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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): May 17, 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 May 17, 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
---------- ----------- ----
28 Monthly Report delivered by 3
the Trustees to Securityholders
in connection with distributions
on May 17, 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: May 26, 1999
<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 April 1, 1999 to April 30,
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 May 1999.
THE CIT GROUP/SALES FINANCING, INC.
By: /s/ Frank J. Madeira
--------------------------------
Name: Frank J. Madeira
Title: Vice President
<PAGE>
INDEX TO EXHIBITS
Exhibit No. Description
- ---------- -----------
20.1 Monthly Reports with respect to the
May 17, 1999 distribution.
<TABLE>
<CAPTION>
CIT MARINE TRUST 1999-A
MONTHLY SERVICER'S REPORT
Due Period 4/30/99
Determination Date 5/12/99
Distribution Date 5/17/99
<S> <C> <C> <C>
I. All Payments on the Contracts 23,591,450.57
II. All Liquidation Proceeds on the Contracts with respect to Principal 157,143.69
III. Repurchased Contracts 0.00
IV. Investment Earnings on Collection Account 3,289.48
V. Servicer Monthly Advances 542,708.34
VI. Reimbursement of prior Monthly Advances -461,176.15
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 $23,833,415.93
==============
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 $23,833,415.93
DISTRIBUTION AMOUNTS Cost per $1000
- -------------------------- --------------
1. (a) Class A-1 Note Interest Distribution 1,298,897.73
(b) Class A-1 Note Primary Principal Distribution 18,002,191.26
(c) Class A-1 Additional Principal Distribution Amount 1,924,805.93
Aggregate Class A-1 Note Distribution 65.31044591 21,225,894.92
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 55,208.51
(b) Certificate Primary Principal Distribution 181,840.32
(c) Certificate Additional Principal Amount 0.00
Aggregate Certificate Distribution 21.49487457 237,048.83
6. Insurance Fee, including accrued and unpaid amounts 78,279.23
7. Reimbursement of Insurance Policy Draws
(a) Note Insurance Policy 0.00
(b) Certificate Insurance Policy 0.00
8. Lender Fees 24,169.71
9. Servicing Fee 295,325.32
10. Deposits to the Additional Enhancement Sub-Account 0.00
11. Deposits to the Reserve Account 0.00
Total Distribution $23,833,415.93
===============
INTEREST
- --------------------------
1. Current Interest Requirement
(a) Class A-1 Note5.450% 1,298,897.73
(b) Class A-2 Note5.800% 865,166.67
(c) Class A-3 Note5.850% 570,375.00
(d) Class A-4 Note6.250% 537,156.25
Aggregate Interest on Class A Notes 3,271,595.65
(e) Certificate @ 6.200% 55,208.51
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 3.99660840 1,298,897.73
(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 3,271,595.65
(e) Certificate 5.00614155 55,208.51
PRINCIPAL
- --------------------------
No. of Contracts
--------------
1. Stated Principal Collected 3,661,184.79
2. Principal Prepayments 419 14,365,703.10
3. Liquidation Proceeds 1 157,143.69
4. Repurchased Contracts 0 0.00
Total Primary Principal Distribution Amount 18,184,031.58
5. Additional Principal Distribution Amount 1,924,805.93
6. Principal Balance before giving effect to Principal Distributions Pool Factor
-----------
(a) Class A-1 Notes 0.87998717 285,995,829.44
(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 0.96893054 10,685,517.14
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 61.31383751 19,926,997.19
(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 16.48873302 181,840.32
9. Principal Balance after 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
<PAGE>
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 0.00
(c) Investment Earnings 110,470.98 0.00 0.00
(d) Distributions -110,470.98 0.00 0.00
-------------------------------------------
(e) Ending Balance 27,568,581.00 0.00 0.00
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 110,470.98 0.00 0.00
(e) Distribution to Affiliated Owner 0.00 0.00 0.00
-------------------------------------------
Total Distributions from the Reserve Account 110,470.98 0.00 0.00
POOL DATA
- --------------------------
Aggregate
No. of Contracts Pool Balance
---------------- -------------
1. Pool Stated Principal Balance 4/30/99 21,940 682,670,115.84
2. Delinquency Information % of Pool Balance
-----------------
(a) 31-59 Days 146 3,055,835.50 0.448%
(b) 60-89 Days 31 853,884.12 0.125%
(c) 90-119 Days 32 1,148,649.75 0.168%
(d) 120-180 Days 14 530,084.40 0.078%
(d) 181 Days + 0 0.00 0.000%
3. Contracts Repossessed during the Due Period 0 0.00
4. Current Repossession Inventory 0 0.00
5. Net Liquidation Losses for the related Due Period
(a) Principal Balance of Liquidated Contracts 1 189,003.75
(b) Net Liquidation Proceeds on any Liquidated Contracts 157,143.69
----------------
Total Net Liquidation Losses for the related Due Period 31,860.06
7. Cumulative Net Losses on all Liquidated Receivables 2 44,122.25
8. Weighted Average Contract Rate of all Outstanding Contracts 9.4989%
9. Weighted Average Remaining Term to Maturity of all Outstanding Contracts 164.57
10. Weighted Average Remaining Original Term to Maturity of all Outstanding Contracts 184.00
TRIGGER ANALYSIS
- --------------------------
Due Periods Excess Collections Pool Balance
Current Apr-99 1,924,805.93 682,670,115.84
Prior Month Mar-99 3,022,314.81 700,886,007.48
Second Prior Month Feb-99 2,060,608.59 720,230,725.19
Sum of Excess Collections 7,007,729.33
Annualized (x4) 28,030,917.32
Average Pool Balance 701,262,282.84
Net Yield 4.0520%
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 27,527,568,581.0 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.) 6,963,606.77
----------------
Credit enhancement available for the next Distribution Date 34,532,187.77 5.06%
Required Enhancement (5.55% of the current Pool Balance to
a floor of 16,541,149) 37,888,191.43 5.55%
Additional Credit Enhancement Balance Enhancement Percentage
More than 180 days delinquent 0.00 0.00 25%
Repossession Inventory 0.00 0.00 50%
------------------------------
Total Additional Enhancement 0.00
Amount on deposits in the Additional Enhancement Sub-Account 0.00
MISCELLANEOUS
- --------------------------
1. Monthly Servicing Fees 295,325.32
2. Servicer Advances 542,708.34
3. Reserve Account Loan Activity
(a) Distribution on Loan:
Interest 134,640.69
Principal 0.00
Total P&I 134,640.69
(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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