<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: April 8, 1997
CHASE CREDIT CARD MASTER TRUST
(formerly known as "Chemical Master Credit Card Trust I"),
Series 1996-4 and Series 1997-1
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(Issuer of Securities)
CHASE MANHATTAN BANK USA, NATIONAL ASSOCIATION
(formerly known as "The Chase Manhattan Bank (USA)")
(Sponsor of the Trust)
(Exact name of registrant as specified in its charter)
United States 33-40006 22-2382028
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(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
802 Delaware Avenue, Wilmington, Delaware 19801
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (302) 575-5050
<PAGE>
Item 5. Other Events.
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On or about January 15, 1997 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 Chase Credit Card Master
Trust ("CHAMT") (formerly known as "Chemical Master Credit Card Trust I") for
Series 1996-4 in accordance with the Agreement. A copy of the applicable
Monthly Report for the month ended December 31, 1996, as defined in the
Agreement, has been furnished to Certificateholders in accordance with the
Agreement. A copy of the Monthly Report is being filed as Exhibit 20.1 to this
Current Report on Form 8-K.
On or about February 18, 1997 Monthly Interest was distributed to
Certificateholders of CHAMT, Series 1996-4, in accordance with the Agreement.
A copy of the applicable Monthly Report for the month ended January 31, 1997,
as defined in the Agreement, has been furnished to Certificateholders in
accordance with the Agreement. A copy of the Monthly Report is being filed
as Exhibit 20.2 to this Current Report on Form 8-K.
Portfolio yield for CHAMT for the January 1997 reporting period reflects
lower finance charge collections and interchange as a percentage of the
outstanding portfolio balance relative to December 1996. As compared to the
December monthly period, the reduction in yield is accentuated by (a) the fact
that the December yield is relatively high as a result of a seasonal increase
in interchange in December; (b) the previously reported inclusion in December
of one day of collections which was not posted in the November monthly period;
and (c) relatively strong portfolio growth in December resulting in a
relatively high month-end portfolio balance against which finance charge
collections are measured. Excess spread for all outstanding series of
CHAMT remains positive in January 1997.
On or about March 17, 1997 Monthly Interest was distributed to
Certificateholders of CHAMT for Series 1996-4 and Series 1997-1 in accordance
with the Agreement. Copies of the applicable Monthly Reports for the month
ended February 28, 1997, as defined in the Agreement, have been furnished to
Certificateholders in accordance with the Agreement. Copies of the Monthly
Reports are being filed as exhibits to this Current Report on Form 8-K.
The following table outlines the number of collection days expected to
fall in each monthly reporting period of the CHAMT for 1997. Portfolio yield
for CHAMT may vary from month to month due to, among other factors, the
number of collection days included in the monthly reporting period.
<PAGE>
Chase Credit Card
Actual Day Counts
Nov. 1996 23
Dec. 1996 26
Jan. 1997 25
1997 - Expected Collection Day Counts
Feb. 1997 23
Mar. 1997 26
Apr. 1997 26
May 1997 25
June 1997 26
July 1997 26
Aug. 1997 26
Sep. 1997 25
Oct. 1997 26
Nov. 1997 23
Dec. 1997 26
Item 7(c). Exhibits
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Exhibit No. Description
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20.1 Monthly Reports with respect to the
January 15, 1997 distribution
20.2 Monthly Reports with respect to the
February 18, 1997 distribution
20.3 Monthly Reports with respect to the
March 17, 1997 distribution
<PAGE>
SIGNATURES
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Pursuant to the requirements of the Securities and Exchange Act of
