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<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 11, 1999
CHASE MANHATTAN MARINE 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 333-32737 22-2382028
- ---------------------------- ------------------------- ---------------------
(State or other jurisdiction (Commission File Number) (IRS Employer
of incorporation) Identification No.)
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 jurisdiction (Commission File Number) (IRS Employer
of incorporation) Identification No.)
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 March 15, 1999 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 Marine Owner Trust
1997-A as Issuer was distributed to holders ("Certificateholders") of
participants in the Chase Manhattan Marine 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.
On or about April 15, 1999 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 Marine Owner Trust
1997-A as Issuer was distributed to holders ("Certificateholders") of
participants in the Chase Manhattan Marine 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.
On or about May 17, 1999 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 Marine Owner Trust
1997-A as Issuer was distributed to holders ("Certificateholders") of
participants in the Chase Manhattan Marine 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 the Monthly Reports for being filed as Exhibits 20.1, 20.2
and 20.3 to this Current Report on Form 8-K.
<PAGE>
Item 7(c). Exhibits
Exhibits Description
-------- ---------------
20.1 Monthly Report with respect to the March 15,
1999 distribution
20.2 Monthly Report with respect to the April 15,
1999 distribution
20.3 Monthly Report with respect to the May 17,
1999 distribution
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Dated: June 11, 1999
THE CIT GROUP/SALES FINANCING, INC.,
as Servicer
By: /s/ Frank J. Madeira
----------------------------------
Name: Frank J. Madeira
Title: Vice President
<PAGE>
INDEX TO EXHIBITS
-----------------
Exhibit No. Description
- ----------- -----------------
20.1 Monthly Report with respect to the March 15,
1999 distribution
20.2 Monthly Report with respect to the April 15,
1999 distribution
20.3 Monthly Report with respect to the May 17,
1999 distribution
<PAGE>
CHASE MANHATTAN MARINE OWNER TRUST 1997-A
MONTHLY SERVICER'S REPORT
Settlement Date 2/28/99
Determination Date 3/10/99
Distribution Date 3/15/99
<TABLE>
<S> <C>
I. All Payments on the Contracts 5,555,439.64
II. All Liquidation Proceeds on the Contracts with
respect to Principal 695,471.98
III. Repurchased Contracts 0.00
IV. Investment Earnings on Collection Account 0.00
V. Servicer Monthly Advances 191,420.00
VI. Distribution from the Reserve Account 207,432.35
VII. Deposits from the Pay-Ahead Account
(including Investment Earnings) 18,890.20
VIII. Transfers to the Pay-Ahead Account (10,166.29)
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 $6,658,487.88
==============
<CAPTION>
DISTRIBUTION AMOUNTS Cost per $1000
- ------------------------------------------- ----------------------
<S> <C> <C> <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 0.00
(b) Class A-2 Note Principal Distribution 0.00
Aggregate Class A-2 Note Distribution 0.00000000 0.00
3. (a) Class A-3 Note Interest Distribution 242,783.24
(b) Class A-3 Note Principal Distribution 5,605,003.78
Aggregate Class A-3 Note Distribution 115.56891344 5,847,787.02
4. (a) Class A-4 Note Interest Distribution 194,270.83
(b) Class A-4 Note Principal Distribution 0.00
Aggregate Class A-4 Note Distribution 5.20833324 194,270.83
5. (a) Class A-5 Note Interest Distribution 168,755.00
(b) Class A-5 Note Principal Distribution 0.00
