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Previous: APPLE RESIDENTIAL INCOME TRUST INC, 424B3, 1998-02-26 |
Next: NATIONSBANK AUTO OWNER TRUST 1996-A, 8-K, 1998-02-26 |
<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) February 17, 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)
600 Broad Street
Augusta, Georgia 30903
- ------------------------------------------- -------------
(Address of Principal Executive Office) (Zip Code)
</TABLE>
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 January 1998
was delivered to Certificateholders on February 17, 1998. The
First Union Master Credit Card Trust, Series 1996-2
Certificateholders' Statement for the period of January 1998
was delivered to Certificateholders on February 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 February 17,
1998 Distribution Date.
Exhibit 20.2 First Union Master Credit Card Trust, Series 1996-2
Certificateholders' Statement for the February 20,
1998 Distribution Date.
Exhibit 20.3 Trust and Public Series Summary for the First Union
Master Credit Card Trust as of January 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
<TABLE>
<CAPTION>
Exhibit Description
- ------- -----------
<S> <C>
Exhibit 20.1 First Union Master Credit Card Trust, Series 1996-1 Certificateholders'
Statement for the February 17, 1998 Distribution Date.
Exhibit 20.2 First Union Master Credit Card Trust, Series 1996-2 Certificateholders'
Statement for the February 20, 1998 Distribution Date.
Exhibit 20.3 Trust and Public Series Summary for the First Union Master Credit Card
Trust as of January 1998.
</TABLE>
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 February 17, 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.
<TABLE>
<S> <C> <C>
A. Information Regarding the Current Monthly Distribution (Stated on the
---------------------------------------------------------------------
basis of $1,000 Original Certificate Principal Amount)
------------------------------------------------------
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. . . . . . . . . . . . . . . . . 4,860,762.50
---------------------------
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. . . . . . . . . . . . . . . . . . 405,980.22
---------------------------
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. . . . . . . . . . . . . . . . 668,515.50
---------------------------
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. . . . . . . . . . . . . . . . . . . . . . . 100,340,503.71
---------------------------
(b) The aggregate amount of Principal Collections
processed during the related Monthly Period
which were allocated in respect of the
Class B Certificates. . . . . . . . . . . . . . . . . . . . . . 8,209,707.32
---------------------------
(c) The aggregate amount of Principal Collections
processed during the related Monthly Period
which were allocated in respect of the
Collateral Interest. . . . . . . . . . . . . . . . . . . . . . . 13,074,675.31
---------------------------
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). . . . . . . . . . . . . . . . . 2,023,905,267.97
---------------------------
(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> <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. . . . . . . . . . . . . . . . . . . 53.59%
---------------------------
(i) The Class A Floating Allocation with respect
to the related Monthly Period. . . . . . . . . . . . . . . . . . . 44.21%
---------------------------
(j) The Class B Floating Allocation with respect
to the related Monthly Period. . . . . . . . . . . . . . . . . . . 3.62%
---------------------------
(k) The Collateral Floating Allocation with respect
to the related Monthly Period. . . . . . . . . . . . . . . . . . . 5.76%
---------------------------
(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. . . . . . . . . . . . . . . . . . . . . ---------------------------
</TABLE>
<TABLE>
<S> <C> <C>
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 57,202,229.70 2.71%
-----------------------------------------
</TABLE>
3
<PAGE> 4
<TABLE>
<CAPTION>
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
------- -----------
<S> <C> <C>
(a) 35 - 64 days:. . . . . . . . . . 31,277,434.97 1.48%
-------------------------------------------
(b) 65 - 94 days:. . . . . . . . . . 18,910,671.62 0.90%
-------------------------------------------
(c) 95 - 124 days:. . . . . . . . . . 14,483,953.17 0.69%
-------------------------------------------
(d) 125 - 154 days:. . . . . . . . . 12,084,423.60 0.57%
-------------------------------------------
