<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 (Date of earliest event reported) May 15, 1998
First Union Direct Bank, N.A.
(Successor to the First Union National Bank of Georgia as Originator
of the First Union Master Credit Card Trust)
------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
on behalf of
First Union Master Credit Card Trust
<TABLE>
<S> <C> <C>
United States 33-98546 56-2017017
- ---------------------------------------------- ------------------------- ----------------------
(State or Other Jurisdiction of Incorporation) (Commission File Number) (IRS Employer
Identification Number)
</TABLE>
600 Broad Street
Augusta, Georgia 30903
- --------------------------------------- -----------
(Address of Principal Executive Office) (Zip Code)
Registrant's telephone number, including area code (706) 823-2580
N/A
-------------------------------------------------------------
(Former Name or Former Address, if Changed Since Last Report)
<PAGE> 2
INFORMATION TO BE INCLUDED IN THE REPORT
Item 1. Not Applicable.
Item 2. Not Applicable.
Item 3. Not Applicable.
Item 4. Not Applicable.
Item 5. The First Union Master Credit Card Trust, Series 1996-1
Certificateholders' Statement for the period of April 1998 was
delivered to Certificateholders on May 15, 1998. The First Union
Master Credit Card Trust, Series 1996-2 Certificateholders'
Statement for the period of April 1998 was delivered to
Certificateholders on May 20, 1998.
Item 6. Not Applicable.
Item 7. Exhibits.
The following are filed as Exhibits to this Report under Exhibits 20.1, 20.2 and
20.3.
Exhibit 20.1 First Union Master Credit Card Trust, Series
1996-1 Certificateholders' Statement for the May
15, 1998 Distribution Date.
Exhibit 20.2 First Union Master Credit Card Trust, Series
1996-2 Certificateholders' Statement for the May
20, 1998 Distribution Date.
Exhibit 20.3 Trust and Public Series Summary for the First
Union Master Credit Card Trust as of April 1998.
Item 8. Not Applicable.
Item 9. Not Applicable.
2
<PAGE> 3
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the registrant has duly caused this report to be signed on their behalf
by the undersigned hereunto duly authorized.
FIRST UNION DIRECT BANK, N.A.,
on behalf of the First Union
Master Credit Card Trust
By: /s/ James H. Gilbraith II
--------------------------------
Name: James H. Gilbraith II
Title: Vice President and
Managing Director
3
<PAGE> 4
EXHIBIT INDEX
Exhibit Description
Exhibit 20.1 First Union Master Credit Card Trust, Series 1996-1
Certificateholders' Statement for the May 15, 1998
Distribution Date.
Exhibit 20.2 First Union Master Credit Card Trust, Series 1996-2
Certificateholders' Statement for the May 20, 1998
Distribution Date.
Exhibit 20.3 Trust and Public Series Summary for the First Union Master
Credit Card Trust as of April 1998.
4
<PAGE> 1
EXHIBIT 20.1
EXHIBIT C
FORM OF MONTHLY SERIES 1996-1 CERTIFICATEHOLDERS' STATEMENT
Series 1996-1
FIRST UNION DIRECT BANK, N.A.
----------------------------------
FIRST UNION MASTER CREDIT CARD TRUST
------------------------------------
The information which is required to be prepared with respect to the
Distribution Date of May 15, 1998 and with respect to the performance of the
Trust during the related Monthly Period.
Capitalized terms used in this Statement have their respective meanings
set forth in the Pooling and Servicing Agreement.
