LETTERHEAD OF THE CHASE MANHATTAN BANK
September 18, 1996
Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, DC 20549
Re: Chemical Master Credit Card Trust I
(Series 1995-1, Series 1995-2, Series 1995-3, Series
1995-4, Series 1996-1, Series 1996-2 and
Series 1996-3)
Ladies and Gentlemen:
I am sending for filing on behalf of the above-referenced issuer and in
connection with the above-referenced securities a Current Report on Form 8-K
dated September 18, 1996.
Please confirm your receipt of such transmittal.
Very truly yours,
/s/Martin R. Joyce
Martin R. Joyce
Enclosures
<PAGE>
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: September 18, 1996
CHEMICAL MASTER CREDIT CARD TRUST I
(SERIES 1995-1, 1995-2, 1995-3, 1995-4, 1996-1, 1996-2
and Series 1996-3)
(Issuer of Securities)
THE CHASE MANHATTAN BANK (formerly known as 'Chemical Bank')
(Sponsor of the Trust)
(Exact name of registrant as
specified in its charter)
New York 33-94190 13-4994650
-------------- ---------- ------------------
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
270 Park Avenue, New York 10017
Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (212) 270-6000
<PAGE>
Item 5. Other Events.
On or about August 15, 1996 (or, in the case of Series 1995-4, on or
about July 25, 1996), Monthly Interest as defined in the Pooling and Servicing
Agreement dated as of October 19, 1995 (the "Agreement") between The Chase
Manhattan Bank (formerly known as 'Chemical Bank') and The Bank of New York, as
trustee (the "Trustee"), was distributed to holders ("Certificateholders") of
participations in the Chemical Master Credit Card Trust I for Series 1995-1,
1995-2, 1995-3, 1996-1, 1996-2 and 1996-3 in accordance with the Agreement. A
copy of the applicable Monthly Report for the month ended July 31, 1996, as
defined in the Agreement, has been furnished to each Certificateholder in
accordance with the Agreement. Copies of those Monthly Reports are being filed
as Exhibit 20.1 to this Current Report on Form 8-K. Also, copies of Report of
Independent Accountants and Management Report on Internal Control are being
filed as Exhibit 20.2.
Item 7(c). Exhibits.
Exhibit No. Description
----------- -----------
20.1 Monthly Reports for the month ended
July 31, 1996 for Series 1995-1,
Series 1995-2, Series 1995-3,
Series 1995-4, Series 1996-1
and Series 1996-2
20.2 Report of Independent Accountants and
Management Report on Internal Control
over Servicing of Securitized Credit Card
Receivables
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Dated: September 18, 1996
THE CHASE MANHATTAN BANK
As Servicer
By: /s/Richard L. Craig
Name: Richard L. Craig
Title: Managing Director
<PAGE>
INDEX TO EXHIBITS
Exhibit No. Description
----------- -----------
20.1 Monthly Reports for the month ended
July 31, 1996 for Series 1995-1,
Series 1995-2, Series 1995-3,
Series 1995-4, Series 1996-1
and Series 1996-2
20.2 Report of Independent Accountants and
Management Report on Internal Control
over Servicing of Securitized Credit Card
Receivables
<PAGE>
<TABLE>
<CAPTION>
Exhibit 20.1
- ---------------------------------------------------------------------------------------------------------------------------
Chemical Bank - Retail Card Services Group Monthly Report
Certificateholders' Statement Chemical Master Credit Card Trust I
Series 1995-1
Section 5.2 - Supplement Class A Class B Collateral Total
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
(i) Monthly Principal Distributed 0.00 0.00 0.00 0.00
(ii) Monthly Interest Distributed 3,627,058.13 308,713.18 404,528.55 4,340,299.85
