8-K 1 dfs8k2mar.txt DFS 1999-2 8K JANUARY 2005 February 22, 2005 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 ETCF 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. February 14, 2005 (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, N.A. Sixth and Marquette - N9311-161MAC Minneapolis, Minnesota 55479 Telephone Number: 612-316-1816 Item 8.01. 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 9.01.(c). Exhibits.

Exhibit Number Document Description ------- -------------------------------------------------------- EX-1 Distribution Financial Services Marine Trust 1999-2 ~~January~~February 1814, 2005 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, N.A. Not in its individual capacity but solely as Owner Trustee By: /S/Sue Dignan Title: Assistant Vice President Date: February 22, 2005 EX-1 DISTRIBUTION FINANCIAL SERVICES MARINE TRUST 1999-2 ~~Accounting Date: 10-Feb-05 Determination Date: 11-Feb-05 Monthly Payment Date: 14-Feb-05 Collection Period Ending: 31-Jan-05~~

I. COLLECTION ACCOUNT SUMMARY Total Available Funds ---------------------- Principal and Interest Payments Received (including Prepayments) 1,800,155.18 Net Liquidation Proceeds (including Rebates/Insurance Amounts) 31,115.98 Current Monthly Interest Shortfall/Excess -14,642.87 Recoup of Collection Expenses -6,802.98 Amount of Withdrawal, (to the extent that there are shortfalls on payments of Interest or Principal), from Reserve Account (365,346.40) Purchase Amounts for Repurchased Receivables 0.00 TOTAL AVAILABLE FUNDS 2,175,171.71

II. SIMPLE INTEREST EXCESS OR SHORTFALLS Amount of Interest Payments Due During the Collection Period for Receivables 558,203.55 Amount of Interest Payments Received During the Collection Period for Receivables 572,846.42 Amount of Current Month Simple Interest Excess/Shortfall -14,642.87

III.CALCULATION OF RESERVE ACCOUNT DEPOSIT/WITHDRAWALS Specified Reserve Account Balance (4% of the preceding Collection Period Pool Balance, not less than 2% of the Initial Pool Balance and not more than the outstanding principal balance of the Notes) 11,000,002.18 Beginning Reserve Account Balance 10,876,291.50 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 Principal) 365,346.40 Reserve Account Investment Earnings 19,515.73 Withdrawals from Reserve Account due to Servicer (to the extent that the Specified Reserve Account Balance 0.00 and over-collateralization amounts have been met) Amount in Reserve Account as of Determination Date (excluding amount to be paid on next Payment Date) 10,876,291.50 Total Ending Reserve Balance 10,530,460.83

IV. COLLECTIONS ON RECEIVABLES a) Interest and Principal Payments Received ---------------------------------------- Interest Payments Received 572,846.42 Scheduled Principal Payments Received 599,299.03 Principal Prepayments Received 628,009.73 Total Interest and Principal Payments Received 1,800,155.18 b) Liquidation Proceeds --------------------- Gross Recovery Proceeds of Liquidated Receivables (including Rebates/Insurance) 37,711.78 minus Reasonable Expenses 6,595.80 Net Liquidation Proceeds 31,115.98 Amount Allocable to Interest 0.00 Amount Allocable to Principal 31,115.98 c) Purchase Amount - Loans Repurchased from Trust ---------------------------------------------- Amount Allocable to Interest 0.00 Amount Allocable to Principal 0.00 TOTAL COLLECTED FUNDS 1,831,271.16

V. CALCULATION OF SERVICING AND TRUSTEE FEES Pool Balance of Receivables as of the First Day of Collection Period 81,328,284.72 multiplied by Servicer Fee Rate 0.50% divided by Months per Year 12 SERVICING FEE AMOUNT 33,886.79 TRUSTEE FEE AMOUNT (CONSTANT MONTHLY FIGURE) 1,041.67

