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<PAGE> 1
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: August 2, 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> 2
Item 5. Other Events.
On or about July 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 June 30, 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.
Item 7(c). Exhibits.
EXHIBIT NO. DESCRIPTION
----------- -----------
20.1 Monthly Reports for the month
ended June 30, 1996
for Series 1995-1,
Series 1995-2, Series 1995-3, Series 1995-4
Series 1996-1 and Series 1996-2
<PAGE> 3
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: August 2, 1996
CHEMICAL BANK, As Servicer
By: /s/ Richard L. Craig
----------------------------------
Name: Richard L. Craig
Title: Managing Director
<PAGE> 4
INDEX TO EXHIBITS
Exhibit No. Description Page
- ----------- ----------- ----
20.1 Monthly Reports for the month ended 5
June 30, 1996
for Series 1995-1,
Series 1995-2, Series 1995-3, Series 1995-4,
Series 1996-1, Series 1996-2 and Series 1996-3
<PAGE> 1
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------
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
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
(i) Monthly Principal Distributed 0.00 0.00 0.00
(ii) Monthly Interest Distributed 3,276,052.50 278,837.71 365,380.63
Deficiency Amounts 0.00 0.00
Additional Interest 0.00 0.00
Accrued and Unpaid Interest 0.00
(iii) Collections of Principal Receivables 67,288,957.48 5,607,413.12 7,209,531.16
(iv) Collections of Finance Charge Receivables 10,937,200.98 911,433.42 1,171,842.96
(v) Aggregate Amount of Principal Receivables
Investor Interest 750,000,000.00 62,500,000.00 80,357,142.86
Adjusted Interest 750,000,000.00 62,500,000.00 80,357,142.86
Series
Floating Investor Percentage 17.56% 84.00% 7.00% 9.00%
Fixed Investor Percentage 17.56% 84.00% 7.00% 9.00%
(vi) Receivables Delinquent (As % of Total Receivables)
Current
30 to 59 days
60 to 89 days
90 or more days
Total Receivables
(vii) Investor Default Amount 4,522,596.12 376,883.01 484,563.87
(viii) Investor Charge-Offs 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
(xi) Portfolio Yield (Net of Defaulted Receivables)
(xii) Reallocated Monthly Principal 0.00 0.00
(xiii) Closing Investor Interest (Class A Adjusted) 750,000,000.00 62,500,000.00 80,357,142.86
(xiv) LIBOR
(xv) Principal Funding Account Balance
(xvi) Accumulation Shortfall
(xvii) Principal Funding Investment Proceeds
(xviii) Principal Investment Funding Shortfall
(xix) Available Funds 10,312,200.98 859,350.08 1,104,878.68
(xx) Certificate Rate 5.6161% 5.7361% 5.8461%
<CAPTION>
- ---------------------------------------------------------------------------------------
CHEMICAL BANK - RETAIL CARD SERVICES GROUP MONTHLY REPORT
Certificateholders' Statement Chemical Master Credit Card Trust I
Series 1995-1
Section 5.2 - Supplement Total
- ---------------------------------------------------------------------------------------
<S> <C> <C>
(i) Monthly Principal Distributed 0.00
(ii) Monthly Interest Distributed 3,920,270.83
Deficiency Amounts 0.00
Additional Interest 0.00
Accrued and Unpaid Interest 0.00
(iii) Collections of Principal Receivables 80,105,901.76
(iv) Collections of Finance Charge Receivables 13,020,477.36
(v) Aggregate Amount of Principal Receivables 5,085,465,027.17
Investor Interest 892,857,142.86
Adjusted Interest 892,857,142.86
Series
Floating Investor Percentage 17.56% 100.00%
Fixed Investor Percentage 17.56% 100.00%
(vi) Receivables Delinquent (As % of Total Receivables)
Current 94.87% 4,841,499,843.24
30 to 59 days 1.73% 88,040,325.62
60 to 89 days 1.14% 58,168,095.90
90 or more days 2.26% 115,482,783.61
Total Receivables 100.00% 5,103,191,048.37
(vii) Investor Default Amount 5,384,043.00
