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Previous: VARIAN SEMICONDUCTOR EQUIPMENT ASSOCIATES INC, 10-K405/A, 1999-12-30 |
Next: VOICESTREAM WIRELESS CORP, PRER14A, 1999-12-30 |
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) December: 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 December 15, 1999, Bankers Trust (Delaware), as Owner Trustee, and
Harris Trust and Savings Bank, as Indenture Trustee, made 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 Certifcates.
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 Security holders
in connection with distributions
on December 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: December 28, 1999
<PAGE>
INDEX TO EXHIBITS
Exhibit No. Description
- ---------- -----------
20.1 Monthly Reports with respect to the
December 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 November 1, 1999 to November 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 10th day of December 1999.
THE CIT GROUP/SALES FINANCING, INC.
By: /s/ Frank Garcia
---------------------
Name: Frank Garcia
Title: Vice President
CIT MARINE TRUST 1999-A
MONTHLY SERVICER'S REPORT
<TABLE>
<CAPTION>
Due Period 11/30/99
Determination Date 12/10/99
Distribution Date 12/15/99
<S> <C>
I. All Payments on the Contracts 13,525,729.79
II. All Liquidation Proceeds on the Contracts with respect to Principal 444,354.69
III. Repurchased Contracts 0.00
IV. Investment Earnings on Collection Account 6,319.09
V. Servicer Monthly Advances 581,077.89
VI. Reimbursement of prior Monthly Advances -518,748.27
VII. Insurer Deposits 0.00
VIII. Release of the Additional Enhancement Requirement Sub-Account 184,637.51
IX. Incorrect Deposits 0.00
Total available amount in Collection Account $14,223,370.70
==============
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 $14,223,370.70
<CAPTION>
DISTRIBUTION AMOUNTS Cost per $1000
- ------------------------------------- --------------------
<C> <C> <C> <C>
1. (a) Class A-1 Note Interest Distribution 823,729.67
(b) Class A-1 Note Primary Principal Distribution 9,256,833.61
(c) Class A-1 Additional Principal Distribution Amount 329,679.39
Aggregate Class A-1 Note Distribution
32.03151591 10,410,242.67
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 49,985.15
(b) Certificate Primary Principal Distribution 93,503.37
(c) Certificate Additional Principal Amount 0.00
Aggregate Certificate Distribution
13.01110721 143,488.52
6. Insurance Fee, including accrued and unpaid amounts 66,395.27
7. Reimbursement of Insurance Policy Draws
(a) Note Insurance Policy 0.00
(b) Certificate Insurance Policy 0.00
8. Lender Fees 19,788.08
9. Servicing Fee 256,056.48
10. Deposits to the Additional Enhancement Sub-Account 0.00
11. Deposits to the Reserve Account 1,354,701.76
Total Distribution $14,223,370.70
==============
</TABLE>
Page 1 of 4
<PAGE>
<TABLE>
<CAPTION>
INTEREST
- -------------------------------------
<S> <C> <C> <C> <C>
1. Current Interest Requirement
(a) Class A-1 Notes @ 5.450% 823,729.67
(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 2,796,427.59
(e) Certificate @ 6.200% 49,985.15
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 2.53455283 823,729.67
(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 2,796,427.59
(e) Certificate 4.53250299 49,985.15
<CAPTION>
PRINCIPAL
- -------------------------------------
No. of Contracts
----------------
<C> <C> <C> <C>
1. Stated Principal Collected 3,480,858.59
2. Principal Prepayments 205 5,425,123.70
3. Liquidation Proceeds 10 444,354.69
4. Repurchased Contracts 0 0.00
Total Primary Principal Distribution Amount 9,350,336.98
5. Additional Principal Distribution Amount 329,679.39
6. Principal Balance before 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
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 29.49696308 9,586,513.00
(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 8.47860422 93,503.37
