
Overcollateralization after the application of all the Principal Distributions 9,189,527.00
(Initially zero to be increased to 9,189,527. ------------
Credit enhancement available for the next Distribution Date 33,265,020.73 5.55%
Required Enhancement (5.55% of the current Pool Balance to a floor of 16,533,265,020.73 5.55%
Additional Credit Enhancement Balance Enhancement Percentage
More than 180 days delinquent 735,962.01 183,990.50 25%
Repossession Inventory 1,343,974.90 671,987.45 50%
---------------------------------------
Total Additional Enhancement 855,977.95
Amount on deposits in the Additional Enhancement Sub-Account 855,977.95
MISCELLANEOUS
--------------------------
1. Monthly Servicing Fees 256,369.35
2. Servicer Advances 607,390.08
3. Reserve Account Loan Activity
(a) Distribution on Loan:
Interest 128,018.21
Principal 572,198.05
Total P&I 700,216.26
(b) Beginning Loan Balance 24,647,691.78
(c) Principal Payment 572,198.05
(d) Ending Loan Balance 24,075,493.73
</TABLE>
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