Deficiency Amounts 0.00 0.00 0.00
Additional Interest 0.00 0.00 0.00
Accrued and Unpaid Interest 0.00 0.00
(iii) Collections of Principal 71,649,930.75 5,970,827.56 7,676,778.30 85,297,536.61
Receivables
(iv) Collections of Finance Charge
Receivables 11,555,392.72 962,949.39 1,238,077.79 13,756,419.90
(v) Aggregate Amount of Principal Receivables 10,265,209,358.89
Investor Interest 750,000,000.00 62,500,000.00 80,357,142.86 892,857,142.86
Adjusted Interest 750,000,000.00 62,500,000.00 80,357,142.86 892,857,142.86
Series
Floating Investor Percentage 8.70% 84.00% 7.00% 9.00% 100.00%
Fixed Investor Percentage 8.70% 84.00% 7.00% 9.00% 100.00%
(vi) Receivables Delinquent (As % of Total
Receivables)
Current 95.05%
30 to 59 days 1.69%
60 to 89 days 1.15%
90 or more days 2.11%
Total Receivables 100.00%
(vii) Investor Default Amount 3,780,606.53 315,050.54 405,064.99 4,500,722.06
(viii) Investor Charge-Offs 0.00 0.00 0.00 0.00
(ix) Reimbursed Investor Charge-Offs/Reductions 0.00 0.00 0.00
(x) Servicing Fee 625,000.00 52,083.33 66,964.29 744,047.62
(xi) Portfolio Yield (Net of Defaulted Receivables) 12.44%
(xii) Reallocated Monthly Principal 0.00 0.00 0.00
(xiii) Closing Investor Interest
(Class A Adjusted) 750,000,000.00 62,500,000.00 80,357,142.86 892,857,142.86
(xiv) LIBOR 5.4961%
(xv) Principal Funding Account Balance 0.00
(xvi) Accumulation Shortfall 0.00
(xvii) Principal Funding Investment 0.00
Proceeds
(xviii)Principal Investment Funding
Shortfall
===============
(xix) Available Funds 10,930,392.72 910,866.06 1,171,113.51 13,012,372.28
(xx) Certificate Rate 5.6161% 5.7361% 5.8461%
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Chemical Bank - Retail Card Services Group Monthly Report
Certificateholders' Statement Chemical Master Credit Card Trust I
Series 1995-2
Section 5.2 - Supplement Class A Class B Collateral Total
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
(i) Monthly Principal Distributed 0.00 0.00 0.00 0.00
(ii) Monthly Interest Distributed 3,115,000.00 181,245.17 242,324.98 3,538,570.15
Deficiency Amounts 0.00 0.00 0.00
Additional Interest 0.00 0.00 0.00
Accrued and Unpaid Interest 0.00 0.00
(iii) Collections of Principal Receivables 57,319,944.60 3,256,728.19 4,559,627.90 65,136,300.68
(iv) Collections of Finance Charge Receivables 9,244,314.17 525,231.12 735,357.18 10,504,902.47
(v) Aggregate Amount of Principal Receivables 10,265,209,358.89
Investor Interest 600,000,000.00 34,090,000.00 47,728,181.82 681,818,181.82
Adjusted Interest 600,000,000.00 34,090,000.00 47,728,181.82 681,818,181.82
Series
Floating Investor Percentage 6.64% 88.00% 5.00% 7.00% 100.00%
Fixed Investor Percentage 6.64% 88.00% 5.00% 7.00% 100.00%
(vi) Receivables Delinquent (As % of Total
Receivables)
Current 95.05%
30 to 59 days 1.69%
60 to 89 days 1.15%
90 or more days 2.11%
---------
Total Receivables 100.00%
(vii) Investor Default Amount 3,024,485.22 171,841.17 240,588.63 3,436,915.03
(viii)Investor Charge-Offs 0.00 0.00 0.00 0.00
(ix) Reimbursed Investor Charge-Offs/Reductions 0.00 0.00 0.00
(x) Servicing Fee 500,000.00 28,408.33 39,773.48 568,181.82
(xi) Portfolio Yield (Net of Defaulted Receivables) 12.44%
(xii) Reallocated Monthly Principal 0.00 0.00 0.00
(xiii)Closing Investor Interest (Class A Adjusted) 600,000,000.00 34,090,000.00 47,728,181.82 681,818,181.82
(xiv) LIBOR 5.4961%
(xv) Principal Funding Account Balance 0.00
(xvi) Accumulation Shortfall 0.00
(xvii)Principal Funding Investment 0.00
Proceeds
(xviii) Principal Investment Funding
Shortfall
