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Previous: HEARTPORT INC, 424B3, 1998-10-30 |
Next: WM STRATEGIC ASSET MANAGEMENT PORTFOLIOS, 485BPOS, 1998-10-30 |
<PAGE>
UNITED STATES
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): OCTOBER 30, 1998
-----------------
FIRST BANK CORPORATE CARD MASTER TRUST
--------------------------------------
(Exact name of registrant as specified in its charter)
UNITED STATES 000-22781 41-1881896
------------- --------- ----------
(State or other jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
4325 17TH AVENUE S.W. FARGO, NORTH DAKOTA 58103
--------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: 701-461-3468
------------
(NOT APPLICABLE)
----------------
(Former name or former address, if changed since last report)
<PAGE>
Item 5. OTHER EVENTS
Pursuant to the Pooling and Servicing Agreement, dated as of February
1, 1997 (the "Agreement"), among U.S. Bank National Association ND,
as Transferor, U.S. Bank Card Services, Inc., as Servicer, and
Citibank, N.A., as Trustee on behalf of the Certificateholders of the
First Bank Corporate Card Master Trust, as supplemented by the Series
1997-1 Supplement thereto, dated as of February 27, 1997, the
Servicer has prepared and delivered to the Trustee the monthly
servicer's certificate with respect to the Interest Payment Date of
October 15, 1998, which monthly servicer's certificate is attached
hereto as Exhibit 99.
Item 7. FINANCIAL STATEMENTS AND EXHIBITS
(c.) Exhibits (filed herewith)
Exhibit 99 Monthly Servicer's Certificate dated October 13, 1998.
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.
FIRST BANK CORPORATE CARD MASTER TRUST
By U.S. BANK NATIONAL ASSOCIATION ND, as
Originator
By /s/ David P. Grandstrand
------------------------------------
David P. Grandstrand
Senior Vice President & Treasurer
DATE: October 30, 1998
<PAGE>
FORM OF SERIES 1997-1 CERTIFICATEHOLDERS' STATEMENT
U.S. BANK NATIONAL ASSOCIATION ND
____________________________________________________
FIRST BANK CORPORATE CARD MASTER TRUST
____________________________________________________
The information which is required to be prepared with respect to the
Distribution Date of October 15, 1998 and with respect to the performance
of the Trust during the related Collection Period(s).
Capitalized terms used in this Statement have their respective meanings
set forth in the Pooling and Servicing Agreement.
A. INFORMATION REGARDING THE CURRENT DISTRIBUTION (STATED ON THE BASIS OF
$1,000 ORIGINAL CERTIFICATE PRINCIPAL BALANCE)
<TABLE>
<S> <C>
1. Class A Monthly Principal $ -
------------------
2. Class B Monthly Principal $ -
------------------
3. Collateral Monthly Principal $ -
------------------
4. Class A Monthly Interest $ -
------------------
5. Class A Deficiency Amounts $ -
------------------
6. Class A Additional Interest $ -
------------------
7. Class B Monthly Interest $ -
------------------
8. Class B Deficiency Amounts $ -
------------------
9. Class B Additional Interest $ -
------------------
10. Collateral Monthly Interest $ 4.95
------------------
11. Accrued and unpaid Collateral Monthly Interest $ -
------------------
B. INFORMATION REGARDING THE PERFORMANCE OF THE TRUST
1. Principal Collections
(a) Principal Collections allocated to the Class A Certificates $346,495,252.52
------------------
(b) Principal Collections allocated to the Class B Certificates $ 5,529,179.56
------------------
(c) Principal Collections allocated to the Collateral Investor Interest $ 16,587,538.68
------------------
2. Trust Principal Component
(a) Trust Principal Component as of the end of the related Collection Period(s) $521,624,900.71
------------------
(b) Series 1997-1 Invested Amount as of the end of the related Transfer Date(s) $420,000,000.00
------------------
(c) Series 1997-1 Adjusted Invested Amount as of the end of the related Transfer Date(s) $420,000,000.00
------------------
</TABLE>
<PAGE>
<TABLE>
<S> <C>
(d) Class A Invested Amount as of the end of the related Transfer Date(s) $394,800,000.00
------------------
(e) Class A Adjusted Invested Amount as of the end of the related Transfer Date(s) $394,800,000.00
------------------
(f) Class B Invested Amount as of the end of the related Transfer Date(s) $ 6,300,000.00
------------------
