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Previous: IBIZ TECHNOLOGY CORP, SB-2/A, 2000-01-31 |
Next: CIT MARINE TRUST 1999-A, 15-12G, 2000-01-31 |
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) January: 18, 2000
------------------------------
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 January 18, 2000, 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
---------- ----------- ----
20.1 Monthly Report delivered by 4
the Trustees to Securityholders
in connection with distributions
on January 18, 2000
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: January 28, 2000
<PAGE>
INDEX TO EXHIBITS
Exhibit No. Description
- ---------- -----------
20.1 Monthly Reports with respect to the
January 18, 2000 distribution.
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 December 1, 2000 to December
31,2000 attached to this certificate is complete and accurate in accordance with
the requirements of Section 4.09 and 5.08 of the Agreement; and
2. As of the date hereof, no Event of Termination or event that with
notice of lapse of time or both would become an Event of Termination has
occured.
IN WITNESS WHEREOF, the undersigned has affixed hereunto his signature
this 12th day of January 2000.
THE CIT GROUP/SALES FINANCING, INC.
By: /s/ Frank Garcia
--------------------------------
Name: Frank Garcia
Title: Vice President
<PAGE>
CIT MARINE TRUST 1999-A
MONTHLY SERVICER'S REPORT
<TABLE>
<CAPTION>
Due Period 12/31/99
Determination Date 1/12/00
Distribution Dase 1/18/00
<S> <C> <C> <C>
I. All Payments on the Contracts 13,281,252.32
II. All Liquidation Proceeds on the Contracts with respect to Principal 110,558.33
III. Repurchased Contracts 0.00
IV. Investment Earnings on Collection Account 2,068.10
V. Servicer Monthly Advances 551,666.20
VI. Reimbursement of prior Monthly Advances -531,730.93
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 $13,413,814.02
==============
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 $13,413,814.02
DISTRIBUTION AMOUNTS Cost per $1000
- ------------------------------------- --------------------
1. (a) Class A-1 Note Interest Distribution 780,190.9
(b) Class A-1 Note Primary Principal Distribution 8,688,356.27
(c) Class A-1 Additional Principal Distribution Amount 130,231.97
Aggregate Class A-1 Note Distribution 29.53470511 9,598,779.16
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 49,502.05
(b) Certificate Primary Principal Distribution 87,761.17
(c) Certificate Additional Principal Amount 0.00
Aggregate Certificate Distribution 12.44661574 137,263.22
6. Insurance Fee, including accrued and unpaid amounts 65,306.27
7. Reimbursement of Insurance Policy Draws
(a) Note Insurance Policy 0.00
(b) Certificate Insurance Policy 0.00
8. Lender Fees 21,926.04
9. Servicing Fee 247,772.15
10. Deposits to the Additional Enhancement Sub-Account 117,221.31
11. Deposits to the Reserve Account 1,252,847.95
Total Distribution
$13,413,814.02
==============
</TABLE>
Page 1 of 4
<PAGE>
<TABLE>
<CAPTION>
INTEREST
- -------------------------------------
<S> <C> <C> <C>
1. Current Interest Requirement
(a) Class A-1 Notes @ 5.450% 780,190.92
(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 2,752,888.84
(e) Certificate @ 6.200% 49,502.05
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 2.40058745 780,190.92
(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 2,752,888.84
(e) Certificate 4.48869693 49,502.05
PRINCIPAL
- -------------------------------------
No. of Contracts
----------------------
1. Stated Principal Collected 3,688,026.40
2. Principal Prepayments 176 4,977,532.71
3. Liquidation Proceeds 8 110,558.33
4. Repurchased Contracts 0 0.00
Total Primary Principal Distribution Amount 8,776,117.44
5. Additional Principal Distribution Amount 130,231.97
6. Principal Balance before 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