A. Information Regarding the Current Monthly Distribution (Stated on the
basis of $1,000 Original Certificate Principal Amount)
<TABLE>
<S> <C> <C>
1 The amount of the current monthly distribution in respect of
Class A Monthly Principal........................................ 0.00
-----------------
2 The amount of the current monthly distribution in respect of
Class B Monthly Principal........................................ 0.00
-----------------
3 The amount of the current monthly distribution in respect of
Collateral Monthly Principal..................................... 0.00
-----------------
4 The amount of the current monthly distribution in respect of
Class A Monthly Interest......................................... 4,466,791.67
-----------------
5 The amount of the current monthly distribution in respect of
Class A Deficiency Amounts....................................... 0.00
-----------------
6 The amount of the current monthly distribution in respect of
Class A Additional Interest...................................... 0.00
-----------------
7 The amount of the current monthly distribution in respect of
Class B Monthly Interest......................................... 372,993.40
-----------------
8 The amount of the current monthly distribution in respect of
Class B Deficiency Amounts....................................... 0.00
-----------------
9 The amount of the current monthly distribution in respect of
Class B Additional Interest...................................... 0.00
-----------------
</TABLE>
1
<PAGE> 2
<TABLE>
<S> <C>
10 The amount of the current monthly distribution in respect of
Collateral Monthly Interest...................................... 614,581.78
-----------------
11 The amount of the current monthly distribution in respect of any
accrued and unpaid Collateral Monthly Interest................... 0.00
-----------------
B. Information Regarding the Performance of the Trust
1 Collection of Principal Receivables
(a) The aggregate amount of Principal Collections processed
during the related Monthly Period which were allocated
in respect of the Class A Certificates................. 95,170,584.32
-----------------
(b) The aggregate amount of Principal Collections processed
during the related Monthly Period which were allocated
in respect of the Class B Certificates................. 7,786,712.38
-----------------
(c) The aggregate amount of Principal Collections processed
during the related Monthly Period which were allocated
in respect of the Collateral Interest.................. 12,401,018.96
-----------------
2 Principal Receivables in the Trust
(a) The aggregate amount of Principal Receivables in the
Trust as of the end of the day on the last day of the
related Monthly Period (ending Principal balance)...... 2,022,641,103.38
-----------------
(b) The amount of Principal Receivables in the Trust
represented by the Investor Interest of Series 1996-1
as of the end of the day on the last day of the related
Monthly Period......................................... 1,115,151,821.00
-----------------
(c) The amount of Principal Receivables in the Trust
represented by the Series 1996-1 Adjusted Investor
Interest as of the end of the day on the last day of
the related Monthly Period............................. 1,115,151,821.00
-----------------
(d) The amount of Principal Receivables in the Trust
represented by the Class A Investor Interest as of the
end of the day on the last day of the related Monthly
Period................................................. 920,000,000.00
-----------------
</TABLE>
2
<PAGE> 3
<TABLE>
<S> <C>
(e) The amount of Principal Receivables in the Trust
represented by the Class A Adjusted Investor Interest
as of the end of day on the last day of the related
Monthly Period......................................... 920,000,000.00
-----------------
(f) The amount of Principal Receivables in the Trust
represented by the Class B Investor Interest as of the
end of the day on the last day of the related Monthly
Period................................................. 75,273,000.00
-----------------
(g) The amount of Principal Receivables in the Trust
represented by the Collateral Interest as of the end of
the day on the last day of the related Monthly Period.. 119,878,821.00
-----------------
(h) The Floating Investor Percentage with respect to the
related Monthly Period................................. 55.62%
-----------------
(i) The Class A Floating Allocation with respect to the
related Monthly Period................................. 45.89%
-----------------
(j) The Class B Floating Allocation with respect to the
related Monthly Period................................. 3.75%
-----------------
(k) The Collateral Floating Allocation with respect to the