(e) 155 - or more days: . . . 11,415,295.25 0.54%
-------------------------------------------
Total 88,171,778.61 4.18%
-------------------------------------------
</TABLE>
<TABLE>
<S> <C> <C>
5 Investor Default Amount
-----------------------
(a) The Aggregate Investor Default Amount for
the related Monthly Period. . . . . . . . . . . . . . . . . . . 4,661,330.06
-------------------
(b) The Class A Investor Default Amount for
the related Monthly Period. . . . . . . . . . . . . . . . . . . 3,845,596.25
-------------------
(c) The Class B Investor Default Amount for
the related Monthly Period. . . . . . . . . . . . . . . . . . . 314,640.83
-------------------
(d) The Collateral Default Amount for
the related Monthly Period. . . . . . . . . . . . . . . . . . . 501,092.98
-------------------
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>
(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>
(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 . . . . . . . 15,527,013.22
-------------------
(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 . . . . . . . . 1,270,396.59
-------------------
(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. . . . . . . . . 2,023,217.43
-------------------
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>
(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
-------------------
11 Reserve Draw Amount 0.00
------------------- -------------------
12 Available Funds
---------------
(a) The amount of Class A Available Funds on
deposit in the Finance Charge Account on
the related Transfer Date. . . . . . . . . . . . . . . . . . . 15,527,013.22
-------------------
(b) The amount of Class B Available Funds on
deposit in the Finance charge Account on
the related Transfer Date. . . . . . . . . . . . . . . . . . . 1,270,396.59
-------------------
(c) The amount of Collateral Available Funds on
deposit in the Finance Charge Account on
the related Transfer Date. . . . . . . . . . . . . . . . . . . 2,023,217.43
-------------------
13 Portfolio Yield
---------------
(a) The Portfolio Yield for the related Monthly
Period. . . . . . . . . . . . . . . . . . . . . . . . . . . . 15.99%
-------------------
(b) The Portfolio Adjusted Yield for the related
Monthly Period. . . . . . . . . . . . . . . . . . . . . . . . 5.70%
-------------------
C. Floating Rate Determinations
----------------------------
1 LIBOR for the Interest Period ending on this
Distribution Date . . . . . . . . . . . . . . . . . . . . . . . . . 5.59375%
-------------------
2 Number of days in this interest period. . . . . . . . . . . . . . . 33
-------------------
3 Interest Factor. . . . . . . . . . . . . . . . . . . . . . . . . . 0.63869%
-------------------
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 February 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.
<TABLE>
<S> <C> <C>
A. Information Regarding the Current Monthly Distribution (Stated on the
---------------------------------------------------------------------
basis of $1,000 Original Certificate Principal Amount)
------------------------------------------------------
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. . . . . . . . . . . . . . . . . . . 1,473,468.75
--------------------
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. . . . . . . . . . . . . . . . . . . . 123,307.00
--------------------
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. . . . . . . . . . . . . . . . . . 175,192.37
--------------------
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. . . . . . . . . . . . . . . . . . . . . . . . 32,719,729.47
--------------------
(b) The aggregate amount of Principal Collections
processed during the related Monthly Period
which were allocated in respect of the
Class B Certificates. . . . . . . . . . . . . . . . . . . . . . . . 2,677,128.27
--------------------
(c) The aggregate amount of Principal Collections
processed during the related Monthly Period
which were allocated in respect of the
Collateral Interest. . . . . . . . . . . . . . . . . . . . . . . . 4,263,487.09
--------------------
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). . . . . . . . . . . . . . . . . 2,023,905,267.97
--------------------
(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>
(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. . . . . . . . . . . . . . . . . . . . . . 17.47%
--------------------
(i) The Class A Floating Allocation with respect
to the related Monthly Period. . . . . . . . . . . . . . . . . . . . . . 14.42%
--------------------
(j) The Class B Floating Allocation with respect