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 27.13411766 8,818,588.24
(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 7.95791880 87,761.17
9. Principal Balance after giving effect to Principal Distributions Pool Factor
-----------
(a) Class A-1 Notes 0.50143560 162,966,569.11
(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 0.86082216 9,493,281.07
</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 23,538,252.83 0.00 674,536.24
(b) Deposits 0.00 1,252,847.95 117,221.31
(c) Investment Earnings 132,900.66 0.00 3,451.76
(d) Distributions -627,203.06 -1,252,847.95 0.00
--------------------------------------------------------
(e) Ending Balance 23,043,950.43 0.00 795,209.31
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 627,203.06 0.00 0.00
(e) Distribution to Affiliated Owner 0.00 1,252,847.95 0.00
--------------------------------------------------------
Total Distributions from the Reserve Account 627,203.06 1,252,847.95 0.00
POOL DATA
- -------------------------------------
Aggregate
No. of Contracts Pool Balance
---------------- ------------
1. Pool Stated Principal Balance as of 12/31/99 19,490 580,783,377.18
2. Delinquency Information % of Pool Balance
-----------------
(a) 31-59 Days 345 8,363,524.51 1.440%
(b) 60-89 Days 96 1,760,518.74 0.303%
(c) 90-119 Days 73 2,389,690.30 0.411%
(d) 120-180 Days 101 2,970,027.84 0.511%
(d) 181 Days + 54 1,574,036.66 0.271%
3. Contracts Repossessed during the Due Period 8 155,296.27
4. Current Repossession Inventory 42 803,400.28
5. Net Liquidation Losses for the related Due Period
(a) Principal Balance of Liquidated Contracts 8 240,790.30
(b) Net Liquidation Proceeds on any Liquidated Contracts 110,558.33
-----------------
Total Net Liquidation Losses for the related Due Period 130,231.97
6. Cumulative Net Losses on all Liquidated Receivables 60 891,285.41
7. Weighted Average Contract Rate of all Outstanding Contracts 9.474%
8. Weighted Average Remaining Term to Maturity of all Outstanding Contracts 157.621
9. Weighted Average Remaining Original Term to Maturity of all Outstanding Contracts 184.852
TRIGGER ANALYSIS
- -------------------------------------
Due Periods Excess Collections Pool Balance
- ----------- ------------------ ------------
Current Dec-99 1,383,079.92 580,783,377.18
Prior Month Nov-99 1,684,381.15 589,689,726.59
Second Prior Month Oct-99 1,331,834.15 599,369,742.96
Sum of Excess Collections 4,399,295.22
Annualized (x4) 17,597,180.88
Average Pool Balance 589,947,615.58
Net Yield 2.9828%
Net Yield trigger level. 1.0000%
Net Yield trigger in effect ? NO
</TABLE>
Page 3 of 4
<PAGE>
<TABLE>
<CAPTION>
CREDIT ENHANCEMENT
- -------------------------------------
Required Enhancement
<S> <C> <C> <C>
Available Reserve Amount for the next Distribution Date
(Initally 27,568,581 to a floor of 7,351,622.) 23,043,950.43
Overcollateralization after the application of all the Principal Distributions
(Initally zero to be increased to 9,189,527.) 9,189,527.00
-------------
Credit enhancement available for the next Distribution Date 32,233,477.43 5.55%
Required Enhancement (5.55% of the current Pool Balance to a floor of 16,541,149.) 32,233,477.43 5.55%
Additional Credit Enhancement Balance Enhancement Percentage
More than 180 days delinquent 1,574,036.66 393,509.17 25%
Repossession Inventory 803,400.28 401,700.14 50%
----------------------------------------
Total Additional Enhancement 795,209.31
Amount on deposits in the Additional Enhancement Sub-Account 795,209.31
MISCELLANEOUS
- -------------------------------------
1. Monthly Servicing Fees 247,772.15
2. Servicer Advances 551,666.20
3. Reserve Account Loan Activity
(a) Distribution on Loan:
Interest 154,826.70
Principal 494,302.40
Total P&I 649,129.10
(b) Beginning Loan Balance 23,538,252.83
(c) Principal Payment 494,302.40
(d) Ending Loan Balance 23,043,950.43
</TABLE>
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