related Monthly Period................................. 5.98%
-----------------
(l) The Fixed Investor Percentage with respect to the
related Monthly Period................................. N/A
-----------------
(m) The Class A Fixed Allocation with respect to the
related Monthly Period................................. N/A
-----------------
(n) The Class B Fixed Allocation with respect to the
related Monthly Period................................. N/A
-----------------
(o) The Collateral Fixed Allocation with respect to N/A
the related Monthly Period -----------------
3 Rebate Accounts
</TABLE>
<TABLE>
<S> <C> <C>
The aggregate amount of Aggregate Percentage of
Receivables arising in Account Total Trust
Rebate Accounts with respect Balance Receivables
to the related Monthly Account ------- -----------
Receivables 57,841,144.02 2.75%
----------------------------------------------------
</TABLE>
3
<PAGE> 4
<TABLE>
<S> <C> <C> <C>
4 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 Monthly Period:
Aggregate Percentage of
Account Total
Balance Receivables
------- -----------
(a) 35 - 64 days:........................ 27,463,881.13 1.31%
--------------------------------------
(b) 65 - 94 days:........................ 16,788,913.96 0.80%
--------------------------------------
(c) 95 - 124 days:....................... 12,108,046.99 0.58%
--------------------------------------
(d) 125 - 154 days:....................... 10,701,418.74 0.51%
--------------------------------------
(e) 155 - or more days:............ 8,419,563.79 0.40%
--------------------------------------
Total 75,481,824.61 3.59%
--------------------------------------
5 Investor Default Amount
(a) The Aggregate Investor Default Amount for the related
Monthly Period......................................... 4,800,363.69
-----------------
(b) The Class A Investor Default Amount for the related
Monthly Period......................................... 3,960,298.96
-----------------
(c) The Class B Investor Default Amount for the related
Monthly Period......................................... 324,025.63
-----------------
(d) The Collateral Default Amount for the related Monthly
Period................................................. 516,039.10
-----------------
6 Investor Charge Offs
(a) The aggregate amount of Class A Investor Charge Offs
for the related Monthly Period......................... 0.00
-----------------
(b) The aggregate amount of Class A Investor Charge Offs
set forth in 5(a) above per $1,000 of original
certificate principal amount........................... 0.00
-----------------
(c) The aggregate amount of Class B Investor Charge Offs
for the related Monthly Period......................... 0.00
-----------------
(d) The aggregate amount of Class B Investor Charge Offs
set forth in 5(c) above per $1,000 of original
certificate principal amount........................... 0.00
-----------------
(e) The aggregate amount of Collateral Charge Offs for the
related Monthly Period................................. 0.00
-----------------
</TABLE>
4
<PAGE> 5
<TABLE>
<S> <C> <C>
(f) The aggregate amount of Collateral Charge Offs set
forth in 5(e) above per $1,000 of original certificate
principal amount....................................... 0.00
------------------
(g) The aggregate amount of Class A Investor Charge Offs
reimbursed on the Transfer Date immediately preceding
this Distribution Date................................. 0.00
------------------
(h) The aggregate amount of Class A Investor Charge Offs
set forth in 5(g) above per $1,000 original certificate
principal amount reimbursed on the Transfer Date
immediately preceding this Distribution Date........... 0.00
------------------
(i) The aggregate amount of Class B Investor Charge Offs
reimbursed on the Transfer Date immediately preceding
this Distribution Date................................. 0.00
------------------
(j) The aggregate amount of Class B Investor Charge Offs
set forth in 5(i) above per $1,000 original certificate
principal amount reimbursed on the Transfer Date
immediately preceding this Distribution Date. 0.00
------------------
(k) The aggregate amount of Collateral Charge Offs
reimbursed on the Transfer Date immediately preceding
this Distribution Date. 0.00
------------------
(l) The aggregate amount of Collateral Charge Offs set
forth in 5(k) above per $1,000 original certificate
principal amount reimbursed on the Transfer Date
immediately preceding this Distribution Date. 0.00
------------------
7 Investor Servicing Fee
(a) The amount of the Class A Servicing Fee payable by the
Trust to the Servicer for the related Monthly Period... 958,333.33
------------------
(b) The amount of the Class B Servicing Fee payable by the