================
(xix) Available Funds 8,744,314.17 496,822.78 695,583.69 9,936,720.65
(xx) Certificate Rate 6.2300% 6.3800% 5.8961%
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Chemical Bank - Retail Card Services Group Monthly Report
Certificateholders' Statement Chemical Master Credit Card Trust I
Series 1995-3
Section 5.2 - Supplement Class A Class B Collateral Total
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
(i) Monthly Principal Distributed 0.00 0.00 0.00 0.00
(ii) Monthly Interest Distributed 2,336,250.00 136,149.60 185,142.96 2,657,542.56
Deficiency Amounts 0.00 0.00 0.00
Additional Interest 0.0 0.00
(iii)Collections of Principal Receivables 42,989,958.45 2,442,593.91 3,419,673.16 48,852,225.51
(iv) Collections of Finance Charge Receivables 6,933,235.63 393,931.04 551,510.18 7,878,676.85
(v) Aggregate Amount of Principal Receivables 10,265,209,358.89
Investor Interest 450,000,000.00 25,568,000.00 35,795,636.36 511,363,636.36
Adjusted Interest 450,000,000.00 25,568,000.00 35,795,636.36 511,363,636.36
Series
Floating Investor Percentage 4.98% 88.00% 5.00% 7.00% 100.00%
Fixed Investor Percentage 4.98% 88.00% 5.00% 7.00% 100.00%
(vi) Receivables Delinquent (As % of Total Receivables)
Current 95.05%
30 to 59 days 1.69%
60 to 89 days 1.15%
90 or more days 2.11%
-------
Total Receivable 100.00%
(vii) Investor Default Amount 2,268,363.92 128,883.40 180,438.96 2,577,686.27
(viii) Investor Charge-Offs 0.00 0.00 0.00 0.00
(ix) Reimbursed Investor Charge-Offs/Reductions 0.00 0.00 0.00
(x) Servicing Fee 375,000.00 21,306.67 29,829.70 426,136.36
(xi) Portfolio Yield (Net of Defaulted Receivables) 12.44%
(xii) Reallocated Monthly Principal 0.00 0.00 0.00
(xiii) Closing Investor Interest (Class A Adjusted) 450,000,000.00 25,568,000.00 35,795,636.36 511,363,636.36
(xiv) LIBOR 5.4961%
(xv) Principal Funding Account Balance 0.00
(xvi) Accumulation Shortfall 0.00
(xvii) Principal Funding Investment 0.00
Proceeds
(xviii) Principal Investment Funding
Shortfall
==============
(xix)Available Funds 6,558,235.63 372,624.37 521,680.48 7,452,540.49
(xx) Certificate Rate 6.2300% 6.3900% 6.0211%
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Chemical Bank - Retail Card Services Group Monthly Report
Certificateholders' Statement Chemical Master Credit Card Trust I
Series 1995-4
Section 5.2 - Supplement Class A Class B Collateral Total
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
(i) Monthly Principal Distributed 0.00 0.00 0.00 0.00
(ii) Monthly Interest Distributed 4,266,210.00 311,149.56 188,826.00 4,766,185.56
Deficiency Amounts 0.00 0.00 0.00
Additional Interest 0.00 0.00 0.00
Accrued and Unpaid Interest 0.00 0.00
(iii)Collections of Principal 28,659,972.30 2,047,086.29 3,411,956.05 34,119,014.64
Receivables
(iv) Collections of Finance Charge Receivables 4,622,157.09 330,145.27 550,265.60 5,502,567.96
(v) Aggregate Amount of Principal Receivables 10,265,209,358.89
Investor Interest 300,000,000.00 21,428,000.00 35,714,857.14 357,142,857.14
Adjusted Interest 300,000,000.00 21,428,000.00 35,714,857.14 357,142,857.14
Series
Floating Investor Percentage 3.48% 84.00% 6.00% 10.00% 100.00%
Fixed Investor Percentage 3.48% 84.00% 6.00% 10.00% 100.00%
(vi) Receivables Delinquent (As % of Total
Receivables)
Current 95.05%
30 to 59 days 1.69%
60 to 89 days 1.15%
90 or more days 2.11%
-------------
Total Receivables 100.00%
(vii) Investor Default Amount 1,512,242.61 108,014.45 180,031.76 1,800,288.82
(viii) Investor Charge-Offs 0.00 0.00 0.00 0.00
(ix) Reimbursed Investor Charge-Offs/Reductions 0.00 0.00 0.00
