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Previous: MAVERICK TUBE CORPORATION, S-3/A, 1999-09-30 |
Next: CHASE MANHATTAN BANK USA, 8-K, 1999-09-30 |
<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: September 15, 1999
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 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 333-32236 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:
Chase Manhattan RV Owner Trust 1997-A is the issuer of 10 classes of
Asset Backed Notes and one class of Asset Backed Certificates. The notes and
certificates are serviced in accordance with the Sale and Servicing Agreement,
dated as of October 1, 1997, as amended. The parties to the Sale and Servicing
Agreement are: Chase Manhattan Bank, USA, National Association, as a seller, The
Chase Manhattan Bank, as seller, and The CIT Group/Sales Financing, Inc., as
servicer.
On September 15, 1999, CIT, as servicer, distributed monthly interest
to the holders of the notes and certificates. CIT furnished a copy of monthly
reports for each of those series as required by the Sale and Servicing
Agreement. Copies of the monthly reports are being filed as Exhibit 20.1 to this
Current Report on Form 8-K.
Item 7(c). Exhibits
Exhibits Description
---------- ---------------
20.1 Monthly Report with respect to the September 15,
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: September 30, 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
September 15, 1999 distribution
<PAGE>
CHASE MANHATTAN RV OWNER TRUST 1997-A
MONTHLY SERVICER'S REPORT
<TABLE>
<S> <C>
Settlement Date 8/31/99
Determination Date 9/10/99
Distribution Date 9/15/99
<CAPTION>
<S> <C>
I. All Payments on the Contracts 15,564,442.75
II. All Liquidation Proceeds on the Contracts with respect to Principal 459,089.69
III. Repurchased Contracts 0.00
IV. Investment Earnings on Collection Account 0.00
V. Servicer Monthly Advances 255,321.19
VI. Distribution from the Reserve Account 0.00
VII. Deposits from the Pay-Ahead Account (including Investment Earnings) 158,356.23
VIII. Transfers to the Pay-Ahead Account (151,528.85)
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 $16,285,681.01
==============
<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 0.00
(b) Class A-3 Note Principal Distribution 0.00
Aggregate Class A-3 Note Distribution 0.00000000 0.00
4. (a) Class A-4 Note Interest Distribution 0.00
(b) Class A-4 Note Principal Distribution 0.00
Aggregate Class A-4 Note Distribution 0.00000000 0.00
5. (a) Class A-5 Note Interest Distribution 281,987.23
(b) Class A-5 Note Principal Distribution 12,849,730.71
Aggregate Class A-5 Note Distribution 99.48271167 13,131,717.94
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
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
(a) Servicing Fee 190,344.43
(b) Reimbursement of prior Monthly Advances 283,984.98
Total Servicer Payment 474,329.41
13. Deposits to the Reserve Account 586,171.02
Total Distribution Amount $16,285,681.01
==============
Reserve Account distributions:
- --------------------------------------------
(a) Amounts to the Sellers (Chase USA) from Excess Collections 75,205.74
(b) Amounts to the Sellers (Chase Manhattan Bank) from Excess
Collections 510,965.28
(c) Distribution from the Reserve Account to the Sellers (Chase USA) 25,982.37
(d) Distribution from the Reserve Account to the Sellers (Chase
Manhattan Bank) 176,530.23
Total Amounts to Sellers (Chase USA & Chase Manhattan Bank) $788,683.62
==============
INTEREST
- --------------------------------------------
1. Current Interest Requirement
(a) Class A-1 Notes @ 5.598% 0.00
(b) Class A-2 Notes @ 5.852% 0.00
(c) Class A-3 Notes @ 5.919% 0.00
(d) Class A-4 Notes @ 6.020% 0.00
(e) Class A-5 Notes @ 6.050% 281,987.23
(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 2,130,770.56
(k) Class B Certificates @ 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 0.00000000 0.00
(c) Class A-3 Notes 0.00000000 0.00
(d) Class A-4 Notes 0.00000000 0.00
(e) Class A-5 Notes 2.13626689 281,987.23
(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 2,130,770.56
(k) Class B Certificates 5.45000000 244,679.31
PRINCIPAL
- --------------------------------------------
No. of Contracts
----------------
1. Amount of Stated Principal Collected 4,593,405.98
2. Amount of Principal Prepayment Collected 391 7,485,175.34
3. Amount of Liquidated Contract 25 771,149.39
4. Amount of Repurchased Contract 0 0.00
Total Formula Principal Distribution Amount 12,849,730.71
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 0.0000000 0.00
(d) Class A-4 Notes 0.0000000 0.00
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
(e) Class A-5 Notes 0.4237224 55,931,351.42
(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 0.00000000 0.00
(c) Class A-3 Notes 0.00000000 0.00
(d) Class A-4 Notes 0.00000000 0.00
(e) Class A-5 Notes 97.34644477 12,849,730.71
(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
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 0.0000000 0.00
(d) Class A-4 Notes 0.0000000 0.00
(e) Class A-5 Notes 0.3263759 43,081,620.71
(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 8/31/99 16,048 443,976,906.25
2. Delinquency Information % Delinquent
(a) 31-59 Days 149 3,228,787.39 0.727%
(b) 60-89 Days 40 1,121,505.97 0.253%
(c) 90-119 Days 34 894,026.33 0.201%
(d) 120 Days + 95 2,753,616.74 0.620%
3. Contracts Repossessed during the Due Period 10 324,553.04
4. Current Repossession Inventory 23 914,013.02
5. Aggregate Net Losses for the preceding Collection Period
(a) Aggregate Principal Balance of Liquidated Receivables 25 771,149.39
(b) Net Liquidation Proceeds on any Liquidated Receivables 459,089.69
----------------
Total Aggregate Net Losses for the preceding Collection Period 312,059.70
6. Aggregate Losses on all Liquidated Receivables (Year-To-Date) 4,199,452.46
7. Aggregate Net Losses on all Liquidated Receivables (Life-To-Date) 508 7,469,347.13
8. Weighted Average Contract Rate of all Outstanding Contracts 9.252%
9. Weighted Average Remaining Term to Maturity of all Outstanding Contracts 109.029
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
TRIGGER ANALYSIS
- --------------------------------------------
<S> <C> <C>
1. (a) Average Delinquency Percentage 1.276%
(b) Delinquency Percentage Trigger in effect ? NO
2. (a) Average Net Loss Ratio 0.086%
(b) Net Loss Ratio Trigger in effect ? NO
(c) Net Loss Ratio (using ending Pool Balance) 0.122%
3. (a) Servicer Replacement Percentage 1.104%
(b) Servicer Replacement Trigger in effect ? NO
<CAPTION>
MISCELLANEOUS
- --------------------------------------------
<S> <C> <C>
1. Monthly Servicing Fees 190,344.43
2. Servicer Advances 255,321.19
3. (a) Opening Balance of the Reserve Account 9,136,532.74
(b) Deposits to the Reserve Account 586,171.02
(c) Investment Earnings in the Reserve Account 39,932.72
(d) Distribution from the Reserve Account (788,683.62)
(e) Ending Balance of the Reserve Account 8,973,952.86
4. Specified Reserve Account Balance 8,973,952.86
5. (a) Opening Balance in the Pay-Ahead Account 556,884.61
(b) Deposits to the Pay-Ahead Account from the Collection Account 151,528.85
(c) Investment Earnings in the Pay-Ahead Account 0.00
(d) Transfers from the Pay-Ahead Account to the Collection Account (158,356.23)
(e) Ending Balance in the Pay-Ahead Account 550,057.23
</TABLE>
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