1934, the registrant has caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
THE CHASE MANHATTAN BANK
As Servicer
By: /s/Frank A. DeGenova
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Name: Frank A. DeGenova
Title: Vice President
Dated: April 8, 1997
<PAGE>
INDEX TO EXHIBITS
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Exhibit Nos. Description
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20.1 Monthly Reports with respect to the
January 15, 1997 distribution
20.2 Monthly Reports with respect to the
February 18, 1997 distribution
20.3 Monthly Reports with respect to the
March 17, 1997 distribution
<TABLE>
<CAPTION>
Exhibit 20.1
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Chase Bank - Retail Card Services Group Monthly Report
Certificateholders' Statement Chase Credit Card Master Trust
Series 1996-4
Section 5.2 - Supplement Class A Class B Collateral Total
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<S> <C> <C> <C> <C> <C>
(i) Monthly Principal Distributed 0.00 0.00 0.00 0.00
(ii) Monthly Interest Distributed 6,691,381.67 579,000.72 778,812.21 8,049,194.60
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 146,898,036.30 12,241,433.07 15,739,145.27 174,878,614.64
(iv) Collections of Finance Charge Receivables 22,946,930.93 1,912,233.32 2,458,610.67 27,317,774.92
(v) Aggregate Amount of Principal Receivables 13,393,181,085.09
Investor Interest 1,400,000,000.00 116,666,000.00 150,000,666.67 1,666,666,666.67
Adjusted Interest 1,400,000,000.00 116,666,000.00 150,000,666.67 1,666,666,666.67
Series
Floating Investor Percentage 12.44% 84.00% 7.00% 9.00% 100.00%
Fixed Investor Percentage 12.44% 84.00% 7.00% 9.00% 100.00%
(vi) Receivables Delinquent (As % of Total Receivables)
Current 94.68%
30 to 59 days 1.73%
60 to 89 days 1.21%
90 or more days 2.38%
Total Receivables 100.00%
(vii) Investor Default Amount 8,475,580.50 706,294.34 908,101.96 10,089,976.78
(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 1,166,666.67 97,221.67 125,000.56 1,388,888.89
(xi) Portfolio Yield (Net of Defaulted Receivables) 12.40%
(xii) Reallocated Monthly Principal 0.00 0.00 0.00
(xiii) Closing Investor Interest (Class A Adjusted) 1,400,000,000.00 116,666,000.00 150,000,666.67 1,666,666,666.67
(xiv) LIBOR 5.6055%
(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 21,780,264.26 1,815,011.65 2,333,610.11 25,928,886.03
(xx) Certificate Rate 5.7355% 5.9555% 6.2305%
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</TABLE>
<TABLE>
<CAPTION>
Exhibit 20.2
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Chase Bank - Retail Card Services Group Monthly Report
Certificateholders' Statement Chase Credit Card Master Trust
Series 1996-4
Section 5.2 - Supplement Class A Class B Collateral Total
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<S> <C> <C> <C> <C> <C>
(i) Monthly Principal Distributed 0.00 0.00 0.00 0.00
(ii) Monthly Interest Distributed 7,423,458.00 642,858.57 865,499.35 8,931,815.91
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 143,207,889.59 11,933,922.61 15,343,770.65 170,485,582.85
(iv) Collections of Finance Charge Receivables 19,342,968.03 1,611,904.79 2,072,470.07 23,027,342.89
(v) Aggregate Amount of Principal Receivables 13,827,748,174.45
Investor Interest 1,400,000,000.00 116,666,000.00 150,000,666.67 1,666,666,666.67
Adjusted Interest 1,400,000,000.00 116,666,000.00 150,000,666.67 1,666,666,666.67
Series
Floating Investor Percentage 12.05% 84.00% 7.00% 9.00% 100.00%
Fixed Investor Percentage 12.05% 84.00% 7.00% 9.00% 100.00%
(vi) Receivables Delinquent (As % of Total Receivables)
Current 94.62%
30 to 59 days 1.71%
60 to 89 days 1.19%
90 or more days 2.48%
Total Receivables 100.00%
(vii) Investor Default Amount 8,238,012.88 686,497.15 882,648.16 9,807,158.19
(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 1,166,666.67 97,221.67 125,000.56 1,388,888.89
(xi) Portfolio Yield (Net of Defaulted Receivables) 9.52%
(xii) Reallocated Monthly Principal 0.00 0.00 0.00
