DCAT, LLC

DCAT, LLC (“DCAT”) is a Delaware limited liability company formed on May 15 2012 and is member managed by CATD, its sole member. It is the successor, by merger, of Dealers Capital Access Trust, Inc. ("DCAT, Inc.")

DCAT, Inc. was incorporated in 1992 with a mission similar to that of CATD; to provide Caterpillar dealers with consistent, low cost, short-term financing to fund the acquisition of inventory and other normal business expenses. DCAT continues that mission as the survivor of the merger.

DCAT issues investment grade Commercial Paper ("CP") and uses the proceeds solely to fund its loan program. All loans have the same maturity dates as the CP issued to fund them.

DCAT borrowers use the proceeds of loans for re-financing maturing DCAT loans, working capital, inventory acquisition and occasionally to fund business acquisitions or stock redemptions.

Eligibility to borrow from DCAT: The DCAT program is open to members of CATD and other entities who sell (or whose wholly owned subsidiaries sell) equipment supplied by Caterpillar pursuant to a Caterpillar sales and service agreement.

Credit Enhancement and Approval Letter Process: Caterpillar Financial Services Corporation ("CFSC") provides Credit Enhancement for the DCAT CP program under the terms of the Third Amended and Restated Dealer Loan Purchase Agreement, as amended October 1, 2017 (the “DLPA”). CFSC is a subsidiary of Caterpillar Inc. A company which is eligible to borrow from DCAT must first apply to, and be approved by, CFSC for an Approval Letter.

Liquidity Support: Liquidity support for the DCAT program is provided by CFSC. CFSC provides a source of liquidity in case new CP cannot be issued to pay the holders of maturing CP. DCAT does not issue any extendible CP.

Under the terms of the DLPA, CFSC is obligated to purchase any DCAT loan which is not paid at maturity, provided the loan was made to a borrower approved by CFSC. The purchase price is the Face Amount of the loan. This obligation provides both Credit Enhancement for the loans of DCAT and liquidity for the holders of DCAT CP. The obligation of CFSC to purchase the defaulted loan(s) of any borrower is limited to the Approved Amount for such borrower, as approved by CFSC.

If CFSC is required to purchase a defaulted loan from DCAT, it will transfer the purchase price to the account of DCAT at U.S. Bank National Association (US Bank). US Bank is the issuing and paying agent for the DCAT CP program. US Bank will use the proceeds received from CFSC to pay the maturing DCAT CP which was issued to match fund the defaulted loan, and DCAT will assign the loan to CFSC to complete the purchase.

CP Issuance and Limitations: The maturity date of CP (and the loans(s) it is issued to fund) cannot be more than 270 days from the funding date. Generally, the policy of DCAT is that the maturity date of the CP and related loan cannot be less than 7 days from the date of funding.

The DLPA limits the maximum amount of CP that DCAT can have outstanding at any point in time. The aggregate Face Amount of outstanding DCAT CP cannot exceed the aggregate Face Amount of outstanding DCAT loans. In addition, the Face Amount of outstanding DCAT CP cannot exceed the Maximum DCAT Program Amount under the terms of the DLPA, as agreed upon between DCAT and CFSC from time to time.

Issuing and Paying Agent: US Bank, as the issuing and paying agent for the DCAT CP program, is responsible for administering the flow of CP funds and loan repayments between Placement Agents, CP investors, DCAT and its borrowers.