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UNITED STATES
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 (Date of earliest event reported): March 12, 1997
CHASE MANHATTAN BANK USA, N.A.
(Exact Name of registrant specified in its charter)
United States 333-07575 22-2382028
(State or other (Commission File Number) (I.R.S. employer
Jurisdiction of Incorporation) Identification No.)
802 Delaware Avenue
Wilmington, Delaware 19801
(Address of principal executive offices)
Registrant's telephone number: (302) 575-5033
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Item 5. Other Events
On March 12, 1997, the opinion of counsel to Chase Manhattan
Auto Owner Trust 1997-A (the "Trust") regarding the tax status of the Trust,
dated as of March 12, 1997 (the "Opinion"), was delivered by Simpson Thacher &
Bartlett to Chase Manhattan Bank USA, N.A.
Item 7. Financial Statements, Pro Forma Financial Statements and Exhibits
Exhibits
8.4 Opinion of Simpson Thacher & Bartlett with respect
to the tax status of the Trust, dated as of March
12, 1997.
23.5 Consent of Simpson Thacher & Bartlett (included
as part of Exhibit 8.4)
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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.
CHASE MANHATTAN BANK USA, N.A.
(Registrant)
By: /s/ Keith Schuck
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Name: Keith Schuck
Title: Controller
Date: March 14, 1997
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INDEX TO EXHIBITS
Exhibit Number Exhibit Sequentially
Numbered Pages
8.4 Opinion of Simpson Thacher & Bartlett 3
with respect to the tax status of the
Trust, dated as of March 12, 1997.
23.5 Consent of Simpson Thacher & Bartlett
(included as part of Exhibit 8.4)
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March 12, 1997
Chase Manhattan Bank USA, N.A.
802 Delaware Avenue
Wilmington, Delaware 19801
Re: The Issuance and Sale of $250,000,000 of Class A-1
5.545% Money Market Asset Backed Notes, $365,000,000
of Class A-2 5.95% Asset Backed Notes, $270,000,000
of Class A-3 6.25% Asset Backed Notes, $165,000,000
of Class A-4 6.40% Asset Backed Notes, $85,500,000
of Class A-5 6.50% Asset Backed Notes, and
$35,153,718.13 of 6.65% Asset Backed Certificates by
Chase Manhattan Auto Owner Trust 1997-A
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Ladies and Gentlemen:
We have acted as tax counsel ("Federal Tax Counsel") for Chase
Manhattan Bank USA, N.A., a national banking association organized under the
laws of the United States (the "Seller"), in connection with the issuance and
sale of (i) $250,000.000 of Class A-1 5.545% Money Market Asset Backed Notes,
(ii) $365,000,000 of Class A-2 5.95% Asset Backed Notes, (iii) $270,000,000 of
Class A-3 6.25% Asset Backed Notes, (iv) $165,000,000 of Class A-4 6.40% Asset
Backed Notes, (v) 85,500.000 of Class A-5 6.50% Asset Backed Notes
(collectively, the "Notes") and (vi) 35,153,718.83 of 6.65% Asset Backed
Certificates (the "Certificates" and, together with the Notes, the
"Securities"), by Chase Manhattan Auto Owner Trust 1997-A, a statutory business
trust organized under the Business Trust Act of the State of Delaware (the
"Trust"), pursuant to: (a) with respect to the Notes, the Indenture, dated as of
February 28, 1997 (the "Indenture"), between the Trust and Norwest Bank
Minnesota, National Association, as trustee (the "Indenture Trustee"); and (b)
with respect to the Certificates, the Amended and Restated Trust Agreement,
dated as of February 28, 1997 (the "Trust Agreement"), between the Seller and
Wilmington Trust Company, as owner trustee (the "Owner Trustee"). The Securities
will be offered for sale to investors pursuant to the Prospectus dated March 10,
1997 (the "Prospectus") as supplemented by the Prospectus Supplement dated March
12, 1997 (the "Prospectus Supplement").
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-2- March 12, 1997
All capitalized terms used in this opinion letter and not
otherwise defined herein shall have the meaning assigned to such terms in the
Prospectus Supplement.
In delivering this opinion, we have reviewed: (i) the Prospectus,
(ii) the Prospectus Supplement, (iii) the Indenture, (iv) the Trust Agreement,
(v) the Sale and Servicing Agreement, dated as of February 28, 1997 (the "Sale
and Servicing Agreement"), between the Seller and the Trust and (vi) forms of
the Securities. We also have examined such other documents, papers, statutes and
authorities as we have deemed necessary to form the basis for the opinions
expressed herein.
In our examination of such material, we have assumed the
genuineness of all signatures, the authenticity of all documents submitted to us
as originals and the conformity to original documents of copies of documents
submitted to us. As to certain matters of fact relevant to the opinions
hereinafter expressed, we have relied upon the representations and warranties
set forth in the Indenture, the Trust Agreement and the Sale and Servicing
Agreement.
On the basis of the foregoing and assuming, with your permission,
that (i) the Trust is formed and maintained in accordance with the discussion
set forth in the Prospectus and the Prospectus Supplement and is operated in
compliance with the terms of the Trust Agreement, (ii) the terms of the
Indenture, the Trust Agreement and the Sale and Servicing Agreement are not
amended, and (iii) the aggregate amount of the Late Fees received or accrued
each year by the Trust on, or with respect to, the Receivables will be equal to,
or less than, five percent (5%) of the aggregate amount of the Late Fees and
interest or other income accrued or received by the Trust on, or with respect
to, the Receivables each such year, we hereby confirm (a) our opinions set forth
in the Prospectus Supplement under the caption "Certain Federal Income Tax
Consequences" and (b) that, subject to the qualifications set forth therein, the
discussion set forth in the Prospectus Supplement under the caption "Certain
Federal Income Tax Consequences" is an accurate summary of the United States
federal income tax matters described therein.
We express no opinion with respect to the transactions referred
to herein and in the Prospectus or the Prospectus Supplement other than as
expressly set forth herein. Our opinions are not binding on the Internal Revenue
Service ("IRS") and the IRS could disagree with the opinions expressed herein.
Although we believe that the opinions we express herein would be sustained if
challenged, there can be no assurance that this will be the case.
Our opinions are based upon the Code, the Treasury regulations
promulgated thereunder and other relevant authorities and law, all as in effect
on the date hereof. Consequently, future changes in the law may cause the tax
treatment of the transactions referred to herein to be materially different from
that described above.
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-3- March 12, 1997
We are members of the Bar of the State of New York, and we do not
express any opinion herein concerning any law other than the federal law of the
United States.
This opinion letter is rendered to you in connection with the
above-described transactions. This opinion may not be relied upon by you for any
other purpose or relied upon by, or furnished to, any other person, firm or
corporation without our prior written consent. We hereby consent to the use of
this opinion for filing as Exhibits 8.4 and 23.5 to the Registration Statement
on Form S-3 (Registration No. 333-07575).
Very truly yours,
/s/ Simpson Thacher & Barlett
Simpson Thacher & Bartlett
