Item 2. Properties
Description of the Promissory Notes and Supporting Guarantee
Pursuant to the Declaration of Trust relating to the issuance of Guaranteed Export Trust-PDVSA 1996-A (the "Trust") on June 15, 1996, J.P. Morgan Structured Finance Corp., the depositor, delivered to the Trust seventeen treasury rate notes of Maraven, S.A. (each treasury rate note, a "Promissory Note" and, collectively, the "Promissory Notes"), which will be amortized in 16 equal installments of principal of $13,709,154.85 and one other installment of 13,707,290.40. Such principal payment will be made on June 15 and December 15 of every year, beginning on June 15, 1996 and ending on June 15, 2004. These Promissory Notes have a fixed interest rate of 6.55%. The Promissory Notes' aggregate principal balance outstanding as of December 31, 1996 was $205,635,458.30. Such Promissory Notes were acquired by the Trust simultaneously with the issuance by the Trust of 6.55% certificates due 2004, Series 1996-A (the "Certificates") that were authenticated by the Certificate Registrar. The Certificates are designed to pass through to the holders principal and interest payments on the Promissory Notes.
Pursuant to the Declaration of Trust and through the acquisition by the Trust of the Promissory Notes and the issuance by the Trust of the Certificates, 100% of all scheduled amounts of principal and interest due on the Certificates will be guaranteed (the "Guarantee") by the Export-Import Bank of the United States ("Eximbank"), an independent agency of the government of the United States of America. Such Guarantee is backed by the full faith and credit of the United States of America.
In addition, Maraven, S.A. has entered into a Liquidity Agreement (the "Liquidity Agreement") with the Private Export Funding Corporation ("PEFCO") whereby PEFCO has irrevocably agreed to make advances on behalf of Maraven, S.A. to the Trustee with respect to any deficiencies on the amounts due under the Promissory Notes.
Item 3.
Item 3. Legal Proceedings
There were no legal proceedings.
Item 4.
Item 4. Submission of Matters to a Vote of Security Holders
There were no matters submitted to the certificateholders for voting.
PART II
Item 5.
Item 5. Market for Registrant's Common Equity and Related Stockholder Matters
1. Cede & Co. is the only certificateholder of record as of the end of the reporting year.
There were 32 participants at the Depository Trust Company that are the beneficial holders of the Certificates.
2. Principal market in which the Certificates are traded:
The Certificates are not traded on any public market.
3. Aggregate Principal and Interest distributed on the Certificates:
For the period commencing June 15, 1996 and ending December 31, 1996, the following amount was distributed to the certificateholders:
Principal Interest --------- --------
$27,418,309.70 $9,134,066.64
Item 9.
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosures: Information required by Item 304 of Reg. S-K.
There were no changes in and/or disagreements with Accountants on Accounting and Financial Disclosures.
PART III
Item 12.
Item 12. Security Ownership of Certain Beneficial Owners and Management
Information as required by subparagraph (a)(3) of Item 403 Reg. S-K.
None.
Item 13.
Item 13. Certain Relationships and Related Transactions
Information as required by subparagraph (a)(3) of Item 404 Reg. S-K.
None.
PART IV
Item 14.
Item 14. Exhibits, Financial Statement Schedules, and Reports on Form 8-K
Exhibit A -- Form 8-K dated June 15, 1996 and December 15, 1996 (incorporated by reference)
Exhibit B -- Auditor's Report
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, Guaranteed Export Trust-PDVSA 1996-A has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
GUARANTEED EXPORT TRUST-PDVSA 1996-A
By: Bankers Trust Company, as Trustee
January 29, 1997 By: /s/ Louis Bodi --------------- Name: Louis Bodi Title: Vice President