9. Principal Balance after giving effect to Principal Distributions Pool Factor
-----------
(a) Class A-1 Notes 0.52856971 171,785,157.35
(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 0.86878008 9,581,042.24
</TABLE>
Page 2 of 4
<PAGE>
<TABLE>
<CAPTION>
RESERVE ACCOUNT
- ------------------------------------- Additional
Loan Excess Enhancement
1. Activity Sub-Account Sub-Account Sub-Account
---------------------------------------------------
<S> <C> <C> <C>
(a) Opening Balance 24,075,493.73 0.00 855,977.95
(b) Deposits 0.00 1,354,701.76 0.00
(c) Investment Earnings 115,904.04 0.00 3,195.80
(d) Distributions -653,144.94 -1,354,701.76 -184,637.51
---------------------------------------------------
(e) Ending Balance 23,538,252.83 0.00 674,536.24
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 0.00 184,637.51
(d) Distribution to Lender 653,144.94 0.00 0.00
(e) Distribution to Affiliated Owner 0.00 1,354,701.76 0.00
---------------------------------------------------
Total Distributions from the Reserve Account 653,144.94 1,354,701.76 184,637.51
<CAPTION>
POOL DATA
- -------------------------------------
Aggregate
No. of Contracts Pool Balance
---------------- ------------
<C> <C> <C> <C> <C>
1. Pool Stated Principal Balance as of 11/30/99 19,674 589,689,726.59
2. Delinquency Information % of Pool Balance
-----------------
(a) 31-59 Days 318 7,227,008.12 1.226%
(b) 60-89 Days 113 3,096,974.39 0.525%
(c) 90-119 Days 81 1,987,524.46 0.337%
(d) 120-180 Days 40 2,097,524.95 0.356%
(d) 181 Days + 62 1,074,830.93 0.182%
3. Contracts Repossessed during the Due Period 9 220,186.90
4. Current Repossession Inventory 39 811,657.02
5. Net Liquidation Losses for the related Due Period
(a) Principal Balance of Liquidated Contracts 10 774,034.08
(b) Net Liquidation Proceeds on any Liquidated Contracts 444,354.69
------------
Total Net Liquidation Losses for the related Due Period 329,679.39
6. Cumulative Net Losses on all Liquidated Receivables 52 761,053.44
7. Weighted Average Contract Rate of all Outstanding Contracts 9.475%
8. Weighted Average Remaining Term to Maturity of all Outstanding Contracts 158.556
9. Weighted Average Remaining Original Term to Maturity of all Outstanding Contracts 184.785
<CAPTION>
TRIGGER ANALYSIS
- -------------------------------------
Due Periods Excess Collections Pool Balance
- ----------- ------------------ ------------
<S> <C> <C> <C>
Current Nov-99 1,684,381.15 589,689,726.59
Prior Month Oct-99 1,331,834.15 599,369,742.96
Second Prior Month Sep-99 1,506,403.64 609,679,617.70
Sum of Excess Collections 4,522,618.94
Annualized (x4) 18,090,475.76
Average Pool Balance 599,579,695.75
Net Yield 3.0172%
Net Yield trigger level. 1.0000%
Net Yield trigger in effect? NO
</TABLE>
Page 3 of 4
<PAGE>
CREDIT ENHANCEMENT
- -------------------------------------
<TABLE>
<CAPTION>
Required Enhancement
<S> <C>
Available Reserve Amount for the next Distribution Date
(Initially 27,568,581. to a floor of 7,351,622.) 23,538,252.83
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 32,727,779.83 5.55%
Required Enhancement (5.55% of the current Pool Balance to a
floor of 16,541,149.) 32,727,779.83 5.55%
<CAPTION>
Additional Credit Enhancement Balance Enhancement Percentage
<S> <C> <C> <C>
More than 180 days delinquent 1,074,830.93 268,707.73 25%
Repossession Inventory 811,657.02 405,828.51 50%
----------------------------------
Total Additional Enhancement 674,536.24
Amount on deposits in the Additional Enhancement Sub-Account 674,536.24
<CAPTION>
MISCELLANEOUS
- -------------------------------------
<C> <C> <C>
1. Monthly Servicing Fees 256,056.48
2. Servicer Advances 581,077.89
3. Reserve Account Loan Activity
(a) Distribution on Loan:
Interest 135,692.12
Principal 537,240.90
Total P&I 672,933.02
(b) Beginning Loan Balance 24,075,493.73
(c) Principal Payment 537,240.90
(d) Ending Loan Balance 23,538,252.83
</TABLE>
Page 4 of 4
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