(viii) Investor Charge-Offs 0.00
(ix) Reimbursed Investor Charge-Offs/Reductions
(x) Servicing Fee 744,047.62
(xi) Portfolio Yield (Net of Defaulted Receivables) 10.26%
(xii) Reallocated Monthly Principal 0.00
(xiii) Closing Investor Interest (Class A Adjusted) 892,857,142.86
(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 12,276,429.74
(xx) Certificate Rate
</TABLE>
<PAGE> 2
<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
- ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
(i) Monthly Principal Distributed 0.00 0.00 0.00
(ii) Monthly Interest Distributed 3,115,000.00 181,245.17 218,874.18
Deficiency Amounts 0.00 0.00
Additional Interest 0.00 0.00
Accrued and Unpaid Interest 0.00
(iii) Collections of Principal Receivables 53,831,165.98 3,058,507.41 4,282,106.13
(iv) Collections of Finance Charge Receivables 8,749,760.79 497,132.24 696,016.96
(v) Aggregate Amount of Principal Receivables
Investor Interest 600,000,000.00 34,090,000.00 47,728,181.82
Adjusted Interest 600,000,000.00 34,090,000.00 47,728,181.82
Series
Floating Investor Percentage 13.41% 88.00% 5.00% 7.00%
Fixed Investor Percentage 13.41% 88.00% 5.00% 7.00%
(vi) Receivables Delinquent (As % of Total Receivables)
Current
30 to 59 days
60 to 89 days
90 or more days
Total Receivables
(vii) Investor Default Amount 3,618,076.89 205,567.07 287,807.05
(viii) Investor Charge-Offs 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
(xi) Portfolio Yield (Net of Defaulted Receivables)
(xii) Reallocated Monthly Principal 0.00 0.00
(xiii) Closing Investor Interest (Class A Adjusted) 600,000,000.00 34,090,000.00 47,728,181.82
(xiv) LIBOR
(xv) Principal Funding Account Balance
(xvi) Accumulation Shortfall
(xvii) Principal Funding Investment Proceeds
(xviii) Principal Investment Funding Shortfall
(xix) Available Funds 8,249,760.79 468,723.91 656,243.47
(xx) Certificate Rate 6.2300% 6.3800% 5.8961%
<CAPTION>
- -----------------------------------------------------------------------------------------
CHEMICAL BANK - RETAIL CARD SERVICES GROUP MONTHLY REPORT
Certificateholders' Statement Chemical Master Credit Card Trust I
Series 1995-2
Section 5.2 - Supplement Total
- -----------------------------------------------------------------------------------------
<S> <C>
(i) Monthly Principal Distributed 0.00
(ii) Monthly Interest Distributed 3,515,119.34
Deficiency Amounts 0.00
Additional Interest 0.00
Accrued and Unpaid Interest 0.00
(iii) Collections of Principal Receivables 61,171,779.53
(iv) Collections of Finance Charge Receivables 9,942,909.98
(v) Aggregate Amount of Principal Receivables 5,085,465,027.17
Investor Interest 681,818,181.82
Adjusted Interest 681,818,181.82
Series
Floating Investor Percentage 13.41% 100.00%
Fixed Investor Percentage 13.41% 100.00%
(vi) Receivables Delinquent (As % of Total Receivables)
Current 94.87%
30 to 59 days 1.73%
60 to 89 days 1.14%
90 or more days 2.26%
----------------
Total Receivables 100.00%
(vii) Investor Default Amount 4,111,451.02
(viii) Investor Charge-Offs 0.00
(ix) Reimbursed Investor Charge-Offs/Reductions
(x) Servicing Fee 568,181.82
(xi) Portfolio Yield (Net of Defaulted Receivables) 10.26%
(xii) Reallocated Monthly Principal 0.00
(xiii) Closing Investor Interest (Class A Adjusted) 681,818,181.82
(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 9,374,728.17
(xx) Certificate Rate
</TABLE>
<PAGE> 3
<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
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
(i) Monthly Principal Distributed 0.00 0.00 0.00
(ii) Monthly Interest Distributed 2,336,250.00 136,149.60 167,462.88
Deficiency Amounts 0.00 0.00
Additional Interest 0.00 0.00
(iii) Collections of Principal Receivables 40,373,374.49 2,293,925.42 3,211,534.74
