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Previous: PORTAL SOFTWARE INC, 8-A12G/A, 1999-04-27 |
Next: DLJ COMMERICAL MORT COMM MORT PASS THR CER SER 1999-CG1, 8-K, 1999-04-27 |
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): April 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 April 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 April 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: April 27, 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 March 1, 1999 to March 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 April 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 April 15, 1999
distribution.
<TABLE>
<CAPTION>
CIT MARINE TRUST 1999-A
MONTHLY SERVICER'S REPORT
Due Period 3/31/99
Determination Date 4/12/99
Distribution Date 4/15/99
<S> <C> <C> <C>
I. All Payments on the Contracts 25,054,665.41
II. All Liquidation Proceeds on the Contracts with respect to Principal 0.00
III. Repurchased Contracts 0.00
IV. Investment Earnings on Collection Account 5,845.99
V. Servicer Monthly Advances 1,781,653.40
VI. Reimbursement of prior Monthly Advances -413,959.14
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 $26,428,205.66
===============
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 $26,428,205.66
DISTRIBUTION AMOUNTS Cost per $1000
- -------------------------------- -----------------
1. (a) Class A-1 Note Interest Distribution 1,498,397.31
(b) Class A-1 Note Primary Principal Distribution 9,139,130.96
(c) Class A-1 Additional Principal Distribution Amount 3,022,314.81
Aggregate Class A-1 Note Distribution 72.79951717 23,659,843.08
2. (a) Class A-2 Note Interest Distribution 923,123.23
(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 5.15711302 923,123.23
3. (a) Class A-3 Note Interest Distribution 608,585.37
(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 5.20158436 608,585.37
4. (a) Class A-4 Note Interest Distribution 573,153.17
(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 5.55736391 573,153.17
5. (a) Certificate Interest Distribution 60,025.57
(b) Certificate Primary Principal Distribution 193,324.56
(c) Certificate Additional Principal Amount 0.00
Aggregate Certificate Distribution 22.97302740 253,350.13
6. Insurance Fee, including accrued and unpaid amounts 80,794.14
7. Reimbursement of Insurance Policy Draws
(a) Note Insurance Policy 0.00
(b) Certificate Insurance Policy 0.00
8. Lender Fees 23,414.41
9. Servicing Fee 305,942.13
10. Deposits to the Additional Enhancement Sub-Account 0.00
11. Deposits to the Reserve Account 0.00
Total Distribution $26,428,205.66
===============
<PAGE>
INTEREST
- --------------------------------
1. Current Interest Requirement
(a) Class A-1 Notes @5.450% 1,498,397.31
(b) Class A-2 Notes @5.800% 923,123.23
(c) Class A-3 Notes @5.850% 608,585.37
(d) Class A-4 Notes @6.250% 573,153.17
Aggregate Interest on Class A Notes 3,603,259.08
(e) Certificate @ 6.200% 0,025.57
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 4.61045326 1,498,397.31
(b) Class A-2 Notes 5.15711302 923,123.23
(c) Class A-3 Notes 5.20158436 608,585.37
(d) Class A-4 Notes 5.55736391 573,153.17
Total Aggregate Interest on Class A Notes 3,603,259.08
(e) Certificate 5.44293806 60,025.57
PRINCIPAL
- --------------------------------
No. of Contracts
-----------------
1. Stated Principal Collected 4,575,413.95
2. Principal Prepayments 414 14,757,041.57
3. Liquidation Proceeds 1 0.00
4. Repurchased Contracts 0 0.00
Total Primary Principal Distribution Amount 19,332,455.52
5. Additional Principal Distribution Amount 3,022,314.81
6. Principal Balance before 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
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 68.18906391 22,161,445.77
(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 17.53008935 193,324.56
9. Principal Balance after 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
<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 122,240.57 0.00 0.00
(d) Distributions -122,240.57 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 122,240.57 0.00 0.00
(e) Distribution to Affiliated Owner 0.00 0.00 0.00
---------------------------------------------------
Total Distributions from the Reserve Account 122,240.57 0.00 0.00
POOL DATA
- --------------------------------
Aggregate
No. of Contracts Pool Balance
---------------- ------------
1. Pool Stated Principal Balance as of 3/31/99 22,360 700,886,007.48
2. Delinquency Information % of Pool Balance
-----------------
(a) 31-59 Days 165 4,036,226.81 0.576%
(b) 60-89 Days 52 1,835,312.26 0.262%
(c) 90-119 Days 17 892,701.04 0.127%
(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 1 12,262.19
(b) Net Liquidation Proceeds on any Liquidated Contracts 0.00
-------------------
Total Net Liquidation Losses for the related Due Period 12,262.19
7. Cumulative Net Losses on all Liquidated Receivables 1 12,262.19
8. Weighted Average Contract Rate of all Outstanding Contracts 9.498%
9. Weighted Average Remaining Term to Maturity of all Outstanding Contracts 165.536
10. Weighted Average Remaining Original Term to Maturity of all Outstanding Contracts 183.972
TRIGGER ANALYSIS
- --------------------------------
Due Periods Excess Collections Pool Balance
Current Mar-99 3,022,314.81 700,886,007.48
Prior Month Feb-99 2,060,608.59 720,230,725.19
Second Prior Month 0.00 0.00
Sum of Excess Collections 5,082,923.40
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 27,568,581.00) 27,566,581.00
Overcollateralization after the application of all the Principal Distributions
(Initially zero to be increased to 9,189,527.) 5,070,661.21
-------------------
Credit enhancement available for the next Distribution Date 32,639,242.21 4.66%
Required Enhancement (5.55% of the current Pool Balance to
a floor of 16,541,149.) 38,899,173.42 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 305,942.13
2. Servicer Advances 1,781,653.40
3. Reserve Account Loan Activity
(a) Distribution on Loan:
Interest 145,654.98
Principal 0.00
Total P&I 145,654.98
(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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