-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, H6LZwdyC2UP8tYF/j/pCqqvVZ+ZX72ZrJQySNNRL5xabfZnHOAgLGbzedXA24Fa0 +JaG4AcsR4H+W9gbvs3J9Q== 0000914064-03-000115.txt : 20030827 0000914064-03-000115.hdr.sgml : 20030827 20030827140412 ACCESSION NUMBER: 0000914064-03-000115 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20030715 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20030827 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DISTRIBUTION FINANCIAL SERVICES MARINE TRUST 1999-2 CENTRAL INDEX KEY: 0001137159 STANDARD INDUSTRIAL CLASSIFICATION: MISCELLANEOUS BUSINESS CREDIT INSTITUTION [6159] IRS NUMBER: 911904587 STATE OF INCORPORATION: NY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-56303-02 FILM NUMBER: 03868160 BUSINESS ADDRESS: STREET 1: C/O WELLS FARGO BANK MINNESOTA, N.A. STREET 2: SIXTH & MARQUETTE - N9311-161MAC CITY: MINNEAPOLIS STATE: MN ZIP: 55479 BUSINESS PHONE: 612-667-7987 MAIL ADDRESS: STREET 1: DEUTSCHE FINANCIAL SERVICES CORP STREET 2: 655 MARYVILLE CENTRE DRIVE CITY: ST. LOUIS STATE: MO ZIP: 63141 8-K 1 dfs8k2mar.txt DFS 1999-2 8K JULY 2003 August 26, 2003 Securities and Exchange Commission 450 Fifth Street, N.W. Judiciary Plaza Washington, D.C. 20549 Re: Form 8-K Distribution Financial Services Marine Trust 1999-2 Registration No. 333-56303-02 On behalf of Distribution Financial Services Marine Trust 1999-2 ("Registrant"), a Trust which was originated by Deutsche Recreational Asset Funding Corporation, a Nevada corporation, I am transmitting herewith for filing, pursuant to the requirements of the Securities and Exchange Commission's Electronic Data Gathering, Analysis and Retrieval System, Form 8-K. Please send either confirmation or suspense notification to e:mail address Mary.Nguyen@etrade.com at your earliest convenience. Sincerely, /s/ Richard C. Goldman SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 Commission File Number: 333-56303-02 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15 (d) of the Securities Exchange Act of 1934. August 15, 2003 (Date of earliest event reporting) DISTRIBUTION FINANCIAL SERVICES MARINE TRUST 1999-2 (Exact name of registrant) State of Organization - New York I.R.S. Employer Identification Number: 91-1904587 Principal Executive Offices c/o Wells Fargo Bank Minnesota, N.A. Sixth and Marquette - N9311-161MAC Minneapolis, Minnesota 55479 Telephone Number: 612-316-1816 Item 5. Other Events. A copy of the Monthly Payment Date Statement to Noteholders, as required by the Transfer and Servicing Agreement, is being filed as Exhibit 1 to this current report on Form 8-K. Item 7.(c). Exhibits. Exhibit Number Document Description EX-1 Distribution Financial Services Marine Trust 1999-2 August 15, 2003 Payment Date Statement to Noteholders Per Section 5.08 of the Transfer and Servicing Agreement 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. DISTRIBUTION FINANCIAL SERVICES MARINE TRUST 1999-2 By: Wells Fargo Bank Minnesota, N.A. Not in its individual capacity but solely as Owner Trustee By: /s/ Melissa Philibert Title: Corporate Trust Officer Date: August 26, 2003 EX-1 DISTRIBUTION FINANCIAL SERVICES CORPORATION - - MARINE TRUST 1999-2 Accounting Date: 08-Aug-03 Determination Date: 14-Aug-03 Monthly Payment Date: 15-Aug-03 Collection Period Ending: 31-Jul-03 I. COLLECTION ACCOUNT SUMMARY Principal and Interest Payments Received (including Prepayments) 7,655,184.78 Net Liquidation Proceeds (including Rebates/Insurance Amounts) 322,243.07 Current Monthly Interest Shortfall/Excess -45,824.75 Recoup of Collection Expenses -24,732.40 Amount of Withdrawal, if any, from Reserve Account 0.00 Purchase Amounts for Repurchased Receivables 0.00 7,906,870.70 II. SIMPLE INTEREST EXCESS OR SHORTFALLS Amount of Interest Payments Due During the Collection Period for