Aggregate Class A-5 Note Distribution 5.35000000 156,755.00
6. (a) Class A-6 Note Interest Distribution 128,375.00
(b) Class A-6 Note Principal Distribution 0.00
Aggregate Class A-6 Note Distribution 5.41666667 128,375.00
7. (a) Class B Note Interest Distribution 59,285.00
(b) Class B Note Principal Distribution 0.00
Aggregate Class B Note Distribution 5.56666667 59,285.00
8. (a) Class C Note Interest Distribution 98,822.83
(b) Class C Note Principal Distribution 0.00
Aggregate Class C Note Distribution 5.70833312 98,822.83
9. Servicer Payment
(a) Servicing Fee 69,046.47
(b) Reimbursement of prior Monthly Advances 104,145.73
Total Servicer Payment 173,192.20
10. Deposits to the Reserve Account 0.00
Total Distribution Amount from Collection Account $6,658,487.88
==============
Reserve Account distributions to Sellers
(a) Amounts to the Sellers (Chase USA)
from Excess Collections 0.00
</TABLE>
Page 1 of 4
<PAGE>
<TABLE>
<S> <C> <C> <C>
(b) Amounts to the Sellers (Chase Manhattan
Bank) from Excess Collections 0.00
(c) Distribution from the Reserve Account to
the Sellers(Chase USA) 36,922.28
(d) Distribution from the Reserve Account to
the Sellers(Chase Manhattan Bank) 36,046.66
Total Amounts to Sellers(Chase USA &
Chase Manhattan Bank) 72,968.94
==============
INTEREST
- -------------------------------------------
1. Current Interest Requirement
(a) Class A-1 Notes @ 5.845% 0.00
(b) Class A-2 Notes @ 6.028% 0.00
(c) Class A-3 Notes @ 6.140% 242,783.24
(d) Class A-4 Notes @ 6.250% 194,270.83
(e) Class A-5 Notes @ 6.420% 156,755.00
(f) Class A-6 Notes @ 6.500% 128,375.00
Aggregate Interest on Class A Notes 722,184.07
(g) Class B Notes @ 6.680% 69,386.00
(h) Class C Notes @ 6.850% 98,822.83
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 B Notes 0.00
(h) Class C Notes 0.00
3. Total Distribution of Interest Cost per $1000
----------------------
(a) Class A-1 Notes 0.00000000 0.00
(b) Class A-2 Notes 0.00000000 0.00
(c) Class A-3 Notes 4.79808775 242,783.24
(d) Class A-4 Notes 5.20833324 194,270.83
(e) Class A-5 Notes 5.36000000 156,765.00
(f) Class A-6 Notes 5.41666667 128,375.00
Total Aggregate Interest on Class A Notes 722,184.07
(g) Class B Notes 5.56666667 59,285.00
(h) Class C Notes 5.70833312 98,822.83
PRINCIPAL
- -------------------------------------------
No. of Contracts
----------------------
1. Amount of Stated Principal Collected 1,497,867.41
2. Amount of Principal Prepayment Collected 116 2,899,577.16
3. Amount of Liquidated Contract 17 1,207,559.21
4. Amount of Repurchased Contract 0 0.00
Total Formula Principal Distribution Amount 6,605,003.78
5. Principal Balance before giving effect to Principal Pool Factor
Distribution -----------
(a) Class A-1 Notes 0.0000000 0.00
(b) Class A-2 Notes 0.0000000 0.00
(c) Class A-3 Notes 0.9377370 47,449,493.20
(d) Class A-4 Notes 1.0000000 37,300,000.00
(e) Class A-5 Notes 1.0000000 29,300,000.00
(f) Class A-6 Notes 1.0000000 23,700,000.00
(g) Class B Notes 1.0000000 10,650,000.00
(h) Class C Notes 1.0000000 17,312,029.25
6. Remaining Principal Shortfall
(a) Class A-1 Notes 0.00
</TABLE>
Page 2 of 4
<PAGE>
<TABLE>
<S> <C> <C> <C>
(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 B Notes 0.00
(h) Class C Notes 0.00
7. Principal Distribution Cost per $1000
----------------------
(a) Class A-1 Notes 0.00000000 0.00
(b) Class A-2 Notes 0.00000000 0.00
(c) Class A-3 Notes 110.77082569 5,605,003.78
(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 B Notes 0.00000000 0.00
(h) Class C Notes 0.00000000 0.00
8. Principal Balance after giving effect to
Principal Distribution Pool Factor
-----------
(a) Class A-1 Notes 0.0000000 0.00
(b) Class A-2 Notes 0.0000000 0.00
(c) Class A-3 Notes 0.8269662 41,844,489.42