(xiii) Closing Investor Interest (Class A Adjusted) 1,400,000,000.00 116,666,000.00 150,000,666.67 1,666,666,666.67
(xiv) LIBOR 5.4844%
(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 18,277,863.33 1,523,146.57 1,958,351.20 21,759,361.10
(xx) Certificate Rate 5.6144% 5.8344% 6.1094%
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</TABLE>
<TABLE>
<CAPTION>
Exhibit 20.3
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Chase Bank - Retail Card Services Group Monthly Report
Certificateholders' Statement Chase Credit Card Master Trust
Series 1996-4
Section 5.2 - Supplement Class A Class B Collateral Total
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<S> <C> <C> <C> <C> <C>
(i) Monthly Principal Distributed 0.00 0.00 0.00 0.00
(ii) Monthly Interest Distributed 5,833,569.00 505,377.86 680,715.78 7,019,662.64
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 135,771,489.98 11,314,226.18 14,547,010.01 161,632,726.17
(iv) Collections of Finance Charge Receivables 18,730,939.24 1,560,902.68 2,006,895.27 22,298,737.19
(v) Aggregate Amount of Principal Receivables 13,617,068,532.55
Investor Interest 1,400,000,000.00 116,666,000.00 150,000,666.67 1,666,666,666.67
Adjusted Interest 1,400,000,000.00 116,666,000.00 150,000,666.67 1,666,666,666.67
Series
Floating Investor Percentage 12.24% 84.00% 7.00% 9.00% 100.00%
Fixed Investor Percentage 12.24% 84.00% 7.00% 9.00% 100.00%
(vi) Receivables Delinquent (As % of Total Receivables)
Current 94.65%
30 to 59 days 1.66%
60 to 89 days 1.17%
90 or more days 2.52%
Total Receivables 100.00%
(vii) Investor Default Amount 8,293,839.40 691,149.33 888,629.60 9,873,618.34
(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 1,166,666.67 97,221.67 125,000.56 1,388,888.89
(xi) Portfolio Yield (Net of Defaulted Receivables) 8.95%
(xii) Reallocated Monthly Principal 0.00 0.00 0.00
(xiii) Closing Investor Interest (Class A Adjusted) 1,400,000,000.00 116,666,000.00 150,000,666.67 1,666,666,666.67
(xiv) LIBOR 5.4258%
(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 17,761,317.72 1,480,101.35 1,903,006.78 21,144,425.86
(xx) Certificate Rate 5.5558% 5.7758% 6.0508%
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</TABLE>
<TABLE>
<CAPTION>
Chase Bank - Retail Card Services Group Monthly Report
Certificateholders' Statement Chase Master Credit Card Trust I
Series 1997-1
Section 5.2 - Supplement Class A Class B Collateral Total
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<S> <C> <C> <C> <C> <C>
(i) Monthly Principal Distributed 0.00 0.00 0.00 0.00
(ii) Monthly Interest Distributed 3,666,104.17 316,688.13 433,048.05 4,415,840.35
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 24,902,413.23 2,075,193.88 2,668,122.92 29,645,730.03
(iv) Collections of Finance Charge Receivables 3,583,003.13 298,582.56 383,894.23 4,265,479.92
(v) Aggregate Amount of Principal Receivables 13,617,068,532.55
Investor Interest 1,150,000,000.00 95,833,000.00 123,214,619.00 1,369,047,619.00
Adjusted Interest 1,150,000,000.00 95,833,000.00 123,214,619.00 1,369,047,619.00
Series
Floating Investor Percentage 10.05% 84.00% 7.00% 9.00% 100.00%
Fixed Investor Percentage 10.05% 84.00% 7.00% 9.00% 100.00%
(vi) Receivables Delinquent (As % of Total Receivables)
Current 94.65%
30 to 59 days 1.66%
60 to 89 days 1.17%
90 or more days 2.52%
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Total Receivables 100.00%
(vii) Investor Default Amount 1,191,062.42 99,254.86 127,614.17 1,417,931.44
(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 159,722.22 13,310.14 17,113.14 190,145.50
(xi) Portfolio Yield (Net of Defaulted Receivables) 8.95%
(xii) Reallocated Monthly Principal 0.00 0.00 0.00
(xiii) Closing Investor Interest (Class A Adjusted) 1,150,000,000.00 95,833,000.00 123,214,619.00 1,369,047,619.00
(xiv) LIBOR 5.3750%
(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 3,423,280.91 285,272.42 366,781.09 4,075,334.41
(xx) Certificate Rate 5.4650% 6.6650% 6.0250%
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</TABLE>