(g) Collateral Invested Amount as of the end of the related Transfer Date(s) $ 18,900,000.00
------------------
(h) Floating Allocation Percentage with respect to the related Collection Period(s) 80.39%
------------------
(i) Class A Floating Percentage with respect to the related Collection Period(s) 75.57%
------------------
(j) Class B Floating Percentage with respect to the related Collection Period(s) 1.21%
------------------
(k) Collateral Floating Percentage with respect to the related Collection Period(s) 3.62%
------------------
(l) Fixed Allocation Percentage with respect to the related Collection Period(s) N/A
------------------
(m) Class A Fixed Percentage with respect to the related Collection Period(s) N/A
------------------
(n) Class B Fixed Percentage with respect to the related Collection Period(s) N/A
------------------
(o) Collateral Fixed Percentage with respect to the related Collection Period(s) N/A
3. Delinquent Balances
The aggregate amount of outstanding balances in the Accounts which were
delinquent as of the end of the day on the last day of the related
Collection Period(s):
</TABLE>
<TABLE>
<CAPTION>
Aggregate Account
Balance
------------------
<S> <C>
(a) 30-59 days: $ 3,035,273.24
(b) 60-89 days: $ 731,211.22
(c) 90-119 days: $ 802,702.20
(d) 120-149 days: $ -
Total: $ 4,569,186.66
Percentage of
Total Receivables
------------------
<S> <C>
(a) 30-59 days: 0.57%
(b) 60-89 days: 0.14%
(c) 90-119 days: 0.15%
(d) 120-149 days: 0.00%
Total: 0.86%
</TABLE>
4. Investor Default
<TABLE>
<S> <C>
(a) Investor Default Amount for the related Collection Period(s) $ 140,021.43
------------------
(b) Class A Investor Default Amount for the related Collection Period(s) $ 131,620.14
------------------
(c) Class B Investor Default Amount for the related Collection Period(s) $ 2,100.32
------------------
(d) Collateral Investor Default Amount for the related Collection Period(s) $ 6,300.96
------------------
5. Investor Charge-Offs
(a) Aggregate Class A Investor Charge-Offs for the related Collection Period(s) $ -
------------------
</TABLE>
<PAGE>
<TABLE>
<S> <C>
(b) Class A Charge-Offs per $1,000 of original Certificate
Principal Balance $ -
------------------
(c) Aggregate Class B Investor Charge-Offs for the related Collection Period(s) $ -
------------------
(d) Class B Charge-Offs per $1,000 of original Certificate
Principal Balance $ -
------------------
(e) Aggregate Collateral Investor Charge-Offs for the related Collection Period(s) $ -
------------------
(f) Collateral Charge-Offs per $1,000 of original Certificate
Principal Balance $ -
------------------
(g) Aggregate Class A Investor Charge-Offs reimbursed on the related
Transfer Date(s) $ -
------------------
(h) Class A Investor Charge-Offs reimbursed per $1,000 of original Certificate
Principal Balance $ -
------------------
(i) Aggregate Class B Investor Charge-Offs reimbursed on the related
Transfer Date(s) $ -
------------------
(j) Class B Investor Charge-Offs reimbursed per $1,000 of original Certificate
Principal Balance $ -
------------------
(k) Aggregate Collateral Investor Charge-Offs reimbursed on the related
Transfer Date(s) $ -
------------------
(l) Collateral Investor Charge-Offs reimbursed per $1,000 of original Certificate
Principal Balance $ -
------------------
6. Monthly Investor Servicing Fee
(a) Class A Servicing Fee payable for the related Collection Period(s) $ 329,000.00
------------------
(b) Class B Servicing Fee payable for the related Collection Period(s) $ 5,250.00
------------------
(c) Collateral Servicing Fee payable for the related Collection Period(s) $ 15,750.00
------------------
7. Reallocations
(a) Reallocated Collateral Principal Collections with respect to
the related Collection Period(s) $ -
------------------
(b) Reallocated Class B Principal Collections with respect to
the related Collection Period(s) $ -
------------------
(c) Collateral Invested Amount as of this Distribution Date $ 18,900,000.00
------------------
(d) Class B Invested Amount as of this Distribution Date $ 6,300,000.00
------------------
8. Yield Collections and Net Interchange
(a) Aggregate Yield Collections (including Net Interchange)
processed during the related Collection Period allocated
in respect of the Class A Investor Certificate $ 13,580,102.75
------------------
