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Previous: TYCO INTERNATIONAL LTD /BER/, 8-K, 1998-06-24 |
Next: WARBURG PINCUS INTERMEDIATE MATURITY GOVERNMENT FUND, NSAR-A, 1998-06-24 |
<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report: June 15, 1998
CHASE MANHATTAN RV OWNER TRUST 1997-A
(Issuer of Securities)
CHASE MANHATTAN BANK USA, NATIONAL ASSOCIATION
(Sponsor of the Trust)
(Exact name of registrant as specified in its charter)
United States 333-32263 22-2382028
--------------- ------------- ---------------
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
802 Delaware Avenue, Wilmington, Delaware 19801
----------------------------------------- ----------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (302) 575-5033
THE CHASE MANHATTAN BANK
(Sponsor of the Trust)
(Exact name of registrant as specified in its charter)
New York 333-32737 12-4994650
--------------- ------------- ---------------
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
270 Park Avenue, New York, New York 10017
----------------------------------------- ----------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (212) 270-6000
<PAGE>
Item 5. Other Events.
-------------
On or about June 15, 1998 Monthly Interest as defined in the Sale
and Servicing Agreement dated as of October 1, 1997 (the "Agreement")
between Chase Manhattan Bank, USA, as a Seller, The Chase Manhattan Bank as a
Seller, The CIT Group/Sales Financing, Inc. as Servicer and Chase Manhattan
RV Owner Trust 1997-A as Issuer was distributed to holders
("Certificateholders") of participations in the Chase Manhattan RV Owner
Trust 1997-A in accordance with the Agreement. Copies of the applicable
Monthly Reports, as defined in the Agreement, have been furnished to
Certificateholders in accordance with the Agreement.
Copies of those Monthly Reports are being filed as Exhibit 20.1 to this
Current Report on Form 8-K.
Item 7(c). Exhibits
--------
Exhibit No. Description
----------- -----------
20.1 Monthly Reports with respect to the
June 15, 1998 distribution
<PAGE>
SIGNATURES
----------
Pursuant to the requirements of the Securities and Exchange Act of
1934, the registrant has caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
THE CIT GROUP/SALES FINANCING,
INC.,
AS SERVICER
By: /s/Frank Garcia
---------------------
Name: Frank Garcia
Title: Vice President
Dated: June 24, 1998
<PAGE>
INDEX TO EXHIBITS
-----------------
Exhibit No. Description
---------- -----------
20.1 Monthly Reports with respect to the
June 15, 1998 distribution
<PAGE>
<TABLE>
CHASE MANHATTAN RV OWNER TRUST 1997-A
MONTHLY SERVICER'S REPORT
Settlement Date 5/31/98
Determination Date 6/10/98
Distribution Date 6/15/98
<S> <C>
I. All Payments on the Contracts 25,416,179.43
II. All Liquidation Proceeds on the Contracts with respect to Principal 234,809.98
III. Repurchased Contracts 0.00
IV. Investment Earnings on Collection Account 0.00
V. Servicer Monthly Advances 469,686.61
VI. Distribution from the Reserve Account 0.00
VII. Deposits from the Pay-Ahead Account (including Investment Earnings) 252,209.89
VIII. Transfers to the Pay-Ahead Account (151,975.10)
IX. Less: Investment Earnings distributions 0.00
(a) To Sellers with respect to the Collection Account 0.00
(b) To Sellers with respect to the Pay-Ahead Account
Total available amount in Collection Account $26,220,910.81
===================
DISTRIBUTION AMOUNTS Cost per $1000
- ------------------------------- ----------------
<S> <C>
1. (a) Class A-1 Note Interest Distribution 0.00
(b) Class A-1 Note Principal Distribution 0.00
Aggregate Class A-1 Note Distribution 0.00000000 0.00
2. (a) Class A-2 Note Interest Distribution 22,626.95
(b) Class A-2 Note Principal Distribution 4,639,839.33
Aggregate Class A-2 Note Distribution 39.18038891 4,662,466.28
3. (a) Class A-3 Note Interest Distribution 557,372.50
(b) Class A-3 Note Principal Distribution 15,884,330.38
Aggregate Class A-3 Note Distribution 145.50179540 16,441,702.88