Receivables 1,018,114.96 Amount of Interest Payments Received During the Collection Period 1,063,939.71 for Receivables Amount of Current Month Simple Interest Excess/Shortfall -45,824.75 III.CALCULATION OF RESERVE ACCOUNT DEPOSIT/WITHDRAWALS Specified Reserve Account Balance (4% of the preceding Collection Period Pool Balance, not less than 2% 11,000,002.18 of the Initial Pool Balance and not more than the outstanding principal balance of the Notes) Beginning Reserve Account Balance 11,000,002.18 Deposits to Reserve Account(only if Reserve Account is less than Specified Reserve Account Balance) 0.00 Reserve Account Withdrawls(to the extent that there are Interest or Principal payment shortfalls) 0.00 Reserve Account Investment Earnings 8,145.69 Withdrawals from Reserve Account due to Servicer (to the extent that the Specified Reserve Account -8,145.69 Balance and over-collateralization amounts has been met) Amount in Reserve Account as of Determination Date (excluding amount to be paid on next Payment Date) 11,000,002.18 Total Ending Reserve Balance 11,000,002.18 IV. COLLECTIONS ON RECEIVABLES a) Interest Payments Received 1,063,939.71 Scheduled Principal Payments Received 983,931.73 Principal Prepayments Received 5,607,313.34 Total Interest and Principal Payments Received 7,655,184.78 b) Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 352,672.43 minus Reasonable Expenses 30,429.36 Net Liquidation Proceeds 322,243.07 Amount Allocable to Interest 0.00 Amount Allocable to Principal 322,243.07 c) Amount Allocable to Interest 0.00 Amount Allocable to Principal 0.00 7,977,427.85 V. CALCULATION OF SERVICING AND TRUSTEE FEES 149,155,929.83 multiplied by Servicer Fee Rate 0.50% divided by Months per Year 12 62,148.30 1,041.67 VI. POOL BALANCE AND PORTFOLIO PERFORMANCE a) Initial Pool Balance 550,000,109.03 Pool Balance as of Preceding Accounting Date 149,155,929.83 Pool Balance as of the Current Accounting Date 142,241,668.35 Age of Pool in Months 51 a.2) Aggregate Note Balance as of Preceding Accounting Date 146,172,811.23 Aggregate Note Balance as of Current Accounting Date 139,396,834.98 b)
Current Month Number of Loans Principal Balance Percentage 30-59 Days Delinquent 25 421,086.80 0.296% 60-89 Days Delinquent 10 162,672.36 0.114% 90-119 Days Delinquent 3 108,169.93 0.076% 120+ Days Delinquent 0 0.00 0.000% Current Period Defaults 9 323,016.41 0.227% Cumulative Defaults 355 17,415,175.42 3.166% Cumulative Recoveries 8,483,830.79 1.543% Current Month Realized Losses 323,016.41 Current Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.059% Preceding Realized Losses 518,042.80 Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.094% Second Preceding Realized Losses 251,785.04 Second Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.046% Cumulative Realized Losses 8,931,344.63 Cumulative Realized Losses as Percentage of Initial Pool Balance 1.624% VII.DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT 0.25862116 0.25344879 a) 105,535.58 0.00 b) Class A-1 0.00 Class A-2 0.00 Class A-3 0.00 Class A-4 200,738.58 Class A-5 299,946.45 Class B 190,575.00 Class C 139,516.67 Noteholders' Beginning Monthly Principal Ending Balance Distributable Amount Balance Class A-1 0.00 0.00 0.00 Class A-2 0.00 0.00 0.00 Class A-3 0.00 0.00 0.00 Class A-4 37,173,811.23 6,775,976.25 30,397,834.98 Class A-5 53,999,000.00 0.00 53,999,000.00 Class B 33,000,000.00 0.00 33,000,000.00 Class C 22,000,000.00 0.00 22,000,000.00 c) 138,285.23 56,296.94 VIIIPOOL STATISTICS 8.34% 141 TOTAL DISTRIBUTION AMOUNT (Serv Fee+Note Int+Note Prin+Recaptured Principal+Reserve Deposit) 7,712,288.53 Plus: Trustee Fee 1,041.67 TOTAL WIRE TO CHASE 7,713,330.20 Amount Due To Servicer (Excess Spread and Recoup of O/C) 194,582.17
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