(x) Servicing Fee 250,000.00 17,856.67 29,762.38 297,619.05
(xi) Portfolio Yield (Net of Defaulted Receivables) 12.44%
(xii) Reallocated Monthly Principal 0.00 0.00 0.00
(xiii) Closing Investor Interest
(Class A Adjusted) 300,000,000.00 21,428,000.00 35,714,857.14 357,142,857.14
(xiv) LIBOR 5.4883%
(xv) Principal Funding Account Balance 0.00
(xvi) Accumulation Shortfall 0.00
(xvii) Principal Funding Investment 0.00
Proceeds
(xviii) Principal Investment Funding
Shortfall
(xix) Interest Funding Account Investment Proceeds 0.00 0.00 ============
(xx) Available Funds 7,121,492.42 512,807.21 520,503.22 8,154,802.85
(xxi) Certificate Rate 5.6883% 5.8083% 5.9625%
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Chemical Bank - Retail Card Services Group Monthly Report
Certificateholders' Statement Chemical Master Credit Card Trust I
Series 1996-1
Section 5.2 - Supplement Class A Class B Collateral Total
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
(i) Monthly Principal Distributed 0.00 0.00 0.00 0.00
(ii) Monthly Interest Distributed 3,237,500.00 189,248.43 282,710.79 3,709,459.22
Deficiency Amounts 0.00 0.00 0.00
Additional Interest 0.00 0.00 0.00
Accrued and Unpaid Interest 0.00 0.00
(iii)Collections of Principal Receivables 66,873,268.70 3,799,548.06 5,319,534.03 75,992,350.80
(iv) Collections of Finance Charge Receivables 10,785,033.20 612,774.77 857,911.57 12,255,719.55
(v) Aggregate Amount of Principal Receivables 10,265,209,358.89
Investor Interest 700,000,000.00 39,772,000.00 55,682,545.45 795,454,545.45
Adjusted Interest 700,000,000.00 39,772,000.00 55,682,545.45 795,454,545.45
Series
Floating Investor Percentage 7.75% 88.00% 5.00% 7.00% 100.00%
Fixed Investor Percentage 7.75% 88.00% 5.00% 7.00% 100.00%
(vi) Receivables Delinquent (As % of Total Receivables)
Current 95.05%
30 to 59 days 1.69%
60 to 89 days 1.15%
90 or more days 2.11%
------------
Total Receivables 100.00%
(vii)Investor Default Amount 3,528,566.09 200,483.04 280,685.06 4,009,734.20
(viii) Investor Charge-Offs 0.00 0.00 0.00 0.00
(ix) Reimbursed Investor Charge-Offs/Reductions 0.00 0.00 0.00
(x) Servicing Fee 583,333.33 33,143.33 46,402.12 662,878.79
(xi) Portfolio Yield (Net of Defaulted 12.44%
Receivables)
(xii) Reallocated Monthly Principal 0.00 0.00 0.00
(xiii) Closing Investor Interest
(Class A Adjusted) 700,000,000.00 39,772,000.00 55,682,545.45 795,454,545.45
(xiv) LIBOR 5.4961%
(xv) Principal Funding Account Balance 0.00
(xvi) Accumulation Shortfall 0.00
(xvii) Principal Funding Investment Proceeds 0.00
(xviii) Principal Investment Funding Shortfall
================
(xix) Available Funds 10,201,699.87 579,631.44 811,509.45 11,592,840.76
(xx) Certificate Rate 5.5500% 5.7100% 5.8961%
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Chemical Bank - Retail Card Services Group Monthly Report
Certificateholders' Statement Chemical Master Credit Card Trust I
Series 1996-2
Section 5.2 - Supplement Class A Class B Collateral Total
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
(i) Monthly Principal Distributed 0.00 0.00 0.00 0.00
(ii) Monthly Interest Distributed 2,740,833.33 160,416.67 235,312.77 3,136,562.77
Deficiency Amounts 0.00 0.00 0.00
Additional Interest 0.00 0.00 0.00
Accrued and Unpaid Interest 0.00 0.00
(iii)Collections of Principal Receivables 52,543,282.55 2,985,413.78 4,179,579.29 59,708,275.63
(iv) Collections of Finance Charge Receivables 8,473,954.66 481,474.70 674,064.58 9,629,493.93
(v) Aggregate Amount of Principal Receivables 10,265,209,358.89