Trust to the Servicer for the related Monthly Period... 78,409.38
------------------
(c) The amount of the Collateral Servicing Fee payable by
the Trust to the Servicer for the related Monthly
Period................................................. 124,873.77
------------------
</TABLE>
5
<PAGE> 6
<TABLE>
<S> <C> <C> <C>
(d) the amount of Servicer Interchange payable by the Trust
to the Servicer for the related Monthly Period......... 696,969.89
------------------
8 Reallocations
(a) The amount of Reallocated Collateral Principal
Collections with respect to this Distribution Date..... 0.00
------------------
(b) The amount of Reallocated Class B Principal Collections
with respect to this Distribution Date................. 0.00
------------------
(c) The Collateral Interest as of the close of business on
this Distribution Date................................. 119,878,821.00
------------------
(d) The Class B Investor Interest as of the close of
business on this Distribution Date..................... 75,273,000.00
------------------
9 Collection of Finance Charge Receivables
(a) The aggregate amount of Collections of Finance Charge
Receivables processed during the related Monthly Period
which were allocated in respect of the Class A
Certificates 16,980,438.93
------------------
(b) The aggregate amount of Collections of Finance Charge
Receivables processed during the related Monthly Period
which were allocated in respect of the Class B
Certificates 1,389,313.67
------------------
(c) The aggregate amount of Collections of Finance Charge
Receivable processed during the related Monthly Period
which were allocated in respect of the Collateral
Interest. 2,212,603.26
------------------
10 Principal Funding Account
(a) The principal amount on deposit in the Principal
Funding Account on the related Transfer Date........... 0.00
------------------
(b) The Accumulation Shortfall with respect to the related
Monthly Period......................................... 0.00
------------------
(c) The Principal Funding Investment Proceeds deposited in
the Finance Charge Account on the related Transfer
Date................................................... 0.00
------------------
</TABLE>
6
<PAGE> 7
<TABLE>
<S> <C> <C> <C>
(d) The amount of all or the portion of the Reserve Draw
Amount deposited in the Finance Charge Account on the
related Transfer date from the Reserve Account......... 0.00
------------------
0.00
------------------
11 Reserve Draw Amount
12 Available Funds
(a) The amount of Class A Available Funds on deposit in the
Finance Charge Account on the related Transfer Date.... 16,980,438.93
------------------
(b) The amount of Class B Available Funds on deposit in the
Finance charge Account on the related Transfer Date.... 1,389,313.67
------------------
(c) The amount of Collateral Available Funds on deposit in
the Finance Charge Account on the related Transfer
Date................................................... 2,212,603.26
------------------
13 Portfolio Yield
(a) The Portfolio Yield for the related Monthly Period..... 17.73%
------------------
(b) The Portfolio Adjusted Yield for the related Monthly
Period................................................. 9.25%
------------------
C. Floating Rate Determinations
1 LIBOR for the Interest Period ending on this Distribution
Date............................................................. 5.65625%
------------------
2 Number of days in this interest period........................... 30
------------------
3 Interest Factor.................................................. 0.58694%
------------------
D. CUSIP Numbers
1 Class A.......................................................... 337365AA8
------------------
2 Class B.......................................................... 337365AB6
------------------
</TABLE>
7
<PAGE> 8
FIRST UNION DIRECT BANK, N.A.
SERVICER
By: /s/JAMES H. GILBRAITH II
--------------------------
James H. Gilbraith II
Vice President and Managing Director
First Union Direct Bank, N.A.
8
<PAGE> 1
EXHIBIT 20.2
EXHIBIT C
FORM OF MONTHLY SERIES 1996-2 CERTIFICATEHOLDERS' STATEMENT
Series 1996-2
FIRST UNION DIRECT BANK, N.A.
------------------------------------
FIRST UNION MASTER CREDIT CARD TRUST
------------------------------------
The information which is required to be prepared with respect to the
Distribution Date of May 20, 1998 and with respect to the performance of the
Trust during the related Monthly Period.
Capitalized terms used in this Statement have their respective meanings
set forth in the Pooling and Servicing Agreement.
A. Information Regarding the Current Monthly Distribution (Stated on the
basis of $1,000 Original Certificate Principal Amount)
<TABLE>
<S> <C> <C>
