SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K/A
CURRENT REPORT
Pursuant to Section 13 of 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): September 30, 1998
CATERPILLAR FINANCIAL ASSET TRUST 1998-A
(Exact name of Registrant as specified in charter)
Delaware
(State or other jurisdiction
of incorporation)
333-24373-01
(Commission File Number) (IRS Employer I.D. No.)
c/o Caterpillar Financial Funding Corporation
2950 East Flamingo Rd., Suite E-4, Las Vegas, NV 89121
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (702)735-2514
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Item 7. Financial Statements, and Exhibits
(c) Exhibits
Exhibit
Number Description
99.1 Report of Independant Accountants
99.2 Statement of Financial Position
99.3 Statement of Revenues Collected and Expenses Paid
99.4 Notes to Financial Statements
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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 thereunto duly authorized.
CATERPILLAR FINANCIAL ASSET TRUST 1997-A
By: CATERPILLAR FINANCIAL SERVICES CORPORATION
(Servicer)
By: /s/ Edward J. Scott
Edward J. Scott, Treasurer
DATE: September 30, 1998
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EXHIBIT INDEX
Exhibit
Number Description Page
99.1 Report of Independant Accountants 4
99.2 Statement of Financial Position 5
99.3 Statement of Revenues Collected and Expenses Paid 5
99.4 Notes to the Financial Statements 6
Report of Independent Accountants
November 12, 1998
To the Certificateholders of the Caterpillar Financial Asset Trust 1998-A
and Caterpillar Financial Services Corporation as servicer:
We have audited the accompanying statements of financial position
arising from cash transactions of Caterpillar Financial Asset Trust
1998-A as of September 30, 1998, and the related statement of revenues
collected and expenses paid for the period from July 1, 1998 (date of
formation) to September 30, 1998. These financial statements are the
responsibility of the Trust's management. Our responsibility is to
express an opinion on these financial statements based on our
audit.
We conducted our audit in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the
amounts and disclosures in the financial statements. An audit also
includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit
provides a reasonable basis for our opinion.
As described in Note 1, these financial statements were prepared on
the basis of cash receipts and disbursements, which is a
comprehensive basis of accounting other than generally accepted
accounting principles.
In our opinion, the financial statements audited by us present
fairly, in all material respects, the assets and liabilities
arising from cash transactions of Caterpillar Financial Asset Trust
1998-A as of September 30, 1998, and its revenues collected and
expenses paid during the period from July 1, 1998 (date of
formation) to September 30, 1998, on the basis of accounting
described in Note 1.
s\ PricewaterhouseCoopers LLP
PricewaterhouseCoopers LLP
New York, New York
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Caterpillar Financial Asset Trust 1998-A
Statement Of Financial Position
September 30, 1998
(Thousands of Dollars)
Assets:
Restricted cash $ 9,706
Investment in finance receivables 569,875
Total assets $ 579,581
Liabilities and undivided
interests:
Notes payable $ 553,378
Total liabilities 553,378
Undivided interests 26,203
Total liabilities and undivided interests $ 579,581
Statement of Revenues Collected and Expenses Paid
For the period from July 1, 1998 (date of formation) to September 30, 1998
(Thousands of Dollars)
Revenues Collected:
Retail finance income $ 7,260
Other income 59
Total revenues collected 7,319
Expenses Paid:
Interest 5,051
Servicing fees 995
Total expenses paid 6,046
Revenues collected in excess
of expenses paid $ 1,273
See accompanying Notes to Financial Statements
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Caterpillar Financial Asset Trust 1998-A
Notes to Financial Statements
(Dollar amounts in thousands)
Note 1- Summary of Business and Accounting Policies
A. Business
Caterpillar Financial Asset Trust 1998-A (the "Trust") is a
Delaware business trust formed by Caterpillar Financial Funding
Corporation (the "Seller") and Chase Manhattan Bank pursuant to
the Trust Agreement dated July 1, 1998. On July 31, 1998 the Trust
purchased a $605,679 pool of fixed rate retail installment sales
contracts and finance leases (the "Receivables") from the Seller
(Note 3). Concurrently, the Trust issued $589,290 in notes (the
"Notes") which are secured by the Receivables and other assets of
the Trust pursuant to an Indenture dated July 1, 1998, between the
Issuer and The First National Bank of Chicago (the "Indenture
Trustee"). The Trust also issued $16,389 in asset backed
certificates (the "Certificates") which were not offered and are
retained by the Seller. The Notes represent indebtedness of the
Trust, and the Certificates represent fractional undivided
interests in the Trust.
The activities of the Trust are limited by the terms of the
Trust Agreement to acquiring, holding and managing the Receivables,
issuing and making payment on the Notes and the Certificates (Note
4) and other activities related thereto.
B. Basis of Accounting
The financial statements of the Trust are prepared on the
basis of cash receipts and cash disbursements. Such financial
statements differ from financial statements prepared in accordance
with generally accepted accounting principles in that interest
income and the related assets are recognized when received rather
than when earned, and distributions to
noteholders/certificateholders are recognized when paid rather than
when the obligation is incurred. Certain expenses of the Trust are
paid by the Seller.
Note 2- Restricted cash
Restricted cash includes all monies held in one or more
accounts (the "Trust Accounts") established and maintained by the
servicer, Caterpillar Financial Services Corporation, and the
Seller in accordance with the Sale and Servicing Agreement dated
July 1, 1998. The Trust Accounts are under the control of the
Indenture Trustee solely for the benefit of the noteholders and
the certificateholders, as applicable.
Note 3- The Receivables
The Receivables consist of fixed rate retail installment sales
contracts and finance leases secured by new and used machinery
manufactured primarily by Caterpillar Inc., including rights to
receive certain payments made with respect to such Receivables.
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Note 4- Notes and Certificates
The original aggregate principal amounts of the Notes by class were
as follows:
Class A-1 (5.6375%) Asset Backed Notes $164,000
Class A-2 (5.75%) Asset Backed Notes $218,000
Class A-3 (5.85%) Asset Backed Notes $183,114
Class B (5.85%) Asset Backed Notes $24,176
Principal and interest on the Notes is payable monthly on each
distribution date commencing August 25,1998 provided that no
principal payments in respect of (i) the Class A-2 Notes will be
made until the Class A-1 notes have been paid in full, (ii) the
Class A-3 Notes will be made until the Class A-2 Notes have been
paid in full and (iii) the Class B Notes will be made until the
Class A-3 Notes have been paid in full.
Distributions with respect to the Certificates are
subordinated to the right of the noteholders to receive payments of
interest on and principal of the Notes.
Note 5- Income Taxes
The Trust is not classified as an association taxable as a
corporation for United States federal income tax purposes. The
Trust qualifies as a "financial asset securitization investment
trust" within the meaning of Sections 860H through 860L of the
Code. Based upon consultation with outside counsel, the Trust is
of the opinion that it is not subject to taxation.
