-----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, FmmctqxzyNtwqVmVx3SFqdQCiZPnlkSgkWSfXlJ9yzyEJtdPLBkjZhmK8FUtkrnp HdXYcfvkneS22kj0PjFJzg== 0000914064-03-000147.txt : 20031031 0000914064-03-000147.hdr.sgml : 20031031 20031031150129 ACCESSION NUMBER: 0000914064-03-000147 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20030930 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20031031 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: 03969708 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 SEPTEMBER 2003 October 20, 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 Darius.Ilgunas@etrade.com at your earliest convenience. Sincerely, /s/ Matt Pechulis 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. October 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 October 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: October 20, 2003 EX-1 DEUTSCHE FINANCIAL SERVICES CORPORATION - - MARINE TRUST 1999-2 Accounting Date: 10-Oct-03 Determination Date: 14-Oct-03 Monthly Payment Date: 15-Oct-03 Collection Period Ending: 30-Sep-03 I. COLLECTION ACCOUNT SUMMARY Principal and Interest Payments Received (including Prepayments) 5,950,126.10 Net Liquidation Proceeds (including Rebates/Insurance Amounts) 459,537.38 Current Monthly Interest Shortfall/Excess -136,980.01 Recoup of Collection Expenses 13,448.77 Amount of Withdrawal, (to the extent that there are shortfalls on payments of Interest or Principal), from Re 0.00 Purchase Amounts for Repurchased Receivables 0.00 6,286,132.24 II.SIMPLE INTEREST EXCESS OR SHORTFALLS Amount of Interest Payments Due During the Collection Period for Receivables 877,328.08 Amount of Interest Payments Received During the Collection Period 1,014,308.09 for Receivables Amount of Current Month Simple Interest Excess/Shortfall -136,980.01 IIICALCULATION 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 the Specified Reserve Account Balance) 0.00 Withdrawals from Reserve Account (to the extent that there are shortfalls on payments of Interest or Principa 0.00 Reserve Account Investment Earnings 6,963.24 Withdrawals from Reserve Account due to Servicer (to the extent that the Specified Reserve Account Balance -6,963.24 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 1,014,308.09 Scheduled Principal Payments Received 830,322.61 Principal Prepayments Received 4,105,495.40 Total Interest and Principal Payments Received 5,950,126.10 b) Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 459,537.38 minus Reasonable Expenses 0.00 Net Liquidation Proceeds 459,537.38 Amount Allocable to Interest 0.00 Amount Allocable to Principal 459,537.38 c) Amount Allocable to Interest 0.00 Amount Allocable to Principal 0.00 6,409,663.48 V. CALCULATION OF SERVICING AND TRUSTEE FEES 135,933,534.64 multiplied by Servicer Fee Rate 0.50% divided by Months per Year 12 56,638.97 1,041.67 VI.POOL BALANCE AND PORTFOLIO PERFORMANCE a) Initial Pool Balance 550,000,109.03 Pool Balance as of Preceding Accounting Date 135,933,534.64 Pool Balance as of the Current Accounting Date 130,856,777.41 Age of Pool in Months 53 a.2) Aggregate Note Balance as of Preceding Accounting Date 133,214,863.95 Aggregate Note Balance as of Current Accounting Date 128,239,641.86 b)
Current Month Number of Loans Principal Balance Percentage 30-59 Days Delinquent 18 731,299.81 0.559% 60-89 Days Delinquent 8 324,011.49 0.248% 90-119 Days Delinquent 4 59,529.06 0.045% 120+ Days Delinquent 0 0.00 0.000% Defaults for Current Per 5 140,939.22 0.108% Cumulative Defaults 365 17,682,122.29 13.513% Cumulative Recoveries 8,986,850.82 6.868% Current Month Realized Losses 140,939.22 Current Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.026% Preceding Realized Losses 104,985.55 Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.019% Second Preceding Realized Losses 323,016.41 Second Preceding Month Realized Losses as Percentage of Initial Pool Balance (Annualized) 0.059% Cumulative Realized Losses 8,695,271.47 Cumulative Realized Losses as Percentage of Initial Pool Balance 1.581% VIIDISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT 0.23792137 0.23316299 a) 56,638.97 0.00 b) Class A-1 0.00 Class A-2 0.00 Class A-3 0.00 Class A-4 130,765.67 Class A-5 299,946.45 Class B 190,575.00 Class C 139,516.67 Noteholders' Monthly Beginning Principal Distribu Ending Balance 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 24,215,863.95 4,975,222.09 19,240,641.86 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) 101,535.14 391,932.25 VIIPOOL STATISTICS 8.35% 140 TOTAL DISTRIBUTION AMOUNT (Serv Fee+Note Int+Note Prin+Recaptured Principal+Reserve Deposit) 5,792,664.85 Plus: Trustee Fee 1,041.67 TOTAL WIRE TO CHASE 5,793,706.52 Amount Due To Servicer (Excess Spread and Recoup of O/C) 493,467.39
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