March 30, 1998
Securities and Exchange Commission
450 Fifth Street, N.W.
Judiciary Plaza
Washington, D.C. 20549
Re: Export Funding Corporation
Export Funding Trust, Series 1992-A
5.60% Pass-Through Certificates, Class A
(File No. 33-49560)
Export Funding Corporation
Export Funding Trust, Series 1993-A
4.44% Pass-Through Certificates, Class A
(File No. 33-49560)
Export Funding Corporation
Export Funding Trust, Series 1994-A
7.89% Pass-Through Certificates, Class A
(File No. 33-49560)
Export Funding Corporation
Export Funding Trust, Series 1995-A
8.21% Pass-Through Certificates, Class A
(File No. 33-49560)
Dear Sirs:
The Export Funding Corporation, on behalf of the Export Funding Trust, Series
1992-A, 1993-A, 1994-A, 1995-A, is filing an Annual Report on Form 10-K for the
fiscal year ended December 31, 1997.
Kindly acknowledge receipt and acceptance of this filing by returning an
original confirmation submission to our attention.
Very truly yours,
/s/Michael T. Timoney
Michael T. Timoney
Assistant Vice President
121 West Trade Street, 21st Floor
Charlotte, North Carolina 28255
<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
(Mark One)
X ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 1997
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 (NO FEE REQUIRED)
For the transition period from to
Commission file number 33-49560
EXPORT FUNDING CORPORATION,
on behalf of EXPORT FUNDING TRUST, SERIES 1992-A, 1993-A, 1994-A, and 1995-A
(Exact name of registrant as specified in its charter)
Delaware 56-1782848
(State of Incorporation) (I.R.S. employer identification no.)
NationsBank Corporate Center
100 N. Tryon Street
Charlotte, North Carolina 28255
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (704) 386-8226
Securities registered pursuant to Section 12(b) of the Act: None
Securities registered pursuant to Section 12(g) of the Act: None
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(c) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes X No ___
</PAGE>
<PAGE>
Part I
Item 2. Properties.
The property of the Export Funding Trust, Series 1992-A consists of the
following promissory notes:
Export Funding Corporation (the "Company") established the Export Funding
Trust, Series 1992-A (the "Trust") as of December 11, 1992 by selling and
assigning to Bankers Trust Company, as Trustee (the "Trustee") pursuant to
the Pooling and Servicing Agreement and Standard Terms and Conditions of
Agreement dated as of December 11, 1992, among the Company, as Depositor,
NationsBank of Texas, N.A., as Servicer, and the Trustee, certain property,
consisting primarily of ten promissory notes issued by Bariven, S.A. in the
aggregate principal amount of $78,542,090.87 (the "Notes"), in exchange for
certificates representing fractional undivided interests in the Trust (the
"Certificates") consisting of two classes of Certificates: (a) $78,000,000
aggregate principal amount of 5.60% Pass-Through Certificates, Class A
(representing in the aggregate a 99.3098085% interest in the Trust) and
(b) $542,090.87 aggregate principal amount of 5.60% Pass-Through Certificates,
Class B (representing in the aggregate a 0.6901915% interest in the Trust).
Payments on the Notes are guaranteed by the Export-Import Bank of the United
States, as to payment of 100% of all amounts of principal and interest due there
on.
The Company purchased the Notes from NationsBank of Texas, N.A., a national
banking association and an affiliate of the company, pursuant to an Acquisition
Agreement, dated as of December 11, 1992, between the Company and NationsBank of
Texas, N.A.
As of December 31, 1997, the aggregate principal amount of the Notes was $0.00.
As of December 31, 1997, no delinquencies or defaults had occurred in respect of
payments due under the Notes from Bariven, S.A., and no demands for payment
related thereto had been made on the Export-Import Bank of the United States or
any other guarantor of Bariven, S.A.'s obligations thereunder.
The property of the Export Funding Trust, Series 1993-A consists of the
following promissory notes:
The Company established the Export Funding Trust, Series 1993-A (the"Trust") as
of May 13, 1993 by selling and assigning to Bankers Trust Company, as Trustee
(the "Trustee") pursuant to the Pooling and Servicing Agreement and Standard
Terms and Conditions of Agreement dated as of May 13,1993, among the Company, as
Depositor, NationsBank of Texas, N.A., as Servicer, and the Trustee, certain
property, consisting primarily of nine promissory notes issued by Bariven, S.A.
in the aggregate principal amount of $81,057,258.60 (the "Notes"), in exchange
for certificates representing fractional undivided interests in the Trust (the
"Certificates") consisting of $81,057,258.60 aggregate principal amount of 4.44%
Pass-Through Certificates,Class A (representing in the aggregate a 100% interest
in the Trust). Payments on the Notes are guaranteed by the Export-Import Bank of
the United States,as to payment of 100% of all amounts of principal and interest
due thereon.
The Company purchased the notes from NationsBank of Texas, N.A., a national
banking association and an affiliate of the Company, pursuant to an Acquisition
Agreement, dated as of May 13,1993 between the Company and NationsBank of Texas,
N.A.