1 The amount of the current monthly distribution in respect of
Class A Monthly Principal........................................ 0.00
-----------------
2 The amount of the current monthly distribution in respect of
Class B Monthly Principal........................................ 0.00
-----------------
3 The amount of the current monthly distribution in respect of
Collateral Monthly Principal..................................... 0.00
-----------------
4 The amount of the current monthly distribution in respect of
Class A Monthly Interest......................................... 1,441,562.50
-----------------
5 The amount of the current monthly distribution in respect of
Class A Deficiency Amounts....................................... 0.00
-----------------
6 The amount of the current monthly distribution in respect of
Class A Additional Interest...................................... 0.00
-----------------
7 The amount of the current monthly distribution in respect of
Class B Monthly Interest......................................... 120,607.79
-----------------
8 The amount of the current monthly distribution in respect of
Class B Deficiency Amounts....................................... 0.00
-----------------
9 The amount of the current monthly distribution in respect of
Class B Additional Interest...................................... 0.00
-----------------
</TABLE>
1
<PAGE> 2
<TABLE>
<S> <C> <C>
10 The amount of the current monthly distribution in respect of
Collateral Monthly Interest...................................... 171,861.09
-----------------
11 The amount of the current monthly distribution in respect of any
accrued and unpaid Collateral Monthly Interest................... 0.00
-----------------
B. Information Regarding the Performance of the Trust
1 Collection of Principal Receivables
(a) The aggregate amount of Principal Collections processed
during the related Monthly Period which were allocated
in respect of the Class A Certificates................. 31,033,886.19
-----------------
(b) The aggregate amount of Principal Collections processed
during the related Monthly Period which were allocated
in respect of the Class B Certificates................. 2,539,192.57
-----------------
(c) The aggregate amount of Principal Collections processed
during the related Monthly Period which were allocated
in respect of the Collateral Interest.................. 4,043,816.23
-----------------
2 Principal Receivables in the Trust
(a) The aggregate amount of Principal Receivables in the
Trust as of the end of the day on the last day of the
related Monthly Period (ending Principal balance)...... 2,022,641,103.38
-----------------
(b) The amount of Principal Receivables in the Trust
represented by the Investor Interest of Series 1996-2
as of the end of the day on the last day of the related
Monthly Period......................................... 363,636,975.00
-----------------
(c) The amount of Principal Receivables in the Trust
represented by the Series 1996-2 Adjusted Investor
Interest as of the end of the day on the last day of
the related Monthly Period............................. 363,636,975.00
-----------------
(d) The amount of Principal Receivables in the Trust
represented by the Class A Investor Interest as of the
end of the day on the last day of the related Monthly
Period................................................. 300,000,000.00
-----------------
</TABLE>
2
<PAGE> 3
<TABLE>
<S> <C> <C>
(e) The amount of Principal Receivables in the Trust
represented by the Class A Adjusted Investor Interest
as of the end of day on the last day of the related
Monthly Period......................................... 300,000,000.00
-----------------
(f) The amount of Principal Receivables in the Trust
represented by the Class B Investor Interest as of the
end of the day on the last day of the related Monthly
Period................................................. 24,546,000.00
-----------------
(g) The amount of Principal Receivables in the Trust
represented by the Collateral Interest as of the end of
the day on the last day of the related Monthly
Period................................................. 39,090,975.00
-----------------
(h) The Floating Investor Percentage with respect to the
related Monthly Period................................. 18.14%
-----------------
(i) The Class A Floating Allocation with respect to the
related Monthly Period................................. 14.96%
-----------------
(j) The Class B Floating Allocation with respect to the
related Monthly Period................................. 1.22%
-----------------
(k) The Collateral Floating Allocation with respect to the
related Monthly Period................................. 1.95%
-----------------
(l) The Fixed Investor Percentage with respect to the