(d) Class A-4 Notes 1.0000000 37,300,000.00
(e) Class A-5 Notes 1.0000000 29,300,000.00
(f) Class A-6 Notes 1.0000000 23,700,000.00
(g) Class B Notes 1.0000000 10,650,000.00
(h) Class C Notes 1.0000000 17,312,029.25
POOL DATA
- -------------------------------------------
Aggregate
No. of Contracts Principal Balance
---------------- -----------------
1. Pool Stated Principal Balance as of 2/28/99 5,938 160,106,518.67
2. Delinquency Information % Delinquent
------------
(a) 31-59 Days 93 1,217,692.73 0.761%
(b) 60-89 Days 33 553,614.37 0.346%
(c) 90-119 Days 15 323,974.76 0.202%
(d) 120 Days + 0 0.00 0.000%
3. Contracts Repossessed during the Due Period 0 0.00
4. Current Repossession Inventory 2 18,639.63
5. Aggregate Net Losses for the preceding Collection Period
(a) Aggregate Principal Balance of Liquidated
Receivables 17 1,207,559.21
(b) Net Liquidation Proceeds on any Liquidated
Receivables 695,471.98
--------------
Total Aggregate Net Losses for the preceding
Collection Period 512,087.23
6. Aggregate Losses on all Liquidated Receivables
(Year-To-Date) 810,711.82
7. Aggregate Net Losses on all Liquidated Receivables
(Life-To-Date) 243 3,638,756.18
8. Weighted Average Contract Rate of all Outstanding
Contracts 9.390%
9. Weighted Average Remaining Term to Maturity of all
Outstanding Contracts 128.705
</TABLE>
<TABLE>
<CAPTION>
TRIGGER ANALYSIS
- -------------------------------------------
<S> <C> <C>
1. (a) Average 60+ Delinquency Percentage 1.101%
(b) Delinquency Percentage Trigger in effect? NO
2. (a) Average Net Loss Ratio 0.133%
</TABLE>
Page 3 of 4
<PAGE>
<TABLE>
<S> <C> <C>
(b) Net Loss Ratio Trigger in effect? NO
(c) Net Loss Ratio (using ending Pool Balance) 0.171%
3. (a) Servicer Replacement Percentage 0.251%
(b) Servicer Replacement Trigger in effect? NO
</TABLE>
<TABLE>
<CAPTION>
MISCELLANEOUS
- -------------------------------------------
<S> <C> <C>
1. Monthly Servicing Fees 69,046.47
2. Servicer Advances 191,420.00
3. (a) Opening Balance of the Reserve Account 7,457,018.61
(b) Deposits to the Reserve Account 0.00
(c) Investment Earnings in the Reserve Account 28,176.12
(d) Distribution from the Reserve Account (280,401.29)
(e) Ending Balance of the Reserve Account 7,204,793.34
4. Specified Reserve Account Balance 7,204,793.34
5. (a) Opening Balance in the Pay-Ahead Account 248,408.74
(b) Deposits to the Pay-Ahead Account from the
Collection Account 10,166.29
(c) Investment Earnings in the Pay-Ahead Account 0.00
(d) Transfers from the Pay-Ahead Account to the
Collection Account (18,890.20)
(e) Ending Balance in the Pay-Ahead Account 239,684.83
</TABLE>
Page 4 of 4
<PAGE>
CHASE MANHATTAN MARINE OWNER TRUST 1997-A
MONTHLY SERVICER'S REPORT
Settlement Date 3/31/99
Determination Date 4/12/99
Distribution Date 4/15/99
<TABLE>
<S> <C>
I. All Payments on the Contracts 7,409,514.23
II. All Liquidation Proceeds on the Contracts with
respect to Principal 182,303.00
III. Repurchased Contracts 0.00
IV. Investment Earnings on Collection Account 0.00
V. Servicer Monthly Advances 111,304.71
VI. Distribution from the Reserve Account 0.00
VII. Deposits from the Pay-Ahead Account (including
Investment Earnings) 35,949.51
VIII. Transfers to the Pay-Ahead Account (15,555.30)
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 $7,723,516.15
==============
<CAPTION>
DISTRIBUTION AMOUNTS Cost per $1000
- ------------------------------------------- ----------------------
<S> <C> <C> <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 0.00
(b) Class A-2 Note Principal Distribution 0.00
Aggregate Class A-2 Note Distribution 0.00000000 0.00
3. (a) Class A-3 Note Interest Distribution 214,104.30
(b) Class A-3 Note Principal Distribution 6,409,183.47