(iv) Collections of Finance Charge Receivables 6,562,320.59 372,856.47 522,005.43
(v) Aggregate Amount of Principal Receivables
Investor Interest 450,000,000.00 25,568,000.00 35,795,636.36
Adjusted Interest 450,000,000.00 25,568,000.00 35,795,636.36
Series
Floating Investor Percentage 10.06% 88.00% 5.00% 7.00%
Fixed Investor Percentage 10.06% 88.00% 5.00% 7.00%
(vi) Receivables Delinquent (As % of Total Receivables)
Current
30 to 59 days
60 to 89 days
90 or more days
Total Receivables
(vii) Investor Default Amount 2,713,557.67 154,178.32 215,852.27
(viii) Investor Charge-Offs 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
(xi) Portfolio Yield (Net of Defaulted Receivables)
(xii) Reallocated Monthly Principal 0.00 0.00
(xiii) Closing Investor Interest (Class A Adjusted) 450,000,000.00 25,568,000.00 35,795,636.36
(xiv) LIBOR
(xv) Principal Funding Account Balance
(xvi) Accumulation Shortfall
(xvii) Principal Funding Investment Proceeds
(xviii) Principal Investment Funding Shortfall
(xix) Available Funds 6,187,320.59 351,549.81 492,175.73
(xx) Certificate Rate 6.2300% 6.3900% 6.0211%
<CAPTION>
- -------------------------------------------------------------------------------------------
CHEMICAL BANK - RETAIL CARD SERVICES GROUP MONTHLY REPORT
Certificateholders' Statement Chemical Master Credit Card Trust I
Series 1995-3
Section 5.2 - Supplement Total
- -------------------------------------------------------------------------------------------
<S> <C>
(i) Monthly Principal Distributed 0.00
(ii) Monthly Interest Distributed 2,639,862.48
Deficiency Amounts 0.00
Additional Interest 0.00
(iii) Collections of Principal Receivables 45,878,834.64
(iv) Collections of Finance Charge Receivables 7,457,182.49
(v) Aggregate Amount of Principal Receivables 5,085,465,027.17
Investor Interest 511,363,636.36
Adjusted Interest 511,363,636.36
Series
Floating Investor Percentage 10.06% 100.00%
Fixed Investor Percentage 10.06% 100.00%
(vi) Receivables Delinquent (As % of Total Receivables)
Current 94.87%
30 to 59 days 1.73%
60 to 89 days 1.14%
90 or more days 2.26%
----------------
Total Receivables 100.00%
(vii) Investor Default Amount 3,083,588.26
(viii) Investor Charge-Offs 0.00
(ix) Reimbursed Investor Charge-Offs/Reductions
(x) Servicing Fee 426,136.36
(xi) Portfolio Yield (Net of Defaulted Receivables) 10.26%
(xii) Reallocated Monthly Principal 0.00
(xiii) Closing Investor Interest (Class A Adjusted) 511,363,636.36
(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 7,031,046.12
(xx) Certificate Rate
</TABLE>
<PAGE> 4
<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
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
(i) Monthly Principal Distributed 0.00 0.00 0.00
(ii) Monthly Interest Distributed 0.00 0.00 174,964.81
Deficiency Amounts 0.00 0.00
Additional Interest 0.00 0.00
Accrued and Unpaid Interest 0.00
(iii) Collections of Principal Receivables 26,915,582.99 1,922,490.37 3,204,287.34
(iv) Collections of Finance Charge Receivables 4,374,880.39 312,483.12 520,827.43
(v) Aggregate Amount of Principal Receivables
Investor Interest 300,000,000.00 21,428,000.00 35,714,857.14
Adjusted Interest 300,000,000.00 21,428,000.00 35,714,857.14
Series
Floating Investor Percentage 7.02% 84.00% 6.00% 10.00%
Fixed Investor Percentage 7.02% 84.00% 6.00% 10.00%
(vi) Receivables Delinquent (As % of Total Receivables)
Current
30 to 59 days
60 to 89 days
90 or more days
Total Receivables
(vii) Investor Default Amount 1,809,038.45 129,213.59 215,365.17
(viii) Investor Charge-Offs 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
(xi) Portfolio Yield (Net of Defaulted Receivables)
(xii) Reallocated Monthly Principal 0.00 0.00
(xiii) Closing Investor Interest (Class A Adjusted) 300,000,000.00 21,428,000.00 35,714,857.14