related Monthly Period................................. N/A
-----------------
(m) The Class A Fixed Allocation with respect to the
related Monthly Period................................. N/A
-----------------
(n) The Class B Fixed Allocation with respect to the
related Monthly Period................................. N/A
-----------------
(o) The Collateral Fixed Allocation with respect to
the related Monthly Period............................. N/A
-----------------
3 Rebate Accounts
The aggregate amount of Aggregate Percentage of
Receivables arising in Account Total Trust
Rebate Accounts with respect Balance Receivables
to the related Monthly Account ------- -----------
Receivables 57,841,144.02 2.75%
------------------------------------
</TABLE>
3
<PAGE> 4
<TABLE>
<S> <C>
4 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 Monthly Period:
Aggregate Percentage of
Account Total
Balance Receivables
------- -----------
(a) 35 - 64 days:................... 27,463,881.13 1.31%
---------------------------------------------
(b) 65 - 94 days:................... 16,788,913.96 0.80%
---------------------------------------------
(c) 95 - 124 days:.................... 12,108,046.99 0.58%
---------------------------------------------
(d) 125 - 154 days:.................... 10,701,418.74 0.51%
---------------------------------------------
(e) 155 - or more days:........ 8,419,563.79 0.40%
---------------------------------------------
Total 75,481,824.61 3.59%
---------------------------------------------
5 Investor Default Amount
(a) The Aggregate Investor Default Amount for the related
Monthly Period......................................... 1,565,338.19
-----------------
(b) The Class A Investor Default Amount for the related
Monthly Period......................................... 1,291,401.83
-----------------
(c) The Class B Investor Default Amount for the related
Monthly Period......................................... 105,662.50
-----------------
(d) The Collateral Default Amount for the related Monthly
Period................................................. 168,273.86
-----------------
6 Investor Charge Offs
(a) The aggregate amount of Class A Investor Charge Offs
for the related Monthly Period........................ 0.00
-----------------
(b) The aggregate amount of Class A Investor Charge Offs
set forth in 5(a) above per $1,000 of original
certificate principal amount........................ 0.00
-----------------
(c) The aggregate amount of Class B Investor Charge Offs
for the related Monthly Period...................... 0.00
-----------------
(d) The aggregate amount of Class B Investor Charge Offs
set forth in 5(c) above per $1,000 of original
certificate principal amount....................... 0.00
-----------------
(e) The aggregate amount of Collateral Charge Offs for the
related Monthly Period............................. 0.00
-----------------
</TABLE>
4
<PAGE> 5
<TABLE>
<S> <C> <C> <C>
(f) The aggregate amount of Collateral Charge-Offs set forth
in 5(e) above per $1,000 of original certificate
principal amount....................................... 0.00
-----------------
(g) The aggregate amount of Class A Investor Charge Offs
reimbursed on the Transfer Date immediately preceding
this Distribution Date................................. 0.00
-----------------
(h) The aggregate amount of Class A Investor Charge Offs
set forth in 5(g) above per $1,000 original certificate
principal amount reimbursed on the Transfer Date
immediately preceding this Distribution Date........... 0.00
-----------------
(i) The aggregate amount of Class B Investor Charge Offs
reimbursed on the Transfer Date immediately preceding
this Distribution Date................................. 0.00
-----------------
(j) The aggregate amount of Class B Investor Charge Offs
set forth in 5(i) above per $1,000 original certificate
principal amount reimbursed on the Transfer Date
immediately preceding this Distribution Date 0.00
-----------------
(k) The aggregate amount of Collateral Charge Offs
reimbursed on the Transfer Date immediately preceding
this Distribution Date 0.00
-----------------
(l) The aggregate amount of Class B Investor Charge Offs
set forth in 5(i) above per $1,000 original certificate
principal amount reimbursed on the Transfer Date
immediately preceding this Distribution Date. 0.00
-----------------
7 Investor Servicing Fee
(a) The amount of the Class A Servicing Fee payable by the
Trust to the Servicer for the related Monthly
Period................................................. 312,500.00
-----------------
(b) The amount of the Class B Servicing Fee payable by the
Trust to the Servicer for the related Monthly
Period................................................. 25,568.75
