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):
November 17, 1998
METRIS MASTER TRUST
METRIS RECEIVABLES, INC.
(Originator of the Metris Master Trust)
(Exact name of registrant as specified in its charter)
Delaware 033-99514 41-1810301
(State of Incorporation) (Commission File Number) (IRS Employer
Identification No.)
600 South Highway 169, Suite 300, St. Louis Park, Minnesota 55426
(Address of principal executive offices)
(612) 417-5645
(Registrant's telephone number, including area code)
METRIS RECEIVABLES, INC.
Current Report on Form 8-K
Item 7. Financial Statements and Exhibits
Ex. 10.1 Amended and Restated Pooling and
Servicing Agreement dated as of July 30,
1998 among Metris Receivables, Inc. ("MRI"), as
Transferor, Direct Merchants Credit Card
Bank, N.A. ("DMCCB") as Servicer, and the
Bank of New York (Delaware) ("BONY") as
Trustee (incorporated by reference to Exhibit
4 (a) to Registration Statement on Form S-1
(No. 333-61343).)
Ex. 10.2 Amended and restated Bank Receivables
Purchase Agreement dated as of July 30, 1998
among Metris Companies Inc. and
DMCCB (incorporated by reference to Exhibit 4
(c) to Registration Statement on Form S-1
(No. 333-61343).)
Ex. 10.3 Amended and restated Receivables
Purchase Agreement dated as
of July 30, 1998 among Metris Companies Inc.
and MRI (incorporated by reference to Exhibit 4 (d)
to Registration Statement on Form S-1 (No. 333-61343).)
Ex. 20a Series 1996-1 October Certificateholders'
Statement
Ex. 20b Series 1997-1 October Certificateholders'
Statement
Ex. 20c Series 1997-2 October Certificateholders'
Statement
SIGNATURE
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.
METRIS RECEIVABLES, INC.
By/s/
Paul T. Runice
Treasurer
Dated: November 17, 1998
<TABLE>
Metris Receivables, Inc. Metris Master Trust Monthly Report
Certificateholder's Statement Series 1996-1 Oct-98
Section 5.2 Class A Class B Class C Class D Total
<C> <S> <C> <C>
(i) Certificate Amount 518,000,000.087,500,000.0050,000,000.0044,500,000.00 700,000,000.00
(ii) Certificate Principal Dist34,533,333.33 0.00 0.00 34,533,333.33
Principal Per 100 66.66666667 0.00000000 0.00000000
(iii) Certificate Interest Distr 2,413,016.67 495,833.33 253,032.33 3,161,882.33
Interest Per 1000 5.37500001 5.66666663 5.06064660
(iv) Principal Collections 24,904,435.57 4,206,830.33 2,403,903.06 2,136,454.70 33,651,623.66
(v) Finance Charge Collections 10,303,126.50 1,917,486.03 1,095,706.31 973,760.23 14,290,079.07
Recoveries 145,312.09 28,322.26 16,184.15 14,403.89 204,222.39
Interest Earned on Accoun 0.00 0.00 0.00 0.00 0.00
Total Finance Charge Co10,448,438.59 1,945,808.29 1,111,890.46 988,164.12 14,494,301.46
Total Collections 35,352,874.16 6,152,638.62 3,515,793.52 3,124,618.82 48,145,925.12
(vi) Aggregate Amount of Principal Receivables 3,445,470,511.93
Invested Amount (End of M448,933,333.387,500,000.0050,000,000.0044,500,000.00 630,933,333.33
Floating Allocation Perce 13.0296670% 2.5395661% 1.4511806% 1.2915507% 18.3119644%
Invested Amount (Beg. of 483,466,666.687,500,000.0050,000,000.0044,500,000.00 665,466,666.67
Average Daily Invested Amount 652,031,101.81
(vii) Receivable Delinquencies (As a % of Total Receivables)