4. (a) Class A-4 Note Interest Distribution 366,216.67
(b) Class A-4 Note Principal Distribution 0.00
Aggregate Class A-4 Note Distribution 5.01666667 366,216.67
5. (a) Class A-5 Note Interest Distribution 665,500.00
(b) Class A-5 Note Principal Distribution 0.00
Aggregate Class A-5 Note Distribution 5.04166667 665,500.00
6. (a) Class A-6 Note Interest Distribution 449,533.33
(b) Class A-6 Note Principal Distribution 0.00
Aggregate Class A-6 Note Distribution 5.10833333 449,533.33
7. (a) Class A-7 Note Interest Distribution 291,650.00
(b) Class A-7 Note Principal Distribution 0.00
Aggregate Class A-7 Note Distribution 5.11666667 291,650.00
8. (a) Class A-8 Note Interest Distribution 441,291.67
(b) Class A-8 Note Principal Distribution 0.00
Aggregate Class A-8 Note Distribution 5.19166667 441,291.67
9. (a) Class A-9 Note Interest Distribution 321,266.67
(b) Class A-9 Note Principal Distribution 0.00
Aggregate Class A-9 Note Distribution 5.26666667 321,266.67
10. (a) Class A-10 Note Interest Distribution 345,041.67
(b) Class A-10 Note Principal Distribution 0.00
Aggregate Class A-10 Note Distribution 5.30833333 345,041.67
11. (a) Class B Certificate Interest Distribution 244,679.31
(b) Class B Certificate Principal Distribution 0.00
Aggregate Class B Certificate Distribution 5.45000000 244,679.31
12. Servicer Payment
(a) Servicing Fee 301,472.97
(b) Reimbursement of prior Monthly Advances 331,369.75
Total Servicer Payment 632,842.72
13. Deposits to the Reserve Account 1,358,719.63
Total Distribution Amount $26,220,910.81
===================
Reserve Account distributions:
- -----------------------------------------
(a) Amounts to the Sellers (Chase USA) from Excess Collections 174,323.73
(b) Amounts to the Sellers (Chase Manhattan Bank) from Excess Collections 1,184,395.90
(c) Distribution from the Reserve Account to the Sellers(Chase USA) 61,493.48
(d) Distribution from the Reserve Account to the Sellers(Chase Manhattan Bank) 417,800.99
Total Amounts to Sellers(Chase USA & Chase Manhattan Bank) = $1,838,014.10
===================
INTEREST
- -------------------------------
1. Current Interest Requirement
(a) Class A-1 Notes @5.598% 0.00
(b) Class A-2 Notes @5.852% 22,626.95
(c) Class A-3 Notes @5.919% 557,372.50
(d) Class A-4 Notes @6.020% 366,216.67
(e) Class A-5 Notes @6.050% 665,500.00
(f) Class A-6 Notes @6.130% 449,533.33
(g) Class A-7 Notes @6.140% 291,650.00
(h) Class A-8 Notes @6.230% 441,291.67
(i) Class A-9 Notes @6.320% 321,266.67
(j) Class A-10 Notes @6.370% 345,041.67
Aggregate Interest on Notes 3,460,499.45
(k) Class B Certificate @6.540% 244,679.31
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) Class A-5 Notes 0.00
(f) Class A-6 Notes 0.00
(g) Class A-7 Notes 0.00
(h) Class A-8 Notes 0.00
(i) Class A-9 Notes 0.00
(j) Class A-10 Notes 0.00
(k) Class B Certificates 0.00
3. Total Distribution of Interest Cost per $1000
----------------
(a) Class A-1 Notes 0.00000000 0.00
(b) Class A-2 Notes 0.19014244 22,626.95
(c) Class A-3 Notes 4.93250000 557,372.50
(d) Class A-4 Notes 5.01666667 366,216.67
(e) Class A-5 Notes 5.04166667 665,500.00
(f) Class A-6 Notes 5.10833333 449,533.33
(g) Class A-7 Notes 5.11666667 291,650.00
(h) Class A-8 Notes 5.19166667 441,291.67
(i) Class A-9 Notes 5.26666667 321,266.67
(j) Class A-10 Notes 5.30833333 345,041.67
Total Aggregate Interest on Notes 3,460,499.45
(k) Class B Certificates 5.45000000 244,679.31
<PAGE>
PRINCIPAL
- -------------------------------
No. of Contracts
----------------
1. Amount of Stated Principal Collected 5,860,953.59
2. Amount of Principal Prepayment Collected 587 14,192,083.86
3. Amount of Liquidated Contract 15 471,132.26
4. Amount of Repurchased Contract 0 0.00
Total Formula Principal Distribution Amount 20,524,169.71
Pool Factor
5. Principal Balance before giving effect to Principal Distribution ----------
(a) Class A-1 Notes 0.0000000 0.00
(b) Class A-2 Notes 0.0389902 4,639,839.33
(c) Class A-3 Notes 1.0000000 113,000,000.00