Investor Interest 550,000,000.00 31,250,000.00 43,750,000.00 625,000,000.00
Adjusted Interest 550,000,000.00 31,250,000.00 43,750,000.00 625,000,000.00
Series
Floating Investor Percentage 6.09% 88.00% 5.00% 7.00% 100.00%
Fixed Investor Percentage 6.09% 88.00% 5.00% 7.00% 100.00%
(vi) Receivables Delinquent (As % of Total Receivables)
Current 95.05%
30 to 59 days 1.69%
60 to 89 days 1.15%
90 or more days 2.11%
-----------
Total 100.00%
Receivables
(vii) Investor Default Amount 2,772,444.79 157,525.27 220,535.38 3,150,505.44
(viii) Investor Charge-Offs 0.00 0.00 0.00 0.00
(ix) Reimbursed Investor Charge-Offs/Reductions 0.00 0.00 0.00
(x) Servicing Fee 458,333.33 26,041.67 36,458.33 520,833.33
(xi) Portfolio Yield (Net of Defaulted 12.44%
Receivables)
(xii) Reallocated Monthly Principal 0.00 0.00 0.00
(xiii) Closing Investor Interest
(Class A Adjusted) 550,000,000.00 31,250,000.00 43,750,000.00 625,000,000.00
(xiv) LIBOR 5.4961%
(xv) Principal Funding Account Balance 0.00
(xvi) Accumulation Shortfall 0.00
(xvii) Principal Funding Investment Proceeds 0.00
(xviii) Principal Investment Funding Shortfall
===============
(xix)Available Funds 8,015,621.33 455,433.03 637,606.24 9,108,660.60
(xx) Certificate Rate 5.9800% 6.1600% 6.2461%
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Chemical Bank - Retail Card Services Group Monthly Report
Certificateholders' Statement Chemical Master Credit Card Trust I
Series 1996-3
Section 5.2 - Supplement Class A Class B Collateral Total
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
(i) Monthly Principal Distributed 0.00 0.00 0.00 0.00
(ii) Monthly Interest Distributed 2,434,132.89 141,813.47 176,269.11 2,752,215.47
Deficiency Amounts 0.00 0.00 0.00
Additional Interest 0.00 0.00 0.00
Accrued and Unpaid Interest 0.00 0.00
(iii)Collections of Principal Receivables 39,358,071.23 2,236,242.11 3,130,857.49 44,725,170.82
(iv) Collections of Finance Charge Receivables 6,347,500.48 360,651.51 504,931.23 7,213,083.22
(v) Aggregate Amount of Principal Receivables 10,265,209,358.89
Investor Interest 411,983,000.00 23,408,000.00 32,772,440.86 468,163,440.86
Adjusted Interest 411,983,000.00 23,408,000.00 32,772,440.86 468,163,440.86
Series
Floating Investor Percentage 4.56% 88.00% 5.00% 7.00% 100.00%
Fixed Investor Percentage 4.56% 88.00% 5.00% 7.00% 100.00%
(vi) Receivables Delinquent (As % of Total
Receivables)
Current 95.05%
30 to 59 days 1.69%
60 to 89 days 1.15%
90 or more days 2.11%
-------
Total Receivables 100.00%
(vii) Investor Default Amount 2,076,727.49 117,995.25 165,199.61 2,359,922.35
(viii) Investor Charge-Offs 0.00 0.00 0.00 0.00
(ix) Reimbursed Investor Charge-Offs/Reductions 0.00 0.00 0.00
(x) Servicing Fee 343,319.17 19,506.67 27,310.37 390,136.20
(xi) Portfolio Yield (Net of Defaulted Receivables) 12.44%
(xii) Reallocated Monthly Principal 0.00 0.00 0.00
(xiii) Closing Investor Interest (Class A
Adjusted) 411,983,000.00 23,408,000.00 32,772,440.86 468,163,440.86
(xiv) LIBOR 5.4961%
(xv) Principal Funding Account Balance 0.00
(xvi) Accumulation Shortfall 0.00
(xvii) Principal Funding Investment 0.00
Proceeds
(xviii) Principal Investment Funding
Shortfall
================
(xix) Available Funds 6,004,181.31 341,144.84 477,620.87 6,822,947.02
(xx) Certificate Rate 7.0900% 7.2700% 6.2461%
</TABLE>
<PAGE>
Exhibit 20.2
LETTERHEAD OF PRICE WATERHOUSE LLP
1177 Avenue of the Americas Telephone 212 596 7000
New York, NY 10036 Facsimile 212 596 8910
Price Waterhouse LLP
Report of Independent Accountants
June 21, 1996
To the Board of Directors of Chemical Bank