Aggregate Class A-3 Note Distribution 130.89501522 6,623,287.77
4. (a) Class A-4 Note Interest Distribution 194,270.83
(b) Class A-4 Note Principal Distribution 0.00
Aggregate Class A-4 Note Distribution 5.20833324 194,270.83
5. (a) Class A-5 Note Interest Distribution 156,755.00
(b) Class A-5 Note Principal Distribution 0.00
Aggregate Class A-5 Note Distribution 5.35000000 156,755.00
6. (a) Class A-6 Note Interest Distribution 128,375.00
(b) Class A-6 Note Principal Distribution 0.00
Aggregate Class A-6 Note Distribution 5.41666667 128,375.00
7. (a) Class B Note Interest Distribution 59,285.00
(b) Class B Note Principal Distribution 0.00
Aggregate Class B Note Distribution 5.56666667 59,285.00
8. (a) Class C Note Interest Distribution 98,822.83
(b) Class C Note Principal Distribution 0.00
Aggregate Class C Note Distribution 5.70833312 98,822.83
9. Servicer Payment
(a) Servicing Fee 66,711.05
(b) Reimbursement of prior Monthly Advances 159,311.37
Total Servicer Payment 226,022.42
10. Deposits to the Reserve Account 236,697.30
Total Distribution Amount from Collection Account $7,723,516.15
==============
Reserve Account distributions to Sellers
(a) Amounts to the Sellers (Chase USA) from Excess
Collections 119,768.83
</TABLE>
Page 1 of 4
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C>
(b) Amounts to the Sellers (Chase Manhattan Bank)
from Excess Collections 116,928.47
(c) Distribution from the Reserve Account to the
Sellers(Chase USA) 161,061.05
(d) Distribution from the Reserve Account to the
Sellers (Chase Manhattan Bank) 157,241.43
Total Amounts to Sellers(Chase USA &
Chase Manhattan Bank) 554,999.78
=============
<CAPTION>
<S> <C> <C> <C>
INTEREST
- -------------------------------------------
1. Current Interest Requirement
(a) Class A-1 Notes @ 5.845% 0.00
(b) Class A-2 Notes @ 6.028% 0.00
(c) Class A-3 Notes @ 6.140% 214,104.30
(d) Class A-4 Notes @ 6.250% 194,270.83
(e) Class A-5 Notes @ 6.420% 156,755.00
(f) Class A-6 Notes @ 6.500% 128,375.00
Aggregate Interest on Class A Notes 693,505.13
(g) Class B Notes @ 6.680% 59,285.00
(h) Class C Notes @ 6.850% 98,822.83
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 B Notes 0.00
(h) Class C Notes 0.00
3. Total Distribution of Interest Cost per $1000
----------------------
(a) Class A-1 Notes 0.00000000 0.00
(b) Class A-2 Notes 0.00000000 0.00
(c) Class A-3 Notes 4.23131028 214,104.30
(d) Class A-4 Notes 5.20833324 194,270.83
(e) Class A-5 Notes 5.35000000 156,755.00
(f) Class A-6 Notes 5.41666667 128,375.00
Total Aggregate Interest on Class A Notes 693,505.13
(g) Class B Notes 5.56666667 59,285.00
(h) Class C Notes 5.70833312 98,822.83
PRINCIPAL
- -------------------------------------------
No. of Contracts
----------------------
1. Amount of Stated Principal Collected 2,080,322.96
2. Amount of Principal Prepayment Collected 184 4,067,449.78
3. Amount of Liquidated Contract 10 261,410.73
4. Amount of Repurchased Contract 0 0.00
Total Formula Principal Distribution Amount 6,409,183.47
5. Principal Balance before giving effect to Principal
Distribution Pool Factor
-----------
(a) Class A-1 Notes 0.0000000 0.00
(b) Class A-2 Notes 0.0000000 0.00
(c) Class A-3 Notes 0.8269662 41,844,489.42
(d) Class A-4 Notes 1.0000000 37,300,000.00
(e) Class A-5 Notes 1.0000000 29,300,000.00
(f) Class A-6 Notes 1.0000000 23,700,000.00
(g) Class B Notes 1.0000000 10,650,000.00
(h) Class C Notes 1.0000000 17,312,029.25
6. Remaining Principal Shortfall
(a) Class A-1 Notes 0.00
</TABLE>
Page 2 of 4
<PAGE>
<TABLE>
<S> <C> <C> <C>
(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 B Notes 0.00
(h) Class C Notes 0.00
7. Principal Distribution Cost per $1000
----------------------
(a) Class A-1 Notes 0.00000000 0.00
