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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): March 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
------------------------------
Chase Manhattan Bank Delaware
1201 Market Street
Wilmington, Delaware 19801
------------------------------------------------------------------------
(Former name or former address, if changed since last report.)
<PAGE>
Item 5. Other Events.
------------
On March 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
---------- ----------- ----
28 Monthly Report delivered by 3
the Trustees to Securityholders
in connection with distributions
on March 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: March 30, 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 February 1, 1999 to February
28, 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 March 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
March 15, 1999 distribution.
<TABLE>
<CAPTION>
CIT MARINE TRUST 1999-A
MONTHLY SERVICER'S REPORT
Due Period 2/28/99
Determination Date 3/10/99
Distribution Date 3/15/99
<S> <C> <C> <C>
I. All Payments on the Contracts 19,088,120.68
II. All Liquidation Proceeds on the Contracts with respect to Principal 0.00
III. Repurchased Contracts 282,126.77
IV. Investment Earnings on Collection Account 0.00
V. Servicer Monthly Advances 363,066.61
VI. Reimbursement of prior Monthly Advances 0.00
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 $19,733,314.06
=============
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 $19,733,314.06
DISTRIBUTION AMOUNTS Cost per $1000
- -------------------------- --------------
1. (a) Class A-1 Note Interest Distribution 984,027.78
(b) Class A-1 Note Primary Principal Distribution 14,782,116.20
(c) Class A-1 Additional Principal Distribution Amount 2,060,608.59
Aggregate Class A-1 Note Distribution 54.85154637 17,826,752.57
2. (a) Class A-2 Note Interest Distribution 576,777.78
(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 3.22222223 576,777.78
3. (a) Class A-3 Note Interest Distribution 380,250.00
(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 3.25000000 380,250.00
4. (a) Class A-4 Note Interest Distribution 358,104.17
(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 3.47222225 358,104.17
5. (a) Certificate Interest Distribution 37,985.87
(b) Certificate Primary Principal Distribution 149,314.30
(c) Certificate Additional Principal Amount 0.00
Aggregate Certificate Distribution 16.98381579 187,300.17
6. Insurance Fee, including accrued and unpaid amounts 82,705.74
7. Reimbursement of Insurance Policy Draws
(a) Note Insurance Policy 0.00
(b) Certificate Insurance Policy 0.00
8. Lender Fees 15,106.07
9. Servicing Fee 306,317.56
10. Deposits to the Additional Enhancement Sub-Account 0.00
11. Deposits to the Reserve Account 0.00
Total Distribution $19,733,314.06
=============
<PAGE>
INTEREST
- --------------------------
1. Current Interest Requirement
(a) Class A-1 Note @ 5.450% 984,027.78
(b) Class A-2 Note @ 5.800% 576,777.78
(c) Class A-3 Note @ 5.850% 380,250.00
(d) Class A-4 Note @ 6.250% 358,104.17
Aggregate Interest on Class A Notes 2,299,159.73
(e) Certificate @ 6.200% 37,985.87
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 3.02777778 984,027.78
(b) Class A-2 Notes 3.22222223 576,777.78
(c) Class A-3 Notes 3.25000000 380,250.00
(d) Class A-4 Notes 3.47222225 358,104.17
Total Aggregate Interest on Class A Notes 2,299,159.73
(e) Certificate 3.44444438 37,985.87
PRINCIPAL
- --------------------------
No. of Contracts
--------------
1. Stated Principal Collected 3,787,182.07
2. Principal Prepayments 248 10,862,121.66
3. Liquidation Proceeds 0 0.00
4. Repurchased Contracts 13 282,126.77
Total Primary Principal Distribution Amount 14,931,430.50
5. Additional Principal Distribution Amount 2,060,608.59
6. Principal Balance before giving effect to Principal Distributions Pool Factor
-----------
(a) Class A-1 Notes 1.00000000 325,000,000.00
(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 1.00000000 11,028,156.00
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 51.82376858 16,842,724.79
(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 13.53937141 149,314.30
9. Principal Balance after giving effect to Principal Distributions Pool Factor
-----------
(a) Class A-1 Notes 0.94817623 308,157,275.21
(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 0.98646063 10,878,841.70
<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 62,891.59 0.00 0.00
(d) Distributions -62,891.59 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
(d) Distribution to Lender 62,891.59 0.00 0.00
(e) Distribution to Affiliated Owner 0.00 0.00 0.00
---------------------------------------------
Total Distributions from the Reserve Account 62,891.59 0.00 0.00
POOL DATA
- --------------------------
Aggregate
No. of Contracts Pool Balance
---------------- ------------
1. Pool Stated Principal Balance 2/28/99 22,775 720,230,725.19
2. Delinquency Information % of Pool Balance
-----------------
(a) 31-59 Days 200 4,562,635.02 0.633%
(b) 60-89 Days 31 1,067,198.24 0.148%
(c) 90-119 Days 0 0.00 0.000%
(d) 120-180 Days 0 0.00 0.000%
(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 0 0.00
(b) Net Liquidation Proceeds on any Liquidated Contracts 0.00
----------------
Total Net Liquidation Losses for the related Due Period 0.00
7. Cumulative Net Losses on all Liquidated Receivables 0 0.00
8. Weighted Average Contract Rate of all Outstanding Contracts 9.496%
9. Weighted Average Remaining Term to Maturity of all Outstanding Contracts 166.580
10. Weighted Average Remaining Original Term to Maturity of all Outstanding Contracts 183.960
TRIGGER ANALYSIS
- --------------------------
Due Periods Excess Collections Pool Balance
Current Feb-99 2,060,608.59 720,230,725.19
Prior Month 0.00 0.00
Second Prior Month 0.00 0.00
Sum of Excess Collections 2,060,608.59
Annualized (x4) N/A
Average Pool Balance N/A
Net Yield N/A
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.) 27,568,581.00
Overcollateralization after the application of all the Principal Distributions
(initially zero to be increased to 9,189,527.) 2,060,608.59
----------------
Credit enhancement available for the next Distribution Date 29,629,189.59 4.11%
Required Enhancement (5.55% of the current Pool Balance to
a floor of 16,541,149) 39,972,805.25 5.55%
Additional Credit Enhancement Balance Enhancement Percentage
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 306,317.56
2. Servicer Advances 363,066.61
3. Reserve Account Loan Activity
(a) Distribution on Loan:
Interest 77,997.66
Principal 0.00
Total P&I 77,997.66
(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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