(xiv) LIBOR
(xv) Principal Funding Account Balance
(xvi) Accumulation Shortfall
(xvii) Principal Funding Investment Proceeds
(xviii) Principal Investment Funding Shortfall
(xix) Interest Funding Account Investment Proceeds 0.00 0.00
(xx) Available Funds 4,124,880.39 294,626.46 491,065.05
(xxi) Certificate Rate 5.6883% 5.8083% 5.9898%
<CAPTION>
- -------------------------------------------------------------------------------------------------------
CHEMICAL BANK - RETAIL CARD SERVICES GROUP MONTHLY REPORT
Certificateholders' Statement Chemical Master Credit Card Trust I
Series 1995-4
Section 5.2 - Supplement Total
- -------------------------------------------------------------------------------------------------------
<S> <C> <C>
(i) Monthly Principal Distributed 0.00
(ii) Monthly Interest Distributed 174,964.81
Deficiency Amounts 0.00
Additional Interest 0.00
Accrued and Unpaid Interest 0.00
(iii) Collections of Principal Receivables 32,042,360.70
(iv) Collections of Finance Charge Receivables 5,208,190.94
(v) Aggregate Amount of Principal Receivables 5,085,465,027.17
Investor Interest 357,142,857.14
Adjusted Interest 357,142,857.14
Series
Floating Investor Percentage 7.02% 100.00%
Fixed Investor Percentage 7.02% 100.00%
(vi) Receivables Delinquent (As % of Total Receivables)
Current 94.87%
30 to 59 days 1.73%
60 to 89 days 1.14%
90 or more days 2.26%
-----------------
Total Receivables 100.00%
(vii) Investor Default Amount 2,153,617.20
(viii) Investor Charge-Offs 0.00
(ix) Reimbursed Investor Charge-Offs/Reductions
(x) Servicing Fee 297,619.05
(xi) Portfolio Yield (Net of Defaulted Receivables) 10.26%
(xii) Reallocated Monthly Principal 0.00
(xiii) Closing Investor Interest (Class A Adjusted) 357,142,857.14
(xiv) LIBOR 5.4883%
(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) Interest Funding Account Investment Proceeds
================
(xx) Available Funds 4,910,571.90
(xxi) Certificate Rate
</TABLE>
<PAGE> 5
<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
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
(i) Monthly Principal Distributed 0.00 0.00 0.00
(ii) Monthly Interest Distributed 3,237,500.00 189,248.43 255,351.68
Deficiency Amounts 0.00 0.00
Additional Interest 0.00 0.00
Accrued and Unpaid Interest 0.00
(iii) Collections of Principal Receivables 62,803,026.98 3,568,288.56 4,995,760.58
(iv) Collections of Finance Charge Receivables 10,208,054.25 579,992.48 812,014.92
(v) Aggregate Amount of Principal Receivables
Investor Interest 700,000,000.00 39,772,000.00 55,682,545.45
Adjusted Interest 700,000,000.00 39,772,000.00 55,682,545.45
Series
Floating Investor Percentage 15.64% 88.00% 5.00% 7.00%
Fixed Investor Percentage 15.64% 88.00% 5.00% 7.00%
(vi) Receivables Delinquent (As % of Total Receivables)
Current
30 to 59 days
60 to 89 days
90 or more days
Total Receivables
(vii) Investor Default Amount 4,221,089.71 239,830.26 335,772.89
(viii) Investor Charge-Offs 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
(xi) Portfolio Yield (Net of Defaulted Receivables)
(xii) Reallocated Monthly Principal 0.00 0.00
(xiii) Closing Investor Interest (Class A Adjusted) 700,000,000.00 39,772,000.00 55,682,545.45
(xiv) LIBOR
(xv) Principal Funding Account Balance
(xvi) Accumulation Shortfall
(xvii) Principal Funding Investment Proceeds
(xviii) Principal Investment Funding Shortfall
(xix) Available Funds 9,624,720.92 546,849.14 765,612.80
(xx) Certificate Rate 5.5500% 5.7100% 5.8961%
<CAPTION>
- --------------------------------------------------------------------------------------------
CHEMICAL BANK - RETAIL CARD SERVICES GROUP MONTHLY REPORT
Certificateholders' Statement Chemical Master Credit Card Trust I
Series 1996-1
Section 5.2 - Supplement Total