-----------------
(c) The amount of the Collateral Servicing Fee payable by
the Trust to the Servicer for the related Monthly
Period................................................. 40,719.77
-----------------
</TABLE>
5
<PAGE> 6
<TABLE>
<S> <C> <C> <C>
(d) the amount of Servicer Interchange payable by the Trust
to the Servicer for the related Monthly
Period................................................. 227,273.11
-----------------
8 Reallocations
(a) The amount of Reallocated Collateral Principal
Collections with respect to this Distribution
Date.................................................. 0.00
-----------------
(b) The amount of Reallocated Class B Principal Collections
with respect to this Distribution Date................. 0.00
-----------------
(c) The Collateral Interest as of the close of business on
this Distribution Date................................ 39,090,975.00
-----------------
(d) The Class B Investor Interest as of the close of
business on this Distribution Date..................... 24,546,000.00
-----------------
9 Collection of Finance Charge Receivables
(a) The aggregate amount of Collections of Finance Charge
Receivables processed during the related Monthly Period
which were allocated in respect of the Class A
Certificates 5,543,124.27
-----------------
(b) The aggregate amount of Collections of Finance Charge
Receivables processed during the related Monthly Period
which were allocated in respect of the Class B
Certificates 453,045.49
-----------------
(c) The aggregate amount of Collections of Finance Charge
Receivable processed during the related Monthly Period
which were allocated in respect of the Collateral
Interest. 721,502.08
-----------------
10 Principal Funding Account
(a) The principal amount on deposit in the Principal
Funding Account on the related Transfer Date........... 0.00
-----------------
(b) The Accumulation Shortfall with respect to the related
Monthly Period......................................... 0.00
-----------------
(c) The Principal Funding Investment Proceeds deposited in
the Finance Charge Account on the related Transfer
Date................................................... 0.00
-----------------
</TABLE>
6
<PAGE> 7
<TABLE>
<S> <C>
(d) The amount of all or the portion of the Reserve Draw
Amount deposited in the Finance Charge Account on the
related Transfer date from the Reserve Account......... 6,024.62
-----------------
11 Reserve Draw Amount ........................ 6,024.62
-----------------
12 Available Funds
(a) The amount of Class A Available Funds on deposit in the
Finance Charge Account on the related Transfer
Date................................................... 5,543,124.27
-----------------
(b) The amount of Class B Available Funds on deposit in the
Finance charge Account on the related Transfer
Date................................................... 453,045.49
-----------------
(c) The amount of Collateral Available Funds on deposit in
the Finance Charge Account on the related Transfer
Date................................................... 721,502.08
-----------------
13 Portfolio Yield
(a) The Portfolio Yield for the related Monthly Period..... 17.75%
-----------------
(b) The Portfolio Adjusted Yield for the related
Monthly Period......................................... 9.28%
-----------------
C. Floating Rate Determinations
1 LIBOR for the Interest Period ending on this Distribution Date... 5.65625%
-----------------
2 Number of days in this interest period........................... 30
-----------------
3 Interest Factor.................................................. 0.57223%
-----------------
D. CUSIP Numbers
1 Class A.......................................................... 337365AC4
-----------------
2 Class B.......................................................... 337365AD2
-----------------
</TABLE>
7
<PAGE> 8
FIRST UNION DIRECT BANK, N.A.
SERVICER
By: /s/ JAMES H. GILBRAITH II
------------------------------
James H. Gilbraith II
Vice President and Managing Director
First Union Direct Bank, N.A.
8
<PAGE> 1
EXHIBIT 20.3
TRUST & PUBLIC SERIES SUMMARY
FIRST UNION MASTER CREDIT CARD TRUST
SERIES 1996-1 AND 1996-2
APRIL 1998
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------
TOTAL TRUST PERFORMANCE NOVEMBER 1997 DECEMBER 1997
- --------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
TOTAL ENDING BALANCE: 3,227,568,983 3,266,157,732
ENDING PRINCIPAL BALANCE: 3,117,819,987 3,151,997,850
ENDING NON-PRINCIPAL BALANCE: 109,748,996 114,159,882
INVESTOR PERCENTAGE: 46.74% 47.43%
YIELD: 52,107,203 19.76% 60,662,553 23.35%
CHARGE-OFFS: (20,424,804) -7.75% (22,595,646) -8.70%
NET YIELD: (YIELD - C/O) 31,682,398 12.02% 38,066,908 14.65%
<CAPTION>