(d) Class A-4 Notes 1.0000000 73,000,000.00
(e) Class A-5 Notes 1.0000000 132,000,000.00
(f) Class A-6 Notes 1.0000000 88,000,000.00
(g) Class A-7 Notes 1.0000000 57,000,000.00
(h) Class A-8 Notes 1.0000000 85,000,000.00
(i) Class A-9 Notes 1.0000000 61,000,000.00
(j) Class A-10 Notes 1.0000000 65,000,000.00
(k) Class B Certificates 1.0000000 44,895,285.54
6. 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) Class A-5 Notes 0.00
(f) Class A-6 Notes 0.00
(g) Class A-7 Notes 0.00
(h) Class A-8 Notes 0.00
(i) Class A-9 Notes 0.00
(j) Class A-10 Notes 0.00
(k) Class B Certificates 0.00
7. Principal Distribution Cost per $1000
----------------
(a) Class A-1 Notes 0.00000000 0.00
(b) Class A-2 Notes 38.99024647 4,639,839.33
(c) Class A-3 Notes 140.56929540 15,884,330.38
(d) Class A-4 Notes 0.00000000 0.00
(e) Class A-5 Notes 0.00000000 0.00
(f) Class A-6 Notes 0.00000000 0.00
(g) Class A-7 Notes 0.00000000 0.00
(h) Class A-8 Notes 0.00000000 0.00
(i) Class A-9 Notes 0.00000000 0.00
(j) Class A-10 Notes 0.00000000 0.00
(k) Class B Certificates 0.00000000 0.00
Pool Factor
8. Principal Balance after giving effect to Principal Distribution ----------
(a) Class A-1 Notes 0.0000000 0.00
(b) Class A-2 Notes 0.0000000 0.00
(c) Class A-3 Notes 0.8594307 97,115,669.62
(d) Class A-4 Notes 1.0000000 73,000,000.00
(e) Class A-5 Notes 1.0000000 132,000,000.00
(f) Class A-6 Notes 1.0000000 88,000,000.00
(g) Class A-7 Notes 1.0000000 57,000,000.00
(h) Class A-8 Notes 1.0000000 85,000,000.00
(i) Class A-9 Notes 1.0000000 61,000,000.00
(j) Class A-10 Notes 1.0000000 65,000,000.00
(k) Class B Certificates 1.0000000 44,895,285.54
POOL DATA Aggregate
- ------------------------------- No. of Contracts Principal Balance
--------------- -----------------
1. Pool Stated Principal Balance as of 5/31/98 23,335 703,010,955.16
2. Delinquency Information % Delinquent
(a) 31-59 Days 209 5,615,488.80 0.799%
(b) 60-89 Days 74 1,662,156.03 0.236%
(c) 90-119 Days 56 1,574,172.13 0.224%
(d) 120 Days + 148 5,577,814.84 0.793%
3. Contracts Repossessed during the Due Period 15 536,807.11
4. Current Repossession Inventory 24 892,193.46
5. Aggregate Net Losses for the preceding Collection Period
(a) Aggregate Principal Balance of Liquidated Receivables 15 471,132.26
(b) Net Liquidation Proceeds on any Liquidated Receivables 234,809.98
-------------------
Total Aggregate Net Losses for the preceding Collection Period 236,322.28
6. Aggregate Losses on all Liquidated Receivables (Year-To-Date) 1,096,111.04
7. Aggregate Net Losses on all Liquidated Receivables (Life-To-Date) 90 1,346,988.24
8. Weighted Average Contract Rate of all Outstanding Contracts 9.283%
9. Weighted Average Remaining Term to Maturity of all Outstanding Contracts 122.506
TRIGGER ANALYSIS
- -------------------------------
1. (a) Average Delinquency Percentage 1.321%
(b) Delinquency Percentage Trigger in effect ? NO
2. (a) Average Net Loss Ratio 0.028%
(b) Net Loss Ratio Trigger in effect ? NO
(c) Net Loss Ratio (using ending Pool Balance) 0.219%
3. (a) Servicer Replacement Percentage 0.213%
(b) Servicer Replacement Trigger in effect ? NO
MISCELLANEOUS
- -------------------------------
1. Monthly Servicing Fees 301,472.97
2. Servicer Advances 469,686.61
3. (a) Opening Balance of the Reserve Account 14,470,702.50
(b) Deposits to the Reserve Account 1,358,719.63
(c) Investment Earnings in the Reserve Account 68,811.09
(d) Distribution from the Reserve Account (1,838,014.10)
(e) Ending Balance of the Reserve Account 14,060,219.10
4. Specified Reserve Account Balance 14,060,219.10
5. (a) Opening Balance in the Pay-Ahead Account 689,141.36
(b) Deposits to the Pay-Ahead Account from the Collection Account 151,975.10
(c) Investment Earnings in the Pay-Ahead Account 0.00
(d) Transfers from the Pay-Ahead Account to the Collection Account (252,209.89)
(e) Ending Balance in the Pay-Ahead Account 588,906.57
</TABLE>
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