As of December 31,1997, the aggregate principal amount of the Notes was $0.00.
As of December 31,1997, no delinquencies or defaults had occurred in respect of
payments due under the Notes from Bariven, S.A., and no demands for payment
related thereto had been made on the Export-Import Bank of the United States or
any other guarantor of Bariven, S.A.'s obligations thereunder.
</PAGE>
<PAGE>
The property of the Export Funding Trust, Series 1994-A consists of the
following promissory notes:
The Company established the Export Funding Trust, Series 1994-A (the "Trust") as
of October 18,1994 by selling and assigning to Bankers Trust Company, as Trustee
(the "Trustee") pursuant to the Pooling and Servicing Agreement and Standard
Terms and Conditions of Agreement dated as of October 18, 1994, among the
Company, as Depositor, NationsBank of Texas, N.A., as Servicer, and the Trustee,
certain property, consisting primarily of three promissory notes issued by
Bancomer, S.A., Banco Nacional de Mexico, S.A., and Banca Serfin, S.A.
(collectively the "Obligors") in the aggregate principal amount of $37,955,000
(the "Notes"),in exchange for certificates representing fractional undivided
interests in the Trust (the "Certificates") consisting of $37,955,000 aggregate
principal amount of 7.89% Pass-Through Certificates,Class A (representing in the
aggregate a 100% interest in the Trust). Payments on the Notes are guaranteed by
the Export-Import Bank of the United States,as to payment of 100% of all amounts
of principal and interest due thereon.
The Company purchased the notes from NationsBank of Texas, N.A., a national
banking association and an affiliate of the Company, pursuant to an Acquisition
Agreement, dated as of October 18, 1994 between the Company and NationsBank of
Texas, N.A.
As of December 31,1997, the aggregate principal amount of the Notes was
$28,466,250.00. As of December 31,1997, no delinquencies or defaults had
occurred in respect of payments due under the Notes from Obligors,and no demands
for payment related thereto had been made on the Export-Import Bank of the
United States or any other guarantor of Obligors' obligations thereunder.
The property of the Export Funding Trust, Series 1995-A consists of the
following promissory notes:
The Company established the Export Funding Trust, Series 1995-A (the "Trust") as
of January 18, 1995 by selling and assigning to Bankers Trust Company, as
Trustee (the "Trustee") pursuant to the Pooling and Servicing Agreement dated as
of January 25, 1995 and Standard Terms and Conditions of Agreement dated as of
December 11, 1992, among the Company, as Depositor, NationsBank, N.A.
(Carolinas), as Servicer, and the Trustee, certain property, consisting
primarily of six promissory notes issued by SZ94B in the aggregate principal
amount of $181,103,093.17 (the "Notes"), in exchange for certificates
representing fractional undivided interests in the Trust (the "Certificates")
consisting of $181,103,093.17 aggregate principal amount of 8.21% Pass-Through
Certificates, (representing in the aggregate a 100% interest in the Trust).
Payments on the Notes are guaranteed by the Export-Import Bank of the United
States, as to payment of 100% of all amounts of principal and interest due
thereon.
The Company purchased the notes from NationsBank, N.A. (Carolinas), a national
banking association and an affiliate of the Company, pursuant to an Acquisition
Agreement, dated as of January 18, 1995 between the Company and NationsBank,
N.A. (Carolinas).
As of December 31, 1997, the aggregate principal amount of the Notes was
$149,840,437.57. As of December 31, 1997, no delinquencies or defaults had
occurred in respect of payments due under the Notes from SZ94B, and no demands
for payment related thereto had been made on the Export-Import Bank of the
United States or any other guarantor of SZ94B's obligations thereunder.
Item 3. Legal Proceedings.
Nothing to report.
</PAGE>
<PAGE>
Item 4. Submission of Matters to a Vote of Security Holders.
Nothing to report.
Part II
Item 5. Market for Registrant's Common Equity and Related Stockholder Matters.
Export Funding Trust, Series 1992-A
There were no Class A Certificateholders on December 31, 1997. There is no
established public trading market for the Certificates.
Export Funding Trust, Series 1993-A
There were no Class A Certificateholders on December 31, 1997. There is no
established public trading market for the Certificates.
Export Funding Trust, Series 1994-A
There were 17 Class A Certificateholders on December 31, 1997. There is no
established public trading market for the Certificates.
Export Funding Trust, Series 1995-A
There were 7 Class A Certificateholders on December 31,1997. There is no
established public trading market for the Certificates.
Item 9. Changes in and Disagreements with Accountants on Accounting and
Financial Disclosure.
Nothing to report.