to the related Monthly Period. . . . . . . . . . . . . . . . . . . . . . 1.18%
--------------------
(k) The Collateral Floating Allocation with respect
to the related Monthly Period. . . . . . . . . . . . . . . . . . . . . . 1.88%
--------------------
(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. . . . . . . . . . . . . . . . . . . . . . . --------------------
</TABLE>
<TABLE>
<S> <C> <C> <C>
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. . . . . . . . . . . . . . . . . . . . . . 57,202,229.70 2.71%
------------------------------------
</TABLE>
3
<PAGE> 4
<TABLE>
<CAPTION>
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
------- -----------
<S> <C> <C> <C>
(a) 35 - 64 days:. . . . . . . . . . 31,277,434.97 1.48%
----------------------------------------
(b) 65 - 94 days:. . . . . . . . . . 18,910,671.62 0.90%
----------------------------------------
(c) 95 - 124 days:. . . . . . . . . . 14,483,953.17 0.69%
----------------------------------------
(d) 125 - 154 days:. . . . . . . . . 12,084,423.60 0.57%
----------------------------------------
(e) 155 - or more days:. . . 11,415,295.25 0.54%
----------------------------------------
Total 88,171,778.61 4.18%
----------------------------------------
</TABLE>
<TABLE>
<S> <C> <C>
5 Investor Default Amount
-----------------------
(a) The Aggregate Investor Default Amount for
the related Monthly Period. . . . . . . . . . . . . . . . . . . . . . . 1,520,001.07
-----------------
(b) The Class A Investor Default Amount for
the related Monthly Period. . . . . . . . . . . . . . . . . . . . . . . 1,253,998.78
-----------------
(c) The Class B Investor Default Amount for
the related Monthly Period. . . . . . . . . . . . . . . . . . . . . . . 102,602.18
-----------------
(d) The Collateral Default Amount for
the related Monthly Period. . . . . . . . . . . . . . . . . . . . . . . 163,400.12
-----------------
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>
(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>
(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. . . . . . . . . . . . . 5,069,276.50
-----------------
(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. . . . . . . . . . . . . . 414,267.46
-----------------
(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. . . . . . . . . . . . . . 659,745.75
-----------------
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>
(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. . . . . . . . . . . . . . . . . . 6,120.02
-----------------
11 Reserve Draw Amount . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,120.02
------------------- -----------------
12 Available Funds
---------------
(a) The amount of Class A Available Funds on
deposit in the Finance Charge Account on
the related Transfer Date . . . . . . . . . . . . . . . . . . . . . . . 5,069,276.50
-----------------
(b) The amount of Class B Available Funds on
deposit in the Finance charge Account on
the related Transfer Date . . . . . . . . . . . . . . . . . . . . . . . 414,267.46
-----------------
(c) The amount of Collateral Available Funds on
deposit in the Finance Charge Account on
the related Transfer Date . . . . . . . . . . . . . . . . . . . . . . . 659,745.75
-----------------
13 Portfolio Yield
---------------
(a) The Portfolio Yield for the related Monthly
Period. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16.01%
-----------------
(b) The Portfolio Adjusted Yield for the related
Monthly Period. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.80%
-----------------
C. Floating Rate Determinations
----------------------------
1 LIBOR for the Interest Period ending on this
Distribution Date . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.59375%
-----------------
2 Number of days in this interest period. . . . . . . . . . . . . . . . . . . . 31
-----------------
3 Interest Factor. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.58475%
-----------------
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
JANUARY 1998
<TABLE>
<S> <C> <C> <C>
- --------------------------------------------------------------------------------------------------------------------
TOTAL TRUST PERFORMANCE AUGUST 1997 SEPTEMBER 1997 OCTOBER 1997
- --------------------------------------------------------------------------------------------------------------------
TOTAL ENDING BALANCE: 3,427,061,008 3,350,299,092 3,267,905,293
ENDING PRINCIPAL BALANCE: 3,327,943,448 3,248,030,635 3,164,194,315
ENDING NON-PRINCIPAL BALANCE: 99,117,560 102,268,458 103,710,978
INVESTOR PERCENTAGE: 43.46% 44.44% 45.53%
YIELD: 53,629,788 18.92% 57,280,970 20.65% 58,638,817 21.66%