(b) Aggregate Yield Collections (including Net Interchange)
</TABLE>
<PAGE>
<TABLE>
<S> <C>
processed during the related Collection Period allocated
in respect of the Class B Investor Certificate $ 216,703.77
------------------
(c) Aggregate Yield Collections (including Net Interchange)
processed during the related Collection Period allocated
in respect of the Collateral Investor Certificate $ 650,111.30
------------------
9. Principal Funding Amount
(a) Principal amount in Principal Funding Account on the
related Transfer Date $ -
------------------
(b) Deficit Controlled Accumulation Amount with respect
to the related Collection Period(s) $ -
------------------
(c) Principal Funding Investment Proceeds deposited in the
Collection Account on the related Transfer Date(s) $ -
------------------
(d) Reserve Draw Amount deposited in the Collection Account
on the related Transfer Date(s) from the Reserve Account $ -
------------------
10. Reserve Draw Amount on the related Transfer Date(s) $ -
------------------
11. Overconcentration Draw Amount on the related Transfer Date(s) $ -
------------------
12. Available Funds
(a) Class A Available Funds on deposit in the Collection Account on the related $ 13,315,607.97
Transfer Date(s) ------------------
(a) Class B Available Funds on deposit in the Collection Account on the related $ 212,483.11
Transfer Date(s) ------------------
(a) Collateral Available Funds on deposit in the Collection Account on the related $ 637,449.32
Transfer Date(s) ------------------
13. Portfolio Yield and Base Rate
(a) Portfolio Yield for the related Collection Period 21.09%
------------------
(b) Base Rate for the related Collection Period 7.38%
------------------
14. Monthly Payment Rate 87.76%
------------------
15. Principal Payment Rate 87.76%
------------------
16. Gross Losses as a Percentage of Charge Volume & Fees 0.37%
------------------
17. Minimum Transferor's Percentage 14.00%
------------------
U.S. Bank Card Services, Inc.
Servicer
By:\s\Charles W. Devens
-------------------------
Name: Charles W. Devens
Title: Assistant Vice President
</TABLE>
<PAGE>
SCHEDULE TO MONTHLY SERVICER'S CERTIFICATE
COLLECTION PERIOD ENDING SEPTEMBER 30, 1998
U.S. BANK NATIONAL ASSOCIATION ND
FIRST BANK CORPORATE CARD MASTER TRUST SERIES 1997-1
<TABLE>
<S> <C>
1. Investor Percentage of Principal Collections $368,611,970.77
----------------------
2. Investor Percentage of Yield Collections (ex. Net Interchange) $ 7,522,693.28
----------------------
3. Investor Percentage of Net Interchange $ 6,924,224.54
----------------------
4. Servicer Interchange $ 350,000.00
----------------------
5. The aggregate amount of funds on deposit in Collection Account allocable to Series
1997-1 Certificates $476,479,625.92
----------------------
6. Funds in Principal Funding Account allocable to Series 1997-1 Certificates $ -
----------------------
7. Aggregate amount paid in accordance with the Loan Agreement pursuant to Section 4.11 $ 93,552.48
----------------------
8. Required Collateral Invested Amount over the Collateral Invested Amount $ -
----------------------
9. Collateral Invested Amount $ 18,900,000.00
----------------------
10. The amount of Monthly Interest, Deficiency Amounts and Additional
Interest payable to the
(i) Class A Certificateholders $ -
----------------------
(ii) Class B Certificateholders $ -
----------------------
(iii) Collateral Interest Holder $ 93,552.48
----------------------
11. The amount of principal payable to the
(i) Class A Certificateholders $ -
----------------------
(ii) Class B Certificateholders $ -
----------------------
(iii) Collateral Interest Holder $ -
----------------------
12. The sum of all amounts payable to the
(i) Class A Certificateholders $ -
----------------------
(ii) Class B Certificateholders $ -
----------------------
(iii) Collateral Interest Holder $ 93,552.48
----------------------
13. To the knowledge of the undersigned, no Early Amortization Event has occurred except
as described below:
</TABLE>
None
In witness whereof, the undersigned has duly executed this certificate
this 13th day of October, 1998.
U.S. Bank Card Services, Inc.
Servicer
By:\s\Charles W. Devens
-------------------------------
Name: Charles W. Devens
Title: Assistant Vice President
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