- --------------------------------------------------------------------------------------------
<S> <C>
(i) Monthly Principal Distributed 0.00
(ii) Monthly Interest Distributed 3,682,100.11
Deficiency Amounts 0.00
Additional Interest 0.00
Accrued and Unpaid Interest 0.00
(iii) Collections of Principal Receivables 71,367,076.11
(iv) Collections of Finance Charge Receivables 11,600,061.65
(v) Aggregate Amount of Principal Receivables 5,085,465,027.17
Investor Interest 795,454,545.45
Adjusted Interest 795,454,545.45
Series
Floating Investor Percentage 15.64% 100.00%
Fixed Investor Percentage 15.64% 100.00%
(vi) Receivables Delinquent (As % of Total Receivables)
Current 94.87%
30 to 59 days 1.73%
60 to 89 days 1.14%
90 or more days 2.26%
----------------
Total Receivables 100.00%
(vii) Investor Default Amount 4,796,692.85
(viii) Investor Charge-Offs 0.00
(ix) Reimbursed Investor Charge-Offs/Reductions
(x) Servicing Fee 662,878.79
(xi) Portfolio Yield (Net of Defaulted Receivables) 10.26%
(xii) Reallocated Monthly Principal 0.00
(xiii) Closing Investor Interest (Class A Adjusted) 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 10,937,182.86
(xx) Certificate Rate
</TABLE>
<PAGE> 6
<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
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
(i) Monthly Principal Distributed 0.00 0.00 0.00
(ii) Monthly Interest Distributed 2,740,833.33 160,416.67 212,540.56
Deficiency Amounts 0.00 0.00
Additional Interest 0.00 0.00
Accrued and Unpaid Interest 0.00
(iii) Collections of Principal Receivables 49,345,235.48 2,803,706.56 3,925,189.19
(iv) Collections of Finance Charge Receivables 8,020,614.05 455,716.71 638,003.39
(v) Aggregate Amount of Principal Receivables
Investor Interest 550,000,000.00 31,250,000.00 43,750,000.00
Adjusted Interest 550,000,000.00 31,250,000.00 43,750,000.00
Series
Floating Investor Percentage 12.29% 88.00% 5.00% 7.00%
Fixed Investor Percentage 12.29% 88.00% 5.00% 7.00%
(vi) Receivables Delinquent (As % of Total Receivables)
Current
30 to 59 days
60 to 89 days
90 or more days
Total Receivables
(vii) Investor Default Amount 3,316,570.49 188,441.50 263,818.11
(viii) Investor Charge-Offs 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
(xi) Portfolio Yield (Net of Defaulted Receivables)
(xii) Reallocated Monthly Principal 0.00 0.00
(xiii) Closing Investor Interest (Class A Adjusted) 550,000,000.00 31,250,000.00 43,750,000.00
(xiv) LIBOR
(xv) Principal Funding Account Balance
(xvi) Accumulation Shortfall
(xvii) Principal Funding Investment Proceeds
(xviii) Principal Investment Funding Shortfall
(xix) Available Funds 7,562,280.72 429,675.04 601,545.06
(xx) Certificate Rate 5.9800% 6.1600% 6.2461%
<CAPTION>
- -----------------------------------------------------------------------------------------
CHEMICAL BANK - RETAIL CARD SERVICES GROUP MONTHLY REPORT
Certificateholders' Statement Chemical Master Credit Card Trust I
Series 1996-2
Section 5.2 - Supplement Total
- -----------------------------------------------------------------------------------------
<S> <C>
(i) Monthly Principal Distributed 0.00
(ii) Monthly Interest Distributed 3,113,790.56
Deficiency Amounts 0.00
Additional Interest 0.00
Accrued and Unpaid Interest 0.00
(iii) Collections of Principal Receivables 56,074,131.23
(iv) Collections of Finance Charge Receivables 9,114,334.15
(v) Aggregate Amount of Principal Receivables 5,085,465,027.17
Investor Interest 625,000,000.00
Adjusted Interest 625,000,000.00
Series
Floating Investor Percentage 12.29% 100.00%
Fixed Investor Percentage 12.29% 100.00%
(vi) Receivables Delinquent (As % of Total Receivables)
Current 94.87%
30 to 59 days 1.73%
60 to 89 days 1.14%
90 or more days 2.26%
----------------
Total Receivables 100.00%