CHARGE-OFFS: (21,387,467) -7.54% (22,675,399) -8.18% (19,398,962) -7.17%
NET YIELD: (YIELD - C/O) 11.37% 12.48% 14.50%
- --------------------------------------------------------------------------------------------------------------------
SERIES 1996-1 AUGUST 1997 SEPTEMBER 1997 OCTOBER 1997
- --------------------------------------------------------------------------------------------------------------------
Month-End Investor Balance 1,115,151,821 1,115,151,821 1,115,151,821
Investor Percentage 32.78% 33.51% 34.33%
------- ------- -------
THREE-MONTH-AVG EXCESS SERVICING 3.00% 3.72% 4.87%
------- ------- -------
Yield: 17,578,100 18.92% 19,194,130 20.65% 20,132,564 21.66%
Charge-Offs (7,010,116) -7.54% (7,598,240) -8.18% (6,660,278) -7.17%
Certificate Interest (5,432,135) -5.85% (5,244,598) -5.64% (5,793,285) -6.23%
Servicing Fee (1,858,586) -2.00% (1,858,586) -2.00% (1,858,586) -2.00%
EXCESS SERVICING: 3,277,263 3.53% 4,492,705 4.83% 5,820,414 6.26%
- --------------------------------------------------------------------------------------------------------------------
SERIES 1996-2 AUGUST 1997 SEPTEMBER 1997 OCTOBER 1997
- --------------------------------------------------------------------------------------------------------------------
Month-End Investor Balance 363,636,975 363,636,975 363,636,975
Investor Percentage 10.69% 10.93% 11.20%
------- ------- -------
THREE-MONTH-AVG EXCESS SERVICING 2.93% 3.89% 5.08%
------- ------- -------
Yield: 5,736,107 18.93% 6,265,044 20.67% 6,571,262 21.69%
Charge-Offs (2,285,911) -7.54% (2,477,690) -8.18% (2,171,833) -7.17%
Certificate Interest (1,850,767) -6.11% (1,576,977) -5.20% (1,773,260) -5.85%
Servicing Fee (606,062) -2.00% (606,062) -2.00% (606,062) -2.00%
EXCESS SERVICING: 993,367 3.28% 1,604,315 5.29% 2,020,108 6.67%
- --------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<S> <C> <C> <C>
- --------------------------------------------------------------------------------------------------------------------
TOTAL TRUST PERFORMANCE NOVEMBER 1997 DECEMBER 1997 JANUARY 1998
- --------------------------------------------------------------------------------------------------------------------
TOTAL ENDING BALANCE: 3,227,568,983 3,266,157,732 2,108,831,194
ENDING PRINCIPAL BALANCE: 3,117,819,987 3,151,997,850 2,023,905,268
ENDING NON-PRINCIPAL BALANCE: 109,748,996 114,159,882 84,925,926
INVESTOR PERCENTAGE: 46.74% 47.43% 71.06%
YIELD: 52,107,203 19.76% 60,662,553 23.35% 36,423,038 21.00%
CHARGE-OFFS: (20,424,804) -7.75% (22,595,646) -8.70% (8,698,807) -5.02%
NET YIELD: (YIELD - C/O) 12.02% 14.65% 15.99%
- --------------------------------------------------------------------------------------------------------------------
SERIES 1996-1 NOVEMBER 1997 DECEMBER 1997 JANUARY 1998
- --------------------------------------------------------------------------------------------------------------------
Month-End Investor Balance 1,115,151,821 1,115,151,821 1,115,151,821
Investor Percentage 35.24% 35.77% 53.59%
------- ------- -------
THREE-MONTH-AVG EXCESS SERVICING 5.24% 5.75% 6.20%
------- ------- -------
Yield: 18,364,056 19.76% 21,697,198 23.35% 19,517,597 21.00%
Charge-Offs (7,198,280) -7.75% (8,081,793) -8.70% (4,661,330) -5.02%
Certificate Interest (5,018,570) -5.40% (5,831,978) -6.28% (5,935,258) -6.39%
Servicing Fee (1,858,586) -2.00% (1,858,586) -2.00% (1,858,586) -2.00%
EXCESS SERVICING: 4,288,619 4.61% 5,924,841 6.38% 7,062,422 7.60%
- --------------------------------------------------------------------------------------------------------------------
SERIES 1996-2 NOVEMBER 1997 DECEMBER 1997 JANUARY 1998
- --------------------------------------------------------------------------------------------------------------------
Month-End Investor Balance 363,636,975 363,636,975 363,636,975
Investor Percentage 11.49% 11.66% 17.47%
------- ------- -------
THREE-MONTH-AVG EXCESS SERVICING 5.29% 5.81% 6.30%
------- ------- -------
Yield: 5,994,418 19.78% 7,081,539 23.37% 6,370,563 21.02%
Charge-Offs (2,347,269) -7.75% (2,635,371) -8.70% (1,520,001) -5.02%
Certificate Interest (1,859,431) -6.14% (1,763,926) -5.82% (1,771,968) -5.85%
Servicing Fee (606,062) -2.00% (606,062) -2.00% (606,062) -2.00%
EXCESS SERVICING: 1,181,657 3.90% 2,076,180 6.85% 2,472,532 8.16%
- --------------------------------------------------------------------------------------------------------------------
</TABLE>
Total Trust Performance Percentages calculated by dividing the current month
results into the previous month ending principal balance.
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