(b) Class A-2 Notes 0.00000000 0.00
(c) Class A-3 Notes 126.66370494 6,409,183.47
(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 B Notes 0.00000000 0.00
(h) Class C Notes 0.00000000 0.00
8. Principal Balance after giving effect to
Principal Distribution Pool Factor
-----------
(a) Class A-1 Notes 0.0000000 0.00
(b) Class A-2 Notes 0.0000000 0.00
(c) Class A-3 Notes 0.7003025 35,435,305.95
(d) Class A-4 Notes 1.0000000 37,300,000.00
(e) Class A-5 Notes 1.0000000 29,300,000.00
(f) Class A-6 Notes 1.0000000 23,700,000.00
(g) Class B Notes 1.0000000 10,650,000.00
(h) Class C Notes 1.0000000 17,312,029.25
POOL DATA
- -------------------------------------------
Aggregate
No. of Contracts Principal Balance
---------------- -----------------
1. Pool Stated Principal Balance as of 3/31/99 5,744 153,697,335.20
2. Delinquency Information % Delinquent
------------
(a) 31-59 Days 81 1,051,334.57 0.684%
(b) 60-89 Days 24 391,432.77 0.255%
(c) 90-119 Days 16 212,498.35 0.138%
(d) 120 Days + 0 0.00 0.000%
3. Contracts Repossessed during the Due Period 1 131,462.72
4. Current Repossession Inventory 3 150,102.35
5. Aggregate Net Losses for the preceding Collection
Period
(a) Aggregate Principal Balance of Liquidated
Receivables 10 261,410.73
(b) Net Liquidation Proceeds on any Liquidated
Receivables 182,303.00
-------------
Total Aggregate Net Losses for the preceding
Collection Period 79,107.73
6. Aggregate Losses on all Liquidated Receivables
(Year-To-Date) 892,339.33
7. Aggregate Net Losses on all Liquidated Receivables
(Life-To-Date) 253 3,717,863.91
8. Weighted Average Contract Rate of all Outstanding
Contracts 9.386%
9. Weighted Average Remaining Term to Maturity of all
Outstanding Contracts 127.477
</TABLE>
TRIGGER ANALYSIS
- -------------------------------------------
1. (a) Average 60+ Delinquency Percentage 0.911%
(b) Delinquency Percentage Trigger in effect? NO
2. (a) Average Net Loss Ratio 0.142%
Page 3 of 4
<PAGE>
(b) Delinquency Percentage Trigger in effect? NO
2. (a) Average Net Loss Ratio 0.142%
(b) Net Loss Ratio Trigger in effect? NO
(c) Net Loss Ratio (using ending Pool Balance) 0.183%
3. (a) Servicer Replacement Percentage 0.039%
(b) Servicer Replacement Trigger in effect? NO
<TABLE>
<CAPTION>
MISCELLANEOUS
- -------------------------------------------
<S> <C> <C>
1. Monthly Servicing Fees 66,711.05
2. Servicer Advances 111,304.71
3. (a) Opening Balance of the Reserve Account 7,204,793.34
(b) Deposits to the Reserve Account 236,697.30
(c) Investment Earnings in the Reserve Account 29,889.22
(d) Distribution from the Reserve Account (554,999.78)
(e) Ending Balance of the Reserve Account 6,916,380.08
4. Specified Reserve Account Balance 6,916,380.08
5. (a) Opening Balance in the Pay-Ahead Account 239,684.83
(b) Deposits to the Pay-Ahead Account from the Collection Account 15,555.30
(c) Investment Earnings in the Pay-Ahead Account 0.00
(d) Transfers from the Pay-Ahead Account to the Collection Account (35,949.51)
(e) Ending Balance in the Pay-Ahead Account 219,290.62
</TABLE>
Page 4 of 4
<PAGE>
CHASE MANHATTAN MARINE OWNER TRUST 1997-A
MONTHLY SERVICER'S REPORT
Settlement Date 4/30/99
Determination Date 5/12/99
Distribution Date 5/17/99
<TABLE>
<CAPTION>
<S> <C>
I. All Payments on the Contracts 6,433,752.79
II. All Liquidation Proceeds on the Contracts with respect to Principal 68,255.22
III. Repurchased Contracts 0.00
IV. Investment Earnings on Collection Account 0.00
V. Servicer Monthly Advances 110,475.45
VI. Distribution from the Reserve Account 0.00
VII. Deposits from the Pay-Ahead Account (including Investment Earnings) 19,870.23
VIII. Transfers to the Pay-Ahead Account (15,909.94)
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 $6,616,443.75