(vii) Investor Default Amount 3,768,830.10
(viii) Investor Charge-Offs 0.00
(ix) Reimbursed Investor Charge-Offs/Reductions
(x) Servicing Fee 520,833.33
(xi) Portfolio Yield (Net of Defaulted Receivables) 10.26%
(xii) Reallocated Monthly Principal 0.00
(xiii) Closing Investor Interest (Class A Adjusted) 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 8,593,500.82
(xx) Certificate Rate
</TABLE>
<PAGE> 7
<TABLE>
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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
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<S> <C> <C> <C>
(i) Monthly Principal Distributed 0.00 0.00 0.00
(ii) Monthly Interest Distributed 3,488,923.81 203,265.97 247,685.37
Deficiency Amounts 0.00 0.00
Additional Interest 0.00 0.00
Accrued and Unpaid Interest 0.00
(iii) Collections of Principal Receivables 36,962,542.09 2,100,133.22 2,940,297.84
(iv) Collections of Finance Charge Receivables 6,007,921.16 341,357.33 477,918.36
(v) Aggregate Amount of Principal Receivables
Investor Interest 411,983,000.00 23,408,000.00 32,772,440.86
Adjusted Interest 411,983,000.00 23,408,000.00 32,772,440.86
Series
Floating Investor Percentage 9.21% 88.00% 5.00% 7.00%
Fixed Investor Percentage 9.21% 88.00% 5.00% 7.00%
(vi) Receivables Delinquent (As % of Total Receivables)
Current
30 to 59 days
60 to 89 days
90 or more days
Total Receivables
(vii) Investor Default Amount 2,484,310.29 141,153.24 53,837.24
(viii) Investor Charge-Offs 0.00 0.00 143,784.78
(ix) Reimbursed Investor Charge-Offs/Reductions 0.00 0.00 0.00
(x) Servicing Fee 331,875.19 18,856.44 26,400.02
(xi) Portfolio Yield (Net of Defaulted Receivables)
(xii) Reallocated Monthly Principal 0.00 0.00
(xiii) Closing Investor Interest (Class A Adjusted) 411,983,000.00 23,408,000.00 32,628,656.08
(xiv) LIBOR
(xv) Principal Funding Account Balance
(xvi) Accumulation Shortfall
(xvii) Principal Funding Investment Proceeds
(xviii) Principal Investment Funding Shortfall
(xix) Available Funds 5,680,629.62 322,761.32 451,882.96
(xx) Certificate Rate 7.0900% 7.2700% 6.1836%
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CHEMICAL BANK - RETAIL CARD SERVICES GROUP MONTHLY REPORT
Certificateholders' Statement Chemical Master Credit Card Trust I
Series 1996-3
Section 5.2 - Supplement Total
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<S> <C>
(i) Monthly Principal Distributed 0.00
(ii) Monthly Interest Distributed 3,939,875.15
Deficiency Amounts 0.00
Additional Interest 0.00
Accrued and Unpaid Interest 0.00
(iii) Collections of Principal Receivables 42,002,973.15
(iv) Collections of Finance Charge Receivables 6,827,196.86
(v) Aggregate Amount of Principal Receivables 5,085,465,027.17
Investor Interest 468,163,440.86
Adjusted Interest 468,163,440.86
Series
Floating Investor Percentage 9.21% 100.00%
Fixed Investor Percentage 9.21% 100.00%
(vi) Receivables Delinquent (As % of Total Receivables)
Current 94.87%
30 to 59 days 1.73%
60 to 89 days 1.14%
90 or more days 2.26%
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Total Receivables 100.00%
(vii) Investor Default Amount 2,679,300.76
(viii) Investor Charge-Offs 143,784.78
(ix) Reimbursed Investor Charge-Offs/Reductions
(x) Servicing Fee 377,131.66
(xi) Portfolio Yield (Net of Defaulted Receivables) 10.26%
(xii) Reallocated Monthly Principal 0.00
(xiii) Closing Investor Interest (Class A Adjusted) 468,019,656.08
(xiv) LIBOR 5.4336%
(xv) Principal Funding Account Balance 0.00
(xvi) Accumulation Shortfall 0.00
(xvii) Principal Funding Investment Proceeds 0.00
(xviii) Principal Investment Funding Shortfall
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(xix) Available Funds 6,455,273.91
(xx) Certificate Rate
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