Chemical Bank
We have examined management's assertion, that as of December 31, 1995 Chemical
Bank maintained an effective system of internal control over servicing of
securitized credit card receivables, included in the accompanying Management
Report on Internal Control over Servicing of Securitized Credit Card
Receivables.
Our examination was made in accordance with standards established by the
American Institute of Certified Public Accountants and, accordingly, included
obtaining an understanding of the internal control structure over servicing of
securitized credit card receivables, testing and evaluating the design and
operating effectiveness of the internal control structure over servicing of
securitized credit card receivables, and such other procedures as we considered
necessary in the circumstances. We believe that our examination provides a
reasonable basis for our opinion.
Because of the inherent limitations in any internal control structure, errors or
irregularities may occur and not be detected. Also, projections of any
evaluation of the system of internal control over servicing of securitized
credit card receivables to future periods are subject to the risk that the
internal control structure may become inadequate because of changes in
conditions, or that the degree of compliance with the policies or procedures may
deteriorate.
In our opinion, management's assertion that, as of December 31, 1995, Chemical
Bank maintained an effective system of internal control over servicing of
securitized credit card receivables, is fairly stated, in all material respects,
based upon the criteria for effective internal control described in "Internal
Control Integrated Framework" issued by the Committee of Sponsoring
Organizations of the Treadway Commission.
Signed: Price Waterhouse LLP
<PAGE>
LETTERHEAD OF THE CHASE MANHATTAN BANK
100 Duffy Avenue
Hicksville, NY 11801-3699
June 21, 1996
Management Report on Internal Control over Servicing of Securitized Credit Card
Receivables
Chemical Bank is responsible for establishing and maintaining an effective
system of internal control over servicing of securitized credit card
receivables, which is designed to provide reasonable assurance regarding the
proper servicing of securitized credit card receivables. The system contains
self-monitoring mechanisms, and actions are taken to correct deficiencies as
they are identified.
There are inherent limitations in the effectiveness of any system of internal
controls, including the possibility of human error and the circumvention or
overriding of controls. Accordingly, even an effective internal control system
can provide only reasonable assurance with respect to servicing of securitized
credit card receivables. Further, because of changes in conditions, the
effectiveness of an internal control system may vary over time.
Chemical Bank management assessed its system of internal control over servicing
of securitized credit card receivables as of December 31, 1995 in relation to
criteria for effective internal control described in "Internal Control -
Integrated Framework" issued by the Committee of Sponsoring Organizations of the
Treadway Commission. Based on this assessment, management believes that, as of
December 31, 1995, Chemical Bank maintained an effective system of internal
control over servicing of securitized credit card receivables.
Signed: Charles R. Walsh
Charles R. Walsh
Executive Vice President
Chemical Bank
Signed: Richard L. Craig
Richard L. Craig
Managing Director
Chemical Bank
