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: May 15, 2001
CHASE MANHATTAN MARINE OWNER TRUST 1997-A
(Issuer of securities)
CHASE MANHATTAN BANK USA, NATIONAL ASSOCIATION
(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) 575-5000
THE CHASE MANHATTAN BANK
(Exact name of registrant as specified in its charter)
New York 333-32737 13-4994650
- ---------------------------- ------------------------ -------------------
(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
Item 5. Other Events:
Chase Manhattan Marine Owner Trust 1997-A is the issuer of 8 classes of
Asset Backed Notes. The notes 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 May 15, 2001, CIT as servicer, distributed monthly interest to the
holders of the notes. CIT furnished copies of the monthly reports for each class
of notes as required by the Sale and Servicing 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
Exhibits Description
---------- -----------
20.1 Monthly Report with respect to the May 15, 2001
distribution
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: May 25, 2001
THE CIT GROUP/SALES FINANCING, INC.,
as Servicer
By: /s/ Gilmar Rodrigues
---------------------------
Name: Gilmar Rodrigues
Title: Vice President
INDEX TO EXHIBITS
-----------------
Exhibit No. Description
- --------------- -----------------
20.1 Monthly Report with respect to the May 15, 2001
distribution
CHASE MANHATTAN MARINE OWNER TRUST 1997-A
MONTHLY SERVICER'S REPORT
Settlement Date 4/30/01
Determination Date 5/10/01
Distribution Date 5/15/01
I. All Payments on the Contracts 2,270,706.94
II. All Liquidation Proceeds on the Contracts with respect to Principal 34,295.87
III. Repurchased Contracts 0.00
IV. Investment Earnings on Collection Account 0.00
V. Servicer Monthly Advances 64,633.28
VI. Distribution from the Reserve Account 0.00
VII. Deposits from the Pay-Ahead Account (including Investment Earnings) 5,870.95
VIII. Transfers to the Pay-Ahead Account (9,782.71)
IX. Less: Investment Earnings distributions
(a) To Sellers with respect to the Collection Account 0.00
(b) To Sellers with respect to the Pay-Ahead Account -186.01
Total available amount in Collection Account $2,365,538.32
=================
DISTRIBUTION AMOUNTS Cost per $1000
- -------------------------------------------- ----------------------
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 134,024.62
(b) Class A-5 Note Principal Distribution 1,732,951.62
Aggregate Class A-5 Note Distribution 63.71932560 1,866,976.24
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 31,963.90
(b) Reimbursement of prior Monthly Advances 65,676.48
Total Servicer Payment 97,640.38
10. Deposits to the Reserve Account 114,438.87
Total Distribution Amount from Collection Account $2,365,538.32
================
Reserve Account distributions to Sellers
Page 1 of 4
(a) Amounts to the Sellers (Chase USA) from Excess Collections 57,906.07
(b) Amounts to the Sellers (Chase Manhattan Bank)
from Excess Collections 56,532.80
(c) Distribution from the Reserve Account to the
Sellers(Chase USA) 10,847.14
(d) Distribution from the Reserve Account to the
Sellers(Chase Manhattan Bank) 10,589.90
Total Amounts to Sellers
(Chase USA & Chase Manhattan Bank) 135,875.91
==============
Payahead Account distributions to Sellers
- --------------------------------------------
(a) Distribution from the Payahead Account to
the Sellers(Chase USA) 94.12106
(b) Distribution from the Payahead Account to
the Sellers(Chase Manhattan Bank) 91.88894
Total Amounts to Sellers
(Chase USA & Chase Manhattan Bank) 186.01
INTEREST
1. Current Interest Requirement
(a) Class A-1 Notes @ 5.845% 0.00
(b) Class A-2 Notes @ 0.06028 0.00