=============
</TABLE>
<TABLE>
<CAPTION>
DISTRIBUTION AMOUNTS COST PER $1000
- -------------------- --------------
<S> <C> <C> <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 0.00
(b) Class A-2 Note Principal Distribution 0.00
Aggregate Class A-2 Note Distribution 0.00000000 0.00
3. (a) Class A-3 Note Interest Distribution 181,310.65
(b) Class A-3 Note Principal Distribution 5,378,771.55
Aggregate Class A-3 Note Distribution 109.88304743 5,560,082.20
4. (a) Class A-4 Note Interest Distribution 194,270.83
(b) Class A-4 Note Principal Distribution 0.00
Aggregate Class A-4 Note Distribution 5.20833324 194,270.83
5. (a) Class A-5 Note Interest Distribution 156,755.00
(b) Class A-5 Note Principal Distribution 0.00
Aggregate Class A-5 Note Distribution 5.35000000 156,755.00
6. (a) Class A-6 Note Interest Distribution 128,375.00
(b) Class A-6 Note Principal Distribution 0.00
Aggregate Class A-6 Note Distribution 5.41666667 128,375.00
7. (a) Class B Note Interest Distribution 59,285.00
(b) Class B Note Principal Distribution 0.00
Aggregate Class B Note Distribution 5.56666667 59,285.00
8. (a) Class C Note Interest Distribution 98,822.83
(b) Class C Note Principal Distribution 0.00
Aggregate Class C Note Distribution 5.70833312 98,822.83
9. Servicer Payment
(a) Servicing Fee 64,040.56
(b) Reimbursement of prior Monthly Advances 142,123.69
Total Servicer Payment 206,164.25
10. Deposits to the Reserve Account 212,688.64
TOTAL DISTRIBUTION AMOUNT FROM COLLECTION ACCOUNT $6,616,443.75
=============
RESERVE ACCOUNT DISTRIBUTIONS TO SELLERS
(a) Amounts to the Sellers (Chase USA) from Excess Collections 107,620.45
</TABLE>
Page 1 of 4
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C>
(b) Amounts to the Sellers (Chase Manhattan Bank) from Excess Collections 105,068.19
(c) Distribution from the Reserve Account to the Sellers(Chase USA) 136,521.34
(d) Distribution from the Reserve Account to the Sellers(Chase Manhattan Bank) 133,283.68
TOTAL AMOUNTS TO SELLERS(CHASE USA & CHASE MANHATTAN BANK) 482,493.66
==========
</TABLE>
<TABLE>
<CAPTION>
INTEREST
- -------------------------------------------
<S> <C> <C> <C>
1. Current Interest Requirement
(a) Class A-1 Notes @ 5.845% 0.00
(b) Class A-2 Notes @ 6.028% 0.00
(c) Class A-3 Notes @ 6.140% 181,310.65
(d) Class A-4 Notes @ 6.250% 194,270.83
(e) Class A-5 Notes @ 6.420% 156,755.00
(f) Class A-6 Notes @ 6.500% 128,375.00
Aggregate Interest on Class A Notes 660,711.48
(g) Class B Notes @ 6.680% 69,286.00
(h) Class C Notes @ 6.850% 98,822.83
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 B Notes 0.00
(h) Class C Notes 0.00
3. Total Distribution of Interest COST PER $1000
----------------------
(a) Class A-1 Notes 0.00000000 0.00
(b) Class A-2 Notes 0.00000000 0.00
(c) Class A-3 Notes 3.58321443 181,310.65
(d) Class A-4 Notes 5.20833324 194,270.83
(e) Class A-5 Notes 5.36000000 156,765.00
(f) Class A-6 Notes 5.41666667 128,375.00
Total Aggregate Interest on Class A Notes 660,711.48
(g) Class B Notes 5.56666667 59,285.00
(h) Class C Notes 5.70833312 98,822.83
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
------------------------------------------
No. of Contracts
----------------------
<S> <C> <C>
1. Amount of Stated Principal Collected 1,629,523.21
2. Amount of Principal Prepayment Collected 207 3,599,802.92
3. Amount of Liquidated Contract 9 149,445.42
4. Amount of Repurchased Contract 0 0.00
Total Formula Principal Distribution Amount 5,378,771.55
5. Principal Balance before giving effect to Principal Distribution Pool Factor
-----------
(a) Class A-1 Notes 0.0000000 0.00
(b) Class A-2 Notes 0.0000000 0.00
(c) Class A-3 Notes 0.7003025 35,435,305.95
(d) Class A-4 Notes 1.0000000 37,300,000.00