- --------------------------------------------------------------------------------------------------------
SERIES 1996-1 NOVEMBER 1997 DECEMBER 1997
- --------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Month-End Investor Balance 1,115,151,821 1,115,151,821
Investor Percentage 35.24% 35.77%
THREE-MONTH-AVG EXCESS SERVICING 5.24% 5.75%
Yield: 18,364,056 19.76% 21,697,198 23.35%
Charge-Offs (7,198,280) -7.75% (8,081,793) -8.70%
Certificate Interest (5,018,570) -5.40% (5,831,978) -6.28%
Servicing Fee (1,858,586) -2.00% (1,858,586) -2.00%
EXCESS SERVICING: 4,288,619 4.61% 5,924,841 6.38%
<CAPTION>
- --------------------------------------------------------------------------------------------------------
SERIES 1996-2 NOVEMBER 1997 DECEMBER 1997
- --------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Month-End Investor Balance 363,636,975 363,636,975
Investor Percentage 11.49% 11.66%
THREE-MONTH-AVG EXCESS SERVICING 5.29% 5.81%
Yield: 5,994,418 19.78% 7,081,539 23.37%
Charge-Offs (2,347,269) -7.75% (2,635,371) -8.70%
Certificate Interest (1,859,431) -6.14% (1,763,926) -5.82%
Servicing Fee (606,062) -2.00% (606,062) -2.00%
EXCESS SERVICING: 1,181,657 3.90% 2,076,180 6.85%
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------
TOTAL TRUST PERFORMANCE JANUARY 1998 FEBRUARY 1998
- --------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
TOTAL ENDING BALANCE: 2,108,831,194 2,085,013,434
ENDING PRINCIPAL BALANCE: 2,023,905,268 2,001,101,636
ENDING NON-PRINCIPAL BALANCE 84,925,926 83,911,798
INVESTOR PERCENTAGE: 71.06% 73.07%
YIELD: 36,423,038 21.00 36,225,165 21.48%
CHARGE-OFFS: (8,698,807) -5.02 (10,478,267) -6.21%
NET YIELD: (YIELD - C/O) 27,724,231 15.99 25,746,898 15.27%
<CAPTION>
- --------------------------------------------------------------------------------------------------------
SERIES 1996-1 JANUARY 1998 FEBRUARY 1998
- --------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Month-End Investor Balance 1,115,151,821 1,115,151,821
Investor Percentage 53.59% 55.10%
Three-Month-Avg Excess Servicing 6.22 7.35%
Yield: 19,517,597 21.00 19,959,708 21.48%
Charge-Offs (4,661,330) -5.02 (5,773,422) -6.21%
Certificate Interest (5,878,078) -6.33 (4,882,257) -5.25%
Servicing Fee (1,858,586) -2.00 (1,858,586) -2.00%
Excess Servicing: 7,119,603 7.66 7,445,443 8.01%
<CAPTION>
- --------------------------------------------------------------------------------------------------------
SERIES 1996-2 JANUARY 1998 FEBRUARY 1998
- --------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Month-End Investor Balance 363,636,975 363,636,975
Investor Percentage 17.47% 17.97%
THREE-MONTH-AVG EXCESS SERVICING 6.30 7.66%
Yield: 6,370,563 21.02 6,514,279 21.50%
Charge-Offs (1,520,001) -5.02 (1,882,640) -6.21%
Certificate Interest (1,771,968) -5.85 (1,609,326) -5.31%
Servicing Fee (606,062) -2.00 (606,062) -2.00%
EXCESS SERVICING: 2,472,532 8.16 2,416,251 7.97%
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------
TOTAL TRUST PERFORMANCE MARCH 1998 APRIL 1998
- --------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
TOTAL ENDING BALANCE: 2,084,155,460 2,101,025,116
ENDING PRINCIPAL BALANCE: 2,004,851,422 2,022,641,103
ENDING NON-PRINCIPAL BALANCE: 79,304,038 78,384,012
INVESTOR PERCENTAGE: 73.90% 73.76%
YIELD: 41,595,765 24.94 38,256,572 22.90%
CHARGE-OFFS: (9,462,225) -5.67 (8,630,229) -5.17%
NET YIELD: (YIELD - C/O) 32,133,540 19.27 29,626,343 17.73%
<CAPTION>
- --------------------------------------------------------------------------------------------------------
SERIES 1996-1 MARCH 1998 APRIL 1998
- --------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Month-End Investor Balance 1,115,151,821 1,115,151,821
Investor Percentage 55.73% 55.62%
THREE-MONTH-AVG EXCESS SERVICING 9.01% 9.75%
Yield: 23,180,029 24.94% 21,279,326 22.90%
Charge-Offs (5,273,004) -5.67% (4,800,364) -5.17%
Certificate Interest (5,483,407) -5.90% (5,454,367) -5.87%
Servicing Fee (1,858,586) -2.00% (1,858,586) -2.00%
EXCESS SERVICING: 10,565,031 11.37% 9,166,009 9.86%
<CAPTION>
- --------------------------------------------------------------------------------------------------------
SERIES 1996-2 MARCH 1998 APRIL 1998
- --------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Month-End Investor Balance 363,636,975 363,636,975
Investor Percentage 18.17% 18.14%
THREE-MONTH-AVG EXCESS SERVICING 9.16% 9.78%
Yield: 7,564,991 24.96% 6,944,945 22.92%
Charge-Offs (1,719,460) -5.67% (1,565,338) -5.17%
Certificate Interest (1,799,953) -5.94% (1,734,031) -5.72%
Servicing Fee (606,062) -2.00% (606,062) -2.00%
EXCESS SERVICING: 3,439,516 11.35% 3,039,514 10.03%
</TABLE>
Total Trust Performance Percentages calculated by dividing the current month
results into the previous month ending principal balance