(c) Class A-3 Notes @ 6.140% 0.00
(d) Class A-4 Notes @ 6.250% 0
(e) Class A-5 Notes @ 6.420% 134,024.62
(f) Class A-6 Notes @ 6.500% 128375
Aggregate Interest on Class A Notes 262399.62
(g) Class B Notes @ 0.0668 59285
(h) Class C Notes @ 0.0685 98822.83
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
(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 0.00
(c) Class A-3 Notes 0.00000000 0.00
(d) Class A-4 Notes 0.00000000 0
(e) Class A-5 Notes 4.57421911 134,024.62
(f) Class A-6 Notes 5.41666667 128375
Total Aggregate Interest on Class A Notes 262399.62
(g) Class B Notes 5.566666667 59,285.00
- --------------------------------------------
(h) Class C Notes 5.71 98822.83
----------------
PRINCIPAL
No. of Contracts
1. Amount of Stated Principal Collected 834851.01
2. Amount of Principal Prepayment Collected 77.00 842126.99
3. Amount of Liquidated Contract 8 55973.62
--------
4. Amount of Repurchased Contract 0 0.0000000
Total Formula Principal Distribution Amount 1,732,951.62
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
(e) Class A-5 Notes 0.8549942 25,051,330.05
(f) Class A-6 Notes 1 23700000
(g) Class B Notes 1 10,650,000.00
Page 2 of 4
(h) Class C Notes 1 17,312,029.25
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
(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 0.00000000 0.00
(d) Class A-4 Notes 0.00000000 0.00
(e) Class A-5 Notes 59.14510648 1,732,951.62
(f) Class A-6 Notes 0 0
(g) Class B Notes 0 0.00
(h) Class C Notes 0 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 0.7958491 23,318,378.43
(f) Class A-6 Notes 1 23700000
(g) Class B Notes 1.0000000 10,650,000.00
- --------------------------------------------
(h) Class C Notes 1 17312029.25
POOL DATA
Aggregate
No. of Contracts Principal Balance
1. Pool Stated Principal Balance as of 37011 2,809 74,980,407.68
2. Delinquency Information % Delinquent
(a) 31-59 Days 52 894,668.17 0.011932026
(b) 60-89 Days 6 132115.63 0.001762002
(c) 90-119 Days 6 81,831.69 0.001091374
(d) 120 Days + 0 0.00 0
3. Contracts Repossessed during the Due Period 0 0.00
--------------------
4. Current Repossession Inventory 1 80,314.41
5. Aggregate Net Losses for the preceding Collection Period
(a) Aggregate Principal Balance of Liquidated Receivables 8 55,973.62
(b) Net Liquidation Proceeds on any Liquidated Receivables 34,295.87
Total Aggregate Net Losses for the preceding Collection Period 21677.75
6. Aggregate Losses on all Liquidated Receivables (Year-To-Date) 19815.03
7. Aggregate Net Losses on all Liquidated Receivables (Life-To-Date) 476 4314901.710
8. Weighted Average Contract Rate of all Outstanding Contracts 0.091882873
- --------------------------------------------
9. Weighted Average Remaining Term to Maturity of all Outstanding Contracts 113.4720707
TRIGGER ANALYSIS
Page 3 of 4
TRIGGER ANALYSIS
1. (a) Average 60+ Delinquency Percentage 0.728%
(b) Delinquency Percentage Trigger in effect ? NO
2. (a) Average Net Loss Ratio -7.62647E-05
(b) Net Loss Ratio Trigger in effect ? NO
(c) Net Loss Ratio (using ending Pool Balance) -0.000145062
3. (a) Servicer Replacement Percentage 0.000228449
- --------------------------------------------
(b) Servicer Replacement Trigger in effect ? NO
MISCELLANEOUS
1. Monthly Servicing Fees 31,963.90
2. Servicer Advances 64633.28
3. (a) Opening Balance of the Reserve Account 5325240.59
(b) Deposits to the Reserve Account 114438.87
(c) Investment Earnings in the Reserve Account 21437.04
(d) Distribution from the Reserve Account -135875.91
(e) Ending Balance of the Reserve Account 5325240.59
4. Specified Reserve Account Balance 5325240.59
5. (a) Opening Balance in the Pay-Ahead Account 49443.74