(e) Class A-5 Notes 1.0000000 29,300,000.00
(f) Class A-6 Notes 1.0000000 23,700,000.00
(g) Class B Notes 1.0000000 10,650,000.00
(h) Class C Notes 1.0000000 17,312,029.25
6. Remaining Principal Shortfall
(a) Class A-1 Notes 0.00
</TABLE>
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<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
(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 B Notes 0.00
(h) Class C Notes 0.00
7. Principal Distribution COST PER $1000
-----------------
(a) Class A-1 Notes 0.00000000 0.00
(b) Class A-2 Notes 0.00000000 0.00
(c) Class A-3 Notes 106.29983300 5,378,771.55
(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 B Notes 0.00000000 0.00
(h) Class C Notes 0.00000000 0.00
8. Principal Balance after giving effect to Principal Distribution Pool Factor
-----------
(a) Class A-1 Notes 0.0000000 0.00
(b) Class A-2 Notes 0.0000000 0.00
(c) Class A-3 Notes 0.5940027 30,056,534.40
(d) Class A-4 Notes 1.0000000 37,300,000.00
(e) Class A-5 Notes 1.0000000 29,300,000.00
(f) Class A-6 Notes 1.0000000 23,700,000.00
(g) Class B Notes 1.0000000 10,650,000.00
(h) Class C Notes 1.0000000 17,312,029.25
POOL DATA
- -------------------------------------------
<CAPTION>
Aggregate
No. of Contracts Principal Balance
---------------- -----------------
<S> <C> <C> <C>
1. Pool Stated Principal Balance as of 4/30/99 5,528 148,318,563.65
- -- ----------------------------------- ------- ----- --------------
2. Delinquency Information % Delinquent
------------
(a) 31-59 Days 81 947,622.25 0.639%
(b) 60-89 Days 20 259,660.82 0.175%
(c) 90-119 Days 10 134,348.28 0.091%
(d) 120 Days + 0 0.00 0.000%
3. Contracts Repossessed during the Due Period 1 10,050.69
4. Current Repossession Inventory 3 149,979.71
5. Aggregate Net Losses for the preceding Collection Period
(a) Aggregate Principal Balance of Liquidated Receivables 9 149,445.42
(b) Net Liquidation Proceeds on any Liquidated Receivables 68,255.22
---------------
<CAPTION>
<S> <C> <C>
Total Aggregate Net Losses for the preceding Collection Period 81,190.20
6. Aggregate Losses on all Liquidated Receivables (Year-To-Date) 974,947.68
7. Aggregate Net Losses on all Liquidated Receivables (Life-To-Date) 262 3,799,054.11
8. Weighted Average Contract Rate of all Outstanding Contracts 9.382%
9. Weighted Average Remaining Term to Maturity of all Outstanding Contracts 126.845
TRIGGER ANALYSIS
- -------------------------------------------
1. (a) Average 60+ Delinquency Percentage 0.709%
(b) Delinquency Percentage Trigger in effect ? NO
2. (a) Average Net Loss Ratio 0.109%
</TABLE>
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<PAGE>
(b) Net Loss Ratio Trigger in effect ? NO
(c) Net Loss Ratio (using ending Pool Balance) 0.142%
3. (a) Servicer Replacement Percentage 0.040%
(b) Servicer Replacement Trigger in effect ? NO
<TABLE>
<CAPTION>
MISCELLANEOUS
- -------------------------------------------
<S> <C> <C>
1. Monthly Servicing Fees 64,040.56
2. Servicer Advances 110,475.45
3. (a) Opening Balance of the Reserve Account 6,916,380.08
(b) Deposits to the Reserve Account 212,688.64
(c) Investment Earnings in the Reserve Account 27,760.30
(d) Distribution from the Reserve Account (482,493.66)
(e) Ending Balance of the Reserve Account 6,674,335.36
4. Specified Reserve Account Balance 6,674,335.36
5. (a) Opening Balance in the Pay-Ahead Account 219,290.62
(b) Deposits to the Pay-Ahead Account from the Collection Account 15,909.94
(c) Investment Earnings in the Pay-Ahead Account 0.00
(d) Transfers from the Pay-Ahead Account to the Collection Account (19,870.23)
(e) Ending Balance in the Pay-Ahead Account 215,330.33
</TABLE>
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