VI. POOL BALANCE AND PORTFOLIO PERFORMANCE a) Pool Balance ------------ Initial Pool Balance 550,000,109.03 Pool Balance as of Preceding Accounting Date 81,328,284.72 Pool Balance as of the Current Accounting Date 79,585,560.01 Age of Pool in Months 69 a.2) Aggregate Note Balance ------------------------ Aggregate Note Balance as of Preceding Accounting Date 79,701,719.03 Aggregate Note Balance as of Current Accounting Date 77,993,848.81 b) Default and Delinquency Performance (includes Repossessions and Bankruptcies) -----------------------------------------------------------------------------

Current Month Number of Loans Principal Balance Percentage ------------- --------------- ----------------- ---------- 30-59 Days Delinquent 2420 ~~464~~476,~~844~~786.6493 0.~~572~~599% 60-89 Days Delinquent 312 70290,~~345~~224.3509 0.~~086~~365% 90-119 Days Delinquent 92 ~~558~~32,~~613~~714.2674 0.~~687~~041% 120+ Days Delinquent 0 0.00 0.000% Defaults for Current Period 78 ~~270~~515,~~521~~415.1895 0.~~333~~648% Cumulative Defaults ~~449~~457 21,~~483~~999,~~642~~058.4843 34.~~906~~000% Cumulative Recoveries 11,~~767~~798,~~144~~260.7472 2.~~139~~145% Current Period Realized Losses ------------------------------- Current Month Realized Losses ~~270~~515,~~521~~415.1895 Current Month Realized Losses as Percentage of Initial Pool Balance 0.~~049~~094% Preceding Realized Losses ~~102~~270,~~638~~521.1418 Preceding Month Realized Losses as Percentage of Initial Pool Balance 0.~~019~~049% Second Preceding Realized Losses 54102,~~014~~638.6314 Second Preceding Month Realized Losses as Percentage of Initial Pool Balance 0.~~010~~019% Cumulative Realized Losses 910,~~716~~200,~~497~~797.7471 Cumulative Realized Losses as Percentage of Initial Pool Balance 1.~~767~~855%

VII. DISTRIBUTIONS OF THE TOTAL DISTRIBUTABLE AMOUNT Total Pool Factor 0.14470099 Note Pool Factor 0.14180697 a) Monthly Servicing Fee and any unpaid servicing fee from prior Monthly Payment Dates 0.00 Servicer Reimbursements for Mistaken Deposits or Posting of Checks Returned for Insufficient Funds (not Otherwise Reimbursed to Servicer) 0.00 b) Noteholders' Monthly Interest Distributable Amount -------------------------------------------------- Class A-1 0.00 Class A-2 0.00 Class A-3 0.00 Class A-4 0.00 Class A-5 137,209.82 Class B 190,575.00 Class C 139,516.67 Noteholders' Monthly Principal Distributable Amount ---------------------------------------------------

Noteholders' Monthly Beginning Principal Distributable 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 0.00 0.00 0.00 Class A-5 2724,~~074~~701,~~924~~719.9303 21,~~373~~707,~~205~~870.9022 2422,~~701~~993,~~719~~848.0381 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) Recaptured Principal from Overcollateralization 4834,~~432~~854.7849 Excess Spread Received -~~190~~400,~~406~~200.8089

VIII. POOL STATISTICS Weighted Average Coupon (WAC) 8.28% Weighted Average Remaining Maturity (WAM) 126 TOTAL DISTRIBUTION AMOUNT (Serv Fee+Note Int+Note Prin+Reserve Deposit) 2,175,171.71 Plus: Trustee Fee 1,041.67 Less: Reserve Overfunded Withdrawal -365,346.40 TOTAL WIRE TO CHASE 1,810,866.98 Amount Due To Servicer (Excess Spread+Recoup of O/C-Reserve Deposit+Reserve Overfunded Withdrawal) 0.00

Filing Compare · DISTRIBUTION FINANCIAL SERVICES MARINE TRUST 1999-2