Current 85.70%3,087,733,697.25
30 Days to 59 Days (1 to 29 Days Contractually Delinquent) 6.30% 227,096,303.45
60 Days to 89 Days (30 to 59 Days Contractually Delinquent) 2.44% 87,814,785.90
90 Days and Over (60+ Days Contractually Delinquent) 5.56% 200,335,800.96
Total Receivables 100.00%3,602,980,587.56
(viii) Aggregate Investor Default Amount 6,569,450.34
As a % of Average Daily Invested Amount (Annualized based on 365 days/year 11.86%
(ix) Charge-Offs 0.00 0.00 0.00 0.00 0.00
(x) Servicing Fee 0.00
(xi) Pool Factor 0.7333333 1.0000000 1.0000000
(xii) Unreimbursed Reallocated Principal Coll 0.00 0.00 0.00 0.00
(xiii) Excess Funding Account Balance 0.00
Prefunding Account Balance 0.00
(xiv) Class C Reserve Amount 17,500,000.00
Class C Reserve Account Balance 17,500,000.00
Class C Trigger Event Occurrence Yes
Average Net Portfolio Yield 14.3105%
Minimum Base Rate 8.4534%
</TABLE>
<TABLE>
Metris Receivables, Inc. Metris Master Trust Monthly Report
Certificateholder's Statement Series 1997-1 Oct-98
Section 5.2 Class A Class B Class C Class D Total
<C> <S> <C> <C> <C> <C>
(i) Certificate Amount 616,250,000.00106,250,000.00 72,250,000.00 55,250,000.00 850,000,000.00
(ii) Certificate Principal Dist 0.00 0.00 0.00 0.00
(iii) Certificate Interest Distr 3,528,031.25 629,531.25 378,074.78 4,535,637.28
(iv) Principal Collections 29,628,105.06 5,108,293.99 3,473,639.91 2,648,790.03 40,858,828.99
(v) Finance Charge Collections 13,504,580.22 2,328,375.90 1,583,295.60 1,207,230.63 18,623,482.36
Recoveries 199,469.65 34,391.32 23,386.10 17,883.49 275,130.55
Principal Account Earning 0.00 0.00 0.00 0.00 0.00
Accum. Period Reserve Acc 0.00 0.00 0.00 0.00 0.00
Pre-Funding Account Earni 0.00 0.00 0.00 0.00 0.00
Total Finance Charge Co 13,704,049.87 2,362,767.22 1,606,681.70 1,225,114.12 18,898,612.91
Total Collections 43,332,154.93 7,471,061.21 5,080,321.61 3,873,904.15 59,757,441.90
(vi) Aggregate Amount of Principal Receivables 3,445,470,511.9
Invested Amount (End of M616,250,000.00106,250,000.00 72,250,000.00 55,250,000.00 850,000,000.00
Floating Allocation Perce 17.8858010% 3.0837588% 2.0969560% 1.6035546% 24.6700704%
Fixed/Floating Allocation N/A N/A N/A N/A 0.0000000%
Invested Amount (Beg. of 616,250,000.00106,250,000.00 72,250,000.00 55,250,000.00 850,000,000.00
Average Daily Invested Amount 849,848,278.43
(vii) Receivable Delinquencies (As a % of Total Receivables)
Current 85.70%3,087,733,697.2
30 Days to 59 Days (1 to 29 Days Contractually Delinquent) 6.30% 227,096,303.45
60 Days to 89 Days (30 to 59 Days Contractually Delinquent) 2.44% 87,814,785.90
90 Days and Over (60+ Days Contractually Delinquent) 5.56% 200,335,800.96
Total Receivables 100.00%3,602,980,587.5
(viii) Aggregate Investor Default Amount 8,569,555.14
As a % of Average Daily Invested Amount (Annualized based on 365 days/year) 11.87%
(ix) Charge-Offs 0.00 0.00 0.00 0.00
(x) Servicing Fee 0.00
(xi) Pool Factor 1.0000000 1.0000000 1.0000000
(xii) Unreimbursed Reallocated Principal Colle 0.00 0.00 0.00 0.00
(xiii) Excess Funding Account Balance 0.00
Pre-Funding Account Balance 0.00
(xiv) Class C Reserve Amount 21,250,000.00
