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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): February 10, 1998
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CHASE MANHATTAN BANK USA, NATIONAL ASSOCIATION
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(Exact Name of registrant specified in its charter)
United States 333-36939 22-2382028
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(State or other (Commission File Number) (I.R.S. employer
Jurisdiction of Identification No.)
Incorporation)
802 Delaware Avenue
Wilmington, Delaware 19801
(Address of principal executive offices)
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Registrant's telephone number: (302) 575-5033
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2
Item 5. Other Events
On February 10, 1998, the opinion of counsel to Chase Manhattan
Auto Owner Trust 1998-A (the "Trust") regarding the tax status of the Trust,
dated as of February 10, 1998 (the "Opinion"), was delivered by Simpson Thacher
& Bartlett to Chase Manhattan Bank USA, National Association.
Item 7. Financial Statements, Pro Forma Financial Statements and Exhibits
Exhibits
8.2 Opinion of Simpson Thacher & Bartlett with respect
to the tax status of the Trust, dated as of
February 10, 1998.
23.3 Consent of Simpson Thacher & Bartlett (included as
part of Exhibit 8.2)
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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, NATIONAL ASSOCIATION
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(Registrant)
By: /s/ Keith Schuck
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Name: Keith Schuck
Title: Controller
Date: February 10, 1998
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4
INDEX TO EXHIBITS
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Exhibit Sequentially
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Number Exhibit Numbered Pages
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8.2 Opinion of Simpson Thacher & Bartlett with 2
respect to the tax status of the Trust, dated
as of February 10, 1998.
23.3 Consent of Simpson Thacher & Bartlett
(included as part of Exhibit 8.2)
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Exhibit 8.2
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February 10, 1998
Chase Manhattan Bank USA, National Association
802 Delaware Avenue
Wilmington, Delaware 19801
The Chase Manhattan Bank
270 Park Avenue
New York, New York 10017
Re: The Issuance and Sale of $238,000,000.00
of Class A-1 5.549% Asset Backed Notes, $204,000,000.00
of Class A-2 5.679% Asset Backed Notes, $294,000,000.00
of Class A-3 5.700% Asset Backed Notes, $246,000,000.00
of Class A-4 5.800% Asset Backed Notes, and $30,620,164.79
of 6.000% Asset Backed Certificates by
Chase Manhattan Auto Owner Trust 1998-A
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Ladies and Gentlemen:
We have acted as tax counsel ("Federal Tax Counsel") for Chase
Manhattan Bank USA, National Association, a national banking association
organized under the laws of the United States (the "Seller"), in connection with
the issuance and sale of (i) $238,000,000.00 of Class A-1 5.549% Asset Backed
Notes, (ii) $204,000,000.00 of Class A-2 5.679% Asset Backed Notes, (iii)
$294,000,000.00 of Class A-3 5.700% Asset Backed Notes, (iv) $246,000,000.00 of
Class A-4 5.800% Asset Backed Notes (collectively, the "Notes") and (vi)
$30,620,164.79 of 6.000% Asset Backed Certificates (the "Certificates" and,
together with the Notes, the "Securities"), by Chase Manhattan Auto Owner Trust
1998-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 1, 1998 (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 1, 1998 (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
Supplement dated February 10,
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-2- February 10, 1998
1998 (the "Prospectus Supplement") to the Prospectus dated February 6, 1998 (the
"Prospectus").
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 1, 1998 (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.
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-3- February 10, 1998
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.
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 Exhibit 8.2 to the Registration Statement.
Very truly yours,
/s/SIMPSON THACHER & BARTLETT
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SIMPSON THACHER & BARTLETT