</PAGE>
<PAGE>
Part III
Item 12. Security Ownership of Certain Beneficial Owners and Management, Series
1992-A
(3)Amount
and
(1) (2) Name and Address nature of
Title of beneficial beneficial (4) Percent
of owner* ownership of
Class in thousands) Class
5.60% Pass- Promissory Notes matured 7/15/97
Through
Certificates,
Class A
*As of December 31, 1997
</PAGE>
<PAGE>
Part III
Item 12. Security Ownership of Certain Beneficial Owners and Management, Series
1993-A
(3) Amount and
nature of
(1) Title (2) Name and Address beneficial
of of beneficial ownership (4) Percent
Class owner* (in thousands) of Class
4.44% Pass- Promissory Notes matured 9/15/97
Through
Certificates,
Class A
*As of December 31, 1997
</PAGE>
<PAGE>
Part III
Item 12. Security Ownership of Certain Beneficial Owners and Management, Series
1994-A
(3) Amount and
nature of
(2) Name and Address beneficial
(1) Title of beneficial ownership (4) Percent
of owner* (in of
Class thousands) Class
7.89% Pass- Northern Trust $6,155 16.2%
Through Company
Certificates 801 S. Canal C-In
Class A Chicago, IL 60607
Citibank, N.A. $5,000 13.2%
P.O. Box 30576
Tampa, FL 33630
Compass Bank - ALFA $5,000 13.2%
15 South 20th
Street
Birmingham, AL
35233
Brown Brothers $3,400 9.0%
Harriman
63 Wall Street 8th
Floor
New York, NY 10005
Bankers Trust $3,300 8.7%
Company
648 Grassmere Park
Drive
Nashville, TN 37211
First of America $2,500 6.6%
Bank-Michigan
225 N.Rose Street
N-3
Kalamazoo, MI 49007
Bank One Trust $2,500 6.6%
Company
235 W. Schrock Road
Brooksedge Village
Westerville, OH
43081
SSB-Custodian $2,000 5.3%
Global Corp. Action
Dept.
JAB5W
Boston, MA 02105
*As of December 31, 1997
</PAGE>
<PAGE>
Part III
Item 12. Security Ownership of Certain Beneficial Owners and Management, Series
1995-A
(3) Amount and
nature of
(2) Name and Address beneficial
(1) Title of beneficial ownership (4) Percent
of owner* (in of
Class thousands) Class
8.21% Pass- Chase Manhattan $99,250 54.8%
Through Bank
Certificates, Four New York Plaza
Class A 5th Floor
New York, NY 10081
SSB Custodian $59,500 32.9%
Global Corp. Action
Dept.
JAB5W
P.O. Box 1631
Boston, MA
02105-1631
Bank of New York $9,500 5.3%
925 Patterson Plank
Rd.
Secaucus, NJ 07094
*As of December 31, 1997
</PAGE>
<PAGE>
Item 13. Certain Relationships and Related Transactions.
Nothing to report.
Part IV
Item 14. Exhibits, Financial Statement Schedules and Reports on Form 8-K.
(a) Exhibits
Nothing to Report
(b) Reports on Form 8-K.
The Company, on behalf of Export Funding Trust, Series 1992-A, filed a Current
Report on Form 8-K dated July 2, 1997 regarding the semi-annual distribution of
principal and interest to holders of the Certificates for the due period ended
July 15, 1997, including the Servicer's Report for such due period provided to
Bankers Trust Company, as Trustee, filed as Exhibit 28 thereto.
The Company, on behalf of Export Funding Trust, Series 1993-A, filed a Current
Report on Form 8-K dated August 4,1997 regarding the semi-annual distribution of
principal and interest to holders of the Certificates for the due period ended
September 15,1997, including the Servicer's Report for such due period provided
to Bankers Trust Company, as Trustee, filed as Exhibit 28 thereto.
The Company, on behalf of Export Funding Trust, Series 1994-A, filed a Current
Report on Form 8-K dated February 17,1998 regarding the semi-annual distribution
of principal and interest to holders of the Certificates for the due period
ended February 17,1998, including the Servicer's Report for such due period
provided to Bankers Trust Company, as Trustee, filed as Exhibit 28 thereto.
The Company, on behalf of Export Funding Trust, Series 1995-A, filed a Current
Report on Form 8-K dated December 16,1997 regarding the semi-annual distribution
of principal and interest to holders of the Certificates for the due period
ended December 31,1997, including the Servicer's Report for such due period
provided to Bankers Trust Company, as Trustee, filed as Exhibit 28 thereto.
</PAGE>
<PAGE>
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.
EXPORT FUNDING CORPORATION
By: /s/Michael T. Timoney
Name: Michael T. Timoney
Title: Assistant Vice President
Dated: March 30, 1998
</PAGE>
<PAGE>
EXHIBIT INDEX
Number Description of Page
Exhibit
Exhibit 28 Report for the due *
period ended July
15, 1997, provided
to Bankers Trust
Company, as Trustee
under the Export
Funding Trust,
Series 1992-A.
Report for the due
period ended *
September 15, 1997,
provided to Bankers
Trust Company, as
Trustee under the
Export Funding
Trust, Series 1993-
A.
Report for the due
period ended *
February 17, 1998,
provided to Bankers
Trust Company, as
Trustee under the
Export Funding
Trust, Series 1994-
A.
Report for the due
period ended *
December 29, 1997,
provided to Bankers
Trust Company, as
Trustee under the
Export Funding
Trust, Series 1995-
A.
___________________
* Previously Filed
</PAGE>