Class C Reserve Account Balance 21,250,000.00
Class C Trigger Event Occurrence Yes
(xv) Number of New Accounts Added to the Trust 243,445
(xvi) Average Net Portfolio Yield 14.3104%
(xvii) Minimum Base Rate 8.8300%
(xviii) Principal Funding Account Balance 0.00
(xix) Accumulation Shortfall N/A
(xx) Scheduled Commencement date of the Accumulation Period March 2001
Accumulation Period Length N/A
(xxi) Required Reserve Account Amount N/A
Available Reserve Account Amount N/A
Covered Amount N/A
</TABLE>
<TABLE>
Metris Receivables, Inc. Metris Master Trust Monthly Report
Certificateholder's Statement Series 1997-2 Oct-98
Section 5.2 Class A Class B Class C Class D Total
<C> <S> <C> <C> <C>
(i) Certificate Amount 455,000,000.00101,500,000.00 98,000,000.00 45,500,000.00700,000,000.00
(ii) Certificate Principal Dis 0.00 0.00 0.00 0.00
(iii) Certificate Interest Dist 2,126,281.73 494,427.03 529,698.93 3,150,407.69
(iv) Principal Collections 21,875,517.73 4,879,923.19 4,711,649.97 2,178,315.25 33,645,406.14
(v) Finance Charge Collections 9,970,927.36 2,224,283.83 2,147,584.37 992,723.88 15,335,519.43
Recoveries 147,275.76 32,853.82 31,720.93 14,727.58 226,578.10
Principal Account Earnin 0.00 0.00 0.00 0.00 0.00
Accum. Period Reserve Ac 0.00 0.00 0.00 0.00 0.00
Pre-Funding Account Earn 0.00 0.00 0.00 0.00 0.00
Total Finance Charge C 10,118,203.12 2,257,137.65 2,179,305.30 1,007,451.46 15,562,097.53
Total Collections 31,993,720.85 7,137,060.84 6,890,955.27 3,185,766.71 49,207,503.67
(vi) Aggregate Amount of Principal Receivables 3,445,470,511.
Invested Amount (End of 455,000,000.00101,500,000.00 98,000,000.00 45,500,000.00700,000,000.00
Floating Allocation Perc 13.2057436% 2.9458966% 2.8443140% 1.3205744% 20.3165285%
Fixed/Floating Allocatio N/A N/A N/A N/A 0.0000000%
Invested Amount (Beginni455,000,000.00101,500,000.00 98,000,000.00 45,500,000.00700,000,000.00
Average Daily Invested Amount 699,816,360.68
(vii) Receivable Delinquencies (As a % of Total Receivables)
Current 85.70%3,087,733,697.
30 Days to 59 Days (1 to 29 Days Contractually Delinquent) 6.30%227,096,303.45
60 Days to 89 Days (30 to 59 Days Contractually Delinquent) 2.44% 87,814,785.90
90 Days and Over (60+ Days Contractually Delinquent) 5.56%200,335,800.96
Total Receivables 100.00%3,602,980,587.
(viii) Aggregate Investor Default Amount 7,056,641.70
As a % of Average Daily Invested Amount (Annualized based on 365 days/year) 11.87%
(ix) Charge-Offs 0.00 0.00 0.00 0.00
(x) Servicing Fee 0.00
(xi) Pool Factor 1.0000000 1.0000000 1.0000000
(xii) Unreimbursed Reallocated Principal Coll 0.00 0.00 0.00 0.00
(xiii) Excess Funding Account Balance 0.00
Pre-Funding Account Balance 0.00
(xiv) Class C Reserve Amount 17,500,000.00
Class C Reserve Account Balance 17,500,000.00
(xv) Number of New Accounts Added to the Trust 243,445
(xvi) Average Net Portfolio Yield 14.3102%
(xvii) Minimum Base Rate 7.5898%
(xviii) Principal Funding Account Balance 0.00
(xix) Accumulation Shortfall N/A
(xx) Scheduled Commencement date of the Accumulation Period October 2001
Accumulation Period Length N/A
(xxi) Required Reserve Account Amount N/A
Available Reserve Account Amount N/A
Covered Amount N/A
</TABLE>
